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US Q3 GDP tracking unchanged at 2.4% after August CPI

 

The elements of the CPI used to deflate core retail sales in tracking of real PCE growth were slightly below expectations in August. Weaker PCE control group prices imply a slightly stronger rate of real consumption growth on the month.

"This boosted our tracking estimate of overall Q3 real consumption growth one-tenth, to 3.2%, but left our Q3 GDP tracking estimate unchanged at 2.4% after rounding", says Barclays.

 

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