US third quarter gross domestic product, second estimate:
- Prelim reading was +33.1%
- Final Q2 reading was -31.4%
With the second estimate, upward revisions to nonresidential fixed investment, residential investment, and exports were offset by downward revisions to state and local government spending, private inventory investment, and personal consumption expenditures. Imports, which are a subtraction in the calculation of GDP, were revised up.
Details:
- Ex motor vehicles +26.4% vs +26.3% prelim
- Personal consumption +40.7% vs +40.9% expected (prelim +40.7%)
- Corporate profits after tax +27.5%
- GDP price index 3.6% vs +3.6% expected
- Core PCE q/q 3.5% vs +3.5% expected
- Inventories added 6.55 pp to GDP vs 6.62 pp in prelim report (subtracted 3.5 pp in Q2)
- Business investment +21.8% vs +20.3% prelim
- Business investment in equipment +66.6% vs +70.1% prelim
- Exports +60.5% vs +59.7% prelim
- Imports +93.1% vs +91.1% prelim
- Net exports subtracted 3.18 pp from GDP
- Full report
This is very close to expectations and doesn't tell us much new about what might be coming in Q4 or beyond.
