Consumption in USA
USA - Consumption
Economy records slowest increase since Q2 2020 in the third quarter
GDP growth lost steam in the third quarter, easing to 2.0% in seasonally-adjusted annualized rate terms (SAAR), from 6.7% in the second quarter. Q3's reading marked the worst result since Q2 2020.
The slowdown was driven by weakening momentum in domestic demand and a soft external sector. Private consumption growth fell to 1.6% in Q3, marking the weakest expansion since Q2 2020 (Q2: +12.0% SAAR), while fixed investment dipped 0.8% (Q2: +3.3% SAAR). Meanwhile, government consumption rebounded, growing 0.8% in Q3 (Q2: -2.0% SAAR).
Turning to the external sector, exports of goods and services dropped 2.5% in Q3 (Q2: +7.6% SAAR). In addition, growth in imports of goods and services moderated to 6.0% in the quarter (Q2: +7.1% SAAR).
On an annual basis, economic growth slowed markedly to 4.9% in Q3, following the previous quarter's 12.2% increase.
Commenting on the outlook ahead, analysts at the EIU noted:
“We expect real GDP growth to remain above trend in 2022, at 3.8%. The public infrastructure package will support job creation and robust activity in construction, manufacturing and professional services. As the initial rebound from the crisis levels off, GDP growth is forecast to average 2.0% per year in 2023–26.”
FocusEconomics Consensus Forecast panelists expect GDP to grow 6.6% in 2021, which is unchanged from last month’s estimate. For 2022, the panel expects the economy to expand 4.1%.
United States - Consumption Data
|Consumption (annual variation in %)||3.7||2.7||2.6||3.0||2.6|
5 years of economic forecasts for more than 30 economic indicators.
United States Facts
|Bond Yield||1.92||-0.43 %||Dec 31|
|Exchange Rate||1.12||0.65 %||Dec 31|
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January 17, 2022
Retail sales fell 1.9% in month-on-month seasonally-adjusted terms in December, which contrasted November’s 0.2% increase.
January 10, 2022
Consumer prices increased a seasonally-adjusted 0.47% in December over the previous month, below November's 0.78% increase.
January 7, 2022
Total non-farm payrolls increased by 199,000 in December, following November’s 249,000 increase in payrolls.
January 4, 2022
The Institute for Supply Management (ISM) manufacturing index decreased to 58.7 in December from 61.1 in November.
December 30, 2021
Consumer confidence rose to 115.8 in December from 111.9 in November.