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The BEA Advisory Committee advises the Director of BEA on matters related to the development and improvement of BEA’s national, regional, industry, and international economic accounts, especially in areas of new and rapidly growing economic activities arising from innovative and advancing technologies, and provides recommendations from the perspectives of the economics profession, business, and government.

Articles by BEA

Prototype Economic Statistics for Puerto Rico, 2012-2017

21 hours ago

Personal Consumption Expenditures, Private Fixed Investment, and Net Exports of Goods

SAN JUAN, PUERTO RICO (October 15, 2019) — Today, the Bureau of Economic Analysis (BEA) released prototype statistics for personal consumption expenditures, private fixed investment, and net exports of goods for Puerto Rico. These annual statistics cover the time period from 2012 to 2017. In conjunction with this release, BEA is requesting feedback to refine the data sources and methods used to prepare these statistics.

The estimates released today are a major step toward the goal of producing gross domestic product (GDP) statistics for Puerto Rico that are consistent with international guidelines and that are directly comparable to data for other U.S. territories, states, the nation, and many other

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Gross Domestic Product for Guam, 2018

7 days ago

Guam GDP decreases 0.3 percent;Growth in tourism offset by decreases in local government and business investment

HAGÅTÑA, GUAM (October 9, 2019) — Today, the Bureau of Economic Analysis (BEA) is releasing estimates of gross domestic product (GDP) for Guam for 2018, in addition to estimates of GDP by industry and compensation by industry for 2017.1 These estimates were developed under the Statistical Improvement Program funded by the Office of Insular Affairs (OIA) of the U.S. Department of the Interior.

Revised estimates of GDP for 2015 to 2017, as well as revised estimates of GDP by industry and compensation by industry for 2015 and 2016, are also presented in this release.

Gross Domestic Product for 2018

The estimates of GDP for Guam show that real GDP—GDP adjusted to remove price

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U.S. International Trade in Goods and Services, August 2019

12 days ago

The U.S. Census Bureau and the U.S. Bureau of Economic Analysis announced today that the goods and services deficit was $54.9 billion in August, up $0.9 billion from $54.0 billion in July, revised.

U.S. International Trade in Goods and Services Deficit
Deficit:
$54.9 Billion
+1.6%°
Exports:
$207.9 Billion
+0.2%°
Imports:
$262.8 Billion
+0.5%°

Next release: November 5, 2019

(°) Statistical significance is not applicable or not measurable. Data adjusted for seasonality but not price changes

Source: U.S. Census Bureau, U.S. Bureau of Economic Analysis; U.S. International Trade in Goods and Services, October 4, 2019

Exports, Imports, and Balance (exhibit 1)

August exports were $207.9 billion, $0.5 billion more than July exports. August

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Personal Consumption Expenditures by State, 2018

13 days ago

State personal consumption expenditures (PCE) increased 5.1 percent in 2018, an acceleration from the 4.4 percent increase in 2017 (table 1), according to statistics released today by the Bureau of Economic Analysis. The percent change in PCE across all states ranged from 7.3 percent in Utah to 3.6 percent in West Virginia.

PCE by state highlights

Expenditures on health care, and on housing and utilities increased 4.9 and 4.6 percent, respectively (table 2), and were the leading contributors to growth nationally (table 3).

Expenditures on housing and utilities, other nondurable goods, and health care increased 5.2, 10.6, and 5.0 percent, respectively in Utah, the fastest growing state, and were the leading contributors to growth.
Expenditures on health care, and housing and utilities

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U.S. International Investment Position, Second Quarter 2019

16 days ago

The U.S. net international investment position, the difference between U.S. residents’ foreign financial assets and liabilities, was –$10.56 trillion at the end of the second quarter of 2019, according to statistics released by the U.S. Bureau of Economic Analysis (BEA). Assets totaled $28.01 trillion and liabilities were $38.56 trillion.

At the end of the first quarter, the net investment position was –$10.16 trillion (Table 1).

The –$398.8 billion change in the net investment position from the first quarter to the second quarter came from net financial transactions of –$146.7 billion and net other changes in position, such as price and exchange rate changes, of –$252.1 billion (Table A).

