The Commerce Department released closely watched consumer price inflation data on Friday, with the readings for the month of May coming in line with economist estimates.
The report said the personal consumption expenditures (PCE) price index came in unchanged in May after rising by 0.3 percent in April. The unchanged reading matched expectations.
The core PCE price index, which excludes food and energy prices, inched up by 0.1 percent in May after climbing by an upwardly revised 0.3 percent in April.
Economists had expected the core PCE price index to tick up by 0.1 percent compared to the 0.2 percent increase originally reported for the previous month.
The Commerce Department said the annual rates of growth by the PCE price index and the core PCE price index both slowed to 2.6 percent from 2.7 percent and 2.8 percent, respectively. The slowdowns also matched estimates.
The readings on inflation, which are said to be preferred by the Federal Reserve, were included in the Commerce Department’s report on personal income and spending.
The report showed personal income climbed by slightly more than expected, while personal spending rose by slightly less than expected.
At 9:45 am ET, MNI Indicators is scheduled to release its report on Chicago-area business activity in the month of June.
The Chicago business barometer is expected to climb to 40.0 in June from 35.4 in May, although a reading below 50 would still indicate contraction.
The University of Michigan is due to release its revised reading on consumer sentiment in June at 10 am ET. The consumer sentiment index for June is expected to be upwardly revised to 65.8 from 65.6, which was down from 67.4 in May.
At 12 pm ET, Federal Reserve Board Governor Michelle Bowman is scheduled to participate in a discussion before the Ronald Reagan Presidential Foundation and Institute Leadership Council Conference.
San Francisco Federal Reserve President Mary Daly is due to discuss the impact of AI on business and the workforce before the Aspen Ideas Festival’s “Navigating Tomorrow’s Economy” session at 12:40 pm ET.