US GDP Growth Slows in Third Quarter Amid Consumer Spending Revision

Income and Corporate Profits

There was an increase in current-dollar personal income, though slightly lower than previously estimated. Disposable personal income and personal saving also saw revisions. Corporate profits showed an overall increase, with nonfinancial corporations leading the gains.

Industry Contribution to GDP

Analysis of GDP by industry revealed significant contributions from private goods-producing industries, private services-producing industries, and the government sector. Key contributors included nondurable goods manufacturing and construction, with retail trade and information services also playing a significant role.

Short-Term Outlook: Moderate Growth

Considering these revisions and current economic conditions, the short-term outlook suggests continued, albeit moderate, economic growth. The focus now shifts to upcoming GDP releases for the fourth quarter of 2023 and the full year, which will provide further insights into the health of the U.S. economy.