Real gross domestic product (GDP) contracted 0.3% in August, offsetting most of July's 0.3% expansion, with decreases in goods-producing and services-producing industries. Goods-producing industries declined 0.6% in August, marking this aggregate's fifth contraction since the beginning of the year. Services-producing industries edged down 0.1%, marking this aggregate's first decline in six months, driven by contractions in transportation and warehousing and in wholesale trade. The transportation and warehousing sector declined 1.7% in August, more than offsetting July's expansion, on broad-based declines in the month. (full story)