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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 Investment Position, 4th Quarter and Year 2019

1 day ago

Fourth Quarter

The U.S. net international investment position, the difference between U.S. residents’ foreign financial assets and liabilities, was –$10.99 trillion at the end of the fourth quarter of 2019, according to statistics released by the U.S. Bureau of Economic Analysis (BEA). Assets totaled $29.32 trillion and liabilities were $40.31 trillion.

At the end of the third quarter, the net investment position was –$10.98 trillion (Table 1). 

The –$14.1 billion change in the net investment position from the third quarter to the fourth quarter came from net financial transactions of –$91.2 billion and net other changes in position, such as price and exchange rate changes, of $77.1 billion (Table A).

Table A. Quarterly Change in the U.S. Net International Investment

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Personal Income and Outlays, February 2020

5 days ago

Personal income increased $106.8 billion (0.6 percent) in February according to estimates released today by the Bureau of Economic Analysis (table 3 and table 5). Disposable personal income (DPI) increased $88.7 billion (0.5 percent) and personal consumption expenditures (PCE) increased $27.7 billion (0.2 percent).

Real DPI inincreased 0.4 percent in February and Real PCE increased 0.1 percent (table 5 and table 7). The PCE price index increased 0.1 percent. Excluding food and energy, the PCE price index increased 0.2 percent (table 9).

 
2019
2020
Oct.
Nov.
Dec.
Jan.
Feb.
Percent change from preceding month
Personal income:
 
     Current dollars
0.1
0.5
0.2
0.6
0.6
Disposable personal income:
 
     Current dollars
0.0
0.4

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Gross Domestic Product, 4th Quarter and Year 2019 (Third Estimate); Corporate Profits, 4th Quarter and Year 2019

6 days ago

Real gross domestic product (GDP) increased at an annual rate of 2.1 percent in the fourth quarter of 2019 (table 1), according to the "third" estimate released by the Bureau of Economic Analysis. In the third quarter, real GDP also 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 also 2.1 percent. In the third estimate, an upward revision to personal consumption expenditures (PCE) was largely offset by downward revisions to federal government spending and nonresidential fixed investment (see "Updates to GDP" on page 2).

The increase in real GDP in the fourth quarter reflected positive contributions from PCE, exports,

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Personal Income by State, 4th Quarter and Year 2019 (Preliminary)

8 days ago

State personal income increased 4.4 percent in 2019, after increasing 5.6 percent in 2018, according to estimates released today by the Bureau of Economic Analysis (table 1). In 2019, increases in earnings, property income (dividends, interest, and rent), and transfer receipts contributed to personal income growth in all states and the District of Columbia (table 2). The percent change in personal income across all states ranged from 6.1 percent in Colorado to 2.8 percent in West Virginia.

Earnings. For the nation, earnings increased 4.5 percent in 2019; increasing in all 24 industries for which BEA prepares estimates (table 4). Earnings growth in three industries—professional, scientific, and technical services; health care and social assistance; and state and local government—were the

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U.S. International Transactions, 4th Quarter and Year 2019

13 days ago

Current Account Balance, Fourth Quarter

The U.S. current account deficit, which reflects the combined balances on trade in goods and services and income flows between U.S. residents and residents of other countries, narrowed by $15.6 billion, or 12.4 percent, to $109.8 billion in the fourth quarter of 2019, according to statistics from the U.S. Bureau of Economic Analysis (BEA). The revised third quarter deficit was $125.4 billion.

The fourth quarter deficit was 2.0 percent of current dollar gross domestic product (GDP), down from 2.3 percent in the third quarter.

The $15.6 billion narrowing of the current account deficit in the fourth quarter mainly reflected a reduced deficit on goods that was partly offset by an expanded deficit on secondary income.

Current Account Transactions

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Arts and Cultural Production Satellite Account, U.S. and States 2017

15 days ago

The Arts and Cultural Production Satellite Account released today by the U.S. Department of Commerce’s Bureau of Economic Analysis (BEA) shows that arts and cultural economic activity, adjusted for inflation, increased 3.6 percent in 2017. That compares with a 5.3 percent increase in 2016 (table 1). Arts and cultural economic activity accounted for 4.5 percent of gross domestic product (GDP), or $877.8 billion, in 2017 (table 2 and 3). With this release the arts and cultural production statistics are updated to incorporate revised data from BEA’s National Income and Product Accounts.

Information services was the leading contributor to the overall growth in arts and cultural production at the national level in 2017, followed by design services. Core arts and cultural production

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U.S. International Trade in Goods and Services, January 2020

26 days ago

The U.S. Census Bureau and the U.S. Bureau of Economic Analysis announced today that the goods and services deficit was $45.3 billion in January, down $3.3 billion from $48.6 billion in December, revised.

