Archive for the 'Real GDP' Category

Finance and Insurance Led Growth Across States in the Fourth Quarter

Real gross domestic product (GDP) increased in every state and the District of Columbia in the fourth 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 3.4 percent in Texas to 0.1 percent in Kansas and Mississippi. Finance and insurance; retail trade; and professional, scientific, and technical services were the leading contributors to U.S. economic growth in the fourth quarter.

gdp-state-q4-2016

  • Texas was the fastest growing economy (3.4 percent), followed by Utah and Washington which grew 3.2 percent and 3.1 percent, respectively.
  • Finance and insurance grew 6.3 percent nationally, and was the leading contributor to real GDP growth in 24 states.
  • Retail trade grew 5.7 percent nationally, contributing to real GDP growth in every state.
  • Professional, scientific, and technical services grew 3.6 percent nationally, contributing to real GDP growth in 47 states and the District of Columbia.
  • Mining grew 5.2 percent nationally after six consecutive quarters of decline, and was the largest contributor to real GDP growth in West Virginia, North Dakota, and Oklahoma.

For more information, read the full report.

GDP Increases in Fourth Quarter

Real gross domestic product (GDP) increased 2.1 percent in the fourth quarter of 2016, according to the “third” estimate released by the Bureau of Economic Analysis. In the third quarter, real GDP increased 3.5 percent.

Fourth‐quarter GDP highlights Q2Q Growth March 30
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.

Revisions Q2Q percent change march 30
The upward revision to real GDP growth was more than accounted for by an upward revision
to consumer spending, largely in services. This upward revision was partly offset by downward revisions to business investment and to exports.

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 1.6 percent after increasing 1.7 percent.

Corporate profits Q2Q Corporate Profits March 30
Profits increased 0.5 percent at a quarterly rate in the fourth quarter after increasing 5.8 percent in the third quarter.

Profits of nonfinancial corporations decreased 4.9 percent in the fourth quarter, profits of financial corporations increased 5.4 percent, and profits from the rest of the world increased 11.0 percent.

For more information, read the full report.

GDP Increases in Third Quarter

Real gross domestic product (GDP) increased 3.5 percent in the third quarter of 2016,
according to the “third” estimate released by the Bureau of Economic Analysis. The growth rate was 0.3 percentage point higher than the “second” estimate released in November. In the second quarter, real GDP rose 1.4 percent.

Third‐quarter GDP highlights q2q-growth-in-real-gdp-dec-22
The increase in real GDP partly reflected an increase in consumer spending on services, notably on housing and utilities. Consumer spending on durable goods also increased, notably on motor vehicles and parts. However, spending on nondurable goods declined.

Exports of goods increased, notably in foods, feeds, and beverages and in consumer durable goods. Exports of services increased, mainly in travel. In addition, private inventory investment and federal government spending increased.

Offsetting these contributions to growth, investment in equipment and in residential housing declined.

GDP update
The upward revision to third‐quarter GDP growth reflected upward revisions to business investment, to consumer spending, and to state and local government spending.

Corporate profits

Profits increased 5.8 percent at a quarterly rate in the third quarter after decreasing 0.6 percent in the second quarter.  q2q-corporate-profits-dec-22

Profits of domestic nonfinancial corporations increased 5.7 percent after decreasing 4.6 percent.
Profits of domestic financial corporations rose 11.3 percent after rising 1.3 percent.
Profits from the rest of the world were nearly unchanged after increasing 10.3 percent. Over the last 4 quarters, corporate profits increased 2.1 percent.

For more information, read the full report.


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