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Widespread Industry Growth Drives Upturn in GDP in Second Quarter

TEST - RSS Feed - KC - Mon, 11/17/2014 - 19:32

Widespread industry growth drove the U.S. economy’s second-quarter rebound, with 19 of the 22 industry groups tracked contributing 6.7 percentage points to real Gross Domestic Product. Finance, insurance, real estate, rental and leasing; manufacturing; and agriculture, forestry, fishing and hunting led the way.

Real GDP increased 4.6 percent in the second quarter, after decreasing 2.1 percent in the first quarter.

Real Value Added by Industry

Real value added —a measure of an industry’s contribution to GDP—for finance, insurance, real estate, rental, and leasing increased 2.7 percent in the second quarter, after decreasing 4.1 percent in the first

quarter. The upturn was primarily concentrated in the finance and insurance sector, which includes banking, brokerage and other types of financial services.  Real gross output for the finance and insurance sector – a measure of an industry’s sales or receipts adjusted for inflation – increased 2.7 percent in the second quarter, after increasing 2.3 percent.

Real value added for the manufacturing sector also turned up, increasing 6.8 percent, after decreasing 1.3 percent in the first quarter. Durable-goods manufacturing, which includes motor vehicle manufacturing and computer and electronic product manufacturing, led the overall upturn in manufacturing, increasing 8 percent in the second quarter, after decreasing 4.5 percent.  Similarly, real gross output for durable-goods manufacturing increased 7.3 percent, after decreasing 2.7 percent in the first quarter.

Real value added for the agriculture, forestry, fishing and hunting sector increased 14.2 percent.  The sector’s real gross output also rebounded in the second quarter, increasing 6.3 percent, after falling 19.9 percent.

Quarterly GDP by industry statistics, including value added, gross output, and intermediate inputs, can be accessed in BEA’s Interactive Data Application at www.bea.gov/itable/.

Widespread Growth Across Industries in Second Quarter 2014

TEST - RSS Feed - KC - Thu, 11/13/2014 - 19:22

Real gross domestic product (GDP) increased at an annual rate of 4.6 percent in the second quarter of 2014, after decreasing 2.1 percent in the first quarter. Both private goods- and services-producing industries contributed to the increase, while the government sector decreased.

  • The leading contributors to the increase were durable-good manufacturing; finance and insurance; and retail trade.

Real GDP and Real Value added by sector

  • Durable-goods manufacturing real value added increased 8.0 percent in the second quarter, after decreasing 4.5 percent.
  • Finance and insurance increased 6.0 percent, after decreasing 9.8 percent.
  • Retail trade increased 7.2, after increasing 4.3 percent.

Read GDP percent change

Read the full report.

September 2014 Trade Gap is $43.0 Billion

TEST - RSS Feed - KC - Tue, 11/04/2014 - 19:55

The U.S. monthly international trade deficit increased in September 2014 according to the U.S. Bureau of Economic Analysis and the U.S. Census Bureau. The deficit increased from $40.0 billion in August (revised) to $43.0 billion in September, mainly reflecting a decrease in exports. The previously published August deficit was $40.1 billion. The goods deficit increased $2.4 billion from August to $62.7 billion in September; the services surplus decreased $0.6 billion from August to $19.6 billion in September.

balance on Goods and Services
Exports
Exports of goods and services decreased $3.0 billion in September to $195.6 billion, mostly reflecting a decrease in exports of goods. Exports of services also decreased.

  • The decrease in exports of goods was more than accounted for by decreases in industrial supplies and materials, in capital goods, and in consumer goods. An increase in foods, feeds, and beverages was partly offsetting.
  • The decrease in exports of services mostly reflected decreases in travel (for all purposes including education) and in transport, which includes freight and port services and passenger fares. Changes in the other categories of services exports were relatively small and nearly offsetting.

Imports
Imports of goods and services increased $0.1 billion in September to $238.6 billion, reflecting an increase in imports of services. Imports of goods decreased.

