2020-08-28 15:25:00
U.S. GDP DOWN 31.7%
U.S. BEA - August 27, 2020 - Real gross domestic product (GDP) decreased at an annual rate of 31.7 percent in the second quarter of 2020 (table 1), according to the "second" estimate released by the Bureau of Economic Analysis. In the first quarter, real GDP decreased 5.0 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 decrease in real GDP was 32.9 percent. With the second estimate, private inventory investment and personal consumption expenditures (PCE) decreased less than previously estimated (see "Updates to GDP" on page 2).
The decrease in real GDP reflected decreases in PCE, exports, nonresidential fixed investment, private inventory investment, residential fixed investment, and state and local government spending that were partly offset by an increase in federal 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 clothing and footwear). The decrease in exports primarily reflected a decrease in goods (led by capital goods). The decrease in nonresidential fixed investment primarily reflected a decrease in equipment (led by transportation equipment). The decrease in private inventory investment primarily reflected a decrease in retail (led by motor vehicle dealers). The decrease in residential investment primarily reflected a decrease in new single-family housing.
Real gross domestic income (GDI) decreased 33.1 percent in the second quarter, compared with a decrease of 2.5 percent in the first quarter. The average of real GDP and real GDI, a supplemental measure of U.S. economic activity that equally weights GDP and GDI, decreased 32.4 percent in the second quarter, compared with a decrease of 3.7 percent in the first quarter (table 1).
Current-dollar GDP decreased 33.3 percent, or $2.07 trillion, in the second quarter to a level of $19.49 trillion. In the first quarter, GDP decreased 3.4 percent, or $186.3 billion (table 1 and table 3).
The price index for gross domestic purchases decreased 1.5 percent in the second quarter, in contrast to an increase of 1.4 percent in the first quarter (table 4). The PCE price index decreased 1.8 percent, in contrast to an increase of 1.3 percent. Excluding food and energy prices, the PCE price index decreased 1.0 percent, in contrast to an increase of 1.6 percent.
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Earlier:
2020, August, 26, 12:55:00
U.S. ECONOMY RECESSION
The U.S. economy slipped into recession in February. Gross domestic product contracted in the second quarter at its steepest pace in at least 73 years.
2020, August, 17, 12:30:00
U.S. INDUSTRIAL PRODUCTION UP
The U.S. total industrial production rose 3.0 percent in July after increasing 5.7 percent in June
2020, August, 13, 13:30:00
U.S. BUDGET DEFICIT $2.81 TLN
The U.S. budget deficit climbed to $2.81 trillion in the first 10 months of the budget year,
2020, August, 6, 11:45:00
U.S. INTERNATIONAL TRADE DEFICIT $50.7 BLN
The U.S. goods and services deficit was $50.7 billion in June
2020, July, 30, 12:20:00
U.S. ENERGY CONSUMPTION DOWN
the United States consumed 6.5 quadrillion British thermal units of energy in April 2020,
2020, July, 30, 11:50:00
U.S. FEDERAL FUNDS RATE 0-0.25% AGAIN
the Committee decided to maintain the target range for the federal funds rate at 0 to 1/4 percent.
