Dollars and Jens
Wednesday, January 30, 2008
GDP was only up at a 0.6% rate in Q4; domestic consumption wasn't all that weak, but production was weaker, and inventories sold off. A small boost from net exports, but not as much as the previous quarter; fixed residential investment continues to be a substantial direct drag — we have yet even to reach the inflection point here — and of course is probably an indirect drag as well.
Let's break it into its components:
|Fixed investment||-.70||.49||-.11||-.39||Net Exports||-.51||1.32||1.38||.41|
Tomorrow is NIPA, and the Dallas Fed's trimmed-mean PCE; Friday is the employment report.
Update: "PCE" in the table is actual Personal Consumption Expenditures; the figure I'm awaiting from the Dallas Fed tomorrow is the price deflator on PCE.