Percent changes in quarterly seasonally adjusted series are displayed at annual rates, unless otherwise specified. In the first quarter, real GDP decreased 5.0 percent. Imports, which are a subtraction in the calculation of GDP, increased (table 2). The rest-of-the-world (ROW) component of profits is measured as the difference between profits received from ROW and profits paid to ROW. Gross Domestic Product (Second Estimate) The price index for gross domestic purchases increased 3.4 percent in the third quarter, in contrast to a decrease of 1.4 percent in the second quarter (table 4). That was better than the 32% estimate from a Dow Jones economist survey. Personal outlays is the sum of personal consumption expenditures, personal interest payments, and personal current transfer payments. The increase in exports primarily reflected an increase in goods (led by automotive vehicles, engines, and parts as well as capital goods). Additional resources available at www.bea.gov: Gross domestic product (GDP), or value added, is the value of the goods and services produced by the nation's economy less the value of the goods and services used up in production. Annual-vs-quarterly rates. Quarterly not seasonally adjusted values are expressed only at quarterly rates. This convention is used for BEA's featured, seasonally adjusted measures to facilitate comparisons with related and historical data. Why does BEA publish estimates at annual rates? Excluding food and energy prices, the PCE price index increased 3.5 percent, in contrast to a decrease of 0.8 percent. Current-dollar estimates are valued in the prices of the period when the transactions occurred—that is, at "market value." Wages and salaries are now estimated to have decreased $617.3 billion in the second quarter, an upward revision of $64.8 billion. Unless noted otherwise, annual and quarterly data are presented on a calendar basis. Gross output is the value of the goods and services produced by the nation’s economy. Gross Domestic Product, Third Quarter 2020 (Second Estimate); Corporate Profits, Third Quarter 2020 (Preliminary Estimate), Information on COVID-19 and recovery impacts is available on our, Stay informed about BEA developments by reading the BEA, Historical time series for these estimates can be accessed in BEA's, Access BEA data by registering for BEA's data, For more on BEA's statistics, see our monthly online journal, the. The increase in exports primarily reflected an increase in goods (led by automotive vehicles, engines, and parts as well as capital goods). A great deal, thus, depends on the July-to-September quarter. According to a preliminary estimate, the gross domestic product decreased in the Q3 2020 by 5.8%, year-on-year; in the quarter-on-quarter comparison it increased by 6.2%. For fourth quarter estimates, these data are not available until the third estimate. The GDP estimate released today is based on source data that are incomplete or subject to further revision by the source agency (see "Source Data for the Advance Estimate" on page 2). The IVA and CCAdj are adjustments that convert inventory withdrawals and depreciation of fixed assets reported on a tax-return, historical-cost basis to the current-cost economic measures used in the national income and product accounts. The increase in PCE reflected increases in services (led by health care as well as food services and accommodations) and goods (led by motor vehicles and parts as well as clothing and footwear). These data have been superseded. Also referred to as "nominal estimates" or as "current-price estimates.". The personal consumption expenditure price index measures the prices paid for the goods and services purchased by, or on the behalf of, "persons.". GDPNow nowcasts of real GDP growth in a particular quarter begin about 90 days before the "advance" estimate for GDP growth for the quarter is released; they end on the last business day with a data release GDPNow utilizes that precedes the release date of the Bureau of Economic Analysis’s (BEA) advance estimate of GDP growth. 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. In the second quarter, real GDP decreased 31.4 percent. With the second estimate, upward revisions to nonresidential fixed investment, residential investment, and exports were offset by downward revisions to state and local government spending, private inventory investment, and personal consumption expenditures (PCE). Release Date; 4 th Quarter and Year 2020 (Preliminary) March 26: 1 st Quarter 2021: June 25: 2 nd Quarter 2021 and annual update, 2020: October 1: 3 rd Quarter 2021: December 23 The rest-of-the-world (ROW) component of profits is measured as the difference between profits received from ROW and profits paid to ROW. For more definitions, see the Glossary: National Income and Product Accounts. 