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The Fed’s preferred inflation gauge rose 5.4% in March, the highest since 1983

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According to Thursday’s Commerce Department report, inflation was at its peak since 1983.

The Personal Consumption Prices Price Index increased 5.4% in 2021. It excludes energy and food prices. However, this is the highest increase since April 1983.

Including gas and groceries the headline PCE measurement soared 6.4%. This is the fastest rate since January 1982.

In reality, the core PCE was just a bit lower than the Dow Jones 5 % estimate. The gauge increased 0.4% monthly, which is in line with the estimates.

Consumer spending fell due to rising prices. It rose 0.2% in the month, just below the 0.5% forecast. The 0.5% estimate was slightly lower than the 0.4% increase in personal income.

The Labor Department announced Thursday morning that the initial number of jobless claims for the week ending March 26 was 202,000. This was 14,000 more than the week before, and higher than the estimated 195,000. However, it is still lower that the levels seen prior to the Covid pandemic.

The number of continued claims that are one week behind the headline numbers and include those who have filed for a second weekly, fell to just under 1.3 million. This is the lowest level since Dec. 27, 1970.

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