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18 July 2022 Consumption is Holding Up, and Real Incomes will Start to Rebound in July

Ian Shepherdson (Chief Economist and Founder)15th Jul 2022 15:55U.S., Daily Monitor, Weekly Monitor

Consumption likely rose at a 1.4% annualized rate in Q2; not bad, under the circumstances.

Non-auto manufacturing is sliding towards recession, but it is not representative of the whole economy.

The plunge in energy prices means that the July PPI likely will rise by only a couple tenths.

apparel core goods core goods inflation cpi disposable income electricity energy energy prices fuel gas prices gasoline gasoline prices goods inflation July June manufacturing manufacturing output March oil payrolls pce ppi real consumption real incomes real spending recession retail sales sales data savings services sector spending growth u.s. wages

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