Connect with Us

Feed aggregator

Value of U.S. Liabilities Increased More than U.S. Assets in 2014

BEA Blog Feed - Tue, 03/31/2015 - 18:34

The U.S. net international investment position was -$6,915.3 billion (preliminary) at the end of 2014 as the value of U.S. liabilities exceeded the value of U.S. assets. At the end of 2013, the net position was -$5,383.0 billion.

march 31 part 2

  • The $1,532.3 billion decrease in the net position from the end of 2013 to the end of 2014 reflected a $2,515.6 billion increase in the value of U.S. liabilities that exceeded a $983.4 billion increase in the value of U.S. assets.
  • The decrease in the net position reflected 1) the depreciation of major foreign currencies against the U.S. dollar that lowered the value of most U.S. assets 2) the increase in U.S. equity prices that increased at a higher rate than foreign equity prices.
  • The U.S. net international investment position decreased 28.5 percent from the end of 2013 to the end of 2014, compared with a 17.6 percent decrease from the end of 2012 to the end of 2013.
  • U.S. assets were $24,693.2 billion at the end of 2014 compared with $23,709.8 billion at the end of 2013.
  • U.S. liabilities were $31,608.5 billion at the end of 2014 compared with $29,092.8 billion at the end of 2013.

For more, see the full report.

Categories: BEA Feed Category

Value of U.S. Liabilities Increased More Than U.S. Assets in Fourth Quarter

BEA Blog Feed - Tue, 03/31/2015 - 18:20

The U.S. net international investment position was -$6,915.3 billion (preliminary) at the end of the fourth quarter of 2014 as the value of U.S. liabilities exceeded the value of U.S. assets. At the end of the third quarter, the net position was -$6,129.4 billion (revised).

march31 release

  • The $785.8 billion decrease in the net position reflected an $861.9 billion increase in the value of U.S. liabilities that exceeded a $76.1 billion increase in the value of U.S. assets.
  • The decrease in the net position reflected 1) the depreciation of major foreign currencies against the U.S. dollar that lowered the value of most U.S. assets and 2) the increase in U.S. equity prices that increased at a higher rate than foreign equity prices.
  • The U.S. net international investment position decreased 12.8 percent in the further quarter, compared with a decrease of 11.9 percent in the third quarter and an average quarterly decrease of 6.5 percent from the first quarter of 2011 through the second quarter of 2014.
  • U.S. assets were $24,693.2 billion at the end of the fourth quarter compared with $24,617.2 billion at the end of the third quarter.
  • U.S. liabilities were $31,608.5 billion at the end of the fourth quarter compared with $30, 746.6 billion at the end of the third quarter.

For more, see the full report.

Categories: BEA Feed Category

Personal Savings Rate Rises in February

BEA Blog Feed - Mon, 03/30/2015 - 18:28

Personal income rose 0.4 percent in February, the same increase as in January. Wages and salaries, the largest component March30 Chartof personal income, rose 0.3 percent in February after rising 0.6 percent in January.

Current-dollar disposable personal income (DPI), after-tax income, rose 0.4 percent in February after rising 0.5 percent in January.

Real DPI, income adjusted for taxes and inflation, increased 0.2 percent in February after increasing 0.9 percent in January.

Real consumer spending (PCE), spending adjusted for price changes, decreased 0.1 percent in February after increasing 0.2 percent in January. Spending on durable goods decreased 1.1 percent in February after increasing 0.7 percent in January.

PCE prices increased 0.2 percent in February after decreasing 0.4 percent in January. Excluding food and energy, PCE prices increased 0.1 percent in February, the same increase as in January.

Personal saving rate
Personal saving as a percent of DPI was 5.8 percent in February and 5.5 percent in January.

Real Disposable Personal Income March 30

For more, see the full report.

Categories: BEA Feed Category

GDP Increases in Fourth Quarter

BEA Blog Feed - Fri, 03/27/2015 - 18:48

Real gross domestic product (GDP) increased 2.2 percent in the fourth quarter of 2014, according to the “third” estimate released by the Bureau of Economic Analysis. The growth rate was the same in the “second” estimate released in February. In the third quarter, real GDP increased 5.0 percent.

Fourth-quarter GDP highlightsQ2Q March27
Consumer spending more than accounted for the increase in GDP, rising 4.4 percent, compared with 3.2 percent in the third quarter. Consumer spending on both goods and services increased in the fourth quarter.

