Vladimír Urbánek (Kurzy.cz)
Macroeconomics  |  October 26, 2012 14:52:19

U.S. - 3Q GDP grew by 2% and beat estimates, consumer spending just fell short of expectations, government spending jumped

The U.S. economy in Q3 of this year according to the first preliminary estimates grew by 2% in annual terms, compared to growth of 1.3% in 2Q and compared with forecasts market set to grow on average by 1.8%. Overall range estimates ranged from 0.9 to 3.1%.
According to the statistical office could be the result even better not to be a severe drought in the Midwest USA. Reduction of agricultural stocks resulting reduced GDP growth by a full 0.4 percentage points. In this influence 2Q GDP decreased by 0.2 point.

Consumer spending in Q3 grew by 2% in annual terms, compared to 1.5% in 2Q. The market in this regard counted on average with growth of 2.1%. Consumer spending in the overall GDP growth contributed 1.4 percentage points. Strong consumer spending earlier reports indicated the growth of retail and car sales growth in recent months.

The purchasing power of consumers in 3Q measured disposable income adjusted for the effects of inflation fell by 0.8% in annual terms, the lowest since the end of 2011. In 2Q sales force grew by 3.1%.

Savings rate fell in 3Q from 4 to 3.7%.

Government spending in Q3 grew by 9.6%, the highest since mid-2010. Total government spending in Q3 grew by 3.7%, which was the highest in the last three years.

Corporate spending remained unchanged in 3Q on a three year minimum.

Residential construction in Q3 grew by 14.4% compared to a growth of 8.5% in 2Q.

The trade balance, GDP growth declined by 0.2 percentage points.

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