Monday, February 02, 2015


[IWS] BEA: Gross Domestic Product: Fourth Quarter and Annual 2014 (Advance Estimate) [30 January 2015]

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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National Income and Product Accounts

Gross Domestic Product: Fourth Quarter and Annual 2014 (Advance Estimate) [30 January 2015]


[full-text, 17 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 2.6 percent in the fourth quarter of

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

quarter, real GDP increased 5.0 percent.


      The Bureau emphasized that the fourth-quarter advance estimate released today is based on

source data that are incomplete or subject to further revision by the source agency (see the box on page 4

and "Comparisons of Revisions to GDP" on page 5).  The "second" estimate for the fourth quarter, based

on more complete data, will be released on February 27, 2015.


      The increase in real GDP in the fourth quarter reflected positive contributions from personal

consumption expenditures (PCE), private inventory investment, exports, nonresidential fixed

investment, state and local government spending, and residential fixed investment that were partly offset

by a negative contribution from federal government spending.  Imports, which are a subtraction in the

calculation of GDP, increased.


      The deceleration in real GDP growth in the fourth quarter primarily reflected an upturn in

imports, a downturn in federal government spending, and decelerations in nonresidential fixed

investment and in exports that were partly offset by an upturn in private inventory investment and an

acceleration in PCE.


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

decreased 0.3 percent in the fourth quarter, in contrast to an increase of 1.4 percent in the third.

Excluding food and energy prices, the price index for gross domestic purchases increased 0.7 percent,

compared with an increase of 1.6 percent.


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




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