Wednesday, January 30, 2013


[IWS] BEA: Gross Domestic Product, 4th quarter and annual 2012 (advance estimate) [30 January 2013]

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

Gross Domestic Product, 4th quarter and annual 2012 (advance estimate) [30 January 2013]


[full-text, 16 pages]







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 0.1 percent in the fourth quarter of 2012

(that is, from the third quarter to the fourth quarter), according to the "advance" estimate released by the

Bureau of Economic Analysis.  In the third quarter, real GDP increased 3.1 percent.


      The Bureau emphasized that the fourth-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 4

and the "Comparisons of Revisions to GDP" on page 5).  The "second" estimate for the fourth quarter,

based on more complete data, will be released on February 28, 2013.


      The decrease in real GDP in the fourth quarter primarily reflected negative contributions from

private inventory investment, federal government spending, and exports that were partly offset by

positive contributions from personal consumption expenditures (PCE), nonresidential fixed investment,

and residential fixed investment.  Imports, which are a subtraction in the calculation of GDP, decreased.


                The downturn in real GDP in the fourth quarter primarily reflected downturns in private

inventory investment, in federal government spending, in exports, and in state and local government

spending that were partly offset by an upturn in nonresidential fixed investment, a larger decrease in

imports, and an acceleration in PCE.


      Final sales of computers added 0.15 percentage point to the fourth-quarter change in real GDP

after adding 0.11 percentage point to the third-quarter change.  Motor vehicle output added 0.04

percentage point to the fourth-quarter change in real GDP after subtracting 0.25 percentage point from

the third-quarter change.



      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 along with the Technical Notes and Highlights

related to this release.



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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