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[IWS] BEA: New! GDP BY INDUSTRY for 22 INDUSTRY SECTORS on QUARTERLY BASIS [25 April 2014]
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
NEW QUARTERLY STATISTICS DETAIL INDUSTRIES’ ECONOMIC PERFORMANCE
Statistics Span First Quarter of 2005 through Fourth Quarter of 2013 and Annual Results for 2013 [25 April 2014]
[full-text, 11 pages]
The Bureau of Economic Analysis released today – for the first time – gross domestic product (GDP) by industry for 22 industry sectors on a quarterly basis. These new statistics fill an important gap in U.S. federal economic statistics by providing timely information on how individual industries contributed to U.S. economic growth in a given quarter. These new data also provide businesses with a comprehensive and consistent tool for assessing how their industries are faring compared to other industries. Policymakers, businesses, and academia will be able to use the statistics to quickly identify economic turning points, improving their ability to understand a given sector’s performance.
Quarterly GDP by industry statistics supplement other quarterly and monthly indicators of industries’ performance—such as employment, sales and shipments, profits, and prices—by providing a comprehensive and consistent picture of industries’ overall performance, allowing for a more complete analysis of business cycle dynamics and the sources of U.S. economic growth. These new statistics, which also include measures of gross output and of intermediate inputs by industry, are prepared within an integrated framework and are consistent with GDP and the final expenditure components published in BEA’s national income and product accounts. Quarterly GDP by industry statistics will be made available approximately 30 days after the release of the third estimate of GDP.
“Gross Domestic Product (GDP) is one of the U.S. government’s most valuable data resources,” said U.S. Secretary of Commerce Penny Pritzker. “American businesses will now have access on a quarterly basis to more comprehensive statistics about the impact of different industries on our economy. Enabling industries in all sectors to better measure their contributions to GDP and helping businesses understand and identify emerging trends more quickly make this new data an important tool for policy-makers at the local, state and national level. At the Department of Commerce, one of the top priorities of our ‘Open for Business Agenda’ is to provide data to help businesses and governments make the critical decisions that spur economic growth and job creation.”
Fourth Quarter 2013 GDP by industry
Real GDP increased 2.6 percent in the fourth quarter of 2013, with both the private goods- and services-producing sectors contributing to the increase. Overall, 15 out of 22 industry groups contributed to economic growth. The leading contributors to the increase were nondurable-goods manufacturing; professional, scientific and technical services; and wholesale trade.
Nondurable-goods manufacturing real value added—a measure of an industry’s contribution to GDP—increased almost 19 percent in the fourth quarter after increasing 2.9 percent in the third quarter.
Professional, scientific, and technical services increased 5.9 percent after increasing 8.3 percent in the third quarter.
Wholesale trade increased 6.9 percent after increasing 7.3 percent in the third quarter.
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