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Detailed Direct Investment Data for 2014 Now Available

BEA Blog Feed - Fri, 07/31/2015 - 19:53

Detailed statistics on U.S. direct investment abroad – or “outward direct investment”– and on foreign direct investment in the United States – or “inward direct investment” are now available on BEA’s website.

Preliminary direct investment statistics are available for 2014 and revised statistics for 2012 and 2013. These data are now incorporated into the Bureau of Economic Analysis’ new data tool, International Trade and Investment Country Facts, as well as our interactive data tables.

These newly released statistics provide comprehensive data on direct investment for selected countries on financial transactions, equity, debt instruments, reinvestment of earnings, and income by major industry. Statistics are also now available for positions, financial transactions, and income for all countries and for all industries. For inward direct investment, supplementary statistics classified by country of the ultimate beneficial owner are also now available.

An upcoming article in the September Survey of Current Business will present these statistics as well as additional statistics, such as reinvestment ratios, rates of return, and, for outward direct investment, position and income data classified by the industry of the U.S. parent.

Chart 3 US Direct Investment July 31

Chart 7 July 31

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GDP Increases in Second Quarter

BEA Blog Feed - Thu, 07/30/2015 - 18:19

Real gross domestic product (GDP) increased 2.3 percent in the second quarter of 2015, according to the “advance” estimate released by the Bureau of Economic Analysis. In the first quarter, real GDP increased 0.6 percent (revised).

GDP highlights
Q2Q Growth in Real GDP July 30The second-quarter increase in real GDP mainly reflected an increase in consumer spending. Spending on both durable goods, notably motor vehicles and parts, and nondurable goods increased. Spending on services, mainly household services, also increased.

Exports, state and local government spending, and residential fixed investment also contributed to the rise in real GDP.

These contributions to the increase in real GDP were partly offset by decreases in federal government spending, inventory investment, and business investment. In addition, imports—a subtraction in the calculation of GDP—increased.

Annual revision
BEA also released its 2015 annual revision of the national income and product accounts, which updated most components for the last 3 years based on newly available and revised source data. For 2011–2014, real GDP rose at an average annual rate of 2.0 percent; in the previously published estimates, the real GDP growth rate was 2.3 percent.

For more information, see the technical note.

PricesQ2Q Percent change July 30
Prices of goods and services purchased by U.S. residents—that is, prices of gross domestic purchases—increased 1.4 percent in the second quarter after decreasing 1.6 percent in the first quarter.

Energy prices rose in the second quarter after falling in the first quarter. Food prices declined more than in the first quarter.

Excluding food and energy prices, gross domestic purchases prices increased 1.1 percent in the second quarter after increasing 0.2 percent in the first quarter.

For more information, read the full report.

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New Advance Report on International Trade Available Today

CENSUS Directors Blog - Thu, 07/30/2015 - 18:15

Written by: John H. Thompson

Today, the U.S. Census Bureau released the first-ever Advance Report: U.S. International Trade in Goods. The Department of Commerce is “America’s Data Agency,” and this report is part of our ongoing efforts to release U.S. trade data to the public as quickly as possible. The Advance Report of U.S. trade data will be published up to a week before the full FT-900: U.S. International Trade in Goods and Services that is jointly issued by the Census Bureau and the Bureau of Economic Analysis (BEA).

Many American businesses, policymakers and other data users rely on the Census Bureau’s international trade statistics to make data-driven decisions. These data are crucial to understanding the U.S. economy with respect to our trading partners and the impact of events around the globe. Now, data users will have earlier access to our statistics with this high-level “snapshot.”

Even better, the Advance Report of U.S. trade data allows the federal statistical community to produce more reliable initial estimates of quarterly Gross Domestic Product (GDP). BEA will use the Advance Report of U.S. trade data when preparing its advance estimate of quarterly GDP, which measures the value of goods and services produced in the U.S. economy and is one of the most comprehensive and most closely watched economic statistic. Getting this initial estimate accurate, with small subsequent revisions, is critical to the Federal Reserve, businesses and policymakers around the world.  The new Advance Report of U.S. trade data should reduce the size of revisions to this major economic indicator.

The Advance Report of U.S. trade data is just the latest example of the Census Bureau’s commitment to releasing the timeliest, accurate, and trusted information about our nation’s people and economy. We are constantly looking for ways to improve your access to our statistics.  I’m pleased that this collaboration with BEA will support the needs of taxpayers and our data customers for better, faster measures of the U.S. economy.

