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Gross Domestic Product, 3rd quarter 2018 (third estimate); Corporate Profits, 3rd quarter 2018 (revised estimate)

Real gross domestic product (GDP) increased at an annual rate of 3.4 percent in the third quarter of 2018 (table 1), according to the "third" estimate released by the Bureau of Economic Analysis. In the second quarter, real GDP increased 4.2 percent.

The GDP estimate released today is based on more complete source data than were available for the "second" estimate issued last month. In the second estimate, the increase in real GDP was 3.5 percent. With this third estimate for the third quarter, personal consumption expenditures (PCE) and exports were revised down, and private inventory investment was revised up; the general picture of economic growth remains the same (see "Updates to GDP" on page 2).

Real gross domestic income (GDI) increased 4.3 percent in the third quarter, compared with an increase of 0.9 percent in the second quarter. The average of real GDP and real GDI, a supplemental measure of U.S. economic activity that equally weights GDP and GDI, increased 3.8 percent in the third quarter, compared with an increase of 2.5 percent in the second quarter (table 1).

The increase in real GDP in the third quarter reflected positive contributions from PCE, private inventory investment, nonresidential fixed investment, federal government spending, and state and local government spending that were partly offset by negative contributions from exports and residential fixed investment. Imports, which are a subtraction in the calculation of GDP, increased (table 2).

The deceleration in real GDP growth in the third quarter primarily reflected a downturn in exports and decelerations in nonresidential fixed investment and in PCE. Imports increased in the third quarter after decreasing in the second. These movements were partly offset by an upturn in private inventory investment.

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DEC
21
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Labour Force, Australia, Detailed, Quarterly

Detailed quarterly labour force data released todayOriginal link
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DEC
21
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Labour Force, Australia, Detailed - Electronic Delivery

Data from the monthly Labour Force Survey are released in two stages. The Labour Force, Australia, Detailed - Electronic Delivery (cat. no. 6291.0.55.001) and Labour Force, Australia, Detailed, Quarterly (cat. no. 6291.0.55.003) are part of the second release, and include detailed data not contained in the Labour Force, Australia (cat. no. 6202.0) product set, which is released one week earlier.

The Labour Force, Australia, Detailed - Electronic Delivery (cat. no. 6291.0.55.001) is released monthly. Labour Force, Australia, Detailed, Quarterly (cat. no. 6291.0.55.003) includes data only collected in February, May, August and November (including industry and occupation).

Since these products are based on the same data as the Labour Force, Australia (cat. no. 6202.0) publication, the 6202.0 Labour Force, Australia Explanatory Notes are relevant to both releases.

NEW LABOUR FORCE SURVEY SAMPLE

As previously highlighted, the ABS is currently phasing in a new sample design. This began with the incoming rotation group in July 2018 and will continue through to February 2019. An information paper titled Information Paper: Labour Force Survey Sample Design, Jul 2018 (cat. no. 6269.0) was released on 30 July 2018 with detailed information on the new sample. As with each regular sample design, the impacts on the data are expected to be minimal and the ABS will monitor the quality of the estimates over the period the sample is phased in.

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DEC
21
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Aktuell: Innovation Indicator 2018 – No Progress for Germany

Compared against the 35 most innovative economies around the world, Germany currently ranks fourth, as in the previous year, behind the leading countries Singapore, Switzerland and Belgium. The good position of the German innovation system is based on a well-balanced performance in all five main pillars of innovation, although Germany has been unable to reach a top position in either of them, coming in 9th in industry, 10th in science, 10th in education, 8th in government, and 12th in society. A lack of openness has been identified as a weakness of the German innovation system, with a separate indicator on openness ranking the country as only 21st.Original link
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DEC
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Aktuell: ZEW Conference on the Economics of Information and Communication Technologies (27-28 June 2019)

The Centre for European Economic Research will hold its seventeenth Conference on the Economics of Information and Communication Technologies in Mannheim on 27 and 28 June 2019. The objective of the conference is to discuss recent scientific contributions to the economics of information and communication technologies and the economics of ICT industries. Theoretical, empirical and policy-oriented contributions are welcome. Please submit papers as a PDF or MS Word file to This email address is being protected from spambots. You need JavaScript enabled to view it. no later than 1 March 2019.Original link
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DEC
21
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Federal Reserve Board approves actions by the Boards of Directors of the Federal Reserve Banks of New York, Philadelphia, St. Louis, Minneapolis, and Dallas

Please enable JavaScript if it is disabled in your browser or access the information through the links provided below.

The Federal Reserve Board has approved actions on Thursday by the Boards of Directors of the Federal Reserve Banks of New York, Philadelphia, St. Louis, Minneapolis, and Dallas, increasing the discount rate (the primary credit rate) at the Banks from 2-3/4 percent to 3 percent, effective immediately.

For media inquiries, call (202) 452-2955

Last Update: December 20, 2018

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DEC
20
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ZEW Discussion Papers DP No. 18-058: Using Emissions Trading Schemes to Reduce Heterogeneous Distortionary Taxes: the Case of Recycling Carbon Auction Revenues to Support Renewable Energy

While emissions trading schemes are developed by nations to mitigate their greenhousegas emissions, behavioural studies have shown that the political and public acceptabilityof these market-based instruments depends on the way the associated revenues are used.One option the general public approves of is to use them to support renewable energy.If this consists in reducing a pre-existing electricity levy that heterogeneously applies tothe various sectors of the economy, the reduction of this distortionary tax thanks to thecarbon revenues results in general equilibrium effects that may have unequal sectoralimpacts. This is what we examine in the case of the European Union. With a...Original link
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DEC
20
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State Quarterly Personal Income, 3rd quarter 2018

EMBARGOED FOR RELEASE: 8:30 A.M. EST, Thursday, December 20, 2018

BEA 18—70

State personal income increased 4.0 percent at an annual rate in the third quarter of 2018, an acceleration from the 3.4 percent increase in the second quarter, according to estimates released today by the Bureau of Economic Analysis (table 1). Personal income increased in all states and the District of Columbia. The percent change in personal income across all states ranged from 6.2 percent in Nevada and Washington to 2.1 percent in Missouri.

Increases in earnings and property income (dividends, interest and rent) contributed to personal income growth in all states, while increases in transfer receipts contributed to personal income growth in all states, but New York (table 2).

Earnings. Earnings increased 4.0 percent in the third quarter of 2018, after increasing 3.0 percent in the second quarter and was the leading contributor to personal income growth in most states, including the six fastest growing states—Nevada, Washington, Arizona, Colorado, New Hampshire, and Oregon. Earnings increased in 20 of the 24 industries for which BEA prepares quarterly estimates (table 4).

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DEC
20
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The net investment position of the EU down at €1 100 billion

Net foreign direct investment (FDI) stocks held in the rest of the world by investors resident in the European Union (EU) amounted to €7 412 bn at the end of 2017, down by 4.8% compared with the end of 2016. Meanwhile, investment stocks held by the rest of the world in the EU remained almost stable at €6 295 bn at the end of 2017 (-0.3%). In other words, the EUˈs net investment position vis-a-vis the rest of the world decreased from €1 469 bn at the end of 2016 to €1 117 bn at the end of 2017.Original link
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© Eurostat

DEC
20
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16% of employed internet users reported changes in their job tasks due to new software or computerised equipment

At the beginning of 2018, 87% of people in the European Union (EU), aged between 16 and 74 years, had used internet at least once in the last twelve months. Of those internet users that were employed, 71% reported using computers, laptops, smartphones, tablets or other portable devices at work and 19% used computerised equipment or machinery.Original link
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