Other contributors to growth:

  • Business investment increased, notably in intellectual property products.
  • Exports of goods and services increased; foods, feeds, and beverages was the largest contributor.

Offsetting the contributions to growth:

  • Imports of goods and services increased, notably of consumer goods (except food and autos) as well as petroleum and   products.
  • Federal government spending on national defense declined.

Fourth-quarter revisions
While the third estimate of real GDP growth was the same as the second estimate, several components were revised. Exports of services were revised up, mainly in travel. Consumer spending was also revised up, notably in health care. Inventory investment was revised down.

For more information, see the technical note.

Fourth-quarter corporate profitsQ2Q Corporate Profits March27
Profits fell 1.4 percent at a quarterly rate, after rising 3.1 percent in the third quarter.

Profits of nonfinancial corporations rose 1.4 percent, profits of financial corporations fell 2.7 percent, and profits from the rest of the world fell 8.8 percent.

Annual corporate profits
During 2014, corporate profits fell 0.8 percent, after rising 4.2 percent during 2013.

Profits of nonfinancial corporations rose 2.8 percent, profits of financial corporations fell 8.4 percent, and profits from the rest of the world fell 2.2 percent.

For more, see the full report.

Categories: BEA Feed Category

State Personal Income 2014

BEA Blog Feed - Wed, 03/25/2015 - 18:49

Average state personal income growth accelerated to 3.9 percent in 2014 from 2.0 percent in 2013. Growth of state personal income – the sum of net earnings by place of residence, property income, and personal current transfer receipts – ranged from 0.5 percent Nebraska to 5.7 percent in Alaska and Oregon, with 45 states growing faster in 2014 than in 2013. Inflation, as measured by the national price index for personal consumption expenditures, was 1.3 percent in 2014 and 1.2 percent in 2013.

State Personal Income 2014 March 25

2014 State Personal Income Growth and Ranks

state chart part 2 march 25

For more, see the full report.

Categories: BEA Feed Category

State Personal Income: Fourth Quarter 2014

BEA Blog Feed - Wed, 03/25/2015 - 18:37

State personal income grew 1.0 percent on average in the fourth quarter of 2014, the same average growth rate as in the third quarter. The acceleration in personal income growth in Florida, Texas, and 30 other states was offset by a slowdown in 15 states, including California and New York. Growth rates ranged from 0.6 percent in Louisiana to 1.5 percent in Texas. The national price index for personal consumption expenditures fell 0.1 percent in the fourth quarter after rising 0.3 percent in the third quarter.

Personal Income Percent change march 25

Fourth Quarter 2014 State Personal Income Growth and Ranks

State charts march 25

For more, see the full report.

Categories: BEA Feed Category

2015 Census Test Starts Today in the Savannah, Ga. Area

CENSUS Directors Blog - Tue, 03/24/2015 - 03:40

Written by:  John H. Thompson, Director, U.S. Census Bureau and Mark Doms, Under Secretary for Economic Affairs, U.S. Department of Commerce

The 2015 Census Test in the Savannah, Ga. area starts today! If you live in one of the 20 counties in Georgia and South Carolina that are participating in the test, we encourage you to visit www.census.gov/2015 to complete the census test form online.

2015-03-23_17-35-10

This morning, we were at Savannah Technical College to kick off the 2015 Census Test. Lisa Blumerman, Associate Director for Decennial Census Programs, and Savannah Mayor Edna Jackson joined us for a news conference and meetings with community influencers. We explained how the Census Bureau is using the test to encourage residents to respond to the census online. Because of its population density, demographic diversity and the mixed rates of Internet access, the Savannah area is a great place for us to test digital outreach methods for different population groups.

image1

The Census Bureau is relying on residents, local governments, faith-based and community organizations, schools, media, businesses and others to help this effort succeed. This afternoon, Under Secretary Doms visited America’s Second Harvest of Coastal Georgia to help prepare emergency meal boxes for area residents who are at risk of hunger. Volunteers helped us insert flyers into the boxes with information about the 2015 Census Test and instructions for completing it online. Later, in a visit to the Port of Savannah, Under Secretary Doms talked about how the Census Bureau is the official source for the nation’s export and import statistics, and is responsible for issuing regulations governing the reporting of all export shipments from the United States.

image2

Director Thompson stopped by a school in Jasper County, S.C. to talk to students and administrators about how an accurate census count can help their community receive funding for education – as well as roads, hospitals, job training centers and a host of other services. The director also spoke to residents of Sun City Hilton Head, a retirement community in Bluffton, S.C., about how responding to the census test online is secure and easy for everyone.

image3

The strategies we’re testing in Georgia and South Carolina encourage residents to complete the questionnaire quickly and securely over the Internet with a computer, tablet or smartphone. The 2015 Census Test in the Savannah area will pave the way for a reengineered and more cost-effective 2020 Census. Research leading up to 2020 could result in saving up to $5 billion from the projected cost of conducting the head count using methods from previous censuses.

