CHAIRMAN SMITH ON PCE, GDP REPORTS: WORKING FAMILIES ARE SEEING BIGGER PAYCHECKS, AMERICA'S ECONOMY IS GROWING, AND INFLATION IS COMING DOWN

WASHINGTON, July 30 -- The House Ways & Means Committee Chairman issued the following news release:

WASHINGTON, D.C. - Ways and Means Committee Chairman Jason Smith (MO-08) released the following statement after the release of the June reading of the Personal Consumption Expenditures (PCE) price index, showing core inflation fell to 3.3 percent and the Q2 2026 gross domestic product (GDP) reading, showing GDP grew at 1.5 percent on an annualized basis:

"America is moving in the right direction. Inflation has fallen significantly from the painful 21 percent cost of living spike created by the Biden Administration, and core inflation remains near pre-Biden-era norms. Working families are seeing their paychecks grow because of policies like ...