Statement from President Joe Biden on the August PCE Report
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Today’s report shows inflation has come back down to 2.2%, similar to pre-pandemic levels, at a time when interest rates have fallen—lowering the cost of buying a home or car, or operating a small business. This follows yesterday’s news that on my watch the economy has grown more than 10% and incomes are up nearly $4,000, after accounting for inflation. The economy, incomes, savings, and consumer spending are all stronger than previously estimated. We have more work to do to lower costs and
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