Thursday, October 27, 2011
[IWS] BEA: Gross Domestic Product, 3rd quarter 2011 (advance estimate) [27 October 2011]
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
National Income and Product Accounts
Gross Domestic Product, 3rd quarter 2011 (advance estimate) [27 October 2011]
[full-text, 14 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 2.5 percent in the third quarter of 2011 (that
is, from the second quarter to the third quarter) according to the "advance" estimate released by the
Bureau of Economic Analysis. In the second quarter, real GDP increased 1.3 percent.
The Bureau emphasized that the third-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 3). The
"second" estimate for the third quarter, based on more complete data, will be released on November 22,
The increase in real GDP in the third quarter primarily reflected positive contributions from
personal consumption expenditures (PCE), nonresidential fixed investment, exports, and federal
government spending that were partly offset by negative contributions from private inventory
investment and state and local government spending. Imports, which are a subtraction in the calculation
of GDP, increased.
The acceleration in real GDP in the third quarter primarily reflected accelerations in PCE and in
nonresidential fixed investment and a smaller decrease in state and local government spending that were
partly offset by a larger decrease in private inventory investment.
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.
AND MUCH MORE...including TABLES....
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.
Director, IWS News Bureau
Institute for Workplace Studies
16 E. 34th Street, 4th Floor
New York, NY 10016
Telephone: (607) 262-6041
Fax: (607) 255-9641