US GDP grew 33.1% annualized in Q3, according to the second estimate, comparing to Q2’s -31.4% annualized contraction. With the second estimate, upward revisions to nonresidential fixed investment, residential investment, and exports were offset by downward revisions to state and local government spending, private inventory investment, and personal consumption expenditures (PCE). Imports, which are a subtraction in the calculation of GDP, were revised up.
