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[IWS] BEA: GDP & CORPORATE PROFITS 3rd Qtr 2014 (Third Estimate) [23 December 2014]
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Institute for Workplace Studies-----------------Professor Samuel B. Bacharach
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National Income and Product Accounts
Gross Domestic Product: Third Quarter 2014 (Third Estimate)
Corporate Profits: Third Quarter 2014 (Revised Estimate) [23 December 2014]
[full-text, 19 pages]
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 5.0 percent in the third quarter of
2014, according to the "third" 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 "second" estimate issued last month. In the second estimate, the increase in real GDP was 3.9
percent. With the third estimate for the third quarter, both personal consumption expenditures (PCE)
and nonresidential fixed investment increased more than previously estimated (see "Revisions" on page
The increase in real GDP in the third quarter primarily reflected positive contributions from
PCE, nonresidential fixed investment, federal government spending, exports, state and local government
spending, and residential fixed investment. Imports, which are a subtraction in the calculation of GDP,
The acceleration in the percent change in real GDP reflected a downturn in imports, an upturn in
federal government spending, and an acceleration in PCE that were partly offset by a downturn in
private inventory investment and decelerations in exports, in state and local government spending, in
residential fixed investment, and in nonresidential fixed investment.
AND MUCH MORE...including TABLES....
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