Thursday, May 27, 2010
[IWS] BEA: GDP & CORPORATE PROFITS 1st Qtr. [27 May 2010]
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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Gross Domestic Product: First Quarter 2010 (Second Estimate) [27 May 2010]
Corporate Profits: First Quarter 2010 (Preliminary Estimate)
http://www.bea.gov/newsreleases/national/gdp/2010/gdp1q10_2nd.htm
or
http://www.bea.gov/newsreleases/national/gdp/2010/pdf/gdp1q10_2nd.pdf
[full-text, 15 pages]
or
http://www.bea.gov/newsreleases/national/gdp/2010/xls/gdp1q10_2nd.xls
[spreadsheet]
and
Highlights
http://www.bea.gov/newsreleases/national/gdp/2010/pdf/gdp1q10_2nd_fax.pdf
Real gross domestic product -- the output of goods and services produced by labor and property
located in the United States -- increased at an annual rate of 3.0 percent in the first quarter of 2010, (that
is, from the fourth quarter to the first quarter), according to the "second" estimate released by the Bureau
of Economic Analysis. In the fourth quarter, real GDP had increased 5.6 percent.
The GDP estimates released today are based on more complete source data than were available for
the "advance" estimate issued last month. In the advance estimate, the increase in real GDP was 3.2
percent (see "Revisions" on page 3).
The increase in real GDP in the first quarter primarily reflected positive contributions from
personal consumption expenditures (PCE), private inventory investment, exports, and nonresidential
fixed investment that were partly offset by negative contributions from state and local government
spending and residential fixed investment. Imports, which are a subtraction in the calculation of GDP,
increased.
The deceleration in real GDP in the first quarter primarily reflected decelerations in private
inventory investment and in exports, a downturn in residential fixed investment, a larger decrease in
state and local government spending, and a deceleration in nonresidential fixed investment that were
partly offset by an acceleration in PCE and a deceleration in imports.
Motor vehicle output added 0.49 percentage point to the first-quarter change in real GDP after
adding 0.45 percentage point to the fourth-quarter change. Final sales of computers added 0.18
percentage point to the first-quarter change in real GDP after adding 0.01 percentage point to the fourth-
quarter change.
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FOOTNOTE.--Quarterly estimates are expressed at seasonally adjusted annual
rates, unless otherwise specified. Quarter-to-quarter dollar changes are
differences between these published estimates. Percent changes are calculated
from unrounded data and are annualized. “Real” estimates are in chained
(2005) dollars. Price indexes are chain-type measures.
This news release is available on BEA’s Web site along with the Technical Note and Highlights
related to this release.
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AND MUCH MORE...including TABLES....
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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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Stuart Basefsky
Director, IWS News Bureau
Institute for Workplace Studies
Cornell/ILR School
16 E. 34th Street, 4th Floor
New York, NY 10016
Telephone: (607) 255-2703
Fax: (607) 255-9641
E-mail: smb6@cornell.edu
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