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Bureau of Economic Analysis

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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, June 2018

12 days ago

The U.S. Census Bureau and the U.S. Bureau of Economic Analysis announced today that the goods
and services deficit was $46.3 billion in June, up $3.2 billion from $43.2 billion in May, revised.

Exports, Imports, and Balance (exhibit 1)

June exports were $213.8 billion, $1.5 billion less than May exports. June imports were $260.2
billion, $1.6 billion more than May imports.

The June increase in the goods and services deficit reflected an increase in the goods deficit
of $3.1 billion to $68.8 billion and a decrease in the services surplus of less than $0.1 billion
to $22.5 billion.

Year-to-date, the goods and services deficit increased $19.6 billion, or 7.2 percent, from the
same period in 2017. Exports increased $103.6 billion or 9.0

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Personal Income and Outlays, June 2018

15 days ago

PERSONAL INCOME AND OUTLAYS, JUNE 2018Comprehensive Update: 1929 Through May 2018

Personal income increased $71.7 billion (0.4 percent) in June according to estimates released
today by the Bureau of Economic Analysis. Disposable personal income (DPI) increased $65.3 billion
(0.4 percent) and personal consumption expenditures (PCE) increased $57.1 billion (0.4 percent).

Real DPI increased 0.3 percent in June 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
Feb. Mar. Apr. May June

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Foreign Direct Investment by Country and Industry, 2017

16 days ago

The U.S. direct investment abroad position, or cumulative level of investment, increased $427.3 billion to $6,013.3 billion at the end of 2017 from $5,586.0 billion at the end of 2016, according to statistics released by the Bureau of Economic Analysis (BEA). The increase mainly reflected a $243.6 billion increase in the position in Europe, primarily in Switzerland, the United Kingdom, Ireland, and the Netherlands. By industry, affiliates in manufacturing and holding companies accounted for the largest increases.
The foreign direct investment in the United States position increased $260.4 billion to $4,025.5 billion at the end of 2017 from $3,765.1 billion at the end of 2016. The increase mainly reflected a $128.2 billion increase in the position from Europe,

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Gross Domestic Product, 2nd quarter 2018 (advance estimate), and comprehensive update

19 days ago

National Income and Product Accounts
Gross Domestic Product: Second Quarter 2018 (Advance Estimate), and Comprehensive Update

Real gross domestic product increased at an annual rate of 4.1 percent in the second quarter of 2018
(table 1), according to the "advance" estimate released by the Bureau of Economic Analysis. In the first
quarter, real GDP increased 2.2 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 2). The "second" estimate for the second quarter, based on more complete
data, will be

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Gross Domestic Product by State, 1st quarter 2018

22 days ago

Washington Had the Fastest Growth in the First Quarter
Real gross domestic product (GDP) increased in 48 states and the District of Columbia in the first quarter of 2018, 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 3.6 percent in Washington to -0.6 percent in North Dakota (table 1).

Real estate and rental and leasing along with information services were the leading contributors to the increase in real GDP nationally and in Washington, the fastest growing state (table 2). North Dakota was the only state with a decrease in first quarter real GDP. Mining and construction subtracted the most from growth in

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Gross Domestic Product by Industry, 1st quarter 2018

26 days ago

Real Estate and Rental and Leasing Led Growth in the First Quarter
Real estate and rental and leasing; information; and nondurable goods manufacturing were the leading contributors to the increase in U.S. economic growth in the first quarter of 2018. According to gross domestic product (GDP) by industry statistics released by the Bureau of Economic Analysis, 14 of 22 industry groups contributed to the overall 2.0 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 3.3 percent in the first quarter, after increasing 1.9 percent in the fourth quarter. The first quarter growth primarily reflected an increase in the housing services

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New Foreign Direct Investment in the United States, 2017

July 11, 2018

Expenditures by foreign direct investors to acquire, establish, or expand U.S. businesses totaled $259.6 billion (preliminary) in 2017. Expenditures were down 32 percent from $379.7 billion (revised) in 2016 and were below the annual average of $359.9 billion for 2014-2016. As in previous years, acquisitions of existing businesses accounted for a large majority of total expenditures.

