Revised Statistics of Gross Domestic Product by Industry for 1997-2012

Widespread Growth Across Industries in 2012
Revised Statistics of Gross Domestic Product by Industry for 1997-2012

With this release, the Bureau of Economic Analysis (BEA) has provided new and expanded detail on the industry sources of U.S. economic growth in 2012. These newly available data, which reflect the results of the 2014 comprehensive revision of the annual industry accounts, confirm the widespread growth in 2012. Overall, 20 of 22 industry groups contributed to the 2.8 percent increase in real GDP. Professional and business services; finance, insurance, real estate, rental, and leasing; mining; and manufacturing were the leading contributors to growth.

• Professional, scientific, and technical services real value added—a measure of an industry’s contribution to GDP—increased 4.2 percent in 2012, continuing to reflect strong growth in computer systems design and related services.


• Real estate and rental and leasing increased 2.2 percent in 2012, the third consecutive year of positive real value added growth.


• Mining rose 14.0 percent in 2012, after increasing 9.9 percent in 2011, reflecting strong growth for oil and gas extraction.

Prices:

Value added prices modestly decelerated in 2012, increasing 1.7 percent after increasing 2.0 percent in 2011. Mining and agriculture, forestry, fishing, and hunting were the largest contributors to the deceleration in the GDP price index for 2012. Value added prices measure changes in an industry’s unit costs of capital and labor inputs and reflect the productivity of capital and labor used by the industry.

• Value added prices for the goods-producing sector decelerated in 2012, increasing 1.8 percent after increasing 6.0 percent in 2011. In contrast, value added prices for the services-producing sector accelerated, increasing 2.2 percent after increasing 1.2 percent in 2011.


• Value added prices for mining turned down in 2012, decreasing 8.0 percent after increasing 11.8 percent in 2011.


• Value added prices for agriculture, forestry, fishing, and hunting decelerated in 2012, increasing 1.4 percent after increasing 28.5 percent in 2011.

Other highlights:

• Real value added for manufacturing rose 1.9 percent in 2012, after increasing 0.7 percent in 2011.


• Real value added for information increased 4.4 percent in 2012, after increasing 2.2 percent in 2011. This is the industry’s strongest growth since 2008.


• Construction increased 4.0 percent, its first significant increase since 2004.


• Information-communications-technology producing industries accelerated in 2012, increasing 7.2 percent after increasing 4.7 percent in 2011.


• Manufacturing’s current-dollar share of GDP increased for the third consecutive year, to 12.5 percent, its highest share since 2007.

Comprehensive Revision of the Annual Industry Accounts

The estimates released today reflect the results of the comprehensive revision of the annual industry accounts for 1997-2012. The revision incorporates major changes in definitions, classifications, and statistical methods used to update the accounts to more accurately portray the evolving U.S. economy. Major changes introduced with this revision include:

• Updated industry and commodity definitions consistent with the 2007 North American Industry Classification System (NAICS).


• The results of the 2007 benchmark input-output (I-O) accounts, that incorporate U.S. Census Bureau data on shipments, receipts, and business expenses from the 2007 Economic Census, Business Expenses Supplement, and Service Annual Survey (SAS).


• The results of the 2013 comprehensive revision of the national income and product accounts, including the recognition of research and development (R&D) expenditures as capital, the capitalization of entertainment, literary, and other artistic originals, the expansion of the capitalization of the ownership transfer costs of residential fixed assets, and the use of an improved accrual accounting treatment of transactions for defined benefit pension plans.


• The incorporation of newly available and revised annual source data (e.g., Census’s Annual Survey of Manufactures and the Department of Treasury’s Statistics of Income).


• Expanded use of both Census Bureau SAS data for measuring gross output and BLS producer price indexes (PPIs) to deflate both output and intermediate inputs.

More detailed Annual Industry Accounts statistics are available on BEA’s interactive website www.bea.gov/itable/index.cfm. Additional information on this revision will be available in an article in the February 2014 issue of the Survey of Current Business.

BEA’s national, international, regional, and industry estimates; the Survey of Current Business; and BEA news releases are available without charge on BEA’s Web site at www.bea.gov.  By visiting the site, you can also subscribe to receive free e-mail summaries of BEA releases and announcements.

