Inflation moderated in September to its lowest level since Feb. 2021, according to one metric released Thursday by the Commerce Department, the final update on the hot-button election issue of inflation before the election, though the report focused on Americans’ spending offered other less encouraging morsels for consumers.
Read the full story on Forbes: https://www.forbes.com/sites/dereksaul/2024/10/31/key-inflation-metric-hits-lowest-point-since-2021-in-final-report-before-election/
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Read the full story on Forbes: https://www.forbes.com/sites/dereksaul/2024/10/31/key-inflation-metric-hits-lowest-point-since-2021-in-final-report-before-election/
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NewsTranscript
00:00Inflation moderated in September to its lowest level since February 2021,
00:05according to a metric released Thursday by the Commerce Department,
00:08the final update on the hot-button issue of inflation before the election.
00:12Though, the report focused on American spending
00:15offered other less encouraging morsels for consumers.
00:18Inflation was 2.1 percent last month,
00:21according to the Personal Consumption Expenditures Price Index, or PCE,
00:26which measures how much more Americans spent this September
00:29than in September 2023.
00:32That matches consensus economist estimates
00:34coming in at the lowest level since February 2021's 1.85 percent
00:39before the global inflation crisis ravaged Americans' wallets.
00:44But core PCE inflation was 2.7 percent last month,
00:48higher than estimates of 2.6 percent.
00:51Core PCE inflation excludes outlays in the more volatile food and energy categories
00:57as they are considered lesser reflection of economic conditions
01:00and more a shift in short-term commodity price changes.
01:04That makes September the 41st consecutive month
01:07of at least 2.5 percent core PCE inflation,
01:11well above the Federal Reserve's 2 percent long-term target.
01:15The last remaining major economic update due before Election Day
01:19will be Friday morning's employment report,
01:21which will reveal October's unemployment rate and labor market growth.
01:26Consensus economist forecasts call for an unemployment rate of 4.1 percent,
01:31flat from September,
01:32and 110,000 jobs added, the weakest growth since April.
01:37For more on this story,
01:38check out Derek Saul's article in the link in the description.