Outside of the pandemic defined as 2020 and 2021, this past quarter was the 5th best quarter for nominal GDP in the last 25 years.
It was the best real growth quarter since Q2 and Q3 of 2014.
The last 12 months has been mostly about services, here are the biggest contributors to YoY GDP:
- Consumption of Services
- Consumption of Goods
- Lower imports
- Government
- Non-residential investment in structures
- Intellectual property
Q2 to Q3, we saw an acceleration in goods consumption and state and local government spending. We also saw a surge in exports across the board (petroleum and products, autos and parts, travel and even consumer goods). And the 3rd differentiator making Q3 a standout quarter was the re-acceleration in residential investment we’ve been seeing.
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