4Q GDP As Expected At +2.1%; PCE +1.8%......>

US DATA: 4Q GDP As Expected At +2.1%; PCE +1.8%

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-Adv Est GDP +2.1% Vs 3Q +2.1%; Final Sales+3.2% (+2.1%)

-Change in Private Inventories +$6.5B Vs 3Q +$69.4B

-Export Gap -$902.0B (3Q -$990.1B); Import-8.7% (+1.8%)

-PCE +1.8% vs 3Q +3.2%; Govt +2.7% Vs 3Q +1.7%

-Chain Weight Price Index +1.4% Vs 3Q +1.8%

-Core PCE Deflator+1.3% vs +2.1%

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The advance estimate for 4Q US GDP growth came in as expected at +2.1%, 

reflecting positive contributions from PCE, government spending 

(notably defense spending), residential fixed investment (+5.8%) and 

exports (+1.4%), according to the Commerce Department. Offsetting 

that, inventories (notably motor vehicles), imports (-8.7%) and 

nonresidential fixed investment (-1.5%) were a drag. Consumer spending 

rose 1.8%, the smallest increase since 1Q 2019. 

PCE inflation picked up to 1.6% from 1.5% in 3Q, but core inflation 

slowed to 1.3% from 2.1%, the result of a downturn in prices of 

clothing and footwear and banking and financial services.