US personal consumption spending fell more than expected – WORLD
US personal consumption spending fell more than expectedThe core consumer spending price index, which the Fed views as an indicator of inflation, fell from 4.7% to 4.4% in December last year.WASHINGTON (AA) – U.S. personal consumption spending fell 0.2 percent last December, beating market expectations. The U.S. Department of Commerce released December 2022 personal income and consumption spending data. market expectations. In December last year, it increased by 0.2 percent compared to the previous month. American personal income growth, which followed a course in line with market expectations, was 0.3 percent in November last year. Personal consumption spending decreased by 0.2 percent. % per month in December last year Above market expectations Personal consumption spending, which showed a decline, should have declined by 0.1% in this period, as in November last year.Slowdown in inflation following the FedThe Personal Consumption Expenditure Price Index, on the other hand, increased 0.1 percent m/m in December last year and increased 5 percent y/y. The Personal Consumption Expenditure Price Index also rose 0.1 percent m/m and 5.5 percent y/y in November last year. with market expectations, in November last year was recorded at 0.2 percent per month and 4.7 percent per year. The annual increase in the cost price index was the slowest increase recorded since October 2021. conditions of high inflation have begun to affect consumer behavior, and a larger-than-expected decline in personal consumption spending in the last month of last year indicates a slowdown in the economy at the end of 2022. Analysts say that the decline continues, He noted that this situation has allowed the Fed to slow down the pace of raising interest rates.
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