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<\/p>\nWashington, DC…Real gross domestic product (GDP) increased at an annual rate of 3.0 percent in the third quarter of 2017, according to the “advance” estimate released by the Bureau of Economic Analysis. In the second quarter, real GDP increased 3.1 percent. The Bureau emphasized that the third-quarter advance estimate released today is based on source data that are incomplete or subject to further revision by the source agency. The “second” estimate for the third quarter, based on more complete data, will be released on November 29, 2017.<\/p>\n
<\/p>\n
Real GDP: Percent Change from Preceding Quarter<\/p>\n
The increase in real GDP in the third quarter reflected positive contributions from personal consumption
\nexpenditures (PCE), private inventory investment, nonresidential fixed investment, exports, and federal
\ngovernment spending. These increases were partly offset by negative contributions from residential
\nfixed investment and state and local government spending. Imports, which are a subtraction in the
\ncalculation of GDP, decreased (table 2).<\/p>\n
The deceleration in real GDP growth in the third quarter primarily reflected decelerations in PCE, in
\nnonresidential fixed investment, and in exports that were partly offset by an acceleration in private
\ninventory investment and a downturn in imports.<\/p>\n
Current-dollar GDP increased 5.2 percent, or $245.5 billion, in the third quarter to a level of $19,495.5
\nbillion. In the second quarter, current-dollar GDP increased 4.1 percent, or $192.3 billion (table 1 and
\ntable 3).<\/p>\n
The price index for gross domestic purchases increased 1.8 percent in the third quarter, compared with
\nan increase of 0.9 percent in the second quarter (table 4). The PCE price index increased 1.5 percent,
\ncompared with an increase of 0.3 percent. Excluding food and energy prices, the PCE price index
\nincreased 1.3 percent, compared with an increase of 0.9 percent (appendix table A).<\/p>\n
Personal Income (table 10)<\/p>\n
Current-dollar personal income increased $113.7 billion in the third quarter, compared with an increase
\nof $119.1 billion in the second. The deceleration in personal income primarily reflected decelerations in
\npersonal dividend income, in rental income, and in wages and salaries that were offset by an
\nacceleration in government social benefits, a smaller decrease in personal interest income, an
\nacceleration in nonfarm proprietors\u2019 income, and a smaller decrease in farm proprietors\u2019 income.<\/p>\n
Disposable personal income increased $73.6 billion, or 2.1 percent, in the third quarter, compared with
\nan increase of $125.1 billion, or 3.6 percent, in the second. Real disposable personal income increased
\n0.6 percent, compared with an increase of 3.3 percent.<\/p>\n
Personal saving was $494.8 billion in the third quarter, compared with $545.6 billion in the second. The
\npersonal saving rate — personal saving as a percentage of disposable personal income — was 3.4 percent
\nin the third quarter, compared with 3.8 percent in the second.<\/p>\n
Source Data for the Advance Estimate<\/p>\n
Information on the source data in the advance estimate is provided in a Technical Note that is posted
\nwith the news release on BEA\u2019s Web site. A detailed “Key Source Data and Assumptions” file is also
\nposted for each release. For information on updates to GDP, see the “Additional Information” section
\nthat follows.<\/p>\n
* * *<\/p>\n
Next release: November 29, 2017 at 8:30 A.M. EST
\n Gross Domestic Product: Third Quarter 2017 (Second Estimate)
\n Corporate Profits: Third Quarter 2017 (Preliminary Estimate)<\/p>\n
Release Dates in 2018<\/p>\n
Estimate 2017: IV and annual 2018: I 2018: II 2018: III
\nGross Domestic Product
\n Advance January 26 April 27 July 27 October 26
\n Second February 28 May 30 August 29 November 28
\n Third March 28 June 28 September 27 December 21<\/p>\n
Corporate Profits
\n Preliminary \u2026 May 30 August 29 November 28
\n Revised March 28 June 28 September 27 December 21<\/p>\n
Additional Information<\/p>\n
Resources<\/p>\n
Additional resources available at www.bea.gov:
\n\u2022\tStay informed about BEA developments by reading the BEA blog, signing up for BEA\u2019s email
\n subscription service, or following BEA on Twitter @BEA_News.
\n\u2022\tHistorical time series for these estimates can be accessed in BEA\u2019s Interactive Data Application.
\n\u2022\tAccess BEA data by registering for BEA\u2019s Data Application Programming Interface (API).
\n\u2022\tFor more on BEA\u2019s statistics, see our monthly online journal, the Survey of Current Business.
\n\u2022\tBEA’s news release schedule
\n\u2022\tNIPA Handbook: Concepts and Methods of the U.S. National Income and Product Accounts<\/p>\n
Definitions<\/p>\n
Gross domestic product (GDP) is the value of the goods and services produced by the nation\u2019s economy
\nless the value of the goods and services used up in production. GDP is also equal to the sum of personal
\nconsumption expenditures, gross private domestic investment, net exports of goods and services, and
\ngovernment consumption expenditures and gross investment.<\/p>\n
Current-dollar estimates are valued in the prices of the period when the transactions occurred\u2014that is,
\nat \u201cmarket value.\u201d Also referred to as \u201cnominal estimates\u201d or as \u201ccurrent-price estimates.\u201d
\nReal values are inflation-adjusted estimates\u2014that is, estimates that exclude the effects of price changes.
