The second look at Q3 GDP
- First reading was +2.0%
- Q2 was +6.7% annualized
- Q1 was 6.4% annualized
- Personal consumption +1.7% vs +1.6% prelim
- GDP deflator +5.9% vs +5.7% prelim
- Core PCE +4.5% vs +4.5% prelim
- GDP final sales 0.0% vs -0.1% prelim
- Full report
Details:
- Inventories added 2.13 pp to GDP vs 2.07 pp in first reading
- Inventories cut -2.62 pp in Q1
- Exports -0.33 pp
- Imports -0.83 pp
- Trade -1.16 pp and there was a 1.14 pp drag in Q2
- Home investment -0.41 pp
- Personal consumption added 1.18 pp GDP vs 1.09 in first reading
- Government spending added 0.16 pp to GDP vs 0.14 pp in first reading
There are no big surprises in the data as soft consumer spending on goods was a drag while services spending didn't return as strong as hoped for because of the delta variant. Notably, the drop in consumer spending on motor vehicles and parts alone was a 2.5 pp drag on growth.
