The Bureau of Economic Analysis (BEA) reported the advance estimate for third-quarter (Q3) 2019 gross domestic product (GDP) came in at 1.9%, slightly higher than the consensus forecast. Real GDP rose by 2.0% in Q2 2019.
Forecasts ranged from a low of 1.2% to a high of 2.0%. The consensus forecast was 1.7%.
The price index for gross domestic purchases rose 1.4% in the Q3 2019, compared with a gain of 2.2% in Q2. The PCE price index rose 1.5%, compared with an increase of 2.4%.
Excluding food and energy prices, the PCE price index gained 2.2%, compared with an increase of 1.9%.
Real consumer spending rose 2.9%, stronger than expected. Forecasts ranged from a low of 2.1% to a high of 2.8%. The consensus forecast was 2.6%.
Disposable personal income increased $181.7 billion, or 4.5% in Q3 2019, solid but slightly less than the gain of $192.6 billion, or 4.8% in Q2. Real disposable personal income rose 2.9%, compared with an increase of 2.4%.
Personal saving was $1.34 trillion in Q3 2019, slightly higher than the $1.32 trillion in Q2. The personal saving rate — defined as personal saving as a percentage of disposable personal income — was 8.1% in Q3 2019. That’s up slightly from 8.0% in Q2.
