US DATA: Q3 real GDP rev to +2.0%, worse than expected, as inventories
and imports were rev down (expected). But lower transp eqpt and software
also cut nonres investment, while lower auto fuels/lube lowered PCE.
Pattern is now a continuation of modest growth – hope is Q4 can surge.
Corp profits +$39.8b or +2.1% from current production, pre-tax +$30.9b
as nonfinl dipped. Q2 wages rev -$39.8b, suggesting less buying power.
GDP Components: Q1 Q2 prelm Q2 rev Q2 final Q3 prel Q3 rev
Real growth +0.4% +1.3% +1.0% +1.3% +2.5% +2.0%
Real final sales +0.0 +1.1 +1.2 +1.6 +3.6 +3.6
PCE +2.1 +0.1 +0.4 +0.7 +2.4 +2.3
Nonres fixed invest +2.1 +6.3 +9.9 +10.3 +16.3 +14.8
Res fixed invest +2.4 +3.8 +3.4 +4.2 +2.4 +1.6
Net Exprt Contrib cut 0.34 add 0.58 add 0.09 add 0.24 add 0.22 add 0.49
Inventory Contrib add 0.32 add 0.18 cut 0.23 cut 0.28 cut 1.08 cut 1.55