GDP Growth

While real GDP grew at an impressive, annualized rate of 2.6% in 22Q3, the details were uninspiring. Net exports were the main growth driver, adding 2.77 points to GDP, government spending also helped adding 0.42 of a point. Inventories were less negative contracting by just 0.70. Most troublingly consumer spending at 70% of GDP added just 0.97, outside of 20Q1 and 20Q2, one of its weakest quarterly showings in years.