The BEA Wire | BEA's Official Blog

The Center for Data Innovation spoke with Mark Doms, Under Secretary of Economic Affairs at the U.S. Department of Commerce, in Washington, DC.

How much economic activity is generated by a state in a coastal area? How much do people living in coastal areas earn?

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 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.

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).

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?

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 (t

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.

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

Both outbound and inbound U.S. foreign direct investment continued to grow in 2013. The U.S.

State personal income increased 0.8 percent on average in the first quarter of 2014, an acceleration from the 0.5 percent growth in the fourth quarter of 2013. Personal income grew in 46 states and growth accelerated in 24 of those states.

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