Economic Release Snapshot: Spending Growth Accelerates in May

Each 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 June 24

Conference Board Consumer Confidence, June (Tuesday)

• Expected/prior month consumer confidence: 100.0/101.3
• Actual consumer confidence: 100.4

Consumer confidence fell modestly in June due to worsening consumer expectations for future conditions.

Durable goods orders, May, preliminary (Thursday)

• Expected/prior month durable goods orders: –0.5%/+0.2%
• Actual durable goods orders: +0.1%

Durable goods orders surprisingly increased in May against calls for a decline, but core orders were down during the month.

Personal spending and personal income, May (Friday)

• Expected/prior personal income monthly change: +0.4%/+0.3%
• Actual personal income change: +0.5%
• Expected/prior personal spending monthly change: +0.3%/+0.1%
• Actual personal spending change: +0.2%

Personal income and spending growth accelerated in May. This marked 14 consecutive months of positive spending growth and signaled continued consumer resilience.

Upcoming Reports for the Week of July 1

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

ISM Services, June (Wednesday)
Service sector confidence is set to fall in June after improving more than expected in May.

International trade balance, May (Wednesday)
The trade deficit is set to increase in May, partly due to a widening trade gap in the trade of goods during the month.

FOMC meeting minutes, June (Wednesday)
The minutes from the Fed’s recent meeting are set to be released on Wednesday. The minutes will give economists and investors further insight into the Fed’s deliberations at this meeting.

Employment report, June (Friday)
Hiring is expected to slow in June after surging past expectations in May. If estimates hold, slowing job growth would likely be viewed as a positive development by markets and the Fed.