U.S. economic growth rebounded strongly over the summer, despite overseas financial turmoil, but profits at the nation's corporations fell sharply.
The gross domestic product, the sum of all goods and services produced within U.S. borders, surged at a robust 3.9 percent seasonally adjusted annual rate in the July-September quarter, the Commerce Department said Tuesday.
That was even better than the 3.3 percent originally estimated by the department. The deterioration in the nation's trade deficit was not as severe as first measured. Also, consumers purchased more trucks and used cars than originally counted.
However, in its first look at third-quarter profits, the department said after-tax earnings fell 1.8 percent to a seasonally adjusted annual rate of $473.2 billion.
Written by Dave Skidmore