According to washingtonfeed:
GDP Numbers Have Been Revised, And It’s Every Democrat’s Nightmare.
Last year’s GDP was revised higher, following Trump’s big win in the election.
The increase in real GDP reflected an increase in consumer spending, private inventory investment, residential investment, business investment, and state and local government spending. These contributions were partly offset by declines in exports and federal government spending. Imports, which are a subtraction in the calculation of GDP, increased. Trade subtracted 1.82 percentage points from growth, the most since 2004, compared with the prior estimate of a 1.7-point drag, on weaker exports and higher imports The biggest contributor to the upward revision to consumption reflected spending on net foreign travel and recreation services, as well as gasoline and other energy goods Prices of goods and services purchased by U.S. residents increased 2.0 percent in the fourth quarter after increasing 1.5 percent in the third quarter. Excluding energy and food, prices rose 1.6 percent after increasing 1.7 percent. The final revision also presented the latest update to corporate profits, which according to the BEA increased 0.5% at a quarterly rate in the fourth quarter after increasing 5.8 percent in the third quarter. Profits of nonfinancial corporations decreased 4.9 percent in the fourth quarter, profits of financial corporations increased 5.4 percent, and profits from the rest of the world increased 11.0 percent. In total, corporate profits in the U.S. jumped 9.3 percent from a year earlier, the most since 2012, and rose 0.5 percent from the previous three months, in the first estimate for the fourth quarter.
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