U.S. Gross Domestic Product (GDP) rose at an annual rate of 33.1% in Q3 2020, up from a negative rate of 31.4% in Q2, according to the Bureau of Economic Analysis press release. The GDP output increase reflected efforts to reopen businesses and resumption of activities previously restricted due to COVID-19.
- Current dollar GDP rose by 38.0% at an annual rate of $1.64 trillion in Q3 to a level of $21.16 trillion.
- The price index for gross domestic purchases rose 3.3%, relative to a fall of 1.4% in Q2.
- The PCE price index rose 3.7%, relative to a fall of 1.6% in Q2.
- Real gross domestic income (GDI) rose 25.5%, relative to a fall of 32.6% in Q2.
- The average of real GDP and real GDI rose 29.2%, relative to a decline of 32.0% in Q2.
- Profits from current production, corporate profits with inventory valuation, and capital consumption adjustments rose by $495.3 billion relative to a fall of $208.9 billion in Q2.
- Profits of domestic financial corporations rose by $24.5 billion, relative to a decline of $26.5 billion in Q2.
- Profits of domestic nonfinancial corporations rose by $431.2 billion, relative to a decline of $145.9 billion in Q2.
- Rest-of-the-world profits rose by $39.6 billion, relative to a fall of $89.5 billion in Q2.
- Rest-of-the-world receipts increased by $97.5 billion, while payments increased by $57.9 billion from Q2.
U.S. stocks and the dollar are currently declining. SPY is down 0.25%, EURUSD is up 0.12%