Monthly GDP Index from Macroeconomic Advisers by IHS Markit for October
Monthly GDP rose 0.3% in October following a 0.1% increase in September that was revised lower by 0.2 percentage point. The increase in October was accounted for by domestic final sales and inventory investment, with the former driven by a healthy gain in personal consumption expenditures. Net exports were little changed in October. The level of GDP in October was 1.5% above the third-quarter average at an annual rate. Implicit in our forecast of 2.5% GDP growth in the fourth quarter are increases in GDP over November and December that average 0.3% per month (not annualized).
Macroeconomic Advisers by IHS Markit's index of Monthly GDP (MGDP) is a monthly indicator of real aggregate output that is conceptually consistent with real Gross Domestic Product (GDP) in the National Income and Product Accounts. The Monthly GDP Index is consistent with the NIPAs for two reasons: first, MGDP is calculated using much of the same underlying monthly source data that is used in the calculation of GDP. Second, the method of aggregation to arrive at MGDP is similar to that for official GDP. Growth of MGDP at the monthly frequency is determined primarily by movements in the underlying monthly source data, and growth of MGDP at the quarterly frequency is nearly identical to growth of real GDP.
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