Wednesday, November 29, 2017

Q3 GDP Revised up to 3.3% Annual Rate

by Bill McBride on 11/29/2017 08:34:00 AM

From the BEA: Gross Domestic Product: Third Quarter 2017 (Second Estimate)

Real gross domestic product (GDP) increased at an annual rate of 3.3 percent in the third quarter of 2017, according to the "second" estimate released by the Bureau of Economic Analysis. In the second quarter, real GDP increased 3.1 percent.

The GDP estimate released today is based on more complete source data than were available for the "advance" estimate issued last month. In the advance estimate, the increase in real GDP was 3.0 percent. With this second estimate for the third quarter, the general picture of economic growth remains the same; nonresidential fixed investment, state and local government spending, and private inventory investment were revised up from the prior estimate ...
emphasis added
Here is a Comparison of Second and Advance Estimates. PCE growth was revised down from 2.4% to 2.3%. Residential investment was revised up slightly from -6.0% to -5.1%. This was at the consensus forecast.