GDP Data Displays An Uneven Recession
December 22, 2020 - BEA Revises Third Quarter 2020 GDP Growth Slightly Upward to 33.44%:
In their third and final estimate of the US GDP for the third quarter of 2020, the Bureau of Economic Analysis (BEA) reported that the US economy was growing at a +33.44% annual rate, up 0.37 percentage points (pp) from their previous estimate and up 64.83pp from the prior quarter.
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As was the case with the previous estimate, none of the revisions are material. Once again the only minor adjustments worth mentioning were in consumer spending (up +0.22pp in aggregate, and fixed commercial investment (up +0.16pp).