Table A. Quarterly Change in the U.S. Net International Investment PositionBillions of

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Personal Income and Outlays, August 2019

19 days ago

Personal income increased $73.5 billion (0.4 percent) in August according to estimates released today by the Bureau of Economic Analysis. Disposable personal income (DPI) increased $77.7 billion (0.5 percent) and personal consumption expenditures (PCE) increased $20.1 billion (0.1 percent).

Real DPI increased 0.4 percent in August and Real PCE increased 0.1 percent. The PCE price index increased less than 0.1 percent. Excluding food and energy, the PCE price index increased 0.1 percent.

 
2019
Apr.
May
Jun.
Jul.
Aug.
Percent change from preceding month
Personal income:
 
     Current dollars
0.4
0.4
0.4
0.1
0.4
Disposable personal income:
 
     Current dollars
0.4
0.3
0.4
0.3
0.5
     Chained (2012) dollars
0.1
0.2

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Gross Domestic Product, 2nd quarter 2019 (third estimate); Corporate Profits, 2nd quarter 2019 (revised estimate)

20 days ago

Real gross domestic product (GDP) increased at an annual rate of 2.0 percent in the second quarter of 2019 (table 1), according to the "third" estimate released by the Bureau of Economic Analysis. In the first quarter, real GDP increased 3.1 percent.

The GDP estimate released today is based on more complete source data than were available for the "second" estimate issued last month. In the second estimate, the increase in real GDP was also 2.0 percent. Downward revisions to personal consumption expenditures (PCE) and nonresidential fixed investment were primarily offset by upward revisions to state and local government spending and exports. Imports, which are a subtraction in the calculation of GDP, were revised down (see "Updates to GDP" on page 2).

The increase in real GDP in the

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State Quarterly Personal Income, 2nd quarter 2019 and State Annual Personal Income, 2018

22 days ago

State personal income increased 5.4 percent at an annual rate in the second quarter of 2019, a deceleration from the 6.2 percent increase in the first quarter, according to estimates released today by the Bureau of Economic Analysis (table 1). The percent change in personal income across all states ranged from 7.5 percent in Texas to unchanged in North Dakota.

Increases in earnings, property income (dividends, interest, and rent), and transfer receipts contributed to personal income growth nationally and in most states (table 2).

Earnings. Earnings increased 4.4 percent in the second quarter of 2019, after increasing 8.1 percent in the first quarter. Earnings increased in 20 of the 24 industries for which BEA prepares quarterly estimates (table 4).

For the nation, professional,

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Outdoor Recreation Satellite Account, U.S. and Prototype for States, 2017

26 days ago

State Outdoor Recreation Satellite Account (ORSA) statistics isolate the economic activity associated with outdoor recreation spending and production in a state’s economy. The state-level prototype statistics are an extension of the national industry ORSA statistics. The concepts, definitions, and methodology used to produce state-level prototype statistics are consistent with the national industry concepts, definitions, and methodology. The U.S. ORSA methodology paper provides more information about these concepts, definitions, and methodology.

Geography of outdoor recreationOutdoor recreation is measured by place of production, not residence of consumer. The value of manufactured goods, such as boats, is assigned to the state where they are produced, even if the goods are not

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U.S. International Transactions, 2nd quarter 2019

27 days ago

Current Account Deficit Narrows by 5.9 Percent in Second Quarter

Current Account Balance

The U.S. current account deficit, which reflects the combined balances on trade in goods and services and income flows between U.S. residents and residents of other countries, narrowed by $8.0 billion, or 5.9 percent, to $128.2 billion in the second quarter of 2019, according to statistics from the U.S. Bureau of Economic Analysis (BEA). The revised first quarter deficit was $136.2 billion.

The second quarter deficit was 2.4 percent of current dollar gross domestic product, down from 2.6 percent in the first quarter.

The $8.0 billion narrowing of the current account deficit in the second quarter mainly reflected an expanded surplus on primary income.

