Economics and Statistics Administration

WASHINGTON – The U.S. Commerce Department’s Bureau of Economic Analysis today released data on personal income and outlays for May 2011.  Personal income rose 0.3 percent in May, slightly below private-sector forecasts of a 0.4-percent increase. Wages and salaries, the largest component of income, rose 0.2 percent, supported by a gain in hourly earnings.  Real consumer spending declined 0.1 percent, compared to private-sector expectations of a 0.1-percent increase, pulled down by a drop in motor vehicle purchases partly attributable to supply disruptions from the tsunami in Japan.

WASHINGTON – The Commerce Department’s U.S. Census Bureau today released data on new residential construction for May 2011. Permits for new housing units jumped 8.7 percent in May. Private-sector analysts had expected a 0.7 percent decline. Housing starts advanced 3.5 percent in May. Private-sector analysts had expected a 4.8 percent increase. Both permits and starts in April were revised up.

“While May’s housing data exceeded expectations, we recognize the imperative for a continued and full economic recovery that includes a healthy housing sector as well as continued job growth” said Locke. “This administration is committed to pursuing policies that will do just that, helping America win the future,” he said.

###

WASHINGTON, D.C. – The U.S. Department of Commerce’s Economics and Statistics Administration (ESA) today reported that foreign direct investment (FDI) in the United States over the past decade has supported more than 5 million U.S. jobs that, on average, paid 30 percent more than other jobs. The findings, presented in a new ESA report entitled “Foreign Direct Investment in the United States,” point the way toward policies that could expand the number of foreign partners investing in the United States and, in so doing, create more high-paying U.S. jobs.

ESA Foreign Direct Investment Issue Brief

WASHINGTON – U.S. Commerce Secretary Gary Locke issued the following statement today on the release of the April 2011 U.S. International Trade in Goods and Services report by the Commerce Department’s U.S. Census Bureau and the U.S. Bureau of Economic Analysis. Today’s report showed that U.S. exports of goods and services in April 2011 increased 1.3 percent from March 2011 to a record $175.6 billion, with record exports of both goods ($126.4 billion) and services ($49.1 billion). The monthly export values for U.S. industrial supplies ($43.4 billion) and capital goods ($41.0 billion) was also the highest on record. U.S. imports of goods and services decreased 0.4 percent over this period to $219.2 billion, causing the U.S.

The U.S. Commerce Department’s Bureau of Economic Analysis today released data on personal income and outlays for April 2011. Personal income increased 0.4 percent in April, consistent with private-sector expectations. Wages and salaries, the largest component of income, rose a solid 0.4 percent, supported by improvements in the labor market. Real consumer spending rose 0.1 percent in April and is up 1.0 percent at an annual rate above its first-quarter average.