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Personal Income and Outlays, November 2015

BEA - News Release RSS - Wed, 12/23/2015 - 19:00
Personal income increased $44.4 billion, or 0.3 percent, and disposable personal income (DPI) increased $34.5 billion, or 0.3 percent, in November, according to the Bureau of Economic Analysis. Personal consumption expenditures (PCE) increased $40.1 billion, or 0.3 percent. In October, personal income increased $66.9 billion, or 0.4 percent, DPI increased $54.0 billion, or 0.4 percent, and PCE increased $3.8 billion, or less than 0.1 percent, based on revised estimates. Full Text
Categories: Economic Indicators

GDP Increases in Third Quarter

BEA Blog Feed - Tue, 12/22/2015 - 19:16

Real gross domestic product (GDP) increased 2.0 percent in the third quarter of 2015, according to the “third” estimate released by the Bureau of Economic Analysis. The growth rate was revised down 0.1 percentage point from the “second” estimate released in November. In the second quarter, real GDP increased 3.9 percent.

GDP highlightsQ2Q Growth 1222
The third-quarter increase in real GDP mainly reflected a rise in consumer spending. Spending on nondurable and durable goods increased. Spending on services also increased, notably on health care.

The following also contributed to the increase in GDP: Business investment, state and local government spending, residential investment, and exports.

The contributions to real GDP growth were partly offset by a decline in inventory investment, notably in manufacturing and in wholesale trade. Also, imports, a subtraction in the calculation of GDP, increased.

Real final sales of domestic product—GDP less inventory investment—increased 2.7 percent in the third quarter, compared with a 3.9 percent increase in the second quarter.

Revisions
The slight revision to real GDP growth mainly reflected a downward revision to private inventory investment, notably to wholesale trade and to manufacturing. For more information, see the technical note.

Corporate profits
Corporate profits decreased 1.6 percent at a quarterly rate in the third quarter after increasing 3.5 percent in the second quarter.Q2Q Growth in Profits 1222

  • Profits of domestic nonfinancial corporations decreased 0.9 percent after increasing 1.9 percent.
  • Profits of domestic financial corporations increased 0.5 percent after increasing 9.6 percent.
  • Profits from the rest of the world decreased 5.7 percent after increasing 2.9 percent.

Over the last 4 quarters, corporate profits decreased 5.1 percent.

For more information, read the full report.

 

Categories: BEA Feed Category

Gross Domestic Product, 3rd quarter 2015 (third estimate); Corporate Profits, 3rd quarter 2015 (revised estimate)

BEA - News Release RSS - Tue, 12/22/2015 - 19:00
Real gross domestic product -- the value of the goods and services produced by the nation's economy less the value of the goods and services used up in production, adjusted for price changes -- increased at an annual rate of 2.0 percent in the third quarter of 2015, according to the "third" estimate released by the Bureau of Economic Analysis. In the second quarter, real GDP increased 3.9 percent. Full Text
Categories: Economic Indicators

State Personal Income: Third Quarter 2015

BEA Blog Feed - Mon, 12/21/2015 - 19:30

State personal income grew 1.3 percent on average in the third quarter of 2015, the same pace as in the second quarter. Personal income grew in every state with third-quarter personal income growth rates ranging from 0.6 percent in Alaska to 2.2 percent in Nebraska and South Dakota.

Personal Income 1221

Third Quarter 2015 State Personal Income Growth and Ranks

List of states 1221

For more information, read the full report.

 

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State Quarterly Personal Income, 1st quarter 2015 - 3rd quarter 2015

BEA - News Release RSS - Mon, 12/21/2015 - 19:00
State personal income grew 1.3 percent on average in the third quarter of 2015, the same pace as in the second quarter. Personal income grew in every state with third-quarter personal income growth rates ranging from 0.6 percent in Alaska to 2.2 percent in Nebraska and South Dakota. Full Text
Categories: Economic Indicators

U.S. Current-Account Deficit Increases in Third Quarter 2015

BEA Blog Feed - Thu, 12/17/2015 - 19:56

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 $124.1 billion (preliminary) in the third quarter of 2015 from $111.1 billion (revised) in the second quarter of 2015. As a percentage of U.S. GDP, the deficit increased to 2.7 percent from 2.5 percent. The previously published current-account deficit for the second quarter was $109.7 billion.

