Thursday, November 13, 2014

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[IWS] BEA: REVISED STATISTICS OF GDP BY INDUSTRY: 1997 THROUGH FIRST QTR. 2014 [13 November 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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This service is supported, in part, by donations. Please consider making a donation by following the instructions at http://www.ilr.cornell.edu/iws/news-bureau/support.html

 

Widespread Growth Across Industries in Second Quarter 2014

Revised Statistics of Gross Domestic Product by Industry: 1997 through First Quarter 2014 [13 November 2014]

http://www.bea.gov/newsreleases/industry/gdpindustry/2014/gdpind214.htm

or

http://www.bea.gov/newsreleases/industry/gdpindustry/2014/pdf/gdpind214.pdf

[full-text, 10 pages]

or

http://www.bea.gov/newsreleases/industry/gdpindustry/2014/xls/gdpind214.xlsx

[spreadsheet]

and

Highlights

http://www.bea.gov/newsreleases/industry/gdpindustry/2014/pdf/gdpind214_fax.pdf

 

 

Real gross domestic product (GDP) increased at an annual rate of 4.6 percent in the second quarter of 2014, after decreasing 2.1 percent in the first quarter. Both private goods- and services-producing industries contributed to the increase, while the government sector decreased. Durable‐goods manufacturing; finance and insurance; and retail trade were the leading contributors.

 

·         Durable‐goods manufacturing real value added—a measure of an industry's contribution to GDP—increased 8.0 percent in the second quarter, after decreasing 4.5 percent in the first quarter.

 

·         Finance and insurance increased 6.0 percent, after decreasing 9.8 percent.

 

·         Retail trade increased 7.2 percent, after increasing 4.3 percent.

 

Other highlights

·         Real value added for agriculture, forestry and fishing turned up in the second quarter, increasing 14.2 percent following a decrease of 44.3 percent. This industry group was the second leading contributor to the upturn in real GDP.

 

·         The 8.0 percent increase in durable-goods manufacturing, which includes motor vehicle manufacturing and computer and electronic products manufacturing, was the largest increase since the fourth quarter of 2011.

 

·         Mining increased 11.5 percent, following a decrease of 7.5 percent. This was the largest increase since the fourth quarter of 2011.

 

2013 GDP by industry

·         Real GDP increased 2.2 percent in 2013, with 20 of 22 industry groups contributing to the increase. Finance and insurance; real estate and rental and leasing; and information were the leading contributors.

 

·         Finance and insurance increased 4.6 percent in 2013, after increasing 4.2 percent. This was the third consecutive annual increase.

 

·         The real estate and rental and leasing group increased 1.6 percent, reflecting an increase in housing.

·         Information services increased 4.4 percent in 2013, after increasing 1.7 percent.  This was the largest increase since 2008.

 

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