A lot has been made of a reported 3% rise in Personal Consumption Expenditures (PCE) reported yesterday.
More should be made of the inflation-adjustment to PCE, which is 8/10ths of 1%--astoundingly low, given the dramatic increases in the price of fuel in the last quarter.
That adjustment has an impact on GDP, reported at 3.9%, but more likely between 1% and 1.9%.
HT: The Big Picture
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