GDP Print at 2.6% Is Largely From Inventory/Exports Anomaly

[Epoch-Times-Bot]

GDP Print at 2.6% Is Largely From Inventory/Exports Anomaly

NEW YORK—GDP printed at 2.6 percent Thursday morning, just slightly above the consensus estimate of 2.4 percent.  We had estimated the GDP to print at 2 percent, plus or minus  0.5 percent in our September jobs report.
As we predicted, the current positive report is largely attributable to a reversal of an anomaly with imports clearing the ports that we saw in 2022Q1 and Q2. That anomaly cleared in 2022Q3, so that net exports (NEX), which are a deduction from GDP became an addition to GDP because a reduction in imports caused the figure to go positive (subtracting a negative yields a positive.)
The Bureau of Economic Analysis (BEA) print turned the economy from a technical recession, which most analysts accept as the two consecutive quarters of negative growth we saw in 2022Q1 and Q2, into growth....

Source: GDP Print at 2.6% Is Largely From Inventory/Exports Anomaly

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