Thursday, August 29, 2013


[IWS] BEA: GDP & CORPORATE PROFITS 2ND QTR. 2013 [29 August 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 [29 August 2013]

Gross Domestic Product, 2nd quarter 2013 (second estimate);

Corporate Profits, 2nd quarter 2013 (preliminary estimate)




[full-text, 19 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 2.5 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.



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....


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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