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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

Personal Income and Outlays, March 2022

19 days ago

Personal income increased $107.2 billion (0.5 percent) in March, according to estimates released today by the Bureau of Economic Analysis (tables 3 and 5). Disposable personal income (DPI) increased $89.7 billion (0.5 percent) and personal consumption expenditures (PCE) increased $185.0 billion (1.1 percent).

Real DPI decreased 0.4 percent in March and Real PCE increased 0.2 percent; goods decreased 0.5 percent and services increased 0.6 percent (tables 5 and 7). The PCE price index increased 0.9 percent. Excluding food and energy, the PCE price index increased 0.3 percent (table 9).

 
2021
2022
Nov.
Dec.
Jan.
Feb.
Mar.
Percent change from preceding month
Personal income:
 
     Current dollars
0.5
0.4
0.2
0.7
0.5
Disposable personal

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Gross Domestic Product, First Quarter 2022 (Advance Estimate)

20 days ago

Real gross domestic product (GDP) decreased at an annual rate of 1.4 percent in the first quarter of 2022 (table 1), according to the "advance" estimate released by the Bureau of Economic Analysis. In the fourth quarter, real GDP increased 6.9 percent.

The GDP estimate released today is based on source data that are incomplete or subject to further revision by the source agency (refer to "Source Data for the Advance Estimate" on page 3). The "second" estimate for the first quarter, based on more complete data, will be released on May 26, 2022

The decrease in real GDP reflected decreases in private inventory investment, exports, federal government spending, and state and local government spending, while imports, which are a subtraction in the calculation of GDP, increased. Personal

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U.S. International Trade in Goods and Services, February 2022

April 5, 2022

The U.S. Census Bureau and the U.S. Bureau of Economic Analysis announced today that the goods and services deficit was $89.2 billion in February, down less than $0.1 billion from $89.2 billion in January, revised.

U.S. International Trade in Goods and Services Deficit
Deficit:

$89.2 Billion

-0.1%°

Exports:

$228.6 Billion

+1.8%°

Imports:

$317.8 Billion

+1.3%°

Next release: Tuesday, May 4, 2022

(°) 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, April 5, 2022

Exports, Imports, and Balance (exhibit 1)

February

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Gross Domestic Product by State, 4th Quarter 2021 and Year 2021 (Preliminary)

March 31, 2022

Real gross domestic product (GDP) increased in 47 states and the District of Columbia in the fourth quarter of 2021, as real GDP for the nation increased at an annual rate of 6.9 percent, according to statistics released today by the U.S. Bureau of Economic Analysis. The percent change in real GDP in the fourth quarter ranged from 10.1 percent in Texas to –2.3 percent in Iowa (table 1).

Real GDP increased in 19 of the 21 industry groups for which BEA prepares quarterly state estimates (table 2). Information services; professional, scientific, and technical services; and real estate and rental and leasing were the leading contributors to the increase in real GDP nationally. Professional, scientific, and technical services was the leading contributor to the increase in Texas, the state

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Personal Income and Outlays, February 2022

March 31, 2022

Personal income increased $101.5 billion (0.5 percent) in February, according to estimates released today by the Bureau of Economic Analysis (tables 3 and 5). Disposable personal income (DPI) increased $76.1 billion (0.4 percent) and personal consumption expenditures (PCE) increased $34.9 billion (0.2 percent).

Real DPI decreased 0.2 percent in February and Real PCE decreased 0.4 percent; goods decreased 2.1 percent and services increased 0.6 percent (tables 5 and 7). The PCE price index increased 0.6 percent. Excluding food and energy, the PCE price index increased 0.4 percent (table 9).

 
2021
2022
Oct.
Nov.
Dec.
Jan.
Feb.
Percent change from preceding month
Personal income:
 
     Current dollars
0.6
0.5
0.4
0.1
0.5
Disposable personal

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Gross Domestic Product (Third Estimate), GDP by Industry, and Corporate Profits, 4th Quarter and Year 2021

March 30, 2022

Real gross domestic product (GDP) increased at an annual rate of 6.9 percent in the fourth quarter of 2021 (table 1), according to the "third" estimate released by the Bureau of Economic Analysis. In the third quarter, real GDP increased 2.3 percent.

The "third" estimate of GDP 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 7.0 percent. The downward revision primarily reflected downward revisions to personal consumption expenditures (PCE) and exports that were partly offset by an upward revision to private inventory investment (refer to "Updates to GDP").

