US Durable Goods Fell Again In October With Slumping Aircraft Orders

US durable goods orders fell 0.5 percent in October, following after a 0.4 percent decrease in September. Transportation equipment (-2.6 percent), specifically nondefense aircraft and parts (-14.5 percent) and defense aircraft and parts (-21.8 percent).   Total durable goods orders rose 1.8% month-over-month in August (consensus +0.6%). October Durable Goods Orders Highlights US Durable Goods Orders Oct P: -0.5% (est 0.2%; prev -0.3%; prevR -0.4%) US Durables Ex-Transportation Oct P: 0.5% (est 0.5%; prev 0.5%; prevR 0.7) Orders declined for … Continue reading “US Durable Goods Fell Again In October With Slumping Aircraft Orders”

Federal Reserve Beige Book Highlights Positive Growth in Consumer Spending

The Federal Reserve released it’s Biege Book Wednesday with the focus on growth in consumer spending. Most Districts reported significantly elevated prices, fueled by rising demand for goods and raw materials.

ISM US Services Index Soars To Another Record As Economy Expands

The key ISM July US services index soared to an all time high 64.1 vs 60.1% in June,  the fourteenth straight month of growth for the services sector which accounts for over 80% of the US GDP.  Services industries pent-up demand with many supply chain disruptions bringing inflation risk and challenges with labor and product.

U.S. Personal Income Rose While Core PCE Rose Less Than Expected in June

US Personal income was up 0.1% month-over-month in June with a 0.7% increase in compensation helping to offset a 2.0% decline in personal current transfer receipts. The Core-PCE Price Index, which excludes food and energy, increased 0.4% and was up 3.5% year-over-year (versus 3.4% in May).

U.S. Personal Income Fell 2% as Government Social Benefits Fell 11.8%

US Personal income decreased 2.0% month-over-month in May. The fall was driven by an 11.8% decline in government social benefits. The Core-PCE Price Index, which excludes food and energy, rose 0.5% and was up 3.4% year-over-year (versus 3.1% in April).

Robust US Q1 GDP 6.4 percent Growth Catalyzed By Stimulus Payments and COVID Vaccines

The US economy grew by a robust annualized 6.4 percent in the first quarter of 2021, following a 4.3 percent expansion in the previous three-month period and slightly ahead market expectations of 6.1 percent, the advance estimate showed. The bounce back comes with stimulus payments and reopening activity catalyzed by the COVID vaccines.