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by 0 37 percent m m That means after tax income rose faster than prices Headline PCE price index inflation was 0 24 percent m m All goods PCE price index fell by 0 06 percent m m o Durable goods PCE price...Services PCE price index rose by 0 38 percent m m Core PCE price index inflation was 0 27 percent m m Core PCE price index inflation excludes the more volatile food and energy indices Real personal consumption...Headline PCE price index inflation was 2 3 percent o The Federal Reserve s 2 percent target refers to the annual change in the headline PCE price index PCEPI Core PCE price index inflation was 2 8 percent Table...

CONTENTS Overview of Current Macroeconomic Conditions 1 MAJORITY STAFF REPORTS 9 Economic Effects of Inflation Targeting 10 Individuals and the Compliance Costs of Taxation 26 OPEC and the High Cost of Oil 33...macroeconomic activity indicates that the economy is expanding robustly with little sign of any meaningful inflation In the third quarter for example the most recent data indicate that real GDP growth was robust at...feature of the recent U S economy is the lower and more stable rate of inflation we have experienced While most broad measures of inflation provide similar information we nonetheless use the core PCE on a year...

resilient spurred by tax relief enacted in earlier years and low interest rates Partly because inflation and inflation expectations remained well contained interest rates have not changed significantly since...partly because of strong demand from China and India Despite rising energy and commodity prices inflation in consumer prices remains low by historical standards Between the third quarter of last year and...to turn positive in September 2003 and job gains continued throughout the remainder of the year Inflation remained benign at the close of last year This allowed the Federal Reserve to keep short term overnight...

Price Index data release by the Bureau of Labor Statistics the Joint Economic Committee JEC State Inflation Tracker estimates that the average household in District of Columbia is paying 1 668 more per month...household has spent 49 522 more due to inflation since January 2021 Breakdown The Census Division where District of Columbia is located has seen cumulative inflation of 22 4 percent since January 2021 This...This is 1 7 percentage points higher than the national cumulative inflation since January 2021 of 20 7 percent Compared to one year earlier the average District of Columbia households needs to spend 256...

Price Index data release by the Bureau of Labor Statistics the Joint Economic Committee JEC State Inflation Tracker estimates that the average household in Mississippi is paying 942 more per month to purchase...Mississippi household has spent 27 169 more due to inflation since January 2021 Breakdown The Census Division where Mississippi is located has seen cumulative inflation of 22 1 percent since January 2021 This is...is 1 4 percentage points higher than the national cumulative inflation since January 2021 of 20 7 percent Compared to one year earlier the average Mississippi households needs to spend 206 more per month...

Price Index data release by the Bureau of Labor Statistics the Joint Economic Committee JEC State Inflation Tracker estimates that the average household in West Virginia is paying 915 more per month to purchase...Virginia household has spent 27 179 more due to inflation since January 2021 Breakdown The Census Division where West Virginia is located has seen cumulative inflation of 22 4 percent since January 2021 This is...is 1 7 percentage points higher than the national cumulative inflation since January 2021 of 20 7 percent Compared to one year earlier the average West Virginia households needs to spend 140 more per month...

Price Index data release by the Bureau of Labor Statistics the Joint Economic Committee JEC State Inflation Tracker estimates that the average household in Missouri is paying 1 102 more per month to purchase...Missouri household has spent 33 601 more due to inflation since January 2021 Breakdown The Census Division where Missouri is located has seen cumulative inflation of 20 7 percent since January 2021 This is...is 0 0 percentage points higher than the national cumulative inflation since January 2021 of 20 7 percent Compared to one year earlier the average Missouri households needs to spend 186 more per month to...

Price Index data release by the Bureau of Labor Statistics the Joint Economic Committee JEC State Inflation Tracker estimates that the average household in North Dakota is paying 1 136 more per month to purchase...Dakota household has spent 34 644 more due to inflation since January 2021 Breakdown The Census Division where North Dakota is located has seen cumulative inflation of 20 7 percent since January 2021 This is...is 0 0 percentage points higher than the national cumulative inflation since January 2021 of 20 7 percent Compared to one year earlier the average North Dakota households needs to spend 191 more per month...

Price Index data release by the Bureau of Labor Statistics the Joint Economic Committee JEC State Inflation Tracker estimates that the average household in Alabama is paying 1 011 more per month to purchase...Alabama household has spent 29 164 more due to inflation since January 2021 Breakdown The Census Division where Alabama is located has seen cumulative inflation of 22 1 percent since January 2021 This is 1...1 4 percentage points higher than the national cumulative inflation since January 2021 of 20 7 percent Compared to one year earlier the average Alabama households needs to spend 221 more per month to maintain...

rate adjusted for inflation 6 Economic growth slowed in 2000 Annual GDP growth dropped from 3 7 percent in the first half of 2000 to 0 9 percent in the second half adjusted for inflation 7 3 Consumers have...Consumers disposable income has increased 5 percent since the recession in real terms i e excluding inflation and real growth in consumer spending has hovered around a 3 percent annual rate 8 New and existing...third quarter and 3 8 percent in the fourth quarter of this year annualized rates adjusted for inflation 17 Forecasters base their expectations for a pickup in growth on several factors including the recently...