WASHINGTON — The government left untouched its estimate for economic growth during last summer, saying the pace was the strongest in four years even though housing fared worse than earlier thought.
Gross domestic product rose at an unrevised 4.9% annual rate July through September, quicker than its solid, 3.8% performance in the second quarter, the Commerce Department said Thursday.
GDP is a measure of all goods and services produced in the economy. A month ago, Commerce estimated third-quarter GDP at 4.9%.
The 4.9% run marked the fastest quarterly pace since 7.5% in third-quarter 2003. But GDP growth in the current, October-December is seen sharply lower; the first estimate for fourth-quarter GDP comes out Jan. 30.
The median estimate of 13 economists surveyed by Dow Jones Newswires was a 5.0% increase in the third quarter of 2007.
Corporate profits after taxes were also unrevised for the third quarter. The data showed profits were unchanged, at $1.153 trillion, from the second quarter. Profits in the second quarter increased 5.2%. Year-to-year, profits rose 2.7% since the third quarter of 2006.