GDP Misses As Personal Spending Slumps

March 30, 2023

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A continuing slowdown in personal spending caused the revised GDP print for Q4 to miss expectations as the OBiden economy continues to sputter and stall, due to intentional mismanagement.

There is no longer any doubt that the Manchurian candidate is doing everything he can (or at least his handlers are) to destroy the nation.

Financial markets are mixed as traders wonder when the punch bowl will get taken away, or when the markets will face reality. Crypto and precious metals continue to climb as the USD is thrown under the bus by China and OBiden.

In the least relevant data point on what will otherwise be a quiet day on the data front, moments ago the BEA reported its third and final Q4 GDP estimate (to be fair this number will still be revised numerous time in coming years), and it continued the trend of declines, having printed 2.9% in the first estimate in January (above the 2.6% estimate), it then dropped to 2.7% in the second estimate in February, and it is now down again to 2.6%, exactly where the original Q4 GDP estimate was primarily reflecting downward revisions to exports and consumer spending, , and a master class in how you can "buy" two quarters of "above average" growth before converging with the original estimates. And for those keeping track, the most recent consensus estimate for Q4 GDP was 2.7% so technically we missed, reported Zero Hedge.

Continuing Jobless Claims(Mar 17) printed at 1.689M vs 1.697M consensus estimate.

Core Personal Consumption Expenditures (QoQ)(Q4) printed at 4.4% vs 4.3% estimate.

Gross Domestic Product Annualized(Q4) printed at 2.6% vs 2.7% estimate.

Gross Domestic Product Price Index(Q4) printed at the estimate of 3.9%.

Initial Jobless Claims(Mar 24) printed at 198k vs 196k estimate.

Initial Jobless Claims 4-week average(Mar 24) printed at 198.25k.

Personal Consumption Expenditures Prices (QoQ)(Q4) printed at the estimate of 3.7%.

EIA Natural Gas Storage Change(Mar 24) printed at -47B vs -54B estimate.

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