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US economic growth revised downward for Q3

The U.S. economy grew at an annual rate of 3.2% in the third quarter, down from the second estimate of 3.3%, the Bureau of Economic Analysis showed.

This lower figure nonetheless represents an increase from the 3.1% rate of expansion in the second quarter.

The new GDP estimate, according to the bureau, reflected upward revisions to the figure for personal consumption expenditures. The personal consumption expenditures price index rose 1.5% compared with a 0.3% increase in the second quarter. Excluding food and energy prices, the index was up 1.3%, compared with the 0.9% increase in the previous quarter.

In addition, stronger private inventory investment and nonresidential fixed investment along with increased exports and government spending on the federal, state and local levels helped fuel the expansion in the third quarter, the agency said. Imports decreased during the period, the bureau said.

Those positive results were partly offset by negative moves in residential fixed investment.

Profits from current production rose by $90.2 billion in the third quarter, compared with an increase of $14.4 billion in the second quarter.

Profits of domestic financial corporations grew $47.8 billion in the third quarter from a decrease of $33.8 billion in the second quarter. Profits of domestic nonfinancial corporations rose $10.4 billion, compared with an increase of $59.1 billion in the previous quarter.