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Census Day in the Houston and Los Angeles Areas

CENSUS Directors Blog - Fri, 04/01/2016 - 19:46

Written by: John H. Thompson

Today is Census Day for Harris County, Texas and Los Angeles County, Calif., the two sites taking part in the 2016 Census Test. Almost 225,000 households in each location have received a notification by mail asking them to complete the questionnaire. During the decennial census, Census Day – April 1 – provides the reference day for measuring the population; we’re using the same reference day for the 2016 Census Test.

The 2016 Census Test is part of the extensive research and testing that will help us make key decisions about how we will carry out the next census. From 2012 through 2015, we conducted seven census tests across the country that informed our 2020 Census Operational Plan. The test underway in Texas and California is a large-scale implementation of innovations from the 2020 Census Operational Plan.

The 2020 Census will be easy to respond to, because it will be our most automated and technologically advanced census ever. In 2020, Americans will be able to respond from anywhere – by mail, phone, or online using a laptop, tablet or smartphone. We’re replacing paper and pencil with mobile devices for enumerators who visit nonresponding households. We’ll also count people using information they have already given to the government, if they don’t respond after we’ve provided them with multiple opportunities to participate. The 2016 Census Test is a vital step in operationalizing all of these innovations. Based on its results, we’ll refine many of the innovative and cost-saving procedures and methods in the plan for use in 2020.

We’re now more than halfway to 2020, and we’re planning, researching, testing, and getting feedback to ensure that responding to the census is easy and secure. By using the innovations that are laid out in the 2020 Census Operational Plan and that are being tested in 2016, we’ll be able to avoid an estimated $5 billion in costs (compared to the projected cost of using the same methods as the 2010 Census).

If you live in Harris County or Los Angeles County, I encourage you to learn more about the 2016 Census Test by visiting www.census.gov/2016censustest. The 2020 Census will be unlike any other in our history. Your participation is critical to testing the innovations that will make the 2020 Census easier than ever to respond to, save taxpayers money, and ensure a complete and accurate census. Happy Census Day!

 

Value of U.S. Assets Decreased More Than U.S. Liabilities in Fourth Quarter 2015

BEA Blog Feed - Thu, 03/31/2016 - 18:09

The U.S. net international investment position was -$7,356.8 billion (preliminary) at the end of the fourth quarter of 2015 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 -$7,311.6 billion (revised).

chart march31

  • The U.S. net investment position decreased 0.6 percent in the fourth quarter, compared with a decrease of 8.4 percent in the third quarter and an average quarterly decrease of 6.3 percent from the first quarter of 2011 through the second quarter of 2015.
  • U.S. assets decreased $118.5 billion and U.S. liabilities decreased $73.3 billion, reflecting decreases in the value of financial derivatives, mostly in single-currency interest rate contracts.
  • U.S. assets excluding financial derivatives increased $205.1 billion, reflecting increases in foreign equity prices that increased the value of U.S. direct investment and portfolio investment assets.
  • U.S. liabilities excluding financial derivatives increased $250.7 billion, reflecting increases in U.S. equity prices that increased the value of U.S. direct investment and portfolio investment liabilities.

For more information, read the full report.

Categories: BEA Feed Category

U.S. International Investment Position, 4th quarter 2015

BEA - News Release RSS - Thu, 03/31/2016 - 18:00
The U.S. net international investment position at the end of the fourth quarter of 2015 was -$7,356.8 billion (preliminary), as the value of U.S. liabilities exceeded the value of U.S. assets. At the end of the third quarter of 2015, the net position was -$7,311.6 billion (revised). Full Text
Categories: Economic Indicators

Personal Income Decelerates in February

BEA Blog Feed - Mon, 03/28/2016 - 19:32

PCE March 28Personal income increased 0.2 percent in February after increasing 0.5 percent in January. Wages and salaries, the largest component of personal income, decreased 0.1 percent in February after increasing 0.6 percent in January.

Current-dollar disposable personal income (DPI), after-tax income, increased 0.2 percent in February after increasing 0.4 percent in January.

