Thursday, December 22, 2016

Q3 GDP Revised Up to 3.5% Annual Rate

by Bill McBride on 12/22/2016 08:39:00 AM

From the BEA: Gross Domestic Product: Third Quarter 2016 (Third Estimate)

Real gross domestic product increased at an annual rate of 3.5 percent in the third quarter of 2016, according to the "third" estimate released by the Bureau of Economic Analysis. In the second quarter, real GDP increased 1.4 percent.

The GDP estimate released today is based on more complete source data than were available for the "second" estimate issued last month. In the second estimate, the increase in real GDP was 3.2 percent. With this third estimate for the third quarter, nonresidential fixed investment, personal consumption expenditures (PCE), and state and local government spending increased more than previously estimated, but the general picture of economic growth remains the same ...
emphasis added
Here is a Comparison of Third and Second Estimates. PCE growth was revised up from 2.8% to 3.0%. (solid PCE).  This was above the consensus forecast.