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Personal Income and Outlays, April 2016

BEA - News Release RSS - Tue, 05/31/2016 - 18:00
Personal income increased $69.8 billion, or 0.4 percent, and disposable personal income (DPI) increased $63.5 billion, or 0.5 percent, in April, according to the Bureau of Economic Analysis. Personal consumption expenditures (PCE) increased $119.2 billion, or 1.0 percent. In March, personal income increased $56.7 billion, or 0.4 percent, DPI increased $49.6 billion, or 0.4 percent, and PCE increased $3.7 billion, or less than 0.1 percent, based on revised estimates. Full Text
Categories: Economic Indicators

Gross Domestic Product, 1st quarter 2016 (second estimate); Corporate Profits, 1st quarter 2016 (preliminary estimate)

BEA - News Release RSS - Fri, 05/27/2016 - 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 0.8 percent in the first quarter of 2016, according to the "second" estimate released by the Bureau of Economic Analysis. In the fourth quarter, real GDP increased 1.4 percent. Full Text
Categories: Economic Indicators

Preparing for the 2020 Census: Choosing Data Collection and Processing Systems

CENSUS Directors Blog - Fri, 05/27/2016 - 02:44

Written by John H. Thompson

Today, the U.S. Census Bureau announced a major decision on the path to the 2020 Census. Since December 2014, we’ve been assessing whether to use commercial software products to collect and process data in the 2020 Census, or whether to build our own systems. After a great deal of evaluation and discussion, we have determined that a hybrid approach – combining a commercial off-the-shelf (COTS) system with specific solutions developed by Census experts – will best meet our needs.

During this same period, our in-house innovation and development teams have been hard at work developing prototypes that we could test during the 2020 Census field tests. These prototypes delivered key digital data collection system capabilities for data collection.   This testing as been a critical part of the development process, allowing us to better understand how we could reengineer our business processes to save money during the 2020 Census.  The work of the teams helped us develop and refine our requirements, and to make a well-informed evaluation of the COTS products.

Based on our final requirements and an analysis of the development and testing results – and with input from experts at Carnegie Mellon University, and the National Academy of Sciences – we decided on an integrated COTS platform that can supply functional solutions as well as allow us to incorporate some of the innovations that we have developed in-house. This approach meets our data collection and processing goals for the 2020 Census, and builds the infrastructure to support all of our censuses and surveys in the future.

Refining the systems we use for data collection and processing is a critical component of our proposal to save $5.2 billion in the 2020 Census, compared to repeating the 2010 Census design. The timing of this decision was critical to meet the schedules and timelines that are key to preparing for the 2018 End-to-End Test, which will test the integration of all major operations and systems.

To learn more about how we made this decision for the agency, click here. For more information about how we’re preparing for the next census, check out the 2020 Decision Memo and our 2020 Census Operational Plan.

Technology Innovations for Nonresponse Follow-Up in the 2020 Census

CENSUS Directors Blog - Tue, 05/24/2016 - 00:22

Written by: John H. Thompson

This week I am visiting Los Angeles County to observe the last phase of the 2016 Census Test, currently underway here in California as well as in Harris County, Texas. Almost 225,000 households in Los Angeles County received a notification from the U.S. Census Bureau by mail 9 weeks ago asking them to complete the 2016 Census Test questionnaire online. Now, census takers are engaged in what we call “nonresponse follow-up” — that is, personally visiting households that did not respond to the census.

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       Director Thompson looks at the 2016 Census Test questionnaire online in Chinese.

Using technology to refine our nonresponse follow-op operations is a critical part of our preparations for the 2020 Census. The testing that’s underway in California and Texas will help us hone the innovative, cost-saving procedures outlined in the 2020 Census Operational Plan.

In the current phase of the 2016 Census Test, we’re refining the technologies and methods that we use to assign cases to field staff conducting nonresponse follow-up visits. In 2020, we plan to automate much of the door-to-door field work involved in this operation and better manage census takers’ workloads and routing in real time.

 160310US-LA -- Photo by Lee Roth

A census taker visits a household for nonresponse follow-up in Los Angeles County, Calif.

