Monthly Core PCE Price Index report from the U.S. Bureau of Economic Analysis

US GDP Steady at 2.8% in Q3 as Core PCE Inflation Hits 2.8%, Highest Since April

Nov 27, 2024, 02:32 PM

The US economy grew at an annualized rate of 2.8% in the third quarter of 2024, matching expectations and unchanged from the first estimate. Consumer spending increased by 3.5% year-over-year, the highest this year, although slightly below the estimated 3.7%. Personal income rose by 0.6% in October, surpassing expectations. Durable goods orders in October rose by 0.2% month-over-month, below the expected 0.5%, while core durable goods orders excluding transportation increased by 0.1%. Nondefense capital goods orders excluding aircraft decreased by 0.2%. The Core Personal Consumption Expenditures (PCE) Price Index, the Federal Reserve's preferred inflation gauge, rose 0.3% month-over-month and increased by 2.8% year-over-year in October, matching expectations but marking the highest level since April. Supercore PCE inflation accelerated to 3.5% year-over-year. The headline PCE Price Index rose 0.2% month-over-month and 2.3% year-over-year, up from 2.1% in September. Wholesale inventories increased by 0.2% month-over-month, and retail inventories excluding autos advanced by 0.1%.