US consumer credit fell US$21.55bn in July, or 10.4% on an annualized rate. This is the largest monthly decline consumer credit has ever experienced. This was also the index’s 6th consecutive month of declines. The government’s ‘Cash for Clunker’s’ program did little to stem a a record US$15.44bn decline in non-revolving credit, while revolving credit, […]
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The Reuters/University of Michigan preliminary consumer sentiment number was revised up to 65.7 from 63.2, compared to a reading of 66.0 in July. August’s current conditions index finished at 66.6, compared to a preliminary reading of 64.9, and 70.5 in July. The expectations index was revised up to 65.0 versus 62.1, and a reading of […]
Personal income was flat in July, compared to a consensus forecast of 0.1%, and a previous decline of -1.1%. Disposable income was unchanged. Despite the government’s ‘Cash for Clunkers’ program consumer expenditures rose by 0.2%%, compared to a consensus forecast of 0.3%, and a previous reading of 0.6%. Continued weakness in the job’s market […]
The Conference Board’s Consumer Confidence Index rose to 54.1 in August, versus a Bloomberg consensus forecast of 48.0, and a previous reading of 47.4. This is the highest level since December 2007. The August Present Situation Index rose to 24.9 versus 23.3, while the August Expectations Index rose to 73.5 from 63.4. Weakness in the […]
Augusts’ preliminary consumer sentiment index unexpectedly fell this morning with a reading of 63.2, compared to a Bloomberg consensus forecast of 68.5 and a July reading of 66.0. It was anticipated that modest improvements to the employment situation and stock market gains would help lift this index, but this clearly was not the case. At […]
Initial jobless claims rose to 4K this week to 558K, compared to a previous revised reading of 554K and a Bloomberg consensus forecast of 543K. This number has been trending to lower, which indicates a slowing improvement for the US labor market. But, claims still remains far from healthy levels, and still indicates significant deterioration […]
I came across an article on the WSJ online this morning indicating that interest in the ‘cash for clunkers’ program may be diminishing. According to the article, Edmunds.com reported that interest in the program peaked on July 29th, and has since declined 15%. They went on to say that based on this trend, sales […]
Consumer credit fell -US$10.3bn in June, with May’s release being revised down to -US$5.4bn. The street consensus was for a drop of -US$5.0bn. This index does not included mortgages or any loans backed by real estate. Looking at the index’s components, revolving credit (credit card balances) dropped -US$5.4bn in June compared to -US$4.9bn in May. […]
Personal Income fell 1.3% in June, compared to a revised increment of 1.3% in May. This decline was likely due to continue weakness in the labor market coupled with a reduction in government transfers through stimulus payments. May’s data included several one-time government payments to eligible individuals that totaled US$157.6bn at an annual rate. June’s […]
The Conference Board’s Consumer Confidence index fell to 46.6 in July from 49.3. The Present Condition Index fell to 23.4 from an initial reading of 25.0, while the Expectations Index fell to 62.0 compared to an initial reading of 65.5. Weakness in the labor market was likely the primary driver behind these declines. This is […]