ETH Volatility Analysis for Personal Income, 30th November 2023

Data Analysis

The release

Released by the Bureau of Economic Analysis on 30 November 2023 at 8:30 AM EST. The Personal Income and Outlays came in at 0.3% for October 2023, against 0.4% in September 2023. Personal income is still rising, but more slowly than before.

It arrived at the same moment as Personal Consumption Expenditures, Core Personal Consumption Expenditures, Initial Jobless Claims and Continued Jobless Claims, so the reaction measured on this page belongs to all of them together.

Measured by Clometrix

Ethereum's volatility ratio was 0.94x, against 1.80x for a typical Personal Income release since 2021. Its volume ratio was 1.32x, against a typical 2.15x. Under 1.5x is not a reaction at all: the market barely noticed this release. Both compare the quarter hour of the release with an ordinary quarter hour that same day, where 1.00x is no change: volatility is how far the price ranged, volume how much traded.

How Ethereum moved

Ethereum was at $2,046.99 when the figure came out. Fifteen minutes later it was unchanged, and an hour later 0.64% lower. Its high-to-low range in the hour after was 1.12% of its price, against 0.47% in the hour before.

What made it matter

Since 2021, Personal Income releases in the two weeks before a Fed decision have moved Ethereum about as much as those at other times: a median volatility ratio of 1.86x across 18, against 1.77x across 51. This one came out 13 days before the Federal Reserve's 13 December rate decision. Its own ratio of 0.94x compares with 1.86x for those, so it moved the price less than its circumstances would suggest.

About Personal Income and Outlays

Personal Income measures the change in the total value of income received from all sources by consumers. Income is closely correlated with consumer spending, which accounts for a majority of overall economic activity.