Slowdown clear in interest-sensitive GDP components: Change to average contribution to GDP growth after interest rate liftoff, by component (percentage-point)

Residential investment (housing) -0.16
Business (nonresidential) fixed investment (NRFI) -0.13
Net exports -0.02
Durable goods 0.01
Federal government 0.22
State government 0.26
Consumer spending, excl durables 0.38
GDP 0.22

Source and notes: Table 1.1.1 of the National Income and Product Accounts (NIPA) from the Bureau of Economic Analysis (BEA). Average contributions to growth in gross domestic product (GDP) are calculated from 2009Q2 to 2015Q4, and then from 2016Q1 to 2019Q2. The bars represent how each component's average contribution to growth changed from the earlier to the later period. The GDP bar is shows the change in GDP growth from the first to second period. Durable goods, net exports, business investment (i.e., nonresidential fixed investment or NRFI), and residential investment (i.e., housing) are the most interest-rate-sensitive components of GDP.

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