Real US gross domestic product (GDP) increased at
an annualised 3.6% in the third quarter of 2013, according to the “second”
estimate released by the Bureau of Economic Analysis. The growth rate was 0.8
percentage point more than the “advance” estimate released the previous month.
In the second quarter, the growth rate was 2.5%.
GDP highlights: In the third quarter, inventory investment
picked up notably, accounting for nearly half of real GDP growth. In the second
quarter, inventory investment accounted for less than one-fifth of growth. GDP
less inventory investment (real final sales of domestic product) rose only 1.9%
in the third quarter, compared with 2.1% in the second quarter.
Also contributing to the stepup in real GDP growth, imports rose
less in the third quarter than in the second quarter. State and local government
spending picked up.
Offsetting these movements, exports, consumer spending, and
business investment each grew at a slower rate in the third quarter than in the
Revisions: The upward revision to third quarter GDP growth
was more than accounted for by an upward revision to inventory investment, which
reflected newly available Census Bureau data. Strong upward revisions to
wholesale trade, retail trade, and mining inventory investment accounted for
most of the revision.
Business investment was also revised up, mainly reflecting an upward revision
to equipment investment.
Corporate profits: Growth in BEA’s featured measure of
corporate profits slowed in the third quarter, increasing 1.8% after increasing
3.3% in the second quarter.
Profits of nonfinancial
corporations rose 1.1% after rising 3.2%.
financial corporations rose 1.9% after rising 5.7%.
Profits from the “rest of the
world” rose 4.1% after rising 1.2%.
Over the last 4 quarters, corporate profits rose 5.6%.
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