• Home
  • Politics
  • Health
  • World
  • Business
  • Finance
  • Tech
  • More
    • Sports
    • Entertainment
    • Lifestyle
What's Hot

Trump Announces First Post-Tariff Trade Deal

May 8, 2025

100 Funny Father’s Day Quotes for Hilariously Relatable Humor (and Plenty of Love Too)

May 8, 2025

Top 10 Benefits Of Acupuncture

May 8, 2025
Facebook Twitter Instagram
  • Contact
  • Privacy Policy
  • Terms & Conditions
Friday, May 9
Patriot Now NewsPatriot Now News
  • Home
  • Politics

    Security video shows brazen sexual assault of California woman by homeless man

    October 24, 2023

    Woman makes disturbing discovery after her boyfriend chases away home intruder who stabbed him

    October 24, 2023

    Poll finds Americans overwhelmingly support Israel’s war on Hamas, but younger Americans defend Hamas

    October 24, 2023

    Off-duty pilot charged with 83 counts of attempted murder after allegedly trying to shut off engines midflight on Alaska Airlines

    October 23, 2023

    Leaked audio of Shelia Jackson Lee abusively cursing staffer

    October 22, 2023
  • Health

    Disparities In Cataract Care Are A Sorry Sight

    October 16, 2023

    Vaccine Stocks—Including Pfizer, Moderna, BioNTech And Novavax—Slide Amid Plummeting Demand

    October 16, 2023

    Long-term steroid use should be a last resort

    October 16, 2023

    Rite Aid Files For Bankruptcy With More ‘Underperforming Stores’ To Close

    October 16, 2023

    Who’s Still Dying From Complications Related To Covid-19?

    October 16, 2023
  • World

    New York Democrat Dan Goldman Accuses ‘Conservatives in the South’ of Holding Rallies with ‘Swastikas’

    October 13, 2023

    IDF Ret. Major General Describes Rushing to Save Son, Granddaughter During Hamas Invasion

    October 13, 2023

    Black Lives Matter Group Deletes Tweet Showing Support for Hamas 

    October 13, 2023

    AOC Denounces NYC Rally Cheering Hamas Terrorism: ‘Unacceptable’

    October 13, 2023

    L.A. Prosecutors Call Out Soros-Backed Gascón for Silence on Israel

    October 13, 2023
  • Business

    Trump Announces First Post-Tariff Trade Deal

    May 8, 2025

    Electric Vehicle Sales Nosedive As GOP Takes Buzzsaw To Biden’s Mandate

    May 7, 2025

    Tyson Foods Announces It Will Bend The Knee To Trump Admin’s New Rules

    May 7, 2025

    Federal Reserve Holds Interest Rates Steady Despite Pressure From Trump

    May 7, 2025

    ‘Wait Them Out’: John Kennedy Tells Larry Kudlow One Lie He Suspects China’s Telling US

    May 7, 2025
  • Finance

    Ending China’s De Minimis Exception Brings 3 Benefits for Americans

    April 17, 2025

    The Trump Tariff Shock Should Push Indonesia to Reform Its Economy

    April 17, 2025

    Tariff Talks an Opportunity to Reinvigorate the Japan-US Alliance

    April 17, 2025

    How China’s Companies Are Responding to the US Trade War

    April 16, 2025

    The US Flip-flop Over H20 Chip Restrictions 

    April 16, 2025
  • Tech

    Cruz Confronts Zuckerberg on Pointless Warning for Child Porn Searches

    February 2, 2024

    FTX Abandons Plans to Relaunch Crypto Exchange, Commits to Full Repayment of Customers and Creditors

    February 2, 2024

    Elon Musk Proposes Tesla Reincorporates in Texas After Delaware Judge Voids Pay Package

    February 2, 2024

    Tesla’s Elon Musk Tops Disney’s Bob Iger as Most Overrated Chief Executive

    February 2, 2024

    Mark Zuckerberg’s Wealth Grew $84 Billion in 2023 as Pedophiles Target Children on Facebook, Instagram

    February 2, 2024
  • More
    • Sports
    • Entertainment
    • Lifestyle
Patriot Now NewsPatriot Now News
Home»Business»Consumer Spending Slows Down As Americans’ Savings Dry Up
Business

Consumer Spending Slows Down As Americans’ Savings Dry Up

December 1, 2023No Comments3 Mins Read
Facebook Twitter Pinterest LinkedIn Tumblr Email
Shoppers Hit The Stores For Deals On Black Friday
Share
Facebook Twitter LinkedIn Pinterest Email

Growth in consumer spending fell to the lowest point since March as Americans’ savings fall from the all-time highs seen during the COVID-19 pandemic, according to the Bureau of Economic Analysis (BEA).

