Real gross domestic product expanded 1.3% at an annual rate in the third estimate for the Q2, the Commerce Department reported Thursday. The second-quarter GDP was revised up 0.3 percentage points from the second estimate in August, back to the same as the first estimate.
The principal reasons for the increase primarily reflected upward revisions to personal consumption, a downward revision to imports (a subtraction in the GDP calculation), and an upward revision to exports according to the report
Consumer spending rose 0.7%, up 0.3 percentage points from the previous estimate last month.
The Core PCE price index excluding food and energy was 2.3%.
Economists polled by Thomson Reuters expected GDP to be revised to 1.2 % and for the core PCE price index to be 2.2%, according to the median estimate
Exports rose 3.6%, making them half a percentage point higher than the August estimate.
Imports rose 1.4%, half a point lower than the previous estimate.
Business fixed investment rose 10.3% in the second quarter, revised up 0.4 points. Investment in structures was up 22.6% in the quarter, up 6.9 percentage points from the last estimate, and the biggest increase since a 24.3% jump in the Q3 of 2007.
Inventory investment was $39.1 billion dollars in the current quarter, down from $49.1 billion in the first quarter
Corporate profits in the second quarter, revised from August rose to $61.2 billion, or 3.3% from the previous quarter. That compares with a 3.0% estimate in the last report.
Government spending fell 0.9% with a 7.6% decline in federal non-defense spending and the continuing contraction of state and local spending, which fell 2.8%.
