Real gross domestic product (GDP) increased at an annual rate of 33.4 percent in the third quarter of 2020, as efforts continued to reopen businesses and resume activities that were postponed or restricted due to COVID-19.
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Gross Domestic Product (Third Estimate), Corporate Profits (Revised), and GDP by Industry, Third Quarter 2020
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, widened by $17.2 billion, or 10.6 percent, to $178.5 billion in the third quarter of 2020.
State personal income decreased 10.0 percent at an annual rate in the third quarter of 2020, after increasing 35.8 percent in the second quarter. Personal income decreased in every state and the District of Columbia, ranging from –29.9 percent in West Virginia to –0.6 percent in Georgia.
The percent change in real metropolitan area personal income ranged from 7.6 percent in Hanford-Corcoran, CA, to –3.2 percent in Panama City, FL, and Wheeling, WV-OH.
The percent change in real state personal income ranged from 4.1 percent in Maine to 0.7 percent in Hawaii, Wyoming, and Rhode Island.
The estimates of gross domestic product for American Samoa show that real GDP—GDP adjusted to remove price changes—decreased 1.4 percent in 2019.
Real gross domestic product (GDP) increased in 2,484 counties, decreased in 612 counties, and was unchanged in 17 counties in 2019. The percent change in real GDP ranged from 62.5 percent in Greensville + Emporia, VA, to –34.2 percent in Jackson County, WV.
The U.S. monthly international trade deficit increased in October 2020 according to the U.S. Bureau of Economic Analysis and the U.S. Census Bureau. The deficit increased from $62.1 billion in September (revised) to $63.1 billion in October, as imports increased more than exports.
Personal income decreased 0.7 percent while consumer spending increased 0.5 percent in October as federal economic recovery payments and pandemic-related assistance programs continued to wind down.
Gross Domestic Product, Third Quarter 2020 (Second Estimate) Corporate Profits, Third Quarter 2020 (Preliminary Estimate)
Real gross domestic product (GDP) increased at an annual rate of 33.1 percent in the third quarter of 2020, as efforts continued to reopen businesses and resume activities that were postponed or restricted due to COVID-19.
In 2019, personal income increased in 2,964 counties, decreased in 139, and was unchanged in 10. Personal income increased 4.0 percent in the metropolitan portion of the United States and increased 3.5 percent in the nonmetropolitan portion.
Majority-owned U.S. affiliates (MOUSAs) of foreign multinational enterprises (MNEs) employed 7.8 million workers in the United States in 2018, a 1.9 percent increase from 7.7 million in 2017, according to the Bureau of Economic Analysis.