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The US GDP report for Q4 was released a while ago, showing a slight improvement in this second reading, compared to the initial estimate. A 4.1% expansion in GDP is quite respectable for a time when the coronavirus restrictions had been increased again, especially compared to Europe, which is heading toward another recession. Below is the GDP report:
US Q4 2020 GDP Estimate
- First reading was +4.0%
- Final Q3 reading was +33.4%
- Personal consumption +2.4% vs +2.5% expected
- GDP price index +2.1% vs +2.0% expected
- Core PCE +1.4% vs +1.4% expected
- Deflator +2.0%
- Full report
Details:
- Ex motor vehicles +4.7% vs +4.5% prelim
- Final sales +3.0% vs +3.0% prelim
- Inventories added 1.11 pp to GDP vs 1.04 in prelim report
- Business investment +14.0% vs +13.8% prelim
- Business investment in equipment +25.7% vs +24.9% prelim
- Exports +21.8% vs +22.0% prelim
- Imports +29.6% vs +29.5% prelim
- Home investment +35.8% vs +33.5% prelim
The consumer was a tad weaker in Q4 than initial reports suggested, while business and home investment was a bit stronger. Overall, I don’t see anything here that will bleed into Q1 2021.
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