Growing inventories, strong federal spending, and strong exports contributed to the third-quarter’s upward revision.
The increase in private inventories had the largest impact in the upward revision, contributing .77% to the growth against an initial estimate by the government of -.1%.
Consumer spending was revised down to 1.4%. But an increase in corporate profits was also included in the November 29 report.
Profits from current production were up 8.7% from a year ago and after-tax profits that were unadjusted for inventories and capital consumption increased 18.6% from the previous year.
The weekly employment report saw unemployment claims decrease by 23,000 to a seasonally adjusted 393,000 during the week ending November 24.

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