In 2017’s 4th quarter, durable goods had largest increase in 7 years
A report out from U.S. Department of Commerce’s Bureau of Economic Analysis shows in the last quarter of 2017 American durable good manufacturing saw the largest increase since 2011.
Durable goods manufacturing, which includes computer and electronic products, machinery, and fabricated metal products, increased 3.4 percent, after decreasing 0.2 percent.
Durable goods manufacturing; construction; and professional, scientific, and technical services were the leading contributors to the increase in U.S. economic growth in the fourth quarter of 2017. According to gross domestic product (GDP) by industry statistics released by the Bureau of Economic Analysis, 16 of 22 industry groups contributed to the overall 2.9 percent increase in real GDP in the fourth quarter.
- For the durable goods manufacturing industry group, real value added—a measure of an industry’s contribution to GDP—increased 7.2 percent in the fourth quarter, after increasing 7.5 percent in the third quarter. The fourth quarter growth primarily reflected increases in motor vehicles, bodies and trailers, and parts; computer and electronic products; and fabricated metal products.
- Construction increased 8.5 percent, after decreasing 1.2 percent. This was the largest increase since the first quarter of 2016.
- Professional, scientific, and technical services increased 4.2 percent, after increasing 2.7 percent. The fourth quarter growth primarily reflected an increase in miscellaneous professional, scientific, and technical services, which includes accounting and tax preparation services, and scientific research and development services.
Read more HERE.