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US DATA: Q3 Real GDP Tracking Cools To A Still Healthy 2.5%

US DATA
USGlobalEM BulletFixed Income BulletsData BulletBulletMarketsEmerging Market NewsForeign Exchange BulletsRegionNorth America
  • The Atlanta Fed’s GDPNow tracker for Q3 has been revised down to 2.54% from the 3.1% with Friday’s update as it takes into account of today’s weaker than expected construction spending and some soft details within the ISM mfg survey.
  • Personal consumption growth has been trimmed from 3.3% to 3.0% and gross private domestic investment growth from 2.9% to 0.8%.
  • The quarterly contribution from personal consumption has been trimmed to 2.06pps from 2.22pps Friday and 2.477ps in inter-update estimates earlier last week, although that’s still healthy as it follows 1.9pp in Q2 and 1.5pp in Q1.
  • Compared to realized Q2 growth, the main outright drags are seen coming from residential investment (-0.5pp after +0.2pp) whilst government spending should also soften (+0.3pp after +0.6pp)
  • The largest sequential boost is seen from net exports (flat after -0.5pps). 
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  • The Atlanta Fed’s GDPNow tracker for Q3 has been revised down to 2.54% from the 3.1% with Friday’s update as it takes into account of today’s weaker than expected construction spending and some soft details within the ISM mfg survey.
  • Personal consumption growth has been trimmed from 3.3% to 3.0% and gross private domestic investment growth from 2.9% to 0.8%.
  • The quarterly contribution from personal consumption has been trimmed to 2.06pps from 2.22pps Friday and 2.477ps in inter-update estimates earlier last week, although that’s still healthy as it follows 1.9pp in Q2 and 1.5pp in Q1.
  • Compared to realized Q2 growth, the main outright drags are seen coming from residential investment (-0.5pp after +0.2pp) whilst government spending should also soften (+0.3pp after +0.6pp)
  • The largest sequential boost is seen from net exports (flat after -0.5pps).