Consumer spending, measured by the personal consumption expenditure (PCE), increased by $41.2 billion in the month of October, an increase of 0.2%, less than the 0.7% increase that was seen in September as Americans cut back, according to the BEA. The cooling in spending follows a huge decline in the amount of savings Americans collectively hold, falling from over $1 trillion in May to $768.6 billion in October, far from the all-time high of almost $6 trillion in April 2020, according to the Federal Reserve Bank of St. Louis. (RELATED: This Is Exactly How Much Inflation Has Cost Average Americans Under Biden)

The PCE gain marks the smallest increase month-to-month since March, when consumer spending declined 0.08%, according to the Federal Reserve Bank of St. Louis.

The PCE price index, the Federal Reserve’s preferred measure of inflation, increased 3.0% for October year-over-year, down from 3.4% in September and far from the Fed’s 2% inflation target, according to the BEA. The increase year-over-year was led by price gains in services, up 4.4% for the month, compared to just 0.2% for goods.

PCE increased $53.1 billion in spending for services, while goods spending fell $11.9 billion, according to the BEA. The biggest contributor to the increase in services was in healthcare, followed by housing and utilities and international travel.

The Fed’s preferred measure of inflation (Core PCE) moved down to 3.5% in October, the lowest since April 2021. The Fed Funds Rate is now 1.8% above Core PCE, the most restrictive monetary policy we’ve seen since 2007. pic.twitter.com/99NenbcYDW

— Charlie Bilello (@charliebilello) November 30, 2023

The consumer price index, another measure of inflation, peaked at 9.1% in June 2022 and has since decelerated to 3.2% in October. In response to the high inflation, the Fed raised its federal funds rate to a range of 5.25% and 5.50%, the highest point in 22 years, in an attempt to cool the economy.

See also  Numbers Don’t Lie: Data Barrage Shows Just How Hard It Is For Americans To Find Jobs Under Biden

Strong consumer spending has served to boost U.S. economic growth, due to consumption making up around 70% of gross domestic product (GDP). The U.S. saw above-trend growth in the third quarter of 2023, with GDP rising 5.2% after being revised up from 4.9% in a previous estimate, far higher than the 2.1% growth seen in the second quarter, according to the BEA.

All content created by the Daily Caller News Foundation, an independent and nonpartisan newswire service, is available without charge to any legitimate news publisher that can provide a large audience. All republished articles must include our logo, our reporter’s byline and their DCNF affiliation. For any questions about our guidelines or partnering with us, please contact licensing@dailycallernewsfoundation.org.

Americans consumer dry Savings slows spending
Share. Facebook Twitter Pinterest LinkedIn Tumblr Email

Related Posts

Trump Announces First Post-Tariff Trade Deal

May 8, 2025

Electric Vehicle Sales Nosedive As GOP Takes Buzzsaw To Biden’s Mandate

May 7, 2025

Tyson Foods Announces It Will Bend The Knee To Trump Admin’s New Rules

May 7, 2025

Federal Reserve Holds Interest Rates Steady Despite Pressure From Trump

May 7, 2025
Add A Comment

Leave A Reply Cancel Reply

Top Posts

Over 800 Dead Following Powerful Earthquake in Morocco

September 11, 2023

Opium Cultivation Jumps in Myanmar Amid Post-Coup Crisis, UN Says

February 21, 2023

‘We Don’t Need 23,000 Employees’: Vivek Ramaswamy Calls For Federal Reserve Reform After Rate Hike

May 4, 2023

Sen. Joe Manchin shares his buyer’s remorse for becoming deciding vote on ‘Inflation Reduction Act’

April 26, 2023
Don't Miss

Trump Announces First Post-Tariff Trade Deal

Business May 8, 2025

President Donald Trump announced Thursday the U.S. has reached a trade agreement with the U.K.,…

100 Funny Father’s Day Quotes for Hilariously Relatable Humor (and Plenty of Love Too)

May 8, 2025

Top 10 Benefits Of Acupuncture

May 8, 2025

Electric Vehicle Sales Nosedive As GOP Takes Buzzsaw To Biden’s Mandate

May 7, 2025
About
About

This is your World, Tech, Health, Entertainment and Sports website. We provide the latest breaking news straight from the News industry.

We're social. Connect with us:

Facebook Twitter Instagram Pinterest
Categories
  • Business (4,110)
  • Entertainment (4,220)
  • Finance (3,202)
  • Health (1,938)
  • Lifestyle (1,626)
  • Politics (3,084)
  • Sports (4,036)
  • Tech (2,006)
  • Uncategorized (4)
  • World (3,944)
Our Picks

China halves stamp duty on stock trades to boost flagging market

August 27, 2023

The Importance Of Quality And Reliability In EV Chargers

July 23, 2024

Congress Should Override DC Gov’t To Curb City’s Crime Wave, Mike Lee Says

October 3, 2023
Popular Posts

Trump Announces First Post-Tariff Trade Deal

May 8, 2025

100 Funny Father’s Day Quotes for Hilariously Relatable Humor (and Plenty of Love Too)

May 8, 2025

Top 10 Benefits Of Acupuncture

May 8, 2025
© 2025 Patriotnownews.com - All rights reserved.
  • Contact
  • Privacy Policy
  • Terms & Conditions

Type above and press Enter to search. Press Esc to cancel.