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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, November 2021

11 days ago

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

18 days ago

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

25 days ago

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

25 days ago

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

26 days ago

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

27 days ago

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

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Gross Domestic Product, 3rd Quarter 2021 (Second Estimate); Corporate Profits, 3rd Quarter 2021 (Preliminary Estimate)

November 24, 2021

Real gross domestic product (GDP) increased at an annual rate of 2.1 percent in the third quarter of 2021 (table 1), according to the "second" estimate released by the Bureau of Economic Analysis. In the second quarter, real GDP increased 6.7 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 2.0 percent. The update primarily reflects upward revisions to personal consumption expenditures (PCE) and private inventory investment (refer to "Updates to GDP").

COVID-19 Impact on the Third-Quarter 2021 GDP Estimate

The increase in third quarter GDP reflected the continued economic impact of the COVID-19 pandemic. A resurgence of COVID-19 cases

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Personal Income by County and Metropolitan Area, 2020

November 16, 2021

In 2020, personal income increased in 3,040 counties, decreased in 69, and was unchanged in 3, according to estimates released today by the U.S. Bureau of Economic Analysis (BEA). Personal income increased 6.4 percent in the metropolitan portion of the United States and increased 7.6 percent in the nonmetropolitan portion (table A). In metropolitan counties, the percent change in personal income ranged from 24.6 percent in Power County, ID, to –8.9 percent in Lynn County, TX. In nonmetropolitan counties, it ranged from 57.3 percent in Clark County, SD, to –18.9 percent in Skagway Municipality, AK (BEA interactive data).

Personal current transfer receipts accounted for $1,102 billion of the $1,205 billion increase in personal income at the national level in 2020. The increase in

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Activities of U.S. Multinational Enterprises, 2019

November 12, 2021

Worldwide employment U.S. multinational enterprises (MNEs) increased 2.4 percent to 43.9 million workers in 2019 from 42.9 million workers in 2018, according to statistics released today by the U.S. Bureau of Economic Analysis (BEA) on the operations and finances of U.S. parent companies and their foreign affiliates.

Employment in the United States by U.S. parents increased 2.7 percent to 29.3 million workers in 2019. U.S. parents accounted for 66.7 percent of worldwide employment by U.S. MNEs, up from 66.5 percent in 2018. Employment abroad by majority-owned foreign affiliates (MOFAs) of U.S. MNEs increased 1.8 percent to 14.6 million workers and accounted for 33.3 percent of employment by U.S. MNEs worldwide.

U.S. parents accounted for 22.2 percent of total private industry

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Outdoor Recreation Satellite Account, U.S. and States, 2020

November 9, 2021

The U.S. Bureau of Economic Analysis (BEA) released statistics today measuring the outdoor recreation economy for the nation, all 50 states, and the District of Columbia. The new U.S. data show that the outdoor recreation economy accounted for 1.8 percent ($374.3 billion) of current-dollar gross domestic product (GDP) for the nation in 2020 (national table 3). At the state level, outdoor recreation value added as a share of state GDP ranged from 4.3 percent in Montana to 1.2 percent in New York and Connecticut. The share was 0.8 percent in the District of Columbia.

Inflation-adjusted (real) GDP for the outdoor recreation economy decreased 19.0 percent from 2019 to 2020, compared with a 3.4 percent decrease for the overall U.S. economy. Real gross output for the outdoor recreation

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

November 4, 2021

The U.S. Census Bureau and the U.S. Bureau of Economic Analysis announced today that the goods and services deficit was $80.9 billion in September, up $8.1 billion from $72.8 billion in August, revised.

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

$80.9 Billion

+11.2%°

Exports:

$207.6 Billion

-3.0%°

Imports:

$288.5 Billion

+0.6%°

Next release: Tuesday, December 7, 2021

(°) 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 4, 2021

Exports, Imports, and Balance (exhibit 1)

September exports

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Personal Income and Outlays, September 2021

October 29, 2021

Personal income decreased $216.2 billion (1.0 percent) in September according to estimates released today by the Bureau of Economic Analysis (tables 3 and 5). Disposable personal income (DPI) decreased $236.9 billion (1.3 percent) and personal consumption expenditures (PCE) increased $93.4 billion (0.6 percent).

