The news on prices was mixed, with the September data showing that the core PCE deflator increased at a slightly faster 0.25% m/m (or 3.0% in 1m annualised terms) and, in part due to some modest upward revisions to prior gains, that means the annual core PCE inflation rate remained unchanged for a third month at 2.7%. At the same time, however, the employment cost index increased by a more modest 0.8% q/q in the third quarter, confirming that wage pressures are easing as labour markets return to normal.
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