Six takeaways from 2019 gdp report
The 2019 GDP report! Here are six key takeaways from the report:
- US GDP growth slowed down: The US GDP growth rate slowed down to 2.1% in 2019, down from 2.9% in 2018. This was the slowest pace since 2013.
Source: Bureau of Economic Analysis (BEA)
- Consumer spending remained strong: Consumer spending, which accounts for about 70% of the US economy, remained strong, growing at a rate of 2.4% in 2019. This was driven by low unemployment and rising wages.
Source: BEA
- Business investment declined: Business investment, which includes spending on equipment, software, and buildings, declined by 2.7% in 2019. This was the largest decline since 2015, and was likely due to uncertainty surrounding trade policies and the global economy.
Source: BEA
- Government spending increased: Government spending, including federal, state, and local government expenditures, increased by 2.5% in 2019. This was driven by increased spending on defense and healthcare.
Source: BEA
- Net exports contributed to growth: Net exports, which is the difference between exports and imports, contributed to GDP growth in 2019. The trade deficit narrowed due to a decline in imports, which helped boost GDP.
Source: BEA
- Inflation remained low: The GDP deflator, which measures the overall price level of goods and services, increased by 1.8% in 2019. This was below the Federal Reserve's 2% inflation target, indicating that inflation remained low and stable.
Source: BEA
These takeaways provide a snapshot of the US economy in 2019, highlighting areas of strength and weakness. The report can help inform policy decisions and provide insights for businesses and investors.