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Posted by: thepinetree on 01/26/2018 08:56 AM Updated by: thepinetree on 01/26/2018 10:19 AM
Expires: 01/01/2023 12:00 AM
:

National Income and Product Accounts Gross Domestic Product: Fourth Quarter and Annual 2017 (Advance Estimate)

Washington, DC...Real gross domestic product (GDP) increased at an annual rate of 2.6 percent in the fourth quarter of 2017 (table 1), according to the "advance" estimate released by the Bureau of Economic Analysis. In the third quarter, real GDP increased 3.2 percent. The Bureau emphasized that the fourth-quarter advance estimate released today is based on source data that are incomplete or subject to further revision by the source agency (see "Source Data for the Advance Estimate" on page 3). The "second" estimate for the fourth quarter, based on more complete data, will be released on February 28, 2018.






The increase in real GDP in the fourth quarter reflected positive contributions from personal
consumption expenditures (PCE), nonresidential fixed investment, exports, 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, nonresidential fixed investment, state
and local government spending, 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 5.0 percent, or $238.3 billion, in the fourth quarter to a level of $19,738.9
billion. In the third quarter, current-dollar GDP increased 5.3 percent, or $250.6 billion (table 1 and table
3).

The price index for gross domestic purchases increased 2.5 percent in the fourth quarter, compared
with an increase of 1.7 percent in the third quarter (table 4). The PCE price index increased 2.8 percent,
compared with an increase of 1.5 percent. Excluding food and energy prices, the PCE price index
increased 1.9 percent, compared with an increase of 1.3 percent (appendix table A).


Personal Income (table 10)

Current-dollar personal income increased $178.9 billion in the fourth quarter, compared with an
increase of $112.3 billion in the third. The acceleration in personal income primarily reflected an upturn
in personal interest income and an acceleration in nonfarm proprietors’ income.

Disposable personal income increased $139.0 billion, or 3.9 percent, in the fourth quarter, compared
with an increase of $73.8 billion, or 2.1 percent, in the third. Real disposable personal income increased
1.1 percent, compared with an increase of 0.5 percent.

Personal saving was $384.4 billion in the fourth quarter, compared with $478.3 billion in the third. The
personal saving rate -- personal saving as a percentage of disposable personal income -- was 2.6 percent
in the fourth quarter, compared with 3.3 percent in the third.


2017 GDP

Real GDP increased 2.3 percent in 2017 (that is, from the 2016 annual level to the 2017 annual level),
compared with an increase of 1.5 percent in 2016 (table 1).

The increase in real GDP in 2017 primarily reflected positive contributions from PCE, nonresidential fixed
investment, and exports. Imports, which are a subtraction in the calculation of GDP, increased (table 2).

The acceleration in real GDP from 2016 to 2017 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 4.1 percent, or $762.3 billion, in 2017 to a level of $19,386.8 billion,
compared with an increase of 2.8 percent, or $503.8 billion, in 2016 (table 1 and table 3).

The price index for gross domestic purchases increased 1.8 percent in 2017, compared with an increase
of 1.0 percent in 2016 (table 4). The PCE price index increased 1.7 percent, compared with an increase
of 1.2 percent. Excluding food and energy prices, the PCE price index increased 1.5 percent, compared
with an increase of 1.8 percent (appendix table A).

During 2017 (measured from the fourth quarter of 2016 to the fourth quarter of 2017), real GDP
increased 2.5 percent, compared with an increase of 1.8 percent during 2016. The price index for gross
domestic purchases increased 1.9 percent during 2017, compared with an increase of 1.4 percent during
2016 (table 7).


Source Data for the Advance Estimate

Information on the assumptions used for unavailable source data in the advance estimate is provided in
a Technical Note that is posted with the news release on BEA’s Web site. A detailed "Key Source Data
and Assumptions
" file is also posted for each release. For information on updates to GDP, see the
"Additional Information" section that follows.

