The numbers are not surprising. Consumer sentiment surveys suggest households are anticipating higher prices, are less bullish about the labor market, and are worried about the economy’s future.
This comes as the annual PCE price index unexpectedly ticked up to 2.9%, and the 12-month core PCE, which excludes volatile energy and food, rose to 3%. The measurement is the Federal Reserve’s preferred inflation indicator because it reflects a comprehensive dataset and has its weights updated more frequently than the alternative, the consumer price index (CPI).
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