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Investing

Spending Lags Personal Income

Photo of Jon C. Ogg
By Jon C. Ogg Published
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Personal income ticked higher in December, but spending failed to keep up.  Is America starting to save again?  The numbers were actually in-line with expectations and earlier released data.

Personal income in December was up 0.5 percent, following a 0.1 percent rise the prior month, versus the 0.4 percent bump up expected by Bloomberg.  Wages & salaries grew by a healthy 0.4 percent versus no change in November.

Consumer spending was a bit sluggish in December despite some of the high marks seen in selective retail data around the holidays.  The reading was FLAT (0.0) versus +0.1 percent in November and versus a 0.1 percent increase expected by Bloomberg.  Bloomberg noted, “Weakness was in both durables and nondurables, reflecting in part a decline in auto sales and gasoline prices. Durables dipped 0.4 percent after a 0.3 percent gain in November. Nondurables fell 0.4 percent, following a 0.3 percent decline. Services in December advanced 0.2 percent in both December and November.”

By the looks of it maybe those making money did less of the incremental spending.

 

Contact [email protected] for any questions or corrections.

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About the Author Jon C. Ogg →

Jon Ogg has been a financial news analyst since 1997. Mr. Ogg set up one of the first audio squawk box services for traders called TTN, which he sold in 2003. He has previously worked as a licensed broker to some of the top U.S. and E.U. financial institutions, managed capital, and has raised private capital at the seed and venture stage. He has lived in Copenhagen, Denmark, as well as New York and Chicago, and he now lives in Houston, Texas. Jon received a Bachelor of Business Administration in finance at University of Houston in 1992. www.247wallst.com.

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