Q3 GDP revised from 2.0% to 2.5%, which is just ahead of expectations of 2.4%.
Markets not doing a whole lot on the news.
What’s interesting is that it wasn’t just inventories… both final sales and consumption were revised higher as well.
Background: This is the first revision to Q3 GDP, which originally came in at 2.0%. Analysts are actually expecting an upward revision to 2.4%, which is counter to the trend of GDP getting revised lower over time. We’ve seen some estimates going as high as 2.7%. That being said, a good chunk could be the much-maligned inventory effect (it’s been revised higher in subsequent reports). Unless it’s a wild miss in some direction, this might not make too much of a splash in light of all the other news today.