  • The increase in imports of services mostly reflected an increase in transport. Changes in the other categories of services imports were relatively small.
  • The decrease in imports of goods was more than accounted for by decreases in industrial supplies and materials, in capital goods, and in automotive vehicles, parts, and engines. An increase in consumer goods was partly offsetting.

Goods by geographic area (seasonally adjusted, Census basis)

  • The goods deficit with China increased from $28.5 billion in August to $31.2 billion in September. Exports decreased $0.1 billion to $9.8, and imports increased $2.6 billion to $41.0 billion.
  • The goods deficit with Canada increased from $2.7 billion in August to $4.0 billion in September. Exports decreased $0.6 billion to $26.3 billion, and imports increased $0.7 billion to $30.3 billion.
  • The goods deficit with Germany decreased from &7.2 billion in August to $6.2 billion in September. Exports increased $0.1 billion to $4.2 billion, and imports decreased $0.8 billion to $10.4 billion.

Read the full report.

Consumer Spending Falls in September

TEST - RSS Feed - KC - Fri, 10/31/2014 - 18:24

Personal Income rose 0.2 percent in September after rising 0.3 percent in August. Wages and salaries, the largest component Consumer spending chartof personal income, rose 0.2 percent in September after rising 0.5 percent in August.

Current-dollar disposable personal income (DPI), after-tax income, rose 0.1 percent in September after rising 0.3 percent in August.

Real DPI, income adjusted for taxes and inflation, remained flat in September after increasing 0.3 percent in August.

Real consumer spending, spending adjusted for price changes, decreased 0.2 percent in September after increasing 0.5 percent in August. Spending on durable goods decreased 1.9 percent in September after increasing 2.3 percent in August.

PCE prices increased 0.1 percent in September after decreasing 0.1 percent in August. Excluding food and energy, PCE prices increased 0.1 percent in September, the same increase as in August.

Personal saving rate
Personal saving as a percent of DPI was 5.6 percent in September and 5.4 percent in August.

Read the full report.

Real Disposable Personal Income and Real Consumer Spending

GDP Growth Moderates in Third Quarter

TEST - RSS Feed - KC - Thu, 10/30/2014 - 18:25

Real gross domestic product (GDP) increased 3.5 percent in the third quarter of 2014, according to the “advance” estimate released by the Bureau of Economic Analysis. In the second quarter, real GDP increased 4.6 percent.

Third-quarter highlightsQ2Q Growth in Real GDP
The deceleration in GDP growth was more than accounted for by inventory investment, which detracted from growth in the third quarter after adding to it in the second quarter.

In addition:

  • Consumer spending decelerated, increasing 1.8 percent after increasing 2.5 percent. Spending on nondurable and durable goods both slowed, while services picked up.
  • Business investment rose but not as much as in the second quarter. Investment in structures, equipment, and intellectual property products slowed.
  • Exports of goods and services decelerated.

In contrast, imports declined in the third quarter after increasing significantly in the second quarter, reflecting downturns in nonautomotive consumer goods and in industrial supplies and materials.

Personal income and personal saving
Real disposable personal income (DPI), which adjusts for taxes and inflation, rose 2.7 percent in the third quarter after increasing 4.4 percent in the second quarter.

Personal saving as a percentage of DPI increased to 5.5 percent in the third quarter from 5.4 percent in the second quarter.

Pricesq2q
Prices of goods and services purchased by U.S. residents increased 1.3 percent in the third quarter after increasing 2.0 percent in the second quarter.

Prices of energy goods and services turned down in the third quarter, and food prices slowed.

Excluding food and energy, gross domestic purchase prices increased 1.5 percent in the third quarter after increasing 1.7 percent in the second quarter.

Read the full report.

Commerce Data: Then & Now

TEST - RSS Feed - KC - Tue, 10/21/2014 - 18:53

In July, Secretary of Commerce Penny Pritzker announced that our department will be hiring our first ever Chief Data Officer (CDO), building on her commitment to Commerce’s role as “America’s Data Agency.” She also announced the formation of a data advisory council comprising private sector leaders who will help the CDO navigate new and dynamic data challenges. This is the latest chapter in Commerce’s long history of adapting to serve the needs of an ever-changing American economy.

