Key facts
- US inflation accelerated in September, with the PCE Price Index climbing 0.5% month-on-month and 3.6% year-on-year.
- Core PCE inflation rose 0.3% month-on-month and 3.1% year-on-year.
- US third-quarter GDP grew at a 3.4% annualized rate.
- Consumer spending rose 0.5% in September, but was unchanged when adjusted for inflation.
- Weekly jobless claims fell to 194,000 for the week ended October 24.
US stock index futures pared declines on Thursday as investors assessed the latest inflation and economic growth data. The Commerce Department reported that the Personal Consumption Expenditures Price index rose 0.5% in September, in line with economists' expectations, and 3.6% year-on-year. The core reading increased 0.3% on a monthly basis and 3.1% year-on-year, also matching expectations. Separately, advance gross domestic product showed the US economy grew 3.4% in the third quarter, exceeding expectations. Consumer spending rose 0.5% in September, but was unchanged when adjusted for inflation. Weekly jobless claims fell to 194,000 for the week ended October 24, below estimates.