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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

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

1 day ago

The U.S. Census Bureau and the U.S. Bureau of Economic Analysis announced today that the goods and services deficit was $47.2 billion in October, down $3.9 billion from $51.1 billion in September, revised.

U.S. International Trade in Goods and Services Deficit
Deficit:
$47.2 Billion
-7.6%°
Exports:
$207.1 Billion
-0.2%°
Imports:
$254.3 Billion
-1.7%°

Next release: January 7, 2020

(°) 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, December 5, 2019

Exports, Imports, and Balance (exhibit 1)

October exports were $207.1 billion, $0.4 billion less than September

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Personal Income and Outlays, October 2019

9 days ago

Personal income increased $3.3 billion (less than 0.1 percent) in October according to estimates released today by the Bureau of Economic Analysis. Disposable personal income (DPI) decreased $12.6 billion (-0.1 percent) and personal consumption expenditures (PCE) increased $39.7 billion (0.3 percent).

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

 
2019
Jun.
Jul.
Aug.
Sep.
Oct.
Percent change from preceding month
Personal income:
 
     Current dollars

0.4

0.2

0.5

0.3

0.0

Disposable personal income:
 
 
 
 
 
     Current dollars

0.4

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Gross Domestic Product, 3rd quarter 2019 (second estimate), Corporate Profits, 3rd quarter 2019 (preliminary estimate)

9 days ago

Real gross domestic product (GDP) increased at an annual rate of 2.1 percent in the third quarter of 2019 (table 1), according to the "second" estimate released by the Bureau of Economic Analysis. In the second quarter, real GDP increased 2.0 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 1.9 percent. With the second estimate for the third quarter, upward revisions to private inventory investment, nonresidential fixed investment, and personal consumption expenditures (PCE) were partially offset by a downward revision to state and local government spending (see "Updates to GDP" on page 2).

The increase in real GDP in the third quarter

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Activities of U.S. Affiliates of Foreign Multinational Enterprises, 2017

21 days ago

Majority-owned U.S. affiliates (MOUSAs) of foreign multinational enterprises (MNEs) employed 7.4 million workers in the United States in 2017, a 2.8 percent increase from 7.2 million in 2016, according to statistics on MOUSA operations and finances released by the Bureau of Economic Analysis.

MOUSAs accounted for 5.8 percent of total private-industry employment in the United States. Employment by MOUSAs was largest in manufacturing and in retail trade. MOUSAs with ultimate beneficial owners in the United Kingdom, Japan, and Germany were the largest contributors to total MOUSA employment. (See the Additional Information for definitions of  MOUSAs and other terminology used in this release.)

Current-dollar value added of MOUSAs, a measure of their direct contribution to U.S. gross

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Local Area Personal Income, 2018

22 days ago

In 2018, personal income increased in 3,019 counties, decreased in 91, and was unchanged in 3, according to estimates released today by the U.S. Bureau of Economic Analysis (BEA). Personal income increased 5.7 percent in the metropolitan portion of the United States and increased 4.8 percent in the nonmetropolitan portion (Table A). In metropolitan counties, the percent change in personal income ranged from -3.2 percent in Lynn County, Texas to 17.5 percent in Midland County, Texas. In nonmetropolitan counties, it ranged from -20.8 percent in Sherman County, Texas, to 64.5 percent in Issaquena County, Mississippi (BEA interactive data).

In the metropolitan portion of the United States, per capita personal income—personal income divided by population—increased 4.9 percent in 2018, up

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Gross Domestic Product by State, 2nd quarter 2019 and annual update

29 days ago

Real gross domestic product (GDP) increased in all 50 states and the District of Columbia in the second quarter of 2019, according to statistics released today by the U.S. Bureau of Economic Analysis. The percent change in real GDP in the second quarter ranged from 4.7 percent in Texas to 0.5 percent in Hawaii (table 1).

Professional, scientific, and technical services; government; real estate and rental and leasing; and mining were the leading contributors to the increase in real GDP nationally (table 2). Mining increased 23.5 percent for the nation (GDP by Industry table 1) and was the leading contributor to the increases in Texas, Wyoming, Alaska, and New Mexico—the fastest growing states.

Other Highlights

Professional, scientific, and technical services increased 7.4 percent for

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Gross Domestic Product for the Commonwealth of the Northern Mariana Islands (CNMI), 2018

November 7, 2019

CNMI GDP decreases in 2018;Gaming industry revenues and visitor arrivals decline

CAPITOL HILL, SAIPAN (November 7, 2019) — Today, the Bureau of Economic Analysis (BEA) is releasing estimates of gross domestic product (GDP) for the Commonwealth of the Northern Mariana Islands (CNMI) 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 the CNMI show that real

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

November 5, 2019

The U.S. Census Bureau and the U.S. Bureau of Economic Analysis announced today that the goods and services deficit was $52.5 billion in September, down $2.6 billion from $55.0 billion in August, revised.

U.S. International Trade in Goods and Services Deficit
Deficit:
$52.5 Billion
-4.7%°
Exports:
$206.0 Billion
-0.9%°
Imports:
$258.4 Billion
-1.7%°

Next release: December 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, November 5, 2019

Exports, Imports, and Balance (exhibit 1)

September exports were $206.0 billion, $1.8 billion less than August

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Personal Income and Outlays, September 2019

October 31, 2019

Personal income increased $50.2 billion (0.3 percent) in September according to estimates released today by the Bureau of Economic Analysis. Disposable personal income (DPI) increased $55.7 billion (0.3 percent) and personal consumption expenditures (PCE) increased $24.3 billion (0.2 percent).

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

 
2019
May
Jun.
Jul.
Aug.
Sep.
Percent change from preceding month
Personal income:
 
     Current dollars

0.4

0.4

0.1

0.5

0.3

Disposable personal income:
 
 
 
 
 
     Current dollars

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Gross Domestic Product, Third Quarter 2019 (Advance Estimate)

October 30, 2019

Real gross domestic product (GDP) increased at an annual rate of 1.9 percent in the third quarter of 2019 (table 1), according to the "advance" estimate released by the Bureau of Economic Analysis. In the second quarter, real GDP increased 2.0 percent.

The GDP 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 third quarter, based on more complete data, will be released on November 27, 2019.

The increase in real GDP in the third quarter reflected positive contributions from personal consumption expenditures (PCE), federal government spending, residential fixed investment, state and local government spending, and exports that were

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Gross Domestic Product by Industry, Second Quarter 2019 and Annual Update

October 29, 2019

Professional, scientific, and technical services; real estate and rental and leasing; and mining were the leading contributors to the increase in U.S. economic growth in the second quarter of 2019, according to gross domestic product (GDP) by industry statistics released by the Bureau of Economic Analysis. The private goods- and services-producing industries, as well as the government sector, contributed to the increase. Overall, 14 of 22 industry groups contributed to the 2.0 percent increase in real GDP in the second quarter.

For the professional, scientific, and technical services industry group, real value added—a measure of an industry’s contribution to GDP—increased 7.4 percent in the second quarter, after increasing 8.0 percent in the first quarter. The second quarter growth

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Prototype Economic Statistics for Puerto Rico, 2012-2017

October 15, 2019

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

October 9, 2019

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

October 4, 2019

The U.S. Census Bureau and the U.S. Bureau of Economic Analysis announced today that the goods and services deficit was $54.9 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

October 3, 2019

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

September 30, 2019

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

September 27, 2019

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)

September 26, 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 "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

September 24, 2019

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

September 20, 2019

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

September 19, 2019

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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