The price index for gross domestic purchases increased 2. The PCE price index increased 2. Excluding food and energy prices, the PCE price index increased 1. The upward revision to the percent change in real GDP reflected upward revisions to PCE and private inventory investment.
For more information, see the Technical Note. A detailed " Key Source Data and Assumptions " file is also posted for each release. Real GDP increased 2. The increase in real GDP in primarily reflected positive contributions from PCE, nonresidential fixed investment, and exports. These contributions were partly offset by a decline in private inventory investment. The acceleration in real GDP from to reflected upturns in nonresidential fixed investment and in exports and a smaller decrease in private inventory investment.
These movements were partly offset by decelerations in residential fixed investment and in state and local government spending. Imports, which are a subtraction in the calculation of GDP, accelerated.
Current-dollar GDP increased 4. The price index for gross domestic purchases increased 1. The PCE price index increased 1. During measured from the fourth quarter of to the fourth quarter of , real GDP increased 2. The Tax Cuts and Jobs Act includes several provisions that impact the business income and personal income statistics in the national income and product accounts NIPAs. The provisions do not impact corporate profits for current production or GDI but do impact net cash flow in the fourth quarter of Next release: April 27, at A.
GDP is also equal to the sum of personal consumption expenditures, gross private domestic investment, net exports of goods and services, and government consumption expenditures and gross investment. Current-dollar estimates are valued in the prices of the period when the transactions occurred—that is, at "market value. The gross domestic purchases price index measures the prices of final goods and services purchased by U.
The personal consumption expenditure price index measures the prices paid for the goods and services purchased by, or on the behalf of, "persons. Economists expect annual GDP growth will hit the government's 3 percent target this year, spurred in part by a weak dollar, rising oil prices and strengthening global economy.
While the corporate income tax rate has been slashed to 21 percent from 35 percent and taxes for households have also been lowered, economists see only a modest boost to GDP growth as the fiscal stimulus is coming at a time when the economy is almost at full employment.
Prices for U. Treasurys pared losses after the data, while the dollar was little changed at lower levels. Consumer spending, which accounts for more than two-thirds of U.
That was the quickest pace since the fourth quarter of and followed a 2. Consumer spending is likely to remain supported by rising household wealth, thanks to the stock market rally and higher house prices, tax cuts and firming wage growth as companies compete for workers and some states raise the minimum wage. Declining savings, however, are a concern. The saving rate dropped to 2.
The burst in consumer spending was satiated with imports, which grew at a As a result, trade sliced off 1. Inventory investment also restrained GDP growth in the fourth quarter, subtracting 0. With consumer spending accelerating, inflation perked up in the fourth quarter. The GDP estimate released today is based on more complete source data than were available for the "advance" estimate issued last month.
In the advance estimate, the increase in real GDP was 2. With this second estimate for the fourth quarter, the general picture of economic growth remains the same. The increase in real GDP in the fourth quarter reflected positive contributions from personal consumption expenditures PCE , exports, nonresidential fixed investment, residential fixed investment, state and local government spending, and federal government spending that were partly offset by a negative contribution from private inventory investment.
Imports, which are a subtraction in the calculation of GDP, increased table 2. The deceleration in real GDP growth in the fourth quarter reflected a downturn in private inventory investment that was partly offset by accelerations in PCE, exports, state and local government spending, nonresidential fixed investment, and federal government spending, and an upturn in residential fixed investment.
Imports, which are a subtraction in the calculation of GDP, turned up. Current-dollar GDP increased 4. In the third quarter, current-dollar GDP increased 5. The price index for gross domestic purchases increased 2. The PCE price index increased 2. Excluding food and energy prices, the PCE price index increased 1.
The percent change in real GDP was revised down 0. For more information, see the Technical Note. A detailed " Key Source Data and Assumptions " file is also posted for each release. Real GDP increased 2. The increase in real GDP in primarily reflected positive contributions from PCE, nonresidential fixed investment, and exports.
These contributions were partly offset by a decline in private inventory investment. The acceleration in real GDP from to reflected upturns in nonresidential fixed investment and in exports and a smaller decrease in private inventory investment.
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