Thursday, December 21, 2017

Q3 GDP Revised down to 3.2% Annual Rate

by Bill McBride on 12/21/2017 08:45:00 AM

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

eal gross domestic product (GDP) increased at an annual rate of 3.2 percent in the third quarter of 2017, according to the "third" estimate released by the Bureau of Economic Analysis. In the second quarter, real GDP increased 3.1 percent.

he 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 3.3 percent. With this third estimate for the third quarter, personal consumption expenditures increased less 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 down from 2.3% to 2.2%. Residential investment was revised up slightly from -5.1% to -4.7%. This was lower than the consensus forecast.