Thursday, March 27, 2014


[IWS] BEA: GDP & CORPORATE PROFITS, 4th Qtr and annual 2013 [27 March 2014]

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 2013 (third estimate); Corporate Profits, 4th quarter and annual 2013 [27 March 2014]


[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 2.6 percent in the fourth quarter of 2013

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

Bureau of Economic Analysis.  In the third quarter, real GDP increased 4.1 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 2.4

percent.  With this third estimate for the fourth quarter, the general picture of economic growth remains

largely the same; personal consumption expenditures (PCE) was larger than previously estimated, while

private investment in inventories and in intellectual property products were smaller than previously

estimated (see "Revisions" on page 3).


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

PCE, exports, and nonresidential fixed investment that were partly offset by negative contributions from

federal government spending and residential fixed investment. Imports, which are a subtraction in the

calculation of GDP, increased.


      The deceleration in real GDP growth in the fourth quarter reflected a downturn in private

inventory investment, a larger decrease in federal government spending, a downturn in residential fixed

investment, and a deceleration in state and local government spending that were partly offset by

accelerations in PCE and in exports, a deceleration in imports, and an acceleration in nonresidential

fixed investment.



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.


This news release is available on BEA’s Web site ( along with the Technical Note

and Highlights related to this release.  For

information on revisions, see "Revisions to GDP, GDI, and Their Major Components".



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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