We had the preliminary data 3 weeks ago, here. The data showed two consecutive quarters of negative growth … i.e. what we call a recession. brought on by a slow bounce back from the sales tax hike back on April 1.
Today it’s the “final” result for Q3... and its getting worse … the final result is below the preliminary.
GDP (seasonally adjusted), q/q: -0.5%
- expected -0.1%, preliminary -0.4%
GDP Annualized (seasonally adjusted), y/y: -1.9%
- expected -0.5%, prior -1.6%
GDP Nominal (seasonally adjusted), -0.9% q/q
- expected -0.5%, preliminary -0.8%
GDP Deflator y/y: 2.0%
- expected 2.1%, preliminary 2.1%
GDP private consumption +0.4% q/q
- expected is +0.4%, preliminary was +0.4%
GDP business spending -0.4% q/q
- expected is +0.9%, prelim was -0.2%
–
These are terrible figures.
Worse than the preliminary indications
Worse than expectations … the consensus expectation was the final data would not be as bad as the preliminary figures. Wrong.
Check out ‘business spending’ – notably worse than prelim also … but look at what was expected. That’s a huge negative surprise.
–
Yen gained a few tics on the release. I can’t see that sustaining.
–
The Akita is a Japanese dog. So is the Japanese economy.
