US Q4 GDP: 2017 ends on a solid note - Wells Fargo
For the third consecutive quarter, U.S. GDP registered a materially higher rate of growth as compared to the expansion average, point out analysts at Wells Fargo. According to them, the breadth of strength is supportive to our outlook for 3 percent GDP growth in 2018.
Key Quotes:
“The first look at fourth quarter U.S. real GDP maintained a healthy, abovetrend annualized rate of growth at 2.6 percent (2.3 percent for full year 2017). Admittedly below expectations, the miss was primarily due to the drags from trade and inventories, not from a reduction in consumer or business demand.”
“Looking at the components, the fourth quarter’s strength was clearly driven by the private sector. Real consumer spending increased at a 3.8 percent annual pace in Q4, coming close to doubling the rate seen in Q3 and consistent with the strength of spending seen during the holiday shopping season. Business fixed investment was also a strong contributor, rising 7.9 percent on the quarter.”
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