Real gross domestic product (GDP) rose 0.6% in November, following 0.8% growth in October. Increases across almost all sectors contributed to the sixth consecutive monthly expansion, bringing the level of real GDP 0.2% above its February 2020 level, prior to the COVID-19 pandemic.
Both services-producing (+0.6%) and goods-producing (+0.5%) industries were up, as 17 of 20 industrial sectors posted increases in November.
Advance information indicates that real GDP for December was essentially unchanged. Widespread increases led by the manufacturing, agriculture, forestry, fishing and hunting, utilities and wholesale trade sectors were offset by declines in the accommodation and food services, mining, quarrying, and oil and gas extraction and retail trade sectors. This advance information for real GDP by industry indicates a 1.6% uptick in the fourth quarter of 2021 and a rebound of 4.9% in the year following the pandemic-induced decline observed in 2020. Given their preliminary nature, these estimates will be updated on March 1, 2022 with the release of the official GDP data for December and the fourth quarter of 2021.
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