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Bureau of Economic Analysis

BEA

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

Gross Domestic Product by State, 4th quarter 2016 and annual 2016

15 days ago

Finance and Insurance Led Growth Across States in the Fourth Quarter
Real gross domestic product (GDP) increased in every state and the District of Columbia in the fourth quarter of 2016, according to statistics on the geographic breakout of GDP released today by the U.S. Bureau of Economic Analysis. Real GDP by state growth ranged from 3.4 percent in Texas to 0.1 percent in Kansas and Mississippi (table 1 and chart 1). Finance and insurance; retail trade; and professional, scientific, and technical services were the leading contributors to U.S. economic growth in the fourth quarter.

Finance and insurance grew 6.3 percent in the fourth quarter of 2016. This industry contributed to growth in 49 states

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U.S. International Trade in Goods and Services, March 2017

22 days ago

U.S. Census Bureau
U.S. Bureau of Economic Analysis
NEWS
U.S. Department of Commerce * Washington, DC 20230
U.S. INTERNATIONAL TRADE IN GOODS AND SERVICES

March 2017

The U.S. Census Bureau and the U.S. Bureau of Economic Analysis, through the Department of
Commerce, announced today that the goods and services deficit was $43.7 billion in March, down
$0.1 billion from $43.8 billion in February, revised. March exports were $191.0 billion, $1.7
billion less than February exports. March imports were $234.7 billion, $1.7 billion less than
February imports.

The March decrease in the goods and services deficit reflected an increase in the goods deficit
of $0.4 billion to $65.5 billion and an increase in the services surplus of $0.4 billion to $21.8
billion.

Year-to-date, the goods and services deficit increased $9.4 billion, or 7.5 percent, from the
same period in 2016. Exports increased $38.0 billion or 7.1 percent. Imports increased $47.5
billion or 7.1 percent.

Goods and Services Three-Month Moving Averages (Exhibit 2)

The average goods and services deficit decreased $0.2 billion to $45.2 billion for the three
months ending in March.
* Average exports of goods and services decreased less than $0.1 billion to $192.

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Personal Income and Outlays, March 2017

25 days ago

PERSONAL INCOME AND OUTLAYS, MARCH 2017

Personal income increased $40.0 billion (0.2 percent) in March according to estimates released today
by the Bureau of Economic Analysis. Disposable personal income (DPI) increased $35.0 billion (0.2 percent)
and personal consumption expenditures (PCE) increased $5.7 billion (less than 0.1 percent).

Real DPI increased 0.5 percent in March and Real PCE increased 0.3 percent. The PCE price index
decreased 0.2 percent. Excluding food and energy, the PCE price index decreased 0.1 percent.

2016 2017
Nov. Dec. Jan. Feb. Mar.
Percent change from preceding month
Personal income:
Current dollars 0.2 0.3 0.4 0.3 0.2
Disposable personal income:
Current dollars 0.2 0.3 0.3 0.3 0.2
Chained (2009) dollars 0.1 0.1 -0.1 0.2 0.5
Personal consumption expenditures (PCE):
Current dollars 0.3 0.6 0.2 0.0 0.0
Chained (2009) dollars 0.2 0.4 -0.3 -0.1 0.3
Price indexes:
PCE 0.

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Gross Domestic Product, 1st quarter 2017 (advance estimate)

28 days ago

National Income and Product Accounts
Gross Domestic Product: First Quarter 2017 (Advance Estimate)

Real gross domestic product (GDP) increased at an annual rate of 0.7 percent in the first quarter of 2017
(table 1), according to the "advance" estimate released by the Bureau of Economic Analysis. In the
fourth quarter of 2016, real GDP increased 2.1 percent.

The Bureau emphasized that the first-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 first quarter, based on more complete
data, will be released on May 26, 2017.

The increase in real GDP in the first quarter reflected positive contributions from nonresidential fixed
investment, exports, residential fixed investment, and personal consumption expenditures (PCE), that
were offset by negative contributions from private inventory investment, state and local government
spending, and federal government spending. Imports, which are a subtraction in the calculation of GDP,
increased (table 2).

