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Real Private Consumption Weaker Than First Thought On Higher Deflators

US DATA
As noted above, US Q4 personal consumption growth revised down sharply in the second estimate (1.4% vs 2.1% 1st reading), offset by much less-weak private fixed investment (-4.6% vs -6.7% in advance reading). That revision in turn was led by nonresidential investment (3.3% vs 0.7% in the advance reading, with structure investment jumping to 8.5% vs 0.4%).
  • Real goods consumption much weaker than previously thought at -0.5% vs +1.1% in 1st estimate (durables -1.8% vs +0.5%); services down a little in the final reading, +2.4% vs +2.6% prior).
  • The downward revision in real terms came as deflators were revised up for those consumption categories: was 3.2% for PCE overall, now 3.7%; was -1.5% for goods, now -0.5% (including durables revised from -3.1% to -1.5%); was 5.6% for services and is now 5.9%.
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