US May PCE Inflation Hits 4.1% as GDP Revised Higher
The United States’ inflation accelerated to a three-year high in May, according to Commerce Department data released Thursday. The Personal Consumption Expenditures price index, the Federal Reserve’s preferred gauge, rose 4.1% on a year-over-year basis, up from 3.8% in April. Core PCE, which excludes volatile food and energy prices, climbed to 3.4%, marking the highest level since October 2023. Both readings remain well above the Federal Reserve’s 2% target.
The inflation report coincided with the final estimate for first-quarter GDP, which revised growth upward to 2.1% from the previous reading of 1.6%. The Commerce Department attributed the revision to a decrease in imports, which partially offset softer consumer spending recorded between January and March. Broader macro data reinforced the resilient economic backdrop, with personal income and personal spending both surging 0.7% in May, exceeding forecasts of 0.4% and 0.6%, respectively.
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%