New York SBDC Research Network

From the Bureau of Labor Statistics : Durable-goods manufacturing, finance and insurance, and wholesale trade were the leading contributors to U.S. economic growth in 2012, according to advance statistics on the breakout of real gross domestic product (GDP) by industry from the Bureau of Economic Analysis. Overall, 19 of 22 industry groups contributed to the 2.2 percent increase in real GDP. Manufacturing real value added—a measure of an industry’s contribution to GDP—rose 6.2 percent in 2012, after increasing 2.5 percent in 2011. Durable-goods manufacturing, the largest contributor to overall growth in the economy for the third consecutive year, increased 9.1 percent, after increasing 6.8 percent in 2011 and 13.3 percent in 2010. The finance and insurance industry group increased 3.6 percent in 2012, after two consecutive years of negative real value added growth. Wholesale trade increased 4.8 percent, after increasing 3.0 percent in 2011.

Real gross domestic product increased at an annualized 3.2 percent in the first quarter of 2010, its third quarter of positive growth and a sign of continued economic recovery. Mirroring broad economic trends, overall optimism was higher, with small businesses remaining cautious. Unemployment remained high at 9.7 percent in March, but nonfarm payrolls increased by a net 283,000 jobs in the first quarter. Meanwhile, interest rates remained low, and overall inflation appears to be in check. These and other trends are discussed in the latest update of the Quarterly Indicators: The Economy and Small Business. Quarterly Indicators: The Economy and Small Business is located here (PDF) .