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Free AccessText: Commerce Dept Tech Note On 3Q US GDP - Third Release>
WASHINGTON (MNI) - The following is the text of a Bureau of
Economic Analysis technical note for the third release of third quarter
U.S. GDP released by the Commerce Department:
Sources of Revision to Real GDP
With the third estimate, real GDP increased 3.2 percent (annual
rate) in the third quarter of 2017, a downward revision of 0.1
percentage point from the second estimate. The downward revision to the
percent change in real GDP primarily reflected a downward revision to
consumer spending that was partly offset by an upward revision to state
and local government spending.
- The downward revision to consumer spending was more than
accounted for by a downward revision to services that was partly offset
by an upward revision to goods. The downward revision to services was
primarily in recreation services, based on newly available Quarterly
Services Survey (QSS) data from the Census Bureau, and in transportation
services, based on newly available air passenger revenue from the
Department of Transportation as well as newly available QSS data.
- The upward revision to state and local government spending was
primarily accounted for by an upward revision to structures, reflecting
revised Value of Construction Put in Place data for August and September
from the Census Bureau.
Gross Domestic Income and Corporate Profits
Real gross domestic income (GDI), which measures the output of the
economy as the costs incurred and the incomes earned in the production
of GDP, increased 2.0 percent in the third quarter, 0.5 percentage point
lower than the previous estimate.
Profits from current production increased $90.2 billion, or 4.3
percent (quarterly rate), in the third quarter. The downward revision of
$1.4 billion reflects revised Quarterly Financial Report data from the
Census Bureau and compilations of publicly available corporate financial
statements. Domestic profits of financial corporations increased $47.8
billion, domestic profits of nonfinancial corporations increased $10.4
billion, and rest-of-the-world profits increased $32.0 billion.
** MNI Washington Bureau (202) 371-2121 **
[TOPICS: M$U$$$]
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.