Current Account Transactions (tables 1-5)

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U.S. International Trade in Goods and Services, July 2019

September 4, 2019

The U.S. Census Bureau and the U.S. Bureau of Economic Analysis announced today that the goods and services deficit was $54.0 billion in July, down $1.5 billion from $55.5 billion in June, revised.

U.S. International Trade in Goods and Services Deficit
Deficit:
$54.0 Billion
-2.7%°
Exports:
$207.4 Billion
+0.6%°
Imports:
$261.4 Billion
-0.1%°

Next release: October 4, 2019

(°) Statistical significance is not applicable or not measurable. Data adjusted for seasonality but not price changes

Source: U.S. Census Bureau, U.S. Bureau of Economic Analysis; U.S. International Trade in Goods and Services, September 4, 2019

Exports, Imports, and Balance (exhibit 1)

July exports were $207.4 billion, $1.2 billion more than June exports. July

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Personal Income and Outlays, July 2019

August 30, 2019

Personal income increased $23.9 billion (0.1 percent) in July according to estimates released today by the Bureau of Economic Analysis. Disposable personal income (DPI) increased $44.4 billion (0.3 percent) and personal consumption expenditures (PCE) increased $93.1 billion (0.6 percent).

Real DPI increased 0.1 percent in July and Real PCE increased 0.4 percent. The PCE price index increased 0.2 percent. Excluding food and energy, the PCE price index increased 0.2 percent.

 
2019
Mar.
Apr.
May
Jun.
Jul.
Percent change from preceding month
Personal income:
 
     Current dollars
0.4
0.4
0.4
0.5
0.1
Disposable personal income:
 
     Current dollars
0.4
0.4
0.3
0.4
0.3
     Chained (2012) dollars
0.2
0.1
0.2
0.3

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Gross Domestic Product, 2nd quarter 2019 (second estimate); Corporate Profits, 2nd quarter 2019 (preliminary estimate)

August 29, 2019

Real gross domestic product (GDP) increased at an annual rate of 2.0 percent in the second quarter of 2019 (table 1), according to the "second" estimate released by the Bureau of Economic Analysis. In the first quarter, real GDP increased 3.1 percent.

The GDP estimate released today is based on more complete source data than were available for the "advance" estimate issued last month. In the advance estimate, the increase in real GDP was 2.1 percent. The revision primarily reflected downward revisions to state and local government spending, exports, private inventory investment, and residential investment that were partly offset by an upward revision to personal consumption expenditures (PCE). Imports which are a subtraction in the calculation of GDP, were unrevised (see "Updates to GDP"

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Gross Domestic Product for American Samoa, 2018

August 23, 2019

UTULEI, AMERICAN SAMOA (August 23, 2019) — Today, the Bureau of Economic Analysis (BEA) is releasing estimates of gross domestic product (GDP) for American Samoa for 2018, in addition to estimates of GDP by industry and compensation by industry for 2017. These estimates were developed under the Statistical Improvement Program funded by the Office of Insular Affairs (OIA) of the U.S. Department of the Interior.

Revised estimates of GDP for 2015 to 2017, as well as revised estimates of GDP by industry and compensation by industry for 2015 and 2016, are also presented in this release.

Gross Domestic Product for 2018

The estimates of GDP for American Samoa show that real GDP—GDP adjusted to remove price changes—increased 2.2 percent in 2018 after decreasing 5.8 percent in 2017 (see Table

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Activities of U.S. Multinational Enterprises, 2017

August 23, 2019

Worldwide employment by U.S. multinational enterprises (MNEs) increased 0.4 percent to 42.5 million workers in 2017 from 42.3 million in 2016, according to statistics released by the Bureau of Economic Analysis on the operations and finances of U.S. parent companies and their foreign affiliates.

Employment in the United States by U.S. parents increased 0.2 percent to 28.1 million workers in 2017. U.S. parents accounted for 66.1 percent of worldwide employment by U.S. MNEs, down from 66.3 percent in 2016. Employment abroad by majority-owned foreign affiliates (MOFAs) of U.S. MNEs increased 0.9 percent to 14.4 million workers and accounted for 33.9 percent of employment by U.S. MNEs worldwide.

