The second estimate of Q3 GDP saw growth revised up to 5.2% q/q from 4.9% q/q (annualised rate) as a small downward revision to consumption growth was more than offset by upward revisions to business investment. Estimates for Q3 corporate profits were also released, and they are estimated to have increased 3.3% q/q before tax in Q3 but over the year have fallen slightly (-0.7% y/y). As has been the case recently, there was a substantial gap between real GDI and GDP growth, even though (conceptually) the two measures should equal each other. Reported GDP growth looks high relative to business survey readings, but ... (full story)