In the third quarter of 2025, U.S. personal consumption expenditures (PCE) rose 2.6% year-on-year, slightly slowing from 2.7% in the previous quarter, with a 0.9% quarterly increase, reflecting continued moderate expansion. This indicates a marginal cooling in consumer spending after several quarters of high-level activity. Over the past four quarters, PCE year-on-year growth has gradually declined from 3.4% in Q4 2024 to the current level, signaling a general stabilization in demand. Data by category show that goods spending increased 3.1% year-on-year, remaining robust, driven by strong demand for both durable and non-durable goods. Service spending rose 2.4% year-on-year, lagging behind goods and indicating weakening momentum in the services sector. Notably, despite the slowdown in growth, nominal spending reached $5.27 trillion, underscoring the substantial scale of consumption and its ongoing support for economic growth. Overall, current data reveal a divergence in demand structure: goods consumption remains resilient, while services face upward pressure. This may reflect sustained high interest rates increasing credit costs, along with consumers adopting greater caution toward non-essential service expenditures. Market consensus suggests that if inflation does not significantly rebound, the Federal Reserve is likely to maintain its current monetary policy stance, providing stability to economic expectations.