U.S. Core PCE Inflation Data – July 2023

Projected Expectations & Results:

  • Core PCE Price Index was set at 4.2% and came in as expected at 4.2% for July (YoY).
  • Core PCE was set at 0.2% and came in as expected at 0.2% for July (MoM).

Consumer Spending & Income:

  • Personal Income was set to increase 0.3% (MoM) but rose just 0.2% (MoM).
  • Personal Spending was expected to be 0.7% but came in at 0.8%.
  • Real person spending was 0.6% vs the expected prior of 0.4%.

Interesting month, most numbers came in as expected. One of the big ones I was watching out for was the PCE data – which came in as expected, so it will be interesting to see how that reflects markets. The market has been rallying up the past few days to end the rough month of August. It will be interesting to see how things shake out and how things continue for the remainder of the year!

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