SANTA SAYS NO RECESSION, YET, VIRGINIA
These numbers don't look like everyone will be revising their growth outlook, do they?
DPI is stalled in real terms as prices tick up, indicating stress; but still growing year-to-year.
It's not 'high-quality' growth, as savings is slipping a bit, but hardly over the cliff.
| PERSONAL INCOME AND ITS DISPOSITION | |||
|---|---|---|---|
| 2007:Sep\r\ | 2007:Oct\r\ | 2007:Nov\p\ | |
| PCE | |||
| Real, %yoy | 3.2 | 2.7 | 3 |
| Deflator-All | 2.5 | 3 | 3.6 |
| Deflator-Core | 1.9 | 2 | 2.2 |
| Real, %m | 0.2 | 0.1 | 0.5 |
| Deflator-All | 0.3 | 0.3 | 0.6 |
| Deflator-Core | 0.3 | 0.2 | 0.2 |
| DPI | |||
| Real, %yoy | 3.6 | 2.7 | 2.1 |
| Real, %m | 0.2 | -0.2 | -0.3 |
| Personal Income, %m | 0.5 | 0.2 | 0.4 |
| Wages/Salary, %m | 0.6 | 0 | 0.6 |
| Savings/DPI | 0.5 | 0.3 | -0.5 |
*PCE=personal consumption expenditures; DPI=disposable income, Deflator=price index, Core=prices ex Food,Energy
| REVISIONS TO PRIOR MONTHS | |||
|---|---|---|---|
| CHANGES | 2007:Aug\r\ | 2007:Sep\r\ | 2007:Oct\p\ |
| PCE | |||
| Real, %yoy | 0 | 0.2 | 0.3 |
| Deflator-All | 0 | 0.1 | 0.1 |
| Deflator-Core | 0.1 | 0 | 0.1 |
| Real, %m | 0 | 0.1 | 0.1 |
| Deflator-All | 0 | 0 | 0 |
| Deflator-Core | 0.1 | 0.1 | 0 |
| 0 | 0 | 0 | |
| DPI | 0 | 0 | 0 |
| Real, %yoy | 0 | 0.1 | 0 |
| ReaL, %m | 0 | 0 | -0.1 |
| 0 | 0 | 0 | |
| Personal Income, %m | 0.1 | 0.1 | 0 |
| Wages/Salary, %m | 0 | 0 | -0.1 |
| 0 | 0 | 0 | |
| Savings/DPI | 0 | -0.2 | -0.2 |
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