Final Calculation: Third-Quarter U.S. GDP Grew 4%

By John S. McClenahen The economists at the U.S. Commerce Department's Bureau of Economic Analysis, working from more complete data, for their third and final time have calculated third-quarter GDP growth. And they got the same result they did their second time through: U.S. GDP grew at a 4% annual rate from July through September. That's nearly a percentage point higher than their initial estimate of 3.1% growth and nearly three percentage points higher than the 1.3% rate of growth during this year's second calendar quarter. Revised data show that corporate profits from current production -- profits adjusted for inventories and capital consumption -- decreased $14 billion in the third quarter, some $100 million less than first estimated. Internal funds available for investment, or current-production cash flow, decreased $12 billion in the third quarter.

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