2020-01-31 11:25:00
U.S. GDP UP 2.1%
U.S. BEA - January 30, 2020 - Real gross domestic product (GDP) increased at an annual rate of 2.1 percent in the fourth quarter of 2019 (table 1), according to the "advance" estimate released by the Bureau of Economic Analysis. In the third quarter, real GDP increased 2.1 percent.
The GDP estimate released today is based on source data that are incomplete or subject to further revision by the source agency (see "Source Data for the Advance Estimate" on page 3). The "second" estimate for the fourth quarter, based on more complete data, will be released on February 27, 2020.
The increase in real GDP in the fourth quarter reflected positive contributions from personal consumption expenditures (PCE), federal government spending, state and local government spending, residential fixed investment, and exports, that were partly offset by negative contributions from private inventory investment and nonresidential fixed investment. Imports, which are a subtraction in the calculation of GDP, decreased (table 2).
Real GDP growth in the fourth quarter was the same as that in the third. In the fourth quarter, a downturn in imports, an acceleration in government spending, and a smaller decrease in nonresidential investment were offset by a larger decrease in private inventory investment and a slowdown in PCE.
Current dollar GDP increased 3.6 percent, or $191.7 billion, in the fourth quarter to a level of $21.73 trillion. In the third quarter, GDP increased 3.8 percent, or $202.3 billion (table 1 and table 3).
The price index for gross domestic purchases increased 1.5 percent in the fourth quarter, compared with an increase of 1.4 percent in the third quarter (table 4). The PCE price index increased 1.6 percent, compared with an increase of 1.5 percent. Excluding food and energy prices, the PCE price index increased 1.3 percent, compared with an increase of 2.1 percent.
Personal Income
Current-dollar personal income increased $148.7 billion in the fourth quarter, compared with an increase of $162.6 billion in the third quarter. The smaller increase reflected decelerations in proprietors' income, personal current transfer receipts, and personal dividend income that were partly offset by a smaller decrease in personal interest income and an acceleration in compensation (table 8).
Disposable personal income increased $127.4 billion, or 3.1 percent, in the fourth quarter, compared with an increase of $179.5 billion, or 4.5 percent, in the third quarter. Real disposable personal income increased 1.5 percent, compared with an increase of 2.9 percent.
Personal saving was $1.29 trillion in the fourth quarter, compared with $1.30 trillion in the third quarter. The personal saving rate — personal saving as a percentage of disposable personal income — was 7.7 percent in the fourth quarter, compared with 7.8 percent in the third quarter.
2019 GDP
Real GDP increased 2.3 percent in 2019 (from the 2018 annual level to the 2019 annual level), compared with an increase of 2.9 percent in 2018 (table 1).
The increase in real GDP in 2019 reflected positive contributions from PCE, nonresidential fixed investment, federal government spending, state and local government spending, and private inventory investment that were partly offset by negative contributions from residential fixed investment. Imports increased (table 2).
The deceleration in real GDP in 2019, compared to 2018, primarily reflected decelerations in nonresidential fixed investment and PCE and a downturn in exports, which were partly offset by accelerations in both state and local and federal government spending. Imports increased less in 2019 than in 2018.
Current-dollar GDP increased 4.1 percent, or $848.8 billion, in 2019 to a level of $21.43 trillion, compared with an increase of 5.4 percent, or $1,060.8 billion, in 2018 (table 1 and table 3).
The price index for gross domestic purchases increased 1.6 percent in 2019, compared with an increase of 2.4 percent in 2018 (table 4). The PCE price index increased 1.4 percent, compared with an increase of 2.1 percent. Excluding food and energy prices, the PCE price index increased 1.6 percent, compared with an increase of 1.9 percent (table 4).
Measured from the fourth quarter of 2018 to the fourth quarter of 2019, real GDP increased 2.3 percent during the period. That compared with an increase of 2.5 percent during 2018. The price index for gross domestic purchases, as measured from the fourth quarter of 2018 to the fourth quarter of 2019, increased 1.5 percent during 2019. That compared with an increase of 2.2 percent during 2018. The PCE price index increased 1.5 percent, compared with an increase of 1.9 percent. Excluding food and energy, the PCE price index increased 1.6 percent, compared with an increase of 1.9 percent (table 6).
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Earlier:
2020, January, 29, 13:25:00
U.S. DEBT WILL RISE TO 98%
The U.S. government will spend $1 trillion more than it collects in 2020 and deficits will reach or exceed that threshold every year for the foreseeable future. As a share of gross domestic product, the deficit will be at least 4.3% every year through 2030.
2020, January, 22, 12:15:00
U.S. INDUSTRIAL PRODUCTION DOWN 0.3%
U.S. Industrial production declined 0.3 percent in December, as a decrease of 5.6 percent for utilities outweighed increases of 0.2 percent for manufacturing and 1.3 percent for mining.
2020, January, 13, 14:25:00
U.S. UNEMPLOYMENT 3.5% ANEW
Total nonfarm payroll employment rose by 145,000 in December, and the unemployment rate was unchanged at 3.5 percent,
2020, January, 8, 14:10:00
U.S. INTERNATIONAL TRADE DEFICIT $43.1 BLN
The U.S. Census Bureau and the U.S. Bureau of Economic Analysis announced that the goods and services deficit was $43.1 billion in November, down $3.9 billion from $46.9 billion in October, revised.
