A couple weeks ago, the advance estimate of Q4 GDP came in at 2.8%, below the estimates of 3.0%, and it caused people to start getting worried about the economy sputtering out.
Well, that was just the advance estimate, and it looks like when the revisions come out the number will be higher.
From BNP Paribas:
The trade deficit in the US for December widened to USD48.8bn. Nevertheless, the Q4 trade balance was narrower than the advance GDP report suggested. Along with the construction data, US GDP for Q4 is now tracking at 3.0% q/q annualised, which is greater than the advance estimate of 2.8%.
Photo: BNP Paribas