Professional and Business Services Led Growth Across Metropolitan Areas in 2016
Real gross domestic product (GDP) increased in 267 out of 382 metropolitan areas in 2016 according to statistics on the geographic breakout of GDP released today by the Bureau of Economic Analysis. Real GDP by metropolitan area growth ranged from 8.1 percent in Lake Charles, LA and Bend-Redmond, OR to -13.3 percent in Odessa, TX (table 2).

Real GDP for U.S. metropolitan areas grew 1.7 percent in 2016, led by growth in professional and business services; information services; and finance, insurance, real estate, rental, and leasing.
Highlights
Professional and business services grew 2.7 percent across the nation’s metropolitan

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: Second Quarter 2017
Current-Account Balance

The U.S. current-account deficit increased to $123.1 billion (preliminary) in the second
quarter of 2017 from $113.5 billion (revised) in the first quarter of 2017, according to
statistics released by the Bureau of Economic Analysis (BEA). The deficit increased to 2.6
percent of current-dollar gross domestic product (GDP) from 2.4 percent in the first quarter.

The $9.6 billion increase in the current-account deficit reflected a $7.5 billion increase in
the deficit on secondary

Travel and Tourism Satellite Account: Second Quarter 2017

Real spending (output) on travel and tourism accelerated in the second quarter of 2017, growing at an annual rate of 4.9 percent after increasing 4.4 percent (revised) in the first quarter, according to new statistics released by the Bureau of Economic Analysis. Real gross domestic product (GDP) for the nation also accelerated, increasing 3.0 percent in the second quarter (second estimate) after increasing 1.2 percent in the first quarter of 2017.
The leading contributors to the acceleration in real spending were passenger air transportation and all other transportation-related commodities. Passenger air transportation accelerated, growing 19.2 percent after increasing 5.4 percent

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

July 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 July, up $0.1 billion
from $43.5 billion in June, revised. July exports were $194.4 billion, $0.6 billion less than June
exports. July imports were $238.1 billion, $0.4 billion less than June imports.

The July

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Personal Income and Outlays, July 2017

Personal income increased $65.6 billion (0.4 percent) in July according to estimates released today by the
Bureau of Economic Analysis. Disposable personal income (DPI) increased $39.6 billion (0.3 percent) and
personal consumption expenditures (PCE) increased $44.7 billion (0.3 percent).

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

2017
Mar. Apr. May June July
Percent change from preceding

National Income and Product Accounts
Gross Domestic Product: Second Quarter 2017 (Second Estimate)Corporate Profits: Second Quarter 2017 (Preliminary Estimate)

Real gross domestic product (GDP) increased at an annual rate of 3.0 percent in the second quarter of
2017 (table 1), according to the "second" estimate released by the Bureau of Economic Analysis. In the
first quarter, real GDP increased 1.2 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 2.6
percent. With this second estimate for the second quarter, the

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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

June 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 June, down
$2.7 billion from $46.4 billion in May, revised. June exports were $194.4 billion, $2.4 billion
more than May exports. June imports were $238.0 billion, $0.4 billion less than May imports.

The June

PERSONAL INCOME AND OUTLAYS, JUNE 2017
ANNUAL UPDATE: 2014 THROUGH MAY 2017

Personal income decreased $3.5 billion (less than -0.1 percent) in June according to estimates released
today by the Bureau of Economic Analysis. Disposable personal income (DPI) decreased $4.2 billion
(less than -0.1 percent) and personal consumption expenditures (PCE) increased $8.1 billion (0.1 percent).

Real DPI decreased 0.1 percent in June and Real PCE increased less than 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.

2017
Feb. Mar. Apr. May

National Income and Product Accounts
Gross Domestic Product: Second Quarter 2017 (Advance Estimate), and Annual Update

Real gross domestic product increased at an annual rate of 2.6 percent in the second quarter of 2017
(table 1), according to the "advance" estimate released by the Bureau of Economic Analysis. In the first
quarter, real GDP increased 1.2 percent (revised).

The Bureau emphasized that the 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 3). The "second" estimate for the second quarter, based on more

Real Estate and Rental and Leasing Led Growth Across States in the First Quarter
Real gross domestic product (GDP) increased in 43 states and the District of Columbia in the first quarter of 2017, according to statistics on the geographic breakout of GDP released today by the U.S. Bureau of Economic Analysis. Real GDP by state growth in the first quarter ranged from 3.9 percent in Texas to -4.0 percent in Nebraska (table 1 and chart 1).

Real estate and rental and leasing; mining; and durable-goods manufacturing were the leading contributors to U.S. economic growth in the first quarter (table 2). Overall growth in real GDP slowed in the first quarter from the fourth quarter of 2016, with finance and

Real estate and rental and leasing; mining; and durable goods manufacturing were the leading contributors to the increase in U.S. economic growth in the first quarter of 2017. According to gross domestic product (GDP) by industry statistics released by the Bureau of Economic Analysis, 13 of 22 industry groups contributed to the overall 1.4 percent increase in real GDP in the first quarter.

For the real estate and rental and leasing industry group, real value added—a measure of an industry’s contribution to GDP—increased 2.7 percent in the first quarter, after increasing 0.9 percent in the fourth quarter. This was the twelfth consecutive quarter of growth and primarily reflected increases in housing, as well as rental and leasing services and lessors of

Expenditures by foreign direct investors to acquire, establish, or expand U.S. businesses totaled $373.4 billion in 2016. Spending was down 15 percent from $439.6 billion in 2015, but was above the annual average of $350.0 billion for 2014-2015, and was well above the annual average of $226.0 billion for 2006-2008. As in previous years, expenditures to acquire existing businesses accounted for a large majority of the total.With this release, the Bureau of Economic Analysis (BEA) is introducing new tables that present planned expenditures for greenfield investments—investments to either establish a new U.S. business or to expand an existing foreign-owned U.S. business—both as they were reported when the investment was initiated

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
May 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 $46.5 billion in May, down $1.1 billion
from $47.6 billion in April, revised. May exports were $192.0 billion, $0.9 billion more than April
exports. May imports were $238.5 billion, $0.2 billion less than April imports.

