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October 27, 2022US GDP 2022 Q3 (ADV. ESTIMATE) 
Today, the Bureau of Economic Analysis released the advanced estimate of Q3 2022 US Real Gross Domestic Product (GDP).
US real GDP was estimated to have grown 2.6% (seasonally adjusted annualized rate) in Q3 2022. US real GDP exceeded pre-pandemic (Q4 2019) levels by 4.2% in Q3 2022.
The increase in real GDP reflected in decreases in private inventory investment, and residential fixed investment, offset by falling imports as well as higher government spending, exports and household consumption.
Lower private inventory investment was led by decreased retail trade (general merchandise). The decline in residential investment was impacted by lower brokers' commissions, a signal of activity in resale market. Growth in federal government spenidg was primarily defense expenditure growth. Non-residential fixed investment was increased (+3.7%) with declines in structures and equipment offset by higher intellectual property products.
Personal consumption expenditures increased 1.4%. Consumption expenditures reflected increase in services that was led by health care. Goods consumption was down with declines in both durable and nondurable goods.
Exports were up in goods (led by industrial supplies and materials) and services (led by travel).
Current-dollar GDP increased 6.7% at an annualized rate, following on 8.5% reported in Q2 2022. The personal consumption expenditure price index increased 4.2% in Q3 from 7.3% in Q2 2022. Excluding food and energy prices, personal consumption expenditure prices increased 4.5% in Q3 2022 compared to a 4.7% increase in Q2.
Source: US Bureau of Economic Analysis, retrieved from FRED, Federal Reserve Bank of St. Louis
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