Click here to access our first Advance Report. You can also click here to access BEA’s first GDP report incorporating data from the Advance Report, which is their advance estimate of second-quarter GDP.

advance_report

Industry in Focus: Transportation and Warehousing

BEA Blog Feed - Wed, 07/29/2015 - 01:28

Transportation and warehousing is an industry that is important to everyone, whether you’re an individual flying home to visit family or a business expecting a shipment of raw materials. In the first quarter of 2015, transportation and warehousing subtracted 0.56 percentage point from real Gross Domestic Product, and was the largest contributor to the 0.2 percent decrease in GDP.

That sounds straightforward enough, but what exactly does that mean?

Contribution to growth—or in this case, a contribution to a decline–isn’t solely a matter of looking at the percent change in real value added by an industry. Instead, the contribution is based on both the quarter-to-quarter change and the size of the industry in the economy.

For instance, real (inflation-adjusted) value added for transportation and warehousing fell 17.3 percent, a smaller percentage point decrease than that of the utilities industry, which fell 18.4 percent. However, transportation and warehousing is a larger industry than utilities. Because transportation and warehousing is larger, that 17.3 percent decrease translated to a $20.7 billion decrease, while the smaller utilities industry’s 18.4 percent decrease translated to a $14.4 billion decrease. This explains why the transportation and warehousing sector contributed 0.56 percentage point to the overall decrease in GDP, while the utilities sector contributed 0.34 percentage point.

This distinction is important because looking at the industries that subtract the most from GDP when GDP falls (or, conversely, contribute the most to GDP when GDP increases) typically points us toward those industries where notable things are happening.

In the case of transportation and warehousing, the notable thing that happened in the first quarter was a sharp drop in real gross output – a measure of an industry’s sales or receipts.

If you’re one of the millions of travelers whose flight was canceled during the unusually harsh winter of 2015, this probably isn’t surprising to you. Heavier than normal snow in the Northeast directly impacted air transportation, a component of transportation and warehousing. Of course, the harsh winter began in December, and as you can see here, transportation and warehousing declined in the fourth quarter of 2014 as well even though overall GDP was increasing 2.2 percent. But when you look at relatively milder winters, such as the winter in the first quarter of 2013, you see that transportation and warehousing increased.

Indeed, the weather in the first quarter of 2015 impacted many portions of the transportation and warehousing industry, which also includes rail transportation, water transportation, truck transportation, transit and ground passenger transportation, pipeline transportation, various support activities, couriers and messengers, and warehousing and storage.

Truck transportation, the largest component of transportation and warehousing, was likely affected not only by the harsh weather but also by work slowdowns at several ports along the West Coast.  Slowdowns at the ports translated into less (or no) cargo loaded onto trucks, leaving trucks underutilized (or idle) when they would otherwise be delivering goods.  In addition to the direct impact on the output of the transportation and warehousing industry, trucking is a critical input to the production processes of many other industries. For example, the wholesale and retail trade industries depend heavily on truck transportation, and both showed a notable decline in their purchases of transportation services in the first quarter.

You may have noticed that subtracting 0.56 percentage point from GDP means that transportation and warehousing accounted for more than the actual 0.2% decrease in real GDP.  This is because other industries grew in the first quarter.  BEA’s quarterly GDP-by-industry statistics help us to better see the inner workings of the economy and provide a comprehensive picture of U.S. industrial performance.

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Update on the Census Bureau’s IT Security Incident

CENSUS Directors Blog - Sat, 07/25/2015 - 03:01

Written by: John H. Thompson

Earlier this week, the Census Bureau experienced an attack to gain access to the Federal Audit Clearinghouse, which is housed on an externally facing IT system that contains non-confidential information, such as names of the person submitting the information, organization addresses and phone numbers, site user names, etc.  While our IT forensics investigation continues, I want to assure you that at this time every indication is that the breach was limited to this database, and that it did not include personally identifiable information provided by people responding to our censuses and surveys.

It appears the database was compromised through a configuration setting that allowed the attacker to gain access to the four files posted to the hacker’s site.  The hackers acquired the data illegally, but as I indicated above, the Clearinghouse site does not store any confidential household or business data collected by the Census Bureau.  That information remains safe, secure and on an internal network segmented apart from the external site and the affected database.  Over the last three days, we have seen no indication that there was any access to internal systems.