The United States Department of Commerce has been a trusted provider of data and statistics for centuries. The first decennial census took place in 1790 and the first patent was issued that same year.  Today, because of advances in technology, we are able to provide Americans with more data, faster and more accurately than ever before. This transformation can be seen in the evolution of the Census Bureau.

Article 1 Section 3 of the US Constitution states that the U.S. government shall enumerate the population of the United States every 10 years. Beginning with the 1790 Decennial Census and once every decade since then, the federal government has provided this invaluable information, making the United States the first country to produce a regular count of its citizens.

By the early 1800s it became clear that in addition to the important demographic information flowing from the decennial census, there was also an imperative for regular collection of business information. In response to that need, in 1810, the U.S. Census Bureau established a census of businesses, also known as the economic census.  The initial focal points were manufacturing, lumber yards and butcher shops. In 1902, Congress authorized the establishment of the U.S. Census Bureau and directed that the census of manufacturers be taken every five years (a “quinquennial” census).  As the economy grew, the Census Bureau responded accordingly and by 1930 it had expanded the economic census to include services.  The breadth of the survey has since changed to keep pace with our nation’s growing economy.  The 2012 economic census data are currently being released.

Over the years, the Census Bureau’s responsibilities have expanded as the need for more timely and detailed information has grown. For example, to increase accuracy and timeliness, the decennial census expanded to include vital data flowing from the annual American Community Survey (ACS).  The ACS provides demographic, social, economic, and housing characteristics, but also prepares the Census Bureau for the scale of the decennial census.  The ACS has replaced the long form, so that today’s decennial census survey is no longer than ten questions.

Other surveys such as the Current Population Survey (CPS) are conducted by the Census Bureau today to help us better estimate poverty, income, health insurance coverage, school enrollment, marital status, and family structure.  The CPS, or household survey, emerged in the 1930s as a tool to measure the jobless population.  Prior to the 1930s, no measurement of unemployment of the labor force existed, which was problematic during the Great Depression.  By the 1940s, the CPS was in place to measure the labor force and better direct public policy.

City, state and local governments use Census data to gauge the need for public services and focus resources. Our data allow them to assess trends and create more efficient systems of service delivery. Many private companies use the same data to make investment decisions within communities such as where to open manufacturing centers or retail locations. By delivering reliable, relevant, and accessible public data, the Department of Commerce enables citizens to make more informed business decisions. The department’s data sets are used by private citizens in a variety of other ways. You may use them every day and not even know it.

Data privacy and security are and have always been a top priority for the Commerce Department’s data agencies across history. Our commitment and track record result in an outstanding volume of data, and response rates far higher than private sector data collectors. Commerce data has been a valuable resource for many generations, and with a renewed focus on promoting accessible and usable data, we will continue to provide key information for years to come.

You can read more about the data component of the Open for Business agenda and learn more about releases and events at commerce.gov.  For more information on statistical programs and products detailing our country’s socio-economic characteristics, please visit Census.gov.  For more information on climate data, please visit NOAA.gov.

Mark Doms, Under Secretary for Economic Affairs

(Note: This blog was first published by the Economics and Statistics Administration on Oct. 20, World Statistics Day.)

Detailed Statistics on Trade in Services Coming Soon

TEST - RSS Feed - KC - Sat, 10/11/2014 - 01:31

With the release of the October edition of the Survey of Current Business, the Bureau of Economic Analysis (BEA) will publish the most detailed tables on trade in services by type of service and by area and country. These data represent the final product related to the restructuring of BEA’s international accounts, the most sweeping revamp since 1976.

This annual article (U.S. International Services: Trade in Services and Services Supplied Through Affiliates) provides a broad perspective on services provided by and to the United States in international markets by presenting information on both trade in services and services supplied through the channel of direct investment by affiliates of multinational enterprises. This year’s article will feature restructured tables on U.S. exports and imports of services consistent with those released with the international transactions accounts in June. The statistics on services supplied through affiliates will not be restructured but there will be minor changes to the tables to adopt new terminology.

