3/5: MetroIntelligence Economic Update by P. DUFFY

Construction spending dipped in December, but was up 4.1 percent for 2018 vs. 2017

Construction spending during December 2018 was estimated at a seasonally adjusted annual rate of $1,292.7 billion, down 0.6 percent from November, but up 1.6 percent year-on-year. The value of construction for all of 2018 was $1,297.7 billion, up 4.1 percent from 2017.

December personal income rose 1.0 percent while spending fell 0.5 percent

December personal income increased 1.0 percent and personal spending fell 0.5 percent, leading to an increase in the personal savings rate to 7.6 percent.

December PCE price index up 0.1 percent from November and 1.7 percent year-on-year

The December inflation tracker PCE price index was up 0.1 percent from November and 1.7 percent year-on-year. Excluding food and energy, the index increased 0.2 percent from November and 1.9 percent year-on-year.