US PCE inflation ebbs in January, consumption steady
By Alexander Bueso
Date: Thursday 29 Feb 2024
(Sharecast News) - Americans' personal incomes surged at the start of 2024, although that did not carry over into their spending.
According to the Department of Commerce, personal incomes and spending increased by 1.0% and 0.2% month-on-month, respectively.
Economists had penciled-in increases of 0.4% and 0.2%.
Disposable personal incomes on the other hand grew by a more restrained 0.3% in comparison to December.
On the prices front, the price deflator for personal consumption expenditures rose by 0.3% (consensus: 0.3%).
At the core level, the PCE price index was higher by 0.4% (consensus: 0.4%).
Nevertheless, in annual terms headline PCE price gains ebbed from 2.6% to 2.4% and core PCE prices from 2.9% to 2.8%.
The personal savings rate ticked higher by one tenth of a percentage point to 3.8%.
-- More to follow --
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