PCE in Line, Home Sales Beat

PCE increased 0.2% MoM and 2.6% YoY in December, in line with most estimates. Core PCE increased 2.9% YoY.  This is the smallest gain since Mar 2021. Drilling down, goods rose 1.1% (durable goods 1.5%) in December while services rose 0.3%. Real PCE rose 3.2% YoY, with the goods category growing 5% and durable goods … continue reading →

PCE On the Rise

After falling for months, YoY PCE ticked higher in July: 3.3% versus 3.0% in June. Excluding food and energy, the print was 4.2% versus 4.1% in June.The data pared some of the overnight ramp, with futures easing lower as we approach the opening bell. In other economic news, personal spending (0.8% MoM) rose faster than … continue reading →

Some Like It Hot

If you’re a retailer, you might be thrilled with the personal income and personal spending beat last month (0.4% vs 0.3% exp and 0.8% versus 0.4% expected.) If you’re a manufacturer, you might be pleased with durable goods coming in at a +1.1% versus the -1.3% expected. But, if you’re a member of the FOMC, … continue reading →