The BEA Wire | BEA's Official Blog
GDP Growth Accelerates in Third Quarter
Real gross domestic product (GDP) increased 2.7 percent in the third quarter of 2012 after increasing 1.3 percent in the second quarter, according to estimates released today by the Bureau of Economic Analysis. The third-quarter growth rate was revised up 0.7 percentage point from the advance estimate released in October.
Personal Income Rose in Most Counties in 2011
Personal income rose in 3,062 of the nation’s 3,113 counties in 2011, with growth ranging from 62.2 percent in King County, TX, to –28.8 percent in Lynn County, TX. Of the 50 counties with the fastest personal income growth in 2011, 45 were located in the Plains Region—with 41 of the 45 counties located in Nebraska, North Dakota, and South Dakota. Increases in farm income were a major factor in the growth rates for most of these…
Personal Income Rose in All 366 Metro Areas in 2011
Personal income rose in 2011 in all of the nation’s 366 metropolitan statistical areas (MSAs) for the first time since 2007. Personal income growth ranged from 14.8 percent in Odessa, TX, to 1.0 percent in Rochester, MN. Personal income in the United States rose 5.2 percent in 2011, up from 3.8 percent in 2010. Inflation, as measured by the national price index for personal consumption expenditures, accelerated to 2.4 percent in 2011…
Growth in Goods and Services Industries Slowed in 2011
Retail trade and durable goods manufacturing were the leading contributors to the deceleration in U.S. economic growth in 2011, according to revised statistics on the breakout of real gross domestic product (GDP) by industry from the Bureau of Economic Analysis.
The Use Table: An Essential Tool That Looks Deep Inside the U.S. Economy
What’s the foundation for many economic statistics both inside and outside the Bureau of Economic Analysis (BEA)? It’s something most people have never heard of, yet it is essential for finding out what’s going on inside the world’s largest economy. It’s called the “use table,” and it is a fundamental tool of BEA’s input-output accounts. The use table provides both a broad and a detailed look at the U.S. economy. It is simple, yet…
September 2012 Trade Gap is $41.5 Billion
The U.S. monthly international trade deficit decreased in September 2012, according to the U.S. Bureau of Economic Analysis and the U.S. Census Bureau. The deficit decreased from $43.8 billion (revised) in August to $41.5 billion in September, as exports increased more than imports. The previously published August deficit was $44.2 billion. The goods deficit decreased $1.4 billion from August to $57.5 billion in September, and the services…
New Guide Helps Regional Developers, Planners Navigate RIMS II
People who conduct or examine local or regional economic impact studies will want to read a new handbook that offers some dos and don’ts on using the Bureau of Economic Analysis (BEA) Regional Input-Output Modeling System (RIMS II).
RIMS II, a regional economic model, is most frequently used by investors, regional planners, and government officials to gauge the economy-wide impact of a change in economic activity on a local community…
Real Consumer Spending Picks Up in September
Personal income increased 0.4 percent in September after increasing 0.1 percent in August. Wages and salaries, the largest component of personal income, increased 0.3 percent in September after increasing 0.1 percent in August. Government social benefits to persons turned up in September.
Current-dollar disposable personal income (DPI), after-tax income, increased 0.4 percent in September after increasing 0.1 percent in August.…
GDP Growth Picks up in Third Quarter
Real gross domestic product (GDP) increased 2.0 percent in the third quarter of 2012 after increasing 1.3 percent in the second quarter, according to estimates released today by the Bureau of Economic Analysis.
Third-quarter highlights The following contributed to the acceleration in real GDP growth:
What is the U.S. Financial Account?
The U.S. financial account is a key component of the Bureau of Economic Analysis’ international transactions accounts (ITAs). The financial account presents the cross-border flows of funds generated by international financial activity. Cross-border flows of funds can be large and volatile because the financial markets are large and because the flows are influenced by changing financial market conditions as well as by changes in…
U.S. Virgin Islands' Economy Grew 2.9 Percent in 2010
The economy of the U.S. Virgin Islands returned to growth in 2010, expanding 2.9 percent, according to new data from the Bureau of Economic Analysis (BEA). The growth in real gross domestic product (GDP) largely reflected increases in the trade surplus, government spending, and construction.
GDP offers the most comprehensive picture of the territory’s economy. Although more timely indicators like employment, wages, and visitor…
BEA Regional Data Used to Distribute Federal Funds to State, Local Governments
Did you know that Bureau of Economic Analysis (BEA) regional economic statistics, such as the annual state personal income statistics released September 25, 2012, are used to allocate billions of dollars in federal funds to state and local governments?
In fiscal year 2011, more than $339 billion in federal funds were distributed under programs using U.S. Bureau of Economic Analysis statistics in funding formulas.