For photos of our trip, follow the Census Bureau on Instagram.

Counting People in the Right Places: Boundaries Matter

CENSUS Directors Blog - Fri, 03/20/2015 - 00:57

Written by: John H. Thompson

The U.S. Census Bureau provides the definitive decennial count of America’s people and places, and a key part of that task is counting people in the right places – the cities, towns and counties where they live and work – to safeguard Americans receiving their fair share of funds. For this reason, Census Bureau geographers are hard at work to ensure that the record of our nation’s places is up to date.

The Boundary and Annexation Survey, which is currently underway, fulfills the Census Bureau’s responsibility for recording all legal boundaries in the U.S. – things like city limits, townships and Congressional districts.  Through this survey, governments can report their incorporations, annexations and official name changes.

Why is it important for local governments to participate in the Boundary and Annexation Survey? For one thing, the Census Bureau’s boundary records help place population information from the decennial census,  the American Community Survey and the annual Population Estimates Program in the correct local area. Because the American Community Survey population information is tied to funding for schools, roads, hospitals and many other services, it’s in local governments’ best interests to make sure records are correct.

The Census Bureau is responsible for the nation’s legal boundaries and population data – they are publicly available and used by many other federal agencies, researchers and the public. Consequently, providing updates to our data ensures it is accurate, and those updates ripple out in numerous important ways.

We are soliciting responses to the Boundary and Annexation Survey through May 31. To help make things as easy as possible, we’ve created a YouTube channel with training videos. Even if your local area hasn’t had any boundary changes in the last year, it’s still critical that you review your boundaries for accuracy and respond to the Boundary and Annexation Survey with that information (just check “No changes” on the form) so that we will know you have verified the accuracy of the information.

If you’re a local, county or tribal official or staff person with questions about the Boundary and Annexation Survey or how to respond, please contact us at 1-800-972-5651 or geo.bas@census.gov.  Materials for the 2015 survey  and FAQs are also available online at www.census.gov/geo/partnerships/bas.html.

U.S. Current-Account Deficit Increases in Fourth Quarter 2014

BEA Blog Feed - Thu, 03/19/2015 - 18:36

The U.S. current-account deficit—a net measure of transactions between the United States and the rest of the world in goods, services, primary income (investment income and compensation), and secondary income (current transfers)—increased to $113.5 billion (preliminary) in the fourth quarter of 2014 from $98.9 billion (revised) in the third quarter of 2014. As a percentage of U.S. GDP, the deficit increased to 2.6 percent from 2.2 percent. The previously published current-account deficit for the third quarter was $100.3 billion.

U.S. Current-Account Balance March 19

  • The deficit on international trade in goods increased to $185.2 billion from $181.1 billion as goods exports decreased more   than goods imports.
  • The surplus on international trade in services increased to $58.2 billion from $57.2 billion as services exports increased more than services imports.
  • The surplus on primary income decreased to $50.6 billion from $59.8 billion as primary income receipts decreased and primary income payments increased.
  • The deficit on secondary income (current transfers) increased to $37.0 billion from $34.8 billion as secondary income payments increased and secondary income receipts decreased.

Net U.S. borrowing from financial-account transactions was $10.8 billion in the fourth quarter, down from $22.0 billion in the third.

  • Net U.S. acquisition of financial assets excluding financial derivatives was $77.2 billion in the fourth quarter, down from   $353.0 billion in the third.
  • Net U.S. incurrence of liabilities excluding financial derivatives was $56.2 billion in the fourth quarter, down from $350.7 billion in the third.
  • Net borrowing in financial derivatives other than reserves was $31.7 billion in the fourth quarter, up from $24.3 billion in the third.

For more, see the full report.