* * *
Next release: February 28, 2018 at 8:30 A.M. EST
Gross Domestic Product: Fourth Quarter 2017 (Second Estimate)
* * *

Additional Information

Release Dates in 2018


Estimate 2017: IV and annual 2018: I 2018: II 2018: III
Gross Domestic Product
Advance January 26 April 27 July 27 October 26
Second February 28 May 30 August 29 November 28
Third March 28 June 28 September 27 December 21

Corporate Profits
Preliminary … May 30 August 29 November 28
Revised March 28 June 28 September 27 December 21



Additional Information

Resources

Additional resources available at www.bea.gov:
• Stay informed about BEA developments by reading the BEA blog, signing up for BEA’s email
subscription service
, or following BEA on Twitter @BEA_News.
• Historical time series for these estimates can be accessed in BEA’s Interactive Data Application.
• Access BEA data by registering for BEA’s Data Application Programming Interface (API).
• For more on BEA’s statistics, see our monthly online journal, the Survey of Current Business.
• BEA's news release schedule
NIPA Handbook: Concepts and Methods of the U.S. National Income and Product Accounts

Definitions

Gross domestic product (GDP) is the value of the goods and services produced by the nation’s economy
less the value of the goods and services used up in production. 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.” Also referred to as “nominal estimates” or as “current-price estimates.”
Real values are inflation-adjusted estimates—that is, estimates that exclude the effects of price changes.
The gross domestic purchases price index measures the prices of final goods and services purchased by
U.S. residents.

The personal consumption expenditure price index measures the prices paid for the goods and services
purchased by, or on the behalf of, “persons.”

Personal income is the income received by, or on behalf of, all persons from all sources: from
participation as laborers in production, from owning a home or business, from the ownership of
financial assets, and from government and business in the form of transfers. It includes income from
domestic sources as well as the rest of world. It does not include realized or unrealized capital gains or
losses.

Disposable personal income is the income available to persons for spending or saving. It is equal to
personal income less personal current taxes.

Personal outlays is the sum of personal consumption expenditures, personal interest payments, and
personal current transfer payments.

Personal saving is personal income less personal outlays and personal current taxes.
The personal saving rate is personal saving as a percentage of disposable personal income. (For a
comparison of personal saving in BEA's national income and product accounts (NIPAs) with personal
saving in the Federal Reserve Board's financial accounts of the United States, go to
www.bea.gov/national/nipaweb/nipa-frb.asp.

For more definitions, see the Glossary: National Income and Product Accounts.


Statistical conventions

Annual rates. Quarterly values are expressed at seasonally-adjusted annual rates (SAAR), unless
otherwise specified. Dollar changes are calculated as the difference between these SAAR values. For
detail, see the FAQ “Why does BEA publish estimates at annual rates?

Percent changes in quarterly series are calculated from unrounded data and are displayed at annual
rates, unless otherwise specified. For details, see the FAQ “How is average annual growth calculated?

Quantities and prices. Quantities, or “real” volume measures, and prices are expressed as index
numbers with a specified reference year equal to 100 (currently 2009). Quantity and price indexes are
calculated using a Fisher-chained weighted formula that incorporates weights from two adjacent
periods (quarters for quarterly data and annuals for annual data). “Real” dollar series are calculated by
multiplying the published quantity index by the current dollar value in the reference year (2009) and
then dividing by 100. Percent changes calculated from real quantity indexes and chained-dollar levels
are conceptually the same; any differences are due to rounding.

Chained-dollar values are not additive because the relative weights for a given period differ from those
of the reference year. In tables that display chained-dollar values, a “residual” line shows the difference
between the sum of detailed chained-dollar series and its corresponding aggregate.


Updates to GDP

BEA releases three vintages of the current quarterly estimate for GDP: "Advance" estimates are
released near the end of the first month following the end of the quarter and are based on source data
that are incomplete or subject to further revision by the source agency; “second” and “third” estimates
are released near the end of the second and third months, respectively, and are based on more detailed
and more comprehensive data as they become available.

