The third release (second revision) of Q3 GDP from the BEA was revised down from 2.07% QoQ SAAR to 1.99% QoQ SAAR.  In our customary table below, we show the last reading for Q2, the first revision (second release) of Q3, and today’s readings.  All figures are contribution to total QoQ SAAR growth; for instance, consumption contributed 2.04 percentage points of the total 1.99% growth.  As shown in the table, Inventory revisions were the only notable change, with a total impact of -12 bps to headline, more than the total -8 bps revision down.  Other changes were close to rounding errors, with Goods Consumption up slightly, Services Consumption down slightly, a slight upgrade to investment spending, marginally wider trade deficit, and slight upward revisions to government spending.  Overall, the economy’s growth path remains on-trend versus the expansion so far, which has averaged growth of about 2.1% QoQ SAAR.  We note that is despite the impact of oil patch disinvestment (a dynamic we covered here) and the strong dollar/global demand softness pushing the trade deficit wider.

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