Personal Spending & Income; Factory Orders
Summary: Headline reads large jump in factory orders.
Under the sheets, unadjusted for prices, order values swelled on double digit input price stagflation.
Headline reads personal spending increased. Under the sheets,
largest price spike in three years as double digit stagflation rages and real disposable income shrank 7.5%.
Factory Orders Jun +1.7% vs +0.9% Full Report
Inside the number: Manufactured durable goods +0.8% vs +0.1%; non durable +2.5% vs +1.7%.
Ex transport +2.3% vs +0.8%; ex defense +1.4% vs +0.6%.
Upon further review: ships & boats +52%; nondefense aircraft -25%; computers -4.8%; metalworking machinery -7.9%; industrial machinery -3.4%; construction machinery -21%
Unadjusted for price changes YTD: Durables -0.4%; Industrial machinery -8%; transportation -9.4%; non defense aircraft -12.6%; motor vehicles -13.6%; household appliances -3.7%; furniture -5.3%. Non durables +12.3%
Personal Income Jun +0.1% vs 1.8% Full Report
Inside the number: PCE Personal Spending Jun +0.6% vs +0.8%; Disposable personal income DPI -1.9% vs +5.7%.
In chained 2000 dollars: Real DPI -2.6% vs +5.2%; Real PCE -0.2% vs +0.3%; durable -1.6%; non durable +0.4%; services +0.2%
Table 11 PCE % change from 1 year ago: non durable goods +7.3%. Upon further review:
Table 5 PCE Monthly % Change unadjusted for price changes: durable -1.5%; non durable +1.3%; services +0.5%.
The Nattering One muses... This means non durables annual stagflation rate is actually +15.6%.
Despite the rebate checks, real DPI took a major hit, those "counter measure" checks are spent and there's a torpedoe headed for starboard, two words, get ready.
Under the sheets, unadjusted for prices, order values swelled on double digit input price stagflation.
Headline reads personal spending increased. Under the sheets,
largest price spike in three years as double digit stagflation rages and real disposable income shrank 7.5%.
Factory Orders Jun +1.7% vs +0.9% Full Report
Inside the number: Manufactured durable goods +0.8% vs +0.1%; non durable +2.5% vs +1.7%.
Ex transport +2.3% vs +0.8%; ex defense +1.4% vs +0.6%.
Upon further review: ships & boats +52%; nondefense aircraft -25%; computers -4.8%; metalworking machinery -7.9%; industrial machinery -3.4%; construction machinery -21%
Unadjusted for price changes YTD: Durables -0.4%; Industrial machinery -8%; transportation -9.4%; non defense aircraft -12.6%; motor vehicles -13.6%; household appliances -3.7%; furniture -5.3%. Non durables +12.3%
Personal Income Jun +0.1% vs 1.8% Full Report
Inside the number: PCE Personal Spending Jun +0.6% vs +0.8%; Disposable personal income DPI -1.9% vs +5.7%.
In chained 2000 dollars: Real DPI -2.6% vs +5.2%; Real PCE -0.2% vs +0.3%; durable -1.6%; non durable +0.4%; services +0.2%
Table 11 PCE % change from 1 year ago: non durable goods +7.3%. Upon further review:
Table 5 PCE Monthly % Change unadjusted for price changes: durable -1.5%; non durable +1.3%; services +0.5%.
The Nattering One muses... This means non durables annual stagflation rate is actually +15.6%.
Despite the rebate checks, real DPI took a major hit, those "counter measure" checks are spent and there's a torpedoe headed for starboard, two words, get ready.
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