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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, December 2018

13 days ago

The U.S. Census Bureau and the U.S. Bureau of Economic Analysis announced today that the goods and services deficit was $59.8 billion in December, up $9.5 billion from $50.3 billion in November, revised.

U.S. International Trade in Goods and Services Deficit
Deficit:
$59.8 Billion
+18.8%°
Exports:
$205.1 Billion
-1.9%°
Imports:
$264.9 Billion
+2.1%°

Next release: March 27, 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, March 6, 2019

Exports, Imports, and Balance (exhibit 1)

December exports were $205.1 billion, $3.9 billion less than November

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Personal Income and Outlays, December 2018; Personal Income, January 2019

18 days ago

Due to the recent partial government shutdown, this report combines estimates for December 2018 and January 2019. December estimates include both income and outlays measures, while January estimates are limited to personal income. Estimates of outlays for January are unavailable due to a delay in the release of the Census Bureau’s Advance Monthly Retail Sales.

Personal Income and Outlays, December 2018

Personal income increased $179.0 billion (1.0 percent) in December according to estimates released today by the Bureau of Economic Analysis. Disposable personal income increased $173.1 billion (1.1 percent), and personal consumption expenditures decreased $76.6 billion (-0.5 percent).

Real DPI increased 1.0 percent in December and real PCE decreased 0.6 percent. The PCE price index

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Initial Gross Domestic Product, 4th quarter and annual 2018

19 days ago

Real gross domestic product (GDP) increased at an annual rate of 2.6 percent in the fourth quarter of 2018 (table 1), according to the "initial" estimate released by the Bureau of Economic Analysis. In the third quarter, real GDP increased 3.4 percent.

Due to the recent partial government shutdown, this initial report for the fourth quarter and annual GDP for 2018 replaces the release of the "advance" estimate originally scheduled for January 30th and the "second" estimate originally scheduled for February 28th. See the Technical Note for details.

The Bureau emphasized that the fourth-quarter initial 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 Initial Estimate” on page 3). Updated

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Gross Domestic Product by State, 3rd quarter 2018

21 days ago

Real gross domestic product (GDP) increased in 49 states and the District of Columbia in the third quarter of 2018, according to statistics released today by the U.S. Bureau of Economic Analysis. The percent change in real GDP in the third quarter ranged from 5.8 percent in Washington to 0.0 percent in West Virginia (table 1).

Wholesale trade, information services, finance and insurance, and retail trade were the leading contributors to the increase in real GDP nationally (table 2). Information services and retail trade were the leading contributors to the increase in real GDP in Washington, the fastest growing state.

Other highlights

Nationally, wholesale trade, information services, finance and insurance, and retail trade increased 7.4 percent, 7.6 percent, 5.5 percent, and 6.3

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Gross Domestic Product by Industry, 3rd quarter 2018

26 days ago

Wholesale trade; information; and finance and insurance were the leading contributors to the increase in U.S. economic growth in the third quarter of 2018. 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 3.4 percent increase in real GDP in the third quarter.

For the wholesale trade industry group, real value added—a measure of an industry’s contribution to GDP—increased 7.4 percent in the third quarter, after increasing 2.6 percent in the second quarter.
Information services increased 7.6 percent, after increasing 13.4 percent. The third quarter growth reflected increases to publishing industries; data processing, internet publishing, and

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Gross Domestic Product by Industry, 3rd quarter 2018

26 days ago

It is understood that many users create ‘bookmarks’ or ‘favorites’ for their most frequently accessed pages on our site. However, due to some alterations to our directory structure, some ‘bookmarked’ URLs may no longer house the information they did prior to any redesign.

The links provided below will assist you in locating information within the BEA site. Should you be unable to locate the information you want, please contact us at [email protected] and let us know the web page you were looking for.

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U.S. International Trade in Goods and Services, November 2018

February 6, 2019

The U.S. Census Bureau and the U.S. Bureau of Economic Analysis announced today that the goods and services deficit was $49.3 billion in November, down $6.4 billion from $55.7 billion in October, revised.