Current-account balance 1217

  • The deficit on international trade in goods increased to $190.0 billion from $189.2 billion as goods exports decreased more than goods imports.
  • The surplus on international trade in services increased to $56.3 billion from $56.1 billion as services exports increased more than services imports.
  • The surplus on primary income decreased to $46.1 billion from $52.8 billion as primary income payments increased and primary income receipts decreased.
  • The deficit on secondary income (current transfers) increased to $36.6 billion from $30.8 billion as secondary income receipts decreased and secondary income payments increased.

Net U.S. borrowing from financial-account transactions was $24.7 billion in the third quarter, down from $61.3 billion in the second.

  • Net U.S. sales of financial assets excluding financial derivatives was $89.9 billion in the third quarter, a shift from net acquisition of $141.2 billion in the second.
  • Net U.S. repayment of liabilities excluding financial derivatives was $64.6 billion in the third quarter, a shift from net incurrence of $204.3 billion in the second.
  • Net lending in financial derivatives other than reserves was $0.7 billion in the third quarter, down from $1.8 billion in the second.

For more information, read the full report.

 

Categories: BEA Feed Category

U.S. International Transactions, 3rd quarter 2015

BEA - News Release RSS - Thu, 12/17/2015 - 19:00
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 $124.1 billion (preliminary) in the third quarter of 2015 from $111.1 billion (revised) in the second quarter. The deficit increased to 2.7 percent of current-dollar gross domestic product (GDP) from 2.5 percent in the second quarter. The increase in the current-account deficit was largely accounted for by a decrease in the surplus on primary income and an increase in the deficit on secondary income. Full Text
Categories: Economic Indicators

Virgin Islands’ Economy Shrinks in 2014

BEA Blog Feed - Wed, 12/16/2015 - 20:06

Virgin Island beach.jpg

The Virgin Islands economy continued to contract in 2014, although at a much slower rate than in the previous three years, the U.S. Bureau of Economic Analysis reported today.

The estimates of Gross Domestic Product for the U.S. Virgin Islands show that real GDP —  adjusted to remove price changes — decreased 0.6 percent in 2014. For comparison, real GDP for the U.S. (excluding the territories) increased 2.4 percent in 2014.

The decline in the Virgin Islands economy primarily reflected a decrease in government spending.  That decrease reflected declines in compensation paid to federal government employees and in federal government construction activity.

Exports of goods increased significantly, primarily due to growth in exports of petroleum and petroleum products. However, this growth was mostly offset by growth in imports of petroleum — a subtraction item in the calculation of GDP — and by a drawdown of inventories.

Exports of services, which consists primarily of spending by tourists, contributed positively to the economy. Growth in tourism reflected an increase in visitor arrivals of 4.2 percent.

In 2013, the Virgin Islands’ economy contracted by 5.3 percent. That followed a 15 percent decline in 2012 and an 8.2 percent decrease in 2011.

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Gross Domestic Product for U.S. Virgin Islands (USVI), 2014

BEA - News Release RSS - Wed, 12/16/2015 - 20:00
The Virgin Islands economy continued to contract in 2014, although at a much slower rate than in the previous 3 years. The estimates of GDP for the U.S. Virgin Islands show that real GDP -- GDP adjusted to remove price changes -- decreased 0.6 percent in 2014 (see Table 1.3). For comparison, real GDP for the U.S. (excluding the territories) increased 2.4 percent in 2014. Full Text
Categories: Economic Indicators

Travel and Tourism Spending Decelerated in the Third Quarter of 2015

BEA Blog Feed - Wed, 12/16/2015 - 19:34

Real spending (output) on travel and tourism decelerated in the third quarter of 2015, increasing at an annual rate of 4.3 percent after increasing 8.4 percent (revised) in the second quarter of 2015. Real gross domestic product (GDP) also decelerated, increasing 2.1 percent (second estimate) in the third quarter after increasing 3.9 percent.

The leading contributors to the deceleration in the third quarter were “traveler accommodations” and “recreation and entertainment.” Real spending on “traveler accommodations” decelerated, increasing 4.0 percent in the third quarter after increasing 13.5 percent (revised) in the second quarter. Real spending on “recreation and entertainment” turned down, declining 8.1 percent, after increasing 5.6 percent in the previous quarter.

