A 40% decline in residential investment and a 50% drop in equipment spending, as well as drags from net exports and inventories, all likely contributed. Comprehensive (or benchmark) updates are carried out at about 5-year intervals and incorporate major periodic source data, as well as major conceptual improvements.Unlike GDP, an advance current quarterly estimate of GDI is not released because data on domestic profits and on net interest of domestic industries are not available.
An official website of the United States governmentThe GDP estimate released today is based on source data that are incomplete or subject to further revision by the source agency (see "Source Data for the Advance Estimate" on page 2).
That translates to about 25 percentage points of the projected 35-point annualized decline in GDP.“Lockdowns enforced in March through April led to a plunge in consumer spending. The decrease in exports primarily reflected a decrease in goods (led by capital goods). The Bureau of Economic Analysis today released its second-quarter GDP estimates, and the data illustrates a stunning 32.9%, one-third plunge in the United States GDP.It’s the worst GDP … As restrictions lifted, the initial recovery was rapid, but will remain partial amid a resurgence of virus cases and orders to pause or reverse reopening plans.”-- Andrew Husby, Eliza Winger and Yelena ShulyatyevaIt’s not just personal consumption, though. The decrease in private inventory investment primarily reflected a decrease in retail (led by motor vehicle dealers). The buildings of the banking district are seen in Frankfurt, Germany, Thursday, July 30, 2020.
Why? In the fourth quarter of 2019, real GDP increased 2.1 percent. “The full economic effects of the COVID-19 pandemic cannot be quantified in the GDP estimate for the second quarter of 2020 because the impacts are generally embedded in … Although that's behind us now and conditions have improved since the country ground to a … U.S. gross domestic product—the total value of all the goods and services produced by the economy—fell at an annual rate of nearly 33% in the second quarter… Annual updates generally cover at least the 5 most recent calendar years (and their associated quarters) and incorporate newly available major annual source data as well as some changes in methods and definitions to improve the accounts. The euro zone economy contracted by 12.1% in the second quarter of 2020, compared to the first three months of the year, according to preliminary data from the region's statistics office.
An American flag hangs in a store window in Baltimore, Maryland, on April 25.An American flag hangs in a store window in Baltimore, Maryland, on April 25.The U.S. economy ground to a halt for almost the entirety of April. Trump is well aware of the timing.“We’re going to have a great third quarter,” he While the results may in theory sway some last-minute deciders, many of those who mail in ballots will have already made their choice -- - especially if mail-in ballots happen in greater numbers this year as a result of Covid-19 concerns. The timespan of the update is the first quarter of 2015 through the fourth quarter of 2019 for estimates of real GDP and its major components, and the first quarter of 1999 through the fourth quarter of 2019 for estimates of income and saving. For fourth quarter estimates, these data are not available until the third estimate. Lawmakers are in the midst of debating another round of fiscal stimulus, with the supplemental $600 in If the economy starts to deteriorate, the fourth quarter could show a contraction, said Gapen.American voters will decide in three months whether to re-elect President Donald Trump to a second term against a backdrop of a virus-induced recession and his response to the health crisis.Before the pandemic, Trump’s goal was for a sustained pace of 3% economic growth.
The Federal Statistical Office will release 2nd-quarter German GDP (gross domestic product… The decline is the same as in the “second” estimate released in May. Personal consumption is projected to have plummeted an annualized 34.5% in the quarter, which would also be a record.Michael Gapen, chief U.S. economist at Barclays Plc, projects a 36% drop in second-quarter consumer spending. Real gross domestic product (GDP) decreased at an annual rate of 32.9 percent in the second quarter of 2020 (table 1), according to the "advance" estimate released by the Bureau of Economic Analysis.