The data of the Bureau of Economic Analysis issued just moments ago showed that the average personal income increased by $93.4 billion, an increase of 0.5% in October, compared to a decline of 1% in September (expectations of 0.2%).
In contrast, personal consumption expenditures rose by $214.3 billion, equivalent to 1.3% compared to the September reading of 0.6% (expectations of 1%).
The personal consumption expenditures price index (PCE), the preferred indicator of the Fed, matched expectations on a monthly basis at 0.4%, compared to 0.2% in September.
The annual index rose to 5% compared to 4.4% in the September reading, while the main index, excluding food and energy prices, rose to 4.1% compared to 3.7% in the September reading, which reflects the continued rise in the prices of goods and services, as this rise was supported by the rise in energy prices. By 30.2%, food prices increased by 4.8%.
The rise in the preferred index of the US Federal Reserve to measure inflation at this pace supports the market’s expectations that the Fed may accelerate the pace of reducing bond purchases, and thus supports the continuation of the gains of the US dollar, which is now trading at 96.85 levels, recording a new high for the current year.
05/11/2024
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