Real US GDP rises at annual rate of 4.9% in Q3 2023: BEA

In the second estimate, the increase in real GDP was 5.2 per cent.

The update primarily reflected a downward revision to consumer spending. Imports, which are a subtraction in the calculation of GDP, were revised down.

The increase in real GDP reflected increases in consumer spending, private inventory investment, exports, state and local government spending, federal government spending, residential fixed investment and non-residential fixed investment, BEA said in a release.

Compared to Q2, the acceleration in real GDP in Q3 primarily reflected an upturn in exports and accelerations in consumer spending and private inventory investment that were partly offset by a deceleration in non-residential fixed investment. Imports turned up.

Real gross domestic income (GDI) increased by 1.5 per cent in Q3 2023, the same as previously published.

The average of real GDP and real GDI, a supplemental measure of US economic activity that equally weights GDP and GDI, increased by 3.2 per cent in Q3 2023, a downward revision of 0.1 percentage point from the previous estimate.

Profits from current production increased by $108.7 billion in Q3 2023, an upward revision of $3 billion from the previous estimate.

ALCHEMPro News Desk (DS)