US GDP Grows at Faster Pace Than Originally Estimated

Show Transcript
Bloomberg 11/30/2023 02:58 · 8624 Views

US GDP rose at an upwardly revised 5.2% annualized pace in the third quarter, the fastest in nearly two years. Consumer spending advanced at a less-robust 3.6% rate, according to the government’s second estimate of the figures issued. Mike McKee reports on "Bloomberg Surveillance."

Disclaimer: This content is for informational and educational purposes only and does not constitute a recommendation or endorsement of any specific investment or investment strategy. Read more

Transcript

  • 00:00 You make of that the fact that markets really keating with Chris waller and completely abored Michelle bman is because Michelle bman was suggesting what they wanted to hear that she might not we might not need to see additional RA increases ah Chris walller getting some support from the gd p numbers just out this morning my right shocking ah shocking yeah in a way um fourth a third quarter GDP revised up to five point two percent from four point nine percent that's well above the five percent that was thought and a lot.
  • 00:30 But that comes from increased business investment which came in pretty low in the initial report and so that was a bit of surprise but we're seeing a little bit more ah non fixed non residential investment ah the GDP in terms of personal consumption however is lower we spent less three point six percent compared to four percent leases refrIgErator show up in the fourth quarter I true ah and the GDP price indexes which um the Fed doesn't really pay attention To Because their quarterly average.
  • 01:00 Is come in lower than anticipated ah the the quarter over quarter PC price index the core comes in a two point three percent compared to two point four percent ah will'LL look tomorrow to the PC e numbers to see ah whether we get the same sort of thing ah trade DeFicit widen the advanced good trade balance for October eighty nine point eight billion from eighty six point nine billion so ah that's a little bit of a subtraction off of the first month of.
  • 01:30 Of a the fourth quarter and then inventories come in ah weaker ah down two tens percent on the wholesale level and flat on the retail level that is less than what had been anticipated what if we get another glorious jobless claims say under two twenty I mean it confirms a fully employed America right well we probably mean for market participants that they're going to keep their bets right now that the Fed will start cutting rates by the mid part of next year.
  • 02:00 Nobodys seems To Be buying into the Bill a argument yet of the ah of the first quarter but ah it's a week from Friday that we really care about in terms of jobs and it'LL be interesting because we're in the quiet period that and then we also get CPI just before the f meeting so two of the biggest right data releases come in the quiet period we'LL see if they support the waller view that the economy is slowing enough To Bring inflation down that'LL be the key thing to I would point out I know you're a nominal kind of guy.
  • 02:30 Nominal gd p for the for the third quarter the second estimate eight point nine.