Real DPI decreased 1.6 percent in September and Real PCE increased 0.3 percent; goods increased 0.1 percent and services increased 0.4 percent (tables 5 and 7). The PCE price index increased 0.3 percent. Excluding food and energy, the PCE price index increased 0.2 percent (table 9).

 
2021
May
June 
July 
Aug.
Sept.
Percent change from preceding month
Personal income:
 
     Current dollars
-2.2 
0.2 
1.1 
0.2
-1.0 
Disposable personal

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Gross Domestic Product, 3rd Quarter 2021 (Advance Estimate)

October 28, 2021

Real gross domestic product (GDP) increased at an annual rate of 2.0 percent in the third quarter of 2021 (table 1), according to the "advance" estimate released by the Bureau of Economic Analysis. In the second quarter, real GDP increased 6.7 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 third quarter, based on more complete data, will be released on November 24, 2021.

The increase in real GDP in the third quarter reflected increases in private inventory investment, personal consumption expenditures (PCE), state and local government spending, and nonresidential fixed investment that were partly offset by

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Personal Consumption Expenditures by State, 2020

October 8, 2021

State personal consumption expenditures (PCE) decreased 2.6 percent in 2020 after increasing 3.7 percent in 2019 (table 1), according to statistics released today by the U.S. Bureau of Economic Analysis (BEA). The percent change in PCE across all 50 states and the District of Columbia ranged from 1.2 percent in Idaho and Utah to –5.8 percent in the District of Columbia.

PCE by state highlights

Expenditures on food services and accommodations, recreation services, and health care were the leading contributors to the decrease nationally (table 3).

Food services and accommodations decreased 20.5 percent nationally (table 2) and was the largest contributor to decreases in the District of Columbia and 27 states including Hawaii and New York; it was the second largest contributor to

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

October 5, 2021

The U.S. Census Bureau and the U.S. Bureau of Economic Analysis announced today that the goods and services deficit was $73.3 billion in August, up $2.9 billion from $70.3 billion in July, revised.

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

$73.3 Billion

+4.2%°

Exports:

$213.7 Billion

+0.5%°

Imports:

$287.0 Billion

+1.4%°

Next release: Thursday, November 4, 2021

(°) 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, October 5, 2021

Exports, Imports, and Balance (exhibit 1)

August exports were

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Gross Domestic Product by State, 2nd Quarter 2021 and Annual Update, 2020

October 1, 2021

Real gross domestic product (GDP) increased in all 50 states and the District of Columbia in the second quarter of 2021, as real GDP for the nation increased at an annual rate of 6.7 percent, 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 9.7 percent in Nevada to 1.8 percent in Alaska (table 1).

Coronavirus (COVID-19) Impact on Second-Quarter 2021 GDP by State Estimates

The increase in second quarter GDP by state estimates reflected the continued economic recovery, reopening of establishments, and continued government response related to the COVID-19 pandemic. In the second quarter, government assistance payments in the form of loans to businesses and grants to state and local

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Personal Income and Outlays, August 2021

October 1, 2021

Personal income increased $35.5 billion (0.2 percent) in August according to estimates released today by the Bureau of Economic Analysis (tables 3 and 5). Disposable personal income (DPI) increased $18.9 billion (0.1 percent) and personal consumption expenditures (PCE) increased $130.5 billion (0.8 percent).

