The Independent Market Observer

Economic Release Snapshot: Personal Spending Improves in April

Posted by Sam Millette

This entry was posted on May 30, 2023 8:28:12 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 22

FOMC meeting minutes, May (Wednesday)

The minutes from the Fed’s May meeting showed that uncertainty was rising at the central bank during the meeting. Some participants noted concerns about the impending debt ceiling standoff and tightening financial conditions in the banking sector, both of which may support a pause in hikes at the next meeting in June.

Personal spending and personal income, April (Friday)

  • Expected/prior personal income monthly change: +0.4%/+0.3%
  • Actual personal income change: +0.4%
  • Expected/prior personal spending monthly change: +0.5%/+0.1%
  • Actual personal spending change: +0.8%

Personal spending increased more than expected in April, while income growth was in line with expectations. The rise in spending signaled consumer resilience, which could complicate the Fed’s fight against inflation in the months ahead.

Durable goods orders, April, preliminary (Friday)

  • Expected/prior durable goods orders monthly change: –1.0%/+3.3%
  • Actual durable goods orders change: +1.1%
  • Expected/prior core durable goods orders monthly change: –0.1%/+0.3%
  • Actual core durable goods orders change: –0.2%
Headline durable goods orders increased more than expected in April, but core orders fell during the month. The drop in core goods orders signaled slowing business investment and will be worth monitoring.
Upcoming Reports for the Week of May 29

Conference Board Consumer Confidence, May (Tuesday)

The May consumer confidence report will show how consumer sentiment reacts to the rising uncertainty surrounding the debt ceiling.

ISM Manufacturing, May (Wednesday)

Manufacturer confidence is expected to fall slightly in May, which would leave the index in contractionary territory.

Employment report, May (Friday)

The May job report is expected to show slowing-but-healthy levels of job growth, with 195,000 jobs forecasted following the 253,000 jobs that were added in April. The unemployment rate is set to increase modestly from 3.4 percent to 3.5 percent; however, on the whole, the labor market is expected to show signs of continued resilience during the month.

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