Core inflation rate hit 3.2% in March, as expected; GDP grew 2% in first quarter

Summary

Rick Santelli from the CME reports on the latest economic data including GDP, jobless claims, and PCE inflation. The data shows GDP growth of 2%, core PCE at 3.2% as expected, and jobless claims at historically low levels. Santelli provides a detailed breakdown of the numbers without offering any investment thesis.

• First quarter GDP grew 2%, slightly below expectations.
• Initial jobless claims fell to 189,000, a level not seen since the late 1960s.
• Core PCE year over year came in at 3.2%, matching expectations but hotter than prior.
• Personal income rose 0.6%, double expectations.
• Personal spending increased 0.9%, in line with estimates.
• Employment Cost Index rose 0.9% for the first quarter.
• The data suggests a resilient economy with persistent inflation pressures.
• Santelli refrains from making any market calls or trading recommendations.