GDP (Q3)

Despite earlier fears that the US economy was headed for recession, growth continued to out-perform other DMs. Third-quarter GDP growth came in at a solid 2.8% annualised, down only trivially from the 3.0% pace in the second quarter. Admittedly, we were looking for a 3.5% gain when we previewed the data last week, but most estimates would have been pulled down by roughly 0.5% points yesterday,  following the release of the September advance economic indicators that showed a big pre-port strike surge in goods imports.