US Q4 advance GDP +2.9% vs +2.6% expected

• Final Q3 reading was +3.2% annualized
• Q2 was -0.6% annualized

Details:

• Consumer spending +2.1% vs +2.3% prior
• Consumer spending on durables +0.5% vs -0.8% prior
• GDP final sales +1.4% vs +4.5% prior
• GDP deflator +3.5% vs +3.3% expected
• Core PCE +3.9% vs +4.0% expected
• Exports -1.3% vs +14.6% prior
• Imports -4.6% vs +-7.3% prior
• Net trade added 0.56 pp to GDP GDP Gross Domestic Product (GDP) is the monetary value of all the goods and services produced within a country's borders in a specific period of time, typically a year. It is used to measure the economic activity and growth of a country. Periods shorter than a year are often presented in an annualized or year-over-year format.There are three ways to calculate GDP:The expenditure approach: GDP is calculated by adding up all the spending on goods and services within a country. This includes consumer s Gross Domestic Product (GDP) is the monetary value of all the goods and services produced within a country's borders in a specific period of time, typically a year. It is used to measure the economic activity and growth of a country. Periods shorter than a year are often presented in an annualized or year-over-year format.There are three ways to calculate GDP:The expenditure approach: GDP is calculated by adding up all the spending on goods and services within a country. This includes consumer s Read this Term vs adding 2.86 pp in Q3
• Inventories added 1.46 pp vs a cut of 1.19 pp in Q3
• Govt added 0.64 pp vs +0.65 pp in Q3

The final Atlanta Fed GDPNow estimate for Q4 was +3.5%.

This looks like a good report but I'm increasingly worried about falling imports. Some of that is lower commodity prices but it also speaks to softer forward demand.