Q3 GDP Remains the Best Reading Ever in the US
The US GDP surged by in the US during Q3, which is the fastest expansion ever
Skerdian Meta•Tuesday, December 22, 2020•1 min read
The US economy went through a record crash in Q2 of this year, which came during the lock-down months. The first reading showed a 33% decline in the GDP during the second quarter, which was revised lower to 31.4%, but in the first reading of q3 we saw a massive reversal and a 31% surge, which was revised higher to 33.1% in the second reading. Today, the last estimate was expected to remain unchanged, but was revised higher again to 33.4%.
US Q3 GDP (3rd Estimate) Annualized
- Q3 GDP (third look) % q/q annualized +33.4% vs +33.1% expected
- Second reading +33.1%
Details:
- Ex motor vehicles +26.7% vs +26.4% in second reading
- Personal consumption +41.0% vs +40.6% in second reading
- Corporate profits after tax +27.0% vs +27.5% in second reading
- GDP price index +3.7 vs +3.6% in second reading
- Core PCE q/q +3.4 vs +3.5% in second reading
- Inventories added 6.57 pp to GDP vs 6.55 pp in 2nd report (subtracted 3.5 pp in Q2)
- Business investment +22.9% vs +21.8% in second reading
- Business investment in equipment +68.2% vs +66.6% in second reading
- Exports +59.6% vs +60.5% in second reading
- Imports +93.1% vs +93.1% in second reading
GDP was a touch higher on better consumption but it’s nothing to change the underlying picture of the economy going forward.
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Skerdian Meta
Lead Analyst
Skerdian Meta Lead Analyst.
Skerdian is a professional Forex trader and a market analyst. He has been actively engaged in market analysis for the past 11 years. Before becoming our head analyst, Skerdian served as a trader and market analyst in Saxo Bank's local branch, Aksioner. Skerdian specialized in experimenting with developing models and hands-on trading. Skerdian has a masters degree in finance and investment.
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