Q3 GDP came in at a boomy 4.9%. The chart at the right breaks down the contributions by component. The primary drivers were inventories and personal consumption at 1.3% and 2.69%. The inventory rebuild is a volatile component, but the consumption figure is impressive and reflects the most important component of GDP. The US consumer has been remarkably resilient in the face of many different headwinds. But the market didn’t seem to like the data so much. Or rather, the market is looking beyond the data. The big GDP figure didn’t exactly surprise analysts. After all, the Atlanta Fed’s GDP Now forecast has been over 5% ... (full story)