Economic, social, community profiles and trends
Month: August 2022
ECONOMY-WIDE OUTPUT UNCHANGED IN AUGUST
Real gross domestic product was basically unchanged in August for the second consecutive month. Lower factory output was a large drag on activity, down for the third month in a row. Accommodation and food services and retail activity also contracted in August, while higher wholesaling activity and mining, quarrying, and oil and gas extraction offset declines.
Economy-wide output, measured on trend, has been largely unchanged since February, and in August, was 3.4% above pre-COVID levels.