Q3 keeps looking weaker. The original estimate of Q3 GDP growth came in at a healthy 3.5% annual pace. The second estimate was a respectable 2.8%. And this morning, the Bureau of Economic Analysis released its third estimate: an underwhelming 2.2%.

Growth of 2.2% is, of course, much better than the sharp declines in the previous four quarters. But it is still a disappointment.

As usual, I think a useful way to summarize the drivers of Q3 growth is to look at the contributions:

If you compare these figures to those in the BEA’s second estimate, you will see that the latest revision was spread across several categories. Consumers, housing, equipment and software, structures, and inventories were all revised slightly downward.

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