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Economic Report: Raging U.S. inflation is starting to cool, key price gauge signals

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The PCE inflation gauge preferred by the Federal Reserve is forecast to rise 0.7% in May. The core rate, which excludes food and gas, is seen increasing 0.4%. The 12-month rate of increase in the PCE is expected to rise slightly from 6.3% in the prior month, but the yearly gain in the core rate could slip to 4.8% from 4.9%.

Consumer spending is forecast to climb 0.4% — below the rate of inflation. Personal income is estimated to have risen 0.4%.

The report comes out at 8:30 a.m. Eastern. In premarket action, the Dow Jones Industrial Average
DJIA,
+0.27%

and S&P 500
SPX,
-0.07%

were set to fall sharply in Thursday trades.

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