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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.

March 2017 Trade Gap is $43.7 Billion

The U.S. monthly international trade deficit decreased in March 2017 according to the U.S. Bureau of Economic Analysis and the U.S. Census Bureau. The deficit decreased from $43.8 billion in February (revised) to $43.7 billion in March, as imports decreased more than exports. The previously published February deficit was $43.6 billion. The goods deficit increased $0.4 billion in March to $65.5 billion. The services surplus increased $0.4 billion in March to $21.8 billion.

Balance on Goods and Services Trade May 4 2017

Exports
Exports of goods and services decreased $1.7 billion, or 0.9 percent, in March to $191.0 billion. Exports of goods decreased $2.1 billion and exports of services increased $0.4 billion.

  • The decrease in exports of goods mainly reflected decreases in industrial supplies and materials ($1.8 billion) and in automotive vehicles, parts, and engines($0.9 billion). An increase in capital goods ($0.7 billion) partly offset the decreases.
  • The increase in exports of services mainly reflected increases in financial services($0.1 billion) and in maintenance and repair services($0.1 billion).

Imports
Imports of goods and services decreased $1.7 billion, or 0.7 percent, in March to $234.7 billion. Imports of goods decreased $1.7 billion and imports of services decreased less than $0.1 billion.

  • The decrease in imports of goods mostly reflected decreases in capital goods ($0.9 billion) and in industrial supplies and materials($0.7 billion). An increase in automotive vehicles, parts, and engines($1.1 billion) partly offset the decreases.
  • The decrease in imports of services mainly reflected a decrease in transport($0.1 billion), which includes freight and port services and passenger fares.

For more information, read the full report.

Real Consumer Spending Rises in March

Personal income increased 0.2 percent in March after increasing 0.3 percent in Personal Income May 1 2017February. Wages and salaries, the largest component of personal income, increased 0.1 percent in March after increasing 0.5 percent in February.

Current-dollar disposable personal income (DPI), after-tax income, increased 0.2 percent in March after increasing 0.3 percent in February.

Real DPI, income adjusted for taxes and inflation, increased 0.5 percent in March after increasing 0.2 percent in February.

Real consumer spending (PCE), spending adjusted for price changes, increased 0.3 percent in March after decreasing 0.1 percent in February. Spending for services increased 0.4 percent in March after decreasing 0.2 percent in February.

PCE prices decreased 0.2 percent in March after increasing 0.1 percent in February. Excluding food and energy, PCE prices decreased 0.1 percent in March after increasing 0.2 percent in February.

Personal saving rate
Personal saving as a percent of DPI was 5.9 percent in March and 5.7 percent in February.

For more information, read the full report.

Personal Income Chart May 1 2017


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