Even with the Feds best efforts to bring down inflation with raising rates inflation in August was higher than expected. The personal consumption expenditures index (PCE) rose 0.6% for the month of August after being flat in July. PCE is an estimated total of personal consumption expenditures that is compiled by the U.S. government monthly as one way to measure and track changes in the prices of consumer goods over time. PCEs are household expenditures. Year to year the core PCE has increased 4.9%, more than the 4.7% estimates and up 0.2% from last month. Although inflation is still increasing numbers today showed that income and spending are continuing to grow. August showed personal income rising 0.3%, same as last month and lining up with most estimates. Spending also rose to the tune of 0.4% after the previous months decline of 0.2%. This data reflected a change back to services instead of goods which saw respective gains of .06% and .03%. Energy prices dropped 5.5%, food prices rose .08%, health care rose 0.6% and utilities and hosing were up 1%
Resistance is checking in today at 371400 and 378300 with support showing 360000 and 355400.
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