What Was Behind The Upward Revision In Q3 GDP? Not The Consumer.

Q3 is in the rearview mirror, yet it is important to call out bogus narratives. Let’s compare the key Q3 GDP components between this week’s 2nd Q3 GDP estimate and the BEA’s Advance Q3 estimate published in late October. Here’s the punchline: Government spending drove the upward revision. Consumer spending was revised downward.