It was quickly realized that the 3.5% annualized growth for the third quarter was too high an estimate. As the data, particularly the trade deficit data, flowed in, it was revised down to 2.8%. Now everything except the trade deficit has been revised down, bringing the Q3 GDP number to 2.2%. While 3.5% was better than expectations, 2.2% is significantly worse. Fortunately, it’s almost time for the Q4 numbers (coming out January 29).
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