- Real GDP grew 4.4% q/q saar in Q3 2025, up slightly from 4.3% previously reported.
- The modest upward revision was due mostly to slightly stronger nonresidential fixed investment, a larger increase in exports and a smaller decrease in inventories.
- Growth of domestic demand remained solid in Q3 but was revised down 0.1%-point.
- GDP and PCE inflation were unrevised at 3.8% and 2.8%, respectively. Both are meaningful accelerations from Q2.
Introducing
Sandy Batten
in:Our Authors
Sandy Batten has more than 30 years of experience analyzing industrial economies and financial markets and a wide range of experience across the financial services sector, government, and academia. Before joining Haver Analytics, Sandy was a Vice President and Senior Economist at Citibank; Senior Credit Market Analyst at CDC Investment Management, Managing Director at Bear Stearns, and Executive Director at JPMorgan. In 2008, Sandy was named the most accurate US forecaster by the National Association for Business Economics. He is a member of the New York Forecasters Club, NABE, and the American Economic Association. Prior to his time in the financial services sector, Sandy was a Research Officer at the Federal Reserve Bank of St. Louis, Senior Staff Economist on the President’s Council of Economic Advisors, Deputy Assistant Secretary for Economic Policy at the US Treasury, and Economist at the International Monetary Fund. Sandy has taught economics at St. Louis University, Denison University, and Muskingun College. He has published numerous peer-reviewed articles in a wide range of academic publications. He has a B.A. in economics from the University of Richmond and a M.A. and Ph.D. in economics from The Ohio State University.
Publications by Sandy Batten
USA| Jan 22 2026U.S. Q3 GDP Growth Revised Slightly Faster
by:Sandy Batten
|in:Economy in Brief
- Total construction spending fell 0.6% m/m in September but rebounded 0.5% m/m in October.
- Private construction spending slumped 0.9% m/m in September but rose 0.6% m/m in October.
- Private nonresidential construction fell for the fourth consecutive month while private residential construction posted a 1.3% m/m gain.
by:Sandy Batten
|in:Economy in Brief
USA| Jan 15 2026Philly Fed Manufacturing Activity Rebounds in January
- The headline index increased to 12.6 in January, the highest reading since September, from -8.8 in December.
- Both new orders and shipments increased in January.
- Delivery times lengthened while the pace of input price increases slowed.
- Employment decreased but remained in positive territory, indicating further gains in employment though at a slower pace.
by:Sandy Batten
|in:Economy in Brief
USA| Jan 14 2026U.S. Existing Home Sales Jumped 5.1% in December
- Existing home sales jumped a much larger-than-expected 5.1% m/m in December, the fourth consecutive monthly gain.
- Month-over-month sales increased in each of the four major areas.
- But year-over-year sales rose only in the South.
- For all of 2025, sales totaled 4.084 million, up slightly from 4.067 million in 2024.
by:Sandy Batten
|in:Economy in Brief
USA| Jan 08 2026U.S. Productivity Jumped in Q3; Unit Labor Costs Fell
- Nonfarm business output per hour rose 4.9% q/q SAAR in Q3 on top of an upward revision to Q2.
- Compensation increased 2.9% in Q3 resulting in a 1.9% quarterly decline in unit labor costs.
by:Sandy Batten
|in:Economy in Brief
- Today’s release contained figures for both October and November that had been delayed by the federal government shutdown.
- IP fell in October but recovered in November.
- Manufacturing output was tepid, falling in October and unchanged in November.
- A surge in utilities output in October prevented a larger decline in total production.
- A jump in mining output in November accounted for all of the increase in total production.
by:Sandy Batten
|in:Economy in Brief
- New orders for durable goods slumped 2.2% m/m in October following increases in both August and September
- A 24% monthly drop in aircraft orders drove the overall decline
- Orders excluding aircraft rose 0.2% m/m in October
- Core capital goods shipments and orders continued to rise in October with small upward revisions to September
by:Sandy Batten
|in:Economy in Brief
USA| Dec 19 2025U.S. Existing Home Sales Edged Up in November
- Existing home sales increased 0.5% m/m in November, the third consecutive monthly gain.
- Month-over-month sales increased in the Northeast and South, were unchanged in the West, and fell in the Midwest.
- Year-over-year sales were unchanged in the Northeast and South and decreased in the Midwest and West.
by:Sandy Batten
|in:Economy in Brief
USA| Dec 16 2025U.S. Employment and the Unemployment Rate Rose in November
- Total payrolls rose 64k in November but fell 105k in October
- The October decline was more than accounted for by a 157k decline in government employment
- The unemployment rate jumped to 4.6% in November from 4.4% in September.
- There were no household survey data collected for October.
by:Sandy Batten
|in:Economy in Brief
USA| Dec 03 2025U.S. Industrial Production Edged Up in September
- IP edged up 0.1% m/m in September with a downward revision to August.
- Manufacturing and mining production were unchanged.
- Utilities output rebounded 1.1% m/m.
- Capacity utilization unchanged.
by:Sandy Batten
|in:Economy in Brief
USA| Nov 26 2025U.S. Initial Unemployment Insurance Claims Fell in Latest Week
- Initial unemployment claims fell to 216,000, the lowest weekly figure since April.
- Continued claims edged up to 1.96 million, indicating that the unemployed are still having increasing difficulty finding a job.
by:Sandy Batten
|in:Economy in Brief
- The headline index increased to -1.7 in November from -12.8 in October. So, while activity fell further, the pace of decline slowed.
- Both new orders and shipments fell into negative territory in November after posting positive readings in October.
- Delivery times slowed and the pace of input price increases rose.
- Employment increased while the rise in the workweek slowed.
by:Sandy Batten
|in:Economy in Brief
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