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Tag Archives: Personal Income

Personal Income Plunges in January; Spending Up

Personal income dropped $505.5 billion, or 3.6 percent, and disposable personal income (DPI) fell $491.4 billion, or 4.0 percent, in January, the Bureau of Economic Analysis, reported Friday. Personal consumption expenditures (PCE) increased $18.2 billion, or 0.2 percent in January. In December, personal income increased $353.4 billion, or 2.6 percent, DPI increased $325.7 billion, or 2.7 percent, and PCE increased $14.8 billion, or 0.1 percent, based on revised estimates.

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Beige Book Sees Economy Expanding

Economic activity expanded in the closing weeks of 2012, the Federal Reserve said in its periodic Beige Book released Wednesday, reflecting a slow but steadily declining unemployment rate and low rates of inflation--conditions the Fed said would have to be met before it raises interest rates. According to the Beige Book, districts reported stronger consumer spending--about 70 percent of the nation's GDP--with holiday sales ""modestly higher"" than in 2011. At the same time, the report said business contacts were ""citing concerns that consumers will spend cautiously due to ongoing fiscal uncertainty.""

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Personal Income Jumps In November

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. The growth in spending matched economists’ forecasts.

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Sandy Crashes October Income, Spending

Consumer spending fell $20.2 billion in October as personal income remained relatively flat, the Bureau of Economic Analysis (BEA) reported Friday. The October report marked the first time since June in which income growth--however modest--exceeded spending. Still, income growth was the weakest it has been since last November, when it fell $31.1 billion in one month--a decline that was completely reversed one month later.

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Mortgage Fraud Decreases in Q3, but Looms Large in Certain Areas

The national mortgage fraud index fell to the lowest level in two years after spiking in the previous quarter, according to data from Interthinx. The mortgage fraud index dropped to 137 in the third quarter of this year, down 7.7 percent from the previous quarter and 4.5 percent from the same quarter a year ago. The number of metropolitan areas in the very high risk category also declined, falling to 70 in the third quarter from 91 in the second quarter. But, just two states--California and Florida-- accounted for more than half of the very high risk metros.

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Fiscal Cliff Concerns Hinder Consumer Confidence

Consumer confidence hit the wall in November as Americans sweat the rapidly approaching fiscal cliff, according to monthly survey results released by Thomson Reuters and the University of Michigan. The Thomson Reuters/University of Michigan Survey of Consumers showed confidence over the economy increased just 0.1 percent from October to November, hitting 82.7 on the Index of Consumer Sentiment. Preliminary data released earlier in November put the index at 84.9, and economists polled by Reuters expected a median index of 84.5.

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NAHB: 103 Markets Improving in October, Up from 99

The number of markets listed on the National Association of Home Builders (NAHB) and First American Title's Improving Markets Index (IMI) broke the triple-digit mark in October, NAHB reported. The index identifies metro areas that have shown improvement from their respective troughs in housing permits, employment, and house prices for at least six straight months. A total of 103 housing markets across the country qualified for the list in October, up from 99 in September and the highest level since the list started a year ago, NAHB said.

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Report: Growth in Consumer Spending Outpaces Income in August

Consumer spending rose $57.2 billion, 0.1 percent, in August but personal income improved just $15 billion, 0.5 percent, the Bureau of Economic Analysis reported Friday. While the increase in spending matched economist expectations, the increase in incomes was half of what had been forecast.

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Credit Still Tight Among U.S. Lenders: Fed Survey

Banks have yet to loosen their tight grip on credit. The Federal Reserve's latest survey of senior loan officers found that most banks maintained stringent lending standards in the first quarter, while some tightened lending terms further. Compared with the previous quarter, a larger percentage of banks indicated that demand for first lien mortgages and home equity loans had weakened further. On the commercial side, a significant portion of lenders said they have increased their use of extensions for loans at or near maturity.

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Wolters Kluwer Consultants Earn CRCM Designation

Minneapolis-based Wolters Kluwer Financial Services recently announced that two members of its compliance management services team have earned the prestigious Certified Regulatory Compliance Manager (CRCM) designation from the American Bankers Association’s (ABA’s) Institute of Certified Bankers (ICB).

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