Categories: BEA Feed Category

Travel and Tourism Spending Accelerated in the Fourth Quarter of 2014

BEA Blog Feed - Wed, 03/18/2015 - 18:56

Real spending on travel and tourism accelerated in the fourth quarter of 2014, increasing at an annual rate of 4.5 percent after increasing 3.4 percent (revised) in the third quarter.  By comparison, real gross domestic product (GDP) decelerated, increasing 2.2 percent (second estimate) in the fourth quarter after increasing 5.0 percent. For the year, real spending on travel and tourism increased 2.5 percent in 2014 after increasing 3.6 percent in 2013. By comparison, real GDP increased 2.4 percent in 2014 after increasing 2.2 percent in 2013.

The leading contributors to the acceleration in the fourth quarter were “passenger air transportation” and “recreation and entertainment.” “Passenger air transportation” turned up, increasing 1.7 percent in the fourth quarter after decreasing 4.5 percent in the third quarter. “Recreation and entertainment” also turned up, increasing 6.2 percent after decreasing 0.9 percent. Partially offsetting these upturns, “traveler accommodations” turned down, decreasing 1.5 percent in the fourth quarter after increasing 8.3 percent.

Real Tourism Spending March 18

Categories: BEA Feed Category

FY 2016 Is a Critical Year for the Reengineered 2020 Census

CENSUS Directors Blog - Wed, 03/11/2015 - 22:44

Written by: John H. Thompson

Over the past few years, the Census Bureau has devoted substantial resources to researching new methods and technologies to reengineer the 2020 Census . The smart use of technology will keep the headcount quick, easy and secure, while leading to substantial taxpayer savings – our goal is to save up to $5 billion in operating costs in 2020.

FY 2016 is a critical year for the continued investment in testing the cost-saving innovations that we expect will save $5 billion during the 2020 Census while maintaining the quality of the data. We are also developing a new data collection and processing system that will support new technologies and programs across the Census Bureau for years to come. We need to get the new systems built in time to conduct the 2018 Operational Readiness Test, a comprehensive examination to determine if all components are operating correctly and in conjunction in a real world environment. By investing now, we will be able to build the complex, integrated systems to support modernized operations in 2020.

2020 Census Infographic

 

 

 

 

 

2020 Census Infographic

 

 

 

 

 

Transforming Data Collection and Processing Infographic

 

BEA’s Statistics on How Industries Perform Each Quarter Provide Insight into U.S.’ Economic Recovery

BEA Blog Feed - Wed, 03/11/2015 - 22:33

Thanks to a new set of BEA data, you can now find out how the economic recovery that began in the summer of 2009 is affecting America’s industries each quarter.Real Value Added by Industry March 11

Last spring, BEA for the first time began producing on a regular basis quarterly statistics that provide information on the amount of economic activity generated by individual industries, making it easy to spot when and how fast these industries began to recover.

Before these new data were made available last April, the Bureau of Economic Analysis reported on industries’ economic performance only on an annual basis. The quarterly statistics serve as a barometer for potential turning points in the U.S. economy and give businesses and policymakers more timely detail on how different industries are contributing to the U.S. economy’s recovery.

BEA’s quarterly industry breakdown of economic activity shows that manufacturers of durable goods – like cars and washing machines – entered into a recovery in the third quarter of 2009 – the same quarter the overall economy did.  In addition, durable goods manufacturers surpassed their pre-recession high in terms of economic output in the fourth quarter of 2011. On the other hand, the construction industry has yet to get back to its pre-recession peak.

The timing of recoveries for other industries differs. The information sector, which includes broadcasting and telecommunications, climbed back to its previous peak in the third quarter of 2010. Mining (which includes oil and gas extraction) surpassed its previous peak in the third quarter of 2012.

BEA’s most recent quarterly industry report, shows that the finance and insurance industries grew  21.2 percent in the third quarter of 2014, after increasing 6 percent in the second quarter. Mining rose 25.6 percent, after rising 11.5 percent.  And, real estate and rental and leasing increased 4.4 percent, after growing 0.9 percent.

These quarterly industry-by-industry statistics are just one way that BEA is innovating to better measure the 21st Century economy.  Last year, BEA also introduced real (inflation-adjusted) estimates of personal income for states and metropolitan areas.  This year, BEA will begin regular production of quarterly statistics on how state economies are faring as well as new annual statistics on how much consumers spend – and what they buy — in each state. Providing businesses and individuals with new data tools like these is a priority of the Commerce Department’s “Open for Business Agenda.”

