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Economy in Brief

2Q US GDP Growth Revised Higher
by Tom Moeller September 29, 2004

US real GDP growth last quarter was revised up to 3.3% as the estimated drag from foreign trade deficit erosion was lessened. Consensus expectations had been for an upward revision to just 3.0%.

Corporate profit growth was revised up to 2.9% (AR, 19.0% y/y). The earlier reported boom US nonfinancial corporate sector profit growth was revised higher to 26.2% (AR, 27.9% y/y). The rise in profits per unit of output was raised to 4.7% q/q (20.7% y/y).

Import growth was lowered slightly to 12.6% (10.7% y/y) and export growth was revised up slightly to 7.3% (AR, 10.8% y/y).

Inventory investment also was revised up slightly.

Growth in domestic final demand was little revised at 3.5%.

Prices grew the same 3.2% as estimated earlier.

Chained 2000$, % AR 2Q '04 (Revised) 2Q '04
(Prelim.)
1Q '04
(Final)
Y/Y 2003 2002 2001
GDP 3.3% 2.8% 4.5% 4.8% 3.0% 1.9% 0.8%
  Inventory Effect 0.8% 0.7% 1.2% 0.7% -0.1% 0.5% -0.8%
Final Sales 2.5% 2.1% 3.3% 4.1% 3.1% 1.4% 1.6%
  Trade Effect -1.1% -1.4% -0.8% -0.3% -0.3% -0.7% -0.2%
Domestic Final Demand 3.5% 3.4% 3.9% 4.4% 3.4% 2.1% 1.8%
Chained GDP Price Index 3.2% 3.2% 2.8% 2.3% 1.8% 1.7% 2.4%
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