For details, see the FAQ "Why does BEA publish estimates at annual rates?" The personal consumption expenditure price index measures the prices paid for the goods and services purchased by, or on the behalf of, "persons.". In the second quarter, GDP decreased 32.8 percent, or $2.04 trillion (tables 1 and 3). Comprehensive (or benchmark) updates are carried out at about 5-year intervals and incorporate major periodic source data, as well as major conceptual improvements. For more information, see the Technical Note. All published percent changes are calculated from unrounded data. It does not include realized or unrealized capital gains or losses. Current-dollar personal income decreased $540.6 billion in the third quarter, in contrast to an increase of $1.45 trillion in the second quarter. In the second quarter, real GDP decreased 31.4 percent. The increase in private inventory investment primarily reflected an increase in retail trade (led by motor vehicle dealers). In the second quarter, real GDP decreased 31.4 percent. GDP decreased by 11.8 % in the euro area (EA-19) and 11.4 % in the EU-27 during the second quarter of 2020, compared with the previous quarter, according to an estimate (see Data sources below) published by Eurostat.These were the sharpest declines observed since time series started in 1995. Real gross domestic product (GDP) increased at an annual rate of 33.1 percent in the third quarter of 2020 (table 1), according to the "advance" estimate released by the Bureau of Economic Analysis. The Czech economy mitigated its downturn in the Q3 2020; in the quarter-on-quarter comparison, it … For more definitions, see the Glossary: National Income and Product Accounts. All published percent changes are calculated from unrounded data. The decrease in personal income was more than accounted for by a decrease in personal current transfer receipts (notably, government social benefits related to pandemic relief programs) that was partly offset by increases in compensation and proprietors' income (table 8). Gross Domestic Income and Corporate Profits. Next release: November 25, 2020 at 8:30 A.M. EST Profits from current production (corporate profits with inventory valuation and capital consumption adjustments) increased $495.3 billion in the third quarter, in contrast to a decrease of $208.9 billion in the second quarter (table 10). GDP is also equal to the sum of personal consumption expenditures, gross private domestic investment, net exports of goods and services, and government consumption expenditures and gross investment. The government's third-quarter GDP report, released this Thursday, is expected to show the economy partially rebounded from coronavirus lockdowns in the … Quarterly GDP growth. Profits from current production, referred to as corporate profits with inventory valuation adjustment (IVA) and capital consumption (CCAdj) adjustment in the National Income and Product Accounts (NIPAs), is a measure of the net income of corporations before deducting income taxes that is consistent with the value of goods and services measured in GDP. Gross domestic income (GDI) is the sum of incomes earned and costs incurred in the production of GDP. Profits from current production, referred to as corporate profits with inventory valuation adjustment (IVA) and capital consumption (CCAdj) adjustment in the National Income and Product Accounts (NIPAs), is a measure of the net income of corporations before deducting income taxes that is consistent with the value of goods and services measured in GDP. Corporate Profits (Revised Estimate) Upward revisions to nonresidential fixed investment, residential fixed investment, and exports were offset by downward revisions to state and local government spending, private inventory investment, and PCE. For details on the calculation of quantity and price indexes, see Chapter 4: Estimating Methods in the NIPA Handbook. Also referred to as "nominal estimates" or as "current-price estimates.". Gross output is the value of the goods and services produced by the nation’s economy. 9 If the estimate proves accurate, this year would be the worst since 1946. The table below shows the average revisions to the quarterly percent changes in real GDP between different estimate vintages, without regard to sign. Real values are inflation-adjusted estimates—that is, estimates that exclude the effects of price changes. In tables that display chained-dollar values, a "residual" line shows the difference between the sum of detailed chained-dollar series and its corresponding aggregate. Updates to Second-Quarter Wages and Salaries. The table below shows the average revisions to the quarterly percent changes in real GDP between different estimate vintages, without regard to sign. Also referred to as "nominal estimates" or as "current-price estimates.". For details on the calculation of quantity and price indexes, see Chapter 4: Estimating Methods in the NIPA Handbook. The country coverage was not affected by the COVID-19 crisis. Imports, which are a subtraction in the calculation of GDP, increased (table 2). Disposable personal income decreased $636.7 billion, or 13.2 percent, in the third quarter, in contrast to an increase of $1.60 trillion, or 44.3 percent, in the second quarter. The increase in exports primarily reflected an increase in goods (led by automotive vehicles, engines, and parts as well as capital goods). In practice, GDP and GDI differ because they are constructed using largely independent source data. Current dollar GDP increased 38.0 percent at an annual rate, or $1.64 trillion, in the third quarter to a level of $21.16 trillion. Calendar years and quarters. The increase in nonresidential fixed investment primarily reflected an increase in equipment (led by transportation equipment). Please see our, EMBARGOED UNTIL RELEASE AT 8:30 A.M. EST, Wednesday, November 25, 2020, COVID-19 Impact on the Third-Quarter 2020 GDP Estimate, The increase in third quarter GDP reflected continued efforts to reopen businesses and resume activities that were postponed or restricted due to COVID-19. GDP is expected to increase by about 30% or more in the third quarter. Consolidated average daily volume increased 13.5% year over year. Percent changes calculated from real quantity indexes and chained-dollar levels are conceptually the same; any differences are due to rounding. For details, see the FAQ "Why does BEA publish estimates at annual rates?" Real GDP: Percent change from preceding quarter, Q3 2020 (Adv) COVID-19 Impact on the Third-Quarter 2020 GDP Estimate The increase in exports primarily reflected an increase in goods (led by automotive vehicles, engines, and parts as well as capital goods). Disposable personal income is the income available to persons for spending or saving. U.S. GDP accelerated at a 33.1% annualized pace in the third quarter, the Commerce Department reported. The increase in real GDP reflected increases in personal consumption expenditures (PCE), private inventory investment, exports, nonresidential fixed investment, and residential fixed investment that were partly offset by decreases in federal government spending (reflecting fewer fees paid to administer the Paycheck Protection Program loans) and state and local government spending. Annual-vs-quarterly rates. Wages and salaries are now estimated to have decreased $617.3 billion in the second quarter, an upward revision of $64.8 billion. Annual and comprehensive updates are typically released in late July. Real gross domestic income (GDI) increased 25.5 percent in the third quarter, in contrast to a decrease of 32.6 percent (revised) in the second quarter. When Gross Domestic Product (GDP) growth data for the third quarter of 2020 is released on October 29, it will almost certainly break records. 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