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Why This Number Matters: August PCE Shows Inflation Cooling While Spending Rebounds
August’s U.S. PCE report delivered two messages at once: inflation remains above the Federal Reserve’s goal, but real consumer spending rebounded strongly. Headline PCE inflation was 3.4% year over year and core inflation was 3.0%, while real PCE rose 0.6% in the month. The mix matters for households, growth and interest-rate expectations, especially because annual national-accounts revisions were incorporated into the release.
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