Gross domestic product by industry, August 2014
Real gross domestic product declined 0.1% in August, following no growth in July and increases in the first six months of the year. Increases of 0.5% and 0.3% were recorded in May and June respectively.
Goods production fell 1.0% in August as most major subsectors registered declines, led by oil and gas extraction and manufacturing. Utilities increased in August.
The output of service industries advanced 0.2% in August as most major subsectors posted growth. Gains were most notable in the public sector (education, health and public administration combined), wholesale trade and the finance and insurance sector. Transportation and warehousing services as well as retail trade declined.
Mining, quarrying, and oil and gas extraction falls again
Mining, quarrying, and oil and gas extraction fell 1.7% in August, a second consecutive monthly decrease.
After a 1.6% decline in July, oil and gas extraction (-2.5%) contracted further in August, as a result of decreases in both non-conventional and conventional oil production as well as natural gas extraction. Oil and gas production in August was affected by maintenance activities. Oil and gas extraction remains at a high level, having increased in seven of the eight months prior to the July and August declines.
Support activities for mining and oil and gas extraction (-4.3%) also decreased in August, as a result of declines in both rigging and drilling services.
However, mining and quarrying (excluding oil and gas extraction) increased 2.0% in August on the strength of copper, nickel, lead and zinc mining.
Manufacturing output decreases
After increasing for three consecutive months, manufacturing output decreased 1.2% in August. Durable-goods manufacturing fell 1.0%, primarily as a result of declines in transportation equipment manufacturing, most notably motor vehicle parts and miscellaneous transportation equipment manufacturing.
Non-durable goods manufacturing (-1.3%) also fell in August, as most major industrials groupings posted declines. Declines were notable in plastics and rubber products, in food, in textile, clothing and leather manufacturing as well as in printing and related support activities.
The public sector grows
The public sector grew 0.3% in August, after increasing 0.5% in July, led by education and health services. Public administration increased in August.
Wholesale trade rises while retail trade edges down
Wholesale trade rose 0.5% in August, after declining 0.7% in July, mainly as a result of strength in the wholesaling of machinery, equipment and supplies. In contrast, the wholesaling of motor vehicles and parts declined.
Retail trade edged down 0.1% in August. Notable declines in retailing activities were recorded at motor vehicles and parts dealers, food and beverage stores, building materials, garden equipments and supplies stores as well as at furniture and home furnishings stores. On the other hand, activities at general merchandise stores (which include department stores) and clothing and clothing accessories stores were up.
The finance and insurance sector is up
The finance and insurance sector was up 0.3% in August, after edging up 0.1% in July. Banking and financial investment services increased while insurance services declined.
Construction declined 0.5% in August, mainly because of a decrease in residential building construction. Repair construction also receded while engineering construction was unchanged. In contrast, non-residential building construction increased in August.
The output of real estate agents and brokers increased 1.6% in August, a second consecutive monthly increase, as activity in the home resale market rose.
Following a 2.3% decline in July, utilities advanced 1.7% in August as the demand for electricity increased.
The agriculture and forestry sector declined 2.4% in August, mainly as a result of lower crop production.
The transportation and warehousing services sector was down 0.3%.
The arts and entertainment sector increased 1.2% in August, mainly because of a gain in performing arts, spectator sports and related industries.
Monthly gross domestic product by industry at basic prices in chained (2007) dollars – Seasonally adjusted
Note to readers
The monthly gross domestic product (GDP) by industry data at basic prices are chained volume estimates with 2007 as the reference year. This means that the data for each industry and each aggregate are obtained from a chained volume index multiplied by the industry's value added in 2007. The monthly data are benchmarked to annually chained Fisher volume indexes of GDP obtained from the constant-price input-output tables up to the latest input-output tables year (2010).
For the period starting with January 2011, the data are derived by chaining a fixed-weight Laspeyres volume index to the prior period. The fixed weights are 2010 industry prices.
This approach makes the monthly GDP by industry data more comparable with the expenditure-based GDP data, chained quarterly.
All data in this release are seasonally adjusted. For more information on seasonal adjustment, see Seasonally adjusted data – Frequently asked questions.
With this release of monthly GDP by industry, revisions have been made back to January 2013.
Revisions going back to January 2010 are planned for release on November 28.
For more information about monthly national GDP by industry, see the System of macroeconomic accounts module on our website.
Data on gross domestic product by industry for September will be released on November 28.
For more information, contact us (toll-free 1-800-263-1136; 514-283-8300; firstname.lastname@example.org).
To enquire about the concepts, methods or data quality of this release, contact Allan Tomas (613-951-9277), Industry Accounts Division.
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