U.S. International Trade in Goods and Services Deficit
Deficit:
$45.3 Billion
-6.7%°
Exports:
$208.6 Billion
-0.4%°
Imports:
$253.9 Billion
-1.6%°

Next release: April 2, 2020

(°) Statistical significance is not applicable or not measurable.

Data adjusted for seasonality but not price changes

Source: U.S. Census Bureau, U.S. Bureau of Economic Analysis; U.S. International Trade in Goods and Services, March 6, 2020

Exports, Imports, and Balance (exhibit 1)

January exports were $208.6 billion, $0.9 billion less than December

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Personal Income and Outlays, January 2020

February 28, 2020

Personal income increased $116.5 billion (0.6 percent) in January according to estimates released today by the Bureau of Economic Analysis. Disposable personal income (DPI) increased $101.4 billion (0.6 percent) and personal consumption expenditures (PCE) increased $29.6 billion (0.2 percent).

Real DPI increased 0.5 percent in January and Real PCE increased 0.1 percent. The PCE price index increased 0.1 percent. Excluding food and energy, the PCE price index increased 0.1 percent.

 
2019
2020
Sep.
Oct.
Nov.
Dec.
Jan.
Percent change from preceding month
Personal income:
 
     Current dollars
0.2
0.1
0.5
0.1
0.6
Disposable personal income:
 
     Current dollars
0.3
0.0
0.4
0.1
0.6
     Chained (2012) dollars
0.3

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Gross Domestic Product, 4th Quarter and Year 2019 (Second Estimate)

February 27, 2020

Real gross domestic product (GDP) increased at an annual rate of 2.1 percent in the fourth quarter of 2019 (table 1), according to the "second" estimate released by the Bureau of Economic Analysis. In the third quarter, real GDP also 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 also 2.1 percent. In the second estimate, an upward revision to private inventory investment was offset by a downward revision to nonresidential fixed investment (see "Updates to GDP" on page 2).

The increase in real GDP in the fourth quarter reflected positive contributions from personal consumption expenditures (PCE), federal government

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

February 5, 2020

The U.S. Census Bureau and the U.S. Bureau of Economic Analysis announced today that the goods and services deficit was $48.9 billion in December, up $5.2 billion from $43.7 billion in November, revised.

U.S. International Trade in Goods and Services Deficit
Deficit:
$48.9 Billion
+11.9%°
Exports:
$209.6 Billion
+0.8%°
Imports:
$258.5 Billion
+2.7%°

Next release: March 6, 2020

(°) Statistical significance is not applicable or not measurable.

Data adjusted for seasonality but not price changes

Source: U.S. Census Bureau, U.S. Bureau of Economic Analysis; U.S. International Trade in Goods and Services, February 5, 2020

Exports, Imports, and Balance (exhibit 1)

December exports were $209.6 billion, $1.6 billion more than November

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Personal Income and Outlays, December 2019

January 31, 2020

Personal income increased $40.7 billion (0.2 percent) in December according to estimates released today by the Bureau of Economic Analysis. Disposable personal income (DPI) increased $30.6 billion (0.2 percent) and personal consumption expenditures (PCE) increased $46.6 billion (0.3 percent) (table 5).

Real DPI decreased 0.1 percent in December and Real PCE increased 0.1 percent. The PCE price index increased 0.3 percent. Excluding food and energy, the PCE price index increased 0.2 percent (table 9).

 
2019
Aug.
Sep.
Oct.
Nov.
Dec.
Percent change from preceding month
Personal income:
 
     Current dollars
0.5
0.3
0.1
0.4
0.2
Disposable personal income:
 
     Current dollars
0.6
0.4
0.0
0.4
0.2
     Chained (2012)

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Gross Domestic Product, 4th Quarter and Year 2019 (Advance Estimate)

January 30, 2020

Real gross domestic product (GDP) increased at an annual rate of 2.1 percent in the fourth quarter of 2019 (table 1), according to the "advance" estimate released by the Bureau of Economic Analysis. In the third quarter, real GDP increased 2.1 percent.

The GDP estimate released today is based on source data that are incomplete or subject to further revision by the source agency (see “Source Data for the Advance Estimate” on page 3). The "second" estimate for the fourth quarter, based on more complete data, will be released on February 27, 2020.

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

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Gross Domestic Product by State, 3rd Quarter 2019

January 10, 2020

Real gross domestic product (GDP) increased in 49 states and the District of Columbia in the third quarter of 2019, 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 4.0 percent in Texas to 0.0 percent in Delaware (table 1).

Nondurable goods manufacturing; retail trade; and professional, scientific, and technical services were the leading contributors to the increase in real GDP nationally (table 2).

