Economy

A separate release out today showed U.S. consumer confidence fell in September to a five-month low on concerns about cooling in the labor market and the broader economy.

Personal spending rose 0.4% last month, while inflation increased 0.2% from July and 2.9% from August 2024.

A memo from the OMB directs agencies to permanently lay off federal workers in programs that do not align with Trump’s priorities if the deadline to pass funding lapses.

Inflation-adjusted GDP, which measures the value of goods and services produced in the United States, increased at a revised 3.8% annualized pace—stronger than the previously reported 3.3% and a reversal of the economic contraction of the first quarter.

The bureau now says its 2024 CE report, originally scheduled for release today, will come out on October 30 instead.

Although inflation remains “somewhat elevated,” FOMC officials agreed to cut interest rates because “downside risks to employment have risen.”