PCE Report: Fed's Preferred Inflation Gauge Rises 3.7% In June, Q2 GDP Grows At 1.5%

The Personal Consumption Expenditures (PCE) Index, which is the Federal Reserve’s preferred gauge of inflation, advanced 3.7% in June on an annualized basis.

The Commerce Department data showed that core PCE, which excludes food and energy, rose 3.3% on an annualized basis in June, up 0.1% on a monthly basis.

Both PCE and core PCE were in line with analyst forecasts, according to a Dow Jones estimate as cited by MarketWatch.

Source: Bureau of Economic Analysis, U.S. Department of Commerce

Q2 GDP Misses Expectations

Data from the Bureau of Economic Analysis showed that the U.S. economy grew at an annualized rate of 1.5% in the second quarter (Q2), falling short of Wall Street’s expectations of 1.8% growth.

The BEA report stated that the deceleration in GDP during Q2 was caused by a downturn in government spending, in addition to a pullback in investments and exports during April and June.

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