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.
Disclaimer: This information is presented for informational purposes only and does not constitute an offer to sell, or the solicitation of an offer to buy any investment products. None of the information herein constitutes an investment recommendation, investment advice or an investment outlook. The opinions and conclusions contained in this report are those of the individual expressing those opinions. This information is non-tailored, non-specific information presented without regard for individual investment preferences or risk parameters. Some investments are not suitable for all investors, all investments entail risk and there can be no assurance that any investment strategy will be successful. This information is based on sources believed to be reliable and Alhambra is not responsible for errors, inaccuracies, or omissions of information. For more information contact Alhambra Investment Partners at 1-888-777-0970 or email us at [email protected].
Full story here Are you the author?You Might Also Like
Macro: Philly Fed Mfg Survey — Umm
2023-12-22
Tis was a poor number. The headline dropped from -5.9 to -10.5. The more eye popping number was the Index for New Orders which dropped from 1.3 to -25.6.
Macro: Banking: Senior Loan Officer’s Survey and Lending
2023-11-08
Banks continue to tighten lending standards across all sectors. This has eased a bit from the July survey. Banks continue to widen spreads across all sectors. The percentage of banks widening spreads has also eased a tad.
Weekly Market Pulse: Monetary Policy Is Hard
2023-11-06
So, is that it? Have rates peaked? Is the long bear market finally over?
The market decided last week that interest rates have peaked for this cycle. And if rates have peaked then all the assets that have been pressured over the last two years can finally come up for air. Since October 18, 2021, over two years ago, investors have had few places to hide. Of the major asset classes we follow closely, only two – gold and commodities – were higher by more than a rounding error over that time.
The culprit, the reason stocks and bonds did so poorly over that time, is pretty simple – interest rates. The 10-year Treasury note yield roughly tripled during that time and all assets have been affected by those higher rates. Since January 1. 2021, the consumer price index has risen by 17.5%, a 6%
Macro: Employment Report
2023-11-03
Wall street cheered the fact that we added fewer jobs (150,000) than expected (179,000) in October. This was a welcome relief after the hot September number that was revised down from 336,000 to 279,000.
Macro: Challenger Job Cuts — Improvement throughout the year
2023-11-02
We had a bad 1st quarter relative to historic averages for job cuts. But the situation has gotten better throughout the year. In the 3rd quarter of 2023 less people are losing their job relative to the average 3rd quarter going back to 1989.
Macro: Factory Orders — revision
2023-11-02
This was a slight downward revision. Nothing to cheer and really nothing to write home about.
September Durable Goods were revised down .1% MoM in Sept and .05% MoM in Aug.
Tags: economy,Featured,GDP,imports,investment,newsletter