\nThe gross domestic purchases price index measures the prices of final goods and services purchased by
\nU.S. residents.<\/p>\n
The personal consumption expenditure price index measures the prices paid for the goods and services
\npurchased by, or on the behalf of, \u201cpersons.\u201d<\/p>\n
Personal income is the income received by, or on behalf of, all persons from all sources: from
\nparticipation as laborers in production, from owning a home or business, from the ownership of
\nfinancial assets, and from government and business in the form of transfers. It includes income from
\ndomestic sources as well as the rest of world. It does not include realized or unrealized capital gains or
\nlosses.<\/p>\n
Disposable personal income is the income available to persons for spending or saving. It is equal to
\npersonal income less personal current taxes.<\/p>\n
Personal outlays is the sum of personal consumption expenditures, personal interest payments, and
\npersonal current transfer payments.<\/p>\n
Personal saving is personal income less personal outlays and personal current taxes.
\nThe personal saving rate is personal saving as a percentage of disposable personal income. (For a
\ncomparison of personal saving in BEA’s national income and product accounts (NIPAs) with personal
\nsaving in the Federal Reserve Board’s financial accounts of the United States, go to
\nwww.bea.gov\/national\/nipaweb\/nipa-frb.asp.<\/p>\n
For more definitions, see the Glossary: National Income and Product Accounts.<\/p>\n
Statistical conventions<\/p>\n
Annual rates. Quarterly values are expressed at seasonally-adjusted annual rates (SAAR), unless
\notherwise specified. Dollar changes are calculated as the difference between these SAAR values. For
\ndetail, see the FAQ \u201cWhy does BEA publish estimates at annual rates?\u201d<\/p>\n
Percent changes in quarterly series are calculated from unrounded data and are displayed at annual
\nrates, unless otherwise specified. For details, see the FAQ \u201cHow is average annual growth calculated?\u201d<\/p>\n
Quantities and prices. Quantities, or \u201creal\u201d volume measures, and prices are expressed as index
\nnumbers with a specified reference year equal to 100 (currently 2009). Quantity and price indexes are
\ncalculated using a Fisher-chained weighted formula that incorporates weights from two adjacent
\nperiods (quarters for quarterly data and annuals for annual data). \u201cReal\u201d dollar series are calculated by
\nmultiplying the published quantity index by the current dollar value in the reference year (2009) and
\nthen dividing by 100. Percent changes calculated from real quantity indexes and chained-dollar levels
\nare conceptually the same; any differences are due to rounding.<\/p>\n
Chained-dollar values are not additive because the relative weights for a given period differ from those
\nof the reference year. In tables that display chained-dollar values, a \u201cresidual\u201d line shows the difference
\nbetween the sum of detailed chained-dollar series and its corresponding aggregate.<\/p>\n
Updates to GDP<\/p>\n
BEA releases three vintages of the current quarterly estimate for GDP: “Advance” estimates are
\nreleased near the end of the first month following the end of the quarter and are based on source data
\nthat are incomplete or subject to further revision by the source agency; \u201csecond\u201d and \u201cthird\u201d estimates
\nare released near the end of the second and third months, respectively, and are based on more detailed
\nand more comprehensive data as they become available.<\/p>\n
Annual and comprehensive updates are typically released in late July. Annual updates generally cover at
\nleast the 3 most recent calendar years (and their associated quarters) and incorporate newly available
\nmajor annual source data as well as some changes in methods and definitions to improve the accounts.
\nComprehensive (or benchmark) updates are carried out at about 5-year intervals and incorporate major
\nperiodic source data, as well as major conceptual improvements.
\nThe table below shows the average revisions to the quarterly percent changes in real GDP between
\ndifferent estimate vintages, without regard to sign.<\/p>\n
Vintage Average Revision Without Regard to Sign
\n (percentage points, annual rates)
\nAdvance to second 0.5
\nAdvance to third 0.6
\nSecond to third 0.2
\nAdvance to latest 1.3
\nNote – Based on estimates from 1993 through 2016. For more information on GDP
\nupdates, see Revision Information on the BEA Web site.<\/p>\n
The larger average revision from the advance to the latest estimate reflects the fact that periodic
\ncomprehensive updates include major statistical and methodological improvements.<\/p>\n
Unlike GDP, an advance current quarterly estimate of GDI is not released because data on domestic
\nprofits and on net interest of domestic industries are not available. For fourth quarter estimates, these
\ndata are not available until the third estimate.<\/p>\n","protected":false},"excerpt":{"rendered":"
Washington, DC…Real gross domestic product (GDP) increased at an annual rate of 3.0 percent in the third quarter of 2017, according to the “advance” estimate released by the Bureau of Economic Analysis. In the second quarter, real GDP increased 3.1 percent. The Bureau emphasized that the third-quarter advance estimate released today is based on source […]<\/p>\n","protected":false},"author":1,"featured_media":17926,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_cbd_carousel_blocks":"[]","jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3,20,5,1],"tags":[],"class_list":["post-46749","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","category-featured","category-government","category-news","last_archivepost"],"jetpack_featured_media_url":"https:\/\/new.thepinetree.net\/wp-content\/uploads\/2016\/04\/bea_logo.jpg","jetpack_sharing_enabled":true,"jetpack-related-posts":[],"_links":{"self":[{"href":"https:\/\/new.thepinetree.net\/index.php?rest_route=\/wp\/v2\/posts\/46749","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/new.thepinetree.net\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/new.thepinetree.net\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/new.thepinetree.net\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/new.thepinetree.net\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=46749"}],"version-history":[{"count":0,"href":"https:\/\/new.thepinetree.net\/index.php?rest_route=\/wp\/v2\/posts\/46749\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/new.thepinetree.net\/index.php?rest_route=\/wp\/v2\/media\/17926"}],"wp:attachment":[{"href":"https:\/\/new.thepinetree.net\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=46749"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/new.thepinetree.net\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=46749"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/new.thepinetree.net\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=46749"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}