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HomeLatest NewsUSA NewsEconomic Update: U.S. Q4 GDP Growth Dips to 3.2%, Cooling Slightly from...

Economic Update: U.S. Q4 GDP Growth Dips to 3.2%, Cooling Slightly from Forecasts

Economic Update

Economic Update

U.S. GDP growth in Q4 was somewhat lower than the Commerce Department predicted. Q4 GDP rose 3.2% annually in its second estimate, behind the 3.3% consensus and first estimate.

It’s still down from Q3 2023’s 4.9% increase.

On Wednesday, the U.S. Bureau of Economic Analysis reported that private inventory investment fell while state and local government expenditure and consumer spending rose.

“Over the last four quarters, nonfarm inventories have cut US GDP by an average of 0.4 percentage point per quarter,” said Renaissance Macro Research on X. Consumers spent more on items at this time. The inventory depletion is unsustainable.”

Real disposable personal income rose 2.2%, down 0.3 percentage points. Q4 2023 personal saving rate was 3.9%, down 0.1 pp from the first estimate, according to the Bureau of Economic Analysis.

Q4 inflation measures rose in the revision.

The PCE price index rose 1.8%, compared to 1.7% expected, and 2.8% in Q3.

Core PCE price index: +2.1% vs. +2.0% forecast and +2.3% Q3.

Personal consumption expenditures: +3.0% vs. 2.8% expectation and +3.6% in Q3.

Retail inventories up 0.5% in January

January Retail Inventories (Advance) +0.8% to $804.8B vs +0.8% prior.

On a Y/Y basis, retail inventories grew 5.1% in January.

Wholesale inventories dip in January

January Wholesale Inventories (Advance): -0.1% M/M to $896.8B vs. +0.1% consensus and +0.4% in December.

On a Y/Y basis, wholesale inventories fell 2.3%, the U.S. Census Bureau said.

January International Trade in Goods (Advance): -$90.20B vs. -$88.40B consensus and -$88.46B in December (unrevised).

Exports of goods for January were $170.4B, $0.4B more than the prior month’s exports.

Goods imports for January were $260.6B, $2.7B more than December imports, the U.S. Census Bureau said.

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