* * *

Statistics of quarterly gross domestic product (GDP) by industry for 2005:Q1-2013:Q4 will be released on April 25, 2014 at 8:30 A.M. EDT.

U.S. Bureau of Economic Analysis

Revised Statistics of Gross Domestic Product by Industry for 1997-2012

Brands Crowdsource Product Shoots via Instagram

What’s This?

Coach curates Instagram images of people wearing the brand’s shoes.

Kyle Stock for Businessweek 2014-01-21 22:00:20 UTC

In a world increasingly filtered through Instagram, a carefully crafted photo shoot starts to look dated. That’s why retailers are rushing to crowdsource their product shots — harvesting a stream of photos from social platforms to help sell everything from West Elm couches to Coach handbags.

The photos are typically curated in galleries, where each picture is linked to a page selling the product. Increasingly, the amateur images are also showing up directly on product pages, next to professionally styled pictures. “The path to purchase has evolved tremendously, and consumers are much more likely to trust their peers than a brand,” said Mimi Banks, director of social media at L’Oreal’s Lancome brand.

The team at Lancome recently goaded women into posting portraits of themselves sans makeup for a project coded “#bareselfie.” The campaign urged women to “be proud of the skin you’re in,” but it also tied in nicely with one of Lancome’s newest products: a cosmetic called Dreamtone that promises to correct blemishes and weird skin tones without blush and powder.

“It’s a challenging ask,” Banks said of getting strangers to share stripped-down selfies. “But people love social clout — to be acknowledged by the brand.”

Coach, meanwhile, is burnishing its brand with a website that collects photos from women wearing its shoes all over the world. The pictures — routed to the company via the hashtag #coachfromabove — aren’t a far cry from what one would find in a professional lookbook.

Both strategies constitute more than branding, according to Olapic, a New York-based startup that helps retail companies collect, curate, and display social content. Photo tie-ins from Facebook and Instagram increase the odds of a purchase by from 5 percent to 12 percent on average, according to co-founder Luis Sanz. What’s more, there is plenty of material: Olapic’s clients feature only about 4 percent of the photos they capture.

“The structure of an e-commerce site has basically been the same since the beginning of the Internet,” Sanz said. “But as soon as we started doing this, the results were really good.” Olapic, which launched in 2010, closed a $ 5 million round of funding in July. It also won the backing of Scott Galloway, a New York University marketing professor known for founding Red Envelope.

Galloway said Olapic is hitting a sweet spot in e-commerce: High-quality cameras are now standard in new smartphones, and consumers are searching for a sense of authenticity that’s lacking in traditional advertising. “If I can show a Coach bag looking great on me, it carries more credibility than if Annie Leibowitz makes it look great,” Galloway said.

The photos also prime purchases by addressing what might best be called a failure of imagination. For instance, consumers who like a throw pillow from West Elm, a Williams-Sonoma home-goods brand, might be more eager to buy if they see it paired with a particular couch or carpet. That’s one of the main strategies behind the company’s #myWestElm campaign, which went up in September.

“We don’t want to be style dictators,” said Abigail Jacobs, West Elm’s vice president of brand marketing. “And there’s this age-old thing that we love seeing inside other peoples’ homes. [...] The goal really is for them to inspire each other.”

An “inspired” customer is often a spendthrift customer. What’s more, social media lets retailers engage in an incessant exercise in AB testing. Coach, for example, might decide to make more of a particular shoe in red if photos of that color appear more often and get more positive feedback.

The practice isn’t entirely new, but it is spreading through the retail industry at a rapid pace. Web marketers are starting to develop best practices. Just this week, two marketing professors at the University of Wisconsin unveiled an algorithm that promises to help retailers select the best photos to drive sales. The researchers found that increased purchasing activity comes from unfiltered photos without long captions, question marks, or exclamation points. In short, authenticity is all.

West Elm, meanwhile, has found another surefire attention-getter: pets. Everything gets more “likes” when it has an adorable animal on it. That’s just a law of the Internet — no research required.

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This article originally published at Businessweek here

Topics: Advertising, crowdsourcing, Fashion, Marketing, Social Media, Travel & Leisure

Bloomberg Businessweek is a global source of business news that inspires leaders to turn ideas into action.

