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But we saved everything 🙂.
Liz Thomas highlights that under the Personal Consumption Expenditures (PCE) measure, core services excluding housing have experienced one of their largest month-over-month increases in several years.
She adds that while there is debate about the durability of some of the drivers, such as financial services, the 'supercore' component has maintained a trajectory above levels consistent with 2% inflation for five years.
Thomas recently noted the U.S. personal savings rate dropped to 2.6 percent in April, the lowest since June 2022, following major data revisions here. Earlier this month, she reported the Federal Reserve committee was slightly hawkish ahead of its policy meeting, especially when including non-voting members here. Both developments have shaped discussion around consumer behavior and central bank policy.