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. The PCE price index increased 3.7 percent, in contrast to a decrease of 1.6 percent. In the second quarter, GDP decreased 32.8 percent, or $2.04 trillion (tables 1 and 3). The full economic effects of the COVID-19 pandemic cannot be quantified in the GDP estimate for the third quarter of 2020 because the impacts are generally embedded in source data and cannot be separately identified. Annual and comprehensive updates are typically released in late July. ATLANTA, Oct. 28, 2020 (GLOBE NEWSWIRE) -- UPS (NYSE:UPS) today announced third-quarter 2020 consolidated revenue of $21.2 billion, a 15.9% increase over the third quarter of 2019. MEDIA ADVISORY 3 December 2020 Statistics South Africa to release the Gross Domestic Product (GDP), 3 rd Quarter 2020 Statistics South Africa (Stats SA) will release the results of the Gross domestic product (GDP) for the 3 rd quarter of 2020, at a media briefing to be held on Tuesday, 8 December 2020. Welltower Inc. (NYSE: WELL) today announced that it will release third quarter 2020 financial results after the close of trading on the New York Stock Exchange on Wednesday, October 28, 2020. Real values are inflation-adjusted estimates—that is, estimates that exclude the effects of price changes. Personal saving was $2.78 trillion in the third quarter, compared with $4.71 trillion in the second quarter. Next release: November 25, 2020 at 8:30 A.M. EST Maluleke Release GDP Stat Results For The 3rd Quarter Of 2020. The IVA and CCAdj are adjustments that convert inventory withdrawals and depreciation of fixed assets reported on a tax-return, historical-cost basis to the current-cost economic measures used in the national income and product accounts. The increase in real GDP reflected increases in 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. The Atlanta Fed’s GDPNow had third-quarter growth at 37 percent. The gross domestic purchases price index measures the prices of final goods and services purchased by U.S. residents. Annual updates generally cover at least the 5 most recent calendar years (and their associated quarters) and incorporate newly available major annual source data as well as some changes in methods and definitions to improve the accounts. Release of Advance GDP Estimates for Third Quarter 2020 The Ministry of Trade and Industry (MTI) will release the advance GDP estimates for the third quarter of 2020 on 14 October 2020 … Quarterly not seasonally adjusted values are expressed only at quarterly rates. OECD GDP rebounded by 9.0% in the third quarter of 2020 but remains below pre-pandemic high . For more definitions, see the Glossary: National Income and Product Accounts. Unlike GDP, advance current quarterly estimates of GDI and corporate profits are not released because data on domestic profits and on net interest of domestic industries are not available. Please see our, EMBARGOED UNTIL RELEASE AT 8:30 A.M. EDT, Thursday, October 29, 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. Gross domestic income (GDI) is the sum of incomes earned and costs incurred in the production of GDP. 2 In terms of national accounts. Why does BEA publish percent changes in quarterly series at annual rates? Quantities, or "real" volume measures, and prices are expressed as index numbers with a specified reference year equal to 100 (currently 2012). The government will release its third-quarter GDP report on October 29, five days before the election. BEA releases three vintages of the current quarterly estimate for GDP: "Advance" estimates are released near the end of the first month following the end of the quarter and are based on source data that are incomplete or subject to further revision by the source agency; "second" and "third" estimates are released near the end of the second and third months, respectively, and are based on more detailed and more comprehensive data as they become available. Albertsons Companies, Inc. (NYSE: ACI) will release financial results for the third quarter of fiscal 2020, which ended December 5, 2020, before the market opens on Tuesday, January 12, 2021. It is principally measured using industry sales or receipts, including sales to final users (GDP) and sales to other industries (intermediate inputs). Percent changes in quarterly seasonally adjusted series are displayed at annual rates, unless otherwise specified. For information on updates to GDP, see the "Additional Information" section that follows. 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. Personal income is the income received by, or on behalf of, all persons from all sources: from participation as laborers in production, from owning a home or business, from the ownership of financial assets, and from government and business in the form of transfers. For details on the calculation of quantity and price indexes, see Chapter 4: Estimating Methods in the NIPA Handbook. Chained-dollar values are not additive because the relative weights for a given period differ from those of the reference year. Chained-dollar values are calculated by multiplying the quantity index by the current dollar value in the reference year (2012) and then dividing by 100. 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. Additional resources available at www.bea.gov: Gross domestic product (GDP), or value added, is the value of the goods and services produced by the nation's economy less the value of the goods and services used up in production. Disposable personal income is the income available to persons for spending or saving. Generally, the preliminary accounting data of quarterly GDP are released about 15 days after the season, the final verification data of quarterly GDP are released in the following January. Why does BEA publish estimates at annual rates? In the second quarter, GDP decreased 32.8 percent, or $2.04 trillion (tables 1 and 3). A long time series with quarterly results on the gross domestic product starting with the first quarter of 1970 is available here. Third Quarter 2020. The full economic effects of the COVID-19 pandemic cannot be quantified in the GDP estimate for the third quarter of 2020 because the impacts are generally embedded in source data and cannot be separately identified. An official website of the United States government. Disposable personal income is the income available to persons for spending or saving. The table below shows the average revisions to the quarterly percent changes in real GDP between different estimate vintages, without