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News : US Economy Last Updated: Dec 20, 2013 - 4:40 PM

US Q3 GDP revised up to annualised 4.1% growth rate
By Finfacts Team
Dec 20, 2013 - 1:37 PM

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Real US gross domestic product -- the output of goods and services produced by labor and property located in the United States -- increased at an annualised rate of 4.1% in the third quarter of 2013 (that is, from the second quarter to the third quarter), according to the "third" GDP estimate released by the Bureau of Economic Analysis. In the second quarter, real GDP increased 2.5%.

GDP highlights: Inventory investment accelerated in the third quarter, accounting for about 40% of real GDP growth, compared with about 15% in the second quarter.

GDP less inventory investment (real final sales of domestic product) rose 2.5% in the third quarter, compared with 2.1% in the second quarter.

Also contributing to the acceleration in growth, imports rose less in the third quarter than in the second quarter. Spending by state and local governments and by consumers accelerated.

Revisions: The upward revision to third-quarter GDP growth was largely accounted for by a revision to consumer spending - - to 2.0% growth (third estimate), up from 1.4% (second estimate). That revision mainly reflected an upward revision to services, especially to health care and to recreation services. Consumer spending on nondurable goods was also revised up, mainly gasoline and other energy goods.

In addition, business investment was revised up, mainly in intellectual property products, specifically software. Partially offsetting the upward revisions, residential investment was revised down.

Corporate profits: The revised estimate of third-quarter corporate profits was little changed from the previous estimate.

  • Profits increased 1.9% after increasing 3.3% in the second quarter.

  • Profits of nonfinancial corporations rose 1.0% after rising 3.2%.

  • Profits of financial corporations rose 2.1% after rising 5.7%.

  • Profits from the “rest of the world” rose 4.1% after rising 1.2%.

Over the last 4 quarters, profits rose 5.7%.

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