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IWS Documented News Service

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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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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

 

National Income and Product Accounts

Gross Domestic Product: Third Quarter 2014 (Third Estimate)

Corporate Profits: Third Quarter 2014 (Revised Estimate) [23 December 2014]

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

or

http://www.bea.gov/newsreleases/national/gdp/2014/pdf/gdp3q14_3rd.pdf

[full-text, 19 pages]

or

http://www.bea.gov/newsreleases/national/gdp/2014/xls/gdp3q14_3rd.xls

[spreadsheet]

and

Highlights

http://www.bea.gov/newsreleases/national/gdp/2014/pdf/gdp3q14_3rd_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 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

3).

 

      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,

decreased.

 

      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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