We’re also continuing to refine our innovative use of mobile technology in our follow-up efforts. We’re replacing paper and pencil with mobile devices for census takers who visit nonresponding households. These devices have special software that census takers will use to securely collect households’ information and transmit that data, daily assignments, updates and timesheets.

Finally, we’re continuing our research into how to best use existing government and commercial information to reduce the nonresponse follow-up workload. For example, we’re exploring how to use records to identify vacant units that we don’t need to visit. We’re also working on ways we can use this information to reduce the number of  visits census takers make to nonresponding households, and to count those households if they don’t respond after multiple visits.

Through the smart use of technology and innovations like these, we can save up to $5.2 billion, compared to repeating the design of the 2010 Census. Thank you to the residents of Los Angeles County and Harris County for participating in this critical census test. Your cooperation is critical to helping us design 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 our plans for the 2020 Census at www.census.gov/2020census

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

BEA - News Release RSS - Wed, 05/04/2016 - 18:00
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 $40.4 billion in March, down $6.5 billion from $47.0 billion in February, revised. March exports were $176.6 billion, $1.5 billion less than February exports. March imports were $217.1 billion, $8.1 billion less than February imports. Full Text
Categories: Economic Indicators

Personal Income and Outlays, March 2016

BEA - News Release RSS - Fri, 04/29/2016 - 18:00
Personal income increased $57.4 billion, or 0.4 percent, and disposable personal income (DPI) increased $50.4 billion, or 0.4 percent, in March, according to the Bureau of Economic Analysis. Personal consumption expenditures (PCE) increased $12.8 billion, or 0.1 percent. In February, personal income increased $12.0 billion, or 0.1 percent, DPI increased $11.4 billion, or 0.1 percent, and PCE increased $21.4 billion, or 0.2 percent, based on revised estimates. Full Text
Categories: Economic Indicators

Gross Domestic Product, 1st quarter 2016 (advance estimate)

BEA - News Release RSS - Thu, 04/28/2016 - 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 0.5 percent in the first quarter of 2016, according to the "advance" estimate released by the Bureau of Economic Analysis. In the fourth quarter, real GDP increased 1.4 percent. Full Text
Categories: Economic Indicators

Surveying U.S. Census Bureau Commuting Data in Atlanta

CENSUS Directors Blog - Wed, 04/27/2016 - 20:43

Written by: John H. Thompson

Today, I am in Atlanta for a roundtable discussion with local officials on commuting data, and how they can use the Census Bureau’s wealth of statistics to serve their communities.

The Atlanta area is a great case study of some of the many ways that commuting data can be used by policy makers and residents. For starters, our data show that the mean travel time of Atlanta-area commuters is among the highest of American metro areas, at 31 minutes. Our data also indicate how residents get to work – whether by car, bike, public transportation or on foot. Atlantans rely heavily on their cars, with 76.3 percent of workers commuting by automobile.

Commuting data can also tell Atlanta leaders about how residents use other modes of transportation, such as the MARTA bus and rail line, the Downtown Loop streetcar line that opened in 2014, and the multi-use BeltLine trail that’s currently under development. Our statistics can show changes in how people use these alternative travel methods over time.

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Armed with Census Bureau data on commuting, local officials can see how, when, and where their residents are commuting. This enables them to make evidence-based decisions on transportation on behalf of their constituents. For example, they can examine the relationship between transportation systems and development patterns in their area; implement policies to address traffic congestion; and use forecasting to predict commuting behavior.

But officials aren’t the only people who can use our data. Residents and advocacy groups can use them to petition for new or expanded roads, bus lines, bike lanes, and sidewalks. Entrepreneurs and economic development agencies can better understand the link between travel and business patterns. And the Centers for Disease Control and Prevention (coincidentally, based in Atlanta) uses commuting data to track community design and its effect on environmental public health. The potential uses are endless.

Census Bureau commuting statistics come from the American Community Survey, the largest household survey in the U.S. Along with data on commuting patterns, the American Community Survey provides statistics on housing, employment, education and many other topics – and it’s the basis for the distribution of more than $400 billion in federal funds. Transportation strategy is just one way that communities use American Community Survey statistics to plan for investments and services.

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Director Thompson and Doug Hooker, Atlanta Regional Commission executive director, discuss how Census Bureau data can be used to inform decisions on the city’s commuting and transportation needs.

