Stephen M. Miller

The “advance” estimate for U.S. real gross domestic product (GDP) for the second quarter of 2018 expanded by a strong 4.1 percent annualized rate, the fastest pace in almost four years. Consumer spending, which accounts for two-thirds of real GDP, also grew strongly, which probably reflected somewhat the tax cut. U.S. nonfarm employment added a lower-than-expected 157,000 jobs … [Read more...] about Business Indicators: September 2018

The “third” estimate for U.S. real gross domestic product (GDP) for the first quarter of 2018 expanded at a 2.0 percent annualized rate, revised down from the second estimate of 2.2 percent. The downward revisions mainly reflected smaller-than-expected private inventory investment and personal consumption expenditure. U.S. nonfarm employment continued its surprising gain by … [Read more...] about Business Indicators: August 2018

The “second” estimate for U.S. real gross domestic product (GDP) for the first quarter of 2018 showed growth at an annual rate of 2.2 percent, down by 0.1 percentage point from the previous estimate of 2.3 percent. The downward revisions reflected smaller private inventory investment, residential fixed investment, and net exports, which were partly offset by a larger … [Read more...] about Business Indicators: July 2018

The “advance” estimate for U.S. real gross domestic product (GDP) for the first quarter of 2018 rose at an annual rate of 2.3 percent, a slower pace than the previous three consecutive quarters of about 3 percent. The first quarter real GDP growth, however, exceeded the first-quarter growth in recent years. The increase in real GDP largely reflected a moderate growth in … [Read more...] about Business Indicators: June 2018

The “advance” estimate for U.S. real gross domestic product (GDP) for the fourth quarter of 2017 increased at an annual rate of 2.6 percent after two consecutive quarters of above 3 percent growth. Average hourly earnings growth accelerated to 2.9 percent year-over year, its largest gain since the Great Recession thanks to a tightening labor market. Retail sales posted strong … [Read more...] about Business Indicators: March 2018

The “advance” estimate for U.S. real gross domestic product (GDP) for the second quarter of 2017 grew at a 2.6 percent annualized rate. Real GDP for the first quarter was revised downward to a 1.2 percent pace. Residential investment exhibited the largest decrease among the real GDP components for the second quarter, while consumer spending and business investment rebounded … [Read more...] about September 2017: Business Indicators

The “second” estimate for U.S. real gross domestic product (GDP) for the first quarter of 2017 grew at a 1.2 percent annualized rate, a half percentage point higher than the “first” estimate. The upward revision reflects larger gains in nonresidential fixed investment and personal consumption expenditure and smaller losses in state and local government spending. U.S. nonfarm … [Read more...] about July 2017: Business Indicators