The personal consumption expenditures price index was expected to increase 0.2% in September and 2.1% from a year ago.
The personal consumption expenditures price index showed a seasonally adjusted 0.2% increase for the month, with the 12-month inflation rate at 2.1%, both in line with Dow Jones estimates.Initial filings for unemployment benefits totaled 216,000 for the week ending Oct. 26, a decrease of 12,000 and below the forecast for 230,000.
Fed officials target inflation at a 2% annual rate, a level it has not achieved since February 2021. The September headline rate was down 0.2 percentage point from August. Policymakers have expressed confidence that inflation is heading back to target while at the same time showing concern over the state of the labor market despite most indicators showing that hiring is continuing and layoffs are low.
Initial filings for unemployment benefits totaled 216,000 for the week ended Oct. 26, a decrease of 12,000 from the previous period's upwardly revised level, according to the Labor Department. The total was also below the 230,000 forecast.
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