Q3 GDP Beats At 2.9% On Rise In Inventory, Exports; Weak Consumption And Investment Below Surface

``The move higher was driven by a jump in inventory accumulation and exports, while consumption disappointed, as Real Consumer Spending rose 2.1% Q/Q, far below the 4.3% spike in Q2 and missing estimates of a 2.6% print.... personal consumption which was a major outlier in Q2, contracted notably, and rose by just 1.47% in Q3, down nearly by half from 2.88% in Q2... the bleak capex picture remains, as Fixed Investment in the US has now declined for a fourth consecutive quarter, subtracting 0.1% from Q3 GDP... The increase in real GDP partly reflected an increase in consumer spending on services, notably on housing and utilities and on health care, i.e., the tax known as Obamacare boosted the economy again.''