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MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
US DATA
- Finally, on the consumption/incomes side of the report, nominal personal incomes are seen increasing 0.4% M/M and spending 0.3% M/M.
- With headline PCE seen flat on the month, real personal spending is seen at 0.3% M/M in a bounce from the -0.1% M/M.
- Last week’s lackluster retail sales data (nominal 0.1% M/M in May after a downward revised -0.2% M/M, control 0.4% after -0.5%) have set expectations for tepid goods spending.
- However, analysts set their sights on stronger services spending, which of course forms the bulk of consumption at almost 70%.
- This would be a continuation of a recent theme, with goods spending -1% annualized on a 3m/3m basis in April vs +3.7% annualized for services, as services see some catch up of pandemic underperformance.
- Yesterday’s Q1 downward revisions should weigh on Y/Y growth rates though, with overall personal consumption lowered from a previously thought 2.0% annualized to 1.45%.
- The savings rate meanwhile is seen either unchanged at 3.6% or edging a tenth higher to 3.7% depending on exact details. That’s still historically low and comes against a backdrop of the theoretical “excess savings” accumulated through the pandemic having either been recently or nearly exhausted depending on trends/methods used.
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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