Como se combate o populismo? "Com eleições", responde Fukuyama

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ECONOMIC REPORT: U.S. GDP revised up to 3.9%; Corporate profits decline 2.4% in third quarter
By Rex Nutting, CBS.MarketWatch.com
Last Update: 8:32 AM ET Nov. 30, 2004

WASHINGTON (CBS.MW) - The U.S. economy grew at a 3.9 percent annual rate in the third quarter, slightly faster than the 3.7 percent estimated a month ago, the Commerce Department reported Tuesday.

The revisions to real gross domestic product were largely due to higher exports, consumer spending and business investments, which were offset by lower inventory building.

In the third quarter, final sales of domestic product increased 4.9 percent, the best in a year, and nearly double the 2.5 percent in the second quarter.

Economists were predicting a revision to about 3.8 percent, according to a survey conducted by CBS MarketWatch. The government will estimate third-quarter growth one more time.

The economy grew at a 3.3 percent annual rate in the second quarter.

In the past year, the economy has grown 4 percent. Annualized GDP was $11.81 trillion in the third quarter in current dollar terms.

As in the first estimate a month ago, growth in the quarter was supported by consumer spending, especially on durable goods, and by business investments in equipment and software.

Inflation remained tame. The core personal consumption expenditure price index (which excludes food and energy costs) increased an unrevised 0.7 percent annualized in the quarter, the lowest core inflation in 42 years.

Even including energy, price inflation was moderate. The gross domestic purchases price index increased 1.8 percent

Meanwhile, before-tax corporate profits from current production fell 2.4 percent to $1.15 trillion annualized in the third quarter, the fastest decline in three years, bringing the year-over-year growth down to 8.4 percent, the slowest growth in 10 quarters.

Profits at domestic financial corporations fell by $46.7 billion annualized, while profits at nonfinancial corporations rose by $10.2 billion. Profits from foreign operations increased $8.8 billion.


GDP details

Consumer spending increased 5.1 percent, the most in nearly three years. Spending on durable goods advanced 17.2 percent, spending on nondurable goods increased 4.8 percent and spending on services increased 2.9 percent.

Disposable personal incomes increased an upwardly revised 2 percent, while the personal savings rate dropped to 0.5 percent, matching the lowest since the Great Depression.

Business investments increased 12.9 percent, including a 17.2 percent gain in equipment and software. Residential investments increased 1.7 percent.

Exports of U.S.-made goods and services increased 6.3 percent, the slowest increase in five quarters. Imports grew even slower, rising 6 percent.

Government spending increased 1.2 percent behind the 9.8 percent gain in defense spending. Nondefense federal spending fell 5.2 percent and state and local government spending fell 0.8 percent.

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8:30am 11/30/04 U.S. Q3 DISPOSABLE PERSONAL INCOMES UP 2%

8:30am 11/30/04 U.S. Q3 BEFORE-TAX CORPORATE PROFITS FALL 2.4%

8:30am 11/30/04 U.S. Q3 BUSINESS FIXED INVESTMENT 12.9% VS. 11.7%

8:30am 11/30/04 U.S. Q3 CONSUMER SPENDING REVISED 5.1% VS. 4.5%

8:30am 11/30/04 U.S. Q3 FINAL SALES REVISED TO 4.9% VS. 4.2%

8:30am 11/30/04 U.S. Q3 CORE PCE PRICE INDEX UNCHANGED AT 0.7%

8:30am 11/30/04 U.S. Q3 GDP REVISIONS IN LINE WITH EXPECTATIONS

8:30am 11/30/04 U.S. Q3 GDP REVISED TO 3.9% VS. 3.7% PREVIOUSLY