In normal times, ordinary people can safely ignore the PCE. But these are not normal times. Here's what the Fed’s favorite inflation gauge, updated today, is telling us about the economy — the good, the bad and the bottom line. Nightly has more 👇
If you are not quite sure what to think about the state of the U.S. economy, inflation, the Federal Reserve’s strategy and the whipsaw stock market, don’t be ashamed.
The Federal Reserve is bent on bringing down on inflation even if it means forcing a short and shallow recession. It’s slightly too much to say Fed Chair Jerome Powell and his colleagues are completely freaked out by the persistent run up in prices. But they are close.Just 20 percent of Americans in theout this week rated the economy as “good” while 79 percent called it “poor.” The dismal view crosses party lines.
Spending on services, after adjusting for inflation, rose 0.3 percent in May from April, another sign that after a couple of years of pandemic-induced stagnation, people are spending again on travel, hotels, bars, restaurants and the like, and not just constantly ordering durable goods over the Internet.: Overall real consumer spending fell 0.4 percent over the month as services spending did not keep up with a big 3.5 percent monthly drop in durable goods, largely a result of lower auto sales.
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