Key Gauges of US Economy Paint Mixed Third-Quarter Picture

GDP rose revised 2.9%, while GDI climbed a more moderate 0.3%
Corporate profits shrank for the first time since end of 2020

OAKLAND, CALIFORNIA - NOVEMBER 02: In an aerial view, cranes sit idle as a container ship sits docked at the Port of Oakland on November 02, 2022 in Oakland, California. Longshoremen at the Port of Oakland walked off the job and shuttered the port as contract negotiations stall. Longshoremen at the port have been working without a contract since July asking for improved pay and benefits after working nonstop through the COVID-19 pandemic. (Photo by Justin Sullivan/Getty Images)Photographer: Justin Sullivan/Getty Images North America

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By Reade Pickert

November 30, 2022 at 1:32 PM UTC

Updated on

November 30, 2022 at 2:05 PM UTC

This article is for subscribers only.

The government’s primary measures of US third-quarter economic activity painted a mixed picture of the economy’s momentum after a lackluster first half of the year.

Inflation-adjusted gross domestic product, or the total value of all goods and services produced in the economy, increased at a 2.9% annualized rate during the period, Commerce Department data showed Wednesday. That reflected upward revisions to consumer and business spending, and compares with a previously reported 2.6% advance.