Posts Tagged 'BEA'

GDP Increases in Fourth Quarter

Real gross domestic product (GDP) increased 2.2 percent in the fourth quarter of 2014, according to the “third” estimate released by the Bureau of Economic Analysis. The growth rate was the same in the “second” estimate released in February. In the third quarter, real GDP increased 5.0 percent.

Fourth-quarter GDP highlightsQ2Q March27
Consumer spending more than accounted for the increase in GDP, rising 4.4 percent, compared with 3.2 percent in the third quarter. Consumer spending on both goods and services increased in the fourth quarter.

Other contributors to growth:

  • Business investment increased, notably in intellectual property products.
  • Exports of goods and services increased; foods, feeds, and beverages was the largest contributor.

Offsetting the contributions to growth:

  • Imports of goods and services increased, notably of consumer goods (except food and autos) as well as petroleum and   products.
  • Federal government spending on national defense declined.

Fourth-quarter revisions
While the third estimate of real GDP growth was the same as the second estimate, several components were revised. Exports of services were revised up, mainly in travel. Consumer spending was also revised up, notably in health care. Inventory investment was revised down.

For more information, see the technical note.

Fourth-quarter corporate profitsQ2Q Corporate Profits March27
Profits fell 1.4 percent at a quarterly rate, after rising 3.1 percent in the third quarter.

Profits of nonfinancial corporations rose 1.4 percent, profits of financial corporations fell 2.7 percent, and profits from the rest of the world fell 8.8 percent.

Annual corporate profits
During 2014, corporate profits fell 0.8 percent, after rising 4.2 percent during 2013.

Profits of nonfinancial corporations rose 2.8 percent, profits of financial corporations fell 8.4 percent, and profits from the rest of the world fell 2.2 percent.

For more, see the full report.

State Personal Income 2014

Average state personal income growth accelerated to 3.9 percent in 2014 from 2.0 percent in 2013. Growth of state personal income – the sum of net earnings by place of residence, property income, and personal current transfer receipts – ranged from 0.5 percent Nebraska to 5.7 percent in Alaska and Oregon, with 45 states growing faster in 2014 than in 2013. Inflation, as measured by the national price index for personal consumption expenditures, was 1.3 percent in 2014 and 1.2 percent in 2013.

State Personal Income 2014 March 25

2014 State Personal Income Growth and Ranks

state chart part 2 march 25

For more, see the full report.

State Personal Income: Fourth Quarter 2014

State personal income grew 1.0 percent on average in the fourth quarter of 2014, the same average growth rate as in the third quarter. The acceleration in personal income growth in Florida, Texas, and 30 other states was offset by a slowdown in 15 states, including California and New York. Growth rates ranged from 0.6 percent in Louisiana to 1.5 percent in Texas. The national price index for personal consumption expenditures fell 0.1 percent in the fourth quarter after rising 0.3 percent in the third quarter.

Personal Income Percent change march 25

Fourth Quarter 2014 State Personal Income Growth and Ranks

State charts march 25

For more, see the full report.