U.S. parents accounted for 22.0 percent of total private industry employment in the United

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U.S. International Trade in Goods and Services, June 2019

August 2, 2019

The U.S. Census Bureau and the U.S. Bureau of Economic Analysis announced today that the goods and services deficit was $55.2 billion in June, down $0.2 billion from $55.3 billion in May, revised.

U.S. International Trade in Goods and Services Deficit
Deficit:
$55.2 Billion
-0.3%°
Exports:
$206.3 Billion
-2.1%°
Imports:
$261.5 Billion
-1.7%°

Next release: September 4, 2019

(°) Statistical significance is not applicable or not measurable. Data adjusted for seasonality but not price changes

Source: U.S. Census Bureau, U.S. Bureau of Economic Analysis; U.S. International Trade in Goods and Services, August 2, 2019

Exports, Imports, and Balance (exhibit 1)

June exports were $206.3 billion, $4.4 billion less than May exports. June imports

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Personal Income and Outlays, June 2019

July 30, 2019

Personal income increased $83.6 billion (0.4 percent) in June according to estimates released today by the Bureau of Economic Analysis. Disposable personal income (DPI) increased $69.7 billion (0.4 percent) and personal consumption expenditures (PCE) increased $41.0 billion (0.3 percent).

Real DPI increased 0.3 percent in June and Real PCE increased 0.2 percent. The PCE price index increased 0.1 percent. Excluding food and energy, the PCE price index increased 0.2 percent.

 
2019
Feb.
Mar.
Apr.
May
June
Percent change from preceding month
Personal income:
 
     Current dollars
0.6
0.4
0.4
0.4
0.4
Disposable personal income:
 
     Current dollars
0.5
0.4
0.4
0.3
0.4
     Chained (2012) dollars
0.4
0.2
0.1
0.2

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Gross Domestic Product, 2nd quarter 2019 (advance estimate), and annual update

July 26, 2019

Real gross domestic product (GDP) increased at an annual rate of 2.1 percent in the second quarter of 2019 (table 1), according to the "advance" estimate released by the Bureau of Economic Analysis. In the first quarter, real GDP increased 3.1 percent.

The Bureau’s second-quarter advance estimate released today is based on source data that are incomplete or subject to further revision by the source agency (see "Source Data for the Advance Estimate" on page 2). The "second" estimate for the second quarter, based on more complete data, will be released on August 29, 2019.

The increase in real GDP in the second quarter reflected positive contributions from personal consumption expenditures (PCE), federal government spending, and state and local government spending that were partly offset

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Gross Domestic Product by State, 1st quarter 2019

July 25, 2019

Real gross domestic product (GDP) increased in all 50 states and the District of Columbia in the first quarter of 2019, according to statistics released today by the U.S. Bureau of Economic Analysis. The percent change in real GDP in the first quarter ranged from 5.2 percent in West Virginia to 1.2 percent in Hawaii (table 1).

Highlights

Finance and insurance, retail trade, and health care and social assistance were the leading contributors to the increase in real GDP nationally (table 2). These industries increased 9.5 percent, 11.9 percent, and 6.2 percent, respectively (GDP by Industry table 1), and contributed to growth in all 50 states and the District of Columbia.
Mining for the nation increased 26.5 percent, after increasing 38.0 percent in the fourth quarter. This industry was

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Direct Investment by Country and Industry, 2018

July 24, 2019

The U.S. direct investment abroad position, or cumulative level of investment, decreased $62.3 billion to $5.95 trillion at the end of 2018 from $6.01 trillion at the end of 2017, according to statistics released by the Bureau of Economic Analysis (BEA). The decrease was due to the repatriation of accumulated prior earnings by U.S. multinationals from their foreign affiliates, largely in response to the 2017 Tax Cuts and Jobs Act. The decrease reflected a $75.8 billion decrease in the position in Latin America and Other Western Hemisphere, primarily in Bermuda. By industry, holding company affiliates owned by U.S. manufacturers accounted for most of the decrease. 

