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Prototype quarterly statistics on U.S. gross domestic product by industry, 2007-2011

The most recent recession and subsequent recovery have highlighted the need for more high-quality, "real-time" information on US economic performance at the industry level. While the Bureau of Economic Analysis' (BEA) annual statistics on the breakout of gross domestic product (GDP) b...

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Bibliographic Details
Published in:Survey of Current Business 2012-06, Vol.92 (6), p.49
Main Authors: Strassner, Erich H, Wasshausen, David B
Format: Article
Language:English
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Summary:The most recent recession and subsequent recovery have highlighted the need for more high-quality, "real-time" information on US economic performance at the industry level. While the Bureau of Economic Analysis' (BEA) annual statistics on the breakout of gross domestic product (GDP) by industry can be used to describe the leading contributors to business cycle dynamics over the period 2007-2011, these annual statistics are unable to provide a picture of the dynamic US economy as it evolves from quarter to quarter. To provide a more detailed and precise view of the turning points in the economy, BEA intends to soon produce quarterly GDP by industry statistics, which would provide more timely information on the accelerations, decelerations, and turning points in economic growth at the industry level, including key information about changes in the industrial infrastructure of the US. Growth rates in real GDP and real value added for all industries are remarkably close for nearly all quarters, particularly when juxtaposed against growth rates in real gross domestic income.
ISSN:0039-6222
1937-4534