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Personal Income and Outlays, December 2023
Personal income increased $60.0 billion (0.3 percent at a monthly rate) in December, according to estimates released today by the Bureau of Economic Analysis (tables 2 and 3). Disposable personal income (DPI), personal income less personal current taxes, increased $51.8 billion (0.3 percent) and personal consumption expenditures (PCE) increased $133.9 billion (0.7 percent). The PCE price index increased 0.2 percent. Excluding food and energy, the PCE price index increased 0.2 percent (table 5). Real DPI increased 0.1 percent in December and real PCE increased 0.5 percent; goods increased 1.1 percent and services ... (full story)
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Inflation held steady at 2.6% in Fed’s preferred gauge
Inflation held steady at a 2.6% annual rate in December, as measured by the gauge favored by the Federal Reserve. The new personal consumption expenditures price index numbers reported Friday morning by the Bureau of Economic Analysis may be a bit of a disappointment for the Fed, which is working to lower inflation by keeping interest rates elevated. Core PCE inflation, a measure of inflation that strips out volatile energy and food prices, fell to a 2.9% year-over-year rate. Despite declines in recent months, inflation is running above the Fed’s goal of 2% annual price growth. And while this latest report showed ... (full story)
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