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Posted by: thepinetree on 04/28/2022 07:18 AM
Updated by: thepinetree on 04/28/2022 07:18 AM
Expires: 01/01/2027 12:00 AM
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US Economy Shrinks by 1.4% in Gross Domestic Product, First Quarter 2022 Estimate
Washington, DC...Real gross domestic product (GDP) decreased at an annual rate of 1.4 percent in the first quarter of 2022 (table 1), according to the "advance" estimate released by the Bureau of Economic Analysis. In the fourth quarter, real GDP increased 6.9 percent. The GDP estimate released today is based on source data that are incomplete or subject to further revision by the source agency (refer to "Source Data for the Advance Estimate" on page 3). The "second" estimate for the first quarter, based on more complete data, will be released on May 26, 2022
The decrease in real GDP reflected decreases in private inventory investment, exports, federal government spending, and state and local government spending, while imports, which are a subtraction in the calculation of GDP, increased. Personal consumption expenditures (PCE), nonresidential fixed investment, and residential fixed investment increased (table 2).
COVID-19 Impact on the First-Quarter 2022 GDP Estimate
In the first quarter, an increase in COVID-19 cases related to the Omicron variant resulted in continued restrictions and disruptions in the operations of establishments in some parts of the country. Government assistance payments in the form of forgivable loans to businesses, grants to state and local governments, and social benefits to households all decreased as provisions of several federal programs expired or tapered off. The full economic effects of the COVID-19 pandemic cannot be quantified in the GDP estimate for the first quarter because the impacts are generally embedded in source data and cannot be separately identified. For more information, refer to the Technical Note and Federal Recovery Programs and BEA Statistics.
The decrease in private inventory investment was led by decreases in wholesale trade (mainly motor vehicles) and retail trade (notably, "other" retailers and motor vehicle dealers). Within exports, widespread decreases in nondurable goods were partly offset by an increase in "other" business services (mainly financial services). The decrease in federal government spending primarily reflected a decrease in defense spending on intermediate goods and services. The increase in imports was led by increases in durable goods (notably, nonfood and nonautomotive consumer goods).
The increase in PCE reflected an increase in services (led by health care) that was partly offset by a decrease in goods. Within goods, a decrease in nondurable goods (led by gasoline and other energy goods) was partly offset by an increase in durable goods (led by motor vehicles and parts). The increase in nonresidential fixed investment reflected increases in equipment and intellectual property products.
Current‑dollar GDP increased 6.5 percent at an annual rate, or $379.9 billion, in the first quarter to a level of $24.38 trillion. In the fourth quarter, GDP increased 14.5 percent, or $800.5 billion (table 1 and table 3).
The price index for gross domestic purchases increased 7.8 percent in the first quarter, compared with an increase of 7.0 percent in the fourth quarter (table 4). The PCE price index increased 7.0 percent, compared with an increase of 6.4 percent. Excluding food and energy prices, the PCE price index increased 5.2 percent, compared with an increase of 5.0 percent.
Personal Income
Current-dollar personal income increased $268.0 billion in the first quarter, compared with an increase of $123.9 billion in the fourth quarter. The increase primarily reflected an increase in compensation that was partly offset by a decrease in government social benefits (table 8). In the first quarter, government assistance payments in the form of social benefits to households decreased as provisions of several federal programs expired or continued to taper off.
Disposable personal income increased $216.6 billion, or 4.8 percent, in the first quarter, compared with an increase of $20.1 billion, or 0.4 percent, in the fourth quarter. Real disposable personal income decreased 2.0 percent, compared with a decrease of 5.6 percent.
Personal saving was $1.21 trillion in the first quarter, compared with $1.39 trillion in the fourth quarter. The personal saving rate—personal saving as a percentage of disposable personal income—was 6.6 percent in the first quarter, compared with 7.7 percent in the fourth quarter.
Source Data for the Advance Estimate
Information on the source data and key assumptions used in the advance estimate is provided in a Technical Note that is posted with the news release on BEA's website. A detailed "Key Source Data and Assumptions" file is also posted for each release. For information on updates to GDP, refer to the "Additional Information" section that follows.
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No Subject
Posted on: 2022-04-28 08:42:00
By: Anonymous
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Could really help the economy and shipping backlog if lazy, snowflake, butthurt truckers returned to work and helped move the parts and goods our economy needs to thrive.
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Re:
Posted on: 2022-04-28 17:27:55
By: Anonymous
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That may be, but the best way would be to oust Biden and crew.
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Posted on: 2022-04-28 18:08:50
By: Anonymous
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This about sums it up for the Bumbling Biden Administration. The economy is failing and so is old fuk Biden.
B-BASTARD
I-IDIOT
D-DEMENTED
E-EGOTISTICAL
N-NASTY
LETS GO BRANDON! FUK JOE BIDEN!
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Posted on: 2022-04-28 19:06:02
By: Anonymous
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I guess neither of you read the parts about personal income and disposable personal income both increasing? If you're not making money and doing well, you only have yourself to blame, because many are.
Maybe get a job, or start a business?
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Posted on: 2022-04-28 21:26:00
By: Anonymous
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Really? Because everyone I know and talk to who have money to spend, are cutting back their spending. Everyone else is forced to cut spending because they do not have the money to spend. Everything is just too ridiculously expensive.
Inflation is out of control, we are in danger of being forced into a war by the current President. Traveling more than a short distance from your home right now is foolish. Bombs could very well start lobbing here. And a civil war is looming in most states.
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Re: Really? Everyone I know
Posted on: 2022-04-29 23:29:06
By: Anonymous
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Therein lies the problem. Everyone You know.
You need new friends.
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Posted on: 2022-04-28 20:51:56
By: Anonymous
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Yes really. If you're going to comment on the report please accept ALL is contains rather than cherry pick to support a own preconceived biases.
Speaking of.... you may have a few. Bombs ready to fall any day? Civil war? Obviously someone has taken over your mind and terrified you into a fearful, whimpering toad. You might consider changing your viewing habits.
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Posted on: 2022-04-29 07:40:09
By: Anonymous
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^They can't. They are indoctrinated Trump fools. They A)Watch FOX for all their news. They B) Cannot decipher truth from FOXfiction. They C)Believe everything Sean and Tucker say.
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No Subject
Posted on: 2022-04-29 11:25:48
By: Anonymous
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Shocker!!!
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No Subject
Posted on: 2022-04-29 11:28:21
By: Anonymous
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Who watched his last address??? He stutters and can’t read the teleprompter. He is shaking hands with the air. He is a complete embarrassment!!! It’s very sad to watch
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