Nondurable goods manufacturing increased 10.1 percent for the nation and contributed to growth in all 50 states. This industry was the leading contributor to growth in Texas, the fastest growing state (GDP by Industry table 1).
Retail trade increased 8.2 percent for the nation and contributed to

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Gross Domestic Product by Industry, 3rd Quarter 2019

January 9, 2020

Nondurable goods manufacturing; retail trade; and professional, scientific, and technical services were the leading contributors to the increase in U.S. economic growth in the third quarter of 2019, according to gross domestic product (GDP) by industry statistics released by the Bureau of Economic Analysis. Both private services- and goods-producing industries contributed to the increase; the government sector increased slightly. Overall, 17 of 22 industry groups contributed to the 2.1 percent increase in real GDP in the third quarter.

For the nondurable goods manufacturing industry group, real value added—a measure of an industry’s contribution to GDP—increased 10.1 percent in the third quarter, after decreasing 0.3 percent in the second quarter. The third-quarter growth primarily

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

January 7, 2020

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 November, down $3.9 billion from $46.9 billion in October, revised.

U.S. International Trade in Goods and Services Deficit
Deficit:
$43.1 Billion
-8.2%°
Exports:
$208.6 Billion
+0.7%°
Imports:
$251.7 Billion
-1.0%°

Next release: February 5, 2020

(°) Statistical significance is not applicable or not measurable. Data adjusted for seasonality but not price changes

Source: U.S. Census Bureau, U.S. Bureau of Economic Analysis; U.S. International Trade in Goods and Services, January 7, 2020

Exports, Imports, and Balance (exhibit 1)

November exports were $208.6 billion, $1.4 billion more than October

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U.S. International Investment Position, 3rd quarter 2019

December 27, 2019

The U.S. net international investment position, the difference between U.S. residents’ foreign financial assets and liabilities, was –$10.95 trillion at the end of the third quarter of 2019, according to statistics released by the U.S. Bureau of Economic Analysis (BEA). Assets totaled $28.26 trillion and liabilities were $39.21 trillion.

At the end of the second quarter, the net investment position was –$10.61 trillion (Table 1).

The –$338.1 billion change in the net investment position from the second quarter to the third quarter came from net financial transactions of –$39.8 billion and net other changes in position, such as price and exchange rate changes, of –$298.3 billion (Table A).

Table A. Quarterly Change in the U.S. Net International Investment PositionBillions of

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Personal Income and Outlays, November 2019

December 20, 2019

Personal income increased $101.7 billion (0.5 percent) in November according to estimates released today by the Bureau of Economic Analysis. Disposable personal income (DPI) increased $87.7 billion (0.5 percent) and personal consumption expenditures (PCE) increased $64.9 billion (0.4 percent).

Real DPI increased 0.4 percent in November, 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.

 
2019
Jul.
Aug.
Sep.
Oct.
Nov.
Percent change from preceding month
Personal income:
 
     Current dollars
0.1
0.5
0.3
0.1
0.5
Disposable personal income:
 
     Current dollars
0.3
0.6
0.4
0.0
0.5
     Chained (2012) dollars
0.0
0.6

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Gross Domestic Product, 3rd quarter 2019 (third estimate); Corporate Profits, 3rd quarter 2019 (revised estimate)

December 20, 2019

Real gross domestic product (GDP) increased at an annual rate of 2.1 percent in the third quarter of 2019 (table 1), according to the "third" estimate released by the Bureau of Economic Analysis. In the second quarter, real GDP increased 2.0 percent.

The GDP estimate released today is based on more complete source data than were available for the "second" estimate issued last month. In the second estimate, the increase in real GDP was also 2.1 percent. With the third estimate for the third quarter, upward revisions to personal consumption expenditures (PCE) and nonresidential fixed investment were offset by a downward revision to private inventory investment (see "Updates to GDP" on page 2).

The increase in real GDP in the third quarter reflected positive

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U.S. International Transactions, 3rd quarter 2019

December 19, 2019

Current Account Deficit Narrows by 0.9 Percent in Third Quarter Current Account Balance

The U.S. current account deficit, which reflects the combined balances on trade in goods and services and income flows between U.S. residents and residents of other countries, narrowed by $1.1 billion, or 0.9 percent, to $124.1 billion in the third quarter of 2019, according to statistics from the U.S. Bureau of Economic Analysis (BEA). The revised second quarter deficit was $125.2 billion.

The third quarter deficit was 2.3 percent of current dollar gross domestic product, down less than 0.1 percent from the second quarter.

The $1.1 billion narrowing of the current account deficit in the third quarter mainly reflected a reduced deficit on goods and an expanded surplus on primary income.

