Dallas Fed Manufacturing Growth Slows in January
The Dallas Fed released its Texas Manufacturing Outlook Survey (TMOS) for January. The latest general business activity index came in at -8.4, up 11.6 from last month. All figures are seasonally adjusted.
The Big Four: Real Personal Income in December
Personal income (excluding transfer receipts) in December rose 0.27% and is up 5.3% year-over-year. However, when adjusted for inflation using the BEA's PCE Price Index, real personal income (excluding transfer receipts) MoM was up 0.21% and was up 0.3% year-over-year.
Real Disposable Income Per Capita Continued to Inch Up in December
With the release of Friday morning's report on December's personal incomes and outlays, we can now take a closer look at "real" disposable personal income per capita. At two decimal places, the nominal 0.22% month-over-month change in disposable income comes to 0.17% when we adjust for inflation. This is a decrease from last month's .28% nominal and 0.18% real change. The year-over-year metrics are 2.71% nominal and -2.20% real.
PCE Price Index: December Headline at 5% YoY
The BEA's Personal Income and Outlays report for December was published on Friday morning by the Bureau of Economic Analysis. The latest headline PCE price index was up 0.05% month-over-month (MoM) and is up 5.02% year-over-year (YoY). Core PCE (YoY) dropped to 4.42%, still well above the Fed's 2% target rate.
Michigan Consumer Sentiment Up 8% in January, Beats Forecast
The January final report came in at 64.9, up 5.2 (8.7%) from the December final. Investing.com had forecast 64.6. Since its beginning in 1978, consumer sentiment is 24% below its average reading (arithmetic mean) and 23% below its geometric mean.
Pending Home Sales Increased 2.5% in December, Ending Six-Month Slide
The National Association of Realtors released the December data for its pending home sales index. According to the National Association of Realtors®, "Pending home sales increased in December for the first time since May 2022 — following six consecutive months of declines."