GDP Growth Up Thanks To Health Expenses And Gasoline


Third quarter GDP growth was up to 4.1%. Great news, huh? On the surface it is, but dig down into the details and it’s not so great after all.

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Earlier today, the Bureau of Economic Analysis surprised everyone by announcing a final Q3 GDP growth of 4.1% compared to 3.6% in the first revision (and 2.8% originally), driven almost entirely by the bounce in Personal Consumption which rose 2.0% compared to estimates of 1.4%. As a result many are wondering just where this “revised” consumption came from. The answer is below: of the $15 billion revised increase in annualized spending, 60% was for healthcare, and another 27% was due to purchases of gasoline. The third largest upward revision: recreation services. On the flip side, the biggest revision detractors: transportation services and housing and utilities. (Read More)

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All of that spending on gas and doctors appointments won’t leave much for anything else.

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Update: Linked by The First Street Journal – thanks!

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