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Supercore PCE Running At Circa 3.5% Annualized

US DATA
  • The supercore (services ex energy & housing) came in at 0.144% M/M in Aug after 0.466% M/M in July.
  • The 3-month average slowed marginally from 3.6% to 3.5% annualized and remains off the 3.0% from June, whilst the 6-month slowed from 3.9% to 3.4% annualized for its lowest since Jan’21.
  • These run rates are above the 2.2% and 3.0% in the respective 3- and 6-month rates for the overall core PCE.
  • This is now an official series rather than relying on calculations. See USXISXEH Index. At typing the Bloomberg Excel add-in struggles to pull much back history in but it’s confirmed with the full series showing on the BEA.

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