The Independent Market Observer

Economic Release Snapshot: Personal Income and Spending Growth Slows

Posted by Sam Millette

This entry was posted on Dec 4, 2023 8:19:34 AM

and tagged In the News

Leave a comment

Monday UpdateEach week, we break down the latest U.S. economic reports, including what the results mean for the overall health of the economy. Here, you will find how economists’ forecasts compare with actual results, key takeaways to consider, as well as a list of what’s on tap for the week ahead.

Reports for the Week of November 27

Conference Board Consumer Confidence, November (Tuesday)

  • Expected/prior month consumer confidence: 101.0/99.1
  • Actual consumer confidence: 102.0

Consumer confidence rose from a downwardly revised 99.1 in October to 102.0 in November. Improved consumer expectations for future economic conditions drove the better-than-expected result.

Personal spending and personal income, October (Thursday)

  • Expected/prior personal income monthly change: +0.2%/+0.4%
  • Actual personal income change: +0.2%
  • Expected/prior personal spending monthly change: +0.2%/+0.7%
  • Actual personal spending change: +0.2%

Personal income and spending growth slowed in October. Despite the slowdown, this marked seven consecutive months of consumer spending growth.

ISM Manufacturing, November (Friday)

  • Expected/prior ISM Manufacturing index: 46.7/47.8
  • Actual ISM Manufacturing index: 46.7

Manufacturer confidence was unchanged in November, which was slightly below economist expectations for a modest improvement. The index remained in contractionary territory, signaling continued headwinds for the manufacturing industry.

Upcoming Reports for the Week of December 4

ISM Services, November (Tuesday)

Service sector confidence is set to rise in November and remain in expansionary territory for the eleventh consecutive month.

Trade balance, October (Wednesday)

The international trade deficit is set to increase modestly in October due, in part, to a 1.7 percent slowdown in goods exports.

Employment report, November (Friday)

Economists expect to see 175,000 jobs added in November, which would be an uptick from the 150,000 jobs that were reported in October. The unemployment rate is set to remain unchanged at 3.9 percent.

University of Michigan consumer sentiment survey, November, preliminary (Friday)

The first estimate of consumer sentiment in December is set to show slightly higher confidence after the index fell to a six-month low in November.

Subscribe via Email

New call-to-action
Crash-Test Investing

Hot Topics

New Call-to-action



see all



The information on this website is intended for informational/educational purposes only and should not be construed as investment advice, a solicitation, or a recommendation to buy or sell any security or investment product. Please contact your financial professional for more information specific to your situation.

Certain sections of this commentary contain forward-looking statements that are based on our reasonable expectations, estimates, projections, and assumptions. Forward-looking statements are not guarantees of future performance and involve certain risks and uncertainties, which are difficult to predict. Past performance is not indicative of future results. Diversification does not assure a profit or protect against loss in declining markets.

The S&P 500 Index is a broad-based measurement of changes in stock market conditions based on the average performance of 500 widely held common stocks. All indices are unmanaged and investors cannot invest directly in an index.

The MSCI EAFE (Europe, Australia, Far East) Index is a free float‐adjusted market capitalization index that is designed to measure the equity market performance of developed markets, excluding the U.S. and Canada. The MSCI EAFE Index consists of 21 developed market country indices.

One basis point (bp) is equal to 1/100th of 1 percent, or 0.01 percent.

The VIX (CBOE Volatility Index) measures the market’s expectation of 30-day volatility across a wide range of S&P 500 options.

The forward price-to-earnings (P/E) ratio divides the current share price of the index by its estimated future earnings.

Third-party links are provided to you as a courtesy. We make no representation as to the completeness or accuracy of information provided on these websites. Information on such sites, including third-party links contained within, should not be construed as an endorsement or adoption by Commonwealth of any kind. You should consult with a financial advisor regarding your specific situation.


Please review our Terms of Use

Commonwealth Financial Network®