The BEA Wire | BEA's Official Blog

Gross Domestic Product, First Quarter 2022

Real gross domestic product (GDP) decreased at an annual rate of 1.4 percent in the first quarter of 2022, following an increase of 6.9 percent in the fourth quarter of 2021. In the first quarter, there was a resurgence of COVID-19 cases from the Omicron variant and decreases in government pandemic assistance payments. For more details, including source data, see the Technical Note and Federal Recovery Programs and BEA Statistics.

February 2022 Trade Gap is $89.2 Billion

The U.S. monthly international trade deficit decreased in February 2022 according to the U.S. Bureau of Economic Analysis and the U.S. Census Bureau. The deficit decreased less than $0.1 billion from January (revised) to $89.2 billion in February, as exports increased slightly more than imports. The previously published January deficit was $89.7 billion. The goods deficit decreased $1.1 billion in February to $107.5 billion. The services…

Gross Domestic Product by State, 4th Quarter 2021

Real gross domestic product (GDP) increased in 47 states and the District of Columbia in the fourth quarter of 2021, as real GDP for the nation increased at an annual rate of 6.9 percent. The percent change in real GDP in the fourth quarter ranged from 10.1 percent in Texas to –2.3 percent in Iowa.

Personal Income and Outlays, February 2022

Personal income increased $101.5 billion, or 0.5 percent at a monthly rate, while consumer spending increased $34.9 billion, or 0.2 percent, in February. The increase in personal income primarily reflected an increase in compensation of employees that was partly offset by a decrease in government social benefits. The personal saving rate (that is, personal saving as a percentage of disposable personal income) was 6.3 percent in February,…

Gross Domestic Product (Third Estimate), Corporate Profits, and GDP by Industry, Fourth Quarter and Year 2021

Real gross domestic product (GDP) increased at an annual rate of 6.9 percent in the fourth quarter of 2021, following an increase of 2.3 percent in the third quarter. The increase was revised down 0.1 percentage point from the “second” estimate released in February. The acceleration in the fourth quarter was led by an acceleration in inventory investment, upturns in exports and residential fixed investment and an acceleration in consumer…

U.S. International Investment Position, Year 2021

The U.S. net international investment position, the difference between U.S. residents’ foreign financial assets and liabilities, was –$18.10 trillion at the end of 2021, according to statistics released today by the U.S. Bureau of Economic Analysis (BEA). Assets totaled $35.21 trillion, and liabilities were $53.31 trillion. At the end of 2020, the net investment position was –$14.01 trillion.

U.S. International Investment Position, Fourth Quarter 2021

The U.S. net international investment position, the difference between U.S. residents’ foreign financial assets and liabilities, was –$18.10 trillion at the end of the fourth quarter of 2021, according to statistics released today by the U.S. Bureau of Economic Analysis (BEA). Assets totaled $35.21 trillion, and liabilities were $53.31 trillion. At the end of the third quarter, the net investment position was –$16.35 trillion.

U.S. Current-Account Deficit Widens in 2021

The U.S. current-account deficit, which reflects the combined balances on trade in goods and services and income flows between U.S. residents and residents of other countries, widened by $205.5 billion, or 33.4 percent, to $821.6 billion in 2021. The widening mostly reflected an expanded deficit on goods. The 2021 deficit was 3.6 percent of current-dollar gross domestic product, up from 2.9 percent in 2020.

U.S. Current-Account Deficit Narrows in Fourth Quarter 2021

The U.S. current-account deficit, which reflects the combined balances on trade in goods and services and income flows between U.S. residents and residents of other countries, narrowed by $2.0 billion, or 0.9 percent, to $217.9 billion in the fourth quarter of 2021. The narrowing reflected a reduced deficit on secondary income and expanded surpluses on services and on primary income that were mostly offset by an expanded deficit on goods. The…

Personal Income by State, 2021 (Preliminary)

State personal income increased 7.4 percent in 2021 after increasing 6.6 percent in 2020. In 2021, increases in earnings, transfer receipts, and property income (dividends, interest, and rent) contributed to personal income growth in all states and the District of Columbia. The percent change in personal income across all states ranged from 9.6 percent in Idaho to 4.5 percent in Vermont.

Arts and Culture Economy Declines 6.4 Percent in 2020

Arts and cultural economic activity decreased an inflation-adjusted 6.4 percent in 2020, after increasing 3.4 percent in 2019, according to statistics released today by the U.S. Bureau of Economic Analysis. 

Arts and cultural economic activity accounted for 4.2 percent of gross domestic product (GDP), or $876.7 billion, in 2020, the Arts and Cultural Production Satellite Account shows.

2021 Trade Gap is $861.4 Billion

The U.S. international trade deficit increased in 2021 according to the U.S. Bureau of Economic Analysis and the U.S. Census Bureau. The deficit increased from $676.7 billion in 2020 to $861.4 billion in 2021, as imports increased more than exports. The goods deficit increased $169.4 billion in 2021 to $1,091.4 billion. The services surplus decreased $15.3 billion in 2021 to $230.0 billion. The goods and services deficit was 3.7 percent of…