On Wednesday October 30, 2019, the Commerce Department’s Bureau of Economic Analysis released third quarter preliminary GDP data. The annual rate of GDP growth came in at 1.9%, down from 2.0% in the June quarter and 3.0% in the first quarter. The 1.9% figure exceeded the consensus estimates of 1.6%. In the third quarter, consumer spending held up, but non-residential investment grew at a slower rate in the quarter compared to the first six months of the year.
As for prices, the GDP price index increased 1.4% in the third quarter, compared to an increase of 2.2% in the June quarter. Core inflation, excluding food and energy, increased 1.8%, the same rate as reflected in the June quarter.