IWS Documented News DAILY POSTINGS

IWS Documented News Service
_______________________________
Institute for Workplace Studies                 Professor Samuel B. Bacharach
School of Industrial & Labor Relations          Director, Institute for Workplace Studies
Cornell University
16 East 34th Street, 4th floor                  Stuart Basefsky
New York, NY 10016                      Director, IWS News Bureau
________________________________________________________________________


GROSS DOMESTIC PRODUCT:  FIRST QUARTER 2005 (ADVANCE) [28 April 2005]
http://www.bea.gov/bea/newsrel/gdpnewsrelease.htm
or
http://www.bea.gov/bea/newsrelarchive/2005/gdp105a.pdf
[full-text, 13 pages]
or
http://www.bea.gov/bea/newsrelarchive/2005/gdp105a.xls
[spreadsheet]
and
Highlights
http://www.bea.gov/bea/newsrelarchive/2005/gdp105a_fax.pdf

Real gross domestic product -- the output of goods and services produced by labor and property
located in the United States -- increased at an annual rate of 3.1 percent in the first quarter of 2005,
according to advance estimates released by the Bureau of Economic Analysis.  In the fourth quarter, real
GDP increased 3.8 percent.

    The Bureau emphasized that the first-quarter "advance" estimates are based on source data that are
incomplete or subject to further revision by the source agency (see the box on page 3).  The first-quarter
"preliminary" estimates, based on more comprehensive data, will be released on May 26, 2005.

    The major contributors to the increase in real GDP in the first quarter were personal consumption
expenditures (PCE), private inventory investment, exports, equipment and software, and residential
fixed investment.  Imports, which are a subtraction in the calculation of GDP, increased.

    The deceleration in real GDP growth in the first quarter primarily reflected a deceleration in
equipment and software, an acceleration in imports, and a deceleration in PCE that were partly offset by
accelerations in private inventory investment and in exports.

    Final sales of computers contributed 0.56 percentage point to the first-quarter change in real GDP,
the same contribution as to the fourth-quarter change.  Motor vehicle output contributed 0.17 percentage
point to the first-quarter change in real GDP after contributing 0.86 percentage point to the fourth-
quarter change.

    The price index for gross domestic purchases, which measures prices paid by U.S. residents,
increased 3.0 percent in the first quarter, compared with an increase of 2.9 percent in the fourth.
Excluding food and energy prices, the price index for gross domestic purchases increased 3.1 percent in
the first quarter, compared with an increase of 2.0 percent in the fourth.  About 0.2 percentage point of
the first-quarter increase in the index was accounted for by the pay raise for federal civilian and military
personnel, which is treated as an increase in the price index of employee services purchased by the
federal government.

AND MUCH MORE...including TABLES....


_____________________________
This information is provided to subscribers, friends, faculty, students and alumni of the School of Industrial & Labor Relations (ILR). It is a service of the Institute for Workplace Studies (IWS) in New York City. Stuart Basefsky is responsible for the selection of the contents which is intended to keep researchers, companies, workers, and governments aware of the latest information related to ILR disciplines as it becomes available for the purposes of research, understanding and debate. The content does not reflect the opinions or positions of Cornell University, the School of Industrial & Labor Relations, or that of Mr. Basefsky and should not be construed as such. The service is unique in that it provides the original source documentation, via links, behind the news and research of the day. Use of the information provided is unrestricted. However, it is requested that users acknowledge that the information was found via the IWS Documented News Service.

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Stuart Basefsky                 *
Director, IWS News Bureau               *
Institute for Workplace Studies *
Cornell/ILR School                      *
16 E. 34th Street, 4th Floor            *
New York, NY 10016                      *
                                        *
Telephone: (607) 255-2703               *
Fax: (607) 255-9641                     *
E-mail: smb6@cornell.edu                *
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# posted by SBasefsky : 11:31 AM