Mr. WESSELL: What the Fed likes to do is look at both the consumer price index and another measure called the personal consumption expenditures index.
The personal consumption expenditures index rose to 1.5%, short of the Street's 1.7% outlook.
The Personal Consumption Expenditure price index rose 0.5% in June, again due to higher gas prices.
U.S. economic data due for release Monday includes the Chicago midwest manufacturing index, personal income and outlays, and the Texas manufacturing outlook survey.
U.S. economic data due for release Friday includes the employment cost index, personal income and outlays and the University of Michigan consumer survey.
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All told, over the four quarters of 2007, the price index for personal consumption expenditures (PCE) increased 3.4 percent, up from 1.9 percent during 2006.
Another measure of core inflation that we monitor closely, based on the price index for personal consumption expenditures excluding food and energy, shows a similar pattern.
U.S. economic data due for release Monday includes the Chicago Fed midwest manufacturing index, personal income and outlays, pending home sales and the Texas manufacturing outlook survey.
The Fed's favored gauge, the core Personal Consumption Expenditures Price Index, was up just 2.1% in May from a year earlier, barely above the central bank's perceived 2.0% ceiling.
U.S. economic data due for release Tuesday includes the weekly Goldman Sachs chain store sales index, personal income and outlays, the weekly Johnson Redbook retail sales report and domestic auto sales.
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At the same time the national price index for personal consumption spending increased 0.3% in the third quarter, which is seasonally adjusted, but may reflect a slight pick up in pre-holiday spending.
U.S. economic data due for release Thursday includes the weekly jobless claims report, the Challenger job cuts report, the employment cost index, personal income and outlays, and the ISM Chicago business survey.
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Fed Chairman Ben Bernanke warned on Wednesday the economy remained at risk, but he also cautioned that inflation had risen and was being watched closely by the central bank. (See: "Ben Bernanke: No Surprises") The personal consumption expenditures price index, which excludes food and energy, was left unrevised at an annual 2.7% rate in the fourth quarter, matching forecasts and following 2.0% in the previous three months.
The Fed closely watches a cumbersome-sounding index, the core personal consumption expenditure deflator, for signs of inflation, and in the last few months, that indicator has dropped within the range Bernanke has been looking for--after three years of coming in above his range.
These are followed on Friday by the monthly jobs report, personal income, and the ISM Manufacturing Index.
Hampered by news of a slump in personal computer shipments, the Nasdaq Composite Index rose 2.90 points, or 0.1%, to 3300.16.
The week ends with Personal Income and Outlays, the PMI Manufacturing Index, consumer sentiment, and the ISM Manufacturing Index on Friday.
He notes that with little fanfare the Fed recently switched its inflation benchmark from the Personal Consumption Expenditure deflator to the Consumer Price Index.
U.S. economic data due for release Monday includes personal income and outlays, the Chicago Midwest manufacturing index, the Texas manufacturing outlook survey, and an IMF briefing on its Asia economic outlook.
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Some of the other key U.S. economic indicators next week include personal income and spending Monday, Chicago Purchasing Managers Index and consumer confidence on Tuesday, ADP private-sector employment report and Institute for Supply Management manufacturing PMI Wednesday, and initial jobless claims Thursday.
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U.S. economic reports due for release Friday include durable goods orders, personal income and outlays, the Chicago Fed national activity index, the University of Michigan consumer sentiment survey, and the Kansas City Fed manufacturing survey.
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In his book, Unconventional Success: A Fundamental Approach to Personal Investment, Swensen recommends with all assets that investors use passive index mutual funds.
Things do not slow down much Friday, as we get the latest data on personal income and outlays, as well as the Chicago Purchasing Managers Index and the final estimates of consumer sentiment from the University of Michigan.
One test will be the political urge to soak the rich with higher levies--Australia's top personal income tax is already in the upper reaches of our annual Misery Index.
The global slowdown in the personal-computer industry has taken a toll on expected earnings for Seoul Composite Index stocks, says the Peregrine analyst.
The Buzz Index overall score is simply the sum of five main factors: Brand Satisfaction, Brand Momentum, Personal Promotion, Digital Media and Traditional Media.
This August the index will be revised to include new goods and services, such as mobile-phone charges and personal computers, which have been falling sharply in price.
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