isopatch,
knock knock, ggg, what the hey, you can all help read it:
GROSS DOMESTIC PRODUCT: FIRST QUARTER 2001 (ADVANCE)
Real gross domestic product -- the output of goods and services produced by labor and property
located in the United States -- increased at an annual rate of 2.0 percent in the first quarter of 2001,
according to advance estimates released by the Bureau of Economic Analysis. In the fourth quarter, real
GDP increased 1.0 percent.
The Bureau emphasized that the first-quarter "advance" estimates are based on source data that are
incomplete or subject to further revision by the source agency (see the box on page 3). The first-quarter
"preliminary" estimates, based on more comprehensive data, will be released on May 25, 2001.
Personal consumption expenditures (PCE) was the largest contributor to the increase in GDP in the
first quarter. Government spending, nonresidential structures, and residential structures also contributed
to the increase. The contributions of these components were partly offset by a large decrease in private
nonfarm inventory investment and decreases in exports and in equipment and software. Imports, which
are a subtraction in the calculation of GDP, decreased.
The acceleration in real GDP growth in the first quarter primarily reflected an upturn in PCE for
goods, a smaller decrease in exports, and an upturn in residential fixed investment that were partly offset
by a larger decrease in private inventory investment and a deceleration in PCE for services. There was a
much larger decrease in imports in the first quarter than in the fourth.
The price index for gross domestic purchases, which measures prices paid by U.S. residents,
increased 2.8 percent in the first quarter, compared with an increase of 1.9 percent in the fourth.
Excluding food and energy prices, the price index for gross domestic purchases increased 2.4 percent in
the first quarter, compared with an increase of 1.6 percent in the fourth.
FOOTNOTE.--Quarterly estimates are expressed at seasonally adjusted annual rates, unless otherwise
specified. Quarter-to-quarter dollar changes are differences between these published estimates. Percent
changes are calculated from unrounded data and annualized. "Real" estimates are in chained (1996)
dollars. Price indexes are chain-type measures.
Real personal consumption expenditures increased 3.1 percent in the first quarter, compared with an
increase of 2.8 percent in the fourth. Durable goods purchases increased 11.9 percent, in contrast to a
decrease of 3.1 percent. Nondurable goods increased 2.6 percent, compared with an increase of 1.0
percent. Services expenditures increased 1.7 percent, compared with an increase of 4.9 percent.
Real nonresidential fixed investment increased 1.1 percent in the first quarter, in contrast to a
decrease of 0.1 percent in the fourth. Nonresidential structures increased 11.0 percent, compared with an
increase of 10.4 percent. Equipment and software decreased 2.1 percent, compared with a decrease of
3.3 percent. Real residential fixed investment increased 3.3 percent, in contrast to a decrease of 3.6
percent.
Real exports of goods and services decreased 2.2 percent in the first quarter, compared with a
decrease of 6.4 percent in the fourth. Real imports of goods and services decreased 10.4 percent,
compared with a decrease of 1.2 percent.
Real federal government consumption expenditures and gross investment increased 5.7 percent in
the first quarter, compared with an increase of 3.8 percent in the fourth. National defense increased 4.9
percent, compared with an increase of 8.9 percent. Nondefense increased 7.0 percent, in contrast to a
decrease of 4.6 percent. Real state and local government consumption expenditures and gross investment
increased 3.1 percent, compared with an increase of 2.5 percent.
The real change in private inventories subtracted 2.48 percentage points from the first-quarter
change in real GDP, after subtracting 0.62 percentage point from the fourth-quarter change. Private
businesses reduced inventories $7.1 billion in the first quarter, following increases of $55.7 billion in the
fourth quarter and $72.5 billion in the third.
Real final sales of domestic product -- GDP less change in private inventories -- increased 4.6
percent in the first quarter, compared with an increase of 1.7 percent in the fourth.
Gross domestic purchases
Real gross domestic purchases -- purchases by U.S. residents of goods and services wherever
produced -- increased 0.6 percent in the first quarter, compared with an increase of 1.5 percent in the
fourth. Gross domestic purchases is equal to GDP minus net exports of goods and services.
Disposition of personal income
Current-dollar personal income increased $121.2 billion in the first quarter, compared with an
increase of $80.7 billion in the fourth. Personal tax and nontax payments increased $28.9 billion,
compared with an increase of $34.6 billion.
Disposable personal income increased $92.2 billion in the first quarter, compared with an increase
of $46.1 billion in the fourth. Real disposable personal income increased 2.0 percent, compared with an
increase of 0.7 percent.
Personal outlays increased $115.0 billion in the first quarter, compared with an increase of $83.9
billion in the fourth. Personal saving -- disposable personal income less personal outlays -- was a
negative $74.3 billion in the first quarter, compared with a negative $51.6 billion in the fourth. The
personal saving rate -- saving as a percentage of disposable personal income -- decreased from a negative
0.7 percent in the fourth quarter to a negative 1.0 percent in the first.
Current-dollar GDP
Current-dollar GDP -- the market value of the nation's output of goods and services -- increased 5.2
percent, or $129.2 billion, in the first quarter to a level of $10,243.6 billion. In the fourth quarter,
current-dollar GDP increased 3.0 percent, or $75.0 billion.
Information on the assumptions used for unavailable source data is provided in a technical note that
is posted with the news release on BEA's and STAT-USA's Web sites. Within a few days after the
release, a detailed "Key Source Data and Assumptions" file is also posted on the STAT-USA site. In the
middle of each month, an analysis of the current quarterly estimates of GDP and related series is made
available on both Web sites; click on Survey of Current Business, "Business Situation."
* * *
BEA's major national, international, regional, and industry estimates; the Survey of Current
Business; and BEA news releases are available without charge on BEA's Web site:
<www.bea.doc.gov>
So far dollar AND gold up,
Best Regards,
Roebear |
