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The US GDP report for Q4 of 2020 has been released, showing a 4.0% increase, which is slightly lower than forecasts of 4.2%. Although, this came after the biggest surge ever in Q3, when the economy expanded by 33.4%, which came after the biggest contraction ever in Q2 of 31.4%.
This is still great, taking into consideration the fact that certain areas of the US are in severe coronavirus restrictions, while Europe should head into recession again for he same period. Below is the GDP report from the US:
US Q4 Advance GDP Report
- Q4 advance GDP +4.0% vs +4.2% expected
- Q2 was +33.4% annualized
- Personal consumption +2.5% vs +3.1% expected
- GDP price index +2.0% vs +2.2% expected
- Core PCE +1.4% vs +1.2% expected
Details:
- Core GDP excluding motor vehicles +4.5%
- Final sales added +3.0%
- Inventories added 1.04 pp to GDP
- Business investment added +13.8%
- Business investment in equipment added +24.9%
- Exports added +22.0%
- Imports added +29.5%
- Home investment added +33.5%
This report is a tad on the soft side on softer personal consumption, something we saw in the Nov/Dec retail sales numbers. Expect the market can brush that off because of additional stimulus checks delivered in December, with more likely to come.
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