GDP Slips 0.1% in August 2017

November 9, 2017

Real gross domestic product (GDP) edged down 0.1% in August, after being essentially unchanged in July. Declines in manufacturing and mining, quarrying and oil and gas extraction more than offset increases in most sectors (12 out of 20). Goods-producing industries contracted for the second consecutive month, declining 0.7% in August in part due to temporary reduced capacity in the manufacturing and the mining, quarrying and oil and gas extraction sectors. Services-producing industries edged up 0.1%. Building materials and supplies (-2.8%) and machinery, equipment and supplies wholesaling (-0.7%) gave back some of the gains registered in July.