Q3 GDP growth revised to 33.4%

 

• Q3 GDP (third estimate) +33.4% vs. +33.1% consensus and +33.1% previous estimate.
• The upward revision primarily reflects larger increases in personal consumption expenditures and nonresidential fixed investment.
• Those were partly offset by a downward revision to exports.
• PCE price index +3.7%, unchanged from prior estimate.
• Core PCE price index +3.4% vs. prior estimate of 3.5%.
• Overall, 21 of 22 industry groups contributed to the Q3 increase in real GDP. Within private goods-producing industries, the leading contributor to the increase was durable goods manufacturing, led by motor vehicles, bodies and trailers, and parts.
• Within private services-producing industries, the leading contributors to the increase were health care and social assistance; accommodation and food services; retail trade; and wholesale trade.
• Offsetting increases was a decrease in mining in Q3.