Real Tourism Spending 1216

Tourism Prices. Price growth for travel and tourism goods and services turned down in the third quarter of 2015, decreasing 0.3 percent following an increase of 0.5 percent (revised) in the second quarter.  The downturn was mainly attributable to a downturn in “all other transportation-related commodities,” which includes gasoline, travel arrangements and reservation services, and automotive rental. This commodity group decreased 0.2 percent after increasing 14.4 percent in the second quarter. Prices for “traveler accommodations” turned up in the third quarter, partially offsetting the downturn in prices for “all other transportation-related commodities.”
Tourism Prices 1216

For more information, read the full report.

 

 

 

Categories: BEA Feed Category

Travel and Tourism Satellite Accounts, 3rd quarter 2015

BEA - News Release RSS - Wed, 12/16/2015 - 19:00
Real spending (output) on travel and tourism decelerated in the third quarter of 2015, increasing at an annual rate of 4.3 percent after increasing 8.4 percent (revised) in the second quarter of 2015. Real gross domestic product (GDP) also decelerated, increasing 2.1 percent (second estimate) in the third quarter after increasing 3.9 percent. Full Text
Categories: Economic Indicators

Second Quarter Growth in Service Industries Widespread Across States

BEA Blog Feed - Thu, 12/10/2015 - 19:27

Real gross domestic product (GDP) increased in 46 states and the District of Columbia in the second quarter of 2015. Overall, U.S. real GDP by state grew at an annual rate of 3.8 percent in the second quarter of 2015 after increasing 0.7 percent in the first quarter of 2015. Finance and insurance; professional, scientific, and technical services; and wholesale trade were the leading contributors to real U.S. economic growth in the second quarter.

GDP by State 1210

  • Finance and insurance grew 12.4 percent in the second quarter of 2015. This industry was the leading contributor to growth in 28 states and contributed 3.32 percentage points to real GDP growth in Delaware, 2.42 percentage points to growth in South Dakota, and 2.16 percentage points to growth in New York.
  • Professional, scientific, and technical services grew 7.6 percent in the second quarter of 2015. This industry contributed 0.52 percentage point to real GDP growth for the nation and contributed to growth in all 50 states and the District of Columbia.
  • Wholesale trade grew 8.4 percent in the second quarter of 2015. This industry contributed 0.50 percentage point to real GDP growth and was the leading contributor to growth in Arkansas, Kentucky, and Indiana.

For more information, read the full report.

Categories: BEA Feed Category

Gross Domestic Product by State, 2nd Quarter 2015

BEA - News Release RSS - Thu, 12/10/2015 - 19:00
Real gross domestic product (GDP) increased in 46 states and the District of Columbia in the second quarter of 2015. Overall, U.S. real GDP by state grew at an annual rate of 3.8 percent in the second quarter of 2015 after increasing 0.7 percent in the first quarter of 2015. Finance and insurance; professional, scientific, and technical services; and wholesale trade were the leading contributors to real U.S. economic growth in the second quarter. Full Text
Categories: Economic Indicators

GDP by State Statistics for Second Quarter of 2015 to be Released December 10

BEA Blog Feed - Wed, 12/09/2015 - 19:37

New statistics on the economic performance of all 50 states and the District of Columbia during the second quarter of 2015 will be released Thursday, Dec. 10 at 8:30 a.m. eastern time by the U.S. Bureau of Economic Analysis.

The release marks the first time that BEA is producing quarterly GDP by state statistics on a regular basis. Previously, BEA had released prototype statistics showing the quarterly economic performances of states. Before the prototype statistics were created, BEA produced only annual estimates of state GDP.  These new statistics will provide more timely information on how state economies are faring.

The statistics in this report are the state counterparts of the U.S. gross domestic product — BEA’s featured measure of national economic activity. The GDP by state statistics in this report will show which states grew fastest and which industrial sectors contributed to overall growth in each state.

Statistics in this report can be used to analyze regional impacts of national economic trends and to identify the fastest growing industrial sectors in a state.