The May

PERSONAL INCOME AND OUTLAYS, MAY 2017

Personal income increased $67.1 billion (0.4 percent) in May according to estimates released today by the Bureau
of Economic Analysis. Disposable personal income (DPI) increased $71.7 billion (0.5 percent) and personal
consumption expenditures (PCE) increased $7.3 billion (0.1 percent).

Real DPI increased 0.6 percent in May and Real PCE increased 0.1 percent. The PCE price index decreased 0.1 percent.
Excluding food and energy, the PCE price index increased 0.1 percent.

2017
Jan. Feb. Mar. Apr. May
Percent change from preceding month

National Income and Product Accounts
Gross Domestic Product: First Quarter 2017 (Third Estimate)Corporate Profits: First Quarter 2017 (Revised Estimate)

Real gross domestic product (GDP) increased at an annual rate of 1.4 percent in the first quarter of 2017
(table 1), according to the "third" estimate released by the Bureau of Economic Analysis. In the fourth
quarter of 2016, real GDP increased 2.1 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 1.2 percent.
With the third estimate for the first quarter, personal

First Quarter 2017
The U.S. net international investment position increased to -$8,217.4 billion (preliminary) at the end of the first quarter of 2017 from -$8,318.4 billion (revised) at the end of the fourth quarter of 2016, according to statistics released today by the Bureau of Economic Analysis (BEA). The $101.0 billion increase reflected a $983.8 billion increase in U.S. assets and an $882.8 billion increase in U.S. liabilities (table 1).

The net investment position increased 1.2 percent in the first quarter, compared with a decrease of 3.5 percent in the fourth quarter and an average quarterly decrease of 5.7 percent from the first quarter of 2011 through the third quarter of 2016.
U.S. assets increased $983.8 billion to $24,833.2 billion at the end of

State personal income growth accelerated to 1.0 percent on average in the first quarter of 2017 from 0.3 percent in the fourth quarter of 2016, according to estimates released today by the Bureau of Economic Analysis (table 1). Earnings and personal current transfer receipts were the leading contributors to growth for the nation and in most states (table 2).

Personal Income grew 1.6 percent in Idaho, faster than in any other state. Four other states–Louisiana, Michigan, Florida, and Texas–had the next fastest growth in personal income at 1.3 percent. Kansas, Minnesota, North Dakota, and Iowa had the slowest growth, and Nebraska at -0.1 percent was the only state where personal income declined.
Earnings. Earnings

Travel and Tourism Satellite Account: First Quarter 2017

Real spending (output) on travel and tourism turned up in the first quarter of 2017, increasing at an annual rate of 0.4 percent after decreasing 2.7 percent (revised) in the fourth quarter of 2016, according to new statistics released by the Bureau of Economic Analysis. In contrast, real gross domestic product (GDP) for the nation decelerated, increasing 1.2 percent in the first quarter (second estimate) after increasing 2.1 percent in the fourth quarter of 2016.
The leading contributors to the upturn in real spending were traveler accommodations and passenger air transportation. Traveler accommodations turned up, increasing 5.3 percent after decreasing 5.9 percent (revised) in the

Real state personal income grew on average 4.1 percent in 2015, after increasing 3.6 percent in 2014, according to estimates released today by the Bureau of Economic Analysis. Growth of real state personal income – a state’s current-dollar personal income adjusted by the state’s regional price parity and the national personal consumption expenditure price index – ranged from -2.3 percent in North Dakota to 7.0 percent in Delaware (table 1). Across metropolitan areas, growth ranged from -10.1 percent in Midland, TX to 9.9 percent in Carson City, NV (table 4).

Real Personal Income Growth Rates
States with the fastest growth in real personal income were Delaware (7.0 percent), Oregon (6.1 percent), and California (6.1

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: First Quarter 2017 and Annual Update

Current-Account Balance

The U.S. current-account deficit increased to $116.8 billion (preliminary) in the first quarter
of 2017 from $114.0 billion (revised) in the fourth quarter of 2016, according to statistics
released by the Bureau of Economic Analysis (BEA). The deficit increased to 2.5 percent of current-
dollar gross domestic product (GDP) from 2.4 percent in the fourth quarter.

The $2.8 billion increase in the current-account deficit reflected a $5.3 billion increase in the

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
April 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 $47.6 billion in April, up $2.3 billion
from $45.3 billion in March, revised. April exports were $191.0 billion, $0.5 billion less than
March exports. April imports were $238.6 billion, $1.9 billion more than March imports.

The

PERSONAL INCOME AND OUTLAYS, APRIL 2017

Personal income increased $58.4 billion (0.4 percent) in April according to estimates released today by the
Bureau of Economic Analysis. Disposable personal income (DPI) increased $56.5 billion (0.4 percent) and personal
consumption expenditures (PCE) increased $53.2 billion (0.4 percent).

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

2016 2017
Dec. Jan. Feb. Mar. Apr.
Percent change from preceding month

National Income and Product Accounts
Gross Domestic Product: First Quarter 2017 (Second Estimate)Corporate Profits: First Quarter 2017 (Preliminary Estimate)

Real gross domestic product (GDP) increased at an annual rate of 1.2 percent in the first quarter of 2017
(table 1), according to the "second" estimate released by the Bureau of Economic Analysis. In the fourth
quarter, real GDP increased 2.1 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 0.7
percent. With this second estimate for the first quarter, the

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

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.

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.

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).

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.