WASHINGTON (Reuters) - The U.S. government will unveil a new data series next month that will offer deeper insight into how the nation's industries impact the broader economy, and provide more timely data on the business cycle.
The quarterly gross domestic product by industry report will make its debut on April 25, the Bureau of Economic Analysis said on Tuesday. It will cover the first quarter of 2005 through the fourth quarter of 2013.
"It provides more timely industry data for the business cycle and policy analysis," said Carol Moylan, associate director for industry economic accounts at the BEA.
The BEA has been working on the series since 2003. The report will initially cover 22 industries ranging from agriculture to construction and arts, entertainment, recreation, accommodation and food services, and there are plans to expand the number to 69 later on.
The report will show how each industry boosted or restrained economic growth during a given quarter, and provide information about changes in industrial structure and leading contributors to business cycle dynamics.
"It informs business decision-making, from capital purchases to hiring," Moylan told a conference of U.S. economic data users.
The new series was made possible with the expansion of source data, particularly for the services sector. It will make use of monthly data such as wholesale inventories, factory orders and construction spending.
It will also use data from the government's quarterly services survey as well as the producer price indexes for services.
Initially, it will be published within 30 days after the third estimate of any quarter's main GDP report. But the BEA plans to eventually release it in tandem with the third estimate of GDP.
Reporting by Lucia Mutikani; Editing by Andrea Ricci