Real GDP growth picked up, rising 3.1 percent after rising 1.3 percent in the second quarter. Private inventory investment and federal government spending turned up, and residential investment picked up.
The current-account deficit decreased $10.6 billion to $107.5 billion as a result of a decrease in the deficit on goods. In the financial account, net financial inflows decreased $59.3 billion to $45.8 billion.
The bilateral current-account estimates of the United States and Canada are reconciled to show how the estimates would appear if both countries used the same definitions, methodologies, and data sources.
In the third quarter of 2012, state personal income growth slowed in 34 states, picked up in 11 states, and was unchanged in 5 states. In 2011, personal income increased in 3,062 of the 3,113 counties in the United States; growth ranged from 62.2 percent in King County, Texas, to –28.8 percent in Lynn, County, Texas.
A Preview of the Upcoming 2013 Comprehensive NIPA Revision. As part of this revision, improved methods will be used to measure financial services furnished by banks and other financial intermediaries without payment.