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Macroeconomic outlook report: USA

Fourth quarter of 2017

During the fourth quarter of 2017, USA GDP recorded an acceleration of 0.28 p.p. in its y/y growth rate, with respect to the previous quarter, reaching the amount of 2.58%. This behavior was explained by the increase presented in the y/y growth rate of domestic demand, driven by consumption and government expenditure. In regards to the labor market, the unemployment rate went down to 4.10%. The inflation of the period was 2.13%, while the US dollar depreciated against the euro, registering an average exchange rate of 1.18 $/€ over the fourth quarter of the year.

Macroeconomic overview

  • The US economy continued its acceleration to a y/y growth rate of 2.58%, accelerating in 0.28 p.p. when compared to the previous quarter, continuing the upward trend started in 4Q17.
  • This growth was based on the behavior of domestic demand, which increased in 0.17 p.p., reaching a y/y growth of 2.61% during the quarter, driven by the accelerations registered by private and public consumption. Investments, for its part, experienced a reduced its growth from 4Q17, recording a y/y variation of 3.62%.
  • Regarding the labor market, the unemployment rate went down to 4.10%, 0.20 p.p. lower than the rate registered during the third quarter of 2017. The employment y/y growth rate decelerated by 0.19 p.p. when compared to the previous quarter, reaching a growth rate of 1.20%.
  • The nominal exchange rate continued the depreciation trend started in 2Q17, depreciating by 0.01 dollars per euro in 4Q17. Thus, the exchange rate stood at an average value of 1.18 $/€. Inflation stood at 2.13%, which is 0.17 p.p. higher than in the third quarter of 2017.

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