|This email was sent to you by:|
Anonymous User |
Mortgage News Daily
Email alerts, such as this one, are a free service
provided by Mortgage News Daily. If you would like to receive an alert when important news breaks
please register to join our community
ECON: 3rd Quarter Final GDP Slightly Higher Than Preliminary Reading
Posted to: Micro News
Thursday, December 20, 2012 8:44 AM
Real gross domestic product -- the output of goods and services produced by labor and property
located in the United States -- increased at an annual rate of 3.1 percent in the third quarter of 2012 (that
is, from the second quarter to the third quarter), according to the "third" estimate released by the Bureau
of Economic Analysis. In the second quarter, real GDP increased 1.3 percent.
The GDP estimate released today is based on more complete source data than were available for
the "second" estimate issued last month. In the second estimate, the increase in real GDP was 2.7
percent (see "Revisions" on page 3). The third estimate has not greatly changed the general picture of
the economy for the third quarter except that personal consumption expenditures (PCE) is now showing
a modest pickup, and imports is now showing a downturn.
The increase in real GDP in the third quarter primarily reflected positive contributions from
PCE, private inventory investment, federal government spending, residential fixed investment, and
exports that were partly offset by a negative contribution from nonresidential fixed investment. Imports,
which are a subtraction in the calculation of GDP, decreased.
The acceleration in real GDP in the third quarter primarily reflected upturns in private inventory
investment and in federal government spending, a downturn in imports, an upturn in state and local
government spending, and an acceleration in residential fixed investment that were partly offset by a
downturn in nonresidential fixed investment and a deceleration in exports.
More from MND:
If you would like to opt-out of receiving email forwards from this person please click here to remove your email address.