-Real gross national product (GNP) increased 1.8 percent, compared with a 2.3-percent increase. Nondurable-goods spending accelerated, as clothing and shoes turned up.
Imports accelerated. Petroleum and products and “nonpetroleum industrial supplies and materials” turned up; nonautomotive consumer goods accelerated. Imports of services turned down.Industry profits with inventory valuation adjustment increased $63.2 billion, or 3.6 percent at a quarterly rate. This increase is larger than the increase in profits from current production ($61.5 billion) because it excludes the capital consumption adjustment, which decreased $1.6 billion.
Profits of domestic financial industries turned down, decreasing $8.1 billion, or 1.6 percent. Profits of domestic nonfinancial industries turned up, increasing $76.5 billion, or 7.6 percent. Profits of manufacturing industries turned up, increasing $42.0 billion, or 14.5 percent, reflecting an upturn in durable-goods manufacturing.
Profits of wholesale trade industries turned up, increasing $26.8 billion, or 27.2 percent. Profits of retail trade industries turned up, increasing $10.1 billion, or 8.3 percent. Profits from the rest of the world turned down, decreasing $5.3 billion, or 2.2 percent.
Economic Analysis Department, USA
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