US Macro Data: GDP Growth and Stable PCE Inflation

The US economy showed resilient growth in the third quarter, exceeding analysts' expectations. Macroeconomic data for September and October confirm stable inflationary processes alongside a simultaneous decline in the unemployment rate.

Inflation Remains Under Control

The core Personal Consumption Expenditures (PCE) index stood at 3.1% year-over-year, matching forecasts and slightly above the previous reading of 3.0%. The monthly growth rate of the core index also held steady at 0.3%.

The headline PCE index showed more pronounced dynamics: annual growth reached 3.6% against an expected 3.4%, while monthly growth was 0.5% compared to a forecast of 0.3%. These figures indicate that the Federal Reserve continues to monitor price pressures.

GDP Growth Outpaced Expectations

US Gross Domestic Product grew by 3.4% on a quarterly basis in the third quarter, surpassing the consensus forecast of 3.2% and significantly beating the preliminary estimate of 2.2%. This signals high adaptability of the economy to current conditions.

At the same time, the GDP deflator came in below expectations at 2.2%, versus a forecast of 3.2% and a preliminary estimate of 6.1%. Lower domestic price pressure amid production growth creates a favorable landscape for future regulator decisions.

Employment Remains Resilient

The labor market shows signs of cooling but remains strong. Initial jobless claims fell to 194 thousand, improving upon the forecast of 198 thousand and the preliminary estimate of 195 thousand.