U.S. International Trade in Goods and Services Deficit
Deficit:
$49.3 Billion
-11.5%°
Exports:
$209.9 Billion
-0.6%°
Imports:
$259.2 Billion
-2.9%°

Next release: To be determined. Report delayed due to recent lapse in federal funding.

(°) 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, February 6, 2019.

Exports, Imports, and Balance (exhibit 1)

November

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U.S. International Investment Position, Third Quarter 2018

February 1, 2019

The U.S. net international investment position decreased to −$9,627.2 billion (preliminary) at the end of the third quarter of 2018 from −$8,845.1 billion (revised) at the end of the second quarter, according to statistics released by the Bureau of Economic Analysis (BEA). The $782.1 billion decrease reflected a $135.5 billion increase in U.S. assets and a $917.6 billion increase in U.S. liabilities (table 1).

The $782.1 billion decrease in the net investment position also reflected net financial transactions of −$24.6 billion and net other changes in position, such as price and exchange-rate changes, of −$757.5 billion (table A).

The net investment position decreased 8.8 percent in the third quarter, compared with a decrease of 14.2 percent in the second quarter and an average

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Personal Income and Outlays, November 2018

December 21, 2018

Personal income increased $40.2 billion (0.2 percent) in November according to estimates released today by the Bureau of Economic Analysis. Disposable personal income (DPI) increased $37.8 billion (0.2 percent) and personal consumption expenditures (PCE) increased $54.4 billion (0.4 percent).

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

 
2018
July
Aug.
Sept.
Oct.
Nov.
Percent change from preceding month
Personal income:
 
Current dollars

0.4

0.4

0.2

0.5

0.2

Disposable personal income:
 
Current dollars
0.3
0.4
0.2
0.5
0.2
Chained

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Gross Domestic Product, 3rd quarter 2018 (third estimate); Corporate Profits, 3rd quarter 2018 (revised estimate)

December 21, 2018

Real gross domestic product (GDP) increased at an annual rate of 3.4 percent in the third quarter of 2018 (table 1), according to the "third" estimate released by the Bureau of Economic Analysis. In the second quarter, real GDP increased 4.2 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 3.5 percent. With this third estimate for the third quarter, personal consumption expenditures (PCE) and exports were revised down, and private inventory investment was revised up; the general picture of economic growth remains the same (see "Updates to GDP" on page 2).
Real gross domestic income (GDI) increased 4.3 percent in the third quarter, compared

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State Quarterly Personal Income, 3rd quarter 2018

December 20, 2018

State personal income increased 4.0 percent at an annual rate in the third quarter of 2018, an acceleration from the 3.4 percent increase in the second quarter, according to estimates released today by the Bureau of Economic Analysis (table 1). Personal income increased in all states and the District of Columbia. The percent change in personal income across all states ranged from 6.2 percent in Nevada and Washington to 2.1 percent in Missouri.

Increases in earnings and property income (dividends, interest and rent) contributed to personal income growth in all states, while increases in transfer receipts contributed to personal income growth in all states, but New York (table 2).

Earnings. Earnings increased 4.0 percent in the third quarter of 2018, after increasing 3.0 percent in the

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U.S. International Transactions, 3rd quarter 2018

December 19, 2018

Current-Account Balance

The U.S. current-account deficit increased to $124.8 billion (preliminary) in the third quarter of 2018 from $101.2 billion (revised) in the second quarter of 2018, according to statistics released by the Bureau of Economic Analysis (BEA). The deficit was 2.4 percent of current-dollar gross domestic product (GDP) in the third quarter, up from 2.0 percent in the second quarter.
The $23.6 billion increase in the current-account deficit mainly reflected a $24.0 billion increase in the deficit on goods.
Current-Account Transactions (tables 1-5)

Exports of goods and services and income receipts

Exports of goods and services and income receipts decreased $6.2 billion in the third quarter to $930.3 billion.