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

 
2021
Apr.
May
June 
July 
Aug.
Percent change from preceding month
Personal income:
 
     Current dollars
-13.6 
-2.2 
0.2 
1.1 
0.2
Disposable personal

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Gross Domestic Product, (Third Estimate), GDP by Industry, and Corporate Profits (Revised), 2nd Quarter 2021

September 30, 2021

Real gross domestic product (GDP) increased at an annual rate of 6.7 percent in the second quarter of 2021 (table 1), according to the "third" estimate released by the Bureau of Economic Analysis. In the first quarter, real GDP increased 6.3 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 6.6 percent. Upward revisions to personal consumption expenditures (PCE), exports, and private inventory investment were partly offset by an upward revision to imports, which are a subtraction in the calculation of GDP (see "Updates to GDP").

COVID-19 Impact on the Second-Quarter 2021 GDP Estimate

The increase in second quarter GDP reflected

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U.S. International Investment Position, 2nd Quarter 2021

September 28, 2021

The U.S. net international investment position, the difference between U.S. residents’ foreign financial assets and liabilities, was –$15.42 trillion at the end of the second quarter of 2021, according to statistics released by the U.S. Bureau of Economic Analysis (BEA). Assets totaled $34.20 trillion and liabilities were $49.62 trillion.

At the end of the first quarter, the net investment position was –$14.30 trillion (Table 1).

The –$1.12 trillion change in the net investment position from the first quarter to the second quarter came from net financial transactions of –$277.6 billion and net other changes in position, such as price and exchange rate changes, of –$841.4 billion that mostly reflected U.S. stock price increases that exceeded foreign stock price increases (Table A).

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Gross Domestic Product for Puerto Rico, 2019

September 27, 2021

Real gross domestic product (GDP) increased 0.3 percent in 2019 after decreasing 2.4 percent in 2018, according to estimates released today by the Bureau of Economic Analysis (BEA). The statistics released today are BEA’s first official release of GDP for Puerto Rico. The release includes updated estimates for 2012 to 2018 that incorporate new and additional source data and methodology improvements to the prototype GDP statistics that were released in September 2020.

As shown in chart 1, the increase in real GDP in 2019 reflected an increase in exports. Although private inventory investment, government spending, and consumer spending declined, these decreases were largely offset by a decrease in imports, which is a subtraction item in the calculation of GDP (table 1.4).

Pharmaceuticals

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Personal Income by State, 2nd Quarter 2021 and Year 2020

September 23, 2021

State personal income decreased 21.8 percent at an annual rate in the second quarter of 2021 after increasing 56.9 percent in the first quarter, according to estimates released today by the U.S. Bureau of Economic Analysis (BEA) (table 1). In the second quarter of 2021, the decrease in transfer receipts was the leading contributor to personal income declines in all 50 states and the District of Columbia (table 2). The percent change in personal income across all states ranged from –10.1 percent in the District of Columbia to –34.0 percent in West Virginia.

Transfer receipts decreased $1.7 trillion for the nation in the second quarter of 2021, accounting for more than the entire $1.3 trillion decrease in personal income (chart 1). 

Coronavirus (COVID-19) Impact on Second-Quarter 2021

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U.S. International Transactions, 2nd Quarter 2021

September 21, 2021

Current Account Balance, Second 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, widened by $0.9 billion, or 0.5 percent, to $190.3 billion in the second quarter of 2021, according to statistics from the U.S. Bureau of Economic Analysis (BEA). The revised first quarter deficit was $189.4 billion.

The second quarter deficit was 3.3 percent of current dollar gross domestic product, down from 3.4 percent in the first quarter.

The $0.9 billion widening of the current account deficit in the second quarter mainly reflected reduced surpluses on services and on primary income that were mostly offset by a reduced deficit on secondary income.

COVID-19 Impact

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

September 2, 2021

The U.S. Census Bureau and the U.S. Bureau of Economic Analysis announced today that the goods and services deficit was $70.1 billion in July, down $3.2 billion from $73.2 billion in June, revised.

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

$70.1 Billion

-4.3%°

Exports:

$212.8 Billion

+1.3%°

Imports:

$282.9 Billion

-0.2%°

Next release: Tuesday, October 5, 2021

(°) 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, September 2, 2021

Exports, Imports, and Balance (exhibit 1)

July exports were $212.8

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