Highlights of the final US Q4 2014 GDP data 27 March 2015

  • Prior estimate 2.2%. Q3 5.0%
  • Core PCE final 1.1% vs 1.1% exp. Prior 1.1%. Q3 1.4%
  • PCE final -0.4% vs -0.4% exp. Prior -0.4%
  • Personal consumption final 4.4% vs 4.4% exp. Prior 4.2% Q3 3.2%
  • Sales final 2.3% vs 2.2% exp. Prior 2.1%
  • Exports 4.5% vs 3.2% prior. Q3 4.5%
  • Imports 10.4% vs 10.1% prior. Q3 -0.9%
  • 2014 GDP 2.4%

Probably some mild disappointment that there wasn't a better revision and USD/JPY loses around 16 pips to 119.05

Consumer spending revised up is probably the highlight of the report but the news on corporate profits falling will net that off

Business Investment isn't giving the greatest signals either but there is an uptick in housing investment.

Overall that leaves 2014 at 2.4% growth and leaves some work to be done this year

Q4 2014 US GDP final q/q annualised