Real DPI, income adjusted for taxes and inflation, increased 0.3 percent in February, the same increase as in January.

Real consumer spending (PCE), spending adjusted for price changes, increased 0.2 percent in February after remaining flat in January. Spending on durable goods increased 0.3 percent in February after decreasing 0.8 percent in January.

PCE prices decreased 0.1 percent in February after increasing 0.1 percent in January. Excluding food and energy, PCE prices increased 0.1 percent in February after increasing 0.3 percent in January.

Personal saving rate
Personal saving as a percent of DPI was 5.4 percent in February and 5.3 percent in January.

Real DPI March28

For more information, read the full report.

Categories: BEA Feed Category

Personal Income and Outlays, February 2016

BEA - News Release RSS - Mon, 03/28/2016 - 18:00
Personal income increased $23.7 billion, or 0.2 percent, and disposable personal income (DPI) increased $23.7 billion, or 0.2 percent, in February, according to the Bureau of Economic Analysis. Personal consumption expenditures (PCE) increased $11.0 billion, or 0.1 percent. In January, personal income increased $72.7 billion, or 0.5 percent, DPI increased $57.2 billion, or 0.4 percent, and PCE increased $10.7 billion, or 0.1 percent, based on revised estimates. Full Text
Categories: Economic Indicators

Planning and Testing for the 2020 Census in Harris County, Texas

CENSUS Directors Blog - Sat, 03/26/2016 - 00:54

Written by: John H. Thompson

Today I am visiting Harris County, Texas, one of two sites now taking part in the 2016 Census Test that will help us prepare for the decennial census in 2020. The census is the most important barometer of population change in America – an issue that’s increasingly important here in the Houston area. Yesterday, the U.S. Census Bureau’s Population Estimates Program announced that the Houston-The Woodlands-Sugar Land gained 159,000 new residents last year, the largest gain of any metro area in the nation.

This is a time of transition and growth for the Houston area. Census data is the way that America measures population growth and change. Local areas rely on our statistics for planning where to build new schools and roads.  Businesses use our data to track economic and demographic trends – for example, the Greater Houston Partnership uses Census Bureau statistics to provide information to companies and attract new jobs to the area. And each year, the federal government distributes more than $400 billion to states and communities based on Census Bureau data. The 2020 Census will provide critical information that empowers the more than 4.5 million people and over 95,000 businesses with paid employees in communities across Harris County and across the country.

 

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Director Thompson talks with Khalilat Adesokan, Tonya Netters and Fred Darden of Goodwill Industries of Houston, a 2016 Census Test partner and a trusted voice in the community.

The 2016 Census Test is part of the extensive research and testing that will help us make key decisions about how the next census will be carried out. The 2020 Census will be the most automated and technologically advanced census ever. Americans will be able to answer the questionnaire from anywhere – by mail, phone, or online using a laptop, tablet or smartphone.

The test currently underway in Texas and California is a large-scale implementation of innovations that will make the 2020 Census easier than ever to respond to, while saving taxpayers more than $5 billion compared to doing the census the old way. We’re now more than halfway to the 2020 Census, and we’re doing everything we can – planning, researching, testing, and getting feedback – to ensure that responding to it is easy and secure. Based on the results of the 2016 Census Test, we’ll refine many of the innovative and cost-saving procedures and methods in our plan.

Thank you to the residents of Harris County for your participation in this critical census test. I’m also grateful for the support of local officials and our partners – especially from schools, which have been crucial in raising awareness about the test and its importance to students and their families.

The 2016 Census Test is critical to ensuring a complete and accurate census in 2020, one that will give America the data it needs to make good policies and decisions for its growing population. You can track the results of the 2016 Census Test and other developments in our planning for the 2020 Census – and give us your input – at Census.gov.

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GDP Increases in Fourth Quarter

BEA Blog Feed - Fri, 03/25/2016 - 18:30

Real gross domestic product (GDP) increased 1.4 percent in the fourth quarter of 2015, according to the “third” estimate released by the Bureau of Economic Analysis. The growth rate was 0.4 percent point more than the “second” estimate released last month. In the third quarter, real GDP increased 2.0 percent.

