US DATA: Q3 GDP +2.5%, as expected, with a more……

US DATA: Q3 GDP +2.5%, as expected, with a more favorable composition
for future growth as real final sales rev to +1.2%. Consumption (more
in gasoline & used cars), exports and S&L govt spending were rev up, but
inventories down. Corp profits +2.8% from current prodn after +3.0% Q2;
pre-tax profits +$76.3b as fin’l turns positive and nonfin’l +$17.6b.
Q2 wages rev up +$46.3b to incl irregular pay such as stock and bonus.
GDP Components: Q4:09 Q1 Q2 Q3 Adv Q3 Rev
Real growth +5.0% +3.7% +1.7% +2.0% +2.5%
Real final sales +2.1 +1.1 +0.9 +0.6 +1.2
PCE +0.9 +1.9 +2.2 +2.6 +2.8
Nonres fixed invest -1.4 +7.8 +17.2 +9.7 +10.3
Res fixed invest -0.8 -12.3 +25.7 -29.1 -27.5
Net Exports Contrib add 1.90 cut 0.31 cut 3.50 cut 2.01 cut 1.76
Inventory Contrib add 2.83 add 2.64 add 0.82 add 1.44 add 1.30