Weekly economic review & outlook
Consumer trends mostly positive heading into the holidays
DEC. 02, 2019
You Need to Know
Week in review
Personal income flat but spending edged higher
A flat reading for personal income in October belies a rise in wage income, while personal consumption expenditures edged higher.
New home sales continue to trend higher
While down a bit for October after September’s figure was revised higher, sales of new homes continue to trend higher.
Mixed results for ISM indexes
The ISM manufacturing index is projected to increase slightly but remain in contraction, while the nonmanufacturing index should decrease but remain in expansion.
Job gains boosted by UAW/GM strike resolution
Total nonfarm employment will get a boost from a resolution to the UAW/GM strike as well as an increase in temporary census workers.
The consumer is still on firm ground, led by a solid job market, low inflation (with gasoline prices trending downward), and record high household net worth as equity indices rise to all-time highs and house prices continue to move higher. As a result of these positive factors, wage income has been trending higher helping to boost growth in personal consumption expenditures.