Manufacturers Led GDP Rebound In 2010
A recovery in the durable goods manufacturing industry helped lead a turnaround in economic growth in the United States in 2010, according to the Bureau of Economic Analysis.
A measure of the manufacturing industry's contribution to the nation's gross domestic product (GDP) - known as manufacturing value added - rose 11.2 percent last year, which represented a sharp return to growth after two consecutive years of decline. Durable-goods manufacturing experienced a nearly 32-percent swing, rising 17 percent after declining 14.9 percent in 2009.
Meanwhile, nondurable-goods manufacturing increased 5.1 percent in 2010 after falling 2.7 percent in 2009.
The government said the GDP - the value of its output of goods and services - rose an upwardly revised 3 percent in 2010 after falling 3.5 percent in 2009 and 0.3 percent in 2008. It said 16 of 22 industry groups contributed to the growth in 2010.
Last month, the BEA said the nation's economy for this year was growing at a rate of 2 percent.
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