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Thomas StorringDirector – Economics and Statistics
Tel: 902-424-2410Email: thomas.storring@novascotia.ca

August 29, 2019
US GDP 2019 Q2 (SECOND ESTIMATE)

The US economy grew 2.0 per cent (seasonally adjusted annualized rate, chained 2012 dollars) in Q2 2019, according to the second estimate by the US BEA. The advance estimate had growth at 2.1 per cent. Downward revisions to state and local government, exports, inventories, and residential investment were only partially offset by an upward revision to consumer spending. Growth was slower than the 3.1 per cent pace in the previous quarter due to downturns in inventories, exports and non-residential fixed investment offsetting accelerations in personal consumption and federal government spending. Since Q2 2018, US real GDP has grown by 2.3 per cent. 

The growth in Q2 2019 reflects positive contributions from personal consumption and government spending while there were declines in exports, non-residential fixed investment, and residential investment and a smaller inventory accumulation.

Personal consumption expenditure growth accelerated with a increase of 4.7 per cent (annualized rate) compared to averaging 2.0 per cent over the previous three quarters. Gains in both durable and nondurable goods led to growth of 8.8 per cent among goods expenditures while services were up 2.8 per cent. Non-residential investment declined 0.6 per cent after 12 quarters of growth with a decline in structures. Residential investment was down for the sixth consecutive quarter. Exports declined 5.8 per cent with declines in both goods (-5.6%) and services (-6.3%). Federal nondefense expenditures (+16.0%) were up in Q2 after a government shutdown in the previous quarter. Imports were mostly unchanged compared to the previous quarter with a 0.1 per cent increase.

US nominal GDP growth (including the impacts of rising prices) was 4.6 per cent in Q2, compared to 3.9 per cent growth reported in the first quarter.  The personal consumption expenditure price index increased 2.3 per cent, following a 0.4 per cent increase last quarter.

 

 

Source: US Bureau of Economic Analysis



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