The Independent Market Observer

Economic Release Snapshot: Personal Spending Rises in February

Posted by Sam Millette

This entry was posted on Apr 3, 2023 8:32:29 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 March 27

Conference Board Consumer Confidence, March (Tuesday)

  • Expected/prior Consumer Confidence Index: 101/103.4
  • Actual Consumer Confidence Index: 104.2

Consumer confidence increased more than expected in March, driven by improved expectations for future economic conditions. This was an encouraging result, given the high-profile banking collapses during the month.

Personal spending and personal income, February (Friday)

  • Expected/prior personal income monthly change: +0.2%/+0.6%
  • Actual personal income change: +0.3%
  • Expected/prior personal spending monthly change: +0.3%/+2.0%
  • Actual personal spending change: +0.2%

Both personal spending and income grew in February following the increases in January. Personal income increased slightly more than expected while spending growth came in just below forecast. This now marks two consecutive months of spending growth to start the year, signaling continued strength for the consumer.

Upcoming Reports for the Week of April 3

ISM Manufacturing, March (Monday)

Manufacturer confidence is expected to fall in March, which would leave the index in contractionary territory during the month.

Trade balance, February (Wednesday)

The February international trade report is set to show a modestly wider trade deficit compared to January.

ISM Services, March (Wednesday)

Service sector confidence is expected to decline in March; however, the index is set to remain in expansionary territory despite the anticipated drop.

Employment report, March (Friday)

Economists expect to see 240,000 jobs added in March, which will be a strong month for job growth if estimates prove accurate. The unemployment rate is set to remain unchanged at 3.6 percent.

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