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%.