13:30 - Dados States
Enviado: 28/6/2004 14:048:30am 06/28/04 U.S. MAY CONSUMER SPENDING UP 1%, MOST SINCE 10/01
8:30am 06/28/04 U.S. MAY PERSONAL INCOME UP 0.6% VS. 0.5% EXPECTED
8:30am 06/28/04 U.S. MAY REAL CONSUMER SPENDING UP 0.4%
8:30am 06/28/04 U.S. MAY REAL DISPOSABLE INCOMES FLAT
8:30am 06/28/04 U.S. MAY PCE PRICE INDEX UP 0.5%, MOST IN 15 MONTHS
8:30am 06/28/04 U.S. MAY PCE CORE PRICES UP 0.2%; 1.6% Y-O-Y
ECONOMIC REPORT: U.S. consumer spending up 1% in May; Real disposable incomes flat as inflation erodes gains
By Rex Nutting, CBS.MarketWatch.com
Last Update: 8:58 AM ET June 28, 2004
WASHINGTON (CBS.MW) -- U.S. consumer spending increased 1 percent in May, the fastest increase since the October 2001 rebound from the Sept. 11 terror attacks, the Commerce Department estimated Monday.
Personal incomes increased 0.6 percent, but much of that gain was lost to higher prices. Read the full release.
The personal consumption expenditure price index rose 0.5 percent in May, the most in 15 months. However, the key core PCE index, which excludes food and energy prices, increased a moderate 0.2 percent last month.
Core prices are up 1.6 percent in the past 12 months, identical to April's increase, but this is double the inflation rate seen as recently as December. The core PCE price index is the preferred inflation gauge of the Federal Reserve.
When adjusted for inflation, real consumer spending increased 0.4 percent in May, while real disposable incomes were unchanged.
With spending rising faster than incomes, the savings rate fell to 2.2 percent from a nine-month high of 2.6 percent in April.
The figures aren't likely to have much impact on deliberations of the Federal Open Market Committee on Tuesday and Wednesday. Analysts are unanimous in their belief the policymaking FOMC will raise interest rates, probably by a quarter of a percentage point to 1.25 percent, the first increase in four years. See full story.
May's income and spending report shows a healthy consumer sector that nonetheless is beginning to feel the effects of higher energy prices.
Unexpected uptick
Economists had expected spending to rise 0.8 percent and incomes to rise 0.5 percent, according to a survey conducted by CBS MarketWatch.
In April, incomes and consumer spending had increased by 0.6 percent and by 0.2 percent, respectively. After adjusting for inflation, real disposable incomes had increased 0.4 percent in April and real consumer spending had been unchanged.
In May, wages and salaries rose 0.7 percent, the biggest gain since January. Proprietors' income and rental income both increased 1.2 percent, a slight slowdown from April.
Taxes increased 0.8 percent, leaving disposable incomes up 0.6 percent.
Spending on durable goods increased 1.7 percent in May, spending on nondurable goods rose 1.2 percent and spending on services moved 0.7 percent higher.
Nearly all of the gain in nondurable spending was due to inflation, with spending in real terms rising 0.1 percent.
8:30am 06/28/04 U.S. MAY PERSONAL INCOME UP 0.6% VS. 0.5% EXPECTED
8:30am 06/28/04 U.S. MAY REAL CONSUMER SPENDING UP 0.4%
8:30am 06/28/04 U.S. MAY REAL DISPOSABLE INCOMES FLAT
8:30am 06/28/04 U.S. MAY PCE PRICE INDEX UP 0.5%, MOST IN 15 MONTHS
8:30am 06/28/04 U.S. MAY PCE CORE PRICES UP 0.2%; 1.6% Y-O-Y
ECONOMIC REPORT: U.S. consumer spending up 1% in May; Real disposable incomes flat as inflation erodes gains
By Rex Nutting, CBS.MarketWatch.com
Last Update: 8:58 AM ET June 28, 2004
WASHINGTON (CBS.MW) -- U.S. consumer spending increased 1 percent in May, the fastest increase since the October 2001 rebound from the Sept. 11 terror attacks, the Commerce Department estimated Monday.
Personal incomes increased 0.6 percent, but much of that gain was lost to higher prices. Read the full release.
The personal consumption expenditure price index rose 0.5 percent in May, the most in 15 months. However, the key core PCE index, which excludes food and energy prices, increased a moderate 0.2 percent last month.
Core prices are up 1.6 percent in the past 12 months, identical to April's increase, but this is double the inflation rate seen as recently as December. The core PCE price index is the preferred inflation gauge of the Federal Reserve.
When adjusted for inflation, real consumer spending increased 0.4 percent in May, while real disposable incomes were unchanged.
With spending rising faster than incomes, the savings rate fell to 2.2 percent from a nine-month high of 2.6 percent in April.
The figures aren't likely to have much impact on deliberations of the Federal Open Market Committee on Tuesday and Wednesday. Analysts are unanimous in their belief the policymaking FOMC will raise interest rates, probably by a quarter of a percentage point to 1.25 percent, the first increase in four years. See full story.
May's income and spending report shows a healthy consumer sector that nonetheless is beginning to feel the effects of higher energy prices.
Unexpected uptick
Economists had expected spending to rise 0.8 percent and incomes to rise 0.5 percent, according to a survey conducted by CBS MarketWatch.
In April, incomes and consumer spending had increased by 0.6 percent and by 0.2 percent, respectively. After adjusting for inflation, real disposable incomes had increased 0.4 percent in April and real consumer spending had been unchanged.
In May, wages and salaries rose 0.7 percent, the biggest gain since January. Proprietors' income and rental income both increased 1.2 percent, a slight slowdown from April.
Taxes increased 0.8 percent, leaving disposable incomes up 0.6 percent.
Spending on durable goods increased 1.7 percent in May, spending on nondurable goods rose 1.2 percent and spending on services moved 0.7 percent higher.
Nearly all of the gain in nondurable spending was due to inflation, with spending in real terms rising 0.1 percent.