In 2017, expenditures for acquisitions were $253.2 billion, expenditures to establish new U.S. businesses were $4.1 billion, and expenditures to expand existing foreign-owned businesses were $2.4 billion. Planned total expenditures, which include both first-year and planned future expenditures until completion for projects initiated in 2017, were $278.0 billion.
Expenditures by

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

July 6, 2018

The U.S. Census Bureau and the U.S. Bureau of Economic Analysis announced today that the goods
and services deficit was $43.1 billion in May, down $3.0 billion from $46.1 billion in April,
revised.

Exports, Imports, and Balance (exhibit 1)

May exports were $215.3 billion, $4.1 billion more than April exports. May imports were $258.4
billion, $1.1 billion more than April imports.

The May decrease in the goods and services deficit reflected a decrease in the goods deficit of
$2.6 billion to $65.8 billion and an increase in the services surplus of $0.5 billion to $22.7
billion.

Year-to-date, the goods and services deficit increased $17.9 billion, or 7.9 percent, from the
same period in 2017. Exports increased $84.5 billion or 8.8 percent. Imports

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Personal Income and Outlays, May 2018

June 29, 2018

PERSONAL INCOME AND OUTLAYS, MAY 2018

Personal income increased $60.0 billion (0.4 percent) in May according to estimates released today by
the Bureau of Economic Analysis. Disposable personal income (DPI) increased $63.2 billion (0.4 percent)
and personal consumption expenditures (PCE) increased $27.8 billion (0.2 percent).

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

2018
Jan. Feb. Mar. Apr. May
Percent change from

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Gross Domestic Product, 1st quarter 2018 (third estimate); Corporate Profits, 1st quarter 2018 (revised estimate)

June 28, 2018

National Income and Product Accounts
Gross Domestic Product: First Quarter 2018 (Third Estimate)Corporate Profits: First Quarter 2018 (Revised Estimate)

Real gross domestic product (GDP) increased at an annual rate of 2.0 percent in the first quarter of 2018
(table 1), according to the "third" estimate released by the Bureau of Economic Analysis. In the fourth
quarter, real GDP increased 2.9 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 2.2 percent.
With this third estimate for the first quarter, the general

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U.S. International Investment Position, 1st quarter 2018, Year 2017, and annual update

June 27, 2018

First Quarter 2018
The U.S. net international investment position decreased to -$7,888.1 billion (preliminary) at the end of the first quarter of 2018 from -$7,725.0 billion (revised) at the end of the fourth quarter of 2017, according to statistics released by the Bureau of Economic Analysis (BEA). The $163.1 billion decrease reflected a $182.8 billion decrease in U.S. assets and a $19.7 billion decrease in U.S. liabilities (table 1).

The $163.1 billion decrease in the net investment position reflected net financial transactions of –$164.8 billion and net other changes in position, such as price and exchange-rate changes, of $1.7 billion (table A).

The net investment position decreased 2.1 percent in the first quarter, compared with a

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State Quarterly Personal Income, 1st quarter 2018

June 21, 2018

State personal income increased 4.3 percent at an annual rate in the first quarter of 2018, after increasing 4.7 percent in the fourth quarter of 2017, according to estimates released today by the Bureau of Economic Analysis1 (table 1). Personal income increased in all states and the District of Columbia. The percent change in personal income across all states ranged from 7.4 percent in Washington to 2.0 percent in Idaho.

