A closely-watched gauge of inflation improved slightly in September, according to Commerce Department data released Friday morning.
Core personal consumption expenditures, a measure of prices Americans pay for goods and services that excludes ebbs and flows of food and energy,“Even as we’ve seen some progress made down from the peak of inflation in June of last year when the Consumer Price Index was posting a year-over-year increase of 9.1%, that we still have not gotten prices back down to an acceptable level," Bankrate senior economic analyst Mark Hamrick said.
The White House celebrated the data, billing it as proof President Joe Biden's "Bidenomics" agenda is working. “The data in recent months has all pointed in the same direction, which is that we are seeing strong ongoing growth with inflation coming down. We’re seeing“There is a possibility that from quarter to quarter you see some variation, so it’s hard to know right now what retail spending and consumer spending more broadly is gonna look like," Brainard said.
Hamrick said people should take a good look at the 4.9% GDP reading because he doesn't think we'll see anything like it for some time. “Consumers are running out of the excess savings that they accumulated during the pandemic for the most part and some are leaning more on credit cards and other forms of debt and that is a less-than-optimal outcome because credit card interest rates are the highest we’ve ever seen," Hamrick said.conducted for Bloomberg News of registered voters in seven swing states found 49% said they trust former President Donald Trump on the economy, compared to 35% who said they trust Biden.
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