2020-04-30 15:05:00
U.S. GDP DOWN 4.8%
U.S. BEA - April 29, 2020 - Gross Domestic Product, 1st Quarter 2020 (Advance Estimate)
Real gross domestic product (GDP) decreased at an annual rate of 4.8 percent in the first quarter of 2020 (table 1), according to the "advance" estimate released by the Bureau of Economic Analysis. In the fourth quarter of 2019, 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 2). The "second" estimate for the first quarter, based on more complete data, will be released on May 28, 2020.
The decrease in real GDP in the first quarter reflected negative contributions from personal consumption expenditures (PCE), nonresidential fixed investment, exports, and private inventory investment that were partly offset by positive contributions from residential fixed investment, federal government spending, and state and local government spending. Imports, which are a subtraction in the calculation of GDP, decreased (table 2).
The decrease in PCE reflected decreases in services, led by health care, and goods, led by motor vehicles and parts. The decrease in nonresidential fixed investment primarily reflected a decrease in equipment, led by transportation equipment. The decrease in exports primarily reflected a decrease in services, led by travel.
Current‑dollar GDP decreased 3.5 percent, or $191.2 billion, in the first quarter to a level of $21.54 trillion. In the fourth quarter, GDP increased 3.5 percent, or $186.6 billion (tables 1 and 3).
The price index for gross domestic purchases increased 1.6 percent in the first quarter, compared with an increase of 1.4 percent in the fourth quarter (table 4). The PCE price index increased 1.3 percent, compared with an increase of 1.4 percent. Excluding food and energy prices, the PCE price index increased 1.8 percent, compared with an increase of 1.3 percent.
Personal Income and Outlays
Current-dollar personal income increased $95.2 billion in the first quarter, compared with an increase of $144.1 billion in the fourth quarter. The deceleration was more than accounted for by a deceleration in compensation that was partly offset by an acceleration in personal current transfer receipts (table 8).
Disposable personal income increased $76.7 billion, or 1.9 percent, in the first quarter, compared with an increase of $123.7 billion, or 3.0 percent, in the fourth quarter. Real disposable personal income increased 0.5 percent, compared with an increase of 1.6 percent.
Personal outlays decreased $253.5 billion, after increasing $118.8 billion. The decrease was mainly accounted for by a decrease in PCE.
Personal saving was $1.60 trillion in the first quarter, compared with $1.27 trillion in the fourth quarter. The personal saving rate—personal saving as a percentage of disposable personal income—was 9.6 percent in the first quarter, compared with 7.6 percent in the fourth quarter.
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Earlier:
2020, April, 29, 12:37:00
U.S. ENERGY PRODUCTION UP, CONSUMPTION DOWN
In 2019 energy production exceeded energy consumption in the United States on an annual basis,
2020, April, 29, 12:20:00
U.S.$ DOWN YET
Sterling rose 0.2% against the weaker dollar, at $1.2443. As the euro also strengthened versus the dollar, the pound was down around 0.3% versus the euro at 87.335 pence.
2020, April, 21, 11:05:00
U.S. INDEXES DOWN
The Dow Jones Industrial Average .DJI dropped 2.44% to end at 23,650.44 points, while the S&P 500 .SPX lost 1.79% to 2,823.16.
2020, April, 17, 14:47:00
U.S. PETROLEUM DEMAND DOWN TO 19.4 MBD
U.S. petroleum demand declined to 19.4 million barrels per day (mb/d) in March, which was a 4.6% decrease from February
2020, April, 16, 13:55:00
U.S. INDUSTRIAL PRODUCTION DOWN 5.4%
U.S. total industrial production fell 5.4 percent in March, as the COVID-19 (coronavirus disease 2019) pandemic led many factories to suspend operations late in the month.