The foreign direct investment in the United States position increased $319.1 billion to $4.34 trillion at the end of 2018 from

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Gross Domestic Product by Industry, First Quarter 2019

July 19, 2019

Finance and insurance; retail trade; and health care and social assistance were the leading contributors to the increase in U.S. economic growth in the first quarter of 2019. According to gross domestic product (GDP) by industry statistics released by the Bureau of Economic Analysis, 16 of 22 industry groups contributed to the overall 3.1 percent increase in real GDP in the first quarter.

For the finance and insurance industry group, real value added—a measure of an industry’s contribution to GDP—increased 9.5 percent in the first quarter, after decreasing 6.2 percent in the fourth quarter. The first quarter growth primarily reflected an increase in insurance carriers and related activities.
Retail trade increased 11.9 percent in the first quarter, after decreasing 2.5 percent in the

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U.S. International Trade in Goods and Services, May 2019

July 3, 2019

The U.S. Census Bureau and the U.S. Bureau of Economic Analysis announced today that the goods and services deficit was $55.5 billion in May, up $4.3 billion from $51.2 billion in April, revised.

U.S. International Trade in Goods and Services Deficit
Deficit:
$55.5 Billion
+8.4%°
Exports:
$210.6 Billion
+2.0%°
Imports:
$266.2 Billion
+3.3%°

Next release: August 2, 2019

(°) Statistical significance is not applicable or not measurable.Data adjusted for seasonality but not price changes

Source: U.S. Census Bureau, U.S. Bureau of Economic Analysis; U.S. International Trade in Goods and Services, July 3, 2019

Exports, Imports, and Balance (exhibit 1)

May exports were $210.6 billion, $4.2 billion more than April exports. May imports were

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New Foreign Direct Investment in the United States, 2018

July 2, 2019

Expenditures by foreign direct investors to acquire, establish, or expand U.S. businesses totaled $296.4 billion (preliminary) in 2018. Expenditures were up 8.7 percent from $272.8 billion (revised) in 2017 but were below the annual average of $338.1 billion for 2014–2017. As in previous years, acquisitions of existing businesses accounted for a large majority of total expenditures.

In 2018, expenditures for acquisitions were $287.3 billion, expenditures to establish new U.S. businesses were $5.3 billion, and expenditures to expand existing foreign-owned businesses were $3.8 billion. Planned total expenditures, which include both first-year and planned future expenditures, were $318.1 billion. 

Expenditures by industry, country, and state in 2018

By industry, expenditures for new

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Personal Income and Outlays, May 2019

June 28, 2019

Personal income increased $88.6 billion (0.5 percent) in May according to estimates released today by the Bureau of Economic Analysis. Disposable personal income (DPI) increased$72.6 billion (0.5 percent) and personal consumption expenditures (PCE) increased $59.7 billion (0.4 percent).

Real DPI increased 0.3 percent in May, and real PCE increased 0.2 percent. The PCE price indexincreased 0.2 percent. Excluding food and energy, the PCE price index increased 0.2 percent.

 
2019
Jan.
Feb.
Mar.
Apr.
May
Percent change from preceding month
Personal income:
 
     Current dollars
-0.1
0.2
0.1
0.5
0.5
Disposable personal income:
 
     Current dollars
-0.2
0.1
0.0
0.5
0.5
     Chained (2012) dollars
-0.2
0.1
-0.2

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Gross Domestic Product, First Quarter 2019 (Third Estimate); Corporate Profits, First Quarter 2019 (Revised Estimate)

June 27, 2019

Real gross domestic product (GDP) increased at an annual rate of 3.1 percent in the first quarter of 2019 (table 1), according to the "third" estimate released by the Bureau of Economic Analysis. In the fourth quarter of 2018, real GDP increased 2.2 percent.

The GDP estimate released today is based on more complete source data than were available for the "second" estimate issued last month. In the second estimate, the increase in real GDP was also 3.1 percent. Upward revisions to nonresidential fixed investment, exports, state and local government spending, and residential fixed investment were offset by downward revisions to personal consumption expenditures (PCE) and inventory investment and an upward revision to imports (see "Updates to GDP" on page 2).

