G-Fin™: U.S.A.: Economic Brief – 08.03.12
Gross Domestic Product, 2nd quarter 2012 (advance estimate); Revised: 2009 - 1st Quarter 2012
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 1.5% in the second quarter of 2012, (that is, from the first quarter to the second quarter).
In the first quarter, real GDP increased 2.0%.
Total nonfarm payroll employment rose by 163,000 in July, and the unemployment rate was essentially unchanged at 8.3%.
Employment rose in professional and business services, food services and drinking places, and manufacturing.
Quarterly Data Series on Business Employment Dynamics
In fourth quarter 2011, gross job gains from opening and expanding private sector establishments decreased to 6.9 million.
Gross job losses from closing and contracting private sector establishments increased to 6.5 million.
Metropolitan Area Employment and Unemployment (Monthly)
Jobless rates were lower in June than a year earlier in 328 of the 372 metropolitan areas, higher in 32, and unchanged in 12. Nonfarm payroll employment was up in 268 metropolitan areas over the year, down in 96, and unchanged in 8.
Employment Cost Index
Wages and salaries rose 0.4% and benefit costs rose 0.6% for civilian workers, seasonally adjusted, from March to June 2012.
Over the year, compensation rose 1.7%, wages and salaries 1.7%, and benefits 2.1%.
Personal Income and Outlays, June 2012. Revised estimates: 2009 through May 2012
Personal income increased $61.8 billion, or 0.5%, and disposable personal income (DPI) increased $52.4 billion, or 0.4%, in June.
Personal consumption expenditures (PCE) decreased $1.3 billion, or less than 0.1%.
In May, personal income increased $39.0 billion, or 0.3%, DPI increased $31.7 billion, or 0.3%, and PCE decreased $13.3 billion, or 0.1%, based on revised estimates.