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Personal income increased $57.1 billion (0.2 percent at a monthly rate) in October, 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 $63.4 billion (0.3 percent) and personal consumption expenditures (PCE) increased $41.2 billion (0.2 percent). The PCE price index increased less than 0.1 percent. Excluding food and energy, the PCE price index increased 0.2 percent (table 5). Real DPI increased 0.3 percent in October and real PCE increased 0.2 percent; goods increased 0.1 percent and … (full story)
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Inflation fell to 3% in October in Fed’s preferred gauge
Inflation cooled to a 3% annual rate in October, as measured by the gauge favored by the Federal Reserve, declining 0.4 percentage points from the previous reading. The decline in the personal consumption expenditures price index reported Friday morning by the Bureau of Economic Analysis is some good news as the Fed works to vanquish inflation by hiking interest rates. The consensus among economists was that PCE inflation would fall to 3.1%. Still, inflation is running above the Fed’s goal of 2% annual price growth. But the report shows progress is being made and is also a welcome development for the Biden
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