Nominal PCE slightly below consensus (+0.2% vs. +0.3%). Here are some key business cycle indicators followed by NBER BCDC, with real personal income ex-transfers flat (along with real consumption)
Figure 1: Nonfarm Payroll (NFP) employment from CES (bold blue), civilian employment (orange), industrial production (red), personal income excluding current transfers in Ch.2017$ (bold green), manufacturing and trade sales in Ch.2017$ (black), consumption in Ch.2017$ (light blue), and monthly GDP in Ch.2017$ (pink), GDP (blue bars), all log normalized to 2021M11=0. Source: BLS via FRED, Federal Reserve, BEA 2024Q1 third release, S&P Global Market Insights (nee Macroeconomic Advisers, IHS Markit) (6/1/2024 release), and author’s calculations.GDPNow estimate for Q2 as of today is 2.2%, down from 2.7% yesterday.More By This Author:Deceleration: Three Measures Of Output And A Measure Of Aggregate Demand Opinion: “An (Almost) Inverted Yield Curve Is Worrying China”Some Recent Statistics On The Internationalization Of The Yuan
