Fox Business reported that Core PCE, which excludes food and energy, jumped 3.4% annually, up from the 3.1% increase in April, the Bureau of Economic Analysis said. The reading was the strongest since April 1992.
Prices rose 0.5% on a monthly basis, slowing slightly from April’s 0.7% gain.
Analysts surveyed by Refinitiv were expecting a 3.4% annual increase and 0.6% monthly gain.
Overall, personal consumption expenditures rose 3.9% year over year and 0.4% from April.
Additionally, personal income declined 2% in May as the impact from stimulus checks continued to subside. Income fell 13.1% in April.
That’s great. We are indebting our great-grandchildren for a few months of funding.
Spending was unchanged in May. The prior month’s reading was revised up to an increase of 0.9% from 0.5% growth.
All I know is my gas costs twice as much and many restaurants are becoming unaffordable.