Real Domestic Gross Product up 2% in third Quarter

According to the 8:30 A.M. November 23 rd release by the Bureau of Economic Analysis (BEA), real gross domestic product was up 2% in the third quarter of 2012, for that 3 month period.

The bureau further reported that increase in real GDP in the third Quarter primarily reflected contributions from (PCE), Personal Consumption Expenditures, federal government spending, as well as residential fixed investment that were partly offset by negative contributions from exports, non residential fixed investment, and private inventory investment.

Real federal government expenditure(s) as well as gross investment increased 9.6 percent 3rd Quarter, in comparison to a decrease of 0.2 percent in the second.  National defense increased 13.0 percent, in contrast to a decrease of 0.2 percent.  Nondefense increased 3.0 percent, in contrast to a decrease of 0.4 percent.  Real state and local government consumption expenditures and gross investment decreased 0.1%, compared with a decrease of 1.0%

Real nonresidential fixed investment went down1.3% in the third quarter, in contrast to an increase of 3.6 percent in the second.  Nonresidential structures decreased 4.4 percent, in contrast to an increase of 0.6 percent.  Equipment and software decreased less than 0.1 percent, in contrast to an increase of 4.8 percent.  Real residential fixed investment increased 14.4 percent, compared with an increase of 8.5 percent.

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