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Gross Domestic Product

The economy grew at an anemic 1.7% rate during the third quarter, the Commerce Department reported Wednesday as it unveiled a new economic yardstick that shows that the slump of late 1990 and early 1991 was deeper than initially estimated.
December 20, 2013 | By Don Lee
WASHINGTON - Adding to the rosier economic outlook for next year, revised government data show the economy grew in the third quarter at the fastest pace in nearly two years as American consumers spent billions of dollars more than originally thought. The Commerce Department said Friday that the nation's gross domestic product, the broadest measure of economic activity, expanded at a 4.1% annual rate in the July-through-September period. Officials had previously estimated that GDP grew at a 3.6% rate in the quarter and figured most of that came from an unusually large increase in the restocking of goods, something that typically can't be maintained throughout the year.
The nation's official measurement of economic output does not measure cooking dinner, vacuuming the house, diapering the baby or other unpaid domestic tasks performed in many households. But should it? That's a question Congress will have to answer as it considers legislation that would require the Commerce Department to include all unpaid work performed in the United States in its calculations of the nation's gross domestic product.
December 21, 2012 | By Don Lee, Los Angeles Times
WASHINGTON - The U.S. economy grew faster in the third quarter than previously thought, but the last three months of the year are looking much weaker. And many analysts see a sharper pullback early next year if the government's fiscal problems aren't resolved soon. In its latest revision of economic growth data for the third quarter, the Commerce Department said Thursday that the nation's gross domestic product expanded at an annual rate of 3.1% in the three-month period. That was up from its earlier estimates of 2.7% and 2%. The revision was encouraging, in one way, because U.S. exports and consumer spending were a little stronger than estimated.
August 27, 1999 | From Reuters
Rising imports kept U.S. economic growth at its slowest pace in a year during the second quarter and put a damper on corporate profits overall, the Commerce Department said Thursday. Gross domestic product, the broadest gauge of total economic activity, expanded at a revised 1.8% annual rate in the April-to-June quarter--the weakest since a matching 1.8% rate in the second quarter of 1998 and well below last month's initial estimate of 2.3% growth. That was less than half the first quarter's 4.
The U.S. economy grew at a faint 1.6% annual rate during the second quarter, the Commerce Department said Thursday in a report that fell far short of expectations and revived fears about the frailty of the recovery. The April-June growth of the gross domestic product--the sum of all goods and services produced in the United States--was an improvement over the previous quarter's 0.7% rate but compared poorly with the 4.7% rate recorded in the last three months of 1992.
A boom in consumer spending and better than expected export sales late last year led the nation to its strongest economic growth in five years--more evidence that the U.S. recovery is well underway, the Commerce Department reported Friday. Gross domestic product--the nation's output of goods and services--rose at an annual rate of 4.8% in the last three months of 1992, a significant upward revision from an earlier estimate of 3.8%. "The important thing about it is that . . .
Mexico, which set off the Third World debt crisis nearly a decade ago, Monday became the first debtor nation among developing countries to pay off a significant portion of its international debt--eliminating more than $7 billion, nearly 9% of what it owes international bankers. "This debt will no longer weigh on the shoulders of Mexicans," President Carlos Salinas de Gortari said at a press conference.
January 30, 1992 | From Times Wire Services
Government figures released Wednesday showed that the economy virtually stood still in the fourth quarter, leading public and private economists to predict that any meaningful recovery is months away. At the same time, Federal Reserve Chairman Alan Greenspan said he expects the economy to pick up in the spring and sees no immediate need for further interest rate cuts or other actions to jump-start growth.
December 1, 1994 | From Times Wire Services
Strong business investment and hearty consumer spending drove the economy to a brisker pace of expansion during the third quarter than was previously thought, the Commerce Department said Wednesday. Gross domestic product, the total output of goods and services, increased at a 3.9% annual rate from July through September, up from the department's estimate last month of 3.4% and nearly matching the second quarter's 4.1% growth rate. The upward revision of 0.
April 13, 2012 | By David Pierson, Los Angeles Times
BEIJING — China's roaring economy cooled the first three months of this year to its slowest pace of growth in three years because of slackening export demand and a weakened property market. The country's gross domestic product expanded 8.1% in the first quarter compared with a year earlier, China's National Bureau of Statistics said Friday. That's down from 8.9% growth in the fourth quarter last year and below many analysts' expectations. The figure could spook investors and prolong fears of a potential hard landing for the world's second-largest economy after years of unsustainably high growth.
