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Free AccessREPEAT: MNI DATA ANALYSIS: US 3Q GDP Rev Up To +3.3%>
Repeats Story Initially Transmitted at 13:30 GMT Nov 29/08:30 EST Nov 29
--PCE Revised Modestly Lower, But Upward Revisions Seen Elsewhere
--Core PCE Price Index Revised Up To +1.4%, Y/Y Now +1.4% Vs +1.5% 2Q
By Kevin Kastner and Holly Stokes
WASHINGTON (MNI) - Third quarter GDP growth was revised up to a
3.3% annual rate from the 3.0% pace in the advance estimate, as
expected, data released Wednesday by the Bureau of Economic Analysis
showed.
A modest downward revision to PCE growth was more than offset by
upward revisions to every other GDP component, particularly fixed
investment.
Within consumption, which is now reported up 2.3% for the quarter
compared with the 2.4% advance estimate, there were very small downward
revisions to both durable and nondurable goods PCE. Services PCE was
unrevised.
Nonresidential fixed investment was revised higher to a 4.7% pace
from the 3.9% gain in the advance estimate, with upward adjustments to
equipment and intellectual property that offset a downward revision to
structures investment.
Residential fixed investment was revised up to 5.1% rate of decline
from the 6.0% rate of decline in the advance estimate.
Inventory investment was revised up to a $39.0 gain for the quarter
from $35.8 billion in the advance estimate. The net export gap now
stands at $594.4 billion, slightly smaller than $595.5 billion in the
advance estimate.
Government spending turned around, rising 0.4% in the second
estimate after being reported down 0.1% in the advance estimate.
As a result of the mix of revisions, real final sales were revised
up to a 2.5% gain from the 2.3% increase in the advance estimate.
The first estimate of third quarter Gross Domestic Income was a
2.5% gain, up from 2.3% in the second quarter. This puts the GDP/GDI
average at a 2.9% gain for the third quarter, stronger than the 2.7%
increase seen in the second quarter.
The key price measures were only modestly revised in the second
estimate for the quarter. The chain price index was revised down to a
2.1% gain from the previously reported 2.2% rise, but still up sharply
from the 1.0% gain in the second quarter.
The closely watched core PCE price index was revised up to a 1.4%
rise from the 1.3% gain in the advance estimate. As a result, the
year/year rate for the measure was revised up to 1.4% from the 1.3%
year/year gain in the advance estimate. The year/year rate was 1.5% in
the second quarter.
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.
** MNI Washington Bureau: Tel. (202)371-2121 **
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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.