3rd look at Q3 GDP disappoints but is old news

By Peter Boockvar - December 22nd, 2009, 9:29AM

While old news as we are just about done with Q4, the 3rd look at Q3 GDP=
reflected growth that was less than expected at 2.2% vs expectations of=
2.8% growth and down from the initial reading of 3.5%. The factors leadin=
g to the downward revisions were a greater than expected drawdown in inven=
tories, small than expected spending on national defense and state and loc=
al government spending, a smaller gain in equipment and software spending.=
Also spending on residential construction and non residential structures=
were revised down as was overall personal spending by a touch. Both expor=
ts and imports were revised up. Nominal GDP was 2.6%, down from expectatio=
ns of 3.3%.

PERMALINK
Category: MacroNotes.

Comments

Please use the comments to demonstrate your own ignorance, unfamiliarity with empirical data, ability to repeat discredited memes, and lack of respect for scientific knowledge. Also, be sure to create straw men and argue against things I have neither said nor even implied. Any irrelevancies you can mention will also be appreciated. Lastly, kindly forgo all civility in your discourse . . . you are, after all, anonymous.

One Response to “3rd look at Q3 GDP disappoints but is old news”

KidDynamite Says:
December 22nd, 2009 at 11:30 am
peter, what surprised me is that while this is old DATA, it is not old news – this GDP revision was much weaker than expected, and the market certainly doesn’t look like it ever priced in a weaker number, or as if it cares about the news of the lower number…