Friday, January 27, 2006

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[IWS] BEA: GROSS DOMESTIC PRODUCT: FOURTH QUARTER 2005 (ADVANCE) [27 January 2006]

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: FOURTH QUARTER 2005 (ADVANCE) [27 January 2006]
http://www.bea.gov/bea/newsrelarchive/2006/gdp405a.htm
or
http://www.bea.gov/bea/newsrelarchive/2006/gdp405a.pdf
[full-text, 14 pages]
or
http://www.bea.gov/bea/newsrelarchive/2006/gdp405a.xls
[spreadsheet]
and
Technical Note
http://www.bea.gov/bea/newsrelarchive/2006/tech405a.htm
and
Highlights
http://www.bea.gov/bea/newsrelarchive/2006/gdp405a_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 1.1 percent in the fourth quarter of 2005,
according to advance estimates released by the Bureau of Economic Analysis. In the third quarter, real
GDP increased 4.1 percent.

The Bureau emphasized that the fourth-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 fourth-
quarter "preliminary" estimates, based on more comprehensive data, will be released on February 28,
2006.

The major contributors to the increase in real GDP in the fourth quarter primarily reflected positive
contributions from private inventory investment, personal consumption expenditures (PCE), equipment
and software, exports, and residential fixed investment that were partly offset by a negative contribution
from federal government spending. Imports, which are a subtraction in the calculation of GDP,
increased.

The deceleration in real GDP growth in the fourth quarter primarily reflected a deceleration in
PCE, an acceleration in imports, a downturn in federal government spending, and decelerations in
equipment and software and in residential fixed investment that were partly offset by an upturn in
private inventory investment.

Final sales of computers contributed 0.33 percentage point to the fourth-quarter growth in real
GDP after contributing 0.16 percentage point to the third-quarter growth. Motor vehicle output
subtracted 0.58 percentage point from the fourth-quarter growth in real GDP after contributing 0.56
percentage point to the third-quarter growth.

The price index for gross domestic purchases, which measures prices paid by U.S. residents,
increased 3.3 percent in the fourth quarter, compared with an increase of 4.2 percent in the third.
Excluding food and energy prices, the price index for gross domestic purchases increased 2.9 percent in
the fourth quarter, compared with an increase of 2.5 percent in the third.


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.

****************************************
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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