The BEA Wire | BEA's Official Blog

First-Quarter GDP Revised Up

Real gross domestic product (GDP) decreased 0.2 percent in the first quarter of 2015, according to the “third” estimate released by the Bureau of Economic Analysis. The growth rate was revised up 0.5 percentage point from the “second” estimate released in May. In the fourth quarter of 2014, real GDP increased 2.2 percent.

Travel and Tourism Spending Decelerated in the First Quarter of 2015

Real spending (output) on travel and tourism decelerated in the first quarter of 2015, increasing at an annual rate of 2.0 percent after increasing 4.9 percent (revised) in the fourth quarter of 2014.  By comparison, real gross domestic product (GDP) turned down, decreasing 0.7 percent (second estimate) in the first quarter after increasing 2.2 percent.

State Personal Income: First Quarter 2015

State personal income grew 0.9 percent on average in the first quarter of 2015, after growing 1.1 percent in the fourth quarter of 2014. Personal income grew in 46 states and growth accelerated in 15 of those states. The fastest growth, 1.3 percent, was in Florida. Personal income fell in four states, with the largest decline, 1.2 percent, in Iowa. The national price index for personal consumption expenditures, fell 0.5 percent in the first…

First Quarter 2015 Travel and Tourism Spending Data to Be Released June 23

Statistics on what Americans and foreigners spent on travel and tourism in the United States in the first quarter of 2015 will be released Tuesday, June 23 by the Bureau of Economic Analysis (BEA).

The statistics, part of BEA’s Travel and Tourism Satellite Accounts, provide a breakdown of the various components of travel and tourism spending, including lodging, meals, air travel, and shopping. The statistics will also provide data on…

Why Does BEA Revise GDP Estimates?

Each summer, the Bureau of Economic Analysis updates its Gross Domestic Product estimates to incorporate sources of data previously unavailable and make improvements in methodology –– all with the goal of providing the most accurate measure of the U.S. economy’s performance.

First Quarter State Personal Income Statistics to be Released June 22

Preliminary statistics on people’s incomes by state in the first quarter of 2015 will be released Monday, June 22 by the U.S. Bureau of Economic Analysis (BEA).

These state personal income statistics will provide BEA’s first look at state economies for the January-March quarter of 2015 and serve as a basis for government and business decision making. For example:

U.S. Current-Account Deficit Increases in First Quarter 2015

The U.S. current-account deficit – a net measure of transactions between the United States and the rest of the world in goods, services, primary income (investment income and compensation), and secondary income (current transfers) – increased to $113.3 billion (preliminary) in the first quarter of 2015 from $103.1 billion (revised) in the fourth quarter of 2014. As a percentage of U.S. GDP, the deficit increased to 2.6 percent from 2.3…

Preview of the 2015 Annual Revision of the National Income and Product Accounts

On July 30, the Bureau of Economic Analysis will release its annual update of the national income and product accounts (NIPAs) in conjunction with the advance estimate for the second quarter of 2015. As is usual for annual NIPA revisions, the revised estimates will incorporate newly available source data that are more complete, more detailed, and otherwise more reliable than those that were previously incorporated.

This year’s annual…

Broad Growth Across States in 2014

Real GDP increased in 48 states and the District of Columbia in 2014. Leading industry contributors were professional, scientific, and technical services; nondurable goods manufacturing; and real estate and rental and leasing. Professional, scientific, and technical services was the largest contributor to U.S. real GDP by state growth in 2014. This industry contributed to real GDP growth in 46 states and the District of Columbia.

A Snapshot of the Seasonal Adjustment Process for GDP

A lot of work goes into measuring a $17 trillion economy. And, at the Bureau of Economic Analysis it’s a process that never really stops.

In addition to calculating Gross Domestic Product, a key economic indicator of how the U.S. economy is faring, BEA also produces thousands of related data points each month that flow from our GDP reports and give us rich detail about consumer spending, business investment and government activity.

2014 GDP by State Statistics to be Released June 10

Statistics on the 2014 economic performance of all 50 states and the District of Columbia, will be released Wednesday, June 10 at 8:30 a.m. EDT by the U.S. Bureau of Economic Analysis.

April 2015 Trade Gap is $40.9 Billion

The U.S monthly international trade deficit decreased in April 2015 according to the U.S. Bureau of Economic Analysis and the U.S. Census Bureau. The deficit decreased from $50.6 billion in March (revised) to $40.9 billion in April, as exports increased and imports decreased. The previously published March deficit was $51.4 billion. The goods deficit decreased $9.3 billion from March to $60.7 billion in April. The services surplus increased $…