GDP Highlightsq2q growth take 1
The fourth-quarter increase in real GDP largely reflected a rise in consumer spending. Spending on services increased, notably on recreation services and health care. Spending on durable goods also increased, notably on recreational goods and vehicles. Spending on nondurable goods also increased.

Residential investment and federal government spending also contributed to real GDP growth. In addition, imports, a subtraction in the calculation of GDP, decreased.

Partly offsetting these positive contributions were declines in business investment, exports, inventory investment, and state and local government spending.

Revisions
The upward revision to real GDP growth was mainly accounted for by an upward revision to consumer spending on services, notably on recreation services. Exports of goods and services were also revised up. Partly offsetting these upward revisions, private inventory investment was revised down, notably in manufacturing and retail trade.

Corporate profitsq2q cor
Profits decreased 7.8 percent at a quarterly rate in the fourth quarter after decreasing 1.6 percent in the third quarter.

Profits of nonfinancial corporations decreased 10.2 percent in the fourth quarter, profits of financial corporations decreased 6.0 percent, and profits from the rest of the world decreased 1.7 percent.

Annual corporate profits
For the full year 2015, corporate profits decreased 3.1 percent, after rising 1.7 percent in 2014.

Profits of nonfinancial corporations decreased 2.6 percent, profits of financial corporations fell 0.6 percent, and profits from the rest of the world fell 7.0 percent.

For more information, read the full report.

Categories: BEA Feed Category

Gross Domestic Product, 4th quarter and annual 2015 (third estimate); Corporate Profits, 4th quarter and annual 2015

BEA - News Release RSS - Fri, 03/25/2016 - 18:00
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 1.4 percent in the fourth quarter of 2015, according to the "third" estimate released by the Bureau of Economic Analysis. In the third quarter, real GDP increased 2.0 percent. Full Text
Categories: Economic Indicators

State Personal Income: Fourth Quarter 2015

BEA Blog Feed - Thu, 03/24/2016 - 18:37

State personal income grew 0.8 percent on average in the fourth quarter of 2015, down from 1.0 percent in the third quarter. Thirty-three states, including the four largest states California, Texas, Florida, and New York had slower growth in personal income in the fourth quarter than in the third quarter. Growth rates ranged from -0.1 percent in Wyoming, Oklahoma, and Nebraska to 1.3 percent in Michigan. Growth in Michigan, and eight other states (Missouri, Kentucky, Ohio, Illinois, Texas, Indiana, Kansas, and Tennessee) was boosted by bonuses paid to workers represented by the United Auto Workers for ratifying new contracts.

personal income percent 2015 q3q4

fourth quarter 2015 state PI

 

 

Categories: BEA Feed Category

State Personal Income 2015

BEA Blog Feed - Thu, 03/24/2016 - 18:13

State personal income grew on average 4.4 percent in 2015, the same rate as in 2014. Growth of state personal income—the sum of net earnings by place of residence, property income, and personal current transfer receipts—ranged from -0.2 percent in North Dakota to 6.3 percent in California.

spi0316

state personal income 2015

For more information, read the full report.

Categories: BEA Feed Category

State Quarterly Personal Income, 1st quarter 2015 - 4th quarter 2015; State Annual Personal Income, 2015 (preliminary estimate)

BEA - News Release RSS - Thu, 03/24/2016 - 18:00
State personal income grew on average 4.4 percent in 2015, the same rate as in 2014, according to estimates released today by the U.S. Bureau of Economic Analysis. Growth of state personal income--the sum of net earnings by place of residence, property income, and personal current transfer receipts--ranged from -0.2 percent in North Dakota to 6.3 percent in California (table 1). Full Text
Categories: Economic Indicators