Increases in all income components – earnings, property income (dividends, interest and rent), and transfer receipts – contributed to personal income growth in every state and the District of Columbia in the first quarter except one, Idaho (table 2).
Earnings. Earnings increased 4.7 percent in

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U.S. International Transactions, 1st quarter 2018 and annual update

June 20, 2018

U.S. International Transactions:

First Quarter 2018 and Annual Update

Current-Account Balance

The U.S. current-account deficit increased to $124.1 billion (preliminary) in the first quarter
of 2018 from $116.1 billion (revised) in the fourth quarter of 2017, according to statistics
released by the Bureau of Economic Analysis (BEA). The deficit was 2.5 percent of current-dollar
gross domestic product (GDP) in the first quarter, up from 2.4 percent in the fourth quarter.

The $8.0 billion increase in the current-account deficit reflected an $8.1 billion increase in
the deficit on goods and relatively small and nearly offsetting changes in

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

June 6, 2018

The U.S. Census Bureau and the U.S. Bureau of Economic Analysis announced today that the goods
and services deficit was $46.2 billion in April, down $1.0 billion from $47.2 billion in March,
revised.
Exports, Imports, and Balance (exhibit 1)

April exports were $211.2 billion, $0.6 billion more than March exports. April imports were
$257.4 billion, $0.4 billion less than March imports.

The April decrease in the goods and services deficit reflected a decrease in the goods deficit
of $1.0 billion to $68.3 billion and a decrease in the services surplus of less than $0.1 billion
to $22.1 billion.

Year-to-date, the goods and services deficit increased $20.8 billion, or 11.5 percent, from the
same period in 2017. Exports increased $62.0 billion or 8.1 percent.

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Personal Income and Outlays, April 2018

May 31, 2018

PERSONAL INCOME AND OUTLAYS, APRIL 2018

Personal income increased $49.5 billion (0.3 percent) in April according to estimates released today by
the Bureau of Economic Analysis. Disposable personal income (DPI) increased $60.9 billion (0.4 percent)
and personal consumption expenditures (PCE) increased $79.8 billion (0.6 percent).

Real DPI increased 0.2 percent in April 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.

2017 2018
Dec. Jan. Feb. Mar. Apr.
Percent change from

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Gross Domestic Product, 1st quarter 2018 (second estimate); Corporate Profits, 1st quarter 2018 (preliminary estimate)

May 30, 2018

National Income and Product Accounts
Gross Domestic Product: First Quarter 2018 (Second Estimate)Corporate Profits: First Quarter 2018 (Preliminary Estimate)

Real gross domestic product (GDP) increased at an annual rate of 2.2 percent in the first quarter of 2018
(table 1), according to the "second" estimate released by the Bureau of Economic Analysis. In the fourth
quarter of 2017, real GDP increased 2.9 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 2.3
percent. With this second estimate for the first quarter,

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Real Personal Income for States and Metropolitan Areas, 2016

May 17, 2018

Real state personal income grew on average 1.1 percent in 2016, after increasing 4.7 percent in 2015, according to estimates released today by the Bureau of Economic Analysis. Real state personal income is a state’s current-dollar personal income adjusted by the state’s regional price parity and the national personal consumption expenditures price index. The percent change in real state personal income ranged from 3.3 percent in Utah and Georgia to -3.6 percent in Wyoming (table 1). In the District of Columbia, real personal income grew 4.5 percent. Across metropolitan areas, the percent change ranged from 6.6 percent in Jacksonville, NC to -8.1 percent in Midland, TX and Odessa, TX (table 4).

Real Personal Income

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Gross Domestic Product by State, 4th quarter 2017 and annual 2017 (preliminary)

May 4, 2018

Texas Had the Fastest Growth in the Fourth Quarter
Real gross domestic product (GDP) increased in 47 states and the District of Columbia in the fourth quarter of 2017, according to statistics on the geographic breakout of GDP released today by the U.S. Bureau of Economic Analysis. The percent change in real GDP in the fourth quarter ranged from 5.2 percent in Texas to -1.3 percent in North Dakota (table 1).

