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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, Second Quarter 2014 (Second Estimate); Corporate Profits, Second Quarter 2014 (Preliminary Estimate)[28 August 2014]

http://www.bea.gov/newsreleases/national/gdp/gdpnewsrelease.htm

or

http://www.bea.gov/newsreleases/national/gdp/2014/pdf/gdp2q14_2nd.pdf

[full-text, 18 pages]

or

Tables

http://www.bea.gov/newsreleases/national/gdp/2014/xls/gdp2q14_2nd.xls

and

Highlights

http://www.bea.gov/newsreleases/national/gdp/2014/pdf/gdp2q14_2nd_fax.pdf

 

 

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 4.2 percent in the second quarter of 2014,

according to the "second" estimate released by the Bureau of Economic Analysis.  In the first quarter,

real GDP decreased 2.1 percent.

 

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

the "advance" estimate issued last month.  In the advance estimate, the increase in real GDP was 4.0

percent.  With this second estimate for the second quarter, the general picture of economic growth

remains the same; the increase in nonresidential fixed investment was larger than previously estimated,

while the increase in private inventory investment was smaller than previously estimated (see

"Revisions" on page 3).

 

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

personal consumption expenditures (PCE), private inventory investment, exports, nonresidential fixed

investment, state and local government spending, and residential fixed investment.  Imports, which are a

subtraction in the calculation of GDP, increased.

 

      Real GDP increased 4.2 percent in the second quarter after decreasing 2.1 percent in the first.

This upturn in the percent change in real GDP primarily reflected upturns in exports and in private

inventory investment, accelerations in PCE and in nonresidential fixed investment, and upturns in state

and local government spending and in residential fixed investment that were partly offset by an

acceleration in imports.

 

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 "The Revisions to GDP, GDI, and Their Major Components".

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

increased 1.9 percent in the second quarter, the same increase as in the advance estimate; this index

increased 1.4 percent in the first quarter.  Excluding food and energy prices, the price index for gross

domestic purchases increased 1.7 percent, compared with an increase of 1.3 percent.

 

      Real personal consumption expenditures increased 2.5 percent in the second quarter, compared

with an increase of 1.2 percent in the first.  Durable goods increased 14.3 percent, compared with an

increase of 3.2 percent.  Nondurable goods increased 1.9 percent in the second quarter; it was unchanged

in the first.  Services increased 0.8 percent, compared with an increase of 1.3 percent.

 

AND MUCH MORE...including TABLES....

 

 

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