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Gross Domestic Product by Industry, 4th quarter and annual 2016

April 21, 2017

Finance and insurance; retail trade; and professional, scientific, and technical services were the leading contributors to the increase in U.S. economic growth in the fourth quarter of 2016. According to gross domestic product (GDP) by industry statistics released by the Bureau of Economic Analysis, 19 of 22 industry groups contributed to the overall 2.1 percent increase in real GDP in the fourth quarter.

For the finance and insurance industry group, real value added—a measure of an industry’s contribution to GDP—increased 6.3 percent in the fourth quarter, after increasing 9.0 percent in the third quarter. The fourth quarter growth primarily reflected increases in Federal Reserve banks, credit intermediation, and related activities, as well as insurance carriers and related activities.
Retail trade increased 5.7 percent, after increasing 2.6 percent. The fourth quarter growth primarily reflected an increase in other retail, which includes gasoline stations, as well as building material and garden equipment and supplies stores.
Professional, scientific, and technical services increased 3.6 percent, after increasing 2.6 percent.

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Arts and Cultural Production Satellite Account, U.S. and States 2014

April 19, 2017

New State Data Show Employment in These Industries Rises in 24 States
Arts and cultural economic activity nationwide grew an inflation-adjusted 1.9 percent in 2014, according to new statistics released by the Bureau of Economic Analysis. That compares with a 2.4 percent increase in real value added from all arts and culture industries for 2013 (table 1). Arts and cultural economic activity accounted for 4.2 percent of gross domestic product (GDP), or $729.6 billion, in 2014 (table 2).
For the first time, the Arts and Cultural Production Satellite Account includes state-level estimates of employment and compensation.

Information services and design services were the leading contributors to the nationwide growth in 2014. Core arts and cultural production industries, including performing arts, design services, fine arts education and education services, grew 3.2 percent. Supporting arts and cultural production industries, including art support services and information services, increased 1.6 percent.
Real Value Added for Arts and Culture Industries Nationwide

For the other information services industry group, which includes internet publishing, internet broadcasting, and web search portals, real value added increased 13.6 percent in 2014, after increasing 25.

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U.S. International Trade in Goods and Services, February 2017

April 4, 2017

U.S. Census Bureau
U.S. Bureau of Economic Analysis
NEWS
U.S. Department of Commerce * Washington, DC 20230
U.S. INTERNATIONAL TRADE IN GOODS AND SERVICES

February 2017

The U.S. Census Bureau and the U.S. Bureau of Economic Analysis, through the Department of
Commerce, announced today that the goods and services deficit was $43.6 billion in February,
down $4.6 billion from $48.2 billion in January, revised. February exports were $192.9 billion,
$0.4 billion more than January exports. February imports were $236.4 billion, $4.3 billion less
than January imports.

The February decrease in the goods and services deficit reflected a decrease in the goods
deficit of $4.6 billion to $65.0 billion and an increase in the services surplus of less than
$0.1 billion to $21.4 billion.

Year-to-date, the goods and services deficit increased $2.8 billion, or 3.1 percent, from the
same period in 2016. Exports increased $25.8 billion or 7.2 percent. Imports increased $28.6
billion or 6.4 percent.

Goods and Services Three-Month Moving Averages (Exhibit 2)

The average goods and services deficit decreased $0.6 billion to $45.

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Personal Income and Outlays, February 2017

March 31, 2017

PERSONAL INCOME AND OUTLAYS, FEBRUARY 2017

Personal income increased $57.7 billion (0.4 percent) in February according to estimates released
today by the Bureau of Economic Analysis. Disposable personal income (DPI) increased $44.6 billion
(0.3 percent) and personal consumption expenditures (PCE) increased $7.4 billion (0.1 percent).

