MA’s Monthly GDP Measure Flat in December

Monthly GDP was essentially flat in December on the heels of a sharp, 1.0% increase in November.  The December reading reflected positive contributions from domestic final sales (PCE and nonresidential fixed investment) and net exports that were essentially offset by a decline in nonfarm inventory investment from an unsustainable level in November.  The level of GDP in December was 1.4% above the fourth quarter average at an annual rate.  Implicit in our latest GDP tracking is a small decline in GDP in January followed by increases over February and March that average 0.2% per month (not annualized).

 

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