Annual and comprehensive updates are typically released in late July. Annual updates generally cover at
least the 3 most recent calendar years (and their associated quarters) and incorporate newly available
major annual source data as well as some changes in methods and definitions to improve the accounts.
Comprehensive (or benchmark) updates are carried out at about 5-year intervals and incorporate major
periodic source data, as well as major conceptual improvements.
The table below shows the average revisions to the quarterly percent changes in real GDP between
different estimate vintages, without regard to sign.

Vintage Average Revision Without Regard to Sign
(percentage points, annual rates)
Advance to second 0.5
Advance to third 0.6
Second to third 0.2
Advance to latest 1.3
Note - Based on estimates from 1993 through 2016. For more information on GDP
updates, see Revision Information on the BEA Web site.

The larger average revision from the advance to the latest estimate reflects the fact that periodic
comprehensive updates include major statistical and methodological improvements.

Unlike GDP, an advance current quarterly estimate of GDI is not released because data on domestic
profits and on net interest of domestic industries are not available. For fourth quarter estimates, these
data are not available until the third estimate.



Comments - Make a comment
The comments are owned by the poster. We are not responsible for its content. We value free speech but remember this is a public forum and we hope that people would use common sense and decency. If you see an offensive comment please email us at news@thepinetree.net
No Subject
Posted on: 2018-01-26 10:10:46   By: Anonymous
 
Hey Trump
What happened to the 3.0 GDP you promised in your tax cuts
Just another LIE
And the future of this country will pay for it

[Reply ]

    Re: HAHAHAHAHAHA!
    Posted on: 2018-01-26 10:26:21   By: Anonymous
     
    HAHAHAHAHAHAHAHAHA!!! LYING, CHEATING, CROOKED HILLARY!!! HAHAHAHAHAHAHAHAHA!!!


    [Reply ]

      Re: HAHAHAHAHAHA!
      Posted on: 2018-01-26 13:25:05   By: Anonymous
       
      Even at 2.6% GDP economic growth is surging with President Trump's programs.
      The next surge coming will be foreign investment and jobs in The USA.
      President Trump keeps winning and so do Americans.
      $$$$$$$$$$$$$$$$$$$$$$$$$!!

      Bankers at Davos: Can Anything Stop the Good Times?
      By Jenny Strasburg, Liz Hoffman and Thorold Barker
      Jan. 26, 2018 WSJ

      DAVOS, Switzerland—Bankers and executives at the World Economic Forum are celebrating a growing economy and rising markets. They see a continuing string of deals flowing their way, cost-saving new technology and a boost from U.S. tax cuts..

      “From an economic standpoint, it is blue sky,” said Andrea Orcel, who runs investment banking at UBS Group AG . “From an asset-price standpoint, blue sky. But investors are not trading. There is no in-and-out.”

      Merger and acquisition volume is running at a level well above the historical average. Cheap debt and sky-high stock prices give companies plenty of currency for deals. With the U.S. tax changes, “CEOs have high confidence in the economy to be more acquisitive,” said Daniel Pinto, who runs JPMorgan’s corporate and investment bank.

      MAGA!

      [Reply ]

        Re: HAHAHAHAHAHA!
        Posted on: 2018-01-26 13:27:59   By: Anonymous
         
        Dow pops 224 points, stocks notch record close on strong earnings
        The Dow, S&P 500 and Nasdaq hit record highs on Friday.
        AbbVie, Honeywell, Intel and Rockwell are among the latest companies to report better-than expected earnings and revenue.
        Fred Imbert CNBC Published 6 Hours Ago

        U.S. stocks closed sharply higher on Friday as quarterly earnings top estimates, while the economy continues to grow.

        The Dow Jones industrial average rose 223.92 points and hit intraday and closing records. The 30-stock index finished the session at 26,616.71.