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

2016 2017
Oct. Nov. Dec. Jan. Feb.
Percent change from preceding month
Personal income:
Current dollars 0.4 0.2 0.3 0.5 0.4
Disposable personal income:
Current dollars 0.4 0.2 0.3 0.4 0.3
Chained (2009) dollars 0.2 0.1 0.1 -0.1 0.2
Personal consumption expenditures (PCE):
Current dollars 0.5 0.3 0.6 0.2 0.1
Chained (2009) dollars 0.3 0.2 0.4 -0.2 -0.

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Gross Domestic Product, 4th quarter and annual 2016 (third estimate); Corporate Profits, 4th quarter and annual 2016

March 30, 2017

National Income and Product Accounts
Gross Domestic Product: Fourth Quarter and Annual 2016 (Third Estimate)Corporate Profits: Fourth Quarter and Annual 2016

Real gross domestic product (GDP) increased at an annual rate of 2.1 percent in the fourth quarter of
2016 (table 1), according to the "third" estimate released by the Bureau of Economic Analysis. In the
third quarter of 2016, real GDP increased 3.5 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 1.9 percent.
With this third estimate for the fourth quarter, the general picture of economic growth remains largely
the same; personal consumption expenditures (PCE) increased more than previously estimated (see
"Updates to GDP" on page 2).

Real gross domestic income (GDI) increased 1.0 percent in the fourth quarter, compared with an
increase of 5.0 percent in the third. The average of real GDP and real GDI, a supplemental measure of
U.S. economic activity that equally weights GDP and GDI, increased 1.5 percent in the fourth quarter,
compared with an increase of 4.3 percent in the third quarter (table 1).

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U.S. International Investment Position, 4th quarter and year 2016

March 29, 2017

Fourth Quarter 2016
The U.S. net international investment position decreased to -$8,109.7 billion (preliminary) at the end of the fourth quarter of 2016 from -$7,807.3 billion (revised) at the end of the third quarter, according to statistics released today by the Bureau of Economic Analysis (BEA). The $302.3 billion decrease reflected a $954.8 billion decrease in U.S. assets and a $652.5 billion decrease in U.S. liabilities.

The net investment position decreased 3.9 percent in the fourth quarter, compared with an increase of 2.7 percent in the third quarter and an average quarterly decrease of 6.0 percent from the first quarter of 2011 through the second quarter of 2016.
U.S. assets decreased $954.8 billion to $23,916.7 billion at the end of the fourth quarter.
Financial derivatives decreased $566.1 billion to $2,209.0 billion, reflecting a decrease in single-currency interest rate contracts that was partly offset by an increase in foreign exchange contracts.
Assets excluding financial derivatives decreased $388.7 billion to $21,707.7 billion, mostly reflecting decreases in portfolio investment and other investment. The $388.7 billion decrease resulted from other changes in position of -$285.6 billion and financial transactions of -$103.1 billion (table A).

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State Quarterly Personal Income, 4th quarter 2016; State Annual Personal Income, 2016 (preliminary estimates)

March 28, 2017

State personal income grew on average 3.6 percent in 2016, after increasing 4.5 percent in 2015, according to estimates released today by the Bureau of Economic Analysis. Growth of state personal income—the sum of net earnings by place of residence, property income, and personal current transfer receipts—ranged from –1.7 percent in Wyoming to 5.9 percent in Nevada (table 1).

Earnings. Earnings increased 4.1 percent in 2016 and was the leading contributor to growth in personal income in most states (table 2).

Both personal income and earnings grew faster in Nevada than in any other state. Earnings growth in management; arts, entertainment, and recreation; and construction were the leading contributors to its 7.2 percent growth in total earnings (table 3).
Utah, Washington, Florida, and Oregon had the next fastest growth in total earnings.
In Utah, earnings growth in construction, and in health care and social assistance, were the leading contributors to the 6.4 percent growth in total earnings.
In Washington, earnings growth in information, and in retail trade, were the leading contributors to the 6.3 percent growth in total earnings.

