Thursday, August 29, 2013
Tweet[IWS] BEA: GDP & CORPORATE PROFITS 2ND QTR. 2013 [29 August 2013]
IWS Documented News Service
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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
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National Income and Product Accounts [29 August 2013]
Gross Domestic Product, 2nd quarter 2013 (second estimate);
Corporate Profits, 2nd quarter 2013 (preliminary estimate)
http://www.bea.gov/newsreleases/national/gdp/2013/gdp2q13_2nd.htm
or
http://www.bea.gov/newsreleases/national/gdp/2013/pdf/gdp2q13_2nd.pdf
[full-text, 19 pages]
or
http://www.bea.gov/newsreleases/national/gdp/2013/xls/gdp2q13_2nd.xls
[spreadsheet]
and
Highlights
http://www.bea.gov/newsreleases/national/gdp/2013/pdf/gdp2q13_2nd_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 2.5 percent in the second quarter of 2013
(that is, from the first quarter to the second quarter), according to the "second" estimate released by the
Bureau of Economic Analysis. In the first quarter, real GDP increased 1.1 percent.
The GDP estimate released today is based on more complete source data than were available for
the "advance" estimate issued last month. In the advance estimate, the increase in real GDP was 1.7
percent. With this second estimate for the second quarter, the increase in exports was larger than
previously estimated, and the increase in imports was smaller than previously estimated (see "Revisions"
on page 3).
The increase in real GDP in the second quarter primarily reflected positive contributions from
personal consumption expenditures (PCE), exports, private inventory investment, nonresidential fixed
investment, 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 acceleration in real GDP in the second quarter primarily reflected upturns in exports and in
nonresidential fixed investment and a smaller decrease in federal government spending that were partly
offset by an acceleration in imports and decelerations in private inventory investment and in PCE.
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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 (2009) dollars. Price indexes are chain-type measures.
AND MUCH MORE...including TABLES....
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