U.S. Current-Account Deficit Decreases in Fourth Quarter 2015

BEA Blog Feed - Thu, 03/17/2016 - 18:11

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)—decreased to $125.3 billion (preliminary) in the fourth quarter of 2015 from $129.9 billion (revised) in the third quarter of 2015. As a percentage of U.S. GDP, the deficit decreased to 2.8 percent from 2.9 percent. The previously published current-account deficit for the third quarter was $124.1 billion.

current-account balance 317

  • The deficit on international trade in goods decreased to $187.3 billion from $190.5 billion as goods imports decreased more than goods exports. 
  • The surplus on international trade in services increased to $53.5 billion from $51.9 billion as services exports increased more than services imports. 
  • The surplus on primary income decreased to $42.8 billion from $45.4 billion as primary income receipts decreased more than primary income payments. 
  • The deficit on secondary income (current transfers) decreased to $34.3 billion from $36.7 billion as secondary income payments decreased and secondary income receipts increased.

Net U.S. borrowing from financial-account transactions was $29.4 billion in the fourth quarter, down from $59.5 billion in the third. 

  • Net U.S. sales of financial assets excluding financial derivatives was $126.1 billion in the fourth quarter, up from $95.9 billion in the third. 
  • Net U.S. repayment of liabilities excluding financial derivatives was $84.4 billion in the fourth quarter, up from $35.7 billion in the third. 
  • Net lending in financial derivatives other than reserves was $12.3 billion in the fourth quarter, up from $0.7 billion in the third.

For more information, read the full report.

Categories: BEA Feed Category

U.S. International Transactions, 4th quarter and Year 2015

BEA - News Release RSS - Thu, 03/17/2016 - 18:00
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)--decreased to $125.3 billion (preliminary) in the fourth quarter of 2015 from $129.9 billion (revised) in the third quarter. The deficit decreased to 2.8 percent of current-dollar gross domestic product (GDP) from 2.9 percent in the third quarter. The decrease in the current-account deficit was accounted for by decreases in the deficits on goods and secondary income and an increase in the surplus on services. These changes were partly offset by a decrease in the surplus on primary income. Full Text
Categories: Economic Indicators

Travel and Tourism Spending Decelerated in Fourth Quarter of 2015

BEA Blog Feed - Thu, 03/17/2016 - 00:46

Inflation adjusted spending (or output) on travel and tourism decelerated in the fourth quarter of last year, increasing at an annual rate of 1.7 percent, after rising 4.5 percent in the third quarter.

For comparison, inflation-adjusted — or real — gross domestic product also decelerated during the same period, increasing 1.0 percent in the fourth quarter, after rising 2.0 percent.

The leading contributors to the deceleration in overall travel and tourism spending in the fourth quarter were transportation and traveler accommodations. Inflation adjusted spending on transportation decelerated, growing 1.0 percent in the fourth quarter, after increasing 8.5 percent in the third quarter. Inflation adjusted spending on traveler accommodations turned down, decreasing 4.2 percent, after increasing 4.0 percent in the previous quarter.

For all of 2015, travel and tourism spending grew 4.4 percent, after increasing 3.1 percent in 2014.

For more information, read the full report.

real tourism spending 0316

Categories: BEA Feed Category

BEA Data Provide a Look into America’s Shopping Carts

BEA Blog Feed - Wed, 03/16/2016 - 21:26

consumerspendinggraphicAmerica’s consumers spent more than $12 trillion last year on all kinds of stuff, including new cars, furniture, clothes, groceries, beauty products, electronics, visits to doctors and dentists, and tickets to sporting events and movies.

The Bureau of Economic Analysis produces a slew of data on what people buy and how much they spend.  It’s a critical piece of economic information.  Consumer spending is a major shaper of the overall U.S. economy, accounting for more than two-thirds of GDP.  Beyond that, the statistics can help entrepreneurs and other business people make more informed decisions, offering insights into shoppers’ buying behavior.

Nationwide consumer spending statistics are available on a monthly, quarterly and annual basis. State-by-state statistics detailing consumer spending are also now available.  BEA started producing annual state consumer spending data on a regular basis in 2015. All of BEA’s consumer spending data are accessible from an interactive database on our website.  And, they are all free.

