The second look at Q4 2019 GDP:
- Advance reading was +2.1%
- Prior quarter was +2.1%
Details:
- Personal spending +1.7% vs +1.7% expected (+1.8% initially)
- GDP price index +1.3% vs +1.4% expected (+1.4% initially)
- Core PCE q/q +1.2% vs +1.3% expected
- Business investment -2.3% vs -1.5% initially
- Home investment +6.2% vs +5.8% initially
- Business investment in structures -8.1% vs -10.1% initially
- Exports +2.0% vs +1.4% initially
- Imports -8.6% vs -8.7% initially
- Annual growth in 2019 +2.3%, slowest in three years
- Excluding trade, inventories and gov't, the economy grew at 1.3%
The worrisome line is the drop in business investment, which was the third consecutive contraction and doesn't bode well for what's looking like a poor Q1 and Q2 due to the coronavirus.
