Friday, July 31, 2009
Tweet[IWS] BEA: NAT'L INCOME & PRODUCT ACCOUNTS COMPREHENSIVE REVISION 1929 to 1st Qtr. 2009 & GDP 2nd Qtr. (Adv. Est.) [31 July 2009]
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
________________________________________________________________________
NATIONAL INCOME AND PRODUCT ACCOUNTS [31 July 2009]
GROSS DOMESTIC PRODUCT: SECOND QUARTER 2009 (ADVANCE ESTIMATE)
COMPREHENSIVE REVISION: 1929 THROUGH FIRST QUARTER 2009
http://www.bea.gov/newsreleases/national/gdp/2009/gdp2q09_adv.htm
or
http://www.bea.gov/newsreleases/national/gdp/2009/pdf/gdp2q09_adv.pdf
[full-text, 51 pages]
or
http://www.bea.gov/newsreleases/national/gdp/2009/xls/gdp2q09_adv.xls
[spreadsheet]
and
Highlights
http://www.bea.gov/newsreleases/national/gdp/2009/pdf/gdp2q09_adv_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 1.0 percent in the second quarter of 2009,
(that is, from the first quarter to the second), according to the "advance" estimate released by the Bureau
of Economic Analysis. In the first quarter, real GDP decreased 6.4 percent.
The Bureau emphasized that the second-quarter advance estimate released today is based on
source data that are incomplete or subject to further revision by the source agency (see the box on page
3). The "second" estimate for the second quarter, based on more complete data, will be released on
August 27, 2009.
______________
BOX.--
The estimates released today reflect the results of the comprehensive (or benchmark) revision
of the national income and product accounts (NIPAs). More information on the revision is available
on BEA's Web site at www.bea.gov/national/an1.htm, including links to an article in the March
2009 issue of the Survey of Current Business that discussed the changes in definitions and
presentation that have been implemented in the revision and to an article in the May Survey that
described the changes in statistical methods. The September Survey will contain an article that
describes the results of the revision in detail. The Web site also contains FAQs and other
information about the revision.
______________
FOOTNOTE.--Quarterly estimates are expressed at seasonally adjusted annual rates, unless otherwise
specified. Quarter-to-quarter dollar changes are differences between these published estimates. Percent
changes are calculated from unrounded data and are annualized. "Real" estimates are in chained (2005)
dollars. Price indexes are chain-type measures.
This news release is available on BEA's Web site along with the < http://www.bea.gov/newsreleases/national/gdp/2009/pdf/tech2q09_adv.pdf > Technical Note and < http://www.bea.gov/newsreleases/national/gdp/2009/pdf/gdp2q09_adv_fax.pdf > Highlights
related to this release.
______________
The decrease in real GDP in the second quarter primarily reflected negative contributions from
nonresidential fixed investment, personal consumption expenditures (PCE), residential fixed investment,
private inventory investment, and exports that were partly offset by positive contributions from federal
government spending and state and local government spending. Imports, which are a subtraction in the
calculation of GDP, decreased.
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
________________________________________________________________________
NATIONAL INCOME AND PRODUCT ACCOUNTS [31 July 2009]
GROSS DOMESTIC PRODUCT: SECOND QUARTER 2009 (ADVANCE ESTIMATE)
COMPREHENSIVE REVISION: 1929 THROUGH FIRST QUARTER 2009
http://www.bea.gov/newsreleases/national/gdp/2009/gdp2q09_adv.htm
or
http://www.bea.gov/newsreleases/national/gdp/2009/pdf/gdp2q09_adv.pdf
[full-text, 51 pages]
or
http://www.bea.gov/newsreleases/national/gdp/2009/xls/gdp2q09_adv.xls
[spreadsheet]
and
Highlights
http://www.bea.gov/newsreleases/national/gdp/2009/pdf/gdp2q09_adv_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 1.0 percent in the second quarter of 2009,
(that is, from the first quarter to the second), according to the "advance" estimate released by the Bureau
of Economic Analysis. In the first quarter, real GDP decreased 6.4 percent.
The Bureau emphasized that the second-quarter advance estimate released today is based on
source data that are incomplete or subject to further revision by the source agency (see the box on page
3). The "second" estimate for the second quarter, based on more complete data, will be released on
August 27, 2009.
______________
BOX.--
The estimates released today reflect the results of the comprehensive (or benchmark) revision
of the national income and product accounts (NIPAs). More information on the revision is available
on BEA's Web site at www.bea.gov/national/an1.htm, including links to an article in the March
2009 issue of the Survey of Current Business that discussed the changes in definitions and
presentation that have been implemented in the revision and to an article in the May Survey that
described the changes in statistical methods. The September Survey will contain an article that
describes the results of the revision in detail. The Web site also contains FAQs and other
information about the revision.
______________
FOOTNOTE.--Quarterly estimates are expressed at seasonally adjusted annual rates, unless otherwise
specified. Quarter-to-quarter dollar changes are differences between these published estimates. Percent
changes are calculated from unrounded data and are annualized. "Real" estimates are in chained (2005)
dollars. Price indexes are chain-type measures.
This news release is available on BEA's Web site along with the < http://www.bea.gov/newsreleases/national/gdp/2009/pdf/tech2q09_adv.pdf > Technical Note and < http://www.bea.gov/newsreleases/national/gdp/2009/pdf/gdp2q09_adv_fax.pdf > Highlights
related to this release.
______________
The decrease in real GDP in the second quarter primarily reflected negative contributions from
nonresidential fixed investment, personal consumption expenditures (PCE), residential fixed investment,
private inventory investment, and exports that were partly offset by positive contributions from federal
government spending and state and local government spending. Imports, which are a subtraction in the
calculation of GDP, decreased.
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 : 2:51 PM
