Fifteen of 22 industry groups contributed to last year’s 2.4 percent drop in U.S. GDP, the government’s Bureau of Economic Analysis reported.
Downturns in durable-goods manufacturing, finance and insurance, and construction were the leading contributors to last year’s decline, according to the bureau’s industry-by-industry examination of influences on GDP.
Manufacturing value added -- a measure of an industry’s contribution to GDP -- fell 5.9 percent in 2009, after a 3.6 drop in 2008. Durable-goods manufacturing fell 7.5 percent, the first drop since 2001, after growing 0.3 percent in 2008. Nondurable-goods manufacturing fell 3.8 percent after dropping 8.2 percent in 2008.
Construction contracted for the fifth consecutive year, with a 9.9 percent drop in its value added. Finance and insurance value added dropped 2.7 percent in 2009 after rising 3.2 percent in 2008.
The private goods-producing sector contracted for the second straight year, falling 5.3 percent in 2009 after decreasing 2.5 percent in 2008. The private services-producing sector fell 1.9 percent. Value-added growth for the federal government and health care industries partially offset the overall downturn.
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