The Personal Consumption Expenditures (PCE) Price Index–the Federal Reserve’s preferred inflation gauge–came in higher than market estimates, which could be “worrisome news” for the U.S. economy, says economist Mohamed El-Erian. The annual PCE Price Index rose to 5.4 percent in January, up from an upwardly revised 5.3 percent in December, according to the Bureau of…
Hotter Inflation Data Presents ‘Worrisome News’ for US Economy, Economists Warn
Key Inflation Gauge Soars to Highs Not Seen Since 1982
A key inflation gauge the Federal Reserve tracks closely when setting interest rates jumped in June to its highest level in 40 years, suggesting the Fed’s fight to take the sting out of price pressures may be drawn out. The Personal Consumption Expenditures (PCE) price index, released on July 29 by the Bureau of Economic Analysis (BEA), rose…
Bank of America Reports Slowdown in Consumer Spending
July 12, 2022
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Bank of AmericaBusiness & Marketsconsumer price indexconsumer spendingeconomyinflationPersonal Consumption Expenditures PCE Price Indexpersonal financeUS
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An analysis of Bank of America’s (BoA) aggregated credit and debit card spending growth per household has shown a slowdown in such activity, underlining the negative effect of inflation. “In the 28-day period ending June 30, aggregate Bank of America card spending (credit and debit) per household was up 3.3 percent YoY (year-on-year). This was…
Consumer Spending Weakens In May, Another Red Flag for US Economy
June 30, 2022
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Business & Marketsconsumer spendingeconomic policieseconomyinflationMarketsPersonal Consumption Expenditures PCE Price Indexpersonal financeUS
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U.S. consumer spending in May was lower than anticipated, while rising prices reduced consumer spending, according to the U.S. Bureau of Statistics’ personal consumption expenditures index (PCE) released on June 30. Consumer spending accounts for more than two-thirds of U.S. economic activity. The PCE index happens to be lower than the Consumer Price Index (PCI), which…
Inflation to Remain High in 2022, Congressional Budget Office Warns
May 26, 2022
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Business & EconomyCongressional Budget OfficeeconomyFederal Open Market Committee (FOMC)high inflationinflationPersonal Consumption Expenditures PCE Price IndexUS
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The Congressional Budget Office (CBO) is expecting inflation to remain elevated in 2022 and then to subsequently decrease over the next couple of years, the agency said on May 25. The Personal Consumption Expenditures (PCE) Price Index, which is the Federal Reserve’s preferred measure of inflation, will be 4 percent in 2022, the agency projected…
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