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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 OUTLOOK/OPINION
- The stellar GDP growth from Q3 has not only been confirmed but was surprisingly revised even higher to 5.2% annualized from an initial 4.9%.
- Some details within it were softer though, including a surprise downward revision to personal consumption.
- 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, with government consumption revised higher but also encouragingly non-residential fixed investment.
- An alternate accounting approach in Gross Domestic Income (GDI) meanwhile continues to paint a far more subdued picture.
- Taken together, the average saw real economic growth accelerate to 3.3% in Q3 after an average 1.3% in 1H23.
- Data since Q3 have on balance come in softer than initial tracking suggesting, with the Atlanta Fed’s GDPNow currently pointing to real GDP growth of 1.2% annualized in Q4. A lot of this is a swing back to a negative contribution for changes in net inventories, implying relatively limited payback for final domestic demand after a very strong Q3.
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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