Alejandra Y. Castillo Assistant Secretary of Commerce for Economic Development | Official Website
The Commerce Department's Bureau of Economic Analysis has reported an increase in GDP and personal income across almost all U.S. states. According to the latest data, real gross domestic product rose in 46 states and the District of Columbia. The nation's GDP grew at an annual rate of 3.1 percent in the third quarter, marking a total growth of 12.6% under the Biden-Harris Administration.
Personal incomes also saw a rise in 49 states and the District of Columbia, with Alabama, Arkansas, and Mississippi experiencing the largest increases. This rise in income has contributed to a 3.7 percent increase in consumer spending during the third quarter, the highest since early 2023.
The report highlights that real GDP increased in 16 out of 23 industry groups, with retail trade and health care being major contributors to national growth. Retail trade showed an increase across all 50 states and the District of Columbia and was a leading growth factor in 39 states.
In addition to these economic indicators, earlier this month, the U.S. Labor Department’s Bureau of Labor Statistics announced that over 227,000 new jobs were added to the economy in November, surpassing expectations. Under the Biden-Harris Administration, a record number of approximately 16 million jobs have been created.
For further details on these developments, refer to their latest blog post on the November Jobs Report as part of their "By the Numbers" series which examines how economic data from federal agencies impacts America's economy.
