A big miss for this data point, this won't be a positive for the GDP print due in a couple of weeks!
The Q3 result is down 2.8% q/q
- vs. expected +0.9% q/q
- while the previous was +1.6% y/y
As you can see expectations were Q3 was not as strong as Q2, but the minus 2.8% is a poor one indeed. This economic indicator is an input to the GDP data (to be published December 5), so not a great start.
