US GDP grew 1.9% annualized rate in Q3, just slightly down from Q2’s 2.0%, and beat expectation of 1.6%. Headline PCE slowed to 1.5% qoq, down form 2.4% qoq, and missed expectation of 2.0% qoq. But Core PCE accelerated to 2.2% qoq, up from 1.9% qoq, and beat expectation of 2.1% qoq.
Looking at some details, GDP growth reflected positive contributions from personal consumption expenditures (PCE), federal government spending, residential fixed investment, state and local government spending, and exports. The were partly offset by negative contribution from nonresidential fixed investment and private inventory investment. Imports, which are a subtraction in the calculation of GDP, increased .
