10/31: MetroIntelligence Economic Update by P. Duffy

Third quarter GDP rose by 3.0 percent in first estimate

Real gross domestic product (GDP) increased at an annual rate of 3.0 percent in the third quarter of 2017 according to the “advance” estimate released by the Bureau of Economic Analysis. In the second quarter, real GDP increased 3.1 percent.

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Consumer sentiment slips slightly in late October but still at high levels

Consumer sentiment slipped ever so slightly in late October, despite remaining at its highest monthly level since the start of 2004. This is only the second time the Sentiment Index has been above 100.0 since the end of the record 1990’s expansion, and its average during the first ten months of 2017 (96.7) has been the highest since 2000 (108.5).

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Personal income up 0.4 percent in September while spending spiked up 1.0 percent

Both personal income and disposable income increased 0.4 percent in September, while personal consumption expenditures (PCE) increased by a much sharper 1.0 percent.  The August and September estimates of personal income and outlays reflect the effects of Hurricanes Harvey and Irma.  Partly as a result, the personal savings rate slipped to 3.1 percent, down from 3.6 percent in August and the lowest rate since December 2007.

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Inflation tracker PCE Price Index up 0.4 percent in September and 1.6 percent year-on-year

The PCE price index increased 0.4 percent in September, and was up 1.6 percent year-on-year. Excluding food and energy, the PCE price index increased 0.1 percent, and was up 1.3 percent year-on-year.

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