Current

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State Quarterly Personal Income, 3rd quarter 2019

December 18, 2019

State personal income increased 3.8 percent at an annual rate in the third quarter of 2019, a deceleration from the 4.4 percent increase in the second quarter, according to estimates released today by the Bureau of Economic Analysis (table 1). The percent change in personal income across all states ranged from 15.2 percent in South Dakota to 1.9 percent in West Virginia and Wyoming.

Increases in earnings, and in transfer receipts, contributed to personal income growth nationally and in most states (table 2). These increases were partially offset by decreases in property income (dividends, interest, and rent).

Earnings. For the nation, earnings increased 5.2 percent in the third quarter, after increasing 2.9 percent in the second quarter. Earnings increased in 20 of the 24 industries for

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Gross Domestic Product for the U.S. Virgin Islands, 2018

December 17, 2019

U.S. Virgin Islands GDP increases 1.5 percent in 2018;Growth driven by post-disaster recovery activities

CHARLOTTE AMALIE, U.S. VIRGIN ISLANDS (December 17, 2019) — Today, the Bureau of Economic Analysis (BEA) is releasing estimates of gross domestic product (GDP) for the U.S. Virgin Islands (USVI) for 2018, in addition to estimates of GDP by industry and compensation by industry for 2017. These estimates were developed under the Statistical Improvement Program funded by the Office of Insular Affairs (OIA) of the U.S. Department of the Interior.

Effects of Hurricanes Irma and Maria on Data Availability

The U.S. Virgin Islands suffered extensive damage from two major hurricanes in September 2017. These hurricanes affected the availability of various data sources used in the

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Local Area Gross Domestic Product, 2018

December 12, 2019

Real gross domestic product (GDP) increased in 2,375 counties, decreased in 717, and was unchanged in 21 in 2018, according to estimates released today by the U.S. Bureau of Economic Analysis (BEA). The percentage change in real GDP ranged from 86.5 percent in Jackson County, WV, to -44.0 percent in Grant County, ND, (table 1).

GDP is the value of goods and services produced within a county. The size of a county’s economy as measured by GDP varies considerably across the United States. In 2018, the total level of real GDP ranged from $18.4 million in Issaquena County, MS, to $710.9 billion in Los Angeles County, CA.

Highlights

Large Counties: 141 counties with populations greater than 500,000 in 2018

Real GDP increased in 136 and decreased in 5.
GDP ranged from $11.2 billion in

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

December 5, 2019

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

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

Next release: January 7, 2020

(°) Statistical significance is not applicable or not measurable. Data adjusted for seasonality but not price changes

Source: U.S. Census Bureau, U.S. Bureau of Economic Analysis; U.S. International Trade in Goods and Services, December 5, 2019

Exports, Imports, and Balance (exhibit 1)

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

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Personal Income and Outlays, October 2019

November 27, 2019

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

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

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

0.4

0.2

0.5

0.3

0.0

Disposable personal income:
 
 
 
 
 
     Current dollars

0.4

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

November 27, 2019

Real gross domestic product (GDP) increased at an annual rate of 2.1 percent in the third quarter of 2019 (table 1), according to the "second" estimate released by the Bureau of Economic Analysis. In the second quarter, real GDP increased 2.0 percent.

The GDP estimate released today is based on more complete source data than were available for the "advance" estimate issued last month. In the advance estimate, the increase in real GDP was 1.9 percent. With the second estimate for the third quarter, upward revisions to private inventory investment, nonresidential fixed investment, and personal consumption expenditures (PCE) were partially offset by a downward revision to state and local government spending (see "Updates to GDP" on page 2).

The increase in real GDP in the third quarter

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

November 15, 2019

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

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

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

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Local Area Personal Income, 2018

November 14, 2019

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

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

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

November 7, 2019

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

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

Other Highlights

Professional, scientific, and technical services increased 7.4 percent for

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

November 7, 2019

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

CAPITOL HILL, SAIPAN (November 7, 2019) — Today, the Bureau of Economic Analysis (BEA) is releasing estimates of gross domestic product (GDP) for the Commonwealth of the Northern Mariana Islands (CNMI) for 2018, in addition to estimates of GDP by industry and compensation by industry for 2017.1   These estimates were developed under the Statistical Improvement Program funded by the Office of Insular Affairs (OIA) of the U.S. Department of the Interior.

Revised estimates of GDP for 2015 to 2017, as well as revised estimates of GDP by industry and compensation by industry for 2015 and 2016, are also presented in this release.

Gross Domestic Product for 2018

The estimates of GDP for the CNMI show that real

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

November 5, 2019

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

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

Next release: December 5, 2019

(°) Statistical significance is not applicable or not measurable. Data adjusted for seasonality but not price changes

Source: U.S. Census Bureau, U.S. Bureau of Economic Analysis; U.S. International Trade in Goods and Services, November 5, 2019

Exports, Imports, and Balance (exhibit 1)

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

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