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Stronger USD may prolong U.S. export weakness

Friday, October 30, 2015 12:01 PM UTC

The United States' real GDP rose at a 1.5% annual rate in Q3 after a strong 3.9% pace in Q2 and a weak 0.6% in Q1. The year-over-year growth rate of real GDP fell to 2.0% in Q3 from 2.7% in Q2.

Inventories subtracted a significant 1.4% point from Q3 GDP growth following a neutral contribution in Q2. With such rapid inventory correction in Q3, it is unclear that the inventory drag will continue into Q4, says Nordea Bank.

Net exports' contribution to Q3 GDP growth was neutral after a 0.2% point addition to growth in Q2. In Q3 exports (+1.9%) slightly outpaced imports (+1.8%). Export weakness is likely to persist due to the stronger USD and weak foreign demand, states Nordea Bank.

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Stronger USD may prolong U.S. export weakness

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