Mashable

Brands Crowdsource Product Shoots via Instagram

Going into homes to make a product people like

This undated handout photo provided by Procter & Gamble shows the company’s Gillette Guard, a low-cost razor designed for emerging markets like India. For its part, P&G has doubled the percentage of its roughly $ 20 billion in annual revenue coming from emerging markets since 2000 to about 40 percent. (AP Photo/Procter & Gamble)

This undated handout photo provided by Procter & Gamble shows the company’s Gillette Guard, a low-cost razor designed for emerging markets like India. For its part, P&G has doubled the percentage of its roughly $ 20 billion in annual revenue coming from emerging markets since 2000 to about 40 percent. (AP Photo/Procter & Gamble)

This undated handout photo provided by Procter & Gamble shows the company’s Gillette Guard, a low-cost razor designed for emerging markets like India. For its part, P&G has doubled the percentage of its roughly $ 20 billion in annual revenue coming from emerging markets since 2000 to about 40 percent. (AP Photo/Procter & Gamble)

This undated handout photo provided by Procter & Gamble shows the company’s Gillette Guard, a low-cost razor designed for emerging markets like India. For its part, P&G has doubled the percentage of its roughly $ 20 billion in annual revenue coming from emerging markets since 2000 to about 40 percent. (AP Photo/Procter & Gamble)

Buy AP Photo Reprints

NEW YORK (AP) — Procter & Gamble executives say it was striking the first time they witnessed a man shave while sitting barefoot on the floor in a tiny hut in India.

He had no electricity, no running water and no mirror.

The 20 U.S.-based executives observed the man in 2008 during one of 300 visits they made to homes in rural India. The goal? To gain insights they could use to develop a new razor for India.

“That, for me, was a big ‘a-ha,’” said Alberto Carvalho, vice president, global Gillette, a unit of P&G. “I had never seen people shaving like that.”

The visits kicked off the 18 months it took to develop Gillette Guard, a low-cost razor designed for India and other emerging markets. Introduced three years ago, Guard quickly gained market share and today represents two out of every three razors sold in India. The story of how Guard came to be illustrates the balance companies must strike when creating products for emerging markets: It’s not as simple as slapping a foreign label on an American product.

To successfully sell products overseas, particularly in developing markets, companies must tweak them so they’re relevant to the people who live there. And often, that means rethinking everything from the product’s design to its cost. More companies will have to consider this balancing act as they increasingly move into emerging markets such as India, China and Brazil to offset slower growth in developed regions such as the U.S.

For its part, P&G has doubled the percentage of its roughly $ 20 billion in annual revenue coming from emerging markets since 2000 to about 40 percent. Ali Dibadj, a Bernstein analyst who follows P&G, said the Guard razor, which has been used by more than 50 million men in India, serves as a roadmap for companies seeking to court emerging markets.

“It made P&G realize how much investment it really takes to be successful in India,” he said. “That’s the art of emerging markets.”

India long has been an attractive country for U.S. companies looking for growth. It has 1.24 billion people. And its economy is bustling: India’s annual gross domestic product growth was 3.2 percent in 2012, according to the World Bank, compared with 2.2 percent in the U.S. the same year.

Still, India’s widespread poverty presents challenges for companies used to customers with more disposable income. India’s per capita income is just about $ 124 a month, compared with $ 4,154 in the U.S., according to the World Bank.

Gillette has sold razors in India for over a decade. The company had 37.3 percent market share in 2007, selling its high end Mach3 razor, which costs about $ 2.75, and a stripped down Vector two-bladed razor on the lower end, which goes for about 72 cents.

But Gillette wanted more of the market. To do that, P&G executives would have to attract the nearly 500 million Indians who use double-edged razors, an old fashioned T-shaped razor that has no protective piece of plastic that goes between the blade and the skin when shaving. This razor, which makes skin cuts more likely, costs just a few pennies per blade.

Carvalho, who spearheaded Gillette’s effort to grow market share in India, didn’t want to rush into designing a product, though.

