Growth in Goods and Services Industries Slowed in 2011

Retail trade and durable goods manufacturing were the leading contributors to the deceleration in U.S. economic growth in 2011, according to revised statistics on the breakout of real gross domestic product (GDP) by industry from the Bureau of Economic Analysis.

  • Annual Growth in Real GDPThe services-producing sector grew 2.4 percent in 2011 after increasing 2.7 percent in 2010. Retail trade was the largest contributor to the deceleration, increasing 0.2 percent in 2011, after increasing 7.0 percent in 2010.
  • Manufacturing value added decelerated, increasing 2.5 percent in 2011, after increasing 6.9 percent in 2010. Durable goods manufacturing increased 6.8 percent, after increasing 13.3 percent in 2010, primarily
    reflecting a slowdown in computer and electronic products manufacturing.

Growth in value added prices accelerated, increasing 2.1 percent in 2011 after increasing 1.3 percent in 2010.

  • Annual Growth in PricesValue added prices for the private goods-producing sector increased 5.6 percent in 2011, reflecting upturns in prices in manufacturing and construction. Nondurable goods prices led the growth in 2011, increasing 9.8 percent.
  • Value added prices for the private services-producing sector accelerated in 2011, increasing 1.5 percent after increasing 1.0 percent in 2010. An upturn in retail trade prices was one of the largest contributors to the acceleration in the GDP price index
    for 2011.

For more information, read the full report.

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