October 28, 2022
The Consumer Spending report for Sept 2022 was released today. It found overall consumer prices increased 6.2% in Sept 2022 from Sept 2021. That’s a near 40 year high. But despite those increases, consumer spending did not decrease. It actually INCREASED 0.6%. It also increased by 0.6% in August. It decreased 0.2% in July.
This is just one more report that shows the economy is still running strong despite record high inflation. The Federal Reserve will meet next week and because of this report and several others I’ve reported on recently, they will likely issue another so-called “jumbo” interest rate hike. Perhaps another 0.75%.
Read the Consumer Spending Report from the Bureau of Economic Analysis here.