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U.S. International Transactions, 4th quarter and Year 2016

March 21, 2017

NOTE: See the navigation bar at the right side of the news release text for links to data tables, contact personnel and their telephone numbers, and supplementary materials.
U.S. International Transactions: Fourth Quarter and Year 2016

Current-Account Balance, Fourth Quarter

The U.S. current-account deficit decreased to $112.4 billion (preliminary) in the fourth
quarter of 2016 from $116.0 billion (revised) in the third quarter of 2016, according to
statistics released by the Bureau of Economic Analysis (BEA). The deficit decreased to 2.4
percent of current-dollar gross domestic product (GDP) from 2.5 percent in the third quarter.

The $3.6 billion decrease in the current-account deficit mostly reflected a $19.9 billion
increase in the surplus on primary income that was largely offset by a $17.5 billion increase
in the deficit on goods. The changes in the surplus on services and the deficit on secondary
income were relatively small.

Current-Account Transactions, Fourth Quarter (tables 1-5)

Exports of goods and services and income receipts

Exports of goods and services and income receipts increased $4.0 billion in the fourth quarter
to $804.0 billion.

* Primary income receipts increased $4.4 billion to $207.

Read More »

Travel and Tourism Satellite Accounts, 4th quarter 2016

March 15, 2017

Travel and Tourism Spending Turned Down in the Fourth Quarter

Real spending (output) on travel and tourism turned down in the fourth quarter of 2016, decreasing at an annual rate of 3.3 percent after increasing 3.7 percent (revised) in the third quarter according to new statistics released by the Bureau of Economic Analysis. In contrast, real gross domestic product (GDP) increased 1.9 percent in the fourth quarter after increasing 3.5 percent in the third. For the year, travel and tourism grew 2.3 percent, a deceleration from the 4.7 percent growth in 2015.
The leading contributors to the fourth-quarter downturn in travel and tourism were “Passenger air transportation” and “Traveler accommodations.” “Passenger air transportation” decreased 15.1 percent after increasing 2.0 percent (revised) in the previous quarter. “Traveler accommodations” decreased 5.9 percent after increasing 8.3 percent (revised) in the third quarter.

Tourism Prices – Prices for travel and tourism goods and services accelerated in the fourth quarter of 2016, increasing 9.1 percent following an increase of less than 0.01 percent (revised) in the third quarter. The acceleration was attributable to the upturn in price growth for “All other transportation-related commodities,” which increased 16.

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U.S. International Trade in Goods and Services, January 2017

March 7, 2017

U.S. Census Bureau
U.S. Bureau of Economic Analysis
NEWS
U.S. Department of Commerce * Washington, DC 20230
U.S. INTERNATIONAL TRADE IN GOODS AND SERVICES

January 2017

The U.S. Census Bureau and the U.S. Bureau of Economic Analysis, through the Department of
Commerce, announced today that the goods and services deficit was $48.5 billion in January,
up $4.2 billion from $44.3 billion in December, revised. January exports were $192.1 billion,
$1.1 billion more than December exports. January imports were $240.6 billion, $5.3 billion more
than December imports.

The January increase in the goods and services deficit reflected an increase in the goods
deficit of $4.0 billion to $69.7 billion and a decrease in the services surplus of $0.3 billion
to $21.2 billion.

Year-over-year, the goods and services deficit increased $5.1 billion, or 11.8 percent, from
January 2016. Exports increased $13.3 billion or 7.4 percent. Imports increased $18.4 billion or
8.3 percent.

Goods and Services Three-Month Moving Averages (Exhibit 2)

The average goods and services deficit increased $2.0 billion to $46.

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Personal Income and Outlays, January 2017

March 1, 2017

PERSONAL INCOME AND OUTLAYS, JANUARY 2017

Personal income increased $63.0 billion (0.4 percent) in January according to estimates released today
by the Bureau of Economic Analysis. Disposable personal income (DPI) increased $40.1 billion (0.3 percent)
and personal consumption expenditures (PCE) increased $22.2 billion (0.2 percent).

