Economics and Statistics Administration

We have calculated and mentioned in this blog that the average household now has an extra $49.57 in its monthly budget or $247.85 through May as a result of the payroll tax cuts passed last December as part of the acronym-resistant Tax Relief, Unemployment Insurance Reauthorization and Job Creation Act of 2010.   To arrive at this estimate, we started with data from our colleagues at the Bureau of Economic Analysis, who estimated the reduced Social Security contribu

WASHINGTON, DC -- The U.S. Commerce Department’s Bureau of Economic Analysis today released data on personal income and outlays for February 2011. Personal income increased 0.3 percent in February, nearly consistent with private-sector forecasts of a 0.4-percent increase. Wages and salaries rose a favorable 0.3 percent. Real consumer spending also increased 0.3 percent in February and has risen a moderate 1.0 percent at an annual rate above its fourth-quarter average. Additionally, personal income figures for both December and January were revised upward.

WASHINGTON, Friday, March 25, 2011 – The U.S. Commerce Department’s Bureau of Economic Analysis today released the third estimate of gross domestic product (GDP) for the fourth quarter of 2010. Real GDP grew 3.1 percent at an annual rate, higher than the previous estimate of 2.8 percent and exceeding private sector expectations. The increase in GDP is a result of higher private investment and inventories than were originally reported.

WASHINGTON, March 16, 2011 – The Commerce Department’s U.S. Census Bureau today released data on new residential construction in February 2011. Permits for new housing units fell 8.2 percent in February, while private-sector analysts had expected a small 1.2-percent rise. Housing starts dropped 22.5 percent in February. Private-sector analysts had expected a moderate 4.4-percent decline. However, analysts still generally expect a notable pick-up in housing activity for both 2011 and 2012.

Statement by Secretary Locke on New Residential Construction in February 2011

WASHINGTON – The Commerce Department’s U.S. Census Bureau today released retail sales data for February 2011. Retail sales jumped 1.0 percent, a strong monthly gain and the eighth consecutive monthly increase. This figure was slightly below private-sector expectations of a 1.2-percent gain. Sales at motor vehicle dealers increased 2.3 percent. Sales excluding automotive dealers increased 0.7 percent, consistent with private-sector expectations of a 0.7 percent gain.

Statement from Secretary Locke on Retail Sales, February 2011