The Federal Audit Clearinghouse is used to collect single audit reporting packages from state and local governments, non-profit organizations, and Indian tribes expending Federal awards.  The federal awarding agencies use the single audit reports to ensure program compliance.  We were in the process of making additional Clearinghouse information available via the Internet next year.  Within 90 minutes of learning of the breach, we made the system inaccessible.  It will remain offline until we can complete our thorough investigation and take steps to ensure the systems integrity in the future.

However, in light of this breach, we are increasing our efforts to ensure the security of our site.

We continuously scan our systems to look for vulnerabilities.  The Census Bureau follows every possible precaution and uses the latest IT security standards to make sure our systems remain secure.  In addition, the Department of Homeland Security also runs scans regularly.

Through our surveys and censuses, American taxpayers and businesses entrust the U.S. Census Bureau with their information to produce statistics about our population and economy. The information we collect helps the nation make informed decisions, from transportation projects to social services to businesses and job creation.  As you know, we do not take this trust lightly and have a good record of keeping confidential information safe.

The IT security office is continuing its investigation, and they will further strengthen our security systems based on what they learn.  I assure you that we will continue to safeguard the information and data of both the public and our employees.  Your trust is paramount to our mission.

Please see our statement for more information:

Census Bureau Statement on IT Security Incident

July 22, 2015 – The U.S. Census Bureau is investigating an IT security incident relating to unauthorized access to non-confidential information on an external system that is not part of the Census Bureau internal network.  Access to the external system has been restricted while our IT forensics team investigates.

Security and data stewardship are integral to the Census Bureau mission.  We will remain vigilant in continuing to take every necessary precaution to protect all information.

If you have any questions or concerns about how the Census Bureau protects your data, I encourage you to contact our Respondent Advocates, Dave Waddington and Nishea Quash, at respondent-advocate@census.gov. Dave and Nishea can explain the many policies and procedures that the Census Bureau uses to ensure America’s data is safe and secure.

 

Nondurable Goods Manufacturing Led the Downturn in First Quarter Gross Domestic Product by Industry

BEA Blog Feed - Thu, 07/23/2015 - 18:12

A deceleration in nondurable goods manufacturing and downturns in both professional, scientific, and technical services and wholesale trade were the leading contributors to the downturn in U.S. economic growth in the first quarter of 2015. Overall, 15 of 22 industry groups contributed to the downturn in the first quarter.

Real Value added by sector July 23

  • Nondurable goods manufacturing decelerated significantly, increasing 0.2 percent in the first quarter, after a larger increase of 9.7 percent in the fourth quarter of 2014.
  • Professional, scientific, and technical services decreased 0.6 percent, after increasing 6.5 percent.
  • Wholesale trade decreased 3.4 percent, after increasing 4.5 percent.

Real Value Added by Industry July 23

For more information, read the full report.

Categories: BEA Feed Category

Why Does BEA Revise GDP Estimates?

BEA Blog Feed - Mon, 07/13/2015 - 18:46

Each summer, the Bureau of Economic Analysis updates its Gross Domestic Product estimates to incorporate sources of data previously unavailable and make improvements in methodology – – all with the goal of providing the most accurate measure of the U.S. economy’s performance.

This year, we’ll release revised estimates for GDP and its major components on July 30. These updated figures will reflect new and revised sources of data and will incorporate the regular updates to seasonal adjustment factors as well as several statistical changes designed to reduce residual seasonality. At the same time, BEA will introduce new tools for analyzing the nation’s economy.

This annual revision process results in old estimates of GDP getting recalculated for both the quarters and years covered – from 2012 through the first quarter of 2015. BEA’s annual revisions usually cover three years. New estimates of GDP will reflect the adopted improvements.

Another improvement that will emerge from this year’s annual revision process is that the BEA – also starting on July 30 — will begin including data from a new “advance” trade report produced by the Census Bureau into our initial estimates of quarterly GDP. The data from Census’ advance trade report will mean that BEA will have actual trade data for all three months of the quarter – rather than only two months — when calculating its first estimate of quarterly GDP.

In addition to the annual revisions process, BEA also regularly updates its quarterly GDP numbers – producing three estimates for a given quarter. Each new estimate includes updated, more complete, and more accurate information as it becomes available. The first, called the “advance” estimate, typically receives the most attention and is released roughly four weeks after the end of a quarter. For example, the first estimate of GDP for this year’s January-to-March quarter came out near the end of April. The first estimate for the second quarter will come out July 30 – in concert with the annual revisions.

