Eco Analysis - US 3Q GDP: Slower growth, but a better mix (B. Jones)
2011.11.22 07:09 AM
■ The Bureau of Economic Analysis pared Q3 GDP growth from 2.5% to 2.0%
Although the headline figure was a touch weaker than our projection (2.2%), the composition of this morning's report was pretty much in line with our thinking. All of the downward adjustment to Q3 GDP could be explained by a larger drag from inventories during the reference period. In contrast to the earlier-reported $5.4-billion build, the real level of stocks actually contracted by $8.5 billion, knocking an additional 0.47 percentage point off Q3 growth. Real final sales advanced at an annualized pace of 3.6%, unchanged from the advance report, as a narrower trade gap was countered by marginally weaker consumer and investment spending. After adjusting for the smaller external deficit, the net contribution to Q3 growth attributable to domestic demand was trimmed by about ¼ percentage point to 3.06%.
Eco Analysis - US 3Q GDP: Slower growth, but a better mix (B. Jones) (1p)
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