Today's Q3 GDP revision
Today's Q3 GDP revision implies a Q3 productivity growth boost to 3.3% from 3.0%, after a Q2 rate of 1.5%, with output growth of a revised 4.1% (was 3.8%) in Q3 after a 3.9% Q2 pace. Analysts expect Q3 hourly compensation growth of a revised 3.2% (was 3.5%) after a downwardly-revised 0.7% (was 1.8%) rate in Q2. The mix should leave a -0.1% (was 0.5%) Q3 unit labor cost figure after a -0.8% (was 0.3%) Q2 pace. Analysts expect unrevised hours-worked growth of 0.8% in Q3 after a 2.4% Q2 clip. Analysts expect personal income growth of just 3.2% in Q4 as income is pushed into 2018 from 2017 in anticipation of tax cuts, as seen last year, following rates of 2.8% in Q3 and a revised 2.3% (was 3.0%) in Q2. Disposable income should grow at a 3.0% in Q4 after rates of 2.0% (was 2.1%) in Q3 and 3.0% (was 3.6%) in Q2. The savings rate should fall to a cycle-low 2.8% in Q4 from 3.3% (was 3.4%) in Q3 and 3.7% (was 3.8%) in Q2, versus a prior cycle-low 3.6% in Q4 of last year. Analysts saw a 3-year high of 6.2% back in Q2 of 2015.