Il US gross domestic product in the second quarter was revised downwards to +2,0% from +2,5% of the preliminary estimate. Analysts had expected only a slight reduction in the preliminary figure of +2,3%. Despite everything, this is the best quarter of the year for GDP.
The data highlighted the growth of corporate profits which rose between July and September by 6,5% and by 2,5% compared to the second quarter. For US corporate profits, it's the third consecutive quarterly increase. Even if corporate accounts are healthy, the slow economic recovery does not seem sufficient to reduce the unemployment rate, equal to 9% in October. In the third quarter of the year, consumer spending grew by 2,3% while non-residential investment rose by 14,8%.
The downward revision of the preliminary estimate is mainly due to the lower output of the automotive and aeronautical sectors and others decline in stocks, decreased $8,5 billion in the third quarter after rising $39,1 billion in the second quarter of the year.