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

2016 2017
Sept. Oct. Nov. Dec. Jan.
Percent change from preceding month
Personal income:
Current dollars 0.4 0.4 0.2 0.3 0.4
Disposable personal income:
Current dollars 0.4 0.4 0.2 0.3 0.3
Chained (2009) dollars 0.2 0.2 0.1 0.1 -0.2
Personal consumption expenditures (PCE):
Current dollars 0.7 0.4 0.2 0.5 0.2
Chained (2009) dollars 0.5 0.2 0.2 0.3 -0.

Read More »

Gross Domestic Product, 4th quarter and annual 2016 (second estimate)

February 28, 2017

National Income and Product Accounts
Gross Domestic Product: Fourth Quarter and Annual 2016 (Second Estimate)

Real gross domestic product (GDP) increased at an annual rate of 1.9 percent in the fourth quarter of
2016 (table 1), according to the "second" estimate released by the Bureau of Economic Analysis. In the
third quarter, real GDP increased 3.5 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 also 1.9
percent. With the second estimate for the fourth quarter, the general picture of economic growth
remains the same; the increase in personal consumption expenditures was larger and increases in state
and local government spending and in nonresidential fixed investment were smaller than previously
estimated (see "Updates to GDP" on page 2).

The increase in real GDP in the fourth quarter reflected positive contributions from personal
consumption expenditures (PCE), private inventory investment, residential fixed investment,
nonresidential fixed investment, and state and local government spending.

Read More »

U.S. International Trade in Goods and Services, December 2016

February 7, 2017

U.S. Census Bureau
U.S. Bureau of Economic Analysis
NEWS
U.S. Department of Commerce * Washington, DC 20230
U.S. INTERNATIONAL TRADE IN GOODS AND SERVICES

December 2016

The U.S. Census Bureau and the U.S. Bureau of Economic Analysis, through the Department of
Commerce, announced today that the goods and services deficit was $44.3 billion in December,
down $1.5 billion from $45.7 billion in November, revised. December exports were $190.7
billion, $5.0 billion more than November exports. December imports were $235.0 billion, $3.6
billion more than November imports.

The December decrease in the goods and services deficit reflected a decrease in the goods
deficit of $1.2 billion to $65.7 billion and an increase in the services surplus of $0.3
billion to $21.4 billion.

For 2016, the goods and services deficit increased $1.9 billion, or 0.4 percent, from 2015.
Exports decreased $51.7 billion or 2.3 percent. Imports decreased $49.9 billion or 1.8 percent.

Goods and Services Three-Month Moving Averages (Exhibit 2)

The average goods and services deficit increased $2.6 billion to $44.

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Gross Domestic Product by State, 3rd quarter 2016

February 2, 2017

Finance and Insurance Led Growth Across States in the Third Quarter
Real gross domestic product (GDP) increased in 48 states and the District of Columbia in the third quarter of 2016, according to statistics on the geographic breakout of GDP released today by the U.S. Bureau of Economic Analysis. Real GDP by state growth ranged from 7.1 percent in South Dakota to –0.1 percent in New Mexico. Finance and insurance; wholesale trade; and information were the leading contributors to U.S. economic growth in the third quarter.

Finance and insurance grew 9.0 percent in the third quarter of 2016. This industry contributed to growth in every state and the District of Columbia. This industry contributed 2.50 percentage points to the 4.4 percent growth in Delaware, and 1.69 percentage point to the 7.1 percent growth in South Dakota–the fastest growing state.
Wholesale trade grew 8.3 percent. This industry contributed to growth in every state and the District of Columbia and contributed 0.94 percentage point to the 3.9 percent growth in New Hampshire.
Information grew 8.6 percent. This industry contributed to growth in every state and the District of Columbia and contributed 0.98 percentage point to the 3.6 percent growth in New York.

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Personal Income and Outlays, December 2016

January 30, 2017

PERSONAL INCOME AND OUTLAYS, DECEMBER 2016

Personal income increased $50.2 billion (0.3 percent) in December according to estimates released today
by the Bureau of Economic Analysis. Disposable personal income (DPI) increased $43.6 billion (0.3 percent)
and personal consumption expenditures (PCE) increased $63.1 billion (0.5 percent).