regard to sign. Personal saving is personal income less personal outlays and personal current taxes. Personal outlays is the sum of personal consumption expenditures, personal interest payments, and personal current transfer payments. It is equal to personal income less personal current taxes. Quarterly seasonally adjusted values are expressed at annual rates, unless otherwise specified. For details, see the FAQ "Why does BEA publish estimates at annual rates?" Why does BEA publish percent changes in quarterly series at annual rates? Gross Domestic Product, Third Quarter 2020 (Advance Estimate), Information on COVID-19 and recovery impacts is available on our, Stay informed about BEA developments by reading the BEA, Historical time series for these estimates can be accessed in BEA's, Access BEA data by registering for BEA's data, For more on BEA's statistics, see our monthly online journal, the. Release Date: August 14, 2020 THIRD QUARTER 2020 Higher Growth in the Current Quarter The outlook for the U.S. economy in the current quarter looks brighter now … Additional information on several factors impacting personal income can be found in "Effects of Selected Federal Pandemic Response Programs on Personal Income.". The increase in residential fixed investment primarily reflected an increase in brokers' commissions and other ownership transfer costs. The increase in private inventory investment primarily reflected an increase in retail trade (led by motor vehicle dealers). 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. Current-dollar estimates are valued in the prices of the period when the transactions occurred—that is, at "market value." U.S. GDP accelerated at a 33.1% annualized pace in the third quarter, the Commerce Department reported. Some economists, however, had been expecting a bigger expansion following the release this week of positive data in recent news on durable good data and international trade. Real gross domestic product (GDP) increased at an annual rate of 33.4 percent in the third quarter of 2020 (table 1), according to the "third" estimate released by the Bureau of Economic Analysis. Quantity and price indexes are calculated using a Fisher-chained weighted formula that incorporates weights from two adjacent periods (quarters for quarterly data and annuals for annual data). Percent changes in quarterly not seasonally adjusted values are calculated from the same quarter one year ago. 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. December 8, 2020 Kedsta Rpt Business 0. For fourth quarter estimates, these data are not available until the third estimate. 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. An official website of the United States government. Information on the source data and key assumptions used in the advance estimate is provided in a Technical Note that is posted with the news release on BEA's Web site. Profits for domestic industries reflect profits for all corporations located within the geographic borders of the United States. Current‑dollar GDP increased 38.0 percent, or $1.64 trillion, in the third quarter to a level of $21.16 trillion. The country coverage was not affected by the COVID-19 crisis. The personal saving rate is personal saving as a percentage of disposable personal income. Imports, which are a subtraction in the calculation of GDP, were revised up (see "Updates to GDP"). Real gross domestic product (GDP) increased in all 50 states and the District of Columbia in the third quarter of 2020, as real GDP for the nation increased at an annual rate of 33.4 percent, according to statistics released today by the U.S. Bureau of Economic Analysis. Origins: 1776-1913; Evolution: 1913-1995; Photos from 100th anniversary; Secretaries of Commerce; Speeches of past Secretaries Calendar years and quarters. 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 "second" estimate released by the Bureau of Economic Analysis. Gross Domestic Income and Corporate Profits. For more information, see the Technical Note. Quantities, or "real" volume measures, and prices are expressed as index numbers with a specified reference year equal to 100 (currently 2012). In the second quarter, real GDP decreased 31.4 percent. PRESS RELEASE RELEASE OF ADVANCE GDP ESTIMATES FOR THIRD QUARTER 2020 The Ministry of Trade and Industry (MTI) will release the advance GDP estimates1 for the third quarter of 2020 on 14 October 2020 (Wednesday), at 8.00 a.m.. Real values are inflation-adjusted estimates—that is, estimates that exclude the effects of price changes. The increase in residential fixed investment primarily reflected an increase in brokers’ commissions and other ownership transfer costs. Crisis Monitor enables comparison between corona crisis and financial/economic crisis Real disposable personal income decreased 16.3 percent, in contrast to an increase of 46.6 percent. The "second" estimate for the third quarter, based on more complete data, will be released on November 25, 2020. In addition to presenting updated estimates for the third quarter, today's release presents revised estimates of second-quarter 2020 wages and salaries, personal taxes, and contributions for government social insurance, based on updated data from the Bureau of Labor Statistics Quarterly Census of Employment and Wages program. Hilton Announces Third Quarter 2020 Earnings Release Date. Percent changes. Unlike GDP, advance current quarterly estimates of GDI and corporate profits are not released because data on domestic profits and on net interest of domestic industries are not available. 