Real gross domestic product – the output of goods and services produced by labor and property located in the United States –- increased at an annual rate of 1.8 percent in the third quarter of 2011 (that is, from the second quarter to the third quarter), according to the third estimate released by the Bureau of Economic Analysis. In the second quarter, real GDP increased 1.3 percent.
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The change in real private inventories subtracted 1.35 percentage points from the third-quarterchange in real GDP, after subtracting 0.28 percentage point from the second-quarter change. Private businesses decreased inventories $2.0 billion in the third quarter, following increases of $39.1 billion in the second quarter and $49.1 billion in the first.
The increase in real GDP in the third quarter primarily reflected positive contributions from nonresidential fixed investment, personal consumption expenditures (PCE), exports, and federal government spending that were partly offset by negative contributions from private inventory investment and state and local government spending. Imports, which are a subtraction in the calculation of GDP, increased.
The acceleration in real GDP in the third quarter primarily reflected accelerations in PCE, in nonresidential fixed investment, and in exports, and a smaller decrease in state and local government spending that were partly offset by a larger decrease in private inventory investment.
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