WASHINGTON, DC – Today, the Joint Economic Committee released its Monthly Expenditures Update. From November 2025 to December 2025, headline personal consumption expenditures (PCE) price index inflation was 0.36 percent, up from 0.21 percent in November. Core PCE price index inflation, which excludes food and energy prices, was also 0.36 percent, also up from November’s rate of 0.16 percent.

In the same period, spending increased while savings decreased. Real PCE increased by 0.07 percent, or $11.54 billion. Real PCE on all services increased by 0.32 percent, or $35.24 billion. Real PCE on all goods decreased by 0.49 percent, or $28.04 billion, and the nominal personal savings rate decreased by 0.28 percentage points, or $10.09 billion.

From December 2024 to December 2025, headline PCE price index inflation was 2.90 percent, which is higher than the Federal Reserve’s target of 2 percent, and core PCE price index inflation was 3.00 percent.

Month-over-month, headline personal income increased by 0.33 percent, or $86.21 billion, while real disposable personal income per capita increased by 0.05 percent, which means that after tax income rose less quickly than prices.

For the full Monthly Expenditures Update, visit: https://www.jec.senate.gov/public/index.cfm/republicans/expenditures-update

Additionally, the Joint Economic Committee released its advance estimate Gross Domestic Product (GDP) Update of Q4 2025. Real GDP growth increased by 1.42 percent from Q3 to Q4. Current-dollar nominal GDP increased by 5.14 percent annualized, or $392.043 billion, to a level of $31.490 trillion, the current size of the U.S. economy. Overall, the economy grew by 2.2 percent in 2025, down from the 2.8 percent in 2024.

For the full GDP Update, visit: https://www.jec.senate.gov/public/index.cfm/republicans/gdp-update

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