GDP Growth

By ridding GDP of components that are trendless and volatile, to get at the inflation-adjusted underlying growth of GDP, economists calculate real final sales to private domestic purchasers (RFSPDP). RFSPDP includes household spending and private residential and nonresidential construction. After Y-o-Y RFSPDP growth peaked at 16.2% in 21Q2, it’s fallen for six straight quarters and is now growing at just 0.9% Y-o-Y, a level almost always associated with recessions.