Economic Update: GDP, Fed Holds Interest Rates, Stock Market Volatility, and more!

SVN Miller Economic Update

We invite you to review SVN’s latest economic update providing information on Inflation, Jobs Report, Construction Spending, and more!


1. GDP
• Real GDP, which measures inflation-adjusted economic growth, increased at an annualized rate of
6.9% in Q4 2021, according to the advanced estimate released by the Bureau of Economic Analysis on
January 27th. Q4’s reading is 4.6% above the Q3 2021 estimate.
• According to the bureau, the increase in growth during Q4 is largely contributed to increases in private
investment, exports, and consumption. Government spending decreased during the quarter, while
imports, which have a negative effect on GDP numbers, increased.
• Retail and wholesale trade industries led private inventory investment, with motor vehicle retailers
leading the pack. Both goods exports and service exports increased over the quarter. Within goods
exports, consumer goods, industrial supplies, and materials, as well as food and beverage, led the
increase. Service exports were led by increases in foreign travel expenditures.
• Healthcare, recreation, and transportation services led an increase in consumption, a notable trend given
the relative growth of goods-consumption over service-consumption throughout much of the pandemic.
• Non-residential fixed investment also increased in Q4, led by an increase in intellectual property


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