When BEA calculates the advance estimate, we don’t yet have complete source data, with the largest gaps in data for the third month of the quarter. In particular, the advance estimate lacks complete source data on inventories, trade, and consumer spending on services. Therefore, we must make assumptions for these missing pieces based in part on past trends. As part of this process, we publish a detailed technical note that lays out the assumptions we made for a particular estimate. With Census’ new advance trade report, BEA will be able to plug the hole on the missing trade data.

As new and more complete data become available, we incorporate that information into the second and third GDP estimates. About 45 percent of the advance estimate is based on initial, or early, estimates from various monthly and quarterly surveys that are subject to revision for various reasons, including late respondents that are eventually incorporated into the survey results. Another roughly 14 percent of the advance estimate is based on historical trends.

By the second GDP estimate, we have new data for the third month and revised data for earlier months. By the third estimate, a lot more data is available so that only 17 percent of the GDP estimate is based on information from the first set of monthly and quarterly surveys.

Once every five years, BEA produces a  “comprehensive” revision to its GDP statistics, incorporating changes to how the U.S. economy is measured as well as more complete source data all the way back to 1929.  The most recent comprehensive revision was 2013.  New data, new methodologies, changes in definitions and classifications, and changes in presentations were all incorporated into 2013’s comprehensive GDP revision.

Measuring GDP for the U.S. economy is always a work in progress. It often takes months, or even years, for the most comprehensive and accurate data to become available. Our advance estimates strike a good balance between accuracy and timeliness, given the data available at the time. Successive revisions reflect BEA’s commitment to incorporate both more complete source data when they become available and improved methods for measuring a rapidly changing economy.

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Coming Soon: Webinar for BE–10 Survey Respondents—What Private Funds Need to Know

BEA Blog Feed - Fri, 07/10/2015 - 21:09

Take part in a webinar, co-hosted by the U.S. Bureau of Economic Analysis and the Association for Corporate Growth, on Thursday, July 16, at 2 p.m., where you’ll receive an overview of the BE–10 Benchmark Survey of U.S. Direct Investment Abroad and learn more about how it applies to private funds.

This webinar will explain the filing requirements, offer tips, and answer questions to assist private funds in completing the survey. To register, please go to this site and provide the required information.

While neither the survey nor the data collected are new (it was last conducted in 2009), many potential new filers have become aware of the survey for the first time. Private funds are required to participate in the BE–10 survey if they own or control “foreign affiliates” directly or through U.S. portfolio companies that they control. For additional information regarding the BE–10 survey, please visit this section on BEA’s Web site.

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BEA’s API Expands Access to All Regional Data

BEA Blog Feed - Wed, 07/08/2015 - 18:57

Developers, your requests have been heard. All regional data from the Bureau of Economic Analysis are now accessible through our application programming interface, or API. This includes industry detail for certain estimates, back-year estimates under the SIC industry structure and every statistic currently available in our interactive data tables.

The new API datasets are named “RegionalIncome” and “RegionalProduct”. The statistics available correspond to the public tables for the regional program. To assist in finding the economic statistics from these datasets, a new data availability page has been developed. The appendices I and J in the API User Guide are also descriptive and give helpful examples.

The new datasets are intended to replace the older regional dataset “RegionalData”, part of the API launched in May 2013, which only allows access to summary statistics. The older “RegionalData” dataset, however, will still be available. The new datasets join other in the API — BEA’s GDP and related national economic statistics, international transactions and investment, and foreign direct investment statistics. In addition to expanding the amount of data available on the API, BEA published an updated API User Guide, making it easier for developers to start using the service.

BEA’s API allows developers to build a service to search, display, analyze, retrieve, or view BEA statistics. For example, you can create a “mashup” that combines BEA data with other government or private data sources to create new services or give your users a different perspective on their communities. Or you can design a tool that gives your users new ways to visualize economic data.

The API includes methods for retrieving subsets of BEA statistical data and the meta-data that describes it using HTTP requests. It delivers data in two industry-standard formats: XML (Extensible Markup Language) and JSON (JavaScript Object Notation).

To use the API, you need to register first. Full documentation is available in the updated API User Guide.

The BEA’s API is just one way BEA is supporting open data. Visit BEA’s Open Data site for a complete listing of BEA’s data sets in a machine readable JSON format, along with access to downloadable data sets and other data tools.

