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VisitWhat will personal income growth be in Q3 2024?
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Federal Reserve's official income data release
Fed's Preferred Inflation Gauge Rises 0.3% in April, Core PCE Eases to 2.8% YoY
May 31, 2024, 12:46 PM
The Federal Reserve's preferred inflation gauge, the Personal Consumption Expenditures (PCE) price index, rose by 0.3% month-over-month in April, aligning with expectations. On an annual basis, the PCE price index increased by 2.7%. The core PCE price index, which excludes food and energy, rose by 0.2% month-over-month, slightly below the expected 0.3%, and held steady at 2.8% year-over-year. This marks the first time in 2024 that the core PCE has eased, suggesting a potential moderation in inflationary pressures. Personal income increased by 0.3%, while personal spending rose by 0.2%, both in line with expectations. The 12-month change in core PCE was 2.75%, and the 6-month annualized rate was 3.18%, the highest since July. The data indicates a gradual return of inflation towards the Federal Reserve's target level, although underlying price pressures remain sticky.
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