In addition, these tables will be made available for the first time in BEA’s interactive tables.  This gives users the flexibility to customize their own time series rather than relying on static Excel tables. Templates previewing the structure of the tables are available here.

New information on trade by detailed type of service and by area and country will be available under the restructured trade in services tables.  For example:
• Exports and imports of accounting, auditing, and bookkeeping services by area and country
• Exports and imports of construction by area and country
• Exports and imports of architectural and engineering services by area and country

Also, the analysis in the article has expanded to include statistics on services provided to, and received from, nonresidents by U.S. government agencies, both military and nonmilitary, as part of a new category, “government goods and services n.i.e.” (not included elsewhere).  With this change, this article will now provide detailed information on all U.S. trade in services, not just private services.

These changes have aligned U.S. data more closely with updated international guidelines, such as the sixth edition of the Balance of Payments and International Investment Position Manual. Keeping up with international guidelines makes it easier for users to compare U.S. data with data from our major trade and investment partners.

BEA Stats Offer Interesting Nuggets about U.S. Factories in Recognition of Manufacturing Day

TEST - RSS Feed - KC - Fri, 10/03/2014 - 20:44

Today is Manufacturing Day and that’s the perfect time to brush up on your factory factoids. Here are some data nuggets produced by the Bureau of Economic Analysis that might surprise you:bea-manufacturing-by-state

The first two facts come from BEA’s GDP by industry data, which are now available on a quarterly basis. The next installment comes out Nov. 13. The third one comes from BEA’s GDP accounts. And, data on exports of manufactured goods can be found in the monthly trade report produced jointly by BEA and the U.S. Census Bureau.

Want to know where manufacturing plays the biggest role in state and regional economies? You can rely on BEA data to answer that question.  

In 2013, Indiana ranked highest in the concentration of manufacturing, followed by Oregon, Louisiana, and North Carolina. According to the BEA’s GDP by metropolitan area data released Sept. 16, the Elkhart-Goshen, Indiana and Kokomo, Indiana metro areas had the highest manufacturing concentration in the nation, followed by the Lake Charles, Louisiana metro area.

Providing businesses and individuals with the statistics they need to compete in the global marketplace is one way that BEA is helping to unleash the power of data for American businesses. The Commerce Department’s ‘Open for Business Agenda’ prioritizes unleashing more data and making it more accessible so it can catalyze the emergence of new businesses, products, and services. Data from the Commerce Department, America’s data agency, enable start-ups, move markets, and power both small and multi-billion dollar companies.

August 2014 Trade Gap is $40.1 Billion

TEST - RSS Feed - KC - Fri, 10/03/2014 - 18:36

The U.S. monthly international trade deficit decreased in August 2014 according to the U.S. Bureau of Economic Analysis and the U.S. Census Bureau. The deficit decreased from $40.3 billion in July (revised) to $40.1 billion in August as exports increased more than imports. The previously published July deficit was $40.5 billion. The goods deficit increased $0.1 billion from July to $59.9 billion in August; the services surplus increased $0.3 billion from July to $19.8 billion in August.

August Trade Gap

Exports
Exports of goods and services increased $0.4 billion in August to $198.5 billion, mostly reflecting an increase in exports of services. Exports of goods also increased.

  • The increase in exports of services reflected increases in transport, which includes freight and port services and passenger fares, and in travel (for all purposes including education). Changes in the other categories of services exports were relatively small.
  • The increase in exports of goods was more than accounted for by increases in capital goods, in consumer goods, and in industrial supplies and materials. Partly offsetting were decreases in automotive vehicles, parts, and engines and in foods, feeds, and beverages.

Imports
Imports of goods and services increased $0.2 billion in August to $238.6 billion, reflecting increases in imports of both goods and services.

  • The increase in imports of goods was more than accounted for by increases in capital goods and in consumer goods. Partly offsetting were decreases in automotive vehicles, parts, and engines and in other goods.
  • The increase in imports of services reflected increases in transport and in other business services that were partly offset by a decrease in charges for the use of intellectual property, which in July included payments for the rights to broadcast the 2014 soccer World Cup.