Categories: BEA Feed Category

May 2015 Trade Gap is $41.9 Billion

BEA Blog Feed - Tue, 07/07/2015 - 18:32

The U.S. monthly international trade deficit increased in May 2015 according to the U.S. Bureau of Economic Analysis and the U.S. Census Bureau. The deficit increased from $40.7 billion in April (revised) to $41.9 billion in May, as exports decreased more than imports. The previously published April deficit was $40.9 billion. The goods deficit increased $1.2 billion from April to $61.5 billion in May. The services surplus increased less than $0.1 billion from April to $19.6 billion in May.

balance on goods and services trade july 7

Exports
Exports of goods and services decreased $1.5 billion, or 0.8 percent, in May to $188.6 billion. Exports of goods decreased $1.6 billion and exports of services increased $0.1 billion.

  • The decrease in exports of goods mainly reflected a decreased in capital goods ($2.4 billion). An increase in industrial supplies and materials ($0.8 billion) was partly offsetting.
  • The increase in exports of services mainly reflected an increase in other business services ($0.1 billion), which includes research and development services; professional and management services; and technical, trade-related and other services.

Imports
Imports of goods and services decreased $0.3 billion, or 0.1 percent, in May to $230.5 billion. Imports of goods decreased $0.4 billion and imports of services increased $0.1 billion.

  • The decrease in imports of goods mainly reflected decreases in capital goods ($0.8 billion) and in industrial supplies and materials ($0.6 billion). An increase in automotive vehicles, parts, and engines ($0.8 billion) was partly offsetting.
  • The increase in imports of services mainly reflected an increase in transport ($0.1 billion), which includes freight and port services and passenger fares.

Goods by geographic area (seasonally adjusted, Census basis)

  • The goods deficit with China increased from $27.5 billion in April to $30.6 billion in May. Exports decreased $0.7 billion to $9.6 billion and imports increased $2.4 billion to $40.2 billion.
  • The goods deficit with the European Union increased from $11.9 billion in April to $13.4 billion in May. Exports decreased $0.1 billion to $22.6 billion and imports increased $0.4 billion to $36.0 billion.
  • The goods surplus with South and Central America increased from $3.0 billion in April to $4.2 billion in May. Exports increased $0.8 billion to $13.7 billion and imports decreased $0.4 billion to $9.5 billion.

For more information, read the full report.

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Real Personal Income for Metropolitan Areas, 2013

BEA Blog Feed - Wed, 07/01/2015 - 18:27

Real personal income across all regions rose by an average of 0.8 percent in 2013. This growth rate reflects the year-over-year change in nominal personal income across all regions adjusted by the change in the national personal consumption expenditures (PCE) price index. On a nominal basis, personal income across all regions grew an average of 2.0 percent in 2013. In 2013, the U.S. PCE price index grew 1.2 percent.

Real Personal Income Metro July 1

Growth in real metropolitan area personal income in 2013 ranged from an increase of 4.8 percent in Sioux City, IA-NE-SD to a decline of 3.1 percent in New Bern, NC. After Sioux City, IA-NE-SD, the metropolitan areas with the largest growth rates were Janesville-Beloit, WI (4.6 percent), Danville, IL (4.4 percent), Monroe, MI (4.4 percent), and Boise City, ID (3.9 percent). After New Bern, NC, the metropolitan area with the largest declines were Beckley, WV (-3.0 percent), Fairbanks, AK (-2.9 percent), Peoria, IL (-2.9 percent), and Anniston-Oxford-Jacksonville, AL (-2.4 percent).

For more information, read the full report.

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Real Personal Income for States, 2013

BEA Blog Feed - Wed, 07/01/2015 - 18:17

Real personal income across all regions rose by an average of 0.8 percent in 2013. This growth rate reflects the year-over-year change in nominal personal income across all regions adjusted by the change in the national personal consumption expenditures (PCE) price index. On a nominal basis, personal income across all regions grew an average of 2.0 percent in 2013. In 2013, the U.S. PCE price index grew 1.2 percent.

