MW: U.S. Q3 GDP down 0.5%, unrevised and as expected
WASHINGTON (MarketWatch) - U.S. real gross domestic product for the third quarter fell at a 0.5% annualized rate, unrevised from the previous estimate, the Commerce Department said Tuesday. The report was in line with economists' expectations. A key measure of inflation was revised down slightly. Core prices increased 2.4% down from 2.6% reported earlier. Pre-tax corporate profits declined a revised 1.2% quarter-to-quarter, compared with a 1.0% drop previously estimated. Economists are very concerned about the near-term growth outlook. Forecasts for growth in the current quarter are declining daily and are now centered at a drop exceeding a 6% annual rate. The first quarter of next year is also expected to be very weak.