Categories: BEA Feed Category

January 2015 Trade Gap is $41.8 Billion

BEA Blog Feed - Fri, 03/06/2015 - 20:44

The U.S. monthly international trade deficit decreased in January 2015 according to the U.S. Bureau of Economic Analysis and the U.S. Census Bureau. The deficit decreased from $45.6 billion in December (revised) to $41.8 billion in January, as imports decreased more than exports. The previously published December deficit was $46.6 billion. The goods deficit decreased $3.4 billion from December to $61.6 billion in January. The services surplus increased $0.5 billion from December to $19.9 billion in January.

ITGS3-6-15

Exports
Exports of goods and services decreased $5.6 billion, or 2.9 percent, in January to $189.4 billion. Exports of goods decreased $5.5 billion and exports of services decreased $0.1 billion.

  • The decrease in exports of goods mostly reflected decreases in industrial supplies and materials ($2.2 billion), in other goods ($1.2 billion), and in foods, feeds, and beverages ($1.1 billion).
  • The decrease in exports of services reflected decreases in transport ($0.2 billion), which includes freight and port services and passenger fares, and in financial services ($0.1 billion) that were partly offset by increases in travel (for all purposes including education) ($0.2 billion) and in other business services ($0.1 billion).

Imports
Imports of goods and services decreased $9.4 billion, or 3.9 percent, in January to $231.2 billion. Imports of goods decreased $8.9 billion and imports of services decreased $0.5 billion.

  • The decrease in imports of goods mostly reflected decreases in industrial supplies and materials ($6.0 billion) and in consumer goods ($2.1 billion).
  • The decrease in imports of services mainly reflected decreases in transport ($0.4 billion) and in travel (for all purposes including education) ($0.2 billion).

Goods by geographic area (seasonally adjusted, Census basis)

  • The goods deficit with Mexico decreased from $5.6 billion in December to $3.9 billion in January. Exports
    increased $0.3 billion to $19.9 billion and imports decreased $1.5 billion to $23.8 billion.
  • The goods deficit with Japan increased from $5.4 billion in December to $6.5 billion in January. Exports
    decreased $0.5 billion to $5.3 billion and imports increased $0.7 billion to $11.8 billion.

For more, see the full report.

Categories: BEA Feed Category

Real Disposable Income Rises In January

BEA Blog Feed - Mon, 03/02/2015 - 19:30

PI1

Personal income rose 0.3 percent in January, the same increase as in December. Wages and salaries, the largest component of personal income, rose 0.6 percent in January after rising 0.1 percent in December.

Current-dollar disposable personal income (DPI), after-tax income, rose 0.4 percent in January after rising 0.3 percent in December.

Real DPI, income adjusted for taxes and inflation, increased 0.9 percent in January after increasing 0.5 percent in December.

Real consumer spending (PCE), spending adjusted for price changes, increased 0.3 percent in January after decreasing 0.1 percent in December. Spending on durable goods increased 0.2 percent in January after decreasing 1.0 percent in December.

PCE prices decreased 0.5 percent in January after decreasing 0.2 percent in December. Excluding food and energy, PCE prices increased 0.1 percent in January after increasing less than 0.1 percent in December.

Personal saving rate
Personal saving as a percent of DPI was 5.5 percent in January and 5.0 percent in December.

For more, see the full report.

PI2

Categories: BEA Feed Category

GDP Increases in Fourth Quarter

BEA Blog Feed - Fri, 02/27/2015 - 19:32

Real gross domestic product (GDP) increased 2.2 percent in the fourth quarter of 2014, according to the “second” estimate released by the Bureau of Economic Analysis. The growth rate was 0.4 percentage point less than the “advance” estimate released in January. In the third quarter, real GDP increased 5.0 percent.

Fourth-quarter GDP highlights Q2Q Growth in Real GDP Feb 27
The increase in GDP in the fourth quarter was more than accounted for by consumer spending, which rose 4.2 percent, compared with 3.2 percent in the third quarter. Spending on both goods and services increased in the fourth quarter.

Other contributors

  • Business investment increased, notably in intellectual property products.
  • Exports of goods and services increased; foods, feeds, and beverages was the largest contributor.
  • State and local government spending increased.

Offsetting these contributions to growth, imports increased, and federal government spending on national defense decreased.

Fourth-quarter revisions
The revision to the change in real GDP mainly reflected a downward revision to nonfarm inventory investment and an upward revision to imports. These contributions were partly offset by upward revisions to business investment and to state and local spending. For more information, see the technical note.

Annual GDP highlightsAnnual Growth in Real GDP Feb 27
For the year 2014, real GDP rose 2.4 percent after rising 2.2 percent in 2013.

