Michigan Sentiment, Personal Spending & Income, PCE Deflator
May Wolverine University Sentiment +0.1
Inside the number: UP to 79.1 vs prior 79. Still DOWN from 87.4 in March. Energy induced inflation is getting at everyone.
Personal consumption & spending both +0.5%
Inside the number: PCE deflator up 0.1% at +2.1% YOY vs. prior +2%, the fastest gain since March 05. Consumer prices including food and energy +3.1% in the past year.
Real disposable incomes, or inflation-adjusted and after-tax incomes -0.1%. Any wage gains were eaten alive by the "advertised" inflation rate, but we know that real inflation is around 12% and its killing people, just witness the saving rate.
With spending rising faster than incomes, the personal-savings rate -1.6% in April vs prior -1.4%. The savings rate has been negative for 11 consecutive months. What will John Q do when his housing ATM dries up?? Full Report
Inside the number: UP to 79.1 vs prior 79. Still DOWN from 87.4 in March. Energy induced inflation is getting at everyone.
Personal consumption & spending both +0.5%
Inside the number: PCE deflator up 0.1% at +2.1% YOY vs. prior +2%, the fastest gain since March 05. Consumer prices including food and energy +3.1% in the past year.
Real disposable incomes, or inflation-adjusted and after-tax incomes -0.1%. Any wage gains were eaten alive by the "advertised" inflation rate, but we know that real inflation is around 12% and its killing people, just witness the saving rate.
With spending rising faster than incomes, the personal-savings rate -1.6% in April vs prior -1.4%. The savings rate has been negative for 11 consecutive months. What will John Q do when his housing ATM dries up?? Full Report
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