US November PCE core inflation +4.7% vs +4.5% expected

US PCE core

  • Prior was +4.1%
  • PCE core MoM +0.5% vs +0.4% expected
  • Prior MoM +0.4%
  • Headline PCE +5.7% vs +5.0% prior
  • Deflator MoM +0.6% vs +0.6% prior

Inflation continued to accelerate in November. Headline pricing will get a reprieve in December from lower energy costs but that might only be temporary.

Consumer spending and income for November:

  • Personal income +0.4% vs +0.4% expected. Prior month +0.5%
  • Personal spending +0.6% vs +0.6% expected. Prior month +%
  • Real personal spending 0.0% vs +0.7% prior

These numbers are generally in-line with expectations but there are signs here that the consumer is having a hard time keeping up with inflation.

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