Personal Income Soars in November Q4 Still Looks Weak

first_img Personal income jumped 0.6 percent in November–twice what economists forecast–improving $85.8 billion, while spending rose a hefty 0.4 percent, the “”Bureau of Economic Analysis””:http://bea.gov/newsreleases/national/pi/2012/pdf/pi1112.pdf (BEA) reported Friday. The growth in spending matched economists├â┬ó├óÔÇÜ┬¼├óÔÇ×┬ó forecasts.[IMAGE]The jump in spending reversed a $6.6 billion decline in October but fell short of the $86.2 increase in consumption recorded in September. The growth in income was the strongest monthly change since February, when personal income rose $86.3 billion. BEA had estimated superstorm Sandy reduced wages–about 51 percent of income–by $18 billion in October. The report still suggests a weakened fourth quarter compared the third. Personal consumption expenditures rose a net $34.7 billion in the first two months of the fourth quarter compared with $77.7 billion in the first two months of the third quarter. Personal consumption spending accounts for more than 70 percent of gross domestic product (GDP).The November report marked the second time since June in which income exceeded spending.[COLUMN_BREAK]About half the jump income came from growth in wages and salaries. Personal interest income–despite low savings rates–improved $20.0 billion for the second straight month. Government transfer payments increased $7.1 billion largely on the strength of Social Security payments, reflecting the calendar (since December 1 fell on a Saturday, December Social Security payments were made on November 30). Unemployment insurance payments rose $1 billion, the first month-over-month increase since October 2011, due to the surge in unemployment insurance claims following Sandy.Personal savings improved in terms of dollar amount, increasing $32.1 billion. The personal savings rate also increased, sliding to 3.6 percent from 3.4 percent in October.Consumer spending on durable goods–often a sign of confidence since they are big ticket items paid for through borrowed funds–rose $32.5 billion, reversing a $14.0 billion drop in October. Spending on non-durable goods fell $24.9 billion after slipping $3.3 billion in October. Spending on services (including rents and mortgage payments) increased $33.6 billion.Personal interest payments–excluding mortgage interest–increased $1.1 billion, the fifth consecutive month-to-month increase, reflecting an increased consumer reliance on borrowing.Inflation (as measured by personal consumption expenditures) considered the Federal Reserve’s favored gauge, was 1.4 percent, down from 1.7 percent in October. Core inflation–excluding food and energy–was 1.5 percent, down from 1.6 percent in October._Hear Mark Lieberman every Friday on P.O.T.U.S. radio, Sirius-XM 124, at 6:40 am and again at 9:40 eastern time._ Share in Data, Government, Origination, Servicing Personal Income Soars in November, Q4 Still Looks Weakcenter_img Agents & Brokers Attorneys & Title Companies Bureau of Economic Analysis GDP Inflation Investors Lenders & Servicers Payrolls Personal income Processing Service Providers 2012-12-21 Mark Lieberman December 21, 2012 406 Views last_img read more

Go back to the enewsletter The View – a newly reva

first_imgGo back to the enewsletterThe View – a newly revamped, premium, one-bedroom villa at Six Senses Yao Noi – has begun welcoming guests. Ideal for couples, especially honeymooners and those celebrating a special occasion, it provides an abode of comfort, exclusivity and space with fun and quirky elements.Originally created as a celebration venue, the ultra-spacious, 225-square-metre villa now boasts an infinity-edge pool, a pool shack, private cinema and sunken dining area, plus a mezzanine floor and a fitness studio, among its new refinements.Stepping into the villa, guests feel in harmony with nature due to Thai-inspired interiors, infused with a contemporary twist. A newly added waterfall is visible through a glass floor in the bedroom as it flows beneath the king-size bed, connecting the occupants with the soothing sight and sounds of flowing water.True to its name, The View offers a 360-degree view of the surroundings, including the iconic limestone karsts of Phang Nga Bay. As all main walls are glass, the ocean, jungle and waterfall can be seen, along with the different hues of the sky, from inside or outside the villa.In-villa dining for The View also goes beyond the ordinary. Lunches can be enjoyed from a floating tray in the pool, while barbecue dinners are served by a private chef in the sunken dining area after drinks overlooking sunset on the bay. The pool shack is a cocktail master’s dream, where a ‘cocktail of the day’ and mix of ingredients and recipes are sure to inspire. Martini lovers can also make their own – shaken or stirred – and enjoy a perfect James Bond moment.A GEM (guest experience maker) is on hand to personally tailor guests’ journey throughout their stay.From now through 30 September 2019, guests of The View who stay a minimum of three nights are treated to a private in-villa barbecue dinner for two people.For pricing or enquiries, email reservations-yaonoi@sixsenses.com.Go back to the enewsletterlast_img read more