MW: U.S. Q3 GDP revised up to 2.5%, beating estimates
By Greg Robb
WASHINGTON (MarketWatch) - The U.S. economy expanded at a 2.5% annual rate in the third quarter, faster than the 2.0% rate estimated a month ago, the Commerce Department reported Tuesday. In the second quarter, real GDP increased 1.7%. The revisions to real gross domestic product in the third quarter were largely due to faster consumer spending and higher exports. Economists were predicting a revision to about 2.4%. The core personal consumption expenditure price index rose 0.8%, unrevised from initial estimates. U.S. corporations' profits rose 2.8% to $1.66 trillion annualized in the third quarter. For the year, corporate profits were up 27.8%. The government's profits data are adjusted for inventory valuations and capital consumption.