0 2 4 6 8 10 12 25-Sep 5-Oct 15-Oct 25-Oct 4-Nov 14-Nov 24-Nov 4-Dec 14-Dec 24-Dec 3-Jan Date of forecast Sources: Blue Chip Economic Indicators and Blue Chip Financial Forecasts Note: The top (bottom) 10 average forecast is an average of the highest (lowest) 10 forecasts in the Blue Chip survey. Kenneth Rapoza Senior Contributor. In practice, GDP and GDI differ because they are constructed using largely independent source data. Annual and comprehensive updates are typically released in late July. 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. 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). The third quarter growth was a record but the economy still faces a hard slog ahead. Gross output is the value of the goods and services produced by the nation’s economy. The PCE price index increased 3.7 percent, in contrast to a decrease of 1.6 percent. 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. and "Why does BEA publish percent changes in quarterly series at annual rates?" Share sensitive information only on official, secure websites.. GDP by industry and gross output estimates are released with the third estimate of GDP. It includes income from domestic sources as well as the rest of world. The Bureau of Economic Analysis or BEA released its second estimate for June quarter’s GDP, and while it was slightly improved from the advance estimate of down 32.9%, it … Percent changes calculated from real quantity indexes and chained-dollar levels are conceptually the same; any differences are due to rounding. The GDP estimate released today is based on more complete source data than were available for the "advance" estimate issued last month that also showed an increase in real GDP of 33.1 percent. Comprehensive (or benchmark) updates are carried out at about 5-year intervals and incorporate major periodic source data, as well as major conceptual improvements. Detailed results for the third quarter of 2020 will be released by the Federal Statistical Office on 24 November 2020. Strengthen U.S. economic and national security; Fulfill constitutional requirements and support economic activity; Deliver customer-centric service excellence; Budget and performance. ... a lot of this was due to temporary employment of those knocking on doors for the 2020 Census. Next release, December 22, 2020 at 8:30 A.M. EST Download the entire news release (PDF 120KB) 19 Nov. 2020 - Following the unprecedented falls in real gross domestic product (GDP) in the first half of the year in the wake of COVID-19 containment measures, GDP in the OECD area rebounded by 9.0% in the third quarter of 2020 but it remains 4.3% … Corporate Profits (Revised Estimate) For more information, see the Technical Note. In practice, GDP and GDI differ because they are constructed using largely independent source data. Percent changes calculated from real quantity indexes and chained-dollar levels are conceptually the same; any differences are due to rounding. October 08, 2020 04:30 PM Eastern Daylight Time. The personal saving rate—personal saving as a percentage of disposable personal income—was 15.8 percent in the third quarter, compared with 25.7 percent in the second quarter. GDP growth in the euro area and EU: In the third quarter of 2020, seasonally adjusted GDP increased by 12.5% in the euro area and by 11.5% in the EU compared with the previous quarter, according to an estimate published by Eurostat, the statistical office of the European Union. The third-quarter GDP gain was fueled by a record 40.7 percent increase in consumer spending. For details, see the FAQ "How is average annual growth calculated?" Quantities and prices. Excluding food and energy prices, the PCE price index increased 3.5 percent, in contrast to a decrease of 0.8 percent. Unless noted otherwise, annual and quarterly data are presented on a calendar basis. and "Why does BEA publish percent changes in quarterly series at annual rates?" Profits of domestic nonfinancial corporations increased $431.2 billion, in contrast to a decrease of $145.9 billion. Imports, which are a subtraction in the calculation of GDP, increased (table 2). Singapore’s GDP Contracted by 7.0 Per Cent in the Third Quarter of 2020 14 October 2020. In the second quarter, real GDP decreased 31.4 percent. GDP down by 11.8 % in the euro area and by 11.4 % in the EU-27. The increase in private inventory investment primarily reflected an increase in retail trade (led by motor vehicle dealers). Page 2 . Imports were revised up. The increase in nonresidential fixed investment primarily reflected an increase in equipment (led by transportation equipment). It is equal to personal income less personal current taxes. Quarterly seasonally adjusted values are expressed at annual rates, unless otherwise specified. Real gross domestic product (GDP) decreased at an annual rate of 31.4 percent in the second quarter of 2020 (table 1), according to the "third" estimate released by the Bureau of Economic Analysis. Gross Domestic Product (Third Estimate) 01.12.2020 Code: 050056-20 , , ... 01.12.2020 The data are valid as of the release date of the publication. Secure .gov websites use HTTPS A lock ( ) or https:// means you’ve safely connected to the .gov website. All published percent changes are calculated from unrounded data. In the second estimate for the third quarter, real GDP increased 33.1 percent, unrevised from the advance estimate. The gross domestic purchases price index measures the prices of final goods and services purchased by U.S. residents. In national economic accounting, GDP and GDI are conceptually equal. The personal consumption expenditure price index measures the prices paid for the goods and services purchased by, or on the behalf of, "persons.". 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