Inflation, by the Fed's preferred measure, the personal consumption expenditures (PCE) index, was 2.1 per cent in September, down from an upwardly revised 2.3 per cent in August, a US Commerce Department report showed on Oct 31. The Fed wants to hit a 2 per cent inflation target.
A separate report from the US Labour Department showed the employment cost index rose 0.8 per cent in the third quarter from the previous quarter, less than what economists had forecast and the smallest increase since the second quarter of 2021.
This story is from the November 02, 2024 edition of The Straits Times.
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This story is from the November 02, 2024 edition of The Straits Times.
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