Co-founder and CTO of OpenAxis
While gross private domestic investment was strong in 2022 Q1, a draw-down in inventories and decline in residential investment led to gross private domestic to fall in Q2. Despite strong exports, GDP fell by 0.6% (SAAR).
How people feel about the direction on economy appears relatively partisan - with democrats tending to feel it is "Getting Better" more than republicans until the Obama-Trump transition, only to feel like it is "Getting Better" more than republicans again once again shortly after the Biden inauguration.
Source: Civiqs
Discussion of inflation by outlets/sites/authors of all political orientations has increased. However, the Far Right media and Slightly Right media have increased their coverage of inflation more than the Far Left and Slightly Left, especially since the turn of 2021 when President Biden took office.
At its peak in March 2022, the Far Right was talking about inflation 2.4 times the rate they were Dec 2020-Feb-2021 while the Far Left was talking about inflation 1.5 times the rate they were in Dec 2020-Feb-2021. The period Dec 2020-Feb-2021 was chosen as the base because it’s roughly half before and half after Biden’s inauguration.
Source: PeakMetrics
More positive economic terms like “employment,” “jobs,” “raises,” and “wages” were actually talked about disproportionately less frequently by the Far Left in June, July, and August of 2021, but disproportionately more since December 2021. This while all other political orientations talked about it less than they did Dec 2020-Feb-2021.
Despite how critical inflation and unemployment are - we’re experiencing the highest inflation in 40 years and we’re just 10 basis points above the lowest unemployment in 50 years - the manner in which outlets with different political orientations talk about the economy changes over time. The data suggests that outlets aligned with the party in power focus on the positives yet minimize the negatives while those not aligned with the party in power do the opposite.
Source: PeakMetrics
Gross domestic product (GDP) is the value of the goods and services produced by the nation's economy less the value of the goods and services used up in production. GDP is also equal to the sum of personal consumption expenditures, gross private domestic investment, net exports of goods and services, and government consumption expenditures and gross investment. Real values are inflation-adjusted estimates—that is, estimates that exclude the effects of price changes.
For more information about this series, please visit the Bureau of Economic Analysis.
Suggested Citation:
U.S. Bureau of Economic Analysis, Real Gross Domestic Product [A191RL1Q225SBEA], retrieved from FRED, Federal Reserve Bank of St. Louis; https://fred.stlouisfed.org/series/A191RL1Q225SBEA, July 28, 2022.
Percentage Points at Annual Rate, Seasonally Adjusted Annual Rate
Contributions to percent change in real gross domestic product: Personal consumption expenditures (DPCERY2Q224SBEA)
Contributions to percent change in real gross domestic product: Exports of goods and services (A020RY2Q224SBEA)
Contributions to percent change in real gross domestic product: Imports of goods and services (A021RY2Q224SBEA)
Contributions to percent change in real gross domestic product: Government consumption expenditures and gross investment (A822RY2Q224SBEA)
Contributions to percent change in real gross domestic product: Gross private domestic investment (A006RY2Q224SBEA)
U.S. Bureau of Economic Analysis, Contributions to percent change in real gross domestic product, retrieved from FRED, Federal Reserve Bank of St. Louis; https://fred.stlouisfed.org/series/A006RY2Q224SBEA, July 28, 2022.
Civiqs surveys registered voters on topics such as the direction of the national economy. They ask "Do you think the nation's economy is getting better or worse?" This is a time series of the responses broken down by party (in percentages).
Their breakdowns and visualizations can be found on Civiqs.
Despite the highest inflation in 40-years, real wages are higher than pre-pandemic.
Real wages in March 2022, as calculated by the ratio of Avg. Hrly Earnings to CPI, is actually up 1.8% since Jan 2020!
Average Hourly Earnings are of Production and Nonsupervisory Employees, Total Private, which Paul Krugman used in his Jan 25th op-ed discussing the inflation narrative.
#economy #inflation #wages
Despite the highest inflation in 40-years, real wages are higher than pre-pandemic.
Real wages in March 2022, as calculated by the ratio of Avg. Hrly Earnings to CPI, is actually up 1.8% since Jan 2020!
Average Hourly Earnings are of Production and Nonsupervisory Employees, Total Private, which Paul Krugman used in his Jan 25th op-ed discussing the inflation narrative.
#economy #inflation #wages
FAOSTAT provides agricultural data collected from a variety of sources - official government data and imputed/estimated data.
This dataset came from FAOSTAT, filtered for the product tea in 2020 for all countries.