Blog Entries from July 2011

Economic Indicators: 2011 Q2 GDP and Annual Revisions

Submitted on July 29, 2011 - 10:55am

This morning the Commerce Department’s Bureau of Economic Analysis (BEA) released its advance estimate of Gross Domestic Product (GDP) for the second quarter of 2011. The economy grew at a 1.3-percent pace in the second quarter following 0.4-percent growth in the first quarter. On the one hand, GDP has grown for eight consecutive quarters. On the other, our economy has been hit with some pretty heavy headwinds, like sharp jumps in energy prices, stress in European financial markets, and supply chain disruptions from the tragedy in Japan.

Economic Indicator Preview: The Durable Recovery in Durable Goods

Submitted on July 26, 2011 - 10:01am

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On Wednesday, July 27^th, the U.S. Census Bureau will issue the advance report on durable goods for June. This release is important because it impacts Gross Domestic Product (GDP) in two significant ways: exports of goods and business investment in equipment and software. (The first look at GDP for the second quarter will be released on July 29^th by the Bureau of Economic Analysis.)

STEM Workers: Please Live Long and Prosper

Submitted on July 13, 2011 - 4:30pm

Today we (the Economics and Statistics Administration here at the Commerce Department) released a report highlighting science, technology, engineering and mathematics (STEM) workers who drive our nation’s innovation and competitiveness by generating new ideas, new companies and new industries. (It’s only a coincidence that we are releasing this report a week before the Comic Con convention).

Economic Indicator Preview: Retail Sales – Everything is Bigger in Texas

Submitted on July 13, 2011 - 3:20pm

Thursday, the U.S. Census Bureau will release its advance June estimates of retail sales data. Retail sales capture a major portion of overall consumer spending, and thus a major part of GDP, and the June data will complete the snapshot for the second quarter of 2011. While the monthly retail sales figures justifiably receive a great deal of attention, the Census Bureau has other, less prominent statistical data that also enrich our knowledge of the retail sector and the economy as a whole.

Economic Indicator: Foreign Trade - Exports Continue Strong Growth, Imports Surge on Oil

Submitted on July 12, 2011 - 11:18am

Although at first glance the top-line numbers from today’s data release on international trade don’t look all that encouraging, the overall picture (think of a painting) for international trade remains essentially unchanged. The main elements in that overall picture include a large bright spot for exports (representing good) and a large, black, growing pool of oil (representing evil) on the import side. Since the Department of Commerce leads the President’s National Export Initiative, I’d like to talk about exports first. Exports dipped a little in May, but exports have been growing at a strong pa

Economic Indicator Preview: Notes on Tuesday’s Foreign Trade Release for May

Submitted on July 11, 2011 - 12:20pm

Any number of special or idiosyncratic factors can confound the understanding of month-to-month changes in our international trade data. Recently, the monthly trade numbers have been buffeted by the tsunami-related events in Japan, changes in oil prices, and the quantity of oil we import. Today, in preparation for tomorrow’s data release for May, we’ll offer some additional information that may help in better understanding how these events and trends might be affecting our trade numbers.