CorePCE
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US GDP Growth Surges Despite Challengesđ
US GDP blew past all street estimates and grew at 4.9% in Q3, doubling the pace in the prevoius quarter and the fastest levels since 2021. A near regional-banking collapse, ongoing geopolitical conflicts, sky high mortgage rates and stubborn inflation were not able to slow the American consumer. Personal consumption jumped 4%, goods spending scorched at 4.8%, services spending rose 3.6%, final sales grew 3.5%, residential investment bounced 3.9%, and government and federal spending rose 4.6% and 6.2%, respectively. Inventory rebuilds added $66bln to GDP in the 3rd quarter, and core PCE slowed to a comfortable 2.4% vs 3.7% last quarter. An unequivocally strong report across the board.
The other data release collaborated with the strong data theme, with durable goods bouncing 4.7% verus -0.1% in August, pending home sales rebounding 1.1% versus -7.1% last month, and initial claims holding steady at just +10k (to 210k) for the week ending October 21.
#USGDP #Inflation #CorePCE #DurableGoods #EconomicIndicators
US GDP blew past all street estimates and grew at 4.9% in Q3, doubling the pace in the prevoius quarter and the fastest levels since 2021. A near regional-banking collapse, ongoing geopolitical conflicts, sky high mortgage rates and stubborn inflation were not able to slow the American consumer. Personal consumption jumped 4%, goods spending scorched at 4.8%, services spending rose 3.6%, final sales grew 3.5%, residential investment bounced 3.9%, and government and federal spending rose 4.6% and 6.2%, respectively. Inventory rebuilds added $66bln to GDP in the 3rd quarter, and core PCE slowed to a comfortable 2.4% vs 3.7% last quarter. An unequivocally strong report across the board.
The other data release collaborated with the strong data theme, with durable goods bouncing 4.7% verus -0.1% in August, pending home sales rebounding 1.1% versus -7.1% last month, and initial claims holding steady at just +10k (to 210k) for the week ending October 21.
#USGDP #Inflation #CorePCE #DurableGoods #EconomicIndicators
Inflation declines, consumer confidence remains strongđĄđĄđĄ
Fridayâs rally was spurred by a drop in Powellâs favourite inflation gauge (Core PCE) to a 10-month low, with core deflator falling to 4.6% YoY and core services ex-housing down to 0.23% MoM. Furthermore, the U-Mich consumer sentiment report came in remarkably robust, with sentiment rising to 64.4, the 2nd best print all year, along with matching gains in current conditions and forward expectations. Most importantly, the 1-year inflation outlook metric dropped to 3.3% vs 4.2% in May, the lowest print since March 2021, and helping to raise the chorus of an economic soft-landing (or no-landing?) to the loudest levels all year.
#CorePCE #Powell #inflation #coredeflator
Fridayâs rally was spurred by a drop in Powellâs favourite inflation gauge (Core PCE) to a 10-month low, with core deflator falling to 4.6% YoY and core services ex-housing down to 0.23% MoM. Furthermore, the U-Mich consumer sentiment report came in remarkably robust, with sentiment rising to 64.4, the 2nd best print all year, along with matching gains in current conditions and forward expectations. Most importantly, the 1-year inflation outlook metric dropped to 3.3% vs 4.2% in May, the lowest print since March 2021, and helping to raise the chorus of an economic soft-landing (or no-landing?) to the loudest levels all year.
#CorePCE #Powell #inflation #coredeflator
