GDP

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US Economy Grows at Record Pace, With an Asterisk

GDP expands at 33% annual rate after previous quarter's plunge

(Newser) - The last major report card on the economy before the election is out, and expect to hear President Trump making a big deal out of it. The Commerce Department reported Thursday that the economy grew at a record annual rate of 33% in the third quarter, per the AP . As... More »

Final GDP Number Is One for the Record Books: 31.4%

That's the Q2 contraction

(Newser) - The US economy plunged at a record rate in the spring but is poised to swing to a record increase in the quarter that just ended. The Commerce Department reported Wednesday in its final estimate for the April-June quarter that the gross domestic product, the economy’s total output of... More »

This Is the Cost of Going a Day Without a Mask

It equals a $56.14 loss in GDP: 'Economist'

(Newser) - "Governments should do even more to nudge the minority of people who still forgo masks" into wearing them, according to the Economist , which has discovered the economic value to such a move. The paper determined that each American who wears a face mask for one day "is helping... More »

UK Recession Is Basically the Worst

Its economy contracted by more than any other major economy in Q2

(Newser) - It's a double whammy for the UK, which as of Wednesday claims not just Europe's worst coronavirus death toll, but also the worst recession of any major economy. Stats released Wednesday show the UK's GDP shrank 20.4% in the second quarter after a 2.2% loss... More »

Virus Did Unprecedented Things to the GDP

It fell by a staggering 33% annual rate in 2nd quarter

(Newser) - Economists were bracing for an awful report card Thursday in regard to the pandemic, and it was indeed awful. The US economy shrank by an unprecedented 33% annual rate in the April-to-June quarter, reports the Wall Street Journal . It is by far the worst figure for gross domestic product since... More »

'Devastating Force' of Virus Rampages Through Q1 GDP

US economy shrank at 4.8% annual rate last quarter—and it's estimated to fall 40% in Q2

(Newser) - The US economy shrank at a 4.8% annual rate last quarter as the coronavirus pandemic shut down much of the country and began triggering a recession that will end the longest economic expansion on record. The Commerce Department says the gross domestic product, the total output of goods and... More »

Economic Growth Slowest in 3 Years

US economy grew at a rate of 2.1% in the 4th quarter of 2019, 2.3% all year

(Newser) - The US economy grew at a moderate 2.1% rate in the final three months of 2019, capping a year when growth slowed significantly due to a weaker global economy and trade war uncertainties, the AP reports. The Commerce Department reported Thursday that the fourth-quarter increase in the gross domestic... More »

Budget Deficit Nears 'Unprecedented' Level

The CBO says it will top $1 trillion, again

(Newser) - An annual congressional report says the US budget deficit is likely to burst through the symbolic $1 trillion barrier this year despite a healthy economy, the AP reports. Tuesday's Congressional Budget Office report follows a burst of new spending last year and the repeal in December of several taxes... More »

New GDP Number Is Out. Here's What It Means

Growth slips to 1.9% in 3rd quarter but beats expectations

(Newser) - The summer temps may have been record-setting hot, but the economy experienced some chills. Data out Wednesday via the Commerce Department shows GDP grew at a 1.9% rate from July through September, down from a growth rate of 2% in the second quarter. Why, what it means, and President... More »

GDP Report Carries a Mixed Message

Growth slows, but consumer spending takes off

(Newser) - The US economy slowed sharply in the April-June quarter even as consumers stepped up their spending, per the AP . The gross domestic product, the economy's total output of goods and services, grew at a 2.1% annual rate last quarter, down from a 3.1% gain in the first... More »

GDP Growth Much Better Than Expected

President Trump's 3% bar is exceeded

(Newser) - The US economy grew at a solid 3.2% annual rate in the first three months of the year, up from 2.2% at the end of 2018, for a far better outcome than expected, per the AP . However, about half the gain reflected two factors not expected to last—... More »

GDP Growth Slides Back Under 3%

That's the benchmark Trump wants, but 2018 falls just short

(Newser) - The US economy slowed in the final three months of last year to an annual growth rate of 2.6%, the slowest pace since the beginning of 2018, as the government shutdown and other factors took a toll, per the AP . "Softer but still solid" is how the Wall ... More »

Shutdown's Permanent Toll on Economy Is a Small One

By year's end, GDP will be 0.02% smaller because of the shutdown

(Newser) - The federal government shutdown will cause slight permanent harm to the economy—about $3 billion—according to a report Monday by the Congressional Budget Office. The report says the five-week shutdown has slowed growth in the near term but that most of the lost growth "will eventually be recovered,... More »

President Trump Gets the Growth Rate He Wanted

Q2 number exceeded the 3.7% he said he wanted to be above

(Newser) - President Trump on Thursday said he'd be happy with economic growth that exceeded 3.7%—meaning he's likely quite pleased. The US economy surged in the April-June quarter, growing at an annual rate of 4.1%. That's the fastest pace since 2014, reports the AP , driven... More »

Trump Breaks Tradition on GDP Figures

He says numbers will be 'unthinkable'

(Newser) - It's not traditional for presidents to comment on economic growth figures before they are released, but President Trump isn't exactly a stickler for tradition. At a rally at an Illinois steel plant on Thursday, Trump predicted that the numbers released by the Commerce Department on Friday morning would... More »

2 in a Row: Economy Hits a Milestone

GDP grows at 3% for 2 straight quarters, first time in 3 years

(Newser) - The US economy, helped by strong business investment, grew at a solid annual rate of 3% in the third quarter. It marks the first time in three years that growth has hit that mark for two consecutive quarters, per the AP . The Commerce Department says the July-September advance in the... More »

Economy Grows at Fastest Clip in 2 Years

Next quarter expected to falter because of hurricanes

(Newser) - The US economy grew at an upgraded annual rate of 3.1% in the spring, the fastest pace in more than two years. But growth is expected to slow sharply this quarter in the wake of a string of devastating hurricanes, per the AP . The April-June expansion in the gross... More »

GDP Grows at Fastest Rate in 2 Years

Economy grew 3% in 2nd quarter, higher than expected

(Newser) - The US economy rebounded sharply in the spring, growing at the fastest pace in more than two years amid brisk consumer spending on autos and other goods, per the AP . The gross domestic product, the broadest measure of economic health, grew at an annual rate of 3% in the April-June... More »

Yellen Could Stay Mum on One Big Question Today

Congress sure to ask about Fed's possible reaction to Trump's economic plan

(Newser) - Federal Reserve Chair Janet Yellen faces two tasks when she delivers her semiannual testimony to Congress starting Tuesday: As always, she'll sketch a picture of how she expects the economy to fare in coming months and how the Fed's interest rate policy may unfold. (In December, the Fed... More »

10 Numbers About the America Trump Will Lead

What Obama just handed over to No. 45

(Newser) - President Trump is now officially so , as the mantle was passed from President Obama Friday in Washington. NPR takes a look at a slew of stats that show the America Trump has been handed from his predecessor, which NPR notes is "far more solid in some ways (economics) and... More »

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