US GDP report mediocre considering trade, inventories
Despite crushing estimates with 3% rise, growth was less impressive than headlines suggest
Stripped of the inventory and net export components, the 3rd quarter preliminary GDP report shows the US economy growing at around 2%, the average of the past four quarters.
The trade and inventory components showed their biggest contribution to GDP since 2014. Consumption expenditures fell and investment grew modestly. In a nutshell, there is no observable Trump effect yet.