Real Personal Income for States July 1

Growth in real state personal income in 2013 ranged from an increase of 3.5 percent in Idaho to a decline of 4.4 percent in North Dakota. These growth rates reflect the year-over-year change in the state’s nominal personal income, the change in the national PCE price index, and the change in the regional price parity for that state. After Idaho, the states with the largest growth rates were Utah (2.3 percent), California (2.2 percent), Nebraska (2.2 percent), and South Dakota (2.0 percent). After North Dakota, the states with the largest rates of decline were New Mexico (-0.6 percent), New York (-0.4 percent), Maryland (-0.3 percent), and Montana (-0.2 percent). States with growth rates close to the national average were Wyoming (0.8 percent), Oklahoma (0.7 percent), Ohio (0.7 percent), New Hampshire (0.7 percent), and Illinois (0.7 percent).

For more information, read the full report.

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Value of U.S. Assets Increased More than U.S. Liabilities in First Quarter 2015

BEA Blog Feed - Tue, 06/30/2015 - 18:16

The U.S. net international investment position was -$6,794.0 billion (preliminary) at the end of the first quarter of 2015 as the value of U.S. liabilities exceeded the value of U.S .assets. At the end of the fourth quarter of 2014, the net investment position -$7,019.7 billion (revised).

Intl chart june 30

  • The $225.7 billion increase in the net investment position reflected a $728.8 billion increase in the value of U.S. assets that exceeded a $503.1 billion increase in the value of U.S. liabilities.
  • The increase in the net investment position was mostly attributable to the increase in foreign equity prices that raised the value of U.S. direct and portfolio investment assets; these prices increases were partly offset by the depreciation of major foreign currencies against the U.S. dollar that lowered the value of U.S. assets in dollar terms.
  • The net investment position increased 3.2 percent in the first quarter, compared with a decrease of 13.1 percent in the fourth quarter and an average quarterly decrease of 6.9 percent from the first quarter of 2011 through the third quarter of 2014.
  • U.S. assets $25,324.4 billion at the end of the first quarter compared with $24,595.5 billion at the end of the fourth quarter.
  • U.S. liabilities were $32,118.3 billion at the end of the first quarter compared with $31,615.2 billion at the end of the fourth quarter.

For more information, read the full report.

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BEA to Release 2013 Statistics on Real Personal Income for States and Metro Areas July 1

BEA Blog Feed - Mon, 06/29/2015 - 20:29

The Bureau of Economic Analysis will publish real personal income statistics for the 50 states, the District of Columbia, and all metropolitan areas on Wednesday, July 1 at 8:30 a.m. eastern time.

The report provides annual statistics for 2013. These statistics use regional price parities in combination with the personal consumption expenditure price index to adjust BEA’s personal income data for differences in price levels across the country and over time.

These statistics offer insight into the relative purchasing power of consumers in different states and metropolitan areas. In addition, the data can be used by businesses and households alike to inform their decision making – from deciding where to move for a new job or locate a new store to helping economic development offices chart regional marketing plans.

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Real Consumer Spending Rises in May

BEA Blog Feed - Thu, 06/25/2015 - 18:22

June_25 thursdayPersonal income increased 0.5 percent in May, the same increase as in April. Wages and salaries, the largest component of  personal income, rose 0.5 percent in May after rising 0.3 percent in April.

Current-dollar disposable personal income (DPI), after-tax income, increased 0.5 percent in May after rising 0.4 percent in April.

Real DPI, income adjusted for taxes and inflation, increased 0.2 percent in May after increasing 0.4 percent April.

Real consumer spending (PCE), spending adjusted for price changes, increased 0.6 percent in May after remaining flat in April. Spending on durable goods increased 2.3 percent in May after decreasing 0.1 percent in April.

PCE prices increased 0.3 percent in May, after remaining flat in April. Excluding food and energy, PCE prices increased 0.1 percent in May, the same increase as in April.

Personal saving rate
Personal saving as a percent of DPI was 5.1 percent in May and 5.4 percent in April.Real DPI June 25For more information, read the full report.

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First-Quarter GDP Revised Up

BEA Blog Feed - Wed, 06/24/2015 - 18:22

Real gross domestic product (GDP) decreased 0.2 percent in the first quarter of 2015, according to the “third” estimate released by the Bureau of Economic Analysis. The growth rate was revised up 0.5 percentage point from the “second” estimate released in May. In the fourth quarter of 2014, real GDP increased 2.2 percent.

GDP highlights
The first-quarter decline in real GDP reflected declines in exports of goods, notably capital goods as well as autos and parts; in business investment, notably in mining exploration, shafts, and wells; and in state and local government spending.

Partly offsetting the contributions to the decline in GDP, consumer spending on services rose, notably on health care and on housing and utilities. Also, inventory investment and housing investment rose.

