Real gross domestic product (GDP) increased 0.2 percent in the first quarter of 2015, according to the “advance” estimate released by the Bureau of Economic Analysis. In the fourth quarter of 2014, real GDP increased 2.2 per- cent. In the first quarter, the dollar strengthened against major currencies, imports and exports were delayed be- cause of labor disputes in key ports, energy prices declined, and several regions experienced severe weather.
First-quarter GDP highlights
The following contributed to the increase in real GDP:
- Consumer spending increased, mainly on household services.
- Inventory investment increased, notably in the nondurable-goods manufacturing industry.
These positive contributions to real GDP growth were largely offset by the following:
- The trade deficit widened in the first quarter, reflecting a decline in goods exports.
- Business investment declined, notably in mining exploration, shafts, and wells.
- State and local government spending declined.
Personal income and personal saving
Real disposable personal income (DPI)—personal income adjusted for inflation and taxes—increased 6.2 percent in the first quarter, compared with 3.6 percent in the fourth quarter of 2014. Personal saving as a percentage of current-dollar DPI was 5.5 percent, compared with 4.6 percent.
Prices of goods and services bought by U.S. resi- dents decreased 1.5 percent in the first quarter, after decreasing 0.1 percent in the fourth quarter of 2014. The first-quarter decline was the largest since the first quarter of 2009.
Energy prices declined more than in the fourth quarter. Food prices also fell.
Excluding food and energy, prices increased 0.3 percent in the first quarter after increasing 0.7 percent in the fourth quarter.
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Real gross domestic product (GDP) increased at an annual rate of 5.0 percent in the third quarter of 2014, reflecting positive contributions from 20 of 22 industry groups. The private goods- and services-producing industries, as well as the government sector, contributed to the increase.
- The leading contributors to the increase were finance and insurance; mining; and real estate and rental and leasing.
- Finance and insurance real value added increased 21.2 percent in the third quarter, after increasing 6.0 percent.
- Mining increased 25.6 percent, after increasing 11.5 percent.
- Real estate and rental and leasing increased 4.4 percent, after increasing 0.9 percent.
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Real gross domestic product (GDP) increased 5.0 percent in the third quarter of 2014, according to the “third” estimate released by the Bureau of Economic Analysis. In the second quarter, real GDP increased 4.6 percent.
The increase in GDP in the third quarter reflected the following:
• Consumer spending increased 3.2 percent, compared with 2.5 percent in the second quarter. Spending on both goods and services increased.
• Business investment rose, notably in transportation equipment and industrial equipment as well as in intellectual property products.
• Exports of goods increased; industrial supplies and materials was the largest contributor.
• Federal government spending increased, mainly national defense spending.
The 1.1 percentage points upward revision to the GDP growth rate reflected the following:
• An upward revision to consumer spending, reflecting upward revisions to health care and recreation services.
• An upward reward revision to business investment, mainly to structures and intellectual property products.
• An upward revision to private inventory investment by wholesale trade industries, notably the nondurable
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Corporate profits increased 3.1 percent at a quarterly rate in the third quarter after increasing 8.4 percent in the second quarter.
• Profits of domestic nonfinancial corporations increased 2.5 percent after increasing 11.9 percent.
• Profits of domestic financial corporations increased 3.6 percent after increasing 8.0 percent.
• Rest of the world profits increased 4.2 percent after decreasing 0.9 percent.
Over the last 12 months, corporate profits rose 1.4 percent.
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