October 2024 Economic Outlook: Big Revision! The BEA’s $750bn boost for Consumers
The Bureau of Economic Analysis (BEA) delivered a massive $750bn revision to personal income data, which prompted significant updates to businesses forecasts for consumer spending and other key external factors – including by Prevedere’s Economist Team (and now incorporated into our Prevedere Platform’s baseline and scenario projections, available as a data source to assist your planning processes).
Natalie Gallagher, Principal Economist reviews personal income, exploring which income and consumer segments contributed to the revision, and provides updated projections across a number of income and spending indicators.
The Prevedere Discover engine tracks – with a high correlation and consistent lead time – the quantifiable and predictable relationship of Consumption Expenditures which follows movements Real Disposable Personal Income (RDPI). Natalie shares this data to add another perspective with your external factor planning assumptions. If you’d like to watch this month’s Economic Outlook Webinar, please visit here.
In the report:
1. Economic Update and Key Takeaways
· The BEA’s $750bn revision
· Updated Prevedere projections for Real Disposable Personal Income
· Behind the big number – lower-income and higher-income households Personal Income update and projections
2. Leading Indicator Spotlight: Real Disposable Personal Income
3. Outlook and Predictions: Savings and Wage Growth
4. Recommendations and Summary of Q&A from the October 2024 Economic Outlook Webinar
Focusing on consumer spending and sentiment, Natalie highlights three potential areas of action for businesses – customer segmentation, loyalty programs and refining targeted marketing.
Access the October report and feel free to contact us if you have questions for Natalie or would like us to demonstrate how your business can access and exploit macroeconomic data for driving external analytics and predictive planning – quickly, easily and affordably with Prevedere.
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About Prevedere, Inc.
Prevedere is the world’s leading provider of external insights and predictive analytics solutions, combining technology and econometric analysis to deliver actionable intelligence. The Prevedere platform offers a patented AI-driven approach to identifying your most impactful and leading external indicators, constructing forward-looking models, supported by our Global Intelligence Cloud with data from thousands of external sources. Trusted by industry leaders such as Kraft Heinz, Kimberly-Clark, Cargill, and McDonald’s, Prevedere delivers strategic insights for superior risk mitigation and opportunity development.