The latest numbers on U.S spending, incomes and inflation
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A key measure of inflation has jumped more than expected
That measure, preferred by the Federal Reserve, shows an increase of 3.1% over the past 12 months. Part of that large increase, according to Christopher Low, chief economist at FHN Financial, has to do with how low prices were during this time last year. But another part, Low says, is bottlenecks and supply chain issues pushing up prices. Still, consumer spending ticked up yet again in April, powering the economic recovery from the pandemic recession. An overall takeaway? “The U.S. economy is roaring,” Low said.
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