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Gross Domestic Product by Industry: Second Quarter 2019

Blog
Professional, scientific, and technical services; real estate and rental and leasing; and mining were the leading contributors to the increase in U.S. economic growth in the second quarter of 2019. The private goods‐ and services‐producing industries, as well as the government sector, contributed to the increase. Overall, 14 of 22 industry groups contributed to the 2.0 percent increase in real GDP...

U.S. Current Account Deficit Narrows in Second Quarter 2019

Blog
The following is a cross-post from the Bureau of Economic Analysis (BEA) The U.S. current account deficit, which reflects the combined balances on trade in goods and services and income flows between U.S. residents and residents of other countries, narrowed by $8.0 billion, or 5.9 percent, to $128.2 billion in the second quarter of 2019. The narrowing mainly reflected an expanded surplus on...

Real Consumer Spending Rises in July

Blog
Personal income increased 0.1 percent in July after increasing 0.5 percent in June. Wages and salaries, the largest component of personal income, increased 0.2 percent in July after increasing 0.5 percent in June. Current-dollar disposable personal income (DPI), after-tax income, increased 0.3 percent in July after increasing 0.4 percent in June. Real DPI, income adjusted for taxes and inflation,...

Op-Ed by Commerce Secretary Wilbur L. Ross: American Workers are Winning

Op-eds
There is a significant body of evidence showing that the U.S. economy is strong. The U.S. economy has added millions of jobs, and even long-neglected sectors like manufacturing are having a resurgence. Among the continuous good economic news, wage growth for America’s workers has taken center stage. For the first time since 2009, year over year nominal hourly wage growth met or surpassed 3 percent...

Remarks by U.S. Commerce Secretary Wilbur L. Ross at the Florida Chamber of Commerce, Miami International Airport

Speeches
Introduced by Ken Pyatt, Deputy Director of the Miami-Dade County Aviation Department. Thank you, Ken, for the kind introduction. Thank you all for being here today. And a special thank you to Eduardo Torres and your team at the U.S. Export Assistance Center of South Florida for all you do for the business community in this region of the country. On behalf of President Trump, I am delighted to...

Statement from U.S. Secretary of Commerce Wilbur Ross on Q1 2019 GDP Growth

Press releases
WASHINGTON – Today, the U.S. Department of Commerce’s Bureau of Economic Analysis (BEA) released the first quarter 2019 Gross Domestic Product (GDP) numbers. The Bureau found that the real gross domestic product increased at an annual rate of 3.2 percent in the first quarter of 2019. “This blockbuster GDP report shows that President Donald J. Trump’s policies are unleashing the vitality of the...

U.S. Economic Growth Reached 3.1 Percent Growth In 2018

Blog
No economic analysis can be considered complete without appreciation for the many different estimates and assessments that go into evaluating our country’s economy. The Department of Commerce provides many of the economic indicators that business, government and Americans of all stripes rely on, including our regular estimates of U.S. GDP growth. During 2018, real GDP grew 3.1 percent, the fastest...

Statement from Secretary Ross on the President’s Budget: “A Budget For A Better America”

Press releases
The President’s budget sets forth policies that will ensure the continued economic successes of the Trump Administration. The Budget for a Better America follows through on the President’s promise to expand our nation's economic leadership. The budget also fulfills the President’s promise to rebuild America’s military, providing our troops with the resources they need to keep our country safe. At...

Statement from U.S. Secretary of Commerce Wilbur Ross on Q4 and Annual 2018 GDP: Economy Grows 2.9% in 2018

Press releases
Today, the Department of Commerce’s Bureau of Economic Analysis (BEA) released the fourth quarter and annual gross domestic product (GDP) numbers. The Bureau found that the real gross domestic product increased at an annual rate of 2.6 percent in the fourth quarter and 2.9 percent for all of 2018. “President Donald Trump has unleashed American growth at a pace the experts thought was not possible,...

Remarks by Commerce Secretary Wilbur L. Ross at the USPTO Ceremony Honoring Senator Orrin Hatch

Speeches
Thank you, Andrei, for that kind introduction. I, too, have a lyric from one of the Senator’s repertoire of songs. It’s a rock-n-roll number and it goes like this: “America Rocks, when we sing allegiance to this country that we love: Ooooo-yeah.” “Ooooo-yeah”: There isn’t a better way to describe the implacable spirit that Senator Hatch brings to his song writing, and to his unabated commitment to...