The 4Q 2017 final U.S. GDP estimate got a sizable positive +40bps revision to the headline with consimption and investment providing the upside:
- Headline GDP was revised +40bps to +2.9% QoQ SAAR (the third consequitive quarter of GDP near 3%).
- Year-over-year GDP was revised +10bps to +2.6%.
- Personal Consumption growth was revised higher by 20bps to 4.0% QoQ SAAR, with a +17bps increase (from a contribution persepective) from Services & Non-Durables.
- Most of the positive Investment juice came from the inventory side (contribution revised +17bps) while residential invetment was revised marginally lower and Non-Residential Investment was revised marginally higher.
- GDP Deflator and Core PCE Deflator were unchanged at 2.3% and 1.9%, respectively. .