  • Contributing to the increase in 2014:
  • Consumer spending on both services and goods increased.
  • Business investment increased, most notably in equipment.
  • Exports of goods increased, notably in industrial supplies and materials.

Offsetting these contributions, imports increased, and federal government spending decreased.

Prices of goods and services purchased by U.S. residents increased 1.4 percent in 2014 after increasing 1.3 percent in 2013.

Read the full report.

Categories: BEA Feed Category

How Do Corporate Inversions Affect the International and National Economic Accounts?

BEA Blog Feed - Wed, 02/18/2015 - 20:59

Recently, a growing number of articles in the media have noted U.S. corporations announcing that they intend to move their headquarters overseas.  This practice is known as a corporate inversion, which occurs when a U.S. corporation that is currently the ultimate owner of its worldwide operations takes steps to become a wholly owned subsidiary of a foreign corporation.

The Bureau of Economic Analysis (BEA) has published a BEA Briefing in the Survey of Current Business that discusses how corporate inversions can affect major aggregates in the international and national economic accounts, including an estimate of the size of the impact of inversions on related BEA statistics.

Below are some highlights from the Briefing. For the full analysis and to view the impact of inversions on activities of multinational enterprises (AMNE) statistics see the BEA Briefing.

International Statistics

  • The foreign direct investment position in the United States—which comprises the direct investors’ equity in, and net outstanding loans to, their U.S. affiliates—generally increases after an inversion because the inverting U.S. corporation becomes an asset of a foreign investor.
  • The measures of multinational enterprise activities—which include data items such as employment, capital expenditures, value added, and research and development (R&D) expenditures—also generally increase as a result of inversions.
  • Corporate inversions may also affect BEA’s U.S. direct investment abroad, or outward direct investment, statistics if the U.S. multinational enterprise transfers the ownership of some or all of its foreign affiliates to its new foreign owner.

National Statistics

  • Corporate inversions would generally reduce gross national income, that is, income resulting from the current production of goods and services by U.S.-owned labor and capital.
  • Corporate profits, the portion of the total gross national income earned from current production that is accounted for by U.S. corporations, would also generally be reduced by inversions.

Gross domestic income, which is income resulting from the current production of goods and services in the domestic economy, would not be affected by inversions.

Categories: BEA Feed Category

BEA Constantly Innovates to Produce New Statistics Measuring the U.S. Economy

BEA Blog Feed - Mon, 02/09/2015 - 23:27

bea_logo_0The Bureau of Economic Analysis is producing new economic statistics over the course of this year that offer businesses and households additional tools to make informed decisions and illustrate BEA’s innovative approach to better measure the dynamic U.S. economy.

Arts and Culture Statistics: These new annual statistics, released on Jan. 12, show the impact of arts and culture on the U.S. economy. The new data provides detailed information on spending on arts and culture as well as employment in those industries.

Health Care Statistics: BEA released data on Jan. 22 that — for the first time — provides information about the changes in prices to treat different diseases — illustrating trends in prices from 2000 through 2010. BEA also released new statistics on spending to treat different medical conditions for those same years. Data for 2011 and 2012 will be released in the spring.

• State Economic Activity: BEA on Sept. 2 will start releasing on a regular basis new quarterly statistics detailing economic activity in each state. The data offers a more up-to-date picture of how the states economies are faring and provides a more detailed view of economic activity across the entire United States.

• Consumer Spending by State:  BEA will begin producing these new annual statistics on a regular basis starting Dec. 1.  The data shows how much consumers spend in each state and provides details on the kinds of goods and services they buy.

New International Investment Statistics: These statistics, which BEA plans to release later this year, provides information on “greenfield” investment – investment that occurs when a foreign firm establishes a new U.S. business or expands an existing one by building a new plant or facility.

While each of these new statistics target different pieces of the U.S. economy, they all demonstrate BEA’s innovative approach to economic measurement. The first four examples leverage existing sets of source data in new ways to provide additional insight into the workings of the U.S. economy. The last item represents a new data collection effort that will pave the way for a new set of statistics on foreign investment.

Other innovations at BEA will allow more regional economic statistics to be released.

The new data provides businesses with more tools to make decisions about hiring and investment and can aid individuals looking to relocate for a job or to find a new job.

These new estimates are just a few of the ways that BEA is innovating to better measure the 21st Century economy. Providing businesses and individuals with new data tools like these is a priority of the Commerce Department’s “Open for Business Agenda.”

