BEA News Release: Advanced GDP by Industry, 2009

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The U.S. Bureau of Economic Analysis (BEA) has issued the following news release today:
Downturns in durable-goods manufacturing and finance and insurance and a continued contraction in construction were the leading contributors to the downturn in U.S. economic growth in 2009, according to preliminary statistics on the breakout of real gross domestic product (GDP) by industry from the Bureau of Economic Analysis. The economic downturn was widespread: 15 of 22 industry groups contributed to the decline in real GDP growth.

The estimates released today reflect the results of the comprehensive revision of the annual industry accounts for 1998-2008. This revision incorporates major changes in definitions, classifications, and statistical methods that update the accounts to more accurately portray the evolving U.S. economy.
The full text of the release on BEA's web site can be found at
http://www.bea.gov/newsreleases/industr ... pind09.htm