U.S. Q3 GDP revised up to 2.9% as consumer spending rises

Darren415

• Q3 GDP (second estimate) +2.9% vs. +2.7% expected and initial estimate of +2.6%; by comparison, GDP slipped 0.6% in Q2 2022.
• The upward revision mainly reflects increased consumer spending and nonresidential fixed investment that were partly offset by a downward revision to private inventory investment.
• Imports, which are subtracted in the GDP calculation decreased more than expected, the U.S. Department of Commerce's Bureau of Economic Analysis said.
• PCE Price Index: +4.3% vs. prior estimate of +4.2%.
• Core PCE Price Index: +4.6% vs. prior estimate of +4.5%.
• Personal consumption expenditures: +1.7% vs. +1.5% consensus, +1.4% prior estimate and 2.0% in Q2.
• Current-dollar personal income increased $291.3B in Q3 (revised from +$291.2B), and down from $305.7B in Q2. Real disposable income rose 0.9%, a downward revision of 0.8 percentage point.
• The personal saving rate was 2.8% in Q3 vs. the initial estimate of 3.3% and 3.4% in Q2.
• Earlier, ADP jobs report shows 127K jobs added in November, less than expected