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Real GDP Revised Down Again By Consumption In Final Q4 Release

US DATA
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  • Real GDP revised down again in the third Q4 release, now seen at 2.57% annualized (2.68 prior).
  • It was led by another downward revision for personal consumption to 1.03% (1.37 2nd release, 2.09 1st), although initial monthly data suggest a solid bounce into Q1 (with Feb PCE eyed tomorrow). Indeed, the latest Atlanta Fed GDPNow tracks at 3.2% for Q1 GDP.
  • The relative drag from consumption was partly offset by upward revised non-residential investment.
  • On the price side, core PCE saw a modest upward revision back in Q4, up from ~4.35 to 4.41% annualized.
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  • Real GDP revised down again in the third Q4 release, now seen at 2.57% annualized (2.68 prior).
  • It was led by another downward revision for personal consumption to 1.03% (1.37 2nd release, 2.09 1st), although initial monthly data suggest a solid bounce into Q1 (with Feb PCE eyed tomorrow). Indeed, the latest Atlanta Fed GDPNow tracks at 3.2% for Q1 GDP.
  • The relative drag from consumption was partly offset by upward revised non-residential investment.
  • On the price side, core PCE saw a modest upward revision back in Q4, up from ~4.35 to 4.41% annualized.