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Raw data show prices DECLINED 0.2% from September.
While the seasonally adjusted CPI numbers showed inflation slowing to a 2.7% annual rate and UP 0.2% since September, the raw, unadjusted data show that prices DECLINED 0.2% over the same period. The unadjusted CPI number for Sept was 324.8. The November number was down to 324.122. That’s a decline of 0.2%
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U.S. Bureau of Labor Statistics, Consumer Price Index for All Urban Consumers: All Items in U.S. City Average [CPIAUCNS]
Discussion (88)
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The inflation data I find most interesting is the Fed's abandonment of Quantitative Tightening and resumption of Quantitative Easing.
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That is not inflation data.
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2.7% is YoY increase. That is not the monthly rate annualized. There is no official data for the previous month, but core inflation was up 0.2% in two months. That annualizes to 1.2%.
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Raw data show prices DECLINED 0.2% from September.
Wow. Those pollsters worked fast. Part of the time they weren’t even getting paid, and even when they were, a lot of Americans working for private sector businesses with knowledge of some of the billions of prices won’t even pick up the phone any more. Not to mention consumers with all their critical household data.
Kudos to our Federal Government phone bank workers!
The number, 0.2%, is so precise that they didn’t even have to give a confidence interval, and so certain that they couldn’t even detect a p value, it was so close to zero!
We will save a pretty penny by cancelling the regularly scheduled periodic revisions that used to be necessary because we knew that some of the critical data could not be reported yet. This time the clerks know the facts before the private sector businesses have even collected them!
[TAGS: Humour, Attempts at.]
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How do you know economists have a sense of humor? They use decimal points!
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