U.S. consumer spending rebounded sharply in January amid strong income growth, while inflation accelerated, which could add to financial markets fears that the Federal Reserve could continue raising interest rates through summer.
The strength in consumer spending, combined with a resilient labor market, suggests the economy is far from recession. Moody's Analytics believes the economy will experience a slowcession, where growth comes to a near-standstill but never slips into reverse.early this month.
The personal consumption expenditures price index shot up 0.6% last month after gaining 0.2% in December. In the 12 months through January, the PCE price index accelerated 5.4% after rising 5.3% in December.
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