GDP projection

August Personal Income up 0.3%; PCE on Track to Add 2.03 Percentage Points to GDP

0ther than the employment report and the GDP report itself, the monthly report on Personal Income and Outlays from the Bureau of Economic Analysis is probably the most important economic release we see monthly, as it gives us the monthly data on our personal consumption expenditures (PCE), which accounts for more than 2/3rds of GDP, and the PCE price index,

July Trade Deficit Falls by 7.3%, on Pace to Add 0.58 Percentage Points to 3rd quarter GDP

Our July trade deficit fell by 7.3% from June as the value of our exports rose and the value of our imports fell.  The Census report on our international trade in goods and services for July indicated that our seasonally adjusted goods and services trade deficit fell by $3.3 billion to $41.9 billion in July from a June deficit which was revised from $43.8 billion to $45.2 billion.