GDP and the Economy: Third Estimates for the Third Quarter of 2011

摘要

REAL GROSS domestic product (GDP) increased at an annual rate of 1.8 percent in the third quarter of 2011, according to the third estimates of the national income and product accounts (chart 1 and table 1). The third estimate of real GDP growth was revised down 0.2 percentage point from the second estimate, primarily reflecting a downward revision to consumer spending that was partly offset by an upward revision to inventory investment (see page 3). In the second quarter of 2011, real GDP had increased 1.3 percent. Prices of goods and services purchased by U.S. residents, as measured by the gross domestic purchases price index, increased 2.0 percent in the third quarter, 0.1 percentage point more than in the second estimate; energy prices and food prices decelerated. Excluding food and energy, prices increased 1.8 percent. In the second quarter, gross domestic purchases prices increased 3.3 percent. Real disposable personal income (DPI) decreased 1.9 percent in the third quarter, 0.2 percentage point less of a decrease than in the second estimate; in the second quarter, real DPI decreased 0.5 percent. The larger third-quarter decrease primarily reflected a sharp deceleration in current-dollar DPI. The upward revision to current-dollar DPI primarily reflected an upward revision to personal income, which in turn reflected an upward revision to government social benefits to persons, specifically Medicaid payments. The personal saving rate, personal saving as a percentage of current-dollar DPI, was 3.9 percent in the third quarter, 0.1 percentage point more than in the second estimate. In the second quarter, it was 4.8 percent. Real gross domestic income rose 0.2 percent in the third quarter, the same rate as in the second quarter. Corporate profits increased $32.5 billion in the third quarter after increasing $61.2 billion in the second quarter (see page 4).