US Q3 GDP – 26/11 – the first iteration of US Q3 GDP came in well above expectations at 4.9%, the biggest gain since 2021, with personal consumption contributing 4% to that number.
Core PCE prices also slid back to 2.4% for Q3 giving the market the sort of goldilocks scenario that has prompted optimism that the Fed may well be done when it comes to further rate increases.
The resilience of this number wasn't a surprise given how strong US retail sales have been over the summer, while low unemployment and resilient wages growth has further pointed to a robust economy.
That said Q4 is likely to see a modest slowdown, but so far most of the data for October and November hasn't seen a marked deterioration.
This week's revision isn't expected to alter the headline numbers that much with the focus expected to be on the October personal income and spending numbers, both of which were resilient in September at 0.3% and 0.7% respectively.
