GDP Advance Q3 Estimates show GDP increased by 2.4%, matching expectations, after increasing by 3.7% in the first quarter and 1.7% in the second quarter of 2010. Consumer Spending was the key growth driver rising by 2.6%, the highest since a 4.1% increase during the fourth quarter of 2006, after increasing by 2.2% in the last three months. GDP gained 1.8% from this increase. The increase in real GDP in the third quarter primarily reflected positive contributions from personal consumption expenditures (PCE), private inventory investment, nonresidential fixed investment, federal government spending, and exports that were partly offset by a negative contribution from residential fixed investment. Imports, which are a subtraction in the calculation of GDP, increased. The small acceleration in real GDP in the third quarter primarily reflected a sharp deceleration in imports and accelerations in private inventory investment and in PCE that were partly offset by a downturn in residential fixed investment and decelerations in nonresidential fixed investment and in exports.
Upcoming Releases
Personal Consumption Expenditures (11/01 at 8.30 AM EST)
ISM Manufacturing Index (11/01 at 10.00 AM EST)
Construction Spending (11/01 at 10.00 AM EST)
Construction Spending (11/01 at 10.00 AM EST)
Factory Orders (11/03 at 10.00 AM EST)