For the first time, the Bureau of Economic Analysis will produce its benchmark updates of the nation’s gross domestic product and related industry and state statistics within the same timeframe. The updates will begin with initial results Sept. 28 and 29.
Previously, the benchmark updates of national, industry, and state data were conducted separately and spread over five months. Coordinating these statistics allows data users to easily move between consistent data sets to view and analyze a fuller picture of the economy.
This update also will introduce new price index tools developed to better understand inflation and how different goods and services contribute to changing price levels.
BEA’s 16th comprehensive, or benchmark, update represents a milestone in our yearslong effort to synchronize national, industry, and state statistics. We will release updated annual and quarterly data for gross domestic product (GDP) and related national statistics Sept. 28. The same day, annual data on U.S. industries for the years 2017–2022 will be updated. Initial updates of state statistics — annual GDP for 2017–2022 and quarterly and annual personal income — will follow on Sept. 29.
BEA typically conducts its comprehensive updates every five years to incorporate the every-five-years Economic Census from the Census Bureau, which is used to update BEA’s input-output account tables — the building blocks of our statistics.
Responding to requests from data users, we will introduce three new personal consumption expenditures (PCE) price index features on Sept. 28:
- PCE price index excluding food, energy, and housing: A metric for seeing the underlying trends in inflation by removing volatile categories. It joins our existing “core” index that excludes only food and energy. Data for months, quarters, and years.
- PCE services price index, excluding energy and housing: A metric for seeing underlying trends in prices for services, removing two volatile categories. Data for months, quarters, and years.
- Contributions to PCE prices: New tables showing how different goods and services contributed to inflation. Data for months, quarters, and years.
The benchmark update will change the reference year for price and quantity measures to 2017, from the current 2012. (This won’t affect the percent changes in the price indexes or inflation-adjusted estimates of GDP and other statistics.)
Methodological improvements are also introduced and carried back through past years, sometimes through decades of data, during comprehensive updates. For information on the changes in methodology, see Preview of the 2023 Comprehensive Update of the National Economic Accounts and Preview of the 2023 Comprehensive Update of the Regional Economic Accounts in the Survey of Current Business.
Comprehensive updates will continue on a rolling basis in the fall. These will include quarterly data for industries and state GDP, as well as some additional annual data.
As part of this undertaking, we are rescheduling the second quarter 2023 GDP by industry and GDP by state statistics originally planned for release on Sept. 28 and 29. New dates in the fall will be announced for these releases.
The schedule for the 2023 comprehensive updates and related releases:
September 28:
- News Release: Gross Domestic Product, 2nd Quarter 2023 (Third Estimate) and Corporate Profits (Revised)
- Comprehensive update of the National Economic Accounts:
- National Income and Product Accounts, including GDP and gross domestic income; annual and quarterly data, with some components revised back to 1979
- Industry Economic Accounts, including GDP and gross output by industry; 2017-2022 annual data
- Benchmark Input-Output tables for 2017
- New metrics: PCE price index excluding food, energy, and housing; PCE services price index, excluding energy and housing; contributions to PCE prices
September 29:
- News Release: Personal Income and Outlays, August 2023
- News Release: Personal Income by State, 2nd Quarter 2023
- Comprehensive update of the Regional Economic Accounts:
- Personal income by state, annual and quarterly data
- GDP by state, 2017-2022 annual data
October 4:
- News Release: Personal Consumption Expenditures by State, 2022
- Comprehensive Update: Personal consumption expenditures by state, annual data with some components revised back to 1997
Coming in the Fall:
- News Release: GDP by Industry, 2nd Quarter 2023 (originally Sept. 28)
- Comprehensive update: Industry Economic Accounts, quarterly data and additional years of annual data
- News Release: GDP by State, 2nd Quarter 2023 (originally Sept. 29)
- Comprehensive update: GDP by state, quarterly data and additional years of annual data
The BEA news release schedule will be updated as dates are finalized. You can also sign up for email notifications. County GDP and personal income data also will be updated in the fall as part of the comprehensive update.
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