The White House is fending off another hotter-than-expected inflation report by pointing to increased consumer confidence and a resilient labor market.
On Friday, the personal consumption expenditures price index, the Federal Reserve's preferred inflation gauge, showed price increases outpacing projections in August. Core inflation, which factors out food and energy costs, increased to 4.9% compared to August 2021. Headline PCE decreased from 6.4% to 6.2% but still registered above expectations and more than three times higher than the Fed's target rate of 2%.
Friday's PCE report did show unadjusted personal income rise 0.3% for the second straight month, while aggregate nominal compensation, which accounts for both the total number of workers and average pay, also rose 0.3% in August. Overall, worker compensation is up a"strong" 8% compared to last year, according to the White House.
As CEA repeatedly emphasizes, monthly data can be volatile. Thus, it is important to never focus too much on one report. /end
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