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Started By
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GDP is hot right? coming in at 4.9% / read this from BEA
Posted on 10/26/23 at 9:44 am
Posted on 10/26/23 at 9:44 am
GDP...
The increase in consumer spending reflected increases in both services and goods. Within services, the leading contributors were housing and utilities, health care, financial services and insurance, and food services and accommodations. Within goods, the leading contributors to the increase were other nondurable goods (led by prescription drugs) as well as recreational goods and vehicles.
Personal Income
Current-dollar personal income increased $199.5 billion in the third quarter, compared with an increase of $239.6 billion in the second quarter. The increase reflected increases in compensation, proprietors’ income, personal income receipts on assets, and rental income of persons that were partly offset by a decrease in personal current transfer receipts
Disposable personal income increased $95.8 billion, or 1.9 percent, in the third quarter, compared with an increase of $296.5 billion, or 6.1 percent, in the second quarter. Real disposable personal income decreased 1.0 percent, in contrast to an increase of 3.5 percent.
Personal saving was $776.9 billion in the third quarter, compared with $1.04 trillion in the second quarter. The personal saving rate—personal saving as a percentage of disposable personal income—was 3.8 percent in the third quarter, compared with 5.2 percent in the second quarter.
The increase in consumer spending reflected increases in both services and goods. Within services, the leading contributors were housing and utilities, health care, financial services and insurance, and food services and accommodations. Within goods, the leading contributors to the increase were other nondurable goods (led by prescription drugs) as well as recreational goods and vehicles.
Personal Income
Current-dollar personal income increased $199.5 billion in the third quarter, compared with an increase of $239.6 billion in the second quarter. The increase reflected increases in compensation, proprietors’ income, personal income receipts on assets, and rental income of persons that were partly offset by a decrease in personal current transfer receipts
Disposable personal income increased $95.8 billion, or 1.9 percent, in the third quarter, compared with an increase of $296.5 billion, or 6.1 percent, in the second quarter. Real disposable personal income decreased 1.0 percent, in contrast to an increase of 3.5 percent.
Personal saving was $776.9 billion in the third quarter, compared with $1.04 trillion in the second quarter. The personal saving rate—personal saving as a percentage of disposable personal income—was 3.8 percent in the third quarter, compared with 5.2 percent in the second quarter.
9
Posted on 10/26/23 at 9:46 am to hubreb
Sounds like growth in spending caused by inflation.
Posted on 10/26/23 at 9:47 am to hubreb
This post was edited on 12/31/23 at 8:33 am
Posted on 10/26/23 at 9:47 am to hubreb
quote:
led by prescription drugs
america is one drugged up society
Posted on 10/26/23 at 9:47 am to hubreb
Is that nominal GDP or real GDP? Is it accounting for inflation?
Posted on 10/26/23 at 9:48 am to bird35
And a decrease in saving also caused by inflation. Good thing I stand with Ukraine or I might have a problem with sending them another $100 Billion.
Posted on 10/26/23 at 9:49 am to hubreb
I read that to say, even though peeps are making more and have more disposable income they are still spending savings to cover costs? In addition I read last week that credit cards are record high too? I’ve been on a savings kick since March 2020 paid off CC debt long ago too. I was damn near homeless and jobless after the 2016 flood. I NEVER WANT TO LIVE LIKE THAT AGAIN.
This post was edited on 10/26/23 at 9:53 am
Posted on 10/26/23 at 9:51 am to TJack
Real disposable personal income decreased 1.0 percent
Posted on 10/26/23 at 9:52 am to hubreb
quote:
Real disposable personal income decreased 1.0 percent
This is the only line that matters.
Posted on 10/26/23 at 9:53 am to hubreb
Being a slumlord would be so cool
You millenials better tip me every month
You millenials better tip me every month
Posted on 10/26/23 at 10:17 am to hubreb
quote:
Disposable personal income increased $95.8 billion, or 1.9 percent, in the third quarter, compared with an increase of $296.5 billion, or 6.1 percent, in the second quarter. Real disposable personal income decreased 1.0 percent, in contrast to an increase of 3.5 percent.
Is this from an article?
Posted on 10/26/23 at 10:29 am to bad93ex
Posted on 10/26/23 at 10:38 am to hubreb
Note that national defense spending is a huge contributor the past two quarters. Imports and exports with a slight rebound too after an absolute bloodbath last quarter for both. The household durable goods print checks out with the huge fall off in residential home sales.
Consumption moving forward should be interesting with the ERC and student loan pause both ending.
Consumption moving forward should be interesting with the ERC and student loan pause both ending.
Posted on 10/26/23 at 8:22 pm to hubreb
Sure. Everything is double the price. Too bad no one’s salary is keeping. Worst economy during a presidential admin since Jimmy Carter.
Posted on 10/26/23 at 9:20 pm to Palm Beach Tiger
quote:No, it isn't.
Sure. Everything is double the price.
quote:
Worst economy during a presidential admin since Jimmy Carter.
Posted on 10/26/23 at 11:01 pm to wileyjones
quote:
america is one drugged up society
Yeah, It’s hard to watch anything on traditional tv stations without being overwhelmed by ads pushing drugs for a wide variety of ailments - some of which you never knew existed. Drugs with side effects that include the ailment you’re trying to address (that IBS drug with the dancing fat chick and a catchy jingle).
Posted on 10/27/23 at 12:39 am to bird35
quote:Considering it’s adjusted for inflation, and inflation is slowing, this doesn’t make any sense.
Sounds like growth in spending caused by inflation.
Posted on 10/27/23 at 1:05 am to Styxion
quote:Weird that I don’t remember this mattering when it increased by 10.8% in Q1 or 3.5% in Q2 (or 3.6% and 2.2% in last 2 quarters of 2022). I also don’t remember it mattering when it decreased in the 2nd quarter of 2019. And looking at year over year, the 3.8% growth, is higher than all but 2 quarters from the last 6 (all lower) in Obama’s term and first 13 in Trump’s term (only Q4 2018 and Q4 2019) until the COVID stimulus and relief caused it to skyrocket in the last few quarters of 2020 and first quarter of 2021.
This is the only line that matters.
Now granted disposable income is just income minus taxes, so Q1 and Q2 was when people typically get tax refunds (since a lot of people rather get a refund for whatever reason), so that probably accounts for this, especially since the IRS wasn’t backlogged like the previous couple of years and got returns processed quickly.
So this is why it didn’t matter when there was a 10.8% in Q1 increase and it doesn’t matter there was a 1% decrease now, unless we want to cherry pick and pretend one or the other matters.
This post was edited on 10/27/23 at 1:11 am
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