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
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
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%.
Check out our
, at a low annual charge of €25