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

2016
Aug. Sept. Oct. Nov. Dec.
Percent change from preceding month
Personal income:
Current dollars 0.2 0.4 0.5 0.1 0.3
Disposable personal income:
Current dollars 0.2 0.3 0.5 0.1 0.3
Chained (2009) dollars 0.1 0.1 0.2 0.0 0.1
Personal consumption expenditures (PCE):
Current dollars 0.1 0.7 0.4 0.2 0.5
Chained (2009) dollars -0.1 0.5 0.1 0.2 0.

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Gross Domestic Product, 4th quarter and annual 2016 (advance estimate)

January 27, 2017

National Income and Product Accounts
Gross Domestic Product: Fourth Quarter and Annual 2016 (Advance Estimate)

Real gross domestic product (GDP) increased at an annual rate of 1.9 percent in the fourth quarter of
2016 (table 1), according to the "advance" estimate released by the Bureau of Economic Analysis. In the
third quarter, real GDP increased 3.5 percent.

The Bureau emphasized that the fourth-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 3). The "second" estimate for the fourth quarter, based on more complete
data, will be released on February 28, 2017.

The increase in real GDP in the fourth quarter reflected positive contributions from personal
consumption expenditures (PCE), private inventory investment, residential fixed investment,
nonresidential fixed investment, and state and local government spending that were partly offset by
negative contributions from exports and federal government spending. Imports, which are a subtraction
in the calculation of GDP, increased (table 2).

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Gross Domestic Product by Industry, 3rd quarter 2016

January 19, 2017

Finance and insurance; wholesale trade; and information services were the leading contributors to the increase in U.S. economic growth in the third quarter of 2016. According to gross domestic product (GDP) by industry statistics released by the Bureau of Economic Analysis, 20 of 22 industry groups contributed to the overall 3.5 percent increase in real GDP in the third quarter.

For the finance and insurance industry group, real value added—a measure of an industry’s contribution to GDP—increased 9.0 percent in the third quarter, after decreasing 0.1 percent in the second quarter. The third quarter growth primarily reflected increases in Federal Reserve banks, credit intermediation, and related activities, as well as insurance carriers and related activities.
Wholesale trade increased 8.3 percent, after increasing 1.0 percent. This was the largest increase since the third quarter of 2014.
Information services increased 8.6 percent, after decreasing 0.2 percent, primarily reflecting an increase in the broadcasting and telecommunications industries.

Other highlights
Durable goods manufacturing increased 5.1 percent in the third quarter, after increasing 0.3 percent in the second.

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U.S. International Trade in Goods and Services, November 2016

January 6, 2017

U.S. Census Bureau
U.S. Bureau of Economic Analysis
NEWS
U.S. Department of Commerce * Washington, DC 20230
U.S. INTERNATIONAL TRADE IN GOODS AND SERVICES

November 2016

The U.S. Census Bureau and the U.S. Bureau of Economic Analysis, through the Department of
Commerce, announced today that the goods and services deficit was $45.2 billion in November,
up $2.9 billion from $42.4 billion in October, revised. November exports were $185.8 billion,
$0.4 billion less than October exports. November imports were $231.1 billion, $2.4 billion
more than October imports.

The November increase in the goods and services deficit reflected an increase in the goods
deficit of $3.4 billion to $66.6 billion and an increase in the services surplus of $0.5
billion to $21.4 billion.

Year-to-date, the goods and services deficit decreased $4.9 billion, or 1.1 percent, from the
same period in 2015. Exports decreased $56.6 billion or 2.7 percent. Imports decreased $61.4
billion or 2.4 percent.

Goods and Services Three-Month Moving Averages (Exhibit 2)

The average goods and services deficit increased $1.5 billion to $41.

