The report from the Bureau of Economic Analysis is here, showing Q3 2013 real GDP growing at a 3.6% clip.
1.68 points of the 3.6, however, represents building of massive inventories, meaning the underlying rate is 1.9%, down from last month's 2.0% after stripping out inventories. The first estimate of inventories had been off by 100%.
Falling demand from consumers in the third quarter was indicated as personal consumption expenditures (PCE) grew at a rate 0.4 lower, at 1.4% vs. 1.8% in the second quarter, a drop of 22%. In the first estimate PCE had been estimated at 1.5% in the third quarter. The decline confirms the ongoing weakness of the consumer economy.
