Friday, December 20, 2013


[IWS] BEA: GDP & CORPORATE PROFITS 3rd Qtr (revised) [20 December 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, 3rd quarter 2013 (third estimate);

Corporate Profits, 3rd quarter 2013 (revised estimate)[20 December 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 4.1 percent in the third quarter of 2013 (that

is, from the second quarter to the third quarter), according to the "third" estimate released by the Bureau

of Economic Analysis.  In the second quarter, real GDP increased 2.5 percent.


                The GDP estimate released today is based on more complete source data than were available for

the "second" estimate issued on December 5, 2103.  In the second estimate, the increase in real GDP was

3.6 percent (see "Revisions" on page 3).  With this third estimate for the third quarter, increases in

personal consumption expenditures (PCE) and in nonresidential fixed investment were larger than

previously estimated.


      The increase in real GDP in the third quarter primarily reflected positive contributions from

private inventory investment, PCE, nonresidential fixed investment, exports, residential fixed

investment, and state and local government spending that were partly offset by a negative contribution

from federal government spending.  Imports, which are a subtraction in the calculation of GDP,



      The acceleration in real GDP growth in the third quarter primarily reflected an acceleration in

private inventory investment, a deceleration in imports, and accelerations in state and local government

spending and in PCE that were partly offset by a deceleration in exports.


AND MUCH MORE...including TABLES...




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