Oh what a difference a day makes....
The BEA released it's revised Q3 2009 GDP today. Q3 GDP was revised downward to 2.8%.
The second estimate of the third-quarter increase in real GDP is 0.7 percentage point lower, or $23.7 billion, than the advance estimate issued last month, primarily reflecting an upward revision to imports and downward revisions to personal consumption expenditures and to nonresidential fixed investment that were partly offset by an upward revision to exports.
Think our trade deficit isn't a problem? Think again. So, we imported more stuff and people bought less. From the tables, imports jumped 20.8% in Q3 2009 and contributed a whopping -2.53 to overall GDP.
Q2 GDP stands at the revised -0.7%.
Here is the previous overview on Q3 2009 GDP.
The report also lists corporate profits and taxes.
Think Budget deficit and see the drop in corporate taxes:
Taxes on corporate income increased $6.7 billion in the third quarter, compared with an increase of $35.6 billion in the second.
Look at the profits of financial corporations in in comparison to the rest of U.S. companies:
Domestic profits of financial corporations increased $97.0 billion in the third quarter, compared with an increase of $28.5 billion in the second. Domestic profits of nonfinancial corporations increased $12.9 billion in the third quarter, compared with an increase of $29.8 billion in the second.