The Bureau of Economic Analysis released its latest gauge of second quarter gross domestic product (GDP), showing growth at a 1.4 percent inflation-adjusted annual rate after the first quarter’s 0.8 percent. This is the “third” estimate, based on more complete source data than were available for the “second” estimate issued last month. In that second estimate, the increase in real GDP was 1.1 percent.
Despite the better reading, the growth rate for the first half of the year is just above 1 percent. That is a significant slowdown from the expansion’s 2.1 percent average annual rate; which itself is the weakest of any period of growth since 1949.
The full press release is accessible via the link below:
Next release is October 28, 2016 for the Advance Estimate, Third Quarter, 2016 Gross Domestic Product
According to the Bureau of Labor Statistics, the Consumer Price Index for all urban consumers (CPI-U) increased 0.2 percent in August on a seasonally-adjusted basis. The seasonally adjusted index was caused by a rise in the index for all items other than food and energy. This increased by 0.3 percent in August, propelled by indexes for shelter and medical care. Energy and food indexes were both unchanged in August.
Over the last 12 months, the all items index rose 1.1 percent before seasonal adjustment. The index for all items less food and energy rose 2.3 percent for the 12-months ending in August. The food index remained unchanged; while the energy index declined 9.2 percent.
The full press release can be found via the link below:
Next release is October 18, 2016 for the September 2016 Consumer Price Index.
The U.S. economy continued to create jobs at a steady pace in August, according to the Bureau of Labor Statistics. Employers added 151,000 jobs in August. Job growth in July and June were revised in both directions—employers added 275,000 jobs in July, up from initially estimated 255,000; but added fewer jobs in June as originally estimated, 271,000, down from 292,000. Over the past three months, job growth has averaged 232,000 additions a month.
Average hourly earnings rose 2.4 percent through August, slightly slower than July’s increase of 2.6 percent. Throughout 2015, annual wage growth averaged 2.3 percent.
The jobless rate of 4.9 percent remained unchanged in August. Hiring was robust enough to absorb new entrants into the labor market, keeping the overall unemployment level stable.
The full BLS press release on August 2016 employment situation can be accessed in the link below:
The next employment situation for September 2016 will be released on Friday, October 7, 2016.
The Bureau of Economic Analysis released its “advance” estimate of second quarter 2016 Gross Domestic Product. The advance estimate is based on data that may be incomplete or subject to revision. The second estimate, released in August, will be based on more complete data.
The advance estimate shows that real GDP increased at an annual rate of 1.2% during the second quarter of 2016. This is a slight acceleration from the first quarter of 2016, where GDP increased at a rate of 0.8 percent.
The acceleration reflects an increase in personal consumption expenditures and exports that were partly offset by negative contributions from private inventory investment, nonresidential fixed investment, residential fixed investment, and state and local government spending. Imports, which is subtracted for the GDP calculation, decreased.
The full report is accessible via the link below:
According to the Bureau of Labor Statistics, The Consumer Price Index for All Urban Consumers (CPI-U) was unchanged in July on a seasonally adjusted basis. Over the last 12 months, the all items index rose 0.8% before seasonal adjustment.
The energy index saw a decline of 1.6% due primarily to a sharp decrease in gasoline; while the food indexes were mixed but overall unchanged. The index for all items less energy and food increased by 0.1 percent in July, after rising 0.2 percent in June.
The full report is available as a PDF below: