Beige Book Analysis
MSCI RCA Commercial Property Prices
Independent Landlord Rental Performance
Industrial Sector Woes
Existing Home Sales
• Real GDP increased by an annual rate of 2.6%% in Q3 2022, according to the advanced estimate released
by the Bureau of Economic Analysis (BEA). The increase follows two consecutive quarterly declines in Q1
and Q2, moderating some concerns that the US economy is already in recession.
• Increases in exports, consumer spending, government spending, and nonresidential fi xed investment
drove the climb in economic output. Meanwhile, private inventory investment and residential fi xed
investment declined during the quarter.
• Notably, the only GDP components that changed directionality from last quarter were nonresidential
fi xed investment and government spending. Both went from a drag on GDP in Q2 to a driver of GDP in
• The leading driver of increased exports was industrial supplies and materials, including petroleum
and other non-durables. Services also increased, mainly travel and fi nancial services. Within consumer
spending, an increase in healthcare expenditures was partially offset by a decline in motor vehicle and
food and beverage spending.
• Nonresidential fixed investment, which went from negative to positive quarter-over-quarter, was driven by
equipment spending and intellectual property products while partially offset by a decrease in structures.
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