Wednesday, April 30, 2014


[IWS] BEA: GROSS DOMESTIC PRODUCT: 1ST QTR 2014 (advanced estimate) [30 April 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


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National Income and Product Accounts

Gross Domestic Product: First Quarter 2014 (advance estimate) [30 April 2014]


[full-text, 17 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 0.1 percent in the first quarter (that is, from

the fourth quarter of 2013 to the first quarter of 2014), according to the "advance" estimate released by

the Bureau of Economic Analysis.  In the fourth quarter, real GDP increased 2.6 percent.


      The Bureau emphasized that the first-quarter advance estimate released today is based on source

data that are incomplete or subject to further revision by the source agency (see the box on page 3 and

"Comparisons of Revisions to GDP" on page 5).  The "second" estimate for the first quarter, based on

more complete data, will be released on May 29, 2014.


      The increase in real GDP in the first quarter primarily reflected a positive contribution from

personal consumption expenditures (PCE) that was partly offset by negative contributions from exports,

private inventory investment, nonresidential fixed investment, residential fixed investment, and state and

local government spending.  Imports, which are a subtraction in the calculation of GDP, decreased.





Annual Revision of the National Income and Product Accounts


      The annual revision of the national income and product accounts will be released along with the

"advance" estimate of GDP for the second quarter of 2014 on July 30.  In addition to the regular revision

of estimates for the most recent 3 years and the first quarter of 2014, GDP and select components will be

revised back to the first quarter of 1999 (see the Technical Note).  The August Survey of Current

Business will contain an article that describes the annual revision in detail.




      NOTE.  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.



      The deceleration in real GDP growth in the first quarter primarily reflected downturns in exports

and in nonresidential fixed investment, a larger decrease in private inventory investment, a deceleration

in PCE, and a downturn in state and local government spending that were partly offset by an upturn in

federal government spending and a downturn in imports.


      The price index for gross domestic purchases, which measures prices paid by U.S. residents,

increased 1.4 percent in the first quarter, compared with an increase of 1.5 percent in the fourth.

Excluding food and energy prices, the price index for gross domestic purchases increased 1.4 percent in

the first quarter, compared with an increase of 1.8 percent in the fourth.


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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