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Tuesday, December 22, 2020

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.

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