Goods by geographic area (seasonally adjusted, Census basis)

  • The goods deficit with OPEC decreased from $4.9 billion in July to $2.4 billion in August. Exports increased $0.8 billion to $7.7 billion, and imports decreased $1.7 billion to $10.1 billion.
  • The goods deficit with Japan decreased from $5.7 billion in July to $4.7 billion in August. Exports increased $0.5 billion to $6.1 billion, and imports decreased $0.5 billion to $10.8 billion.
  • The goods deficit with the European Union increased from $9.5 billion in July to $12.5 billion in August. Exports decreased $0.7 billion to $24.0 billion, and imports increased $2.2 billion to $36.5 billion.

Read the full report.

State Personal Income: Second Quarter 2014

TEST - RSS Feed - KC - Tue, 09/30/2014 - 18:39

State personal income growth accelerated to 1.5 percent on average in the second quarter of 2014 from 1.2 percent in the first quarter. Personal income growth ranged from 2.7 percent in North Dakota and Nebraska to 1.1 percent in New York and Alaska, with growth accelerating in 36 states. Inflation, as measured by the national price index for personal consumption expenditures, accelerated to 0.6 percent in the second quarter from 0.3 percent in the first quarter.

spi0914_fax

 

State-Person14

Read the full report.

 

Real Consumer Spending Rose in August

TEST - RSS Feed - KC - Mon, 09/29/2014 - 18:39

Personal income rose 0.3 percent in August after rising 0.2 percent in July. Wages and salaries, the largest component of personal income, rose 0.4 percent in August afterJune thru Aug chart rising 0.2 percent in July.

Current-dollar disposable personal income (DPI), after-tax income, rose 0.3 percent in August after rising 0.2 percent in July.

Real DPI, income adjusted for taxes and inflation, increased 0.3 percent in August after increasing 0.1 percent in July.

Real consumer spending, spending adjusted for price changes, increased 0.5 percent in August after decreasing 0.1 percent in July. Spending on durable goods increased 1.9 percent in August after increasing 0.1 percent in July.

PCE prices remained flat in August after increasing 0.1 percent in July. Excluding food and energy, PCE prices increased 0.1 percent in August, the same increase as in July.

Personal saving rate
Personal saving as a percent of DPI was 5.4 percent in August and 5.6 percent in July.

Read the full report.

Real Disposable

GDP Turns up in Second Quarter

TEST - RSS Feed - KC - Fri, 09/26/2014 - 18:37

Real gross domestic product (GDP) increased 4.6 percent in the second quarter of 2014, according to the “third” estimate released by the Bureau of Economic Analysis. The second-quarter growth rate was revised up 0.4 percentage point from the “second” estimate released in August. In the first quarter, real GDP decreased 2.1 percent.

Second-quarter highlights QUARTER TO Quarter growth
Exports of notably nondurable industrial supplies and materials and nonfarm inventory investment by motor vehicle dealers accounted for much of the upturn in real GDP.

In addition, business investment accelerated, mainly in information processing equipment, as did consumer spending, mainly on motor vehicles and parts.

In contrast to these contributions, imports (a subtraction in the calculation of GDP) were higher in the second quarter than in the first quarter.

Revisions
The 0.4 percentage point revision to second-quarter GDP growth primarily reflected the following:

  • Business investment was revised up, notably manufacturing structures.
  • Exports were revised up, notably travel services.

See the Technical Note for more information.

Corporate profits  corporate profits
Corporate profits increased 8.4 percent at a quarterly rate in the second quarter after decreasing 9.4 percent in the first quarter. The second quarter increase was the largest since the third quarter of 2010.

  • Profits of nonfinancial corporations rose 11.9 percent after falling 7.4 percent.
  • Profits of financial corporations rose 8.0 percent after falling 17.1 percent.
  • Profits from the rest of the world fell 0.9 percent after falling 6.1 percent.