The increase in real GDP primarily reflected increases in private inventory investment, exports, PCE, and

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U.S. International Investment Position, 4th Quarter and Year 2021

March 29, 2022

The U.S. net international investment position (IIP), the difference between U.S. residents’ foreign financial assets and liabilities, was –$18.10 trillion at the end of the fourth quarter of 2021, according to statistics released today by the U.S. Bureau of Economic Analysis (BEA). Assets totaled $35.21 trillion, and liabilities were $53.31 trillion. At the end of the third quarter, the net investment position was –$16.35 trillion. The net investment positions and components of assets and liabilities are presented in table 1.

The –$1.75 trillion change in the net investment position from the third quarter to the fourth quarter came from net financial transactions of –$153.0 billion and net other changes in position, such as price and exchange-rate changes, of –$1.60 trillion that

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U.S. International Transactions, Fourth Quarter and Year 2021

March 24, 2022

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 $2.0 billion, or 0.9 percent, to $217.9 billion in the fourth quarter of 2021, according to statistics released by the U.S. Bureau of Economic Analysis (BEA). The revised third-quarter deficit was $219.9 billion.

The fourth-quarter deficit was 3.6 percent of current-dollar gross domestic product (GDP), down from 3.8 percent in the third quarter.

The $2.0 billion narrowing of the current-account deficit in the fourth quarter reflected a reduced deficit on secondary income and expanded surpluses on services and on primary income that were mostly offset by an

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Personal Income by State, 2021 (Preliminary) and 4th Quarter 2021

March 23, 2022

State personal income increased 7.4 percent in 2021 after increasing 6.6 percent in 2020, according to estimates released today by the Bureau of Economic Analysis (BEA) (table 1). In 2021, increases in earnings, transfer receipts, and property income (dividends, interest, and rent) 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 9.6 percent in Idaho to 4.5 percent in Vermont.

Earnings. Earnings increased 8.9 percent, accounting for most of the $1.4 trillion dollar increase in personal income for the nation in 2021 (chart 1). The increase in earnings reflected the continuing reopening of the economy following the onset of the COVID-19 pandemic in the first quarter of 2020.

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Arts and Cultural Production Satellite Account, U.S. and States, 2020

March 15, 2022

The Arts and Cultural Production Satellite Account released today by the U.S. Bureau of Economic Analysis (BEA) shows that arts and cultural economic activity, adjusted for inflation, decreased 6.4 percent in 2020 after increasing 3.4 percent in 2019 (table 1). Arts and cultural economic activity accounted for 4.2 percent of gross domestic product (GDP), or $876.7 billion, in 2020 (tables 2 and 3).

Core arts and cultural production industries, which includes performing arts, museums, design services, fine arts education, and education services, decreased 20.6 percent, adjusted for inflation, in 2020. Supporting arts and cultural production industries, which includes art support services and information services, decreased 1.9 percent in 2020 (table 1).

COVID-19 Impact on the 2020 Arts

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U.S. International Trade in Goods and Services, January 2022

March 8, 2022

The U.S. Census Bureau and the U.S. Bureau of Economic Analysis announced today that the goods and services deficit was $89.7 billion in January, up $7.7 billion from $82.0 billion in December, revised.

U.S. International Trade in Goods and Services Deficit
Deficit:

$89.7 Billion

+9.4%°

Exports:

$224.4 Billion

-1.7%°

Imports:

$314.1 Billion

+1.2%°

Next release: Tuesday, April 5, 2022

(°) 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 8, 2022

Exports, Imports, and Balance (exhibit 1)

January exports were

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Gross Domestic Product for the U.S. Virgin Islands, 2020

March 4, 2022

Real gross domestic product (GDP) for the U.S. Virgin Islands (USVI) decreased 2.2 percent in 2020 after increasing 2.8 percent in 2019 (table 1.3), according to statistics released today by the U.S. Bureau of Economic Analysis (BEA). These statistics were developed under the Statistical Improvement Program funded by the Office of Insular Affairs (OIA) of the U.S. Department of the Interior.

GDP for 2020

The decrease in real GDP reflected decreases in exports of services, private fixed investment, personal consumption expenditures, and government spending (table 1.4). These decreases were partly offset by an increase in private inventory investment. Imports, a subtraction item in the calculation of GDP, declined.

