Market Updates
PCE Index Increase Slowed to 0.1% In May
Brian Turner
30 Jun, 2023
New York City
The Price Consumption Expenditure index, a measure of inflation, increased 3.8% in May from a year ago and rose 0.1% from the previous month, the Bureau of Economic Analysis reported Friday.
Core PCE index, which excludes food and energy, increased 0.3% as expected and rose 4.6% from a year ago.
The overall inflation and core inflation measures slowed from the previous month and from a year ago, extending the trends seen in the last five months.
Investors are torn between a soft landing scenario, where rising interest rates pushes the economy in a shallow recession, and the Federal Reserve, which is struggling to contain inflation to 2% despite ten rate hikes over the last fifteen months.
Personal income increased 0.4% from the previous month to $91.2 billion in May, according to estimates released today by the Bureau of Economic Analysis.
Disposable personal income, personal income less personal current taxes, increased 0.4% to $86.7 billion and personal consumption expenditures or PCE increased 0.1% to $18.9 billion.
Personal outlays, the sum of PCE, personal interest payments, and personal current transfer payments, increased $22.7 billion in May.
Personal saving was $910.3 billion in May and the personal saving rate—personal saving as a percentage of disposable personal income—was 4.6%.
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