Over the last 12 months, corporate profits rose 0.1 percent.

Read the full report.

Value of Both U.S. Assets and U.S. Liabilities Increased in Second Quarter 2014

TEST - RSS Feed - KC - Thu, 09/25/2014 - 18:30

The U.S. net international investment position was -$5,445.1 billion (preliminary) at the end of the second quarter of 2014 as the value of U.S. liabilities exceeded the value of U.S. assets. At the end of the first quarter, the net position was -$5,511.7 billion (revised).

intinv214_fax

 

2intinv214_fax

  • The $66.6 billion increase in the net position reflected a $913.2 billion increase in the value of U.S. assets and an $846.7 billion increase in the value of U.S. liabilities, mainly from increases in foreign and U.S. equity prices.
  • The U.S. net international investment position increased 1.2 percent in the second quarter, compared with a decrease of 2.4 percent in the first quarter and an average quarterly decrease of 7.4 percent from the first quarter of 2011 through the fourth quarter of 2013.
  • U.S. assets were $24,933.3 billion at the end of the second quarter compared with $24,020.1 billion at the end of the first quarter.
  • U.S. liabilities were $30,378.4 billion at the end of the second quarter compared with $29,531.7 billion at the end of the first quarter.

Read the full report.

 

Travel and Tourism Spending Turned up in the Second Quarter of 2014

TEST - RSS Feed - KC - Thu, 09/18/2014 - 19:12

Real spending on travel and tourism turned up in the second quarter of 2014, increasing at an annual rate of 2.1 percent after decreasing 1.1 percent (revised) in the first quarter of 2014. Real gross domestic product (GDP) also experienced an upturn, increasing 4.2 percent (second estimate) in the second quarter after decreasing 2.1 percent in the first quarter. All major categories, with the exception of “traveler accommodations” contributed to the increase in the second quarter.

The leading contributors to the upturn in the second quarter were “recreation, entertainment, and shopping,” and “food services and drinking places.” “Recreation, entertainment, and shopping” increased 4.5 percent in the second quarter after decreasing 2.7 percent in the first quarter. “Food services and drinking places” increased 6.5 percent after decreasing 1.8 percent. “Transportation” increased as well, reflecting an upturn in “passenger air transportation” that was partly offset by a downturn “all other transportation-related commodities.” Partially offsetting these upturns, “traveler accommodations” decreased 0.8 percent in the second quarter after increasing 0.6 percent.travel tourism chart

 

Second Quarter 2014 Travel and Tourism Spending Data to Be Released Sept. 18

TEST - RSS Feed - KC - Wed, 09/17/2014 - 20:23

Statistics on what Americans and foreigners spent on travel and tourism in the United States in the second quarter of 2014 will be released Thursday, Sept. 18 by the Bureau of Economic Analysis (BEA).

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

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

  • To assess the effects of travel and tourism on the U.S. economy
  • To compare national trends to locally observed trends
  • To examine the relationship among the travel and tourism industries
  • To compare travel and tourism industries to other industries.

These statistics are supported by funding from the Office of Travel and Tourism Industries, International Trade Administration, U.S. Department of Commerce.

July 2014 Trade Gap is $40.5 Billion

TEST - RSS Feed - KC - Thu, 09/04/2014 - 18:34

The U.S. monthly international trade deficit decreased in July 2014 according to the U.S. Bureau of Economic Analysis and the U.S. Census Bureau. The deficit decreased from $40.8 billion in June (revised) to $40.5 billion in July as exports increased more than imports. The previously published June deficit was $41.5 billion. The goods deficit decreased $0.2 billion from June to $60.2 billion in July; the services surplus was nearly unchanged from June at $19.6 billion.

Trade_july2014

Exports
Exports of goods and services increased $1.8 billion in July to $198.0 billion, mostly reflecting an increase in exports of goods. Exports of services also increased.

  • The increase in exports of goods was more than accounted for by increases in automotive vehicles, parts, and engines and in industrial supplies and materials. Partly offsetting were decreases in consumer goods and in foods, feeds, and beverages.
  • The increase in exports of services reflected increases of less than $0.1 billion in several categories of services.