        The S&P 500 gained 1.2 percent to 2,872.87, with tech and health care as the best-performing sectors, and also reached an all-time high. The broad index also had its biggest one-day gain since March 1, 2017.

        The Nasdaq composite advanced 1.3 percent to close at 7,505.77 and notched record highs. It also had its best day since Jan. 2.

        President Trump Keeps on Winning, and so does America.

        [Reply ]

          Re: HAHAHAHAHAHA!
          Posted on: 2018-01-26 13:32:18   By: Anonymous
           
          President Trump is Right – US Markets Up Nearly 50% (44%) Since 2016 Election!
          January 26, 2018 by Jim Hoft, The Gateway Pundit

          President Trump gave a speech today at Devos to world government, academic and business leaders at the World Economic Forum. He stated in his speech that the US stock markets are up due to his policies and programs where the markets would be down by the opposite amount had Hillary won!

          President Trump is right.
          He stated that US markets are up by nearly 50% since his election. (The Dow is up 44% since the 2016 election as of yesterday.) He also stated that the markets have hit 84 all time highs since the election. He actually understated the correct amount. As of yesterday, with the Dow reaching another all time high, the Dow reached its 98th all time high since the election.

          President Trump’s stock markets hit many records in his first year in office as noted in many previous posts here at TGP.

          The stock market on Wednesday, January 17th, 2018, says it all.
          On that day the Dow broke 26,000 points for the first time in its history. As a result the Dow broke the record for the fastest 500, 1,000, 2,000, 3,000, 4,000, 5,000, 6,000 and 7,000 point increases between major milestones in the history of the Dow. All of these increases occurred since Donald Trump was elected President.

          The President also stated in a question and answer period that he believes that if Hillary Clinton would have won the Presidency that the markets would be down nearly 50% because of the business suffocating policies of the Obama Administration that the Hillary team was sure to continue.

          Next month Americans will receive more money in their checks due to lower taxes from the Trump Tax Cut law just passed.

          As time goes by, Americans will see more and more the blessing that President Trump won the 2016 election.



          [Reply ]

            Re: HAHAHAHAHAHA!
            Posted on: 2018-01-26 14:55:39   By: Anonymous
             
            Apparently you dont see the rest of the Worlds markets over the past year
            I suppose the Trumptards think he is responsible for those as well
            Keep drinking the kool-aid you hillbillies

            [Reply ]

              Re: HAHAHAHAHAHA!
              Posted on: 2018-01-26 21:35:36   By: Anonymous
               
              Actually.....Donald Trump IS responsible for the rise in the rest of the Worlds markets over the past year
              Don't lie to me and I won't lie to you. psst; You've already been lying to yourself.

              Thank you President Trump for Making America Great Again!

              [Reply ]

                Re: HAHAHAHAHAHA!
                Posted on: 2018-01-26 22:19:40   By: Anonymous
                 
                Our stock market's success is in part because of how well the world market is doing. Please don't be confused as to the importance of the US economy on that stage.

                [Reply ]

        Re: HAHAHAHAHAHA!
        Posted on: 2018-01-26 14:57:02   By: Anonymous
         
        MAGA= Morons Are Governing America

        [Reply ]

    Re:
    Posted on: 2018-01-26 10:47:27   By: Anonymous
     
    Along with the wall.

    [Reply ]

    Re: US DEBT CLOCK
    Posted on: 2018-01-27 05:16:40   By: Anonymous
     


    [Reply ]

No Subject
Posted on: 2018-01-26 10:46:50   By: Anonymous
 
So in a nutshell - people are feeling a bit more confident and spending. Just make sure you're still socking enough away for retirement. The trick will be knowing when to move money around and from the stock market before it levels out again, which it surely will as it always has.

[Reply ]

No Subject
Posted on: 2018-01-27 04:13:12   By: Anonymous
 
This ain't got nothing to do with that shady orange Big Mac destroying nigga Trump. He just plowing burgers and fries and saying dumb shlt!

[Reply ]


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