Sept US PCE core +1.3% vs +1.3% expected

Highlights of the personal consumption expenditure report for September 2017

  • Prior PCE core +1.3% y/y
  • Core m/m +0.1% vs +0.1% expected
  • Prior core m/m +0.1%
  • PCE deflator +1.6% y/y % vs +1.6% expected
  • Prior deflator +1.4% y/y
  • Deflator m/m +0.4% vs +0.4% expected

Spending/income:

  • Personal spending +1.0% vs +0.9% expected
  • Prior personal spending +0.1%
  • Personal income +0.4% vs +0.4% expected
  • Prior personal income +0.2%
  • Real personal spending +0.6% vs +0.5% expected
  • Prior real personal spending +0.1%

The BEA said the data reflects the hurricanes in the month and that they couldn’t separately quantify the total impact but had to make estimates where source data wasn’t available.

Almost everything was right on the screws. That’s good news for the Fed hawks is that the trend is moving in the right direction after a few false starts on inflation. Still, core inflation at 1.3% is well-below the Fed’s target.

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