After a year of record inflation levels, November 2022 Personal Income rose. On the contrary, manufactured durable goods faced a decrease after three months of increases. Finally, the latest report from the U.S. Energy Administration showed that gas prices slid last week.
Consumer Spending Rises with Personal Income Increase
Personal income and disposable (after-tax) income rose 0.4% in November, according to the latest data from the Bureau of Economic Analysis. Consumer spending, as measured by personal consumption expenditures, rose 0.1%.
Consumer prices edged up 0.1% in November. Prices, less food and energy, increased 0.2%. Since November 2021, consumer prices have increased 5.5%, lower than the 12 months ended in October (6.1%).
Decrease in November Manufactured Durable Goods as Personal Income Increases
Aside from the November 2022 Personal Income data, new orders for manufactured durable goods decreased 2.1%. This follows three consecutive monthly increases. Excluding transportation, new orders increased 0.2%.
On the other hand, excluding defense, new orders decreased 2.6%. Transportation equipment drove the decrease in new orders, falling 6.3% following three consecutive monthly increases.
Gas Prices Slide According to the U.S. Energy Administration
Retail prices for regular gasoline continued to slide last week. According to the U.S. Energy Administration, the national average retail price for regular gasoline was $3.120 per gallon on December 19, $0.119 per gallon below the prior week’s price and $0.175 lower than a year ago.
Also as of December 19, the East Coast price decreased $0.107 to $3.118 per gallon; the Gulf Coast price fell $0.086 to $2.641 per gallon; the Midwest price declined $0.123 to $2.911 per gallon; the West Coast price dropped $0.164 to $3.983 per gallon; and the Rocky Mountain price decreased $0.141 to $3.086 per gallon. Residential heating oil prices averaged $4.606 per gallon on December 19, $0.261 above the previous week’s price and $1.262 per gallon more than a year ago.
To discuss your portfolio management strategy for 2023, contact the financial advisors at IHT Wealth Management.
Want to read about the rest of the week ending on December 17th? Explore our additional resources below.
- End of Year Volatility Culminated in Stock Decline Before Christmas
- November 2022 Housing Sector Weakened with Astonishing Home Sales Declines
- Third-Quarter GDP Data Now Tells Story of Accelerating Economy
- Unemployment Insurance Sees 216,000 New Claims for December 17th Week
Information accredited to Broadridge.