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Strategies & Market Trends : The Epic American Credit and Bond Bubble Laboratory -- Ignore unavailable to you. Want to Upgrade?

To: ild who wrote (6780)	2/2/2004 7:54:22 PM
From: ild	Read Replies (1) \| Respond to of 110194

Investment Outlook Bill Gross \| February 2004 The Last Vigilante pimco.com

To: ild who wrote (6780)	2/2/2004 8:36:13 PM
From: mishedlo	Respond to of 110194

Personal Income and Consumption Outlays – December 2003 Personal income increased 0.2% in December, following a 0.3% increase in the prior month. The wages and salary component dropped 0.3% in December. Offsets from proprietor's income and government transfers such as social security lifted the total personal income in January. The personal saving rate was 1.3% in December vs. 1.5% in November. Disposable personal income (DPI) – personal income less personal current taxes – increased 0.2%. On an annual basis, personal disposable income rose 4.4% in 2003, representing a deceleration from the 5.2% increase in 2002. The 2003 gain is one of the five lowest annual gains in DPI since 1960. This implies that a robust growth in income and employment in necessary to support forecasts of consumer spending in 2004. Nominal personal consumption expenditures rose 0.4% in December, after a 0.5% increase in the prior month. Inflation adjusted consumption outlays increased 0.2% in December. On a monthly basis, the personal consumption expenditure deflator rose 0.2% as did the core inflation measure – personal consumption expenditure deflator excluding food and energy. The FOMC's preferred inflation measure – personal consumption expenditure deflator – rose 0.7% on a year-to-year basis in December, the lowest on record. This inflation measure provides the Fed cover to remain “patient ” before considering a monetary policy tightening. northerntrust.com