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DJ DATA SNAP: US 3Q GDP Slows As Residential Spending Drops WASHINGTON (Dow Jones)--The U.S. economy softened further last summer, reaching its lowest rate of growth in three years as the housing sector slumps, according to government data that also showed inflation gauges eased. Gross domestic product increased at a seasonally adjusted 1.6% annual rate July through September, the Commerce Department said Friday in its first estimate of third-quarter GDP. The gain was weaker than the second quarter's 2.6% rate and the first quarter's roaring 5.6% pace. It was the lowest rate of growth since 1.2% in the first three months of 2003. The slowdown surprised Wall Street. The median estimate of 25 economists surveyed by Dow Jones Newswires and CNBC was a 2.2% increase. The government's price index for personal consumption expenditures climbed 2.5%, after rising 4.0% in the second quarter. The PCE price gauge excluding food and energy rose 2.3%, after increasing 2.7% in the second quarter. The price index for gross domestic purchases, which measures prices paid by U.S. residents, climbed 2.0%, after going up 4.0% in the second quarter. The chain-weighted GDP price index increased 1.8%, after rising 3.3% in the second quarter. GDP measures all goods and services produced in the economy. Consumer spending accounts for about 70% of GDP and it rose 3.1% after increasing 2.6% in the second quarter. Spending contributed 2.13 percentage points to GDP in the third quarter; it had contributed 1.81 percentage points in the second quarter. Purchases of durable goods rose 8.4% July through September, after decreasing by 0.1% April through June. Third-quarter non-durables spending rose by 1.6%. Services spending climbed 2.8%. Business spending increased by 8.6%. Investment in structures went up 14.0% and equipment and software increased 6.4%. Overall second-quarter outlays by businesses rose 4.4%. Residential fixed investment, which includes spending on housing, fell by 17.4%; that was the sharpest drop since 21.7% in first-quarter 1991 and it reduced overall GDP by 1.12 percentage points. Second-quarter spending fell 11.1%. Sales of homes have been sliding this year, leading builders to offer incentives in order to move property. Businesses slowed their inventory accumulation in the third quarter. Stockpiles rose by $50.7 billion. Companies had boosted stocks $53.7 billion in the second quarter. Analysts predicted lagging production of motor vehicles would lead to a weaker inventory number. The deceleration robbed GDP of 0.10 percentage point. Real final sales of domestic product, which is GDP less the change in private inventories, increased at a 1.7% annual rate in the third quarter. Second-quarter sales advanced by 2.1%. U.S. exports rose by 6.5%. Imports increased 7.8%. Second-quarter exports had gone up 6.2% and imports by 1.4%. Federal government spending increased 1.7%, after falling in the second quarter by 4.5%. State and local government outlays rose 2.1%, after going up by 4.0% in the second quarter. |
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