GDP beat expectations, rising 2.0 percent versus 1.8 percent.
Personal consumption rose 2.0 percent, missing expectations of 2.1 percent.
Core PCE increased 1.3 percent, right in line with expectations.
Here are the key paragraphs:
Personal consumption rose 2.0 percent, missing expectations of 2.1 percent.
Core PCE increased 1.3 percent, right in line with expectations.
Here are the key paragraphs:
The increase in real GDP in the third
quarter primarily reflected positive contributions from personal
consumption expenditures (PCE), federal government spending, and
residential fixed investment that were partly offset by negative
contributions from exports, nonresidential fixed investment, and private
inventory investment. Imports, which are a subtraction in the
calculation of GDP, decreased.
The acceleration in real GDP in the third
quarter primarily reflected an upturn in federal government spending, a
downturn in imports, an acceleration in PCE, a smaller decrease in
private inventory investment, an acceleration in residential fixed
investment, and a smaller decrease in state and local government
spending that were partly offset by downturns in exports and in
nonresidential fixed investment.
Here is the full release:
Real gross domestic product -- the output
of goods and services produced by labor and property located in the
United States -- increased at an annual rate of 2.0 percent in the third
quarter of 2012 (that is, from the second quarter to the third
quarter), according to the "advance" estimate released by the Bureau of
Economic Analysis. In the second quarter, real GDP increased 1.3
percent.
The Bureau emphasized that the
third-quarter advance estimate released today is based on source data
that are incomplete or subject to further revision by the source agency
(see box below). The "second" estimate for the third quarter, based on
more complete data, will be released on November 29, 2012.
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