US DATA: Q4 GDP is now +3.1%, with small revs to inventories and exports
reflecting revised survey data, and revised nonres investment due to
higher software & computers based on new survey and Fed’s IP revisions.
New info is corp profits +$38.2b or +2.3% based on current prodn but
pre-tax -$48.3b. Bonus depreciation est is $156b, cutting tax $36.1b.
Q4 prices are still tame: GDP px index +0.4% and PCE core px +0.4%.
GDP Components: Q2 Q3 Q4 prelim Q4 rev-1 Q4 final
Real growth +1.7% +2.6% +3.2% +2.8% +3.1%
Real final sales +0.9 +0.9 +7.1 +6.7 +6.7
PCE +2.2 +2.4 +4.4 +4.1 +4.0
Nonres fixed invest +17.2 +10.0 +4.4 +4.8 +7.7
Res fixed invest +25.7 -27.3 +3.4 +2.8 +3.3
Net Exports Contrib cut 3.50 cut 1.70 add 3.44 add 3.35 add 3.27
Inventory Contrib add 0.82 add 1.61 cut 3.70 cut 3.70 cut 3.42