COVID-19 Impact on the 2020 USVI GDP Estimate

The USVI economy was

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Personal Income and Outlays, January 2022

February 25, 2022

Personal income increased $9.0 billion (less than 0.1 percent) in January, according to estimates released today by the Bureau of Economic Analysis (tables 3 and 5). Disposable personal income (DPI) increased $19.8 billion (0.1 percent) and personal consumption expenditures (PCE) increased $337.2 billion (2.1 percent).

Real DPI decreased 0.5 percent in January and Real PCE increased 1.5 percent; goods increased 4.3 percent and services increased 0.1 percent (tables 5 and 7). The PCE price index increased 0.6 percent. Excluding food and energy, the PCE price index increased 0.5 percent (table 9).

 
2021
2022
Sept.
Oct.
Nov.
Dec.
Jan.
Percent change from preceding month
Personal income:
 
     Current dollars
-0.9
0.6
0.6
0.4
0.0 
Disposable

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Gross Domestic Product, 4th Quarter and Year 2021 (Second Estimate)

February 24, 2022

Real gross domestic product (GDP) increased at an annual rate of 7.0 percent in the fourth quarter of 2021 (table 1), according to the "second" estimate released by the Bureau of Economic Analysis. In the third quarter, real GDP increased 2.3 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 6.9 percent. The updated estimates primarily reflected upward revisions to nonresidential fixed investment, state and local government spending, and residential fixed investment that were partly offset by downward revisions to personal consumption expenditures (PCE) and exports (refer to "Updates to GDP").

The increase in real GDP primarily reflected

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U.S. International Trade in Goods and Services, December 2021

February 8, 2022

The U.S. Census Bureau and the U.S. Bureau of Economic Analysis announced today that the goods and services deficit was $80.7 billion in December, up $1.4 billion from $79.3 billion in November, revised.

U.S. International Trade in Goods and Services Deficit
Deficit:

$80.7 Billion

+1.8%°

Exports:

$228.1 Billion

+1.5%°

Imports:

$308.9 Billion

+1.6%°

Next release: Tuesday, March 8, 2022

(°) 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 8, 2022

Exports, Imports, and Balance (exhibit 1)

December exports were

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Personal Income and Outlays, December 2021

January 28, 2022

Personal income increased $70.7 billion (0.3 percent) in December according to estimates released today by the Bureau of Economic Analysis (tables 3 and 5). Disposable personal income (DPI) increased $39.9 billion (0.2 percent) and personal consumption expenditures (PCE) decreased $95.2 billion (0.6 percent).

Real DPI decreased 0.2 percent in December and Real PCE decreased 1.0 percent; goods decreased 3.1 percent and services increased 0.1 percent (tables 5 and 7). The PCE price index increased 0.4 percent. Excluding food and energy, the PCE price index increased 0.5 percent (table 9).

 
2021
Aug.
Sept.
Oct.
Nov.
Dec.
Percent change from preceding month
Personal income:
 
     Current dollars
0.3
-1.0
0.6
0.5
0.3 
Disposable personal income:

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Gross Domestic Product, Fourth Quarter and Year 2021 (Advance Estimate)

January 27, 2022

Real gross domestic product (GDP) increased at an annual rate of 6.9 percent in the fourth quarter of 2021 (table 1), according to the "advance" estimate released by the Bureau of Economic Analysis. In the third quarter, real GDP increased 2.3 percent.

The GDP estimate released today is based on source data that are incomplete or subject to further revision by the source agency (refer to "Source Data for the Advance Estimate" on page 4). The "second" estimate for the fourth quarter, based on more complete data, will be released on February 24, 2022.

The increase in real GDP primarily reflected increases in private inventory investment, exports, personal consumption expenditures (PCE), and nonresidential fixed investment that were partly offset by decreases in both federal and state and

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U.S. International Trade in Goods and Services, November 2021

January 6, 2022

The U.S. Census Bureau and the U.S. Bureau of Economic Analysis announced today that the goods and services deficit was $80.2 billion in November, up $13.0 billion from $67.2 billion in October, revised.

U.S. International Trade in Goods and Services Deficit
Deficit:

$80.2 Billion

+19.4%°

Exports:

$224.2 Billion

+0.2%°

Imports:

$304.4 Billion

+4.6%°

Next release: Tuesday, February 8, 2022

(°) 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 6, 2022

Exports, Imports, and Balance (exhibit 1)

November exports

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U.S. International Investment Position, 3rd Quarter 2021

December 30, 2021

The U.S. net international investment position (IIP), the difference between U.S. residents’ foreign financial assets and liabilities, was –$16.07 trillion at the end of the third quarter of 2021, according to statistics released today by the U.S. Bureau of Economic Analysis (BEA). Assets totaled $34.45 trillion, and liabilities were $50.53 trillion. At the end of the second quarter, the net investment position was –$15.91 trillion. The net investment positions and components of assets and liabilities are presented in table 1.

