Liberal Forum

Key Fed inflation measure shows prices rose just 0.3% in MayPUBLISHED FRI, JUN 30 2023 8:42 AM EDTUPDATED 6 HOURS AGO
Jeff Cox
@JEFFCOXCNBCCOM@JEFF.COX.7528
WATCH LIVE
KEY POINTS 

• The core personal consumption expenditures price index, a number closely watched by the Federal Reserve, increased 0.3% for the month.
• On the year, core PCE inflation increased 4.6%, though the headline number was up just 3.8%.
• Spending rose just 0.1% for the month, below the 0.2% estimate and a sharp drop from the 0.6% increase in April. Personal income accelerated 0.4%, ahead of the 0.3% estimate.
  ——-

On the same day progressives lost Supreme Court cases over loan forgiveness and affirmative action and lgbt rights  the May 2023 inflation reports came out, better than expected.

And yesterday first quarter GDP was revised upward.First-quarter economic growth was actually 2%, up from 1.3% first reported in major GDP revisionPUBLISHED THU, JUN 29 2023 8:37 AM EDTUPDATED THU, JUN 29 2023 1:05 PM EDT
Jeff Cox
@JEFFCOXCNBCCOM@JEFF.COX.7528
WATCH LIVE
KEY POINTS 

• The U.S. economy grew at a 2% annualized pace in the first quarter, according to a final revision to the figure released Thursday.
• That was well above the previous estimate of 1.3% and the 1.4% Dow Jones consensus forecast.
• Upward revisions in consumer spending and inventories boosted the revised number.

——

The only way progressives can win in America is to beat back the right wing MAGA cult that came close to re-electing their mascot Trump in 2020, and win more elections in closely fought contests.


Biden’s approval numbers approximately match those of Ronald Reagan the July 4th weekend a year and a half before Ronald Reagan won re-election by the greatest landslide in modern times.


 
There is almost another year and a half to run, and George H W Bush enjoyed 90% approval ratings the July before he lost to Clinton the next year, because of a mild recession in 1991

But if this steady drip of good economic news continues Joe Biden will coast to re-election and his party outperform expectations along with him.