(AURN News) – A report released Thursday from the U.S. Department of Commerce is offering new insight into the state of inflation and the American economy. The data highlights an increase in personal income by over $57 billion in October, coupled with a 0.2% rise in overall spending.
The Federal Reserve, in its ongoing efforts to gauge inflation, places particular emphasis on Personal Consumption Expenditures (PCE) data. The report underscores progress being made in lowering inflation to the goal target of 2%.
Just weeks ago, the Fed, following a series of interest rate hikes, officially declared that there would be no further increases at the time. The Federal Open Market Committee (FOMC) is scheduled to meet again on December 12th and 13th, when we’ll find out the Federal Reserve’s next decision on interest rates. And while Thursday’s report from the Commerce Department may signal good news in the fight against inflation closer to home, everyday Americans continue to feel a tight economic squeeze, especially at grocery stores where food prices remain high.
Click play to listen to the AURN News report from Jamie Jackson: