2019-07-30 11:35:00
U.S. GDP UP 2.1%
U.S. BEA - Real gross domestic product (GDP) increased at an annual rate of 2.1 percent in the second quarter of 2019, according to the "advance" estimate released by the Bureau of Economic Analysis. In the first quarter, real GDP increased 3.1 percent.
The Bureau's 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 29, 2019.
The increase in real GDP in the second quarter reflected positive contributions from personal consumption expenditures (PCE), federal government spending, and state and local government spending that were partly offset by negative contributions from private inventory investment, exports, nonresidential fixed investment and residential fixed investment. Imports, which are a subtraction in the calculation of GDP, increased.
The deceleration in real GDP in the second quarter reflected downturns in inventory investment, exports, and nonresidential fixed investment. These downturns were partly offset by accelerations in PCE and federal government spending.
Current-dollar GDP increased 4.6 percent, or $239.1 billion, in the second quarter to a level of $21.34 trillion. In the first quarter, current-dollar GDP increased 3.9 percent, or $201.0 billion.
The price index for gross domestic purchases increased 2.2 percent in the second quarter, compared with an increase of 0.8 percent in the first quarter. The PCE price index increased 2.3 percent, compared with an increase of 0.4 percent. Excluding food and energy prices, the PCE price index increased 1.8 percent, compared with an increase of 1.1 percent.
Personal Income
Current-dollar personal income increased $244.2 billion in the second quarter, compared with an increase of $269.8 billion in the first quarter. Decelerations in compensation and in personal current transfer receipts were partly offset by an upturn in personal income receipts on assets and a deceleration in contributions for government social insurance (a subtraction in the calculation of personal income).
Disposable personal income increased $193.4 billion, or 4.9 percent, in the second quarter, compared with an increase of $190.6 billion, or 4.8 percent, in the first quarter. Real disposable personal income increased 2.5 percent, compared with an increase of 4.4 percent.
Personal saving was $1.32 trillion in the second quarter, compared with $1.37 trillion in the first quarter. The personal saving rate -- personal saving as a percentage of disposable personal income -- was 8.1 percent in the second quarter, compared with 8.5 percent in the first quarter.
Updates for the first quarter of 2019
For the first quarter of 2019, real GDP is estimated to have increased 3.1 percent, the same as previously published. Downward revisions to exports, state and local government spending, and private inventory investment were offset by upward revisions to PCE and federal government spending.
For the period of expansion from the second quarter of 2009 to the first quarter of 2019, real GDP increased at an annual rate of 2.3 percent, the same as previously published.
Real GDI is now estimated to have increased 3.2 percent in the first quarter (table 1); in the previously published estimates, first-quarter GDI was estimated to have increased 1.0 percent.
| First Quarter 2019 | |||||
|---|---|---|---|---|---|
| Previous Estimate | Revised | ||||
| Percent change from preceding quarter | |||||
| Real GDP | 3.1 | 3.1 | |||
| Current-dollar GDP | 3.8 | 3.9 | |||
| Real GDI | 1.0 | 3.2 | |||
| Average of Real GDP and GDI | 2.1 | 3.1 | |||
| Gross domestic purchases price index | 0.8 | 0.8 | |||
| PCE price index | 0.5 | 0.4 | |||
-----
Earlier:
2019, July, 20, 11:45:00
U.S. INDUSTRIAL PRODUCTION DOWN 1.2%
Industrial production was unchanged in June, as increases for both manufacturing and mining offset a decline for utilities. For the second quarter as a whole, industrial production declined at an annual rate of 1.2 percent, its second consecutive quarterly decrease.
2019, July, 4, 16:15:00
U.S. TRADE DEFICIT $55.5 BLN
The U.S. Census Bureau and the U.S. Bureau of Economic Analysis announced today that the goods and services deficit was $55.5 billion in May, up $4.3 billion from $51.2 billion in April, revised.