If you’re interested in learning more about commuting patterns in your community, check out Census Explorer: Commuting Edition to see data by state, county and neighborhood. For special reports on commuting, visit the Census Bureau’s commuting web page.

Gross Domestic Product by Industry, 4th quarter and annual 2015

BEA - News Release RSS - Thu, 04/21/2016 - 18:00
Information; construction; and professional, scientific, and technical services were the leading contributors to the increase in U.S. economic growth in the fourth quarter of 2015. According to statistics on the breakout of gross domestic product (GDP) by industry released today by the Bureau of Economic Analysis (BEA), overall, 16 of 22 industry groups contributed to the 1.4 percent increase in real GDP in the fourth quarter. Full Text
Categories: Economic Indicators

Statistics on Federal Refundable Tax Credits for Every State Now Available

BEA Blog Feed - Wed, 04/06/2016 - 20:17

For years, BEA has provided state-by-state information on people’s incomes, which includes refundable tax credits and rebates. But BEA did not break out the refundable tax credit statistics.

Now, for the first time, BEA is making available the amounts and types of federal refundable tax credits broken out for each state, giving policymakers,  researchers and academics a new tool for economic analysis.

The new data, available on BEA’s website, includes information on the earned income tax credit and the additional child tax credit.  The data are available for all 50 states and the District of Columbia from 1976 through 2014.

Policymakers can use the data to design and implement tax and economic policies. Researchers and academics can use the data for insights into the distribution of income in a state or across states. The data also can be used in analyzing poverty.

Categories: BEA Feed Category

February 2016 Trade Gap is $47.1 Billion

BEA Blog Feed - Tue, 04/05/2016 - 18:46

The U.S. monthly international trade deficit increased in February 2016 according to the U.S. Bureau of Economic Analysis and the U.S. Census Bureau. The deficit increased from $45.9 billion in January (revised) to $47.1 billion in February, as imports increased more than exports. The previously published January deficit was $45.7 billion. The goods deficit increased $0.9 billion from January to $64.7 billion in February. The services surplus decreased $0.3 billion from January to $17.7 billion in February.

balance on goods and services trade

Exports
Exports of goods and services increased $1.8 billion, or 1.0 percent, in February to $178.1 billion. Exports of goods increased $1.8 billion and exports of services decreased less than $0.1 billion.

  • The increase in exports of goods mainly reflected increases in consumer goods ($1.1 billion) and in other goods ($0.6 billion).
  • The decrease in exports of services mainly reflected decreases in transport ($0.2 billion), which includes freight and port services and passenger fares, and in financial services ($0.1 billion). An increase in travel (for all purposes including education)($0.2 billion) was partly offsetting.

Imports
Imports of goods and services increased $3.0 billion, or 1.3 percent, in February to $225.1 billion. Imports of goods increased $2.7 billion and imports of services increased $0.3 billion.

  • The increase in imports of goods mainly reflected an increase in consumer goods ($3.6 billion). A decrease in automotive vehicles, parts, and engines ($1.5 billion) was partly offsetting.
  • The increase in imports of services reflected increases in travel (for all purposes including education) ($0.1 billion), 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 transport ($0.1 billion).

Goods by geographic area (seasonally adjusted, Census basis)

  • The deficit with China increased $1.0 billion to $32.1 billion in February. Exports decreased $0.3 billion to $8.4 billion and imports increased $0.8 billion to $40.5 billion.
  • The deficit with Canada increased $0.3 billion to $1.0 billion in February. Exports decreased $0.7 billion to $21.6 billion and imports decreased $0.4 billion to $22.6 billion.
  • The balance with members of OPEC shifted from a deficit of $0.2 billion in January to a surplus of $1.9 billion in February. Exports increased $1.6 billion to $7.4 billion and imports decreased $0.4 billion to $5.5 billion.

For more information, read the full report.

 

Categories: BEA Feed Category

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

BEA - News Release RSS - Tue, 04/05/2016 - 18:00
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 $47.1 billion in February, up $1.2 billion from $45.9 billion in January, revised. February exports were $178.1 billion, $1.8 billion more than January exports. February imports were $225.1 billion, $3.0 billion more than January imports. Full Text
Categories: Economic Indicators

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

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