Imports G&S in USA
USA - Imports Goods and Services
GDP contracts at historic rate in Q2
The economy declined at the sharpest rate on record in the second quarter as the pandemic and measures to contain it toppled activity. According to an advanced GDP estimate released by the Bureau of Economic Analysis, the economy contracted 32.9% in Q2 in seasonally-adjusted annualized terms (SAAR), after shrinking 5.0% fall in the previous quarter. In annual terms, GDP plunged a titanic 9.5% in Q2, contrasting the first quarter’s 0.3% growth.
The main headwind in Q2 came from private consumption, which plunged 34.6% SAAR (Q1: -6.9% SAAR). Moreover, the downturn in business investment intensified significantly (Q2: -27.0% SAAR; Q1: -6.7% SAAR) on a marked drop in equipment investment. That said, government consumption growth accelerated in the quarter (Q2: +2.7% SAAR; Q1: +1.3% SAAR).
Turning to the external sector, exports of goods and services dived 64.1% in the second quarter (Q1: -9.5% SAAR), led by a freefall in exports of goods, while imports of goods and services shrank 53.4% (Q1: -15.0% SAAR). The external sector thus contributed 0.7 percentage points to the headline figure (Q1: +1.1 percentage points).
Commenting on the second quarter’s dismal performance, James Marple, a senior economist at TD Economics, noted:
“This was a report unlike any other and hopefully singular in its entry in the history books. The composition of the decline in activity is also unique, coming mainly from the services side of the economy, which typically avoids declining in recessions.”
FocusEconomics Consensus Forecast panelists see GDP contracting 5.9% in 2020, which is down 0.5 percentage points from last month’s estimate, before growing 5.0% in 2021.
United States - Imports G&S Data
|Imports (G&S, annual variation in %)||5.3||2.0||4.7||4.4||1.0|
5 years of economic forecasts for more than 30 economic indicators.
United States Facts
|Bond Yield||1.92||-0.43 %||Dec 31|
|Exchange Rate||1.12||0.65 %||Dec 31|
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August 3, 2020
The Institute for Supply Management (ISM) manufacturing index increased from 52.6 in June to 54.2 in July, beating market expectations of 53.6 and marking the highest reading since March 2019.
July 29, 2020
The Conference Board’s consumer confidence index decreased to 92.6 in July from 98.3 in June.
July 16, 2020
Nominal retail sales increased 7.5% in month-on-month seasonally-adjusted terms in June.
July 14, 2020
Consumer prices rose 0.57% over the previous month in June, contrasting May’s 0.1% dip.
July 2, 2020
Total non-farm payrolls soared 4.8 million in June, increasing at the fastest rate since the series began in 1939, and beat market analysts’ expectations of a 3.0 million rise.