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Q3 GDP Growth Revised Upward to 3.1%

December 20 2012

U.S. real gross domestic product rose at an annual rate of 3.1 percent in the third quarter of 2012, according to the third estimate released today by the U.S. Bureau of Economic Analysis. The third estimate is above the previously released second estimate of 2.7 percent growth. In the second quarter, real GDP grew 1.3 percent.

The increase is greater than expected. Reuters reported economists expected growth to be revised up to only 2.8 percent.

Growth in the staffing industry is strongly correlated with GDP growth, according to research from Staffing Industry Analysts.

However, The Conference Board reports the economy is expected to remain weak in the near term.

The Conference Board’s U.S. leading economic index, released today, slipped 0.2 percent in November to a reading of 95.8 (2004 = 100). This follows a 0.3 percent increase in October, and a 0.4 percent increase in September. The decline brings the index’s six-month growth rate to zero.

“The indicators reflect an economy that remains weak in the face of strong domestic and international headwinds, as it faces a looming fiscal cliff,” said Ken Goldstein, economist at The Conference Board. “Growth will likely be slow through the early months of 2013.”

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