Economic Update

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Growth

The third and final estimate of 3Q U.S. GDP growth dipped 0.1% from the prior estimate to 3.4% q/q saar, decelerating from the 4.2% pace in 2Q. The estimate was revised down due to weaker personal consumption expenditures (PCE) and exports, although inventories were revised up. Data reports postponed due to the government shutdown have started being released, with light vehicle sales for December ending strongly at 17.5 million, but faltering in January at 16.6 million.