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[IWS] BEA: GROSS DOMESTIC PRODUCT 3rd Qtr. 2010 (advance estimate) [29 October 2010]
IWS Documented News Service
Institute for Workplace Studies----------------- Professor Samuel B. Bacharach
School of Industrial & Labor Relations-------- Director, Institute for Workplace Studies
16 East 34th Street, 4th floor---------------------- Stuart Basefsky
New York, NY 10016 -------------------------------Director, IWS News Bureau
National Income and Product Accounts
Gross Domestic Product, 3rd quarter 2010 (advance estimate) [29 October 2010]
[full-text, 13 pages]
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 2.0 percent in the third quarter of 2010,
(that is, from the second quarter to the third quarter), according to the "advance" estimate released by
the Bureau of Economic Analysis. In the second quarter, real GDP increased 1.7 percent.
The Bureau emphasized that the third-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 third quarter, based on more complete data, will be released on November 23,
The increase in real GDP in the third quarter primarily reflected positive contributions from
personal consumption expenditures (PCE), private inventory investment, nonresidential fixed
investment, federal government spending, and exports that were partly offset by a negative contribution
from residential fixed investment. Imports, which are a subtraction in the calculation of GDP, increased.
The small acceleration in real GDP in the third quarter primarily reflected a sharp deceleration in
imports and accelerations in private inventory investment and in PCE that were partly offset by a
downturn in residential fixed investment and decelerations in nonresidential fixed investment and in
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 Technical Note and Highlights
related to this release.
AND MUCH MORE...including TABLES....
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Institute for Workplace Studies
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