Thursday, November 13, 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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Widespread Growth Across Industries in Second Quarter 2014

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


[full-text, 10 pages]







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.



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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