Let's take a close look at the PCE component of the GDP report.
Total PCEs are increasing at a moderate pace. While they are not setting records, they are certainly holding their own.
Services make up the largest percentage of PCE expenditures, comprising about 65% of PCEs. They have expanded for the last three quarters at an uneven pace.
Non-durable purchases also increased last quarter, but at the slowest pace in the last four quarters.
Durable Goods purchases also increased last month at a decent pace.
