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Bidens economic policies manage to fix the inflation problem Trump caused before the election.
https://www.cnbc.com/2024/09/27/pce-inflation-august-2024.html
The PCE price index, a measure the Fed focuses on to measure the cost of goods and services in the U.S. economy, rose 0.1% for the month, putting the 12-month inflation rate at 2.2%.
Excluding food and energy, core PCE rose 0.1% in August and was up 2.7% from a year ago.
The all-items inflation gauge was below Wall Street estimates and the lowest since early 2021.
Inflation moved closer to the Federal Reserve's target in August, easing the way for future interest rate cuts, the Commerce Department reported Friday.
The personal consumption expenditures price index, a gauge the Fed focuses on to measure the cost of goods and services in the U.S. economy, rose 0.1% for the month, putting the 12-month inflation rate at 2.2%, down from 2.5% in July and the lowest since February 2021. The Fed targets inflation at 2% annually.
Economists surveyed by Dow Jones had been expecting all-items PCE to rise 0.1% on the month and 2.3% from a year ago.
Excluding food and energy, core PCE rose 0.1% in August and was up 2.7% from a year ago, the 12-month number 0.1 percentage point higher than July. Fed officials tend to focus more on core as a better measure of long-run trends. The forecasts were for 0.2% and 2.7% on core.
"All quiet on the inflation front," said Chris Larkin, managing director of trading and investing at E-Trade from Morgan Stanley. "Add today's PCE Price Index to the list of economic data landing in a sweet spot. Inflation continues to keep its head down, and while economic growth may be slowing, there's no indication it's falling off a cliff."
Though the inflation numbers indicated continued progress, the personal spending and income numbers both came in light.
Personal income increased 0.2% on the month while spending rose 0.2%. The respective estimates were for increases of 0.4% and 0.3%.
https://www.cnbc.com/2024/09/27/pce-inflation-august-2024.html
The PCE price index, a measure the Fed focuses on to measure the cost of goods and services in the U.S. economy, rose 0.1% for the month, putting the 12-month inflation rate at 2.2%.
Excluding food and energy, core PCE rose 0.1% in August and was up 2.7% from a year ago.
The all-items inflation gauge was below Wall Street estimates and the lowest since early 2021.
Inflation moved closer to the Federal Reserve's target in August, easing the way for future interest rate cuts, the Commerce Department reported Friday.
The personal consumption expenditures price index, a gauge the Fed focuses on to measure the cost of goods and services in the U.S. economy, rose 0.1% for the month, putting the 12-month inflation rate at 2.2%, down from 2.5% in July and the lowest since February 2021. The Fed targets inflation at 2% annually.
Economists surveyed by Dow Jones had been expecting all-items PCE to rise 0.1% on the month and 2.3% from a year ago.
Excluding food and energy, core PCE rose 0.1% in August and was up 2.7% from a year ago, the 12-month number 0.1 percentage point higher than July. Fed officials tend to focus more on core as a better measure of long-run trends. The forecasts were for 0.2% and 2.7% on core.
"All quiet on the inflation front," said Chris Larkin, managing director of trading and investing at E-Trade from Morgan Stanley. "Add today's PCE Price Index to the list of economic data landing in a sweet spot. Inflation continues to keep its head down, and while economic growth may be slowing, there's no indication it's falling off a cliff."
Though the inflation numbers indicated continued progress, the personal spending and income numbers both came in light.
Personal income increased 0.2% on the month while spending rose 0.2%. The respective estimates were for increases of 0.4% and 0.3%.
