- Real GDP increased at an annual rate of 2.1% in the third quarter of 2019, according to the “third” estimate by the Bureau of Economic Analysis. In the second quarter, real GDP increased 2.0%. In the second estimate, released a month ago, the increase in real GDP was also 2.1%.
- Real final sales of domestic product (GDP less change in private inventories) increased 2.1% in the third quarter, in contrast to an increase of 3.0% in the previous quarter.
- Real gross domestic income (GDI) increased 2.1% in the third quarter, compared with an increase of 0.9% in the second quarter. The average of real GDP and real GDI, a supplemental measure of U.S. economic activity that equally weights GDP and GDI, increased 2.1% in the third quarter, compared with an increase of 1.4% in the second quarter.
- The price index for gross domestic purchases increased 1.4% in the third quarter, compared with an increase of 2.2% in the previous quarter. The personal consumption expenditures (PCE) price index increased 1.5%, compared with an increase of 2.4%. Excluding food and energy prices, the PCE price index increased 2.1%, compared with an increase of 1.9%.
- Profits from current production (corporate profits with inventory valuation adjustment and capital consumption adjustment) decreased $4.7 billion in the third quarter, compared with an increase of $75.8 billion in the second quarter. Profits of domestic financial corporations decreased $4.7 billion in the third quarter, in contrast to an increase of $2.5 billion in the second quarter. Profits of domestic nonfinancial corporations decreased $5.5 billion, compared with an increase of $34.7 billion. Rest-of-the-world profits increased $5.5 billion, in contrast to an increase of $38.7 billion.
- Personal income increased 0.5% in November, according to the Bureau of Economic Analysis. Disposable personal income (DPI) increased 0.5% and personal consumption expenditures (PCE) increased 0.4%. Real DPI increased 0.4%, and real PCE increased 0.3%. The PCE price index increased 0.2%. Excluding food and energy, the PCE price index also increased 0.1%. The PCE price index increased 1.5% from a year ago, while the core (PCE excluding food and energy) price index increased 1.6%.
- Total Industrial production increased 1.1% in November, following a decrease of 0.9% in the previous month. Total Industrial production was down 0.8% from November 2018. The capacity utilization rate was 77.3 in November, 2.5 percentage points below the average for the 1972-2018 period, and 2.3 percentage points above the November 2018 level.
- The U.S. current-account deficit decreased to $124.1 billion (preliminary) in the third quarter of 2019 from $125.2 billion (revised) in the second quarter of 2019, according to the Bureau of Economic Analysis (BEA). The deficit edged down to 2.3% of current-dollar gross domestic product (GDP), from 2.4% in the second quarter. The $1.1 billion decrease in the current-account deficit reflected a reduced deficit on goods and an expanded surplus on primary income.
- State personal income increased 3.8% on average in the third quarter of 2019, according to the Bureau of Economic Analysis. In the second quarter, state personal income increased 4.4%. Personal income increased in all states and the District of Columbia. The percent change in personal income across all states ranged from 15.2% in South Dakota and Washington to 1.9% in West Virginia and Wyoming.
- Unemployment rates were lower in November in 7 states, higher in 5 states, and stable in 38 states and the District of Columbia, according to the U.S. Bureau of Labor Statistics. Seven states had jobless rate decreases from a year earlier, 2 states had increases, and 41 states and the District had little or no change. Nonfarm payroll employment increased in 6 states in November 2019, decreased in 1, and was essentially unchanged in 43 states and the District of Columbia. Over the year, 25 states added nonfarm payroll jobs and 25 states and the District were essentially unchanged.
- The number of job openings edged up to 7.3 million on the last business day of October, according to the U.S. Bureau of Labor Statistics. Over the month, hires and separations were little changed at 5.8 million and 5.6 million, respectively.
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