U.S. GDP increases 3.2 percent

U.S. GDP increased by 3.2 percent in the third quarter of 2022, according to the Bureau of Economic Analysis. The jump “reflected increases in exports, consumer spending, nonresidential fixed investment, state and local government spending, and federal government spending,” according to the report. 

The increase came following a 0.6 percent fall during the second quarter. The price index for gross domestic purchases increased by nearly 5 percent in the third quarter. The PCE price index increased 4.3 percent.

The exports increase was driven by industrial supplies and materials and non-automotive capital goods. Within consumer spending, an increase in services was partially offset by a decrease in goods. In the nonresidential fixed investment category, increases in intellectual property products and equipment were partially offset by a decrease in structures. Spending increases in state and local governments were driven by employee compensation. The increase in federal government spending was led by defense spending. 

Personal income statistics for 3Q 2022 were also revealed: 

  • Real gross domestic income increased by nearly 1 percent.  
  • Disposable personal income increased 5.4 percent or $242.4 billion.
  • Real disposable income increased 1 percent.