U.S. Real Gross Domestic Production rose at an annual rate of 33.1% in Q3 2020, above an estimated 31.0%, offsetting Q2 2020 declines of 31.4%, according to the Bureau of Economic Analysis press release. Personal consumption was 40.7%, exceeding expected 38.9%. An increase in Q3 GDP reflected the continuing reopening of the economy following COVID-19 restrictions.
- The Price Index for gross domestic purchases rose 3.4% in Q3, compared to a 1.4% decline in Q2.
- Imports rose 91.1% in Q3 compared to a 49.6% decline in Q2.
- Exports rose 59.7% in Q3 compared to a 64.4% decline in Q2.
- Residential fixed investment (housing) rose 59.3% in Q3 compared to a 29.2% decline in Q2.
- Non-residential fixed investment rose 28.8% in Q3 compared to 27.2% declines in Q2.
- Current-dollar personal income down $540.6 billion in Q3 compared to $1.45 trillion increase in Q2.
- Disposable personal income declined 13.2% or $636.7 billion in Q3 compared to a $1.60 trillion or 44.3% increase in Q2.
- Personal savings was $2.78 trillion in Q3, down from $4.71 trillion in Q2.
U.S. stocks are gaining. SPY is up 0.69%, QQQ: NASDAQ is up 1.40%, S&P 500 is up 0.82%