Goods exports decreased $7.7 billion to $421.8 billion, mostly

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Gross Domestic Product for U.S. Virgin Islands (USVI), 2017

December 17, 2018

Today, the Bureau of Economic Analysis (BEA) is releasing estimates of gross domestic product (GDP) for the U.S. Virgin Islands (USVI) for 2017, in addition to estimates of GDP by industry and compensation by industry for 2016.1 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.

Effects of Hurricanes Irma and Maria on Source Data

The U.S. Virgin Islands suffered extensive damage from two major hurricanes in September 2017. These hurricanes affected the availability of various source data used in the estimation of USVI GDP, including financial statements for the territorial government and its independent agencies.

Gross Domestic Product for 2017

The estimates of GDP for the

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Gross Domestic Product by County, Prototype Estimates, 2012-2015

December 12, 2018

Today, the Bureau of Economic Analysis released prototype statistics for gross domestic product (GDP) by county for 2012-2015. Combined with BEA’s county estimates of personal income, GDP by county offers a more complete picture of local area economic conditions. In conjunction with their release, BEA is requesting feedback and comments on these prototype statistics to assist in improving their quality, reliability and usefulness.

"This is the first time the Bureau of Economic Analysis is providing GDP statistics for each and every county in the United States," said Secretary of Commerce Wilbur Ross. "The prototype data addresses one of the last remaining gaps in economic knowledge, offering policymakers and businesses a new tool to inform their decision-making."

These prototype GDP

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U.S. International Trade in Goods and Services, October 2018

December 6, 2018

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 October, up $0.9 billion from $54.6 billion in September, revised.

U.S. International Trade in Goods and Services Deficit
Deficit:
$55.5 Billion
+1.7%°
Exports:
$211.0 Billion
-0.1%°
Imports:
$266.5 Billion
+0.2%°

Next release: January 8, 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, December 6, 2018.

Exports, Imports, and Balance (exhibit 1)

October exports were $211.0 billion, $0.3 billion less than September

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Personal Income and Outlays, October 2018

November 29, 2018

Personal incomeincreased $84.9 billion (0.5 percent) in October according to estimates released today by
the Bureau of Economic Analysis. Disposable personal income (DPI) increased
$81.7 billion (0.5 percent) and personal consumption expenditures (PCE) increased
$86.9 billion (0.6 percent).
Real DPI increased 0.3 percent in October and Real PCE increased
0.4 percent. The PCE price index increased 0.2 percent. Excluding food
and energy, the PCE price index increased 0.1 percent.

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Gross Domestic Product, 3rd quarter 2018 (second estimate): Corporate Profits, 3rd quarter 2018 (preliminary estimate)

November 28, 2018

Real gross domestic product (GDP) increased at an annual rate of 3.5 percent in the third quarter of 2018 (table 1), according to the "second" estimate released by the Bureau of Economic Analysis. In the second quarter, real GDP increased 4.2 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 3.5 percent. With this second estimate for the third quarter, the general picture of economic growth remains the same; upward revisions to nonresidential fixed investment and private inventory investment were offset by downward revisions to personal consumption expenditures (PCE) and state and local government spending (see "Updates to GDP" on page

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Local Area Personal Income, 2017

November 15, 2018

Personal income increased in 2,787 counties, decreased in 318, and was unchanged in 8 in 2017, according to estimates released today by the U.S. Bureau of Economic Analysis (BEA). Personal income increased 4.5 percent in the metropolitan portion of the United States and increased 3.2 percent in the nonmetropolitan portion in 2017. The change in personal income ranged from -41.4 percent in Slope County, North Dakota to 23.7 percent in Crosby County, Texas in 2017 (BEA interactive data).
Personal income is the income received by, or on behalf of, all persons from all sources: from participation as laborers in production, from owning a home or unincorporated business, from the ownership of financial assets, and from government and business in the form of transfer receipts. It includes income

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Gross Domestic Product by State, 2nd quarter 2018

November 14, 2018

Real gross domestic product (GDP) increased in all 50 states and the District of Columbia in the second quarter of 2018, 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 6.0 percent in Texas to 2.5 percent in Delaware (table 1).

