The Census released the monthly construction spending report today. Spending was $971 billion in October, up +1.1% from September and an increase of +3.3% from October 2013. This is a rebound from last month with the largest gain in five months. September was revised upward from -0.4% to -0.,1%. For just 2014, spending has increased 5.8%.
Q4 2012 real GDP grew by just 0.1% after the second revision. While technically not in contraction, 4th quarter gross domestic product results imply the economy was officially D.O.A. Trade imports plunged, which helped economic growth. Government spending cliff dove and sucked out -1.38 percentage points from 4th quarter real gross domestic product growth as federal defense spending declined 22.0% from Q3. Private inventory changes hacked off -1.55 percentage points from Q4 real GDP as businesses shed their inventories. Even without inventories in the economic growth mix, the economy is still suffering from weak demand.
Q3 2012 real GDP shows 3.1% annualized growth, revised from 2.7% in the second estimate. Consumer spending increased more than previously estimated, exports were greater and imports were much less. Q2 GDP was 1.25% in actuality, 1.3% is a rounded figure.
Q3 2012 real GDP shows 2.7% annualized growth, revised from 2.0% in the advance report. There was a significant upward revision to inventories, yet consumer spending was revised down. Exports were revised up as trade statistics became more complete. Q2 GDP was 1.25%.
Q2 2012 real GDP now shows 1.25% annualized growth after revisions. The advance second quarter GDP estimate was 1.5%, whereas the second revision reported 1.7% GDP growth. The BEA rounds their final GDP numbers, so the actual GDP reported was 1.3%. When we're grabbing economic crumbs, 0.05 percentage points makes a difference.
What the Q2 GDP third estimate shows is a barely breathing economy. Businesses shed inventories, consumers spent way less, a dramatic swing from the Q2 GDP advance report and investment generally is down from the 1st quarter. Shedding inventories can be a recession indicator. Durable goods spending literally vanished in Q2, also a recession indicator. The drought showed up in Q2 GDP, negatively impacting farm inventories and potentially other GDP components indirectly.
Q2 2012 real GDP showed 1.5% annualized growth. in the advance release. Q1 2012 GDP was revised up, from 1.9% to 2.0%. This article overviews and graphs the BEA statistical release for second quarter gross domestic product.
The Census, part of the Commerce Department, today released the monthly construction spending report. This is a monthly tally, reported seasonally adjusted, annualized, of how much money was spent on construction. Spending was $830.0 billion in May, up +0.9% from April and an increase of +7.0% from May of last year.
The Census, part of the Commerce Department, today released the monthly construction spending report. This is a monthly tally, reported seasonally adjusted, annualized, of how much money was spent on construction. Spending was $808.9 billion in February. The survey has been done since 1960. The below graph shows just how badly construction spending imploded since 2008.
The SEC has charge an Idaho company, Alternative Energy with fraud:
The Securities and Exchange Commission charged an Idaho company on Thursday with fraudulently raising money from investors across the country and Asia to build a $10 billion nuclear power plant.
The SEC also asked a court to freeze the assets of Alternate Energy Holdings Inc. and its two top executives.
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