26 Jun ECONOMIC ANALYSIS
Economic Analysis
Overview:
The following is an annual breakdown that comprises an overall economic assessment of the periods starting in the first quarter of 2013 and ending with the third quarter of 2015. Each year will highlight various trends, current events, and changes that were of particular importance to the overall performance in that given timeframe. Likewise, certain financial measures provide insight into the relationships behind each factor or element, also pointing out any information of historical influence that still has an impact on today’s market and global economy.
2013
The United States economy stumbled into the 2013 fiscal year after a less than desired and lackluster end to 2012. As such, this year-end slowdown in performance and spending did not provide the best foundation to propel the economy forward even more within the upcoming new calendar year. Growth for the United States’ Real Gross Domestic Product (GDP) was 1.5% at the end of 2013, with Q3 and Q4 being the strongest quarters, marking a much lower percentage change in economic growth than 2012’s Real GDP growth of 2.3%[1].
When looking at the main components of Real GDP, consumer consumption saw a healthy increase during the year, increasing 1.7%.
This value actually marked a much needed increase in consumption, making 2013 a well performing, but not highest, period of personal consumption expenditures since the ’08-’09 economic downturn on a percentage change basis[2].
To start highlighting these stress points, we can begin to explain consumer spending and consumption based upon the measure of consumer confidence.
At the start of 2013, the Conference Board reported that its measuring index for confidence was down 8.1 points to 58.6 from the prior month, the lowest reading in over a year, as well as a third straight monthly decline[3With a lowering level of confidence, consumers were reluctant to increase spending activity, pulling earnings down for companies across a variety of sectors.
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