Categories: BEA Feed Category

December 2014 Trade Gap is $46.6 Billion

BEA Blog Feed - Thu, 02/05/2015 - 20:10

The U.S. monthly international trade deficit increased in December 2014 according to the U.S. Bureau of Economic Analysis and the U.S. Census Bureau.  The deficit increased from $39.8 billion in November (revised) to $46.6 billion in December, as exports decreased and imports increased. The previously published November deficit was $39.0 billion. The goods deficit increased $6.9 billion from November to $66.0 billion in December. The services surplus increased $0.1 billion from November to $19.5 billion in December.

Monthly Balance on Goods and Services Trade Feb5

Exports
Exports of goods and services decreased $1.5 billion in December to $194.9 billion, reflecting a decrease in exports of goods. Exports of services increased.

  • The decrease in exports of goods was more than accounted for by a decrease in industrial supplies and materials. An increase in capital goods was partly offsetting.
  • The increase in exports of services reflected increases in transport, which includes freight and port services and passenger fares, in financial services, and in travel (for all purposes including education).

Imports
Imports of goods and services increased $5.3 billion in December to $241.4 billion, mostly reflecting an increase in imports of goods. Imports of services also increased.

  • The increase in imports of goods mostly reflected increases in industrial supplies and materials and in automotive vehicles, parts, and engines.
  • The increase in imports of services mostly reflected increases in transport and in travel (for all purposes including education).

Goods by geographic area (seasonally adjusted, Census basis)

  • The goods deficit with Canada increased from $1.6 billion in November (revised) to $3.3 billion in December. Exports decreased $0.8 billion to $25.8 billion and imports increased $0.9 billion to $29.0 billion.
  • The goods surplus with South and Central America decreased from $4.3 billion in November to $2.6 billion in December. Exports decreased $0.7 billion $14.8 billion and imports increased $1.0 billion to $12.2 billion.
  • The goods deficit with Germany decreased from $6.3 billion in November to $5.6 billion in December. Exports increased $0.1 billion to $3.9 billion and imports decreased $0.6 billion to $9.6 billion.

Read the full report.

Categories: BEA Feed Category

2014 Trade Gap is $505.0 Billion

BEA Blog Feed - Thu, 02/05/2015 - 19:48

The U.S. international trade deficit increased in 2014, according to the U.S. Bureau of Economic Analysis and the U.S. Census Bureau. The deficit increased from $476.4 billion in 2013 to $505.0 billion in 2014, as imports increased more than exports. As a percentage of U.S. gross domestic product, the goods and services deficit was 2.9 percent in 2014, up from 2.8 percent in 2013. The goods deficit increased from $701.7 billion in 2013 to $736.8 billion in 2014, and the services surplus increased from $225.3 billion in 2013 to $231.8 billion in 2014.

 

Balance on Goods and Services Trade feb5

 

Exports
Exports of goods and services increases $65.2 billion, or 2.9 percent, in 2014 to $2,345.4 billion. Exports of goods increased $42.3 billion and exports of services increased $22.9 billion.

  • The largest increases in exports of goods were in capital goods ($15.8 billion), in consumer goods ($10.1 billion), and in foods, feeds, and beverages ($8.1 billion).
  • The largest increases in exports of services were in travel (for all purposes including education) ($5.9 billion), in charges for the use of intellectual property ($5.7 billion), and in financial services ($5.4 billion). 

Imports
Imports of goods and services increased $93.9 billion, or 3.4 percent, in 2014 to $2,850.5 billion. Imports of goods increased $77.5 billion and imports of services increased $16.4 billion.

  • The largest increases in imports of goods were in capital goods ($36.8 billion), in consumer goods ($25.2 billion), and in automotive vehicles, parts, and engines ($19.0 billion).
  • The largest increase in imports of services were in travel (for all purposes including education) ($6.7 billion), in other business services ($5.6 billion), and in transport ($3.7 billion), which includes freight and port services and passenger fares.

Goods by geographic area (Census basis)

  • The goods deficit with China increased from $318.7 billion in 2013 to $342.6 billion in 2014. Exports increased $2.3 billion to $124.0 billion, while imports increased $26.2 billion to $466.7 billion.
  • The goods deficit with the European Union increased from $125.4 billion in 2013 to $141.1 billion in 2014. Exports increased $14.5 billion to $276.7 billion, while imports increased $30.2 billion to $417.8 billion.
  • The goods deficit with OPEC decreased from $68.0 billion in 2013 to $49.4 billion in 2014. Exports decreased $2.0 billion to $82.7 billion, while imports decreased $20.6 billion to $132.1 billion.

