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January personal consumption spending is projected to rise 0.4% over the previous month in tomorrow's update, based on The Capital Spectator's average econometric forecast. That compares with a reported 0.2% rise for December. Three consensus forecasts based on surveys of economists expect a lesser increase of 0.2% for January.

Here's a closer look at the numbers, followed by brief summaries of the methodologies behind The Capital Spectator's projections:

VAR-1: A vector autoregression model that analyzes the history of personal income in context with personal consumption expenditures. The forecasts are run in R with the "vars" package.

VAR-3: A vector autoregression model that analyzes three economic time series in context with personal consumption expenditures. The three additional series: US private payrolls, personal income, and industrial production. The forecasts are run in R with the "vars" package.

ARIMA: An autoregressive integrated moving average model that analyzes the historical record of personal consumption expenditures in R via the "forecast" package to project future values.

ES: An exponential smoothing model that analyzes the historical record of personal consumption expenditures in R via the "forecast" package to project future values.

R-1: A linear regression model that analyzes the historical record of personal consumption expenditures in context with retail sales. The historical relationship between the variables is applied to the more recently updated retail sales data to project personal consumption expenditures. The computations are run in R.

Source: Personal Spending January 2013 Preview