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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 stronger than first thought in Q3, revised to 5.15% annualized (cons 5.0, initial 4.88) in the 2nd Q3 release, from 2.06% in Q2.
- However, personal consumption was weaker than first thought, lowered to a still strong 3.59% (cons 4.0, initial 3.98) after 0.8% in Q2.
- Non-resi fixed investment (+0.18pps), public consumption (+0.15pps) and resi investment (+0.09pps) drove the revisions, offset a 0.25pps drag from personal consumption. Changes in inventories also were revised higher (+0.1pp to a strong +1.4pps).
- The story from the advance release was domestic demand strength landing alongside a strong bounce in changes in inventories. That still stands although the domestic demand strength is now seen as less driven by private consumption than first thought.
- Adding to the softer than expected real personal consumption growth, core PCE inflation also came in softer than expected at 2.31% (cons 2.4, initial 2.43%) in Q3.
- Looking ahead, the latest Atlanta Fed tracker for real GDP puts Q4 growth at 2.1%, i.e. back at the 1H23 pace of 2.15% for minimal payback from the booming Q3. GDPNow will be updated tomorrow after monthly PCE.
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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