Mining and construction were the leading contributors to the increase in real GDP in Texas, the fastest growing state (table 2). Agriculture, forestry, fishing, and hunting subtracted from growth in North Dakota and South Dakota–the only two states with decreases in fourth quarter real GDP.

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

May 3, 2018

The U.S. Census Bureau and the U.S. Bureau of Economic Analysis announced today that the goods
and services deficit was $49.0 billion in March, down $8.8 billion from $57.7 billion in
February, revised.

Exports, Imports, and Balance (exhibit 1)

March exports were $208.5 billion, $4.2 billion more than February exports. March imports were
$257.5 billion, $4.6 billion less than February imports.

The March decrease in the goods and services deficit reflected a decrease in the goods deficit
of $7.5 billion to $69.5 billion and an increase in the services surplus of $1.3 billion to
$20.5 billion.

Year-to-date, the goods and services deficit increased $25.5 billion, or 18.5 percent, from the
same period in 2017. Exports increased $39.2 billion or 6.8

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Personal Income and Outlays, March 2018

April 30, 2018

PERSONAL INCOME AND OUTLAYS, MARCH 2018

Personal income increased $47.8 billion (0.3 percent) in March according to estimates released today by the
Bureau of Economic Analysis. Disposable personal income (DPI) increased $39.8 billion (0.3 percent) and personal
consumption expenditures (PCE) increased $61.7 billion (0.4 percent).

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

2017 2018
Nov. Dec. Jan. Feb. Mar.
Percent change

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Gross Domestic Product, 1st quarter 2018 (advance estimate)

April 27, 2018

National Income and Product Accounts
Gross Domestic Product: First Quarter 2018 (Advance Estimate)

Real gross domestic product (GDP) increased at an annual rate of 2.3 percent in the first quarter of 2018
(table 1), according to the "advance" estimate released by the Bureau of Economic Analysis. In the
fourth quarter, real GDP increased 2.9 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

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Gross Domestic Product by Industry, 4th quarter 2017 and annual 2017 (advance estimate)

April 19, 2018

Durable goods manufacturing; construction; and professional, scientific, and technical services were the leading contributors to the increase in U.S. economic growth in the fourth quarter of 2017. 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 2.9 percent increase in real GDP in the fourth quarter.

For the durable goods manufacturing industry group, real value added—a measure of an industry’s contribution to GDP—increased 7.2 percent in the fourth quarter, after increasing 7.5 percent in the third quarter. The fourth quarter growth primarily reflected increases in motor vehicles, bodies and trailers, and parts; computer and electronic products; and

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

April 5, 2018

The U.S. Census Bureau and the U.S. Bureau of Economic Analysis announced today that the goods
and services deficit was $57.6 billion in February, up $0.9 billion from $56.7 billion in January,
revised.

Exports, Imports, and Balance (exhibit 1)

February exports were $204.4 billion, $3.5 billion more than January exports. February imports
were $262.0 billion, $4.4 billion more than January imports.

The February increase in the goods and services deficit reflected an increase in the goods deficit
of $0.3 billion to $77.0 billion and a decrease in the services surplus of $0.6 billion to $19.4
billion.

Year-to-date, the goods and services deficit increased $21.1 billion, or 22.7 percent, from the
same period in 2017. Exports increased $22.4 billion

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U.S. International Investment Position, 4th quarter and year 2017

March 30, 2018

Fourth Quarter 2017
The U.S. net international investment position decreased to -$7,845.8 billion (preliminary) at the end of the fourth quarter from -$7,739.7 billion (revised) at the end of the third quarter, according to statistics released by the Bureau of Economic Analysis (BEA). The $106.1 billion decrease reflected a $727.2 billion increase in U.S. assets and an $833.3 billion increase in U.S. liabilities (table 1).

