Friday, August 27, 2010

[IWS] BEA: Gross Domestic Product, 2nd quarter 2010 (second estimate) [27 August 2010]

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


Gross Domestic Product, 2nd quarter 2010 (second estimate) [27 August 2010]

Corporate Profits, 2nd quarter 2010 (preliminary estimate)


[full-text, 15 pages]







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.




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.



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                
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