Vladimír Urbánek (Kurzy.cz)
Macroeconomics  |  November 30, 2012 09:36:11

U.S. - first revision significantly raised growth for 3Q GDP to 2.7%, but consumer spending rose less than expected


The first revision of the estimate of U.S. GDP growth in Q3 of this year, there was a relatively strong (and expected) increase from 2.0% to 2.7%. The market expected to grow to 2.8%. In 2Q GDP grew by 1.3%.
For improving the overall performance is higher than expected growth in inventories and favorable development of foreign trade.

Consumer spending grew after the revision in Q3 by 1.4%, the smallest increase in more than a year. The preliminary estimates of the anticipated growth of 2%. Market counted only towards slight revision of 1.9% in the overall range of estimates from 1.7 to 2.7%. In 2Q spending rose by 1.5%. The decline in consumer spending reflects primarily a decrease in fuel sales, service and general services and a decrease in the volume of financial transactions.

Income Americans after adjustment for inflation in Q3 grew after the revision of only 0.5% compared to pre-embodied growth of 0.8%. Total salaries and wages grew only by 30.4 mld.USD and not the originally estimated 43.3 mld.USD.

Corporate profits before tax in Q3 grew by 3.5% qoq or 8.7% yoy.

The trade deficit for Q3 reached 403 compared mld.USD preliminarily estimated 407.4 billion and 413.7 mld.USD expected market.

Stocks in the revision to GDP growth contributed 0.77 percentage points compared to the forecast of when the resulting GDP 0.12% cut for contrast.

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