Weekly Market Insight • Real Disposable Personal Income & Pe rsonal Consumption Expenditures; Monthly Percent Change, Seasona lly Adjusted • 7/4/11

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Real Disposable Personal Income &

Personal Consumption Expenditures
Monthly Percent Change, Seasonally Adjusted

July 04, 2011
bobsbox_20110705.jpgSource: U.S. Bureau of Economic Analysis, Grubb & Ellis Personal income and consumer spending growth were weak in May. Real disposable personal income (income less taxes, adjusted for inflation) rose by a modest 0.1 percent over the month, helped by proprietors’, dividend and rental income even as wage growth remained sluggish. Real personal consumption expenditures fell 0.1 percent for a second consecutive month, restrained by high energy and food prices plus the weak labor and housing markets. Help could be on the way, however, in the form of stronger GDP and employment growth in the second half of the year coupled with falling energy and commodity prices. Erratic spending growth this year is keeping a lid on shopping center leasing activity and rental rates with the exception of centers targeting upscale retailers and consumers, who have benefited from the rising stock market. Because consumer spending accounts for 70 percent of GDP, stronger spending growth in the second half of the year would benefit not only retail but other property types as well.
Robert Bach, Senior Vice President, Chief Economist, has 30 years of professional experience in real estate market research, consulting and city planning. His commentary on the real estate markets is provided here on a weekly basis.

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Robert Bach
Senior Vice President, Chief Economist

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© 2011 Grubb & Ellis, all rights reserved.

About CRE Northwest

Specialist in office & investment real estate in Seattle & the Eastside
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