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NATIONAL ECONOMIC UPDATE Revised 3'd Quarter Gross Domestic Product estimate higher than originally reported • 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 2.6 percent in the third quarter of 2010, (that is, from the second quarter to the third quarter), according to the "third" estimate released by the Bureau of Economic Analysis. In the second quarter, real GDP increased at an annual rate of 1.7 percent. • Motor vehicle output added 0.49 percentage point to the third - quarter change in real GDP after subtracting 0.06 percentage point from the second - quarter change. Final sales of computers added 0.29 percentage point to the third- quarter change in real GDP after adding 0.03 percentage point to the second - quarter change. Manufacturer's Shipments, inventories and Orders • New orders for manufactured durable goods in November decreased $2.6 billion or 1.3 percent to $193.7 billion according to the U.S. Census Bureau. This decrease, down three of the last four months, followed a 3.1 percent October decrease. • Shipments of manufactured durable goods in November, also down three of the last four months, decreased $0.7 billion or 0.3 percent to $195.8 billion. This followed a 1.0 percent October decrease. • Inventories of manufactured durable goods in November, up eleven consecutive months, increased $1.9 billion or 0.6 percent to $319.1 billion. This followed a 0.6 percent October increase. Personal Income & Consumer Spending • Real disposable income increased 0.2 percent in November, the same increase as in October. Real personal consumption expenditures increased 0.3 percent in November, compared with an increase of 0.5 percent in October. Real disposable income and expenditures are adjusted for inflation to better reflect actual changes in income and spending. For comparison, nominal personal consumption expenditures increased $43.3 billion, or 0.4 percent. Housing • Single - family housing starts in November were at a rate of 465,000. This is 6.9 percent above the revised October figure of 435,000. Single- family building permits in November were 416,000, up 3.0 percent from the revised October figure of 404,000. • Sales of new single - family houses in November were at a seasonally adjusted annual rate of 290,000, according to estimates released jointly by the U.S. Census Bureau and the Department of Housing and Urban Development. This is 5.5 percent above the revised October rate of 275,000, but is 21.2 percent below the November 2009 estimate of 368,000. If you would like to be added to the distribution list please contact: Jared Wiener, Director of Economic Analysis, PRSP (jwiener @nccommerce.com, 715 -4199) Michael Haley, Policy Director, PRSP (mhaley @nccommerce.com, 715 -6373) Report Author: Derek Ramirez — Economist Additional Report Contributors: Anna Lea — Market Research Analyst Previous Monthly Overviews are available on Commerce's website by clicking here or at the link below: htm Policy, Research & Strategic Planning; December 2010 Report 1 -1 Page 629