In BEA’s most recent report, released Feb. 26, consumer spending across the country grew by 0.5 percent in January, the most since May. Spending on durable goods, costly manufactured items like cars and furniture, led the way, rising 1.2 percent in January from the previous month.  Consumers’ incomes, the fuel for spending growth, also rose 0.5 percent in January, the largest increase since May.

The consumer spending statistics are among the millions of economic data points that BEA produces and are one example of the kind of economic intelligence that BEA makes available to the public, businesses, students, researchers and policymakers.

Commerce Secretary Penny Pritzker likes to say that the department is “America’s data agency.”   The reach, depth and breadth of the data flowing out of the Commerce Department are unrivaled in the federal government.   Making Commerce’s data even more accessible to the American public is one of the key pillars of Commerce’s “Open for Business Agenda.”

Categories: BEA Feed Category

Travel and Tourism Satellite Accounts, 4th quarter 2015

BEA - News Release RSS - Wed, 03/16/2016 - 18:00
Real spending (output) on travel and tourism decelerated in the fourth quarter of 2015, increasing at an annual rate of 1.7 percent after increasing 4.5 percent (revised) in the third quarter of 2015. Real gross domestic product (GDP) also decelerated, increasing 1.0 percent in the fourth quarter (second estimate) after increasing 2.0 percent. For the year, travel and tourism spending grew 4.4 percent after increasing 3.1 percent in 2014. Full Text
Categories: Economic Indicators

Opportunity Data Set Powered by U.S. Census Bureau Information

CENSUS Directors Blog - Tue, 03/08/2016 - 00:48

Written by: John H. Thompson

This afternoon, I attended the launch of the Opportunity Project at the White House. The Opportunity Project is an initiative from the U.S. Department of Housing and Urban Development that uses Census Bureau data to help cities and local governments use new, curated, open data to account for how they use federal housing dollars.

The Opportunity Project’s curated data set is a new way that the federal government is collaborating with local leaders, technologists, non-profits and community members to leverage data to expand access to opportunity and fair housing across the country. Through this data set – which is derived from American Community Survey data and other Census Bureau sources – users can navigate a wealth of information on access to jobs, transit and schools. Armed with this information on neighborhood-level opportunities and challenges, communities can expand access to opportunity for their members.

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Director Thompson speaks about The Opportunity Project.

As part of the project, in January the government brought together eight cities and a dozen private sector and non-profit software development teams to use Opportunity Data to create user-friendly digital tools that help communities navigate and visualize information about their neighborhoods. Some of the participants included developers from Zillow, Redfin and Socrata; experts from the Urban Institute and Ford Foundation; and local data leads from New Orleans, Baltimore and Philadelphia.

Today, the developers launched their tools, which visualize everything from school test scores to community health outcomes to median commute times. In addition, the White House launched the Opportunity interactive site with the curated data set packaged in an accessible format. This information is now at the fingertips of local leaders, community organizers, non-profits, media, and families to use in creative and innovative ways.

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U.S. Chief Technology Officer, Megan Smith, introduces Census Bureau Director John Thompson at the White House rollout of the Opportunity Project.

The Opportunity Project is just one example of how the Census Bureau is working to make its data widely and easily accessible. HUD and the Census Bureau have been closely partnering on data outreach for the past year, including on CitySDK, which makes it easier to build products with open data (including the Opportunity data set) from the federal government. The Opportunity Project deepens our engagement with software developers, in conjunction with the newly created Commerce Data Service as well as the White House’s Office of Science and Technology Policy, Domestic Policy Council and Office of Management and Budget. We look forward to continuing to leverage our technology and data in the future to help facilitate agencies and the public in further expanding access to opportunity and fair housing.

