The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
TUESDAY April 28, 2009 Manufacturing Led Slowdown in 2008 Advance Statistics of Gross Domestic Product by Industry Downturns in manufacturing, retail trade, and finance and insurance were the leading contributors to the economic slowdown in 2008, according to preliminary statistics of real gross domestic product (GDP) by industry from the Bureau of Economic Analysis. All major goods-sector industries subtracted from real GDP growth in 2008. Durable goods manufacturing fell for the first time since 2001. Nondurable-goods dropped 4.6 percent. Annual Growth in Real GDP GDP 5.0 Private services-producing sector Private goods-producing sector 4.4 4.0 2.9 2.8 3.0 2.9 2.7 2.0 In the services sector, retail trade fell 0.5 percent, its first decline since 1991. Finance and insurance dropped 3.0 percent, its first decline since 1992. 1.6 2.0 Percent 3.2 1.1 0.6 1.0 0.0 -1.0 -0.7 -2.0 Health care and social assistance increased 4.6 percent, its strongest growth since 1989. -3.0 -3.0 -4.0 2005 2006 2007 2008 Source: U.S. Bureau of Economic Analysis Growth in the GDP price index continued to slow in 2008, reflecting slowing price growth in the services sector. Annual Growth in Prices In the services sector, professional and business services made the largest contribution to the slowdown in the GDP price index. 7.0 GDP Private services-producing sector Private goods-producing sector 6.5 6.0 Prices accelerated in the goods sector, reflecting sharp price increases for petroleum in manufacturing and mining. Percent 5.0 4.0 Prices turned down sharply in agriculture, decreasing 5.6 percent after increasing 29.1 percent in 2007. 3.3 3.2 3.2 2.7 3.0 2.0 4.4 4.0 2.7 2.4 1.8 2.2 1.8 1.0 0.0 2005 2006 2007 2008 Source: U.S. Bureau of Economic Analysis BEA data—including GDP, personal income, the balance of payments, foreign direct investment, the input-output accounts, and economic data for states, local areas, and industries—are available on the BEA Web site: www.bea.gov. E-mail alerts are also available. Contact: Ralph Stewart 202–606–9690 Bureau of Economic Analysis, U.S. Department of Commerce
@FedFRASER