US Inflation Rises to 4.1% as Q1 GDP Revised Up to 2.1%
U.S. inflation rose to 4.1% in May, marking the highest annual reading for the personal consumption expenditures price index since April 2023, according to the Commerce Department. The core PCE gauge, which excludes volatile food and energy prices, climbed to 3.4% year over year, reaching its highest level since October 2023. While the headline monthly index rose 0.4%, slightly below the 0.5% consensus estimate, the core monthly print matched expectations at 0.3%.
First-quarter gross domestic product was revised up to an annualized 2.1%, accelerating from the previous estimate of 1.6%. The stronger growth figure was primarily driven by a decline in imports, which offset weaker consumer spending. Broader economic data also came in resilient, with initial jobless claims falling by 12,000 to 215,000 and both personal income and consumer spending rising by 0.7%. The combination of firmer economic activity and persistent price pressures reinforces the Federal Reserve's recent stance against easing monetary policy.
From the sources (25 posts)
@firstsquawkSPAIN PPI (M/M) MAY: 1.0% (PREV 1.7%; PREV R 2.0%)
@financialjuiceCHICAGO NATIONAL ACTIVITY INDEX ACTUAL -0.1 (FORECAST 0.15, PREVIOUS 0.14) $MACRO
@deitaoneUS JOBLESS CLAIMS -12K TO 215K IN JUN-20 WK; SURVEY 223K US JUN-13 WEEK CONTINUING CLAIMS +21K TO 1,821,000 US JUN-13 WEEK JOBLESS CLAIMS REVISED TO 227K
@firstsquawkUS INITIAL JOBLESS CLAIMS ACTUAL: 215K VS 226K PREVIOUS; EST 225K
@financialjuice🔴 US INITIAL JOBLESS CLAIMS ACTUAL 215K (FORECAST 225K, PREVIOUS 226K) $MACRO
@firstsquawkUS GDP (QOQ) (Q1) ACTUAL: 2.1% VS 1.6% PREVIOUS; EST 1.6%
@financialjuiceUS CONTINUED JOBLESS CLAIMS ACTUAL 1.821M (FORECAST 1.8015M, PREVIOUS 1.810M) $MACRO
@cryptoroverBREAKING: 🇺🇸 US PCE DATA PCE (YoY): ACTUAL: 4.1% vs. EXPECTED: 4.1% CORE PCE (YoY): ACTUAL: 3.4% vs. EXPECTED: 3.4%
@financialjuice🔴 US DURABLE GOODS ACTUAL -4.5% (FORECAST -5%, PREVIOUS 8.0%) $MACRO
@financialjuiceUS CORE DURABLE GOODS ACTUAL 1.3% (FORECAST 0.6%, PREVIOUS 1.1%) $MACRO
@bulltheoryioBREAKING: PCE Price Index came in at 4.1% Expectations: 4.1% The highest reading since April 2023.
@financialjuiceUS PERSONAL INCOME MOM ACTUAL 0.7% (FORECAST 0.4%, PREVIOUS 0.0%) $MACRO
@financialjuice🔴 US GDP QOQ FINAL ACTUAL 2.1% (FORECAST 1.6%, PREVIOUS 1.6%) $MACRO
@zerohedgePCE 0.4% MoM, Exp. 0.5% PCE Core 0.3% MoM, Exp. 0.3% PCE 4.1% YoY, Exp. 4.1% PCE Core 3.4% YoY, Exp. 3.4%
@maxcrypto🚨 BREAKING 🚨 🇺🇸 US PCE came in at 4.1% Expectations: 4.1%
@financialjuiceUS GDP DEFLATOR SA FINAL ACTUAL 3.6% (FORECAST -, PREVIOUS 3.5%) $MACRO
@deitaone*US MAY PCE PRICE INDEX RISES 0.4% M/M; EST. +0.5% *US MAY PCE PRICE INDEX RISES 4.1% Y/Y; EST. +4.1% *US MAY CORE PCE PRICE INDEX RISES 0.3% M/M; EST. +0.3% *US MAY CORE PCE PRICE INDEX RISES 3.4% Y/Y; EST. +3.4%
@firstsquawkUS CORE PCE PRICE INDEX (MOM) (MAY) ACTUAL: 0.3% VS 0.2% PREVIOUS; EST 0.3%
@zerohedgePersonal Income 0.7%, Exp. 0.4% Personal Spending 0.6%, Exp. 0.4% Real Personal Spending 0.3%, Exp. 0.2%
@firstsquawkUS CORE PCE PRICE INDEX (YOY) (MAY) ACTUAL: 3.4% VS 3.3% PREVIOUS; EST 3.4%
@firstsquawkUS PERSONAL SPENDING (MOM) (MAY) ACTUAL: 0.7% VS 0.5% PREVIOUS; EST 0.6%
@firstsquawkUS DURABLE GOODS ORDERS (MOM) (MAY) ACTUAL: -4.5% VS 8.0% PREVIOUS; EST -5.0%
@deitaoneUS 1Q FINAL GDP +2.1% VS PRELIM GDP +1.6%
@stockmktnewz215K people filed for unemployment this past week in the United States 🇺🇸 below expectations 225K
@zerohedgeGDP Q2 second revision 2.1%, Exp. 1.6%, Last 1.6%