Initial claims below-expected 211k; Q4 GDP..>

US DATA: Initial claims below-expected 211k; Q4 GDP rev down to +2.2% 

------------------------------------------------------------------------

- Q4 GDP was revised down to a 2.2% pace, compared with expectations for 

a downward adj to a 2.3% reading by both BBG and MNI surveys.

- Initial jobless claims fell 5,000 to 211,000 in the March 23 week, 

compared with a 220,000 estimate from Bloomberg and 223,000 from MNI.

- Q4 GDP price index was revised down to +1.7% vs unrev +1.8% expected.

- Q4 core PCE prices revised up to +1.8% vs +1.7% prev; +1.9% y/y

- The revision to Q4 GDP was driven by PCE (+1.66pp vs +1.92pp), govt 

spending (-0.07pp vs 0.07pp), res fixed investment (-0.18pp vs -0.14pp), 

and nonres fixed investment (+0.73pp vs +0.82pp), offsetting an narrower 

net exports gap (-0.08pp vs -0.22pp).

- Q1 GDP tracking points to a softer reading, with some forecasts around 

1.5%. A combination of the January government shutdown, harsh weather, 

and residual seasonality are being cited.

- The four-week moving average for claims fell by 3,250 and could 

fall next week. Annual revisions were included in the data.