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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: Third Quarter 2014 (Second Estimate)

Corporate Profits: Third Quarter 2014 (Preliminary Estimate) [25 November 2014]

http://www.bea.gov/newsreleases/national/gdp/2014/gdp3q14_2nd.htm

or

http://www.bea.gov/newsreleases/national/gdp/2014/pdf/gdp3q14_2nd.pdf

[full-text, 19 pages]

or

http://www.bea.gov/newsreleases/national/gdp/2014/xls/gdp3q14_2nd.xls

[spreadsheet]

and

Highlights

http://www.bea.gov/newsreleases/national/gdp/2014/pdf/gdp3q14_2nd_fax.pdf

 

 

Real gross domestic product -- the value of the production of goods and services in the United

States, adjusted for price changes -- increased at an annual rate of 3.9 percent in the third quarter of

2014, according to the "second" estimate released by the Bureau of Economic Analysis.  In the second

quarter, real GDP increased 4.6 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 3.5

percent.  With the second estimate for the third quarter, private inventory investment decreased less than

previously estimated, and both personal consumption expenditures (PCE) and nonresidential fixed

investment increased more.  In contrast, exports increased less than previously estimated (see

"Revisions" on page 3).

 

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

nonresidential fixed investment, federal government spending, exports, residential fixed investment, and

state and local government spending that were partly offset by a negative contribution from private

inventory investment.  Imports, which are a subtraction in the calculation of GDP, decreased.

 

      The deceleration in the percent change in real GDP reflected a downturn in private inventory

investment and decelerations in exports, in nonresidential fixed investment, in state and local

government spending, in PCE, and in residential fixed investment that were partly offset by a downturn

in imports and an upturn in federal government spending.

 

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

increased 1.4 percent in the third quarter, 0.1 percentage point more than in the advance estimate; this

index increased 2.0 percent in the second quarter.  Excluding food and energy prices, the price index for

gross domestic purchases increased 1.6 percent in the third quarter, compared with an increase of 1.7

percent in the second.

 

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

 

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