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BRIEF: ECB's Panetta-Time To Start Thinking Of NGEU Successor
MNI DATA ANALYSIS: US 3Q GDP Revised Down To +3.2%>
--Downward Adjustments To PCE, Inventories; Government Spending Rev Up
--Core PCE Price Index Revised Down To +1.3%; Y/Y Unrev At +1.4%
--Initial Jobless Claims Rose 20,000 To 245,000 In Dec 16 Week
By Kevin Kastner, Sara Haire and Holly Stokes
WASHINGTON (MNI) - Third quarter GDP growth was revised down to a
3.2% annual rate from the 3.3% pace in the second estimate, compared
to no revision expected, but not altering the picture of strong growth
in most recent two quarters, data released Thursday by the Bureau of
Economic Analysis showed.
Overall, the data suggest that economic growth remained solid, with
gains over 3.0% in each of the last two quarters after the usual lull in
the first quarter. GDP appears on track to improve in 2017 from the 1.8%
rise in 2016, barring a very soft reading in the fourth quarter.
--GDI REVISED DOWN
Third quarter Gross Domestic Income revised down sharply to a 2.0%
gain from the 2.5% increase in the first estimate for the quarter. This
puts the GDP/GDI average at a 2.6% gain for the third quarter, smaller
than the 2.9% increase originally posted for the quarter.
Both GDI and the GDP/GDI average were below their pace in the
second quarter, putting them at odds with the small acceleration that
GDP saw from the second quarter.
--COMPONENT REVISIONS MIXED
Within consumption, which is now reported up 2.2% for the quarter
compared with the 2.3% second estimate, there was a strong downward
revision to services spending that offset an upward revision to goods
spending.
Inventory investment was revised down to a $38.5 billion gain for
the quarter from $39.0 billion in the second estimate. The net export
gap now stands at $597.5 billion, wider than $594.4 billion in the
second estimate.
Government spending now stands up 0.7% in third estimate after
rising 0.4% in the second estimate, with the upward adjustment found in
the state and local category.
Residential fixed investment was revised up to 4.7% rate of
decline from the 5.1% rate of decline in the second estimate.
Nonresidential fixed investment was unrevised at a 4.7% pace of
growth, with downward adjustments to structures and intellectual
property offset by a sharp upward adjustment to equipment.
As a result of the mix of revisions, real final sales were revised
down slightly to a 2.4% gain from the 2.5% increase in the second
estimate.
--PRICE MEASURES GENERALLY UNREVISED
The key price measures were little altered. The chain price index
was unrevised at a 2.1% gain, remaining well ahead of the 1.0% increase
in the second quarter.
The closely watched core PCE price index was revised down slightly
to a 1.3% pace from the 1.4% gain in the second estimate. However, the
year/year rate for the measure was unrevised at 1.4%, down slightly from
1.5% in the second quarter.
--CLAIMS DATA JUMP
Also released on Thursday, initial jobless claims rose by 20,000 to
245,000 in the December 16 employment survey week, only slightly higher
than the 240,000 level in the November 18 employment survey week.
Because claims become volatile during the holidays, the four-week
moving average is a better indicator. The moving average rose by 1,250
to 236,000 in the December 16 week, and could rise further in next
week's data as the 238,000 level in the November 25 week rolls out of
the equation.
Continuing claims rose 43,000 to 1.932 million in the December 9
week, partially recovering the declines seen in the previous two weeks.
** MNI Washington Bureau: Tel. (202)371-2121 **
[TOPICS: MAUDS$,M$U$$$,MT$$$$,MAUDR$]
To read the full story
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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.