GDP Growth Revised Up to 2.2% in 3Q 2006; Corporate Profits Jump 30.9%

The U.S. economy grew at an annual rate of 2.2% in the third quarter, compared with 2.6% in the second quarter, according to the "preliminary" estimates released by the Bureau of Economic Analysis. The third-quarter growth rate was revised up 0.6 percentage point from the "advance" estimates released in October. 

The price index for gross domestic purchases, which measures prices paid by U.S. residents, increased 2.1 percent in the third quarter, 0.1 percentage point more than in the advance estimate; this index increased 4.0 percent in the second quarter. Excluding food and energy prices, the price index for gross domestic purchases increased 2.0 percent in the third quarter, compared with 2.9 percent in the second.

Real personal consumption expenditures increased 2.9% in the third quarter, compared with an increase of 2.6% in the second. Real nonresidential fixed investment increased 10.0%, compared with an increase of 4.4%. Nonresidential structures increased 16.7 percent, compared with an increase of 20.3 percent. Equipment and software increased 7.2 percent, in contrast to a decrease of 1.4 percent. Real residential fixed investment decreased 18.0 percent, compared with a decrease of 11.1 percent.

Real exports of goods and services increased 6.3 percent in the third quarter, compared with an increase of 6.2 percent in the second. Real imports of goods and services increased 5.3 percent, compared with an increase of 1.4 percent.

Current-dollar GDP -- the market value of the nation's output of goods and services -- increased 4.0%, or $129.8 billion, in the third quarter to a level of $13,327.1 billion. In the second quarter, current-dollar GDP increased 5.9%, or $188.9 billion.

corporate profits

Third-quarter corporate profits increased 30.9% from the same quarter a year ago. Corporate profits increased $66.2 billion in the third quarter, compared with an increase of $22.7 billion in the second quarter. 

Taxes on corporate income increased $15.0 billion in the third quarter, compared with an increase of $19.2 billion in the second.

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