Prices fall for the first time since 2020, real income, spending, and savings up

[Beet]

Last month, for the first time since April 2020, prices fell on a monthly basis, according to a closely watched report released Friday by the Commerce Department.

The Commerce Department’s latest Personal Income and Outlays report also showed that consumer spending increased 0.2% from the month before. Economists had expected it to remain flat.

When adjusting for inflation, spending ramped up 0.3% on the month.

Household finances remained strong in November, with personal income growing 0.4%, a slight acceleration from the 0.3% increases seen in the two months prior.

Savings grew as well. The personal saving rate (savings as a percentage of disposable income) ticked higher to 4.1% from 4% the month before.

https://www.cnn.com/2023/12/22/economy/pce-inflation-consumer-spending-november/index.html

[Sprouts Farmers Market ✘]

And stock market is great again! America is back, baby! 💪

Thank you Joe for making it rain blessings this Christmas!

[President Punxsutawney Phil]

Good news.

[Upper Canada Tory]

As far as I understand the article, prices increased overall (since the inflation rate was still positive) but prices fell for the first time in some specific sectors (namely energy), correct?

It's the same dynamic in Canada - inflation is still positive and prices for many goods and services are rising but more slowly, while energy prices became cheaper.

https://www150.statcan.gc.ca/n1/daily-quotidien/231219/dq231219a-eng.htm

[PSOL]

It needs to fall much lower than this, no one is keen on working behind the wheel anymore because it’s a b!tch dealing with the price of logistics and they can’t buy food for cheap anymore. It’s a revolving problem in part, but a significant amount of it is price gouging.

Nationalization is never going to be on the table, but just realizing what is at stake and rejoining the JCPOA goes a long way in lowering input costs to ensure the strong short term success and continuation of Bidenomics.

[○∙◄☻¥tπ[╪AV┼cVê└]

Someone forgot to tell PG&E to not raise rates by 13%.

[Lief 🗽]

President Biden has built one of the strongest economies in American history. The only question is whether voters will realize this by next November, or whether they'll put Trump back in office and let the Enemy of the People media give him all the credit.

[Del Tachi]

The personal savings rate hasn't been consistently less than 5% since 2006-07, right before the GFC.  Even if prices are slightly down month-over-month they're cumulatively up ~18% since Q4-2020.  No one is getting ahead right now.

Buring your batteries to zero is the hallmark of the Biden economy!