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US GDP Revised Up In Q3, Slightly Lower Savings

DATA REACT
  • Whilst increasingly old data, the third Q3 GDP release was revised up again with real GDP growth at 2.3% Q/Q SAAR, from 2.0% and 2.1% in the first and second releases.
  • It was however helped by a slightly larger than first thought dip in the personal savings ratio, from 10.9% to a still elevated 9.5% (latest monthly data show it continued to fall to 7.3% in Oct).
  • The largest quarterly drivers came from professional services, finance & insurance and non-federal government.
  • With Delta peaking in the middle of the quarter, retail trade saw the largest hit to GDP but accommodation & food services and other leisure-related sectors were surprisingly solid.
  • Treasuries saw a muted reaction on the release, rallying 0.5-1bp.
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