Gillette had stumbled once before with its early version of the Vector in 2002. The version of that razor had a plastic push bar that slid down to unclog the razor. The bar was added because Indian men have thicker hair and a higher hair density than their American counterparts. Adding to that, they often shave less frequently than American men, so they wind up shaving longer beards.

Gillette, which is based in Boston, wanted to test the product among Indian consumers before launching it, but instead of making the costly trip abroad, they had Indian students at nearby Massachusetts Institute of Technology test the razor. “They all came back and said ‘Wow that’s a big improvement,’” Carvalho recalls.

But when Gillette launched the razor in India, the reaction was different. Executives were baffled about why the razor flopped until they traveled to India and observed men using a cup of water to shave. All the MIT students had running water. Without that, the razor stayed clogged.

“That’s another ‘a-ha’ moment,” Carvalho said. “That taught us the importance that you really need to go where your consumers are, not just to talk to them, but observe and spend time with them to gather the key insight.”

P&G acquired Gillette in 2005 and the next several years were spent integrating the companies. But in 2008, the focus on India returned when Carvalho decided to bring 20 people, ranging from engineers to developers, from Gillette’s U.S. headquarters to India for three weeks.

They spent 3,000 hours with more than 1,000 consumers at their homes, in stores and in small group discussions. They observed people’s routines throughout the day, sometimes staying late into the evening. They also hosted small group discussions. “We asked them what their aspirations were and why they wanted to shave, and how often,” Carvahlo said.

They learned that families often live in huts without electricity and share a bathroom with other huts. So men shave sitting on their floors with a bowl of water, often without a mirror, in the dark morning hours. As a result, shaving could take up to half an hour, compared with the five to seven minutes it takes to shave in American households. And Indian men strain to not cut themselves.

The takeaway: In the U.S., razor makers spent decades on marketing centered on a close shave, adding blade after blade to achieve a smoother cheek. But men in India are more concerned about not cutting themselves.

“I worked in this category for 23 years and I never realized with those insights that’s how they think about the product,” said Eric Liu, Gillette’s director of research and development, global shave care.

With that knowledge, the Gillette team started making a new razor for the Indian market. In nine months, P&G developed five prototypes.

The company declined to give specifics on each prototype for competitive reasons. But they tested things like handle designs, how well the blade cuts hair and how easy the razor is to rinse.

The resulting Guard razor has one blade, to put the emphasis on safety rather than closeness, compared with two to five blades found on U.S. razors.

One insight from filming shavers was that Indians grip the razors in many different ways, so the handle is textured to allow for easy gripping. There’s also a hole at the handle’s base, to make it easier to hang up, and a small comb by the blade since Indians hair growth tends to be thicker.

Next, the company had to figure out how to produce the razor at the right price. “We had to say ‘How do we do this at ruthless cost?’” Carvalho said.

P&G scrutinized the smallest details. It cut the number of components in the razor down to 4 compared with 25 needed for Mach3, Gillette’s three-blade razor. They even made the razor’s handle hollow so it would be lighter and cheaper to make.

“I can remember talking about changes to this product that were worth a thousandth, or two thousandths of a cent,” said Jim Keighley, the company’s associate director for product engineering.

The result? The Guard costs about one third of what it costs to make the Vector, Gilllette’s low-price Indian razor before Guard. Gillette sells the Guard for 15 rupees, or 34 cents, and each razor blade is 5 rupees, or 12 cents.

The company’s strategy seems to have worked. P&G says with 9 percent market share, Guard has grown share faster than any other P&G brand in India. And Gillette’s market share for razors and blades in India has grown to 49.1 percent, according to Euromonitor. That’s up from 37.3 in 2007.

Associated Press

Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

U.S. Headlines

Going into homes to make a product people like

Gross Domestic Product for the U.S. Virgin Islands, 2011-2012

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U.S. Bureau of Economic Analysis

Gross Domestic Product for the U.S. Virgin Islands, 2011-2012

Fonterra under fire over milk scare; more product recalls

WELLINGTON (Reuters) – Fonterra, the world’s largest dairy exporter, came under fire from the New Zealand government, farmers and financial regulators for its handling of a food contamination scare that has triggered product recalls and spooked parents from China to Saudi Arabia.

Reuters: Top News

Fonterra under fire over milk scare; more product recalls