Imports
Imports of goods and services increased $1.6 billion in July to $238.6 billion, reflecting an increase in imports of goods. Imports of services were nearly unchanged.

  • The increase in imports of goods was mostly accounted for by an increase in automotive vehicles, parts, and engines.
  • Imports of services were nearly unchanged as an increase in other business services was mostly offset by a decrease in charges for the use of intellectual property, which decreased due to higher payments in June than in July for the rights to broadcast the 2014 soccer World Cup.

Goods by geographic area (seasonally adjusted, Census basis)

  • The goods deficit with the European Union decreased from $11.5 billion in June to $9.5 billion in July. Exports increased $0.5 billion to $24.8 billion, and imports decreased $1.5 billion to $34.3 billion.
  • The goods deficit with China decreased from $29.2 billion in June to $27.5 billion in July. Exports increased $0.1 billion to $9.8 billion, and imports decreased $1.6 billion to $37.3 billion.
  • The goods deficit with OPEC increased from $3.6 billion in June to $4.9 billion in July. Exports increased $0.3 billion to $6.9 billion, and imports increased $1.5 billion to $11.8 billion.

See the full report.

Real Consumer Spending Falls in July

TEST - RSS Feed - KC - Fri, 08/29/2014 - 18:50

Personal Income rose 0.2 percent in July after rising 0.5 percent in June. Wages and salaries, the largest component of personal income, rose 0.2 percent in July after rising 0.4 percent in June. PCE stat

Current-dollar disposable personal income (DPI), after-tax income rose 0.1 percent in July after rising 0.5 percent in June.

Real DPI, income adjusted for taxes and inflation, increased 0.1 percent in July after increasing 0.3 percent in June.

Real consumer spending, spending adjusted for price changes, decreased 0.2 percent in July after increasing 0.2 percent in June. Spending on durable goods decreased 0.6 percent in July after increasing 0.5 percent in June.

PCE prices increased 0.1 percent in July after increasing 0.2 percent in June. Excluding food and energy, PCE prices increased 0.1 percent in July, the same as in June.

Personal saving
Personal saving as a percent of DPI was 5.7 percent in July and 5.4 percent in June.

Read the full report.

Real Disposable Personal Income and Real Consumer Spending

GDP Up in Second Quarter

TEST - RSS Feed - KC - Thu, 08/28/2014 - 18:39

Real gross domestic product (GDP) increased 4.2 percent in the second quarter of 2014, according to the “second” estimate released by the Bureau of Economic Analysis. In the first quarter, real GDP decreased 2.1 percent. The second-quarter growth rate was revised up 0.2 percentage point from the “advance” estimate released in July.

Second-quarter highlights

The upturn in real GDP growth was primarily driven by the following: Q2Q Growth

  •  Exports, mainly goods exports, increased after decreasing in the first quarter.
  •  Nonfarm inventory investment by motor vehicle dealers turned up.
  •  Consumer spending, notably motor vehicles and parts, increased more than in the first quarter.

In addition, business investment picked up, and state and local government spending increased after decreasing in the first quarter.

In contrast to these contributions, imports (a subtraction in the calculation of GDP) were higher in the second quarter than in the first quarter.

Revisions

The 0.2 percentage point revision to second-quarter GDP growth primarily reflected an upward revision to business investment and a downward revision to imports. These revisions were partly offset by a downward revision to inventory investment.

See the Technical Note for more information.

Corporate profitsq2q corporate

BEA’s featured measure of corporate profits increased 8.0 percent at a quarterly rate in the second quarter after decreasing 9.4 percent in the first quarter. The second-quarter increase was the largest since the third quarter of 2010.

  • Profits of nonfinancial corporations rose 10.6 percent after falling 7.4 percent in the first quarter.
  • Profits of financial corporations rose 7.3 percent after falling 17.1 percent.
  • Profits from the rest of the world rose 1.2 percent after falling 6.1 percent.