Categories: BEA Feed Category

October 2015 Trade Gap is $43.9 Billion

BEA Blog Feed - Fri, 12/04/2015 - 19:44

The U.S. monthly international trade deficit increased in October 2015 according to the U.S. Bureau of Economic Analysis and the U.S. Census Bureau. The deficit increased from $42.5 billion in September (revised) to $43.9 billion in October, as exports decreased more than imports. The previously published September deficit was $40.8 billion.  The goods deficit increased %2.1 billion from September to $63.1 billion in October. The services surplus increased $0.6 billion from September to $19.2 billion in October.

balances trade service 1204

Exports
Exports of goods and services decreased $2.7 billion, or 1.4 percent, in October to $184.1 billion. Exports of goods decreased $3.1 billion and exports of services increased $0.4 billion.

  • The decrease in exports of goods mainly reflected decreases in industrial supplies and materials ($1.6 billion) and in capital goods ($0.9 billion).
  • The increase in exports of services mainly reflected increases in transport ($0.2 billion), which includes freight and port services and passenger fares, and in financial services ($0.2 billion).

Imports
Imports of goods and services decreased $1.3 billion, or 0.6 percent, in October to $228.0 billion. Imports of goods decreased $1.0 billion and imports of services decreased $0.2 billion.

  • The decrease in imports of goods mainly reflected a decrease in industrial supplies and materials ($2.0 billion) that was partly offset by an increase in capital goods ($0.5 billion).
  • The decrease in imports of services was more than accounted for by decreases in travel (for all purposes including education) ($0.2 billion) and in transport ($0.1 billion).

Goods by geographic area (seasonally adjusted, Census basis)

  • The surplus with members of OPEC decreased from $1.7 billion in September to $0.4 billion in October. Exports decreased $1.6 billion to $5.1 billion and imports decreased $0.3 billion to $4.7 billion.
  • The deficit with Mexico increased from $5.4 billion in September to $6.3 billion in October. Exports increased $0.1 billion to $19.7 billion and imports increased $1.0 billion to $26.0 billion.
  • The balance with the United Kingdom shifted from a deficit of $1.2 billion in September to a surplus of $0.6 billion in October. Exports increased $0.4 billion to $5.2 billion and imports decreased $1.4 billion to $4.5 billion.

For more information, read the full report.

 

 

Categories: BEA Feed Category

U.S. International Trade in Goods and Services, October 2015

BEA - News Release RSS - Fri, 12/04/2015 - 19:00
The U.S. Census Bureau and the U.S. Bureau of Economic Analysis, through the Department of Commerce, announced today that the goods and services deficit was $43.9 billion in October, up $1.4 billion from $42.5 billion in September, revised. October exports were $184.1 billion, $2.7 billion less than September exports. October imports were $228.0 billion, $1.3 billion less than September imports. Full Text
Categories: Economic Indicators

Guest Blog: U.S. Remains No. 1 Choice for Foreign Investment – New Stats Released

BEA Blog Feed - Thu, 12/03/2015 - 23:22

This is a guest blog by Vinai Thummalapally, Executive Director of SelectUSA.

On Monday, the Bureau of Economic Analysis (BEA) released highly-anticipated data highlighting new foreign direct investment (FDI) expenditures in the United States.

These statistics capture the story of new FDI into the United States in 2014 and introduce a perspective on FDI never before seen in official BEA statistics. Highlighting data like this is not only part of SelectUSA’s mission to facilitate and promote FDI into the United States but it also gives our business and policy leaders a quantitative look at how the United States maintains its title as the number one destination for FDI.

In the new set of data, BEA produced statistics that specify two types of new FDI: acquisitions and greenfield investments. Greenfield investments capture how much foreign investors are spending to establish and/or expand U.S. businesses. Last year, new FDI expenditures made by foreign investors acquiring, establishing, and expanding U.S. businesses totaled $241.3 billion while greenfield investments accounted for seven percent of that total, exceeding $16.5 billion. Acquisitions accounted for the majority of new investment expenditure, totaling $224.7 billion in 2014.

The new data helps build a narrative around specific industries and geographies of interest. For example, greenfield FDI in manufacturing was very strong, with expenditures totaling over $2.8 billion. These expenditures were second only to greenfield FDI in the real estate industry in 2014.

Looking forward, this data also shows statistics that capture planned greenfield investment for FDI projects that may continue into the future. These investments in U.S. manufacturing sector industries total $9.3 billion, more than three times the total amount invested in 2014. We also see that the U.S. manufacturing industry dominates new FDI investment: almost 60 percent of new foreign investor expenditures – $139.1 billion – went to manufacturing, a fact that echoes and reinforces the growing “manufacturing renaissance” here in the United States.

