US GDP data for Q4 2022 was revised lower to 2.7% from initial reading 2.9%. The updated estimates primarily reflected a downward revision to consumer spending that was partly offset by an upward revision to nonresidential fixed investment. Imports were also revised up. The increase in real GDP in the fourth quarter reflected increases in private inventory investment, consumer spending, nonresidential fixed investment, federal government spending, and state and local government spending that were partly offset by decreases in residential fixed investment and exports. Considering full 2022, the GDP expanded 2.1%, unrevised from the advance estimate.
Simultaneously data from the labour market were released.
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Create account Try a demo Download mobile app Download mobile app• Jobless claims: 192k vs 200k expected (194k previously)
The latest figures remained close to the 9month low of 183,000 hit at the end of January, giving further evidence that the US labor market remains tight in part to reduced labor force participation. This could force employers to raise wages to attract and keep staff, adding to further inflationary pressure in the world's largest economy.
• Continuing Jobless Claims: 1654k vs 1700k expected (1696k previously)
The four-week moving average, which removes week-to-week volatility, rose by 1,500 to 191,250, however still remains below 200k. On a non-seasonally adjusted monthly basis, claims fell by 14,465 to 210,867. Source: Bloomberg via ZeroHedge
Meanwhile, the total number of Americans claiming some form of unemployment benefit rose to 1.941mm last week, hovering at one-year highs. Source: Bloomberg via ZeroHedge
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