The –$165.1 billion change in the net investment position from the second quarter to the third quarter came from net financial transactions of –$114.0 billion and net other changes in position, such as price and exchange-rate changes, of –$51.1 billion that

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Gross Domestic Product by State, 3rd Quarter 2021

December 23, 2021

Real gross domestic product (GDP) increased in 37 states and the District of Columbia in the third quarter of 2021, as real GDP for the nation increased at an annual rate of 2.3 percent, according to statistics released today by the U.S. Bureau of Economic Analysis (BEA). The percent change in real GDP in the third quarter ranged from 6.0 percent in Hawaii to –3.3 percent in New Hampshire and North Dakota (table 1).

Real GDP increased in 13 of the 21 industry groups for which BEA prepares quarterly state estimates (table 2). Professional, scientific, and technical services; finance and insurance; and government and government enterprises were the leading contributors to the increase in real GDP nationally.

Other highlights

Professional, scientific, and technical services increased

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Personal Income and Outlays, November 2021

December 23, 2021

Personal income increased $90.4 billion (0.4 percent) in November according to estimates released today by the Bureau of Economic Analysis (tables 3 and 5). Disposable personal income (DPI) increased $70.4 billion (0.4 percent) and personal consumption expenditures (PCE) increased $104.7 billion (0.6 percent).

Real DPI decreased 0.2 percent in November and Real PCE increased less than 0.1 percent; spending on services increased 0.5 percent and spending on goods decreased 0.8 percent (tables 5 and 7). The PCE price index increased 0.6 percent. Excluding food and energy, the PCE price index increased 0.5 percent (table 9).

 
2021
July
Aug.
Sept.
Oct.
Nov.
Percent change from preceding month
Personal income:
 
     Current dollars
1.2
0.3
-1.0
0.5

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Gross Domestic Product, (Third Estimate), GDP by Industry, and Corporate Profits (Revised), 3rd Quarter 2021

December 22, 2021

Real gross domestic product (GDP) increased at an annual rate of 2.3 percent in the third quarter of 2021 (table 1), according to the "third" estimate released by the Bureau of Economic Analysis. In the second quarter, real GDP increased 6.7 percent.

The “third” estimate of GDP 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 2.1 percent. The update primarily reflects upward revisions to personal consumption expenditures (PCE) and private inventory investment that were partly offset by a downward revision to exports. Imports, which are a subtraction in the calculation of GDP, were revised down (refer to "Updates to GDP").

COVID-19 Impact on the Third-Quarter 2021

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U.S. International Transactions, 3rd Quarter 2021

December 21, 2021

Current-Account Deficit Widens by 8.3 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, widened by $16.5 billion, or 8.3 percent, to $214.8 billion in the third quarter of 2021, according to statistics released today by the U.S. Bureau of Economic Analysis (BEA). The revised second-quarter deficit was $198.3 billion.

The third-quarter deficit was 3.7 percent of current-dollar gross domestic product, up from 3.5 percent in the second quarter.

The $16.5 billion widening of the current-account deficit in the third quarter reflected a reduced surplus on services and expanded deficits on secondary income and on goods

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Personal Income by State, 3rd Quarter 2021

December 17, 2021

State personal income increased 2.6 percent at an annual rate in the third quarter of 2021 after decreasing 20.2 percent in the second quarter, according to estimates released today by the U.S. Bureau of Economic Analysis (BEA) (table 1). The percent change in personal income across all states ranged from 6.7 percent in Kentucky to –4.3 percent in North Dakota.

In the third quarter of 2021, increases in earnings and property income (dividends, interest, and rent) more than offset a decrease in transfer receipts (chart 1).

Coronavirus (COVID-19) Impact on Third-Quarter 2021 State Personal Income Estimates

The 2021 third-quarter estimates of state personal income reflect the continued economic impacts related to the COVID-19 pandemic. Government pandemic assistance payments to

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Real Personal Consumption Expenditures and Personal Income by State, 2020

December 14, 2021

Today, the U.S Bureau of Economic Analysis (BEA) released official statistics of real state personal consumption expenditures (PCE) for the first time. The new statistics cover the period from 2008 to 2020. Real PCE decreased 3.8 percent in 2020 for the nation after increasing 2.2 percent in 2019. Across states, the percent change ranged from 2.2 percent in Utah to –7.0 percent in Hawaii, Maryland, and New York; the percent change was –8.9 percent in the District of Columbia (table 1).