Information services; real estate and rental and leasing; professional, scientific, and technical services; and durable goods manufacturing were the leading contributors to the increase in real GDP nationally (table 2). Texas, the fastest growing state, was led by growth in mining and durable goods manufacturing.

Other highlights

Nationally, information services; real estate and rental and leasing; and professional, scientific, and technical services increased 13.4

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Gross Domestic Product for Guam, 2017

November 14, 2018

HAGÅTÑA, GUAM (November 14, 2018) — Today, the Bureau of Economic Analysis (BEA) is releasing estimates of gross domestic product (GDP) for Guam for 2017, in addition to estimates of GDP by industry and compensation by industry for 2016.1 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 2013 to 2016, as well as revised estimates of GDP by industry and compensation by industry for 2013 to 2015, are also presented in this release.

Gross Domestic Product for 2017

The estimates of GDP for Guam show that real GDP—GDP adjusted to remove price changes—increased 0.2 percent in 2017 after increasing 0.3 percent in 2016 (see Table 1.3). For comparison, real

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Activities of U.S. Affiliates of Foreign Multinational Enterprises, 2016

November 8, 2018

Majority-owned U.S. affiliates (MOUSAs) of foreign multinational enterprises (MNEs) employed 7.1 million workers (preliminary) in the United States in 2016, a 3.9 percent increase from 6.8 million (revised) in 2015, according to statistics on MOUSA operations and finances released by the Bureau of Economic Analysis.

MOUSAs accounted for 5.6 percent of total private-industry employment in the United States. Employment by MOUSAs was largest in manufacturing and in administration, support, and waste management services. MOUSAs with ultimate beneficial owners in the United Kingdom, Japan, and France 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

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U.S. International Trade in Goods and Services, September 2018

November 2, 2018

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 September, up $0.7 billion from $53.3 billion in August, revised.

U.S. International Trade in Goods and Services Deficit
Deficit:
$54.0 Billion
+1.3%°
Exports:
$212.6 Billion
+1.5%°
Imports:
$266.6 Billion
+1.5%°

Next release: December 6, 2018

(°) 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 2, 2018.

Exports, Imports, and Balance (exhibit 1)

September exports were $212.6 billion, $3.1 billion more than August

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Gross Domestic Product by Industry, 2nd quarter 2018 and comprehensive update

November 1, 2018

Information; real estate and rental and leasing; and professional, scientific, and technical services were the leading contributors to the increase in U.S. economic growth in the second quarter of 2018. 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 4.2 percent increase in real GDP in the second quarter.

For the information services industry group, real value added—a measure of an industry’s contribution to GDP—increased 13.4 percent in the second quarter, after increasing 4.3 percent in the first quarter. The second quarter growth primarily reflected an increase in data processing, internet publishing, and other information services.
Real

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Personal Income and Outlays, September 2018

October 29, 2018

Personal income increased $35.7 billion (0.2 percent) in September according to estimates released today by the Bureau of Economic Analysis. Disposable personal income (DPI) increased $29.1 billion (0.2 percent) and personal consumption expenditures (PCE) increased $53.0 billion (0.4 percent).

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

 
2018
 
May
Jun
Jul.
Aug.
Sept.
 
Percent change from preceding month
Personal income:
Current dollars
0.4
0.4
0.3
0.4
0.2
Disposable personal income:
Current dollars
0.4
0.4
0.3
0.4
0.2
Chained (2012) dollars
0.2
0.3
0.2
0.2

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Gross Domestic Product, 3rd quarter 2018 (advance estimate)

October 26, 2018

Real gross domestic product (GDP) increased at an annual rate of 3.5 percent in the third quarter of 2018 (table 1), according to the "advance" estimate released by the Bureau of Economic Analysis. In the second quarter, real GDP increased 4.2 percent.

