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Economics
U.S. Consumer Spending & Inflation Report: May 2023
Report summary
Following the previous month’s sharp declines, real consumer spending continued to weaken in April. Household finances have recently benefited from modestly rising incomes and a recovering savings rate, but they remain vulnerable to budgetary pressures. Inflation continued to be relatively sticky in April, driven by persistently strong core inflation. However, core services inflation, a category the Federal Reserve watches closely, finally showed signs of cooling.
About the author
![A headshot photograph of Sofia Baig](/_next/image?url=https%3A%2F%2Fpro-assets.morningconsult.com%2Fwp-uploads%2F2022%2F10%2F11171316%2FSofie-Baig.jpg&w=96&q=75)
Sofia Baig is an economist at decision intelligence company Morning Consult, where she works on descriptive and predictive analysis that leverages Morning Consult’s proprietary high-frequency data. Previously, she worked for the Federal Reserve Board as a quantitative analyst, focusing on topics related to monetary policy and bank stress testing. She received a bachelor’s degree in economics from Pomona College and a master’s degree in mathematics and statistics from Georgetown University.
Follow her on Twitter @_SofiaBaig_For speaking opportunities and booking requests, please email [email protected]