ADVFN Logo
Registration Strip Icon for charts Register for streaming realtime charts, analysis tools, and prices.

U.S. Consumer Price Growth Slowed In October

iHub News
Latest News
November 30 2023 04:04AM

Consumer price growth in the U.S. slowed in line with economist estimates in the month of October, according to closely watched inflation readings released by the Commerce Department on Thursday.

The report said the annual rate of consumer price growth decelerated to 3.0 percent in October from 3.4 percent in September. The slowdown matched expectations.

Core consumer price growth also slowed in line with estimates, slipping to 3.5 percent in October from 3.7 percent in September. Core consumer prices exclude food and energy prices.

The inflation readings, which are said to be preferred by the Federal Reserve, were included in the Commerce Department’s report on personal income and spending during the month.

The report said personal income edged up by 0.2 percent in October after climbing by 0.4 percent in September. The uptick came in line with economist estimates.

Personal spending also increased in line with estimates, rising by 0.2 percent in October following a 0.7 percent advance in September.

A separate report released by the Labor Department on Thursday showed a modest increase in first-time claims for U.S. unemployment benefits in the week ended November 25th.

The Labor Department said initial jobless claims inched up to 218,000, an increase of 7,000 from the previous week’s revised level of 211,000.

Economists had expected jobless claims to rise to 220,000 from the 209,000 originally reported for the previous week.

Meanwhile, the report said the less volatile four-week moving average edged down to 220,000, a decrease of 500 from the previous week’s revised average of 220,500.

At 9:15 am ET, New York Federal Reserve President John Williams is scheduled to speak before the Bretton Woods Committee’s “Exploring Innovations in Central Banking” conference.

MNI Indicators is due to release its report on Chicago area business activity in the month of November at 9:45 am ET. The Chicago business barometer is expected to inch up to 45.1 in November from 44.0 in October, although a reading below 50 would still indicate a contraction.

At 10 am ET, the National Association of Realtors is scheduled to release its report on pending home sales in the month of October. Pending home sales are expected to slump by 2.0 percent in October after jumping by 1.1 percent in September.