The third revision to Q3 Real GDP was a doozy! Based on updated consumer spending, Q3 Real GDP was revised to an annual rate of 4.9%.
Real gross domestic product (GDP) increased at an annual rate of 4.9 percent in the third quarter of 2023, according to the “third” estimate. In the second quarter, real GDP increased 2.1 percent. The increase in the third quarter primarily reflected increases in consumer spending and inventory investment. Imports, which are a subtraction in the calculation of GDP, increased.
Profits increased 3.4 percent at a quarterly rate in the third quarter after increasing 0.2 percent in the second quarter.
In the third quarter, the value added of private goods-producing industries increased 10.2 percent, private services-producing industries increased 4.1 percent, and government increased 2.0 percent. Overall, 14 of 22 industry groups contributed to the third-quarter increase in real GDP.
Actually, the third estimate lowered Q3 Real GDP from 5.2% to 4.9%.
Private goods soared. That includes cell phones, military arms, etc.
Personal consumption core prices crashes to 2.0%.
And just like that, stocks and gold shot up … because a weaker GDP revision means MORE Fed Snakejuice!
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