| Real gross domestic product -- the output of goods and services produced by labor and property
located in the United States -- increased at an annual rate of 2.6 percent in the fourth quarter of 2013
(that is, from the third quarter to the fourth quarter), according to the "third" estimate. In the third quarter, real GDP increased 4.1 percent.
The GDP estimate released today is based on more complete source data than were available for the "second" estimate issued last month. In the second estimate, the increase in real GDP was 2.4 percent. With this third estimate for the fourth quarter, the general picture of economic growth remains largely the same; personal consumption expenditures (PCE) was larger than previously estimated, while private investment in inventories and in intellectual property products were smaller than previously estimated. The increase in real GDP in the fourth quarter primarily reflected positive contributions from PCE, exports, and nonresidential fixed investment that were partly offset by negative contributions from federal government spending and residential fixed investment. Imports, which are a subtraction in the calculation of GDP, increased. The deceleration in real GDP growth in the fourth quarter reflected a downturn in private inventory investment, a larger decrease in federal government spending, a downturn in residential fixed investment, and a deceleration in state and local government spending that were partly offset by accelerations in PCE and in exports, a deceleration in imports, and an acceleration in nonresidential fixed investment. See the complete report at this link: USDOC-BEA |
27 March 2014
• U.S. Gross Domestic Product – Q4 2013
• U.S. Initial Unemployment Claims – 22 March 2014
| In the week ending March 22, the advance figure for seasonally adjusted initial claims was 311,000, a decrease of 10,000 from the previous week's revised figure of 321,000. The 4-week moving average was 317,750, a decrease of 9,500 from the previous week's revised average of 327,250. The advance seasonally adjusted insured unemployment rate was 2.2 percent for the week ending March 15, unchanged from the prior week's unrevised rate. The highest insured unemployment rates in the week ending March 8 were in Alaska (5.5), New Jersey (4.1), Rhode Island (3.9), Connecticut (3.8), Pennsylvania (3.7), California (3.6), Illinois (3.6), Montana (3.4), Massachusetts (3.3), and Wisconsin (3.3). The largest increases in initial claims for the week ending March 15 were in California (+3,189), Nebraska (+1,044), Virginia (+513), Missouri (+492), and Tennessee (+474), while the largest decreases were in Pennsylvania (-3,166), Illinois (-2,320), New York (-2,155), Texas (-1,373), and Wisconsin (-1,055). Note: “Insured unemployment rate” refers to individuals who are unemployed and receiving UC benefits. See the complete report at this link: USDOL-BLS |
26 March 2014
• U.S. Young Adults: Jobs, Education, and Households
| A longitudinal study of 27 year-olds reveals that men averaged 6.0 jobs and women 6.3 jobs from ages 18 to 26. High school dropouts were employed 54 percent of weeks compared to 71 percent of weeks for high school graduates. See the complete report at this link: USDOL-BLS |
25 March 2014
• U.S. State Income Growth Slowed - 2012
| Average state personal income growth slowed to 2.6 percent in 2013 from 4.2 percent in 2012. State personal income growth ranged from 1.5 percent in West Virginia to 7.6 percent in North Dakota, with every state growing more slowly in 2013 than in 2012. Inflation, as measured by the national price index for personal consumption expenditures, slowed to 1.1 percent in 2013 from 1.8 percent in 2012. See the complete report at this link: USDOC-BEA |
• U.S. Loses Edge As Employment Powerhouse
| "The labour force participation rate – the proportion of adults who are either working or looking for work – started to decline in the US in 2000 and has plunged since 2008 from 66 to 63 per cent."
See the complete report at this link: Financial Times |
24 March 2014
• U.S. Business Economists Predict Slow Job Growth
| “Further labor market recovery is anticipated. Nonfarm payrolls are forecasted to post an average monthly gain of 188,000 for all of 2014, slightly below the 194,000 recorded last year. ”Panelists anticipate stronger job creation of 205,000 per month in 2015. ”The unemployment rate is expected to average 6.4% in 2014, down a full percentage point from 2013, and decline to 6.1% in 2015.” Please visit this link to read the full article: NABE |
21 March 2014
• U.S. Metropolitan Employment – January 2014
| Jobless rates were lower in January than a year earlier in 367 of the 372 metropolitan areas, higher in 3, and unchanged in 2. Nonfarm payroll employment was up in 316 metropolitan areas over the year, down in 48, and unchanged in 8. See the complete report at this link: USDOL-BLS |