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Third Quarter 2018 Gross Domestic Product Update

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Add to Flipboard Magazine. Fuente: Idaho Farm Bureau News - View all news from this site
Third Quarter 2018 Gross Domestic Product Update Third Quarter 2018 Gross Domestic Product Update

Third Quarter 2018 Gross Domestic Product Update






Washington--The Bureau of Economic Analysis released its second report on gross domestic product growth for the third quarter of 2018, confirming a preliminary release in October that indicated the economy grew at a real rate of 3.5 percent from July through the end of September. This marks 36 consecutive quarters of positive GDP growth which began in the 4th quarter of 2009.

Be clear that this is a ??look back? report, with the more complete data allowing us the equivalent of a ?further review? in football. The report substantiates how we thought the economy was behaving in the third quarter of this year but tells us nothing really about how the economy is performing now, or how it will perform in the months and year ahead.

While most of the discussion around GDP looks at percentage changes, it is informative once in a while to drop back to the actual numbers. On an annualized basis, the overall economy tripped the $20 trillion level in the first quarter of 2018 and is now functioning well above that point. The overall GDP estimate for the third quarter was $20.660 trillion. 

Consumer spending alone drove slightly less than 2.5 percent of the growth in real GDP. Again, to put the numbers in perspective, consumer spending was just over $14 trillion (annualized basis) for the third quarter of 2018. Digging into those numbers a little, consumers boosted spending on recreational goods and vehicles ? read that as consumer electronics and other toys ? by $20 billion ...
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Source of news: Idaho Farm Bureau News
Source of publication: 30-11-2018 16:03
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