January 2016 Trade Gap is $45.7 Billion

BEA Blog Feed - Fri, 03/04/2016 - 19:30

The U.S. monthly international trade deficit increased in January 2016 according to the U.S. Bureau of Economic Analysis and the U.S. Census Bureau. The deficit increased from $44.7 billion in December (revised) to $45.7 billion in January, as exports decreased more than imports. The previously published  December deficit was $43.4 billion. The goods deficit increased $1.1 billion from December to $63.7 billion in January. The services surplus increased $0.1 billion from December to $18.0 billion in January.

Balance on goods and service march4

Exports
Exports of goods and services decreased $3.8 billion, or 2.1 percent, in January to $176.5 billion. Exports of goods decreased $4.0 billion and exports of services increased $0.2 billion.

  • The decrease in exports of goods mainly reflected decreases in capital goods ($1.2 billion), in industrial supplies and materials ($0.9 billion), and in consumer goods ($0.8 billion).
  • The increase in exports of services mainly reflected increases in travel (for all purposes including education) ($0.2 billion) and in transport ($0.1 billion), which includes freight and port services and passenger fares.

Imports
Imports of goods and services decreased $2.8 billion, or 1.3 percent, in January to $222.1 billion. Imports of goods decreased $2.9 billion and imports of services increased less than $0.1 billion.

  • The decrease in imports of goods mainly reflected decreases in industrial supplies and materials ($2.1 billion) and in capital goods ($1.2 billion).
  • The increase in imports of services mainly reflected increases in other business services ($0.1 billion), which includes research and development services; professional and management services; and technical, trade-related, and other services, and in travel (for all purposes including education)($0.1 billion).

Goods by geographic area (seasonally adjusted, Census basis)

  • The deficit with China increased $1.4 billion to $31.1 billion in January. Exports increased less than $0.1 billion to $8.6 billion and imports increased $1.5 billion to $39.8 billion.
  • The deficit with Mexico increased $0.8 billion to $5.6 billion in January. Exports decreased less than $0.1 billion to $19.5 billion and imports increased $0.8 billion to $25.1 billion.
  • The balance with the United Kingdom shifted from a surplus of $0.6 billion in December to a deficit of $0.1 billion in January. Exports decreased $0.4 billion to $4.1 billion and imports increased $0.3 billion to $4.3 billion.

For more information, read the full report.

Categories: BEA Feed Category

U.S. International Trade in Goods and Services, January 2016

BEA - News Release RSS - Fri, 03/04/2016 - 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 $45.7 billion in January, up $1.0 billion from $44.7 billion in December, revised. January exports were $176.5 billion, $3.8 billion less than December exports. January imports were $222.1 billion, $2.8 billion less than December imports. Full Text
Categories: Economic Indicators

Retail Trade Led Growth Across States in the Third Quarter

BEA Blog Feed - Wed, 03/02/2016 - 19:12

Real gross domestic product (GDP) increased in 47 states and the District of Columbia in the third quarter of 2015, according to statistics on the geographic breakout of GDP released today by the Bureau of Economic Analysis. Overall, U.S. real GDP by state growth slowed to an annual rate of 1.9 percent in the third quarter of 2015 after increasing 3.8 percent in the second quarter. Retail trade; health care and social assistance; and agriculture, forestry, fishing, and hunting were the leading contributors to real U.S. economic growth in the third quarter.

GDP by State 0302

  • Retail trade grew 7.1 percent in the third quarter of 2015. This industry contributed 0.41 percentage point to U.S. real GDP growth and contributed to growth in 49 states and the District of Columbia. Nevada was the lone exception.
  • Health care and social assistance grew 5.5 percent in the third quarter of 2015. This industry contributed 0.39 percentage point to U.S. real GDP growth and contributed to growth in 49 states and the District of Columbia. North Dakota was the lone exception.
  • Agriculture, forestry, fishing, and hunting grew 37.5 percent in the third quarter of 2015. This industry contributed 0.36 percentage point to real GDP growth for the nation and contributed 6.91 percentage points to real GDP growth in South Dakota, 5.41 percentage points to growth in Kansas, and 4.79 percentage points to growth in Nebraska.

For more information, read the full report.

Categories: BEA Feed Category

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