The Bureau of Economic Analysis released its “second” estimate of second quarter 2017 Gross Domestic Product. The second estimate is based on more complete data than the “advance” estimate.
The second estimate shows that real GDP increased at an annual rate of 3.0 percent during the second quarter of 2017. In the first quarter of 2016, real GDP increased 1.2 percent (revised).
The increase in real GDP in the second quarter reflected increases in personal consumption expenditures, and nonresidential fixed investments were larger than previously estimated. These increases were partly offset by a decrease in state and local government funding.
Imports, which is subtracted in the GDP calculation, increased.
Corporate profits from current production increased $26.8 billion in the second quarter, compared to a decrease of $46.2 billion in the first quarter.
The full BEA press release on the second estimate of second quarter GDP can be accessed in the link below:
The next release—for the third estimate of second quarter GDP 2017 will be released on September 28, 2017.
Employers added 156,000 nonfarm payroll jobs in August of 2017, according to the Bureau of Labor Statistics. The unemployment rate was unchanged at 4.4 percent.
Job gains occurred in manufacturing, construction, professional and technical services, health care, and mining. The number of jobs in professional and business services increased by 22,000 over the month, while manufacturing gained 36,000 jobs and construction gained 28,000 jobs.
Job growth in July 2017 was revised to 189,000, down from the initially estimated 209,000. Over the past three months, job growth has averaged 185,000 additions a month.
Average hourly earnings rose by three cents to $26.39, following a nine-cent increase in July. Over the year, average hourly earnings have risen 2.5 percent.
The full BLS press release on the August 2017 employment situation can be accessed in the .pdf below:
The next employment situation report for April 2017 will be released on Friday, October 6, 2017.
The Bureau of Labor Statistics (BLS) released its report on the July 2017 Consumer Price Index (CPI) today.
On a seasonally-adjusted basis, the Consumer Price Index for All Urban Consumers (CPI-U) rose slightly in July, with an increase of 0.1%. Unadjusted, the index for all items saw a 1.7% increase over the past 12 months.
The energy index decreased for the third month in a row in July, dropping 0.1%. Most noticeable is the drop in the index for piped utility gas, which dropped 2.3% on a seasonally-adjusted basis.
The food index rose 0.2% in July after experiencing no change in June. The beef and veal index continued to rise in July, but at a slower rate, seeing an increase of 1.2%.
The index of all items less food and energy saw an increase of 0.1% in July. In particular, the shelter index—a measure of rent, mortgage payments, and lodging—rose 0.1% in July, its smallest increase since March. Reflected in the shelter index was the sharp decline of 4.2% in the cost of lodging away from home.
In a separate BLS report, average weekly earnings for private-sector workers, adjusted for inflation, increased 0.2% in July from the prior month. A year earlier, inflation-adjusted weekly earnings were up 1.1%.
The next CPI release is scheduled for Thursday, September 14.
The full release including data, summaries, and more information can be accessed via the PDF below:
The Bureau of Labor Statistics (BLS) released its report on the July 2017 Employment Situation this morning. The report is compiled based on the findings of two surveys: the Household Survey, looking at the unemployment rate of major worker groups and the labor participation rate, and the Establishment Survey, reporting on nonfarm payroll employment by major sectors, duration of the average workweek, and average hourly earnings.
Data from the Household Survey shows that unemployment was little changed in July at 4.3%, down 0.1 percentage points from June. After declining in the beginning of the year, unemployment has changed little in the past few months. Among the major worker groups, unemployment was generally unchanged. The unemployment rate for both adult men and women was 4.0%, while teenagers saw an unemployment rate of 13.2%.
The Establishment Survey shows that total nonfarm payroll employment rose by 209,000 in July, bringing the average monthly employment growth rate for 2017 to 184,000. In comparison, this rate was 187,000 in 2016. The average workweek length for private nonfarm payroll employment remained unchanged while average hourly earnings rose by 9 cents to $26.36, with average weekly earnings of $909.42, up from $884.42 a year ago.
The full release—with data tables and more information—is available below as a PDF: