A strong performance from net trade lifted to its fastest rate since the third quarter of 2023. The key drivers remain high-income consumers and tech capex and that seems unlikely to change in 2026.
Net Trade Lifted US Growth Well Above Expectations
The delayed US third-quarter GDP report has come in at an eye-popping 4.3% annualised rate, a full percentage point above the consensus expectation. This was primarily due to a strong performance from net trade with exports rising 8.8% and imports falling 4.7%. This means that net trade contributed 1.6pp of the 4.3% headline growth rate. Other than that, grew a robust 3.5% versus the 2.7% rate expected. Non-residential fixed investment was a little softer at 2.8%, while residential investment fell 5.1% for a second consecutive quarter. Rounding it out, government spending grew 2.2% while inventories subtracted 0.22pp.
So a fantastic…