Real gross domestic income

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U.S. Net International Investment Position, First Quarter 2019, Year 2018, and Annual Update

June 26, 2019

First Quarter 2019

The U.S. net international investment position decreased to −$9.93 trillion (preliminary) at the end of the first quarter of 2019 from −$9.55 trillion (revised) at the end of the fourth quarter of 2018, according to statistics released by the Bureau of Economic Analysis (BEA). The $374.4 billion decrease reflected a $1.90 trillion increase in U.S. assets and a $2.27 trillion increase in U.S. liabilities (table 1).

The $374.4 billion decrease in the net investment position also reflected net financial transactions of –$30.2 billion and net other changes in position, such as price and exchange-rate changes, of –$344.2 billion (table A).

The net investment position decreased 3.9 percent in the first quarter of 2019, compared with an increase of 1.5 percent in the

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State Quarterly Personal Income, first quarter 2019

June 25, 2019

State personal income increased 3.4 percent at an annual rate in the first quarter of 2019, a deceleration from the 4.1 percent increase in the fourth quarter of 2018, according to estimates released today by the Bureau of Economic Analysis (table 1). Personal income increased in all states except South Dakota. The percent change in personal income across all states ranged from 5.6 percent in West Virginia to -0.6 percent in South Dakota.

Increases in earnings and transfer receipts contributed to personal income growth nationally and in most states, while property income (dividends, interest, and rent) decreased in every state (table 2).

Earnings. Earnings increased 2.8 percent in the first quarter of 2019, after increasing 3.2 percent in the fourth quarter of 2018. Earnings increased

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U.S. International Transactions, First Quarter 2019 and Annual Update

June 20, 2019

Current-Account Balance

The U.S. current-account deficit decreased to $130.4 billion (preliminary) in the first quarter of 2019 from $143.9 billion (revised) in the fourth quarter of 2018, according to statistics released by the Bureau of Economic Analysis (BEA). The deficit was 2.5 percent of current-dollar gross domestic product in the first quarter, down from 2.8 percent in the fourth quarter.

The $13.5 billion decrease in the current-account deficit mostly reflected a decrease in the deficit on goods that was partly offset by an increase in the deficit on secondary income.

Current-Account Transactions (tables 1-5)

Exports of goods and services and income receipts

Exports of goods and services and income receipts increased $7.2 billion in the first quarter to $945.9 billion.

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U.S. International Trade in Goods and Services, April 2019

June 6, 2019

The U.S. Census Bureau and the U.S. Bureau of Economic Analysis announced today that the goods and services deficit was $50.8 billion in April, down $1.1 billion from $51.9 billion in March, revised.

U.S. International Trade in Goods and Services Deficit
Deficit:
$50.8 Billion
-2.1%°
Exports:
$206.8 Billion
-2.2%°
Imports:
$257.6 Billion
-2.2%°

Next release: July 3, 2019

(°) Statistical significance is not applicable or not measurable.Data adjusted for seasonality but not price changes

Source: U.S. Census Bureau, U.S. Bureau of Economic Analysis; U.S. International Trade in Goods and Services, June 6, 2019

Exports, Imports, and Balance (exhibit 1)

April exports were $206.8 billion, $4.6 billion less than March exports. April imports

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Personal Income and Outlays, April 2019

May 31, 2019

Personal income increased $92.8 billion (0.5 percent) in April according to estimates released today by the Bureau of Economic Analysis. Disposable personal income (DPI) increased $69.3 billion (0.4 percent) and personal consumption expenditures (PCE) increased $40.8 billion (0.3 percent).

Real DPI increased 0.1 percent in April and Real PCE decreased less than 0.1 percent. The PCE price index increased 0.3 percent. Excluding food and energy, the PCE price index increased 0.2 percent.

 
2018
2019
Dec.
Jan.
Feb.
Mar.
Apr.
Percent change from preceding month
Personal income:
 
   Current dollars
0.9
-0.1
0.2
0.1
0.5
Disposable personal income:
 
   Current dollars
1.0
-0.2
0.2
0.1
0.4
   Chained (2012) dollars
1.0

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