United States

Real GDP grew by 2.9% on an annualized basis in Q4 2017, with final sales up 3.4% and a 0.5 ppt drag from inventories. Broadly, the data continue to signal that the economy had a solid finish to 2017, with growth at a buoyant 2.6% y/y in the final quarter. For the full year 2017, the US economy advanced a steady 2.3% y/y.     

United States

Real GDP grew by 3.1% on annualised basis in Q2 2017, with final sales up 2.9% and inventories adding 0.1pp to growth. Consumer spending rebounded by 3.3%, after a soft Q1, supported by gains across all three major subcategories. Business investment rose by a robust 6.7%, spurred on by firm domestic activity and stronger global growth. Looking ahead, we forecast that GDP growth will average 2.2% in H2.     

United States

Real GDP rose by 2.1% on an annualised basis in Q4 2016, with consumer spending up 3.5% and inventories contributing 1.0pp to growth. Despite solid “soft” data in Q1 2017, we see GDP growth slowing to less than 1.0% as back‐to‐back monthly declines in real consumer outlays constrain activity. Business investment and trade flows are firming only gradually, while rising inflation is taking a greater bite out of real income and spending.     

United States

Real GDP grew by 3.2% on an annualized basis in Q3, with final sales advancing a more modest 2.4% and inventories contributing a solid 0.8pp. Overall, the data was indicative of a 2–2.5% underlying pace of growth. We estimate Q4 growth of around 3.2% annualized, meaning the economy grew by 2.3% in 2017 as a whole.     

United States

Annualized real GDP growth was revised up to 1.4% in Q2, faster than the 0.8% in Q1 but still constrained by headwinds from weak business investment and net trade and a large inventory run‐down. We believe that economic activity accelerated in Q3, with GDP growth around 2.5%, but momentum remains modest.