Economic Outlook for May 26, 2023

Congress is planning on spending the holiday weekend acting like that student cramming at the end of the semester trying to make up for lost time as the debt limit looms on the economic horizon. 

That’s in the right now as the look back reports trickled in at month’s end. 

The government’s preferred inflation gauge, the PCE, added 0.4 percent for the month - up from the previous reading of 0.1 percent. 

The core mark was at that same 0.4 percent when food and energy were stripped out of the report.

The Personal Consumption Index was up 4.4 percent for the year-over-year reading. 

The new home sale market added a second month of growth as buyers looked to this market over the existing one as owners are holding on to many sub-5 percent interest rates instead of the elevated borrowing costs currently in place.