US DATA: Q4 GDP +3.2% but real final sales +7.1% in its best showing
since Q2:1984 as consumption & residential surged and imports fell. So
underlying trend is strong, growth stronger than on its face and gain
is more like one would see out of the gate after recession end. Commerce
Dept assumed rising inventories & wider trade gap for missing data. Core
PCE px +0.4% in smallest gain since began in 1959; overall GDP px +0.3%.
GDP Components: Q1 Q2 Q3 Q4 prelim
Real growth +3.7% +1.7% +2.6% +3.2%
Real final sales +1.1 +0.9 +0.9 +7.1
PCE +1.9 +2.2 +2.4 +4.4
Nonres fixed invest +7.8 +17.2 +10.0 +4.4
Res fixed invest -12.3 +25.7 -27.3 +3.4
Net Exports Contrib cut 0.31 cut 3.50 cut 1.70 add 3.44
Inventory Contrib add 2.64 add 0.82 add 1.61 cut 3.70