2019-11-29 15:15:00
U.S. GDP UP 2.1%
U.S. BEA - Gross Domestic Product, Third Quarter 2019 (Second Estimate); Corporate Profits, Third Quarter 2019 (Preliminary Estimate)
Real gross domestic product (GDP) increased at an annual rate of 2.1 percent in the third quarter of 2019 (table 1), according to the "second" estimate released by the Bureau of Economic Analysis. In the second quarter, real GDP increased 2.0 percent.
The GDP estimate released today is based on more complete source data than were available for the "advance" estimate issued last month. In the advance estimate, the increase in real GDP was 1.9 percent. With the second estimate for the third quarter, upward revisions to private inventory investment, nonresidential fixed investment, and personal consumption expenditures (PCE) were partially offset by a downward revision to state and local government spending (see "Updates to GDP" on page 2).
The increase in real GDP in the third quarter reflected positive contributions from PCE, federal government spending, residential investment, private inventory investment, exports, and state and local government spending that were partly offset by a negative contribution from nonresidential fixed investment. Imports, which are a subtraction in the calculation of GDP, increased (table 2).
The acceleration in real GDP in the third quarter reflected upturns in private inventory investment, exports, and residential fixed investment that were partly offset by decelerations in PCE, federal government spending, and state and local government spending, and a larger decrease in nonresidential fixed investment.
Real gross domestic income (GDI) increased 2.4 percent in the third quarter, compared with an increase of 0.9 percent (revised) in the second quarter. The average of real GDP and real GDI, a supplemental measure of U.S. economic activity that equally weights GDP and GDI, increased 2.3 percent in the third quarter, compared with an increase of 1.4 percent in the second quarter (table 1).
Current dollar GDP increased 3.8 percent, or $201.8 billion, in the third quarter to a level of $21.54 trillion. In the second quarter, GDP increased 4.7 percent, or $241.4 billion (tables 1 and 3).
The price index for gross domestic purchases increased 1.4 percent in the third quarter, compared with an increase of 2.2 percent in the second quarter (table 4). The PCE price index increased 1.5 percent, compared with an increase of 2.4 percent. Excluding food and energy prices, the PCE price index increased 2.1 percent, compared with an increase of 1.9 percent.
Corporate Profits
Profits from current production (corporate profits with inventory valuation and capital consumption adjustments) increased $4.6 billion in the third quarter, compared with an increase of $75.8 billion in the second quarter (table 10).
Profits of domestic financial corporations decreased $9.8 billion in the third quarter, in contrast to an increase of $2.5 billion in the second quarter. Profits of domestic nonfinancial corporations increased $7.9 billion, compared with an increase of $34.7 billion. Rest-of-the-world profits increased $6.5 billion, compared with an increase of $38.7 billion. In the third quarter, receipts decreased $9.1 billion, and payments decreased $15.6 billion.
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Earlier:
2019, November, 18, 12:55:00
U.S. FINANCIAL STABILITY: NOV 2019
Borrowing by businesses is historically high relative to gross domestic product (GDP), with the most rapid increases in debt concentrated among the riskiest firms amid weak credit standards By contrast, household borrowing remains at a modest level relative to income, and the amount of debt owed by borrowers with credit scores below prime has remained flat
2019, November, 18, 12:40:00
U.S. INDUSTRIAL PRODUCTION DOWN 0.8%
U.S. Industrial production fell 0.8 percent in October after declining 0.3 percent in September. Manufacturing production decreased 0.6 percent in October.
2019, November, 6, 12:35:00
U.S. INTERNATIONAL TRADE DEFICIT $52.5 BLN
The U.S. Census Bureau and the U.S. Bureau of Economic Analysis announced that the goods and services deficit was $52.5 billion in September, down $2.6 billion from $55.0 billion in August,
2019, November, 6, 12:30:00
U.S. UNEMPLOYMENT 3.6%
Total nonfarm payroll employment rose by 128,000 in October, and the unemployment rate was little changed at 3.6 percent, the U.S. Bureau of Labor Statistics reported
