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Gross Domestic Product by State: Third Quarter 2016

Real gross domestic product (GDP) increased in 48 states and the District of Columbia in the third quarter of 2016, according to statistics on the geographic breakout of GDP released today by the U.S. Bureau of Economic Analysis. Real GDP by state growth ranged from 7.1 percent in South Dakota to –0.1 percent in New Mexico. Finance and insurance; wholesale trade; and information were the leading contributors to U.S. economic growth in the third quarter.

percent-change-in-real-gdp-by-state

  • Finance and insurance grew 9.0 percent in the third quarter of 2016. This industry contributed to growth in every state and the District of Columbia. This industry contributed 2.50 percentage points to the 4.4 percent growth in Delaware, and 1.69 percentage point to the 7.1 percent growth in South Dakota—the fastest growing state.
  • Wholesale trade grew 8.3 percent. This industry contributed to growth in every state and the District of Columbia and contributed 0.94 percentage point to the 3.9 percent growth in New Hampshire.
  • Information grew 8.6 percent. This industry contributed to growth in every state and the District of Columbia and contributed 0.98 percentage point to the 3.6 percent growth in New York.

For more information, read the full report.

Personal Income Rises in December

chart-personal-incomePersonal income increased 0.3 percent in December after increasing 0.1 percent in November. Wages and salaries, the largest component of personal income, increased 0.4 percent in December after decreasing 0.1 percent in November.

Current-dollar disposable personal income (DPI), after-tax income, increased 0.3 percent in December after increasing 0.1 percent in November.

Real DPI, income adjusted for taxes and inflation, increased 0.1 percent in December following no change in November.

Real consumer spending (PCE), spending adjusted for price changes, increased 0.3 percent in December after increasing 0.2 percent in November. Spending on durable goods increased 1.4 percent in December after decreasing 0.4 percent in November.

PCE prices increased 0.2 percent in December after increasing 0.1 percent in November. Excluding food and energy, PCE prices increased 0.1 percent in December following no change in November.

Personal saving rate
Personal saving as a percent of DPI was 5.4 percent in December and 5.6 percent in November.

For more information, read the full report.

dpi-and-real-consumer-spending

GDP Increases in Fourth Quarter

Real gross domestic product (GDP) increased 1.9 percent in the fourth quarter of 2016, according to the “advance” estimate released by the Bureau of Economic Analysis. In the third quarter, real GDP increased 3.5 percent.

Fourth‐quarter GDP highlights q2q-jan-27
The increase in real GDP reflected an increase in consumer spending, private inventory investment, residential investment, business investment, and state and local government spending. These contributions were partly offset by declines in exports and federal government spending. Imports, which are a subtraction in the calculation of GDP, increased.

Prices
Prices of goods and services purchased by U.S. residents increased 2.0 percent in the fourth quarter after increasing 1.5 percent in the third quarter. Excluding energy and food, prices rose 1.4 percent after increasing 1.7 percent.

Personal income and personal saving
Real disposable personal income—personal income adjusted for taxes and inflation—increased 1.5 percent in the fourth quarter after increasing 2.6 percent in the third quarter. Personal saving as a percentage of disposable personal income was 5.6 percent in the fourth quarter, compared with 5.8 percent in the third quarter.

Annual GDP growth   annual-growth-in-real-gdp-jan-27
For the year 2016, real GDP increased 1.6 percent, compared with 2.6 percent in 2015.        The increase in real GDP in 2016 reflected increases in consumer spending, residential investment, state and local government spending, exports, and federal government spending.   These contributions were partly offset by declines in private inventory investment and business investment. Imports increased.      Prices of goods and services purchased by U.S residents increased 1.0 percent in 2016, compared with an increase of 0.4 percent in 2015. Excluding food and energy, prices increased 1.4 percent after increasing 1.1 percent.

For more information, read the full report.


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