Read the highlights of this week’s commentary from Helios:
Personal income rose 0.5% in May, matching economist expectations, though Personal Spending only rose 0.2%, short of the 0.4% expectation, perhaps another signal, along with retail sales, that price increases are starting to take their toll.
ISM’s Manufacturing Index for June remained in expansionary territory (above 50) but fell 3.1 points from April to 53.0. Under the hood of the report showed that the employment component is starting to cool though progress is being made in moving through shortages, with delivery delays rising at their slowest rate since the summer of 2020.
May’s personal spending came in lower than expected (0.2% vs. 0.4% expected and 0.6% in April), putting another data point into what may be the slowing appetite of the consumer or a reflection of the sour mood consumers have these days. Further, negative revisions for each month this year may point to
a weaker than initially thought consumer.
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