Updated: 30-Nov-22 09:36 ET
| Q3 GDP-Adv. |
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| Updated: 30-Nov-22 09:36 ET |
Highlights
- The second estimate for Q3 GDP was revised up to 2.9% (Briefing.com consensus 2.7%) from the advance estimate of 2.6%.
- The GDP Price Deflator was also revised up to 4.3% (Briefing.com consensus 4.1%) from the advance estimate of 4.1%.
Key Factors
- Personal consumption expenditures were up 1.7% versus the advance estimate of 1.4%, and added 1.18 percentage points to growth. Spending on goods was down 0.2% versus the advance estimate of -1.2% while spending on services was up 2.7% versus the advance estimate of 2.8%.
- Gross private domestic investment was down 9.1% versus the advance estimate of down 8.5%, and subtracted 1.71 percentage points from growth.
- Net exports added 2.93 percentage points to growth versus 2.77 percentage points in the advance estimate. Exports increased 15.3% versus the advance estimate of 14.4% and imports decreased 7.3% versus the advance estimate of -6.9%.
- Government spending increased 3.0% versus the advance estimate of 2.4%, and added 0.53 percentage points to growth.
- The personal savings rate, as a percentage of disposable personal income, dropped to 2.8% versus the advance estimate of 3.3%. The Q2 rate was 3.2%.
- The PCE Price Index increased to 4.3% from the advance estimate of 4.2% while the core PCE Price Index increased to 4.6% from the advance estimate of 4.5%.
Big Picture
- The key takeaway from the report is that growth was better than expected and inflation was higher than first thought.
| Category | Q3 | Q2 | Q1 | Q4 | Q3 |
| GDP | 2.9% | -0.6% | -1.6% | 7.0% | 2.7% |
| Inventories (change) | $49.6B | $110.2B | $214.5B | $197.6B | -$48.6B |
| Final Sales | 4.0% | 1.3% | -1.8% | 1.9% | 0.7% |
| PCE | 1.7% | 2.0% | 1.3% | 3.1% | 3.0% |
| Nonresidential Inv. | 5.1% | 0.1% | 7.9% | 1.1% | 0.6% |
| Structures | -6.9% | -12.7% | -4.3% | -12.7% | -6.7% |
| Equipment | 10.7% | -2.0% | 11.4% | 1.6% | -2.2% |
| Intellectual Property | 5.8% | 8.9% | 10.8% | 8.1% | 7.4% |
| Residential Inv. | -26.8% | -17.8% | -3.1% | -1.1% | -5.8% |
| Net Exports | -$1264.7B | -$1430.5B | -$1488.7B | -$1297.6B | -$1267.5B |
| Export | 15.3% | 13.8% | -4.6% | 23.5% | -1.1% |
| Imports | -7.3% | 2.2% | 18.4% | 18.6% | 6.6% |
| Government | 3.0% | -1.6% | -2.3% | -1.0% | -0.2% |
| GDP Price Index | 4.3% | 9.0% | 8.3% | 6.8% | 6.2% |
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