Economic News by the Numbers: GDP, Service Sectors, Personal Income & Jobs

From BEA: Gross Domestic Product, 4th quarter and Annual 2011 (advance estimate). 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 2.8 percent in the fourth quarter of 2011 (that is, from the third quarter to the fourth quarter), according to the “advance” estimate released by the Bureau of Economic Analysis. In the third quarter, real GDP increased 1.8 percent.  The increase in real GDP in the fourth quarter reflected positive contributions from private inventory investment, personal consumption expenditures (PCE), exports, residential fixed investment, and nonresidential fixed investment. Imports, which are a subtraction in the calculation of GDP, increased.

From DOC: Census Bureau Reports Post-Recession Growth in 10 of 11 Service Sectors. The Department of Commerce’s U.S. Census Bureau today released its 2010 Service Annual Survey, which shows that of the nation’s 11 service sectors, 10 showed an increase in revenues for employer firms between 2009 and 2010. These figures are the first findings from this survey to track the revenues of services after the December 2007 to June 2009 recession.

The information sector increased from $1.08 trillion to $1.1 trillion. Within this sector, Internet publishing and broadcasting continued to see increased revenues, up 11.3 percent from $19.1 billion to $21.3 billion in 2010. Television broadcasting increased 12.0 percent from $31.6 billion to $35 billion. Cable and subscription other programming as well as wireless telecommunications carriers also saw increases in revenue of 7.3 percent and 5.3 percent, respectively, to $55.2 billion and $195.5 billion.

From BEA: Personal Income and Outlays, December 2011. Personal income increased $61.3 billion, or 0.5 percent, and disposable personal income (DPI) increased $47.1 billion, or 0.4 percent, in December, according to the Bureau of Economic Analysis. Personal consumption expenditures (PCE) decreased $2.0 billion or less than 0.1 percent. In November, personal income increased $7.4 billion, or 0.1 percent, DPI decreased $4.1 billion, or less than 0.1 percent, and PCE increased $11.4 billion, or 0.1 percent, based on revised estimates.

From ITA: Creating Jobs: “Plane” and Simple. As with most exports of large, high-tech products, the export of one aircraft (or ship, or large piece of machinery) is the result of a huge supply chain that touches people and communities across the United States. The U.S. aerospace industry has the highest trade surplus of any U.S. manufacturing industry and supports more jobs through exports than any other manufacturing industry.

These jobs are the kind of jobs the United States is seeking—high technology, high wage, and high skilled. And with each of these jobs, thousands of other indirect jobs are created that support the work and lives of these employees. In fact, the aerospace and defense industry employed over 818,000 people in the United States in 2009 and supported an additional 1.8 million U.S. jobs in related fields.

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