Dollars and Jens
Thursday, October 30, 2008
The "advance" report:
4.8% -.2% .9%2.8%-0.3%
Consumption 1.44  .67  .61 0.87-2.25
Inventories .69 -.96 -.02-1.50.56
Fixed investment-.15 -.97 -.86 -.25-.83
Net Exports2.03.94.772.931.13
Government Spending.
The headline number isn't quite as bad as I thought it might be, though in part that's due to government spending, and of course it's negative. It's actually within the normal revision range of zero, but I wouldn't hold my breath expecting it to be revised into positive territory next month. Fixed investments are still significantly weighed down by continued decreases in housing construction, though even without that real fixed investment would have been down slightly this quarter due to a drop in transportation equipment. Note that oil prices topped in the third quarter; I wonder how much high oil prices affected these numbers.


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