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February 2011

Chief Economist Doms Delivers Key Address on Economic Outlook for 2011

Lexington, KY, February 1, 2011 - Chief Economist Mark Doms made a presentation entitled “Innovation, Competitiveness, Economic Growth and Public Policy” at the 22nd Annual Economic Outlook Conference for 2011 sponsored by the University of Kentucky’s Gatton College of Business and Economics at the Lexington Convention Center.

Statement from U.S. Commerce Secretary Gary Locke on December 2010 U.S. International Trade in Goods and Services

WASHINGTON – U.S. Commerce Secretary Gary Locke issued the following statement today on the release of the December 2010 U.S. International Trade in Goods and Services report by the Commerce Department’s U.S. Census Bureau and the U.S. Bureau of Economic Analysis. Today’s report showed that U.S. exports of goods and services in December increased 1.8 percent from November to $163 billion. U.S. imports of goods and services increased 2.6 percent to $203.5 billion, with the overall trade deficit growing by 5.9 percent in December to $40.6 billion.

Statement from U.S. Commerce Secretary Gary Locke on Retail Sales in January 2011

WASHINGTON – The Commerce Department’s U.S. Census Bureau today released retail sales data for January 2011. Retail sales rose 0.3 percent in January. This figure was slightly below private-sector expectations of a 0.6-percent gain. Excluding automobiles, retail sales grew 0.3 percent in January. Sales at motor vehicle dealers increased 0.6 percent. “Retail sales, along with other indicators of consumer spending, continues to show growth following strong gains in the second half of 2010,” U.S. Commerce Secretary Gary Locke said.

Statement from U.S. Commerce Department Chief Economist Mark Doms on the Second Estimate of GDP for the Fourth Quarter of 2010

WASHINGTON – The U.S. Commerce Department’s Bureau of Economic Analysis today released the second estimate of gross domestic product (GDP) for the fourth quarter of 2010. Real GDP grew 2.8 percent at an annual rate, less than expectations and revised down from the 3.2-percent advance estimate. The downward revision reflects a wider trade deficit, reduced state and local government spending, and lower personal consumption.

Statement from U.S. Commerce Department Chief Economist Mark Doms on Personal Income and Outlays in January 2011

WASHINGTON -- The U.S. Commerce Department’s Bureau of Economic Analysis today released data on personal income and outlays for January 2011. Personal income increased 1.0 percent in January, exceeding private-sector expectations of a 0.4-percent rise. Wages and salaries, the largest component of income, rose 0.3 percent, perhaps hampered by more severe than usual weather in some parts of the country. Real consumer spending edged down 0.1 percent in January but has already risen 0.8 percent at an annual rate above its fourth-quarter average.

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