The BEA Wire | BEA's Official Blog
Measurement of the U.S. Economy is a Job that Never Stops; Here's Why GDP Numbers Get Revised
Like fireworks and baseball, BEA’s annual revision of GDP is a summer tradition. Toward the end of every July, the U.S. Bureau of Economic Analysis incorporates previously unavailable sources of data for the past three years into its estimates of the U.S. economy’s performance.
New Commerce Department report explores huge benefits, low cost of government data
Today we are pleased to roll out an important new Commerce Department report on government data. “Fostering Innovation, Creating Jobs, Driving Better Decisions The Value of Government Data,” arrives as our society increasingly focuses on how the intelligent use of data can make our businesses more competitive, our governments smarter, and our citizens better informed.
5 Q's for U.S. Department of Commerce's Under Secretary of Economic Affairs Mark Doms
The Center for Data Innovation spoke with Mark Doms, Under Secretary of Economic Affairs at the U.S. Department of Commerce, in Washington, DC. Under Secretary Doms discussed the current efforts at the Commerce Department to increase the availability and timeliness of high-quality data, as well as promote data-driven innovation in the government and economy.
This interview has been lightly edited.
Looking for Economic Information on Coastal Areas? Visit BEA's Website
How much economic activity is generated by a state in a coastal area? How much do people living in coastal areas earn?
A visit to BEA’s Economic Information for Coastal Areas section on its website provides you with that information – and much more.
May 2014 Trade Gap is $44.4 Billion
The U.S. monthly international trade deficit decreased in May 2014 according to the U.S. Bureau of Economic Analysis and the U.S. Census Bureau. The deficit decreased from $47.0 billion in April (revised) to $44.4 billion in May as exports increased and imports decreased. The previously published April deficit was $47.2 billion. The goods deficit decreased $2.4 billion from April to $63.3 billion in May; the services surplus increased $0.3…
BEA to Release Modified Regional Input-Output Model in 2015
The Bureau of Economic Analysis plans to release in 2015 a modified economic model to replace the original Regional Input-Output Modeling System (RIMS II). Cost savings will be realized because the modified model will be updated less frequently.
Much like RIMS II, the modified model will produce regional “multipliers” that can be used in economic impact studies to estimate the total economic impact of a project on a region.
Value of U.S. Assets Decreased but Value of U.S. Liabilities Increased in First Quarter 2014
The U.S. net international investment position was -$5,539.3 billion (preliminary) at the end of the first quarter of 2014 as the value of U.S. liabilities exceeded the value of U.S. assets. At the end of the fourth quarter, the net position was -$5,383.0 billion (revised).
How BEA Regional Data is Used to Distribute Federal Funds to State, Local Governments
Did you know that each year BEA regional economic statistics, such as annual personal income and per capita personal income are used to allocate billions of dollars in federal funds to states and local governments? In fiscal year 2013, about $308 billion in federal funds were distributed under programs using BEA statistics in funding formulas.
Travel and Tourism Spending Turned Down in the First Quarter of 2014
Real spending on travel and tourism turned down in the first quarter of 2014, decreasing at an annual rate of 1.0 percent after increasing 4.5 percent (revised) in the fourth quarter of 2013. Growth in real gross domestic product (GDP) also experienced a down turn, decreasing 2.9 percent (third estimate) in the first quarter after increasing 2.6 percent in the fourth quarter.
Personal Income Rises in May
Personal income increased 0.4 percent in May after increasing 0.3 percent in April. Wages and salaries, the largest component of personal income, increased 0.4 percent after increasing 0.3 percent.
Current-dollar disposable personal income (DPI), after-tax income, increased 0.4 percent in May, the same increase as in April.
Real DPI, income adjusted for taxes and inflation, increased0.2percent in May, the same…
GDP Decreases in First Quarter
Real gross domestic product (GDP) decreased 2.9 percent in the first quarter of 2014, according to the “third” estimate released today by the Bureau of Economic Analysis. In the fourth quarter of 2013, real GDP increased 2.6 percent.
First-quarter highlights
The decline in real GDP was largely accounted for by significant declines in nonfarm inventory investment and in net exports.
In addition, state and local…
Direct Investment Positions for 2013 Now Available
Both outbound and inbound U.S. foreign direct investment continued to grow in 2013. The U.S. direct investment position abroad valued at historical cost increased to $4,660.9 billion from $4,384.7 billion in 2012. The foreign direct investment position in the United States valued at historical cost increased to $2,764.0 billion from $2,605.8 billion in 2012.