US DATA
- Reverting to the national accounts data, one of the more notable softer parts of the report was real Gross Domestic Income (GDI) growth increasing 2.2% annualized in Q3 (vs real GDP 2.8%) after a downward revised 2.0% in Q2 (initial 3.4% and vs real GDP 3.0%).
- Analysts likely give greater caution to the GDI numbers though, having printed far softer growth than GDP prior to comprehensive national account revisions back in September after which they converged notably towards prior GDP trends - something that multiple FOMC members subsequently noted.
- Looking through noisier quarterly rates though, both metrics show solid economic growth, with GDP at 2.7% Y/Y and GDI at 3.1% Y/Y in Q3.
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