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Gross Domestic Product by Industry: Second Quarter 2017 Annual Update: 2014 through First Quarter 2017

Mining; professional, scientific, and technical services; and health care and social assistance were the leading contributors to the increase in U.S. economic growth in the second quarter of 2017. Overall, 17 of 22 industry groups contributed to the 3.1 percent increase in real GDP in the second quarter.

GDP By Industry Nov2

  • Mining increased 28.6 percent in the second quarter, after increasing 12.1 percent in the first quarter.
  • Professional, scientific, and technical services increased 5.1 percent, after increasing 0.1 percent.
  • Health care and social assistance increased 4.7 percent, after increasing 3.7 percent.

Real Value Nov. 2.png

For more information, read the full report.

Consumer Spending Rises in September

Personal income increased 0.4 percent in September after increasing 0.2 percent in August. Wages and salaries, the largestPersonal Income Chart Oct 30component of personal income, increased 0.4 percent in September after increasing 0.1 percent in August.

Current-dollar disposable personal income (DPI), after-tax income, increased 0.4 percent in September after increasing 0.1 percent in August.

Real DPI, income adjusted for taxes and inflation, was unchanged in September after decreasing 0.1 percent in August.

Real consumer spending (PCE), spending adjusted for price changes, increased 0.6 percent in September after decreasing 0.1 percent in August. Spending on durable goods increased 3.5 percent in September after decreasing 1.4 percent in August.

PCE prices increased 0.4 percent in September after increasing
0.2 percent in August. Excluding food and energy, PCE prices
increased 0.1 percent in September, the same increase as in
August.

Personal saving rate
Personal saving as a percent of DPI was 3.1 percent in September and 3.6 percent in August.

For more information, read the full report.

Personal Income Graph Oct 30

GDP Increases in Third Quarter

Real gross domestic product (GDP) increased 3.0 percent in the third quarter of 2017, according to the “advance” estimate released by the Bureau of Economic Analysis. In the second quarter of 2017, real GDP increased 3.1 percent.

GDP highlights
The increase in real GDP reflected increases in consumer spending, inventory

Q2Q GDP Oct27

investment, business investment, and exports. A notable offset to these increases was a decrease in housing investment. Imports, which are a subtraction from GDP, decreased.

The increase in consumer spending reflected increases in spending on both goods and services.  The increase in goods was mostly attributable to motor vehicles, and the increase in services primarily reflected increases in health care, in financial services and insurance, and in food services and accommodations.

The increase in inventory investment primarily reflected increases in wholesale and in manufacturing inventories. The increase in business investment reflected increases in equipment and in intellectual property products; these increases were partly offset by a decrease in structures investment.

The decrease in housing investment primarily reflected a decrease in brokers’ commissions.

Impact of Hurricanes on Third Quarter 2017 Estimates
During the third quarter, major hurricanes caused severe damage and flooding in several U.S. states. For further information, please see the technical note.

Third‐quarter prices
Prices of goods and services purchased by U.S. residents increased 1.8 percent in the Percent change Oct27third quarter of 2017 after increasing 0.9 percent in the second quarter of 2017.

Food prices increased in the third quarter following a larger increase in the second quarter of 2017. Energy prices increased in the third quarter of 2017 following a decrease in the second quarter of 2017.

Excluding food and energy, prices increased 1.7 percent in the third quarter of 2017, compared with an increase of 1.3 percent in the second quarter of 2017.

For more information, read the full report.


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