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US consumer spending dropped in December, signaling the economy lost momentum heading into the New Year amid supply chain constraints.
Source: US Department of Commerce.
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Consumer spending, which accounts for nearly 75% of US economic activity, fell 0.6% last month after posting a 0.4% gain in November.
The personal consumption expenditures (PCE) price index rose 0.4% after increasing 0.6% in November. That was the largest advance since 1982 and followed a 5.7% YoY increase in November.
The PCE price index, excluding the volatile food and energy components, increased 0.5% after a similar increase in November.
The so-called CORE PCE price index grew 4.9% year-on-year in December, the biggest surge since 1983. The core PCE price index expanded 4.7% in the 12 months through November.
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