Friday, August 27, 2010
[IWS] BEA: Gross Domestic Product, 2nd quarter 2010 (second estimate) [27 August 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, 2nd quarter 2010 (second estimate) [27 August 2010]
Corporate Profits, 2nd quarter 2010 (preliminary estimate)
http://www.bea.gov/newsreleases/national/gdp/2010/gdp2q10_2nd.htm
or
http://www.bea.gov/newsreleases/national/gdp/2010/pdf/gdp2q10_2nd.pdf
[full-text, 15 pages]
or
http://www.bea.gov/newsreleases/national/gdp/2010/xls/gdp2q10_2nd.xls
[spreadsheet]
and
Highlights
http://www.bea.gov/newsreleases/national/gdp/2010/pdf/gdp2q10_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 1.6 percent in the second quarter of 2010,
(that is, from the first quarter to the second quarter), according to the "second" estimate released by the
Bureau of Economic Analysis. In the first quarter, real GDP increased 3.7 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 2.4
percent (see "Revisions" on page 3).
The increase in real GDP in the second quarter primarily reflected positive contributions from
nonresidential fixed investment, personal consumption expenditures, exports, federal government
spending, private inventory investment, and residential fixed investment. Imports, which are a
subtraction in the calculation of GDP, increased.
The deceleration in real GDP in the second quarter primarily reflected a sharp acceleration in
imports and a sharp deceleration in private inventory investment that were partly offset by an upturn in
residential fixed investment, an acceleration in nonresidential fixed investment, an upturn in state and
local government spending, and an acceleration in federal government spending.
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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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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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