March 30, 2012 | By Don Lee, Los Angeles Times
WASHINGTON - Fresh evidence indicates that the labor market is continuing to heal and that there's stronger economic growth supporting new hiring than the most obvious numbers might suggest. The Labor Department said Thursday that new claims for unemployment benefits dipped last week to 359,000 - the lowest level since April 2008. Jobless claims have been moving steadily lower in recent weeks amid other signs that the job market is gaining strength. Separately, the Commerce Department said Thursday that its latest tally of the nation's gross domestic product, the total value of goods and services produced, showed a solid 3% annualized increase in the fourth quarter last year.
January 18, 2012 | By David Pierson, Los Angeles Times
China's economy grew at its slowest pace in 21/2 years in the final three months of 2011, weighed down by shrinking exports, tighter bank lending and a cooling real estate market. The country's gross domestic product expanded at an annual rate of 8.9% in the fourth quarter of 2011, compared with 9.8% in the year-earlier period, China's National Bureau of Statistics said Tuesday. For the year, the world's second-largest economy expanded 9.2%, down from 10.4% in 2010. Although still strong compared with that of other major economies, China's economic growth is slowing uncomfortably fast for the country's leadership.
September 30, 2011 | By Jim Puzzanghera, Los Angeles Times
The economy grew slightly more than previously estimated in the last quarter and weekly jobless claims fell to their lowest number in five months, signs that the nation may not be heading into another recession. The economy grew at an annual rate of 1.3% from April through June, an anemic but marginally better pace than the most recent estimate of 1%, federal officials said Thursday. The revised data on total economic output, also known as gross domestic product, narrowly beat expectations.
March 5, 2011 | By Barbara Demick, Los Angeles Times
China announced a 12.7% increase in its defense budget Friday, a substantial hike that is sure to stoke global concerns about its rising military capability. The double-digit increase comes after a tense year in which an increasingly confident China asserted its interests in the Yellow and South China seas, at times unnerving its neighbors and the United States. Announcing the budget increase in the run-up to the National People's Congress, Li Zhaoxing, a spokesman for the legislative gathering, tried to allay concerns.
October 30, 2010 | By Don Lee, Los Angeles Times
The American economy is showing a little more pep in its step, the government reported Friday, but not enough to help bring down high unemployment or put the country on the road to sustained and widespread prosperity. The nation's gross domestic product ? the total value of goods and services produced inside U.S. borders ? grew at a modest annual rate of 2% in the third quarter, up from 1.7% in the second quarter, the Commerce Department said. Even though the United States is at least technically in the process of recovering from the worst recession in decades, the slow growth rate, high unemployment, the devastated housing market and widespread uncertainty over the future have seeded clouds of political resentment that shadow next Tuesday's congressional elections ?
The nation's economy continued to grow rapidly and with little inflation in the third quarter, the government reported Friday, but analysts said the growth rate would probably slow by the end of the year. Commerce Department figures showed the gross domestic product--the total output of goods and services after adjustment for inflation--grew at a 3.5% annual rate in July, August and September, up from 3.3% during the previous three months.
April 29, 2005 | Joel Havemann, Times Staff Writer
The U.S. economy grew at its slowest rate in two years during the first quarter, the government reported Thursday, confirming fears that rising energy prices, soaring imports and slowing business investment created an economic soft patch. The Commerce Department said the nation's gross domestic product grew at an annual rate of 3.1%, down from 3.8% in the final three months of last year and short of the 3.5% consensus forecast of economists.
October 11, 2010 | By Jeffry Bartash
Washington ? A group of top business economists cut their forecast Monday for U.S. growth through 2011, saying high debts and a decline in the nation's wealth would inhibit spending and investing. The National Assn. for Business Economics reduced its forecast for annual growth in the gross domestic product to 2.6% for 2010, down from a springtime estimate of 3.2%. Similarly, the group cut projected 2011 growth to 2.6% from 3.2%. NABE also said the U.S. unemployment rate is likely to remain above 9% till the end of 2011 ?
July 31, 2010 | By Don Lee, Los Angeles Times
U.S. economic growth slowed sharply in the spring, stoking concerns about a weak job market, a drawn-out struggle for the unemployed and growing financial pressures on millions of American families. The nation's gross domestic product grew at an annualized rate of 2.4% in the second quarter, falling from an upwardly revised 3.7% expansion in the first three months of the year, the Commerce Department said Friday. While many economists had expected growth to moderate, the reported decline was a jolting 35% below the previous quarter.
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