The BEA Wire | BEA's Official Blog
BEA’s Annual Update of GDP Statistics Starts Sept. 26
National and industry statistics for the previous five years will be updated Sept. 26 as part of BEA’s regular annual updates to gross domestic product and related estimates. Updates to state and local statistics will begin Sept. 27.
Corporate Profits: BEA’s Suite of Measures Are Essential Indicators
A blog from BEA Director Vipin Arora
Every year, usually in January, I feel absolutely committed to getting a better handle on my finances. All I want to understand—not just at the end of the year, but throughout the year—is exactly what is coming in, what is going out, and what I have left over. Yet I can never seem to calculate these “personal profits,” nor how far I am from the mythical financial goals I’m supposed to have. Maybe my…
Measures of Economic Well-Being Updated With Complementary Open-Source Notebook
The Bureau of Economic Analysis updated its prototype measures of economic well-being and growth today and for the first time released open-source code that allows users to tailor the charts and tables to meet their needs.
The prototype measures package some of BEA’s headline statistics with data from other statistical agencies to spotlight trends in well-being and the drivers of economic growth.
Personal Income and Outlays, August 2023
Personal income increased $87.6 billion (0.4 percent at a monthly rate) in August. Disposable personal income (DPI)—personal income less personal current taxes— increased $46.6 billion (0.2 percent). Personal outlays—the sum of personal consumption expenditures (PCE), personal interest payments, and personal current transfer payments—increased $86.0 billion (0.4 percent) and consumer spending increased $83.6 billion (0.4 percent). Personal…
Gross Domestic Product (Third Estimate) and Corporate Profits (Revised Estimate), Second Quarter 2023
Real gross domestic product (GDP) increased at an annual rate of 2.1 percent in the second quarter of 2023, according to the “third” estimate. In the first quarter, real GDP increased 2.2 percent (revised). The increase in the second quarter primarily reflected increases in business investment, consumer spending, and state and local government spending that were partly offset by a decrease in exports. Imports, which are a subtraction in the…
Personal Income and Outlays, June 2023
Personal income increased $69.5 billion (0.3 percent at a monthly rate) in June. Disposable personal income (DPI)—personal income less personal current taxes— increased $67.5 billion (0.3 percent). Personal outlays—the sum of personal consumption expenditures, personal interest payments, and personal current transfer payments—increased $109.4 billion (0.6 percent) and consumer spending increased $100.4 billion (0.5 percent). Personal saving…
Gross Domestic Product, Second Quarter 2023 (Advance)
Real gross domestic product (GDP) increased at an annual rate of 2.4 percent in the second quarter of 2023, according to the "advance" estimate. In the first quarter, real GDP increased 2.0 percent. The increase in the second quarter primarily reflected increases in consumer spending and business investment that were partly offset by a decrease in exports. Imports, which are a subtraction in the calculation of GDP, decreased.
Outdoor Recreation Satellite Account, U.S. and States, 2021
The outdoor recreation economy accounted for 1.9 percent ($454.0 billion) of current-dollar gross domestic product (GDP) for the nation in 2021. At the state level, outdoor recreation value added as a share of GDP ranged from 4.8 percent in Hawaii to 1.3 percent in New York and Connecticut. The share was 0.9 percent in the District of Columbia.
BEA Updating 2017-22 Statistics With Latest Data
At the end of September, BEA will update five years of U.S. gross domestic product and related statistics, as well as GDP statistics for industries and for each state.
These updates are part of a cycle the U.S. Bureau of Economic Analysis follows to continue refining its statistics as more information becomes available. The annual updates incorporate data that only become available yearly, such as from the Census Bureau’s annual…
Personal Income and Outlays, March 2022
Personal income increased $107.2 billion, or 0.5 percent at a monthly rate, while consumer spending increased $185.0 billion, or 1.1 percent, in March. The increase in personal income primarily reflected an increase in compensation. The personal saving rate (that is, personal saving as a percentage of disposable personal income) was 6.2 percent in March, compared with 6.8 percent in February.
National Statistics Return to Normal Timetable in April
By the end of April, key national economic indicators will be on their original 2019 schedule, as the Bureau of Economic Analysis’ timetable of releases continues to recover from disruptions earlier in the year.
The advance, or first, estimate of gross domestic product for the first quarter will be released April 26 at 8:30 a.m., in accordance with BEA’s original calendar. The second and third estimates of first quarter GDP also are…
Arts and Culture Economy Grows 2.9 Percent in 2016
Arts and cultural economic activity grew at an inflation-adjusted 2.9 percent in 2016, increasing faster than the nation’s economy overall. For comparison, U.S. gross domestic product, or GDP, rose 1.6 percent that year.
Among state economies, Nevada posted the fastest arts and culture increase at 14.7 percent (not adjusted for inflation). Performing arts promoters and the movie industry led Nevada’s growth. The District of Columbia…