The BEA Wire | BEA's Official Blog
Improving the Economic Measurement Toolkit: Partnerships Between Businesses and Federal Statistical Agencies
Businesses and federal statistical agencies have a long history of working together to produce something that is vitally important to both groups: the nation’s economic measurement toolkit.
Steve Landefeld, director of the Commerce Department’s Bureau of Economic Analysis, charted the history of this collaboration and underscored the importance of continuing that partnership during a panel session Tuesday at the National Association…
American Samoa's Economy Grows in 2011, Shrinks in 2012
The estimates of gross domestic product (GDP) for American Samoa show that real GDP, adjusted to remove price changes, increased 0.5 percent in 2011 and decreased 2.4 percent in 2012.
For comparison, real GDP for the United States (excluding the territories) increased 1.8 percent in 2011 and 2.8 percent in 2012.
July 2013 Trade Gap is $39.1 Billion
The U.S. monthly international trade deficit increased in July 2013 according to the U.S. Bureau of Economic Analysis and the U.S. Census Bureau. The deficit increased from $34.5 billion in June (revised) to $39.1 billion in July as exports decreased and imports increased. The previously published June deficit was $34.2 billion. The goods deficit increased $4.5 billion from June to $58.6 billion in July; the services surplus decreased $0.1…
Personal Income Slows in July
Personal income increased 0.1 percent in July after increasing 0.3 percent in June. Wages and salaries, the largest component of personal income, decreased 0.3 percent in July after increasing 0.4 percent in June. Government wages were reduced in July due to furloughs.
Current-dollar disposable personal income (DPI), after-tax income, increased 0.2 percent in July, the same increase as in June.
GDP Growth Picks Up in Second Quarter
Real gross domestic product (GDP) increased 2.5 percent in the second quarter of 2013 after increasing 1.1 percent in the first quarter, according to the “second” estimate released by the Bureau of Economic Analysis (BEA). The second-quarter growth rate was revised up 0.8 percentage point from the advance estimate released in July.
GDP growth highlights The second-quarter acceleration reflected the following:
Economic Activity in Virgin Islands Decreases in 2012 and 2011
The estimates of gross domestic product (GDP) for the U.S. Virgin Islands show that real GDP—adjusted to remove price changes—decreased 13.2 percent in 2012 after decreasing 6.6 percent in 2011.
In contrast, real GDP for the United States (excluding the territories) increased 2.8 percent in 2012 after increasing 1.8 percent in 2011.
The decline in the Virgin Islands economy reflected decreases in exports of goods and…
June 2013 Trade Gap is $34.2 Billion
The U.S. monthly international trade deficit decreased in June 2013, according to the U.S. Bureau of Economic Analysis and the U.S. Census Bureau. The deficit decreased from $44.1 billion in May (revised) to $34.2 billion in June as exports increased and imports decreased. The previously published May deficit was $45.0 billion. The goods deficit decreased $9.7 billion from May to $53.2 billion in June; the services surplus increased $0.2…
Personal Income Increases in June
Personal income increased 0.3 percent in June after increasing 0.4 percent in May. Wages and salaries, the largest component of personal income, increased 0.5 percent in June after increasing 0.3 percent in May.
Current-dollar disposable personal income (DPI), after-tax income, increased 0.3 percent in June, the same increase as in May.
Real DPI, income adjusted for taxes and inflation, fell 0.1 percent in June after…
New Detail Available on Direct Investment for 2009–2012
Interested in learning about foreign direct investment in the U.S. advertising industry? Or in U.S. direct investment in Vietnam? The U.S. Bureau of Economic Analysis (BEA) released its most detailed statistics on U.S.
GDP Growth Accelerates in Second Quarter
Real gross domestic product (GDP) increased 1.7 percent in the second quarter of 2013 after increasing 1.1 percent in the first quarter, according to the “advance” estimate released today by the Bureau of Economic Analysis (BEA).
GDP highlights The second-quarter acceleration in GDP reflected the following:
Changes to How the U.S. Economy is Measured Roll Out July 31
A pharmaceutical company develops a new cancer drug. A Hollywood studio creates a box-office blockbuster. A song writer records a new hit. On July 31, BEA will begin including the amount of money businesses invest in the production of such intellectual property as part of gross domestic product (GDP).
Why?
Comprehensive Revisions to NIPA: Reconsidering Treatment of R&D and Entertainment
The Bureau of Economic Analysis (BEA) will release its comprehensive revision of the National Income and Product Accounts (NIPAs) next week. Among other important changes to estimates will be how the statistical agency treats research and development (R&D) and calculates entertainment in measuring gross domestic product (GDP). The revision generally occurs every 5 years.