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Musing on Economics

Real GDP Was Revised to 2.1% Annual Growth Rate In Q3
December 01, 2019

The upward revision from 1.9% was mainly due to inventories and business investment in structures, which offset a downward revision in government purchases. The largest positive contribution to the real GDP growth rate in Q3 was personal consumption. The largest drag was business investment.  The GDP price index increased at a 1.8% annual growth rate in Q3 versus a prior estimate of 1.7%. Nominal GDP growth – real GDP plus inflation – was revised up to a 3.8% annual rate from a prior estimate of 3.5%. Core GDP grew at a 2.1% annual rate in Q3, is up 2.2% from a year ago, and is up at a 3.0% annual rate in the past two years. Nominal GDP growth (real growth plus inflation) was revised to 3.8% annual rate in Q3 from a prior estimate of 3.5%. Nominal GDP is up 3.8% in the past year and up at a 4.8% annual rate in the past two years. All of these figures are well above where the Federal Reserve has set short-term interest rates, signaling that monetary policy is not tight and not an impediment to economic growth. From: ftadvisors
 
Figure 1: U.S. Quarterly Real GDP Growth
Picture
Source: U.S. Bureau of Economic Analysis

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