by Bill McBride on 12/10/2014 11:46:00 AM
Wednesday, December 10, 2014
Economists said the data suggested third-quarter consumer spending could be raised by at least two-tenths of a percentage point from a 2.2 percent annual rate when the government publishes its third estimate later this month.From the WSJ: U.S. Economic Growth Could Get Boost From Services Spending
That combined with data on wholesale inventories and construction spending could see third-quarter GDP revised up to a 4.4 percent annual pace from the 3.9 percent rate reported last month.
J.P. Morgan Chase said Wednesday it expected the QSS will lead to stronger estimates for spending, raising the GDP growth rate to 4.4% from an earlier prediction of 4.3%. Barclays raised its GDP prediction for the third quarter to 4.2% from 4.1%.Here is the Q3 Quarterly Services Press Release
The U.S. Census Bureau announced today that the estimate of U.S. information sector revenue for the third calendar quarter of 2014, adjusted for seasonal variation but not for price changes, was $336.5 billion, an increase of 1.0 percent (± 0.8%) from the second quarter of 2014 and up 5.0 percent (± 0.8%) from the third quarter of 2013.
Posted by Bill McBride on 12/10/2014 11:46:00 AM