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GDP Surprises Higher On Consumption, But Also Inventories Not Dragging

US DATA
  • Real GDP was clearly stronger than expected with 3.28% in Q4 (cons 2.0, AF GDPNow 2.4, highest analyst estimate 2.5) after 4.9%.
  • Remember it follows the
  • Real consumption drives some of the upside surprise: 2.83% (cons 2.5) after 3.1%.
  • But changes in inventories also don’t drag, adding 0.1pps (GDPNow had seen -0.5pps) after 1.3pps in Q3.
  • Table of contributions below.

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