America’s economy decelerated in the final three months of 2017 according to Gross Domestic Product (GDP) data from the Bureau of Economic Analysis (BEA). On an inflation-adjusted annualized basis, output grew by 2.6 percent from October through December. This followed improvements of 3.1 percent and 3.5 percent in the second and third quarters respectively. Despite the
Personal income and spending each improved to end 2017, but their rates of change were different. Americans’ pay managed to grow just 0.3 percent while outlays increased 0.5 percent. Additionally, there was a key revision to the prior period’s tally as outlays actually increased 0.8 percent (originally 0.6 percent), but November’s income tally remained as initially
Durable Goods Orders jumped in December 2017 according to the Census Bureau. Rising 2.9 percent to $249.4 billion, the most recent uptick followed November’s upwardly revised tally of 1.7 percent (originally 1.3 percent). From the vantage point of this indicator’s headline, the outlook for the economy is positive as orders for wares expected to last at least three years
More growth is the message from the latest release of the Conference Board’s Leading Economic Index (LEI). In fact, the December 2017 iteration suggests an acceleration of economic output as the LEI increased to 0.6 percent from the upwardly revised tally of 0.5 percent (originally 0.4 percent). The recent strength in this indicator bodes well for the first half of 2018.
Output accelerated during December 2017 according to data from the Chicago Federal Reserve National Activity Index (CFNAI). This comprehensive indicator rose to +0.27 from the downwardly revised count of +0.11 (originally +0.15). Additionally, the three-month moving average held relatively steady at +0.42 versus +0.43 in November, suggesting the economic expansion is not overheated.
Retail sales added to economic output as 2017 came to a close according to the Census Bureau. Spending totaled $495.4 billion in December, rising 0.4 percent. Compared to a year earlier, retail sales improved 5.4 percent. Additionally, November’s count was revised upward to 0.9 percent from the already impressive 0.8 percent jump in the initial release.
America’s economic expansion showed no signs of fatigue in December 2017 according to data from the Institute for Supply Management. Both sides of the economy maintained readings well above the breakeven level of 50.0. The cyclically sensitive manufacturing segment accelerated to a reading of 59.7 (a 14-year high) from the already impressive tally of 58.2 in November. Se
Durable Goods Orders soared in November according to data from the Census Bureau. Aircraft orders (up 31 percent in the period) provided much of the lift in the period’s 1.3 percent improvement. This most recent uptick followed an upwardly revised, albeit still disappointing, October tally of -0.4 percent (originally -1.2 percent).
America’s economy maintained its recent strength in November 2017 according to the latest headline data from the Chicago Fed National Activity Index (CFNAI). This uptick of 0.15 followed an upwardly revised tally of 0.76 in October (originally 0.65). It may appear that there was a substantial deceleration in the penultimate month, but activity related to hurricane recovery eff
America’s output is poised to continue advancing according to the latest data from the Conference Board’s Leading Economic Index (LEI). After a few months of volatility (mostly hurricane-related), this forward-looking indicator settled into a decent pace of growth, 0.4 percent in November 2017. A majority of the components were positive in the period.