The consensus (reported by MarketWatch) for Friday’s fourth quarter 2009 GDP report is 5.5%. It looks like inventory buildup did occur. I find this a little surprising given the weakness in the Manufacturing ISM data. The employment data was very strong, but the inventory numbers were not. From the ISM data alone, I would have predicted better inventory growth in Q1, not Q4.

This headline is a bit alarmist. 5.5% growth isn’t sustainable in the US, period. Of course the high growth numbers are a consequence of a rebound. That’s not news. The question isn’t whether or not crazy growth is sustainable, it is whether or not we fall below 2%. Sustaining that level means sustainable jobs growth. Dropping below that means more unemployment problems.

The Q3 results were revised almost -40% from the initial report to now. Let us hope that the same fate does not befall Q4 numbers.