Read More »

U.S. International Investment Position, 3rd quarter 2016

December 29, 2016

The U.S. net international investment position increased to -$7,781.1 billion (preliminary) at the end of the third quarter of 2016 from -$8,026.9 billion (revised) at the end of the second quarter, according to statistics released today by the Bureau of Economic Analysis (BEA). The $245.8 billion increase in the net investment position reflected a $346.2 billion increase in
U.S. assets and a $100.5 billion increase in U.S. liabilities.

The net investment position increased 3.1 percent in the third quarter, compared with a decrease of 5.9 percent in the second quarter and an average quarterly decrease of 6.0 percent from the first quarter of 2011 through the first quarter of 2016.
U.S. assets
U.S. assets increased $346.2 billion to $24,861.2 billion at the end of the third quarter, reflecting an increase in assets excluding financial derivatives that was partly offset by a decrease in financial derivatives.
Assets excluding financial derivatives increased $794.9 billion to $22,086.1 billion, mostly reflecting increases in portfolio investment and direct investment assets due to increases in foreign equity prices.
Financial derivatives decreased $448.7 billion to $2,775.1 billion, mostly in single-currency interest rate contracts and in foreign exchange contracts.

U.S. liabilities
U.S.

Read More »

Personal Income and Outlays, November 2016

December 22, 2016

PERSONAL INCOME AND OUTLAYS, NOVEMBER 2016

Personal income increased $1.6 billion (less than 0.1 percent) in November according to estimates
released today by the Bureau of Economic Analysis. Disposable personal income (DPI) decreased
$1.3 billion (less than 0.1 percent) and personal consumption expenditures (PCE) increased $24.0 billion
(0.2 percent).

Real DPI decreased 0.1 percent in November 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 less than 0.1 percent.

2016

July Aug. Sept. Oct. Nov.
Percent change from preceding month

Personal income:

Current dollars 0.4 0.2 0.4 0.5 0.0
Disposable personal income:

Current dollars 0.4 0.2 0.3 0.5 0.0

Chained (2009) dollars 0.3 0.1 0.1 0.2 -0.1

Personal consumption expenditures (PCE):

Current dollars 0.4 0.1 0.7 0.4 0.2

Chained (2009) dollars 0.3 -0.1 0.5 0.1 0.1

Price indexes:

PCE 0.1 0.2 0.2 0.3 0.0

PCE, excluding food and energy 0.2 0.2 0.1 0.1 0.0

Price indexes: Percent change from month one year ago

PCE 0.9 1.0 1.

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Gross Domestic Product, 3rd quarter 2016 (third estimate); Corporate Profits, 3rd quarter 2016 (revised estimate)

December 22, 2016

National Income and Product Accounts
Gross Domestic Product: Third Quarter 2016 (Third Estimate)Corporate Profits: Third Quarter 2016 (Revised Estimate)

Real gross domestic product increased at an annual rate of 3.5 percent in the third quarter of 2016
(table 1), according to the "third" estimate released by the Bureau of Economic Analysis. In the second
quarter, real GDP increased 1.4 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 3.2 percent.
With this third estimate for the third quarter, nonresidential fixed investment, personal consumption
expenditures (PCE), and state and local government spending increased more than previously
estimated, but the general picture of economic growth remains the same (see "Updates to GDP" on
page 2).

Real gross domestic income (GDI) increased 4.8 percent in the third quarter, compared with an increase
of 0.7 percent in the second. The average of real GDP and real GDI, a supplemental measure of U.S.
economic activity that equally weights GDP and GDI, increased 4.1 percent in the third quarter,
compared with an increase of 1.

Read More »

State Quarterly Personal Income, 3rd quarter 2016

December 20, 2016

State personal income growth decelerated to 1.1 percent on average in the third quarter of 2016 from 1.2 percent in the second quarter, according to estimates released today by the U.S. Bureau of Economic Analysis. Personal income grew in every state in the second-quarter with growth rates ranging from 0.4 percent in Oklahoma to 1.4 percent in South Dakota (table 1).

Earnings. Earnings increased 1.3 percent in the third quarter of 2016 and was the leading contributor to growth in personal income in most states (table 2).

