FAST FIVE: Q3 GDP Unchanged At Record 33.1% In First Revision; Profits Soar 27.1%
While the overall change in GDP was unrevised from the advance estimate, upward revisions to business investment, housing investment, and exports were offset by downward revisions to state and local government spending, inventory investment, and consumer spending.
Specifically: Personal Consumption was revised modestly from 25.27% in the original estimate to 25.22% Fixed Investment rose from 4.96% to 5.23% The Change in Private Inventories dipped from 6.62% in the original estimate to 6.55% Net exports detracted -3.17% from GDP, modestly more than the -3.09% in the original estimate Government consumption subtracted -0.76% from the final number, up from -0.68% in the original estimate The BEA also calculated that profits increased a record 27.1% at a quarterly rate in the third quarter after decreasing 10.3% in the second quarter.
Corporate profits increased 3.3% in the third quarter from one year ago.
More details: Profits of domestic nonfinancial corporations increased 43.8 percent after decreasing 12.9 percent.
Profits from the rest of the world increased 10.3 percent after decreasing 18.9 percent.