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Tuesday, November 24, 2009

Q3 GDP Revised Down to 2.8%

by Calculated Risk on 11/24/2009 08:30:00 AM

From the BEA:

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 2.8 percent in the third quarter of 2009, (that is, from the second quarter to the third quarter), according to the "second" estimate released by the Bureau of Economic Analysis.
The second estimate of the third-quarter increase in real GDP is 0.7 percentage point lower, or $23.7 billion, than the advance estimate issued last month, primarily reflecting an upward revision to imports and downward revisions to personal consumption expenditures and to nonresidential fixed investment that were partly offset by an upward revision to exports.
Personal consumption expenditures (PCE) were revised down to 2.9% from 3.4%. And investment in nonresidential structures was revised down to -15.1% from -9.0%.