GDP (seasonally adjusted) for Q3, -0.6% q/q … much uglier than thought initially

  • preliminary, -0.3% q/q, prior +0.7%

GDP Annualized (seasonally adjusted) for Q3, -2.5% … the sharpest drop since Q2 of 2014

  • preliminary -1.2% y/y
  • prior +3.0%

GDP Nominal (seasonally adjusted) for Q3 -0.7%

  • preliminary -0.3% q/q
  • prior +0.7%

GDP Deflator y/y for Q3, % (recall this is an inflation indicator)

  • expected -0.1%, prior +0.1%

GDP Consumer Spending y/y for Q3, -0.2%

  • preliminary -0.1% q/q
  • prior was +0.7%

GDP Business Spending y/y for Q3, -2.8%, this is the biggest fall since Q3 of 2009

  • preliminary -0.2% q/q
  • expected +0.2%, prior was +3.1%

Wow, horrible set of numbers, much, much worse than the preliminary estimates.

  • natural disasters during the quarter have taken a heavy toll
  • exports softened also

But, is there more to it?

more to come