Archive for the 'GDP' Category



Widespread Industry Growth Drives Upturn in GDP in Second Quarter

Widespread industry growth drove the U.S. economy’s second-quarter rebound, with 19 of the 22 industry groups tracked contributing 6.7 percentage points to real Gross Domestic Product. Finance, insurance, real estate, rental and leasing; manufacturing; and agriculture, forestry, fishing and hunting led the way.

Real GDP increased 4.6 percent in the second quarter, after decreasing 2.1 percent in the first quarter.

Real Value Added by Industry

Real value added —a measure of an industry’s contribution to GDP—for finance, insurance, real estate, rental, and leasing increased 2.7 percent in the second quarter, after decreasing 4.1 percent in the first

quarter. The upturn was primarily concentrated in the finance and insurance sector, which includes banking, brokerage and other types of financial services.  Real gross output for the finance and insurance sector – a measure of an industry’s sales or receipts adjusted for inflation – increased 2.7 percent in the second quarter, after increasing 2.3 percent.

Real value added for the manufacturing sector also turned up, increasing 6.8 percent, after decreasing 1.3 percent in the first quarter. Durable-goods manufacturing, which includes motor vehicle manufacturing and computer and electronic product manufacturing, led the overall upturn in manufacturing, increasing 8 percent in the second quarter, after decreasing 4.5 percent.  Similarly, real gross output for durable-goods manufacturing increased 7.3 percent, after decreasing 2.7 percent in the first quarter.

Real value added for the agriculture, forestry, fishing and hunting sector increased 14.2 percent.  The sector’s real gross output also rebounded in the second quarter, increasing 6.3 percent, after falling 19.9 percent.

Quarterly GDP by industry statistics, including value added, gross output, and intermediate inputs, can be accessed in BEA’s Interactive Data Application at www.bea.gov/itable/.

Widespread Growth Across Industries in Second Quarter 2014

Real gross domestic product (GDP) increased at an annual rate of 4.6 percent in the second quarter of 2014, after decreasing 2.1 percent in the first quarter. Both private goods- and services-producing industries contributed to the increase, while the government sector decreased.

  • The leading contributors to the increase were durable-good manufacturing; finance and insurance; and retail trade.

Real GDP and Real Value added by sector

  • Durable-goods manufacturing real value added increased 8.0 percent in the second quarter, after decreasing 4.5 percent.
  • Finance and insurance increased 6.0 percent, after decreasing 9.8 percent.
  • Retail trade increased 7.2, after increasing 4.3 percent.

Read GDP percent change

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GDP Growth Moderates in Third Quarter

Real gross domestic product (GDP) increased 3.5 percent in the third quarter of 2014, according to the “advance” estimate released by the Bureau of Economic Analysis. In the second quarter, real GDP increased 4.6 percent.

Third-quarter highlightsQ2Q Growth in Real GDP
The deceleration in GDP growth was more than accounted for by inventory investment, which detracted from growth in the third quarter after adding to it in the second quarter.

In addition:

  • Consumer spending decelerated, increasing 1.8 percent after increasing 2.5 percent. Spending on nondurable and durable goods both slowed, while services picked up.
  • Business investment rose but not as much as in the second quarter. Investment in structures, equipment, and intellectual property products slowed.
  • Exports of goods and services decelerated.

In contrast, imports declined in the third quarter after increasing significantly in the second quarter, reflecting downturns in nonautomotive consumer goods and in industrial supplies and materials.

Personal income and personal saving
Real disposable personal income (DPI), which adjusts for taxes and inflation, rose 2.7 percent in the third quarter after increasing 4.4 percent in the second quarter.

Personal saving as a percentage of DPI increased to 5.5 percent in the third quarter from 5.4 percent in the second quarter.

Pricesq2q
Prices of goods and services purchased by U.S. residents increased 1.3 percent in the third quarter after increasing 2.0 percent in the second quarter.

Prices of energy goods and services turned down in the third quarter, and food prices slowed.

Excluding food and energy, gross domestic purchase prices increased 1.5 percent in the third quarter after increasing 1.7 percent in the second quarter.

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