The Federal Reserve's preferred inflation gauge eased further in December, and consumer spending fell — the latest evidence that the Fed's series of interest rate hikes are slowing the economy.
A new Jeep is delivered to a dealership in Pittsburgh on Monday, Jan. 23, 2023. On Friday, the Commerce Department issues its December report on consumer spending. – The Federal Reserve's preferred inflation gauge eased further in December, and consumer spending fell — the latest evidence that the Fed's series of interest rate hikes are slowing the economy.
On a monthly basis, inflation ticked up just 0.1% from November to December for a second straight month. Energy prices plunged 5.1%, and the overall cost of goods also fell. Friday's figures are separate from the better-known inflation data that comes from the consumer price index. The CPI,“The latest data offer the first tangible signs that the economy’s main engine is slowing,” said Oren Klachkin, lead U.S. economist at Oxford Economics, referring to consumers, whose spending accounts for about 70% of economic activity.
at the National Bureau of Economic Research, a nonprofit that officially determines when recessions occur. The economists at the NBER typically make such an announcement well after a recession has actually begun.
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