US Q3 advance GDP +2.8% vs +3.0% expected- Consumer spending (PCE): +3.7% annual rate
- Durable goods: +8.1%
- GDP final sales (excluding inventories): +3.0%
- GDP price index (GDP deflator): +1.8%
- Core PCE (excluding food & energy): +2.2% vs +2.1% expected
- PCE price index 1.5%
- Greg covered the inflation numbers in more detail
- Business investment (nonresidential fixed investment): +3.3%
Contributors and subtractors to the 2.8% growth:
- Consumption: +2.46% vs +1.90% prior
- Government: +0.85% vs +0.52% prior
- Net International trade: -0.56% vs -0.90% prior
- Inventories: -0.17% vs +1.05% prior
The final Atlanta Fed GDPNow reading was 2.8%.
USD/JPY was trading at 153.37 ahead of the report and is right back there after a small foray higher then back down. GDP was a tad softer but was balanced by slightly higher inflation. In addition, the most-important detail in the report is consumer spending and it was very strong, highlighting ongoing growth. Spending rose at a 6.0% pace for goods and 2.6% for services.
Combine this with ADP earlier today and the economy looks solid.
This article was written by Adam Button at www.forexlive.com.
Source: US Q3 advance GDP +2.8% vs +3.0% expected (https://www.forexlive.com/news/us-q3-advance-gdp-28-vs-30-expected-20241030/)
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