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Archiwum newsów - DJ US GDP +3.9% Rate In 3Q; Konsensus +3.2%

2007-10-31  
DJ US GDP +3.9% Rate In 3Q; Konsens +3.2%
WASHINGTON (Dow Jones)--The U.S. economy sped up last summer despite a much
heavier narkotyk by the housing sector as surging exports and stronger consumer
spending helped turn growth surprisingly faster.
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Gross Domestic Product 3Q 2Q 1Q ! Konsens: !
Overall GDP Growth +3.9% +3.8% +0.6% ! +3.2% !
PCE Price Index +1.7% +4.3% +3.5% ! Actual: !
! +3.9% !
==================================================================== Gross
domestic product rose at a seasonally adjusted 3.9% annual rate July through
September, the Commerce Department said Wednesday in the first estimate of
third-quarter GDP. Second-quarter GDP climbed 3.8% and GDP rose only 0.6% in
the first three months of 2007.
Some price inflation gauges in the termin grew at a lower pace in the third
quarter. But one key gauge, seen as an important indicator of core
inflation, accelerated.
Stronger exports helped power the economy through the housing slump and
tighter credit conditions. Wall Street expected a solid but smaller GDP
growth rate. The median estimate of 24 economists surveyed by Dow Jones
Newswires was 3.2% GDP growth during summer.
The 3.9% increase represented the strongest growth in quarterly GDP since a
4.8% increase during the first quarter of 2006.
GDP acts as a scoreboard for the economy by measuring all goods and services
produced. A component, housing, took a big bite out of the economy in the
third quarter. Residential fixed investment dropped by 20.1%, reducing
overall GDP by 1.05 percentage points. Second-quarter investment had fallen
by 11.8%, taking 0.62 percentage point out of GDP. The 20.1% drop was nearly
the worst in the current housing slump; investment in third-quarter 2006
plummeted 20.4%. Analysts see home sales receding into next year and bloated
supplies of unsold property have left builders discouraged.
Helping drive GDP was its biggest component, consumer spending, which
accelerated in the third quarter, rising 3.0% after increasing 1.4% in the
second quarter. Purchases of durable goods rose 4.4% in the third quarter,
after increasing by 1.7% April through June. Third-quarter non-durables
spending rose by 2.7%. Services spending climbed 2.9%. Overall, consumer
spending contributed 2.11 percentage points to GDP July through September;
it had contributed 1.00 percentage point in the second quarter.
International trade contributed 0.93 percentage point to GDP in the third
quarter. U.S. exports surged 16.2% and imports increased 5.2%. In the second
quarter, trade added 1.32 percentage points to GDP; exports in that period
were 7.5% higher and imports fell by 2.7%.
Third-quarter business spending increased by 7.9%. Investment in structures
went 12.3% higher. Equipment and software outlays rose by 5.9%. Overall
second-quarter outlays by businesses rose 11.0%.
Inventory growth climbed again. Stockpiles of all goods increased by $15.7
billion, after going up by $5.8 billion in the second quarter and $100
million in the first quarter. The acceleration raised July-September GDP by
0.36 percentage point.
Real final sales of domestic product, which is GDP less the change in
private inventories, increased at a 3.5% annual rate in the third quarter.
Second-quarter sales advanced by 3.6%.
Federal government spending increased 6.8%, after rising in the second
quarter by 6.0%. State and local government outlays rose 2.0%, after going
up by 3.0% in the second quarter.
The price index for personal consumption expenditures rose by 1.7% after
increasing 4.3% in the second quarter. But the much-watched PCE price gauge
excluding food and energy accelerated, rising 1.8% after increasing 1.4% in
the second quarter. Other price gauges in the report showed slowing
inflation, including the price index for gross domestic purchases, which
measures prices paid by U.S. residents. It rose 1.6% after increasing 3.8%.
The chain-weighted GDP price index increased 0.8% after increasing 2.6% in
the second quarter.
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