Revisions
The percent change in first-quarter real GDP was revised up, mainly reflecting up revisions to exports, consumer spending, inventory investment, business investment, and state and local government spending. Partly offsetting these revisions, imports was revised up.

For more information, see the technical note.

Personal income and personal saving
Real disposable personal income (DPI) – personal income adjusted for inflation and taxes – increased 5.3 percent in the first quarter, compared with 4.1 percent in the fourth quarter. Personal saving as a percentage of current-dollar DPI was 5.4 percent, compared with 4.7 percent in the fourth quarter.

GDP June 24

Corporate profits
Corporate profits decreased 5.2 percent at a quarterly rate in the first quarter after decreasing 1.4 percent in the fourth quarter of 2014.

  • Profits of domestic nonfinancial corporations fell 6.1 percent after rising 1.4 percent.
  • Profits of domestic financial corporations fell 0.5 percent after falling 2.7 percent.
  • Profits from the rest of the world fell 7.7 percent after falling 8.8 percent.

Over the last 4 quarters, corporate profits increased 4.5 percent.

For more information, read the full report.

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Travel and Tourism Spending Decelerated in the First Quarter of 2015

BEA Blog Feed - Tue, 06/23/2015 - 18:06

Real spending (output) on travel and tourism decelerated in the first quarter of 2015, increasing at an annual rate of 2.0 percent after increasing 4.9 percent (revised) in the fourth quarter of 2014.  By comparison, real gross domestic product (GDP) turned down, decreasing 0.7 percent (second estimate) in the first quarter after increasing 2.2 percent.

The leading contributors to the deceleration in the first quarter were “all other transportation-related commodities” and “food services and drinking places.” “All other transportation-related commodities” decelerated, increasing 1.9 percent in the first quarter after increasing 13.3 percent in the fourth quarter. “Food services and drinking places” also decelerated, increasing 2.0 percent after increasing 8.9 percent. Partially offsetting these decelerations, “passenger air transportation” turned up, increasing 3.9 percent in the first quarter after decreasing 2.2 percent.

TTSA_2015q1_Talking_Points_WithChart (2)

For more information, read the full report.

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First Quarter 2015 Travel and Tourism Spending Data to Be Released June 23

BEA Blog Feed - Tue, 06/23/2015 - 00:31

Statistics on what Americans and foreigners spent on travel and tourism in the United States in the first quarter of 2015 will be released Tuesday, June 23 by the Bureau of Economic Analysis (BEA).

The statistics, part of BEA’s Travel and Tourism Satellite Accounts, provide a breakdown of the various components of travel and tourism spending, including lodging, meals, air travel, and shopping. The statistics will also provide data on employment in the tourism industry.

These statistics, which will be available at 8:30 a.m. eastern time on BEA’s website (www.bea.gov) and by email subscription, can be used for the following purposes:

  • To assess the effects of travel and tourism on the U.S. economy
  • To compare national trends to locally observed trends
  • To examine the relationship among the travel and tourism industries
  • To compare travel and tourism industries to other industries.
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State Personal Income: First Quarter 2015

BEA Blog Feed - Mon, 06/22/2015 - 18:12

State personal income grew 0.9 percent on average in the first quarter of 2015, after growing 1.1 percent in the fourth quarter of 2014. Personal income grew in 46 states and growth accelerated in 15 of those states. The fastest growth, 1.3 percent, was in Florida. Personal income fell in four states, with the largest decline, 1.2 percent, in Iowa. The national price index for personal consumption expenditures, fell 0.5 percent in the first quarter, after falling 0.1 percent in the fourth quarter.

Personal Income June 22

1st qtr june22

For more information, read the full report.

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First Quarter State Personal Income Statistics to be Released June 22

BEA Blog Feed - Fri, 06/19/2015 - 20:30

Preliminary statistics on people’s incomes by state in the first quarter of 2015 will be released Monday, June 22 by the U.S. Bureau of Economic Analysis (BEA).

These state personal income statistics will provide BEA’s first look at state economies for the January-March quarter of 2015 and serve as a basis for government and business decision making. For example:

  • Federal government agencies use state personal income statistics to allocate funds and determine matching grants to states. The statistics are also used in forecasting models to project energy and water use.
  • State governments use the statistics to project tax revenues and demand for public services.
  • Academic regional economists use the statistics for applied research.
  • Businesses, trade associations, and labor organization use the statistics for market research.
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