Real gross domestic product — the value of the production of goods and services in the United States, adjusted for price changes — increased at an annual rate of 2.2 percent in the fourth quarter of 2014, according to the “second” estimate released by the Bureau of Economic Analysis. In the third quarter, real GDP increased 5.0 percent.
U.S. inflation gauges are sliding toward negative territory for the first time in more than five years. But the oil-fueled tumble in prices is far from the kind of growth-sapping episodes of deflation that tend to worry economists.
The retail restraint is somewhat surprising given that the average household is expected to save hundreds of dollars this year on gas that averaged $2.23 a gallon on Thursday, down from $3.32 a year ago, according to auto club AAA. Americans appear to be saving the money they’re not spending at the pump, or using any excess funds on services that don’t show up in the retail-sales report.
The U.S. Census Bureau and the U.S. Bureau of Economic Analysis, through the Department of Commerce, announced today that the goods and services deficit was $46.6 billion in December, up $6.8 billion from $39.8 billion in November, revised. December exports were $194.9 billion, down $1.5 billion from November. December imports were $241.4 billion, up $5.3 billion from November.
Personal income increased $41.3 billion, or 0.3 percent, and disposable personal income (DPI) increased $35.8 billion, or 0.3 percent, in December, according to the Bureau of Economic Analysis. Personal consumption expenditures (PCE) decreased $40.0 billion, or 0.3 percent. In November, personal income increased $47.2 billion, or 0.3 percent, DPI increased $34.2 billion, or 0.3 percent, and PCE increased $58.8 billion, or 0.5 percent, based on revised estimates.
Household purchases declined 0.3 percent, the biggest decline since September 2009, after a 0.5 percent November gain, Commerce Department figures showed Monday in Washington. The median forecast of 68 economists in a Bloomberg survey called for a 0.2 percent drop. Incomes and the saving rate rose.
Real gross domestic product — the value of the production of goods and services in the United States, adjusted for price changes — increased at an annual rate of 2.6 percent in the fourth quarter of 2014, according to the “advance” estimate released by the Bureau of Economic Analysis. In the third quarter, real GDP increased 5.0 percent.
U.S. economic growth retreated to a modest pace in the final months of 2014, underscoring obstacles facing the recovery as troubles mount abroad.
This comes when egg demand is growing, in part because soaring meat prices have caused Americans to turn to other foods. Per capita consumption is expected to reach more than 260 eggs this year, the highest since 1983, according to the USDA. The poorest consumers have been hit hardest by the price spike because eggs have traditionally been a cheap source of protein.
Figures released Friday by the Bureau of Labor Statistics said the combined rate of private- and public-sector union membership was 11.1% last year, down from 11.3% the prior year. Membership in the private sector fell to a rate of 6.6% in 2014, from 6.7%, while public-sector representation rose slightly to 35.7%, from 35.3%.
An upswing in the U.S. economy has contributed to a surge in economic optimism but provided no similar improvement in the standing of the nation’s political leaders, a new Wall Street Journal/NBC News poll shows.
U.S. consumers are seeing prices rise at the slowest annual pace in more than five years, largely thanks to a global plunge in oil prices, presenting a potential complication for the Federal Reserve as it looks to raise interest rates this year.
California is overtaking Brazil as the world’s seventh-largest economy, bolstered by rising employment, home values and personal and corporate income, a year after the most-populous state surpassed Russia and Italy.
Economic activity in the Twelfth District continued to improve moderately during the reporting period of mid-November through late December 2014. Overall price and wage inflation remained modest. Retail sales and demand for business and consumer services increased moderately. Overall manufacturing activity picked up, while agricultural conditions were mixed. Real estate activity advanced, mainly in the commercial construction sector. Lending activity was mixed.
Sales at retailers and restaurants decreased a seasonally adjusted 0.9% in December from a month earlier, the Commerce Department said Wednesday. But that drop, the largest since last January, likely overstates the severity of the pullback. Some economists blamed technical factors such as seasonal adjustments, warning about potential revisions to the data or a rebound in coming months.