|This week||Month ago||Year ago|
|Gross Domestic Product (billions)||21,734.30||21,542.50||20,897.80|
What it means: Gross Domestic Product (GDP) is the value of all goods and services produced in the U.S. The GDP figure is released quarterly.
How it's used: GDP is used to measure economic output. The growth rate in GDP is closely evaluated by the Federal Reserve to determine whether the economy is growing too slowly, or too quickly. Recessions are often defined as two consecutive quarters of contraction in GDP.