Read the full report.

Categories: BEA Feed Category

Using Technology and Innovation to Reengineer Our Surveys and Data

CENSUS Directors Blog - Wed, 02/04/2015 - 08:02

Written by: John H. Thompson

At the U.S. Census Bureau, we’re researching ways to use technology to transform the way we do business. Not only will this transformation keep our censuses and surveys quick, easy, and secure, it will reverse the decades-long trend of increasingly more expensive operations.

Over the past four years, we’ve researched cost-saving innovations. We’ve come up with an exciting blueprint of what is possible in a census when we entirely rethink our operations and leverage technology. The President’s FY 2016 budget, released yesterday, funds the design of these systems and the testing of those together with new operations.

While 2020 might seem like a long way off, it is coming quickly: we must design operations, test systems and bring them together to “lock down” the final plan by 2018 to be ready by 2020. Our proposals for transforming the census through technological innovation include:

• Reengineering address canvassing: Prior to every Census, we compile a list of every housing unit in America. Developing a high-quality address list is crucial to the success of the census. By using address updates from the U.S. Postal Service and local governments – combined with imagery and private sector sources – we can drastically cut the cost of editing this list.

• Maximizing self-response: Our experience with the American Community Survey and the 2012 Economic Census demonstrate the promise of the Internet for maximizing self-responses to surveys. By allowing respondents to easily answer the questionnaire online, we can save millions on the costs of mailing out, getting back, scanning and hand-keying the information from paper forms into our system. At the same time, we need to authenticate online responses to ensure that they are genuine and not duplicative.

• Using administrative records: Another way that we can make our operations more efficient is by using records from other federal agencies to improve our counts of people and places.

• Reengineering field operations: In 2010, much of the on-the-ground work by Census Bureau field representatives was done on paper. By adopting technology to automate work, we can make field operations more efficient and reduce our paperwork burden.

As you can imagine, designing systems of this scale takes time, and we only have one chance to “get it right.” That’s why we began planning for 2020 even before the 2010 Census, and why these next few years of testing, development and implementation are so important. We need to design, develop, and build our data collection and processing systems; test them individually for function; and then test them together to ensure that they function in a real-world setting.

Of course, the Census Bureau’s work includes much more than the decennial census, and our proposals for innovation reflect that. In other areas of our agency, we’re focusing on:

• Census Enterprise Data Collection and Processing: With millions of people responding to our many surveys and censuses each year, the Census Bureau does an enormous amount of data collection and processing. In the past, we created unique data collection and processing systems for every survey. Now, we’ll integrate and standardize those systems across the organization. This will save money and time, and help us to manage our operations in the most efficient way possible.

• Administrative records clearinghouse: Part of the mission of the federal statistical system (which includes the Census Bureau) is to “provide quality, unbiased data to support reasoned, disciplined decisions.” This clearinghouse will include administrative data from federal and federally-sponsored programs, making them easier to use. Researchers, program administrators and policy makers can access and evaluate the program records easily and use them to provide new insights and evidence for sound decision-making.

• Geographic support: The Geographic Support Systems Initiative enable us to make ongoing updates to our address lists and maps, and supports our efforts to reengineer the address canvassing operation for the 2020 Census by continually updating the Census Bureau’s address list throughout the decade. It increases the amount of addresses provided by state and local partners that we can add to our address list, and prepares us to use updates from commercial data and other sources. Crucially, the initiative provides updates for rural addresses, addresses in Puerto Rico, and group quarters.

• American Community Survey: The American Community Survey releases over 11 billion estimates each year, and is used to distribute more than $400 billion of federal dollars each year. We will research how we can reduce respondents’ burden, while keeping data quality high.

• Economic Census and Census of Governments: We need to streamline our processes in order to support 100% electronic responses to these censuses to increase their cost-effectiveness. We will also introduce new data products for maximum data quality and usefulness.

The 2020 Census will be unlike any other in census history. The next few years are critical to this effort. I encourage anyone who is interested in this process to follow along as we research, test and plan. You can watch our meetings online and participate through a civic dialogue. The census – which is an enumeration of the entire nation – will only succeed with the participation of the nation.

For an overview of the Census Bureau’s FY 2016 budget, you can view this infographic.

Pages

Subscribe to Economics & Statistics Administration aggregator
Subscribe

Subscribe to Economic Indicators

Subscribe with your email address to stay up-to-date with our economic indicators!

Go to top