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 The quarterly gross domestic product by industry report will make
its debut on April 25, the Bureau of Economic Analysis said on
Tuesday. It will cover the first quarter of 2005 through the fourth
quarter of 2013.
"It provides more timely industry data for the business cycle and
policy analysis," said Carol Moylan, associate director for industry
economic accounts at the BEA.
The BEA has been working on the series since 2003. The report will
initially cover 22 industries ranging from agriculture to
construction and arts, entertainment, recreation, accommodation and
food services, and there are plans to expand the number to 69 later
on.
The report will show how each industry boosted or restrained
economic growth during a given quarter, and provide information
about changes in industrial structure and leading contributors to
business cycle dynamics.
"It informs business decision-making, from capital purchases to
hiring," Moylan told a conference of U.S. economic data users.
The new series was made possible with the expansion of source data,
particularly for the services sector. It will make use of monthly
data such as wholesale inventories, factory orders and construction
spending.
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It will also use data from the government's quarterly services
survey as well as the producer price indexes for services.
Initially, it will be published within 30 days after the third
estimate of any quarter's main GDP report. But the BEA plans to
eventually release it in tandem with the third estimate of GDP.
(Reporting by Lucia Mutikani; editing by
Andrea Ricci)
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