US real gross domestic product (GDP) grew at a seasonally adjusted annual rate of 3.9% in the third quarter, the Bureau of Economic Analysis said Tuesday. The agency had previously estimated the third quarter's growth rate at 3.5%.
Gains in the past two quarters represent the best six-month stretch of growth since late 2003 - GDP grew at a 4.6% pace in the second quarter, following a first-quarter contraction.
Third-quarter highlights: The increase in GDP in the third quarter reflectedthe following:
In contrast, inventory investment declined in the third quarter.
Revisions: The 0.4 percentage point upward revision to the GDP growth rate was more than accounted for by an upward revision to nonfarm inventory investment, notably in the wholesale trade and retail trade industries. Consumer spending on goods and business investment in equipment also were revised up. Partly offsetting these upward revisions, exports were revised down, and imports were revised up.
Over the last 12 months, corporate profits rose 0.4%.
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