The $106.1 billion decrease in the net investment position reflected net financial transactions of -$52.4 billion and net other changes in position, such as price and exchange-rate changes, of -$53.8 billion (table A).
The net investment position decreased 1.4 percent in the fourth quarter, compared with an increase of 3.3

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Personal Income and Outlays, February 2018

March 29, 2018

PERSONAL INCOME AND OUTLAYS, FEBRUARY 2018

Personal income increased $67.3 billion (0.4 percent) in February according to estimates released today
by the Bureau of Economic Analysis. Disposable personal income (DPI) increased $53.9 billion (0.4 percent)
and personal consumption expenditures (PCE) increased $27.7 billion (0.2 percent).

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

2017 2018
Oct. Nov. Dec. Jan. Feb.

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Gross Domestic Product, 4th quarter and annual 2017 (third estimate); Corporate Profits, 4th quarter and annual 2017

March 28, 2018

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

Real gross domestic product (GDP) increased at an annual rate of 2.9 percent in the fourth quarter of
2017 (table 1), according to the "third" estimate released by the Bureau of Economic Analysis. In the
third quarter, real GDP increased 3.2 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 2.5 percent.
With this third estimate for the fourth quarter, the general

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State Quarterly Personal Income, 4th quarter 2017; State Annual Personal Income, 2017 (preliminary)

March 22, 2018

State personal income increased 3.1 percent on average in 2017, after increasing 2.3 percent in 2016, according to estimates released today by the Bureau of Economic Analysis (table 1). In 2017, personal income increased in all states and the District of Columbia except one, North Dakota. The percent change in personal income across all states ranged from 4.8 percent in Washington to -0.3 percent in North Dakota.

Earnings. Earnings increased 3.1 percent in 2017 and was the leading contributor to growth in personal income in most states, including the five fastest growing states—Washington, Idaho, Nevada, Utah, and Arizona (table 2).
Retail trade was the leading contributor to the earnings increase in Washington

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U.S. International Transactions, 4th quarter and Year 2017

March 21, 2018

U.S. International Transactions:

Fourth Quarter and Year 2017

Current-Account Balance, Fourth Quarter

The U.S. current-account deficit increased to $128.2 billion (preliminary) in the fourth
quarter of 2017 from $101.5 billion (revised) in the third quarter, according to statistics
released by the Bureau of Economic Analysis (BEA). The deficit was 2.6 percent of current-
dollar gross domestic product (GDP) in the fourth quarter, up from 2.1 percent in the third
quarter.

The $26.7 billion increase in the current-account deficit mostly reflected increases in the
deficits on goods and secondary income and a decrease in the surplus on primary income.

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

March 7, 2018

The U.S. Census Bureau and the U.S. Bureau of Economic Analysis announced today that the goods
and services deficit was $56.6 billion in January, up $2.7 billion from $53.9 billion in December,
revised.

Exports, Imports, and Balance (exhibit 1)

January exports were $200.9 billion, $2.7 billion less than December exports. January imports
were $257.5 billion, down less than $0.1 billion from December imports.

The January increase in the goods and services deficit reflected an increase in the goods deficit
of $2.8 billion to $76.5 billion and an increase in the services surplus of $0.1 billion to
$19.9 billion.

Year-over-year, the goods and services deficit increased $7.9 billion, or 16.2 percent, from
January 2017. Exports increased $9.7 billion

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Arts and Cultural Production Satellite Account, U.S. and States 2015

March 6, 2018

New State-level Data Available for the First Time
The Arts and Cultural Production Satellite Account (ACPSA) released today by the U.S. Department of Commerce’s Bureau of Economic Analysis (BEA) show that arts and cultural economic activity nationwide increased an inflation-adjusted 4.9 percent in 2015. That compares with a 0.4 percent increase in 2014 (table 1). Arts and cultural economic activity accounted for 4.2 percent of gross domestic product (GDP), or $763.6 billion, in 2015 (table 2).

Information services was the leading contributor to the national growth in 2015. Core arts and cultural production industries, including performing arts, design services, fine arts education, and education

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