U.S. Gross Domestic Product (GDP – the total value of goods and services produced in the U.S.) increased 2% in the first quarter of 2023 according to revised estimates from the Bureau of Economic Research at Gross Domestic Product (Third Estimate), Corporate Profits (Revised Estimate), and GDP by Industry, First Quarter 2023 | U.S. Bureau of Economic Analysis (BEA). Gross Domestic Income (GDI) on the other hand shows that the net income earned from these activities declined 2% in the same period. So businesses are selling more but at a lower profit – mixed news with regard to the health of the U.S. economy.
GDP improvements were led by: Health care and social assistance, Retail trade, and Agriculture, forestry, fishing and hunting. Finance, insurance, and goods manufacturing were notable decliners.