00:00Well, it's important data for the Fed, but it is backward-looking February data in terms of spending, incomes, and
00:06prices.
00:06The PCE price index for February comes in up four-tenths, which is as expected, but that's a rise from
00:13the prior month, three-tenths.
00:15It doesn't change the year-over-year number, 2.8 percent.
00:19Core PCE up four-tenths as forecast, same as last month.
00:22So we actually see the core PCE year-over-year number fall to 3 percent from 3.1 percent as
00:29base effects affect that.
00:32The jobless claims numbers that everybody's keeping an eye on, 219,000, a big jump up from 203,000 the
00:39week before,
00:40but not one that would tell you that the economy is really slowing down and companies are starting to let
00:46people go.
00:47So continuing claims, $1,794,000 fall from $1,832,000.
00:53As far as personal income, it fell a tenth of a percent.
00:57We're going to have to check the data on that and see which categories fell.
01:01Personal spending, though, a little bit stronger than last month, less than expected, comes in up half a percent on
01:07the month.
01:08It was four-tenths last month.
01:10The economists had thought we might get a six-tenths gain.
01:12And then finally, GDP, actually significantly weaker than it was in the first and second readings.
01:21This is for the fourth quarter.
01:22Just half a percent as personal consumption falls to 1.9 percent from 2 percent.
01:28We were talking before the break, guys, about the consumer hanging in there and the economy strong going into the
01:33war.
01:34It may not be the really accurate story.
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