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U.S. economic output up in third quarter.

Economic growth in the United States picked up slightly in the third quarter of 2010.

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 2.5 percent from the second to the third quarter of 2010, according to the "second" estimate released by the federal Bureau of Economic Analysis.

In the second quarter, real GDP increased 1.7 percent.

The GDP estimates released Nov. 23, were slightly higher than private-sector expectations of 2.4 percent, and were based on more complete source data than was available for the advance estimate issued last month. In that estimate, the increase in real GDP was 2.0 percent.

"The upward revision to third quarter GDP growth arose from a series of economic reports released over the past month that exceeded expectations, including net foreign trade and business spending for equipment and software" said U.S. Commerce Department Under Secretary for Economic Affairs Rebecca Blank. "Looking ahead, many private forecasters expect economic growth to pick up further."

Specifically, the increase in real GDP in the third quarter primarily reflected positive contributions from personal consumption expenditures, private inventory investment, nonresidential fixed investment, exports, and federal government spending that were partly offset by a negative contribution from residential fixed investment. Imports, which are a subtraction in the calculation of GDP, increased.

The acceleration in real GDP in the third quarter also primarily reflected a sharp deceleration in imports and accelerations in private inventory investment and in personal consumption expenditures that were partly offset by a downturn in residential fixed investment and decelerations in nonresidential fixed investment and in exports.

For the full report, visit http://pnw. cc/4kk, or the Bureau of Economic Analysis website at www.bea.gov.
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Title Annotation:WBJ GOV'T: Keeping track of 'the other Washington'
Publication:Wenatchee Business Journal
Date:Dec 1, 2010
Words:298
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