In 2020, real PCE decreased in 47 states and the District of Columbia and increased in only three states: Utah (2.2 percent), Idaho (2.0 percent), and Montana (1.0 percent). Real state PCE is a state’s current-dollar PCE adjusted by the state’s regional price parity and the national PCE price index.

In

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Gross Domestic Product by County and Metropolitan Area, 2020

December 8, 2021

Real gross domestic product (GDP) increased in 864 counties, decreased in 2,234 counties, and was unchanged in 14 counties in 2020, according to estimates released today by the U.S. Bureau of Economic Analysis (BEA). The percent change in real GDP ranged from 91.0 percent in Foard County, TX, to –29.0 percent in Skagway Municipality, AK (table 1).

Coronavirus (COVID-19) Impact on 2020 GDP by County and Metropolitan Area Estimates

The 2020 estimates of local area GDP were impacted by the response to the spread of COVID-19, as governments issued and lifted "stay-at-home" orders and government pandemic assistance payments were distributed to households and businesses. The full economic effects of the COVID-19 pandemic cannot be quantified in the local area GDP estimates, because the

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U.S. International Trade in Goods and Services, October 2021

December 7, 2021

The U.S. Census Bureau and the U.S. Bureau of Economic Analysis announced today that the goods and services deficit was $67.1 billion in October, down $14.3 billion from $81.4 billion in September, revised.

U.S. International Trade in Goods and Services Deficit
Deficit:

$67.1 Billion

-17.6%°

Exports:

$223.6 Billion

+8.1%°

Imports:

$290.7 Billion

+0.9%°

Next release: Thursday, January 6, 2022

(°) 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 7, 2021

Exports, Imports, and Balance (exhibit 1)

October

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Gross Domestic Product for Guam, 2020

December 1, 2021

Real gross domestic product (GDP) for Guam decreased 11.9 percent in 2020 after increasing 2.5 percent in 2019 (table 1.3), according to statistics released today by the U.S. Bureau of Economic Analysis (BEA). These statistics were developed under the Statistical Improvement Program funded by the Office of Insular Affairs (OIA) of the U.S. Department of the Interior.

GDP for 2020

The decrease in real GDP reflected decreases in exports of goods and services and personal consumption expenditures (PCE) (table 1.4). These decreases were partly offset by increases in federal government spending, territorial government spending, and private fixed investment. Imports, a subtraction item in the calculation of GDP, declined.

How to Interpret Contributions to Percent Change in Major GDP

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Gross Domestic Product for American Samoa, 2020

November 30, 2021

Real gross domestic product (GDP) for American Samoa increased 4.0 percent in 2020 after decreasing 0.6 percent in 2019 (table 1.3), according to statistics released today by the U.S. Bureau of Economic Analysis (BEA). These statistics were developed under the Statistical Improvement Program funded by the Office of Insular Affairs (OIA) of the U.S. Department of the Interior.

GDP for 2020

The increase in real GDP reflected widespread growth among the major components of GDP including exports, private inventory investment, and government spending (table 1.4). These increases were partly offset by an increase in imports, which is a subtraction item in the calculation of GDP.

How to Interpret Contributions to Percent Change in Major GDP Components

There is often interest in how much a

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Personal Income and Outlays, October 2021

November 24, 2021

Personal income increased $93.4 billion (0.5 percent) in October according to estimates released today by the Bureau of Economic Analysis (tables 3 and 5). Disposable personal income (DPI) increased $63.0 billion (0.3 percent) and personal consumption expenditures (PCE) increased $214.3 billion (1.3 percent).

Real DPI decreased 0.3 percent in October and Real PCE increased 0.7 percent; goods increased 1.0 percent and services increased 0.5 percent (tables 5 and 7). The PCE price index increased 0.6 percent. Excluding food and energy, the PCE price index increased 0.4 percent (table 9).

 
2021
June 
July 
Aug.
Sept.
Oct.
 
Percent change from preceding month
Personal income:
 
     Current dollars
0.3 
1.2 
0.3 
-1.0
0.5 
Disposable personal

Read More »