- Q3 was 2.3% annualized
- Personal consumption +3.3% vs +2.0% in Q3
- GDP deflator +7.0% vs +5.9% prior
- Core PCE +4.9% vs +4.6% prior
- GDP final sales +1.9% vs +0.1% in Q3
- Nominal GDP up 14.3% annualized in Q4
- Real GDP up 5.7% in 2021 and nominal GDP rose 10.0%
Details:
- Inventories added 4.9 pp to GDP
- Exports added 2.43 pp to GDP
- Imports cut 2.43 pp from GDP
- Home investment cut 0.03 pp from GDP
- Personal consumption added 2.25 pp GDP
- Gross private domestic investment added 5.15 pp
- Government spending cut 0.51 pp from GDP
- Full report
This is a strong reading and the 2021 annual growth was the strongest since 1984. The nominal readings are simply astonishing. A good chunk of this quarter is inventories but that's going to be a tailwind all year long as companies move from just-in-time delivery to just-in-case inventories.