Over the last 12 months, corporate profits fell 0.3 percent.

Read the full report.

New Statistics on the Activities of U.S. Multinational Enterprises are Now Available

TEST - RSS Feed - KC - Thu, 08/28/2014 - 01:24

The Bureau of Economic Analysis has released preliminary 2012 statistics on the outward activities of multinational enterprises (AMNEs). Outward AMNE statistics cover the worldwide activities of U.S. multinational enterprises (MNEs). These statistics provide information on the finance and operations of U.S. MNEs, including balance sheet and income statement details, employment and employee compensation, sales, value added, capital expenditures, trade in goods, and expenditures for research and development (R&D). The statistics can be used to measure the scale of the global business activity of U.S. MNEs as well as their impact on the U.S. economy and foreign host economies.

The worldwide operations of a U.S. MNE can be divided between its domestic operations, represented by the U.S. parent company, and its foreign operations, represented by foreign affiliates. Statistics for foreign affiliates are presented for two categories—all affiliates, which are at least 10 percent owned by their U.S. parents, and majority-owned foreign affiliates (MOFAs), which are more than 50 percent owned by their U.S. parents.

Highlights of the new data include:

  • The value added of U.S. MNEs rose 2.0 percent to $4,667.0 billion in 2012 after rising 9.2 percent in 2011. The increase reflected a 2.7 percent increase in the value added of U.S. parents and a 0.3 percent increase in the value added of their MOFAs.
  • Employment by U.S. MNEs increased 1.1 percent to 35.2 million workers in 2012 after increasing 2.2 percent in 2011. The increase reflected a 0.5 percent increase in the employment of U.S. parents and a 2.2 percent increase in the employment of MOFAs. U.S. parents accounted for one-fifth of the total U.S. private industry employment in 2012.
  • U.S. MNE capital expenditures rose 12.2 percent in 2012, reflecting growth for both U.S. parents (10.7 percent) and MOFAs (16.4 percent).
  • U.S. MNE R&D expenditures rose 3.6 percent in 2012, reflecting growth for U.S. parents (4.4 percent) and a slight decline for MOFAs (–0.2 percent).
  • Fifteen countries—the United Kingdom, Canada, Germany, Ireland, Australia, Japan, France, China, Brazil, Mexico, Singapore, Switzerland, the Netherlands, Norway, and Italy—accounted for more than two-thirds of value added by MOFAs in 2012.

The newly released statistics also include revised 2011 statistics on the outward activities of multinational enterprises.

BEA also produces inward AMNE statistics that cover U.S. affiliates of foreign MNEs; these statistics will be released later this year.

Starting with the release of the 2012 preliminary and 2011 revised statistics, BEA has adopted the use of standard international terminology in BEA’s international economic accounts by replacing the term “multinational companies” with “multinational enterprises” and the term “financial and operating (F&O)” statistics with “activities of multinational enterprises (AMNE).” This change in terminology reflects BEA’s effort to conform more closely with international guidelines and does not affect the actual statistics produced.

Quarterly Gross Domestic Product by State, 2005–2013 (Prototype Statistics)

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qgsp0814_fax

  • The quarterly GDP by state prototype statistics for 2005-2013 provide a more complete picture of economic growth across states as they evolve from quarter to quarter. 
  • The quarterly GDP by state statistics are released for 21 industry sectors and are released in both current dollars and inflation-adjusted chained (2009) dollars. 
  • Nondurable-goods manufacturing was the largest contributor to U.S. real GDP by state growth in the fourth quarter of 2013. This industry was the leading contributor to real GDP growth in 31 states in the fourth quarter. 
  • Professional, scientific, and technical services was the second largest contributor to U.S. real GDP growth in the third and fourth quarters of 2013. This industry contributed to the growth in 49 states and the District of Columbia in the fourth quarter of 2013. 
  • Wholesale trade contributed to real GDP growth in 48 states and the District of Columbia in the fourth quarter of 2013. 
  • Construction subtracted from real GDP growth in 47 states and the District of Columbia in the fourth quarter of 2013.

Read the full report.

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