BEA’s comprehensive snapshot of new FDI is an excellent tool for economic developers, investors, and policymakers. This snapshot enhances our understanding of how FDI is interwoven into the U.S. economy. According to latest available 2013 figures, majority foreign-owned U.S. affiliates employed 6.1 million U.S. workers with an average annual wage of $79,979 and accounted for nearly 23 percent of all U.S. goods exports. Reports like these reaffirm the United States’ place as the number one destination for foreign direct investment in the global, interconnected, and competitive economy of the 21st century.

Categories: BEA Feed Category

Bureau of Economic Analysis Releases Two New Data Sets to Deepen Understanding of U.S. Economy

BEA Blog Feed - Thu, 12/03/2015 - 21:09

In the past two days, the Commerce Department’s Bureau of Economic  Analysis (BEA) has released two brand new sets of economic statistics that business people, entrepreneurs, policy makers, households and others can use to make more informed decisions in their professional and personal lives.

Today, BEA released new statistics that show how much consumers spent in every state and the District of Columbia last year as well as in years back to 1997.  Besides totals on the amount of consumer spending for each area, the statistics detail what goods and services consumers are actually buying – including motor vehicles, clothing, home furnishings, food, gasoline, housing and utilities, and health care and recreational services.

Here are some highlights from today’s report:

  • Total consumer spending across all states grew 4.2 percent in 2014, with growth ranging from 2.1 percent in West Virginia to 7.4 percent in North Dakota.
  • Across all states, per person (per capita) consumer spending last year was $37,196. Per person spending ranged from a high of $48,020 in Massachusetts to a low of $29,386 in Mississippi.

Yesterday, BEA released new statistics showing the amount and type of new investment made in the United States by foreign direct investors to acquire, establish or expand U.S. businesses.  These statistics covered new investments initiated in 2014 and provided details on these investments including the countries from which the new investment originates, the U.S. industries that are drawing new investments and U.S. states where new investments are located.

Some highlights from yesterday’s report:

  • Expenditures by foreign direct investors for new investment totaled $241.3 billion in 2014.  Expenditures for acquisitions were $224.7 billion—93% of the total expenditures for new investment. Expenditures to establish new U.S. businesses totaled $13.8 billion, and expenditures to expand existing foreign-owned U.S. businesses totaled $2.8 billion.
  • By U.S. state, the largest expenditures, $48.9 billion, were for U.S. businesses in California. The four U.S. states with the largest expenditures by foreign direct investors—California, New Jersey, New York, and Texas—together received over half of all new investment.

These two new data sets are just the latest examples of how BEA is producing data to deepen the public’s understanding of the U.S. economy, the centerpiece of our mission.

 

Categories: BEA Feed Category

Guam’s Economy Grew 1 percent in 2014

BEA Blog Feed - Wed, 12/02/2015 - 10:31

Guam’s real gross domestic product — adjusted to remove price changes — increased 1 percent in 2014.   For comparison, economic growth for the United States (excluding the territories) increased 2.4 percent during the same period.

Growth in Guam was widespread among the components of GDP and included increases in private fixed investment, government spending and consumer spending.  Growth in these components was partly offset by a decrease in net exports — imports increased more than exports.

Private fixed investment, which is spending by businesses on construction and equipment, increased 6.7 percent. Private-sector projects over this period included the continued construction of Guam’s first private hospital and a new luxury hotel in Tumon Bay.

Government construction projects also contributed to growth in 2014. These included a new Navy hospital facility and various federally funded road projects carried out by the local government.

Consumer spending increased 1.4 percent, reflecting growth in spending on services, including health care.

Exports of services, which consist primarily of spending by tourists, grew 4.8 percent. This increase reflected strong growth in Korean visitor arrivals and average spending.

Categories: BEA Feed Category

Gross Domestic Product for Guam, 2014

BEA - News Release RSS - Wed, 12/02/2015 - 10:30
The estimates of GDP for Guam show that real GDP -- GDP adjusted to remove price changes -- increased 1.0 percent in 2014 (see Table 1.3). For comparison, real GDP for the U.S. (excluding the territories) increased 2.4 percent in 2014. Full Text
Categories: Economic Indicators

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