Date: July 22, 2019
The leading contributors to the increase in U.S. economic growth in the first quarter of 2019 were Finance and insurance; retail trade; and health care and social assistance. According to The U.S. Bureau of Economic Analysis (BEA), “16 of 22 industry groups contributed to the overall 3.1 percent increase in real GDP in the first quarter.”
For the finance and insurance industry group a 9.5 % increase was realized in the first quarter, after decreasing 6.2 % in the fourth quarter. Retail trade rose 11.9 % in the first quarter, after decreasing 2.5 % in the fourth. Moreover, Health care and social assistance climbed 6.2 %, after increasing 2.4 %. This was the largest increase since the fourth quarter of 2008.
There was a 8.4% increase in Nondurable goods manufacturing in the first quarter, after increasing 1.1 % the previous quarter. Also, Information services grew 4.5 %, after increasing 8.9 %. Education services rose 4.3 % after decreasing 1.9 %.
Gross output by industry
Economy-wide, real gross output rose 1.6 % in the first quarter. This reflected an increase of 2.8 % for the private goods-producing sector, 1.3% for the private services-producing sector, and 0.3% for the government sector. Overall, 14 of 22 industry groups contributed to the increase in real gross output.
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