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U.S. Economic Growth Slows as Corporate Profits Sag
America’s real gross domestic product expanded 2.0% in the third quarter, down from 3.9% in the second quarter and 0.1 point lower than previously estimated, according to the U.S. Dept. of Commerce.
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America’s real gross domestic product expanded 2.0% in the third quarter, down from 3.9% in the second quarter and 0.1 point lower than previously estimated, according to the U.S. Dept. of Commerce.
The department’s Bureau of Economic Analysis blames the deceleration on downturns in consumer spending, exports, state and local government spending and fixed investment by business.
BEA says real gross domestic purchases—purchases of goods and service regardless of where they were produced—grew 2.2% in July-September compared with 3.6% in the previous three-month period.
Corporate profits from current production, which climbed $70 billion in April-June, shrank by $33 billion in the third quarter, according to the bureau. BEA attributes the decline to a slowdown in the output of durable goods, including vehicles, during the period.
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