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[IWS] BEA: GDP & CORPORATE PROFITS, 2ND QTR 2013 [26 September 2013]
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, 2nd quarter 2013 (third estimate);
Corporate Profits, 2nd quarter 2013 (revised estimate) [26 September 2013
[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 "third" 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 "second" estimate issued last month. In the second estimate, the increase in real GDP was also 2.5
percent. With the third estimate for the second quarter, the general picture of economic growth remains
largely the same (for more information, see "Revisions" on page 3).
The increase in real GDP in the second quarter primarily reflected positive contributions from
personal consumption expenditures (PCE), exports, nonresidential fixed investment, private inventory
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, a smaller decrease in federal government spending, and an upturn in
state and local government spending that were partly offset by an acceleration in imports and
decelerations in private inventory investment and in PCE.
The price index for gross domestic purchases, which measures prices paid by U.S. residents,
increased 0.2 percent in the second quarter, 0.1 percentage point less than the second estimate; this index
increased 1.2 percent in the first quarter. Excluding food and energy prices, the price index for gross
domestic purchases increased 0.8 percent in the second quarter, compared with an increase of 1.4
percent in the first.
AND MUCH MORE...including TABLES....
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