The Economy

US Economy Hits the Gas in 2nd Quarter

Nov. 13, 2014

A sharp rise in durable goods manufacturing helped power a 4.6% increase in U.S. real gross domestic product (GDP) in the second quarter of 2014, the Department of Commerce announced today.

Steve Minter

A sharp rise in durable goods manufacturing helped power a 4.6% increase in U.S. real gross domestic product (GDP) in the second quarter of 2014, the Department of Commerce announced today.

An 8.0% increase in durable-goods manufacturing, which includes production of motor vehicles and computers and electronic products, was the largest increase since the fourth quarter of 2011, the government announced in a revised data report.

Industryweek Com Sites Industryweek com Files Uploads 2014 11 Gdp 2 Q Rev 2

Non-durable goods manufacturing also ticked up in the second quarter, to 5.4% from 2.4% in the first quarter.

GDP had decreased 2.1% in the first quarter, in part a result of severe winter storms.

"Manufacturing value-added increased 1.9% in the second quarter, up $2.045 trillion in the first quarter to $2.085 trillion. On a year-over-year basis, manufacturing value-added rose 4.4%," said NAM Chief Economist Chad Moutray. "This suggests that the sector has experienced decent growth in output over the past 12 months, even with softness earlier in the year. Manufacturing accounted for 12.0% of GDP in the second quarter."

Manufacturing value-added increased 1.9 percent in the second quarter, up $2.045 trillion in the first quarter to $2.085 trillion. On a year-over-year basis, manufacturing value-added rose 4.4 percent. This suggests that the sector has experienced decent growth in output over the past 12 months, even with softness earlier in the year. Manufacturing accounted for 12.0 percent of GDP in the second quarter. - See more at: http://www.shopfloor.org/2014/11/manufacturers-added-0-81-percentage-points-to-real-gdp-growth-in-the-second-quarter/32517#more-32517

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Steve Minter | Steve Minter, Executive Editor

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An award-winning editor, Executive Editor Steve Minter covers leadership, global economic and trade issues and energy, tackling subject matter ranging from CEO profiles and leadership theories to economic trends and energy policy. As well, he supervises content development for editorial products including the magazine, IndustryWeek.com, research and information products, and conferences.

Before joining the IW staff, Steve was publisher and editorial director of Penton Media’s EHS Today, where he was instrumental in the development of the Champions of Safety and America’s Safest Companies recognition programs.

Steve received his B.A. in English from Oberlin College. He is married and has two adult children.