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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
US DATA
- Real GDP was slightly stronger than expected in the second release for Q3, revised up to 2.9% annualized from an initial 2.6% (cons 2.8%), as it bounced from an average -1.1% in 1H22. The latest Atlanta Fed GDPNow points to further acceleration ahead with 4.3% in the early stages for the Q4 tracker.
- The contributions for the revision were encouraging for final domestic demand strength, with personal consumption, government spending and fixed investment all gaining, offset by a larger than first thought drag from inventories. That being said, domestic demand remained relatively soft, growing just 0.9% annualized, with GDP growth led by net exports [chart 1].
- Taking the gloss off the small GDP beat was Gross Domestic Income (GDI). It came in at just 0.3% annualized in Q3 and was revised down again, contrary to expectations of the more hawkish FOMC members that GDI would be revised up towards GDP in light of strength in the labour market.
- The 0.3% gain follows zero GDI growth in 1H22, with Q2 most stark: two data vintages ago it was seen rising +1.4% in Q2, that’s now -0.8%.
- Averaging GDP and GDI for a broader take, economic growth increased to +1.6% annualised in Q3 after -0.55% in 1H22 [chart 2].
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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