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Blog Entries from August 2011

NO SMOKE AND MIRRORS FOR GDP: A Note on BEA’s Recent Revisions

Submitted on August 26, 2011 - 4:08pm
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Today’s second estimate of GDP for the second quarter of 2011 showed that growth was revised down from 1.3 percent to 1.0 percent. BEA revises its GDP estimates frequently, but that’s actually a good thing for policy makers, because revisions incorporate new and better information that becomes available. And that provides a better understanding of what's actually happening in the economy.

Recently, a couple of articles and blogs have criticized BEA’s revisions to GDP, particularly its estimates of GDP during the most recent recession. I understand the frustration. Clearly, the better we understand a problem, the better our solutions will be.

Economic Indicator: Foreign trade and the value of international tourists to the U.S. economy

Submitted on August 11, 2011 - 11:31am

Living in Washington, D.C. is a constant reminder of the draw of our nation’s capital for tourists from all over the world.  When foreign visitors come to the United States, they spend money on hotels, restaurants, donuts, and other U.S. goods and services. This influx of cash helps our economy, but by how much? 

STEM: Where are the women?

Submitted on August 3, 2011 - 10:39am

Today ESA released the second in a series of reports on STEM – science, technology, engineering and mathematics: Women in STEM:  A Gender Gap to Innovation finds that women earn significantly more in STEM than non-STEM professions, and experience a smaller wage disparity -- yet they are woefully underrepresented in STEM college degrees and professions.