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Posted by: thepinetree on 04/25/2024 07:59 AM
Updated by: thepinetree on 04/25/2024 07:59 AM
Expires: 01/01/2029 12:00 AM
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1st Quarter GDP Crashes Down to 1.6%
Washington, DC...Real gross domestic product (GDP) increased at an annual rate of 1.6 percent in the first quarter of 2024 (table 1), according to the "advance" estimate released by the Bureau of Economic Analysis. In the fourth quarter of 2023, real GDP increased 3.4 percent.
The GDP estimate released today is based on source data that are incomplete or subject to further revision by the source agency (refer to “Source Data for the Advance Estimate” on page 3). The “second” estimate for the first quarter, based on more complete source data, will be released on May 30, 2024.
The increase in real GDP primarily reflected increases in consumer spending, residential fixed investment, nonresidential fixed investment, and state and local government spending that were partly offset by a decrease in private inventory investment. Imports, which are a subtraction in the calculation of GDP, increased (table 2).
The increase in consumer spending reflected an increase in services that was partly offset by a decrease in goods. Within services, the increase primarily reflected increases in health care as well as financial services and insurance. Within goods, the decrease primarily reflected decreases in motor vehicles and parts as well as gasoline and other energy goods. Within residential fixed investment, the increase was led by brokers’ commissions and other ownership transfer costs as well as new single-family housing construction. The increase in nonresidential fixed investment mainly reflected an increase in intellectual property products. The increase in state and local government spending reflected an increase in compensation of state and local government employees. The decrease in inventory investment primarily reflected decreases in wholesale trade and manufacturing. Within imports, the increase reflected increases in both goods and services.
Compared to the fourth quarter, the deceleration in real GDP in the first quarter primarily reflected decelerations in consumer spending, exports, and state and local government spending and a downturn in federal government spending. These movements were partly offset by an acceleration in residential fixed investment. Imports accelerated.
Current‑dollar GDP increased 4.8 percent at an annual rate, or $327.5 billion, in the first quarter to a level of $28.28 trillion. In the fourth quarter, GDP increased 5.1 percent, or $346.9 billion (tables 1 and 3).
The price index for gross domestic purchases increased 3.1 percent in the first quarter, compared with an increase of 1.9 percent in the fourth quarter (table 4). The personal consumption expenditures (PCE) price index increased 3.4 percent, compared with an increase of 1.8 percent. Excluding food and energy prices, the PCE price index increased 3.7 percent, compared with an increase of 2.0 percent.
Personal Income
Current-dollar personal income increased $407.1 billion in the first quarter, compared with an increase of $230.2 billion in the fourth quarter. The increase primarily reflected increases in compensation and personal current transfer receipts (table 8).
Disposable personal income increased $226.2 billion, or 4.5 percent, in the first quarter, compared with an increase of $190.4 billion, or 3.8 percent, in the fourth quarter. Increases in compensation and personal current transfer receipts were partly offset by an increase in personal current taxes, which are a subtraction in the calculation of DPI. Real disposable personal income increased 1.1 percent, compared with an increase of 2.0 percent.
Personal saving was $755.7 billion in the first quarter, compared with $815.5 billion in the fourth quarter. The personal saving rate—personal saving as a percentage of disposable personal income—was 3.6 percent in the first quarter, compared with 4.0 percent in the fourth quarter.
Source Data for the Advance Estimate
The GDP estimate released today is based on source data that are incomplete or subject to further revision by the source agency. Information on the source data and key assumptions used in the advance estimate is provided in a Technical Note and a detailed "Key Source Data and Assumptions" file posted with the release. The second estimate for the first quarter, based on more complete data, will be released on May 30, 2024. For information on updates to GDP, refer to the "Additional Information" section that follows.
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No Subject
Posted on: 2024-04-25 08:01:47
By: Anonymous
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This is even after the Gov has been propping it up with Govt spending. This combined with credit card debt bomb means we are screwed.
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Re:
Posted on: 2024-04-25 08:10:48
By: Anonymous
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Joe's done in 2024 good news for his campaign keep up the good work Joe stock market taking a nose dive.
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Re:
Posted on: 2024-04-26 10:05:12
By: Anonymous
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HEY!!!! Where's Comer Pyle or Jim Jordan??
Thought they had the goods on Joe and Hunter, and were about to expose them as criminals?
What happened?
Where's the evidence?
When will they be coming forward and showing us the goods?
Can't even find them on FOX anymore!!!
WTF???
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No Subject
Posted on: 2024-04-25 08:12:42
By: Anonymous
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Love Trump's Media Stock UP.
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No Subject
Posted on: 2024-04-25 08:14:44
By: Anonymous
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YUP! Bidenomics sure are working Hahahahahaha.
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Re: Plugs to the rescue!
Posted on: 2024-04-25 08:25:27
By: Anonymous
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Sure, Brandon and his policy maker buddies are hard at work--f-ing things up!!!
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Re: Plugs to the rescue!
Posted on: 2024-04-25 08:47:39
By: Anonymous
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They'll be replaced come Nov.
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Re: Plugs to the rescue!
Posted on: 2024-04-26 10:06:26
By: Anonymous
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^^Note the above MAGA Morons!^
Dumb as a box of rocks.
Gullible too.
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Re: Plugs to the rescue!
Posted on: 2024-04-26 17:16:25
By: Anonymous
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Note the above liberal democrat--"you can't fix stupid" and that's what you elected!!! Brandon is the worst president in history and you will probably vote for him again.
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No Subject
Posted on: 2024-04-25 18:32:52
By: Anonymous
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We have the Strongest World Economy fuk you Joe...,,,
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