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Refresh the page or click the button below to continue.Under “ Pause on this site” click “ Always”.Click the AdBlock icon in the browser extension area in the upper right-hand corner.While that is a move in the right direction, that's still way above the Fed's 2 percent goal and as Powell said repeatedly on Wednesday the central bank needs much clearer evidence of inflation coming down before policymakers relax their guard.Adblock Adblock Plus Adblocker Ultimate Ghostery uBlock Origin Others

Inflation as measured by the core personal consumption price index, a measure central bankers are attuned to because it strips out more volatile components like food and energy, fell to 4.4 percent in the second quarter from 5.2 percent in the first. Glimmer of Hope on Inflation: More Needed That's part of a recession atmosphere,' said Peter Cardillo, chief market economist at Spartan Capital Securities. '(The inventories drag) tells you that corporations are very concerned and are pulling back on their spending.

But for some, they suggest worries of a downturn to come. The report reflected a slowdown in inventory accumulation and a boost to growth from trade, both of which analysts said at least partially reflected pandemic-disrupted supply chains. 'At least the Fed has something to show for its rate hikes.' 'The economy is clearly losing momentum,' wrote JP Morgan's Michael Feroli, noting the decline in business spending along with the drops in consumer spending on goods and investment in housing. (it's) in a tough spot,' Farooqi said, noting households will soon begin to tap out their savings and take on more credit card debt to finance their lives.īusiness spending - or nonresidential fixed investment, in the parlance of the Commerce Department - slipped 0.1 percent on an annualized basis, driven mostly by a slump in spending on structures by every industry except mining and drilling, which was busy putting up rigs to get more oil from the ground as energy prices soared. what is the staying power of service spending? The Fed is really hiking into a slowdown. It's not clear how long that will last though, said Rubeela Farooqi of High Frequency Economics. Meanwhile, spending on services rose 4.1 percent, the report showed, as people freed from pandemic restrictions spent on travel and restaurants. Adjusted for inflation, food consumption fell $33.5 billion, resulting in food having its largest drag on the economy in nearly half a century. The slowing growth was driven by a 4.4% drop in spending on goods, which had soared during the pandemic, and a look under the hood suggests that much of that was down to high inflation rather than a reaction to higher borrowing costs.įor example, in nominal terms, consumers spent nearly $6 billion more on food for consumption at home than in the first quarter but took home less of it. economy, slowed to a 1 percent annualized growth rate in the second quarter, from a 1.8 percent pace in the first, the report showed.

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Other recent data shows homes sales are declining with sales of previously owned homes falling for a fifth straight month in June, and housing starts and building permits also declining further.Īnd with the Fed still raising rates - perhaps another full percentage point this year, Powell suggested on Wednesday - the worst may still be to come.Ĭonsumer Spending Slowing: Some Fed Effect But More to ComeĬonsumer spending, accounting for roughly two-thirds of the U.S.

It is unusual for this large of a housing subtraction from economic growth to occur outside of a recession.

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