The Independent Market Observer

Economic Release Snapshot: Personal Spending Rebounds in August

Posted by Sam Millette

This entry was posted on Oct 3, 2022 8:53:42 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 September 26

Durable goods orders, August preliminary (Tuesday)

  • Expected/prior durable goods orders monthly change: ‒0.3%/‒0.1%
  • Actual durable goods orders change: ‒0.2%
  • Expected/prior core durable goods orders monthly change: +0.2%/+0.2%
  • Actual core durable goods orders change: +0.2%

Headline durable goods orders declined 0.2 percent, which was largely due to a sharp drop in volatile aircraft orders in August. Core durable goods orders increased by a healthy 0.2 percent in August, signaling continued business investment.

Conference Board Consumer Confidence, September (Tuesday)

  • Expected/prior Consumer Confidence Index: 104.6/103.6
  • Actual Consumer Confidence Index: 108

Consumer confidence increased more than expected during the month, marking two consecutive months of rising confidence.

Personal spending and personal income, August (Friday)

  • Expected/prior personal income monthly change: +0.3%/+0.3%
  • Actual personal income change: +0.3%
  • Expected/prior personal spending monthly change: +0.2%/‒0.2%
  • Actual personal spending change: +0.4%

Both personal income and spending increased in August, with spending coming in above economist estimates after falling in July.

Upcoming Reports for the Week of October 3

ISM Manufacturing, September (Monday)

Manufacturer confidence is expected to decline modestly during the month, which would mark four straight months of lowered manufacturer confidence.

ISM Services, September (Wednesday)

Service sector confidence is also expected to decline modestly in September; however, the index is set to remain in expansionary territory during the month.

Employment report, September (Friday)

Economists expect to see strong but slowing job growth during the month, with 250,000 additional jobs projected. The unemployment rate is set to remain unchanged in September.

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