US: Q3 GDP likely to have been affected negatively by the hurricanes – Danske Bank

Analysts at Danske Bank point out that we are due to get the first estimate of Q3 GDP growth today, which is likely to have been affected negatively by the hurricanes, making it more difficult to estimate.

Key Quotes

“While the Atlanta Fed's GDP indicator says growth was 2.7% q/q AR, the New York Fed's indicator says 1.7% q/q. Our estimate is 2.0% q/q AR. Even if we get a weak print, it should be temporary and it would not change our view that the US is in the middle of an expansion. Of interest is also the PCE core number where consensus is looking for 1.3% q/q AR growth, up from 0.9% in Q2.”