The US economy grew 2.6% y/y in Q4 2017 - ANZ

Analysts at ANZ explained that the US economy grew 2.6% y/y in Q4 2017. 

Key Quotes:

"The increase was slightly below consensus of 3%, but underlying details were reasonable."

"Consumption grew by 3.8% and fixed investment 6.8%, reflecting a turnaround in residential and mining investment and another double-digit gain in equipment investment."

"The weakness centred on inventories and net exports. Even though exports grew by a robust 6.9%, imports expanded by an even larger 13.9%, partly reflecting a catch-up after the hurricane disruptions."

"Durability of consumption growth will be questioned with spending continuing to outpace income growth pushing the saving rate to a decade low of just 2.6%."