The BEA Wire | BEA's Official Blog

Want to Learn More About U.S. Trade Statistics? Check out BEA's and Census' July 25 Webinar

Do you want to have a deeper understanding of how monthly trade statistics are compiled and how trade between the United States and other countries is measured? Then join the U.S. Bureau of Economic Analysis (BEA) and the U.S. Census Bureau for a July 25 webinar deciphering the U.S. international trade in goods and services report. The webinar will start at 1 p.m. EDT.

Want to Build Apps Using BEA Economic Data? BEA Launches API

Developers, are you looking for a way to bring some of the most closely watched economic data into your next app? You can now build apps using BEA economic statistics, thanks to BEA’s new application programming interface (API). The API provides direct access to gross domestic product (GDP) and related national economic statistics, along with regional economic statistics.

Revising Economic Indicators: Here's Why the Numbers Can Change

Once every 5 years, the U.S. Bureau of Economic Analysis produces a “comprehensive” revision to its gross domestic product (GDP) statistics, incorporating changes to how the U.S. economy is measured as well as more complete source data all the way back to 1929. This year is one of those years. In just a few weeks—on July 31 to be exact–updated GDP numbers will be released.

New data, new methodologies, changes in definitions and…

May 2013 Trade Gap is $45.0 Billion

The U.S. monthly international trade deficit increased in May 2013, according to the U.S. Bureau of Economic Analysis and the U.S. Census Bureau. The deficit increased from $40.1 billion in April (revised) to $45.0 billion in May as exports decreased and imports increased. The previously published April deficit was $40.3 billion. The goods deficit increased $5.0 billion from April to $63.4 billion in May; the services surplus increased $0.2…

State Personal Income: First Quarter 2013

State personal income declined an average 1.2 percent in the first quarter of 2013 after growing 2.7 percent in the fourth quarter of 2012. Personal income declines ranged from 0.1 percent in Iowa to 2.5 percent in Wyoming. In contrast, personal income grew 1.6 percent in South Dakota, the only state with an increase in the first quarter. Inflation, as measured by the national price index for personal consumption expenditures, slowed to 0.2…

Consumer Spending Turns Up in May

Personal income increased 0.5 percent in May after increasing 0.1 percent in April. Wages and salaries, the largest component of personal income, increased 0.3 percent in May after increasing 0.1 percent in April. Services industries’ payrolls accelerated. Good industries’ payrolls turned up.

Current-dollar disposable personal income (DPI),after-tax income, increased 0.5 percent in May after increasing 0.1 percent in April.

GDP Growth Picks Up in First Quarter

Real gross domestic product (GDP) increased 1.8 percent in the first quarter of 2013 after increasing 0.4 percent in the fourth quarter of 2012, according to the third estimate released by the Bureau of Economic Analysis. The first quarter growth rate was revised down 0.6 percentage point from the second estimate released in May.

GDP highlights

Value of Foreign Investments in the United States Increased and Value of U.S. Investments Abroad Decreased in First Quarter 2013

The U.S. net international investment position was -$4,277.1 billion (preliminary) at the end of the first quarter of 2013 compared with -$3,863.9 billion (revised) at the end of the fourth quarter of 2012, as the value of foreign investments in the United States exceeded the value of U.S. investments abroad.

Value of Foreign Investments in the United States Increased More Than Value of U.S. Investments Abroad in 2012

The U.S. net international investment position was -$3,863.9 billion (revised) at the end of 2012 compared with -$3,730.6 billion (revised) at the end of 2011, as the value of foreign investments in the United States exceeded the value of U.S. investments abroad.

Improved Source Data Leads to Upward Revisions to the U.S. International Investment Position

Better data generated by a new government survey drove the large upward revisions in U.S. international investment position statistics released today that trimmed the United States’ investment deficit with the rest of the world between 2010 and 2012.

The Treasury Department and the Federal Reserve Board conducted the new survey called Aggregate Holdings of Long-Term Securities by U.S. and Foreign Residents (SLT), which includes…

Travel and Tourism Spending Outpaced Growth in the Overall Economy in the First Quarter of 2013

Real spending on travel and tourism accelerated in the first quarter of 2013, increasing at an annual rate of 6.8 percent after increasing 2.1 percent (revised) in the fourth quarter of 2012. By comparison, growth in real gross domestic product (GDP) increased 2.4 percent (second estimate) in the first quarter after increasing 0.4 percent in the fourth quarter.

BEA's Industry Economic Accounts to Hit Major Milestone

Roughly every 5 years, the Bureau of Economic Analysis (BEA) releases comprehensive revisions of its major economic accounts. These revisions are generally more detailed than annual revisions, implementing changes in methods, statistics and definitions to better reflect an ever-evolving economy. In December, BEA will release the 2013 comprehensive revision of the Industry Economic Accounts (IEAs), which includes two main sets of statistics,…