3rd Quarter Real PCE to Date Suggests Weak Contribution to GDP

The key monthly release of the past week was on Personal Income and Outlays for August from the BEA, which gives us the first look at personal consumption expenditures for the month, which as we know has been the critical component of GDP during the recovery.  This report also includes data on personal income and disposable income after taxes, total personal savings and the national savings rate, as well as the price index for PCE, which

Realtors Say Home Sales Spiked in July; Let’s Wait till August

In contrast to new home sales, which plunged in July, the National Association of Realtors (NAR) reported that existing home sales "spiked" in July, increasing at a seasonally adjusted 6.5% rate to an annual sales rate of 5.39 million homes, up from a 5.06 million pace in June, which was

June retail sales revisions up 0.2%, greater than entire July increase

According to the Advance Retail and Food Services Sales Report for July (pdf) from the Census Bureau, the seasonally adjusted advance estimate of retail and food services sales for the month was $424.5 billion, an increase of 0.2 percent (±0.5%)* over June's revised sales of $432.6 billion and 5.4% (±0.7%) above last July's $402.7 billion.  The asterisk tells us that the Census Bureau does not have sufficie