So much for recession-mongering.
Real GDP growth was 1.9% in the third quarter, above the consensus forecast of 1.6%. The year-on-year rate of change slipped to 2.0% from 2.3% at mid-year.
Consumers dominated, as the net contribution from all other components was essentially zero.
Assuming no revisions, growth would need to be 1.6% in the fourth quarter to reach the Fed’s 2019 forecast (2.2%).
So, fear about an impending recession