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2017-07-31 14:25:00

U.S. GDP UP 2.6%

U.S. GDP UP 2.6%

BEA - Real gross domestic product increased at an annual rate of 2.6 percent in the second quarter of 2017,  according to the "advance" estimate released by the Bureau of Economic Analysis. In the first quarter, real GDP increased 1.2 percent.

The Bureau emphasized that the second-quarter advance estimate released today is based on source data that are incomplete or subject to further revision by the source agency. The "second" estimate for the second quarter, based on more complete data, will be released on August 30, 2017. 

The increase in real GDP in the second quarter reflected positive contributions from personal consumption expenditures (PCE), nonresidential fixed investment, exports, and federal government spending that were partly offset by negative contributions from private residential fixed investment, private inventory investment, and state and local government spending. Imports, which are a subtraction in the calculation of GDP, increased .

The acceleration in real GDP growth in the second quarter reflected a smaller decrease in private inventory investment, an acceleration in PCE, and an upturn in federal government spending. These movements were partly offset by a downturn in residential fixed investment and decelerations in exports and in nonresidential fixed investment.

Current-dollar GDP increased 3.6 percent, or $169.0 billion, in the second quarter to a level of $19,226.7 billion. In the first quarter, current-dollar GDP increased 3.3 percent, or $152.2 billion.

The price index for gross domestic purchases increased 0.8 percent in the second quarter, compared with an increase of 2.6 percent in the first quarter. The PCE price index increased 0.3 percent, compared with an increase of 2.2 percent. Excluding food and energy prices, the PCE price index increased 0.9 percent, compared with an increase of 1.8 percent.

Personal Income

Current-dollar personal income increased $118.9 billion in the second quarter, compared with an increase of $217.6 billion in the first quarter . The deceleration in personal income primarily reflected decelerations in wages and salaries, in government social benefits, in nonfarm proprietors'  income, and in rental income, and downturns in personal interest income and in farm proprietors' income. These movements were offset by an upturn in personal dividend income.

Disposable personal income increased $122.1 billion, or 3.5 percent, in the second quarter, compared with an increase of $176.3 billion, or 5.1 percent, in the first quarter . Real disposable personal income increased 3.2 percent, compared with an increase of 2.8 percent.

Personal saving was $546.8 billion in the second quarter, compared with $553.0 billion in the first quarter . The personal saving rate -- personal saving as a percentage of disposable personal income -- was 3.8 percent in the second quarter, compared with 3.9 percent in the first.

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Earlier: 

U.S. - CHINA OIL RECORD 

U.S. FEDERAL FUNDS RATE 1.25% 

U.S. OIL PRICE: $45 

U.S. OIL PRODUCTION: 9.3 MBD 

U.S. OIL&GAS PRODUCTION WILL UP 

U.S. GLOBAL LEADERSHIP 

U.S. FRB: INDUSTRIAL PRODUCTION UP 0.4%

 

 

 

 

 

Tags: USA, GDP, ECONOMY

Chronicle:

U.S. GDP UP 2.6%
2018, May, 23, 10:50:00

OIL PRICE: ABOVE $79 ANEW

REUTERS - Brent LCOc1 futures fell 43 cents, or 0.5 percent, to $79.14 a barrel by 0218 GMT, after climbing 35 cents on Tuesday. Last week, the global benchmark hit $80.50 a barrel, the highest since November 2014. U.S. West Texas Intermediate (WTI) crude CLc1 futures eased 25 cents, or 0.4 percent, to $71.95 a barrel, having climbed on Tuesday to $72.83 a barrel, the highest since November 2014.

U.S. GDP UP 2.6%
2018, May, 23, 10:45:00

HARD OIL MARKET

FT - Most oil majors can now cover dividends and capital expenditure at prices around $50 per barrel, meaning that, at $80, they make a healthy surplus.

U.S. GDP UP 2.6%
2018, May, 23, 10:40:00

U.S. THE WORLD'S TOP

EIA - The United States remained the world's top producer of petroleum and natural gas hydrocarbons in 2017, reaching a record high. The United States has been the world's top producer of natural gas since 2009, when U.S. natural gas production surpassed that of Russia, and the world's top producer of petroleum hydrocarbons since 2013, when U.S. production exceeded Saudi Arabia’s. Since 2008, U.S. petroleum and natural gas production has increased by nearly 60%.

U.S. GDP UP 2.6%
2018, May, 23, 10:35:00

U.S. - CHINA ENERGY TRADE

PLATTS - China became the largest contributor to global LNG consumption growth in 2017. It surpassed South Korea as the world's second largest LNG importer and its share of global LNG demand is expected to converge with that of Japan by 2030.

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