by Calculated Risk on 1/30/2020 08:34:00 AM

From the BEA: Gross Domestic Product, Fourth Quarter and Year 2019 (Advance Estimate)

Real gross domestic product (GDP) increased at an annual rate of 2.1 percent in the fourth quarter of 2019, according to the "advance" estimate released by the Bureau of Economic Analysis. In the third quarter, real GDP increased 2.1 percent. ...

The increase in real GDP in the fourth quarter reflected positive contributions from personal consumption expenditures (PCE), federal government spending, state and local government spending, residential fixed investment, and exports, that were partly offset by negative contributions from private inventory investment and nonresidential fixed investment. Imports, which are a subtraction in the calculation of GDP, decreased.

Real GDP growth in the fourth quarter was the same as that in the third. In the fourth quarter, a downturn in imports, an acceleration in government spending, and a smaller decrease in nonresidential investment were offset by a larger decrease in private inventory investment and a slowdown in PCE.
emphasis added

The advance Q4 GDP report, with 2.1% annualized growth, was at expectations.

Personal consumption expenditures (PCE) increased at 1.8% annualized rate in Q4, down from 3.2% in Q3.  Residential investment (RI) increased at a 5.8% rate in Q4. Equipment investment decreased at a 2.9% annualized rate, and investment in non-residential structures decreased at a 10.1% pace.

I'll have more later ...