[뉴욕 = 장도선 특파원] Inflationary pressures eased slightly as US consumer spending slowed significantly in May.
According to the announcement of the Bureau of Economic Analysis (BEA) under the US Department of Commerce on the 30th (local time), the core personal consumption expenditures (PCE) price index in May rose 0.3% from the previous month and 4.6% from the previous year. Excluding food and energy, which are highly volatile, the core PCE price index is the main indicator that the Federal Reserve System (Fed) refers to when determining inflation pressure.
Economists participating in the Dow Jones survey had expected the core PCE price index to rise 0.3% month-on-month and 4.7% year-on-year in May. The inflation rate of the core PCE price index in May was 0.1 percentage point lower than April’s 0.4% (month-on-month) and 4.7% (year-on-year) respectively.
Overall PCE inflation, including energy and food, has slowed significantly. In May, PCE prices rose only 0.1% month-on-month and 3.8% year-on-year. This is a significant decrease compared to 0.4% and 4.3% in April, respectively.
SOURCE: BUREAU OF ECONOMIC ANALYSIS
PCE inflation slowed in May, but is still far from the Fed’s target. The Fed’s inflation target is 2% annual growth in the core PCE price index.
Although PCE personal income growth slightly strengthened, personal spending declined steeply. PCE personal income in May rose 0.4% MoM, up from 0.3% in April, and beat the Dow Jones forecast by 0.3%.
However, personal spending rose only 0.1% in May, below the forecast of 0.2%. This is also a significant decrease compared to the 0.6% increase in April.
Breaking news via Block Media Telegram (click)
Hot news summarized by a professional reporter, block media kakao view (click)
good article to look at
[뉴욕 코인시황/출발] Expect Bitcoin to rise in July… Litecoin Market Cap Top 10
2023-06-30 13:19:00
#상보 #Personal #Consumption #Expenditure #PCE #inflation #slightly #eased #Consumer #spending #slowed #significantly #block #media
