GDP rises an unexpected 4.9 percent
The U.S. gross domestic product rose at an unexpectedly strong 4.9 percent rate last summer, a Commerce Department reported Thursday.
But, while the third quarter GDP was the strongest since the same period in 2003, earnings of companies came up flat, the Wall Street Journal said.
The new GDP reflected a revision up from a previously reported 3.9 percent increase. Higher inventories and exports were behind the government's revision.
Residential fixed investment, the GDP component that includes spending on housing, plunged by 19.7 percent in the third quarter, a slightly smaller drop than the earlier estimated 20.1.
The biggest component of GDP, consumer spending, increased 2.7 percent, below the previously estimated 3 percent climb. // Copyright 2007 by United Press International
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