Annual Revision Scheduled for July 31
The GDP news release on July 31 will present the regular annual revision of the
national income and product accounts, covering the estimates from the first
quarter of 1999 through the first quarter of 2002, as well as the advance
estimates for the second quarter of 2002. The revision will incorporate source
data that are more complete, more detailed, and otherwise more appropriate than
those previously available and will introduce refinements to estimating
methodologies.
The newly incorporated source data will include the following: Census Bureau
monthly survey of construction and annual surveys of manufactures, of merchant
wholesale and retail trade, of services, and of state and local governments; BEA
international transactions accounts data; federal government budget data; Internal
Revenue Service tabulations of tax returns for corporations and for sole
proprietorships and partnerships; Bureau of Labor Statistics tabulations of wages
and salaries of employees covered by state unemployment insurance; and
Department of Agriculture farm statistics.
Among the refinements to estimating methodologies are the following:
o A newly available producer price index for security brokers from the Bureau
of Labor Statistics (BLS) will be incorporated into the estimates of brokerage
services within personal consumption expenditures and exports.
o A new revision schedule will be introduced for the estimates of wages and
salaries. Under the new schedule, more comprehensive BLS quarterly
source data will be incorporated into the wage and salary estimates
approximately 6 months after the end of the reference quarter.
Even the federal govt reports pro forma
Corporate Profits (revised): Profits from current production increased 0.7 percent (quarterly rate) in the first quarter, 0.2-percentage point more than in the preliminary estimate, after increasing 17.9 percent in the fourth quarter of 2001. First-quarter profits were 4.8 percent higher than one year earlier. The current-production measure of profits differs from profits as they are reported in corporate financial statements. It excludes certain non-operating items, such as special charges and capital gains and losses, and it values depreciation of fixed assets and inventory withdrawals at current cost, rather than at historical cost. |
