The Independent Market Observer

Economic Release Snapshot: Personal Spending and Income Growth Slows

Posted by Sam Millette

This entry was posted on Jun 3, 2024 8:08:00 AM

and tagged In the News

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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 May 28

Conference Board Consumer Confidence, May (Tuesday)

  • Expected/prior month consumer confidence: 96.0/97.5
  • Actual consumer confidence: 102.0

Consumer confidence surprisingly improved in May, breaking a three-month streak of declines. The improvement was largely driven by a notable rise in consumer expectations during the month.

Personal spending and personal income, April (Friday)

  • Expected/prior personal income monthly change: +0.3%/+0.5%
  • Actual personal income change: +0.3%
  • Expected/prior personal spending monthly change: +0.3%/+0.7%
  • Actual personal spending change: +0.2%

Personal income and spending continued to rise in April; however, both slowed compared to March.

Upcoming Reports for the Week of June 3

ISM Manufacturing, May (Monday)
Manufacturer confidence is expected to improve modestly in May after falling more than expected in April.

ISM Services, May (Wednesday)
Service sector confidence is also expected to improve in May after the index fell into contractionary territory in April.

International trade balance, April (Thursday)
The trade deficit is set to increase in April due, in part, to increased imports of goods during the month.

Employment report, May (Friday)
Hiring is expected to accelerate in May after slowing more than expected in April. If estimates hold, the 180,000 forecasted jobs could represent a healthy level of hiring during the month.

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