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Friday, June 21, 2024

Inflation Slightly Decreases With Consumer Spending

Economic Indicators Show Slight Decreases in Inflation and Spending

May 31, 2024 – According to data released today by the BEA, indicators pointed to slight decreases in inflation and consumer spending last month.

The core PCE price index rose 0.2% in April, below the consensus forecast of 0.3%. On an annual basis, core PCE inflation held steady at 2.8%, in line with expectations.

The overall PCE price index, the broadest measure of consumer inflation, held steady at 0.3% in April as predicted. However, year-over-year PCE inflation also remained at 2.7%, suggesting inflation pressures may be easing somewhat.

Personal spending decreased to 0.2% in April, below the consensus forecast of 0.3% and lower than the previous 0.7%. Personal income decreased to 0.3% in line with the consensus and lower than the previous 0.5%

In further signs that economic activity may be slowing, the Chicago Purchasing Managers’ Index fell to 35.4 in May, well below the consensus estimate of 41 and indicating contraction in the sector for the sixth straight month.

While inflation remains elevated, today’s data points to small decreases in both consumer price increases and spending last month.

Publisher and editor of LJLNews. I am a Stock Market enthusiast, with an interest for politics. I hope you enjoy reading the articles! Contact me at: Lazaruslucas@ljlnews.com

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