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- New York Times quotes Diane Swonk on jobs outlook 04.19.2013
Bloomberg asks Diane Swonk to explain Fed concern over unemployment
03.08.2013- Marketplace radio calls on Adolfo Laurenti for European analysis 02.26.2013
- Financial Times asks Diane Swonk about Fed caution 01.30.2013
- CNBC Asia turns to Adolfo Laurenti for European expertise
01.10.2013
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Media Mentions
- New York Times quotes Diane Swonk on jobs outlook 04.19.2013
- Bloomberg asks Diane Swonk to explain Fed concern over unemployment
03.08.2013
- Marketplace radio calls on Adolfo Laurenti for European analysis 02.26.2013
- Financial Times asks Diane Swonk about Fed caution 01.30.2013
- CNBC Asia turns to Adolfo Laurenti for European expertise
01.10.2013
Who We Are
Founded in 1937, Mesirow Financial is a diversified financial services firm headquartered in Chicago. We are an employee-owned, private company with approximately 1,200 employees globally.
Founded in 1937, Mesirow Financial is a diversified financial services firm headquartered in Chicago. We are an employee-owned, private company with approximately 1,200 employees globally.
What We Do
Mesirow Financial understands, anticipates
and meets the financial needs of its clients – institutions, public sector entities, corporations and individuals – with a multitude of
high-quality products and services.
Mesirow Financial understands, anticipates
and meets the financial needs of its clients – institutions, public sector entities, corporations and individuals – with a multitude of
high-quality products and services.
Contact Us
353 North Clark Street
Chicago, IL 60654 (Map & Directions)
Phone: +1 312.595.6000
Toll Free: +1 800.453.0600
Chicago, IL 60654 (Map & Directions)
Phone: +1 312.595.6000
Toll Free: +1 800.453.0600
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Incomes Need to Pick Up More to Sustain Spending
Disposable personal income after adjusting for inflation rose a modest 0.2% in March, after dropping in three of the previous four months. Moreover, the largest increase in income in March came in transfer payments, heavily dominated by an increase in outlays for Social Security. Spending increased a more modest 0.1% after adjusting for inflation, which is much weaker than many would have assumed, given the strong retail sales for the month and the much stronger 0.5% inflation-adjusted gains we saw in February. Spending on services, most notably medical services, has slowed over the last year and actually posted a slight decline in March. The savings rate edged up slightly from 3.7% to 3.8% in March. This is not enough of an increase to ensure that spending continues to increase at the pace we saw in the first quarter unless employment and incomes (most notably in the private sector) increase more dramatically in the months to come. Inflation abated slightly to a 0.2% pace in March, both before and after including food and energy prices. This is still too high for the Federal Reserve, but will likely moderate as we move into April, now that prices at the pump have abated more dramatically.
Bottom Line: Consumer spending outpaced income gains, which still gained a lot of support from the government in the first quarter. This is not an ideal situation for the outlook going forward. Look for spending and inflation to moderate with the unseasonably warm winter weather as we move into further into spring.