According to this release from the Bureau of Economic Analysis:
Real gross domestic product -- the output of goods and services produced by labor and property located in the United States -- increased at an annual rate of 4.0 percent in the third quarter of 2004, according to revised estimates released by the Bureau of Economic Analysis. In the second quarter, real GDP increased 3.3 percent.
The GDP estimates released today are based on more complete source data than were available for the preliminary estimates issued last month. In the preliminary estimates, the increase in real GDP was 3.9 percent.
Although some more recent price statistics have not been so positive, the moderation in overall prices in the third quarter survived the BEA's revision.
The price index for gross domestic purchases, which measures prices paid by U.S. residents,increased 1.9 percent in the third quarter, 0.1 percentage point more than the preliminary estimate; this index increased 3.5 percent in the second quarter. Excluding food and energy prices, the price index for gross domestic purchases increased 1.7 percent in the third quarter, compared with an increase of 2.5percent in the second.
For those of you who like to complain about the weather, there was this on the economic effects of this fall's hurricanes:
In the third quarter of 2004, several income measures were affected by the hurricanes that struck the southeastern United States in August and September.Rental income of persons was reduced by the destruction of uninsured residential property.
- Nonfarm proprietors’ income was reduced by the destruction of uninsured business property.
- Corporate profits were reduced by the destruction of uninsured business property and by the increased expenses incurred by property and casualty insurance companies.
- Business current transfer payments (net) were reduced by a drop in net insurance settlements to the rest of the world because of payments under reinsurance policies that domestic insurers have with foreign insurance companies.