Recent U.S. Economic Growth In Charts

Recent U.S. Economic Growth In Charts MAY 2012 GROWTH SINCE 2009 The Growth Story Since 2009 Despite the worst financial crisis since the Great Depression and a series of shocks in its aftermath, the economy has gradually strengthened since mid-2009, though more work remains. Real quarterly GDP growth 2009 Q4 3.8% 2009 Q3 1.7% 2010 Q1 3.9% 2010 Q2 3.8% 2010 Q3 2.5% 2010 Q4 2.3% 2011 Q1 0.4% 2011 Q4 3.0% 2012 Q1 2011 Q3 2.2% 2011 Q2 1.8% 1.3% 2009 Q2 -0.7% Japanese earthquake/tsunami Debt limit Apr. 15, 2011 Government shutdown narrowly averted Aug. 2, 2011 Debt limit deal reached 2009 Q1 -6.7% Feb. 2011 Egyptian President steps down Libyan conflict begins President Obama ratchets up sanctions on Libya Oil prices pass $90/barrel High oil prices Aug. 2011 Oil prices fall below $90/barrel High oil prices Oct. 2011 Oil prices pass $90/barrel 2008 Q4 -8.9% 2008/09 financial crisis Early May 2010 Cost of borrowing spikes across Europe Euro falls to four-year low against the dollar Oct. 2010 Greece, Ireland Portugal bond spreads widen European debt crisis Jul. 2011 Greek, Irish, and Portuguese spreads spike Oct. 28, 2011 Italian 10y bond yields close above 6 percent, remain near or above that level through late Jan. 2012 Source: Bureau of Economic Analysis, Wall Street Journal. U.S. DEPARTMENT OF THE TREASURY GROWTH SINCE 2009 The Components of Growth Since 2009 U.S. economic growth has been led by consumption, private sector investment, and exports. Percentage point contribution to real quarterly GDP growth, by component +10 +5 0 -5 Personal consumption expenditures Cumulative contributions to growth since 2009 Q2, by component Gross private domestic investment Exports -10 Imports Government consumption and gross investment Total GDP growth -15 +8 +6 +4.3 +4 +2 0 -2 -4 -6 +3.8 +2.9 -3.5 Total +6.8 -0.7 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 2008 2009 2010 Q4 Q1 Q2 Q3 Q4 Q1 2011 2012 Source: Bureau of Economic Analysis. U.S. DEPARTMENT OF THE TREASURY GROWTH SINCE 2009 International Growth Growth in the U.S. has outpaced that of other advanced economies affected by the global financial crisis. Real GDP, 2008 Q1 = 100 104 102 100 98 96 U.S. Germany Euro area Japan U.K. 94 92 90 Q1 Q2 Q3 Q4 Q1 Q2 2008 2009 Q3 Q4 Q1 Q2 2010 Q3 Q4 Q1 Q2 Q3 Q4 Q1 2011 2012 Source: Regional sources (see Notes section). U.S. DEPARTMENT OF THE TREASURY UNWINDING THE CRISIS Wealth, Savings, and Private Demand Despite challenges, growth in private demand has outpaced GDP growth since late 2010. Household net worth, inflation-adjusted (constant 2011 dollars) $80 trillion recession 70 60 Year-on-year percent change in real GDP and final sales to private domestic purchasers 4% Growth in real GDP 50 -$19.3 trillion 2% 40 2007 Q2 - 2009 Q1 30 1 Household wealth has begun to Household come back from a sharp decline wealth in 2007-08, but has not fully returned... 0 `00 `01 `02 `03 `04 `05 `06 `07 `08 `09 `10 `11 Household debt and savings as a percent of disposable income 150% recession Household debt-to-income 130% (left axis) 120% 110% 2 …and families are 100% saving more than 90% savings rate before the crisis. 80% (right axis) `00 `01 `02 `03 `04 `05 `06 `07 `08 `09 `10 `11 8% ... - tailieumienphi.vn