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Tuesday, November 12, 2019
HomeNewsEconomy3Q GDP: U.S. Economic Growth Revised Higher to 3.3%

3Q GDP: U.S. Economic Growth Revised Higher to 3.3%

Cargo containers sit idle at the Port of Los Angeles as a back-log of over 30 container ships sit anchored outside the Port in Los Angeles, California, February 18, 2015. (Photo: Reuters)
Cargo containers sit idle at the Port of Los Angeles as a back-log of over 30 container ships sit anchored outside the Port in Los Angeles, California, February 18, 2015. (Photo: Reuters)

Cargo containers sit idle at the Port of Los Angeles as a back-log of over 30 container ships sit anchored outside the Port in Los Angeles, California, February 18, 2015. (Photo: Reuters)

The Bureau of Economic Analysis (BEA) said the second estimate for third quarter (3Q) gross domestic product (GDP) was revised higher to 3.3%, up from the first estimate of 3.0%. Real gross domestic income (GDI) was also revised higher to 2.5% in the 3Q, up from 2.35 (revised) in the 2Q.

Interestingly, consumer spending was expected to be a greater net plus to the second estimate of GDP. While it rose by a healthy 2.3%, it was forecast to gain by 2.5%.

Meanwhile, corporate profits in the 3Q surged by 10% compared to the 7.4% gain in the 2Q.

Written by
Staff Writing Group

PPD Business, the economy-reporting arm of People's Pundit Daily, is "making sense of current events." We are a no-holds barred, news reporting pundit of, by, and for the people.

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