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Free Access**MNI: 5 Things We Learned From Third Estimate of 3Q GDP>
By Kevin Kastner, Sara Haire and Holly Stokes
WASHINGTON (MNI) - The following are the key points from the third
estimate of third quarter GDP data released Thursday by the Bureau of
Economic Analysis:
- A small downward revision to 3Q GDP (+3.2% vs prev +3.3%) does
not alter the picture of strong growth over the last two quarters.
- The downward revision to GDP was due to softer PCE growth,
smaller inventory growth, and a slightly wider trade gap. These were
offset by strong government spending and a smaller drop in residential
investment.
- GDI +2.0% vs +2.5% in prev estimate and +2.3% in 2Q, putting the
GDP/GDI average at +2.6% vs +2.9 in prev estimate and +2.7% in 2Q. This
puts the alternative measure of growth at odds with the small
acceleration in GDP from 2Q.
- The price measures were generally unrevised, with the GDP price
index still +2.1%, but the closely watched core PCE price measure rev
down to +1.3% vs prev +1.4%, The y/y rate remained at +1.4%, down from
+1.5% in 2Q.
- Real final sales were revised down to +2.4% vs +2.5% in second
estimate, reflecting the downward adjustment to PCE growth.
** MNI Washington Bureau: 202-371-2121 **
[TOPICS: MAUDS$,M$U$$$,MAUDR$]
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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.