BEA News: Gross Domestic Product, Third Quarter 2021 (Second Estimate); Corporate Profits, Third Quarter 2021 (Preliminary Estimate)

November 24, 2021

The U.S. Bureau of Economic Analysis (BEA) has issued the following news release today:

Real gross domestic product (GDP) increased at an annual rate of 2.1 percent in the third quarter of 2021, following an increase of 6.7 percent in the second quarter. The increase was revised up 0.1 percentage point from the “advance” estimate released in October. The deceleration in real GDP in the third quarter was led by a slowdown in consumer spending. A resurgence of COVID-19 cases resulted in new restrictions and delays in the reopening of establishments in some parts of the country. In the third quarter, government assistance payments in the form of forgivable loans to businesses, grants to state and local governments, and social benefits to households all decreased.

Profits increased 4.3 percent at a quarterly rate in the third quarter after increasing 10.5 percent in the second quarter.

The full text of the release on BEA’s website can be found at: www.bea.gov/news/2021/gross-domestic-product-3rd-quarter-2021-second-estimate-corporate-profits-3rd-quarter

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