Thursday, October 30, 2008
Tweet[IWS] BEA: GROSS DOMESTIC PRODUCT: THIRD QUARTER 2008 (ADVANCE) [30 October 2008]
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: THIRD QUARTER 2008 (ADVANCE) [30 October 2008]
http://www.bea.gov/newsreleases/national/gdp/2008/gdp308a.htm
or
http://www.bea.gov/newsreleases/national/gdp/2008/pdf/gdp308a.pdf
[full-text, 13 pages]
or
http://www.bea.gov/newsreleases/national/gdp/2008/xls/gdp308a.xls
[spreadsheet]
and
Highlights
http://www.bea.gov/newsreleases/national/gdp/2008/pdf/gdp308a_fax.pdf
Real gross domestic product -- the output of goods and services produced by labor and property
located in the United States -- decreased at an annual rate of 0.3 percent in the third quarter of 2008,
(that is, from the second quarter to the third quarter), according to advance estimates released by the
Bureau of Economic Analysis. In the second quarter, real GDP increased 2.8 percent.
The Bureau emphasized that the third-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 third-
quarter "preliminary" estimates, based on more comprehensive data, will be released on November 25,
2008.
The decrease in real GDP in the third quarter primarily reflected negative contributions from
personal consumption expenditures (PCE), residential fixed investment, and equipment and software
that were largely offset by positive contributions from federal government spending, exports, private
inventory investment, nonresidential structures, and state and local government spending. Imports,
which are a subtraction in the calculation of GDP, decreased.
Most of the major components contributed to the downturn in real GDP growth in the third
quarter. The largest contributors were a sharp downturn in PCE for nondurable goods, a smaller
decrease in imports, a larger decrease in PCE for durable goods, and a deceleration in exports. Notable
offsets were an upturn in inventory investment and an acceleration in federal government spending.
Final sales of computers contributed 0.06 percentage point to the third-quarter change in real
GDP after contributing 0.17 percentage point to the second-quarter change. Motor vehicle output
contributed 0.09 percentage point to the third-quarter change in real GDP after subtracting 1.01
percentage points from the second-quarter change.
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
****************************************
_______________________________
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: THIRD QUARTER 2008 (ADVANCE) [30 October 2008]
http://www.bea.gov/newsreleases/national/gdp/2008/gdp308a.htm
or
http://www.bea.gov/newsreleases/national/gdp/2008/pdf/gdp308a.pdf
[full-text, 13 pages]
or
http://www.bea.gov/newsreleases/national/gdp/2008/xls/gdp308a.xls
[spreadsheet]
and
Highlights
http://www.bea.gov/newsreleases/national/gdp/2008/pdf/gdp308a_fax.pdf
Real gross domestic product -- the output of goods and services produced by labor and property
located in the United States -- decreased at an annual rate of 0.3 percent in the third quarter of 2008,
(that is, from the second quarter to the third quarter), according to advance estimates released by the
Bureau of Economic Analysis. In the second quarter, real GDP increased 2.8 percent.
The Bureau emphasized that the third-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 third-
quarter "preliminary" estimates, based on more comprehensive data, will be released on November 25,
2008.
The decrease in real GDP in the third quarter primarily reflected negative contributions from
personal consumption expenditures (PCE), residential fixed investment, and equipment and software
that were largely offset by positive contributions from federal government spending, exports, private
inventory investment, nonresidential structures, and state and local government spending. Imports,
which are a subtraction in the calculation of GDP, decreased.
Most of the major components contributed to the downturn in real GDP growth in the third
quarter. The largest contributors were a sharp downturn in PCE for nondurable goods, a smaller
decrease in imports, a larger decrease in PCE for durable goods, and a deceleration in exports. Notable
offsets were an upturn in inventory investment and an acceleration in federal government spending.
Final sales of computers contributed 0.06 percentage point to the third-quarter change in real
GDP after contributing 0.17 percentage point to the second-quarter change. Motor vehicle output
contributed 0.09 percentage point to the third-quarter change in real GDP after subtracting 1.01
percentage points from the second-quarter change.
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
****************************************
# posted by SBasefsky : 4:25 PM
