Tuesday, May 25, 2010
[IWS] BEA: Advance GDP by Industry Statistics for 2009 and Revised Statistics for 1998-2008 [25 May 2010]
IWS Documented News Service
Institute for Workplace Studies----------------- Professor Samuel B. Bacharach
School of Industrial & Labor Relations-------- Director, Institute for Workplace Studies
16 East 34th Street, 4th floor---------------------- Stuart Basefsky
New York, NY 10016 -------------------------------Director, IWS News Bureau
Advance GDP by Industry Statistics for 2009 and Revised Statistics for 1998-2008 [25 May 2010]
2009 Decline Widespread Across Industries
[full-text, 5 pages]
Charts & Tables
Downturns in durable-goods manufacturing and finance and insurance and a continued contraction in construction were the leading contributors to the downturn in U.S. economic growth in 2009, according to preliminary statistics on the breakout of real gross domestic product (GDP) by industry from the Bureau of Economic Analysis. The economic downturn was widespread: 15 of 22 industry groups contributed to the decline in real GDP growth.
Manufacturing value added—a measure of an industry’s contribution to GDP—fell 5.9 percent in 2009, a sharper decline than the 3.6 percent drop in 2008. Durable-goods manufacturing turned down for the first time since 2001, decreasing 7.5 percent after growing 0.3 percent in 2008. Nondurable-goods manufacturing fell 3.8 percent, a slower decline than the 8.2 percent drop in 2008.
Construction value added fell 9.9 percent in 2009, reflecting declines in residential and nonresidential activity. Construction contracted for the fifth consecutive year.
Finance and insurance value added dropped 2.7 percent in 2009, after increasing 3.2 percent in 2008.
AND MORE including CHARTS & TABLES....
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Institute for Workplace Studies
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