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Personal Income and Outlays, April 2023
Personal income increased $80.1 billion (0.4 percent at a monthly rate) in April, according to estimates released today by the Bureau of Economic Analysis (table 3 and table 5). Disposable personal income (DPI) increased $79.4 billion (0.4 percent) and personal consumption expenditures (PCE) increased $151.7 billion (0.8 percent). The PCE price index increased 0.4 percent. Excluding food and energy, the PCE price index increased 0.4 percent (table 9). Real DPI increased less than 0.1 percent in April and Real PCE increased 0.5 percent; goods increased 0.8 percent and services increased 0.3 percent (table 5 and table ... (full story)
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An unexpected increase: Fed’s favorite inflation measure heated up last month
The US economy has encountered some expected turbulence on inflation’s descent. The Federal Reserve’s preferred inflation gauge bounced higher in April, underscoring Fed Chair Jerome Powell’s warning that reining in price hikes “is likely to be bumpy.” But with spending also heating up, Friday’s data from the Commerce Department kicked up the odds for further rate hikes. The Personal Consumption Expenditures price index rose 4.4% for the 12 months ended in April, up from a 4.2% increase seen in March, according to data released Friday by the Commerce Department. The closely watched core PCE index — ... (full story)
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