The Bureau emphasized that the third-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 third quarter, based on more complete data, will be released on November 28, 2018.

The increase in real GDP in the third quarter reflected positive contributions from personal consumption expenditures (PCE), private inventory investment, state and local government spending, federal

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U.S. International Trade in Goods and Services, August 2018

October 5, 2018

The U.S. Census Bureau and the U.S. Bureau of Economic Analysis announced today that the goods and services deficit was $53.2 billion in August, up $3.2 billion from $50.0 billion in July, revised.

Exports, Imports, and Balance (exhibit 1)

August exports were $209.4 billion, $1.7 billion less than July exports. August imports were $262.7 billion, $1.5 billion more than July imports.

The August increase in the goods and services deficit reflected an increase in the goods deficit of $3.6 billion to $76.7 billion and an increase in the services surplus of $0.4 billion to $23.5 billion.

Year-to-date, the goods and services deficit increased $31.0 billion, or 8.6 percent, from the same period in 2017. Exports increased $129.6 billion or 8.4 percent. Imports increased $160.6 billion or 8.4

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Personal Consumption Expenditures by State, 2017

October 4, 2018

State personal consumption expenditures (PCE) increased on average 4.3 percent in 2017, an acceleration from the 3.8 percent increase in 2016 (table 1), according to statistics released today by the Bureau of Economic Analysis. The percent change in PCE across all states ranged from 6.9 percent in Idaho to 2.0 percent in North Dakota.

After Idaho, the states with the fastest growth in PCE were Washington, Utah, and Arizona. Idaho and Utah were also among the fastest growing states in 2016. After North Dakota, the states with the slowest PCE growth were Wyoming, Louisiana, and Oklahoma.

Category growth in PCE by state. In 2017, expenditure growth in health care and housing and utilities were the leading contributors to national PCE growth (table 3). These

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Personal Income and Outlays, August 2018

September 28, 2018

Personal income increased $60.3 billion (0.3 percent) in August according to estimates released today by the Bureau of Economic Analysis. Disposable personal income (DPI) increased $51.4 billion (0.3 percent) and personal consumption expenditures (PCE) increased $46.4 billion (0.3 percent).

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

 
2018
 
Apr.
May
Jun.
Jul.
Aug.
 
Percent change from preceding month
Personal income:
Current dollars
0.3
0.4
0.4
0.3
0.3
Disposable personal income:
Current dollars
0.3
0.4
0.4
0.3
0.3
Chained (2012) dollars
0.1
0.2
0.3
0.2

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Gross Domestic Product, 2nd quarter 2018 (third estimate); Corporate Profits, 2nd quarter 2018 (revised estimate)

September 27, 2018

Real gross domestic product (GDP) increased at an annual rate of 4.2 percent in the second quarter of 2018 (table 1), according to the "third" estimate released by the Bureau of Economic Analysis. In the first quarter, 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 4.2 percent. With this third estimate for the second quarter, the general picture of economic growth remains the same; a downward revision to private inventory investment was offset by small upward revisions to most other GDP components. Imports which are a subtraction in the calculation of GDP, were revised down slightly (see "Updates to GDP" on page

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U.S. International Investment Position, Second Quarter 2018

September 26, 2018

The U.S. net international investment position decreased to −$8,638.5 billion (preliminary) at the end of the second quarter of 2018 from −$7,747.3 billion (revised) at the end of the first quarter, according to statistics released by the Bureau of Economic Analysis (BEA). The $891.2 billion decrease reflected a $587.8 billion decrease in U.S. assets and a $303.4 billion increase in U.S. liabilities (table A).

The $891.2 billion decrease in the net investment position reflected net financial transactions of −$126.0 billion and net other changes in position, such as price and exchange-rate changes, of −$765.1 billion (table A).

The net investment position decreased 11.5 percent in the second quarter, compared with a decrease of 0.3 percent in the first quarter and an average quarterly

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