Both personal income and earnings grew faster in South Dakota than in any other state. Growth in farm earnings and in finance and insurance earnings were the leading contributors to the 1.8 percent growth in total earnings (table 3).
The next fastest growing states were Pennsylvania, Minnesota, Massachusetts, and Oregon where personal income grew 1.3 percent.
In Pennsylvania, growth in health care and social assistance earnings and in professional, scientific, and technical services earnings were the leading contributors to the 1.4 percent growth in total earnings.
In Minnesota, growth in health care and social assistance earnings and in finance and insurance earnings were the leading contributors to the 1.6 percent growth in total earnings.

Read More »

State Quarterly Personal Income, 3rd quarter 2016

December 20, 2016

State personal income growth decelerated to 1.1 percent on average in the third quarter of 2016 from 1.2 percent in the second quarter, according to estimates released today by the U.S. Bureau of Economic Analysis. Personal income grew in every state in the second-quarter with growth rates ranging from 0.4 percent in Oklahoma to 1.4 percent in South Dakota (table 1).

Earnings. Earnings increased 1.3 percent in the third quarter of 2016 and was the leading contributor to growth in personal income in most states (table 2).

Both personal income and earnings grew faster in South Dakota than in any other state. Growth in farm earnings and in finance and insurance earnings were the leading contributors to the 1.8 percent growth in total earnings (table 3).
The next fastest growing states were Pennsylvania, Minnesota, Massachusetts, and Oregon where personal income grew 1.3 percent.
In Pennsylvania, growth in health care and social assistance earnings and in professional, scientific, and technical services earnings were the leading contributors to the 1.4 percent growth in total earnings.
In Minnesota, growth in health care and social assistance earnings and in finance and insurance earnings were the leading contributors to the 1.6 percent growth in total earnings.

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U.S. International Transactions, 3rd quarter 2016

December 15, 2016

NOTE: See the navigation bar at the right side of the news release text for

links
to data tables, contact personnel and their telephone numbers, and supplementary materials.
U.S. International Transactions: Third Quarter 2016

Current Account Balance

The U.S. current account deficit decreased to $113.0 billion (preliminary) in the third quarter
of 2016 from $118.3 billion (revised) in the second quarter of 2016, according to statistics
released by the Bureau of Economic Analysis (BEA). The deficit decreased to 2.4 percent of
current-dollar gross domestic product (GDP) from 2.6 percent in the second quarter.

The $5.3 billion decrease in the current account deficit reflected a $9.0 billion decrease in the
deficit on goods that was partly offset by changes in the balances on secondary income, primary
income, and services.

Current Account Transactions (tables 1-5)

Exports of goods and services and income receipts

Exports of goods and services and income receipts increased $17.7 billion in the third quarter
to $799.0 billion.

* Goods exports increased $15.7 billion to $375.9 billion, mostly reflecting increases in foods,
feeds, and beverages, largely soybeans.

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U.S. International Transactions, 3rd quarter 2016

December 15, 2016

NOTE: See the navigation bar at the right side of the news release text for

links
to data tables, contact personnel and their telephone numbers, and supplementary materials.
U.S. International Transactions: Third Quarter 2016

Current Account Balance

The U.S. current account deficit decreased to $113.0 billion (preliminary) in the third quarter
of 2016 from $118.3 billion (revised) in the second quarter of 2016, according to statistics
released by the Bureau of Economic Analysis (BEA). The deficit decreased to 2.4 percent of
current-dollar gross domestic product (GDP) from 2.6 percent in the second quarter.

The $5.3 billion decrease in the current account deficit reflected a $9.0 billion decrease in the
deficit on goods that was partly offset by changes in the balances on secondary income, primary
income, and services.

Current Account Transactions (tables 1-5)

Exports of goods and services and income receipts

Exports of goods and services and income receipts increased $17.7 billion in the third quarter
to $799.0 billion.

* Goods exports increased $15.7 billion to $375.9 billion, mostly reflecting increases in foods,
feeds, and beverages, largely soybeans.

Read More »