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US Q3 GDP tracking 2.5% after August employment report

Friday, September 4, 2015 2:58 PM UTC

The details of this morning's August employment report showed that state and local government employment expanded 31k on the month, much stronger than we had been expecting. Along with prior months' revisions, the latest employment data show stronger employment gains, driven by local educational services. The BEA uses employment as source data in its current quarter estimates of state and local government consumption and investment.

" The stronger employment profile boosted our estimate of total government consumption and investment, bringing our Q3 GDP tracking estimate up one-tenth. to 2.5%",says Barclays.

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US Q3 GDP tracking 2.5% after August employment report

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