Connect with Us

Feed aggregator

Nondurable Goods Manufacturing Led Growth in the Fourth Quarter Gross Domestic Product by Industry

BEA Blog Feed - Thu, 04/23/2015 - 18:18

Nondurable goods manufacturing was the leading contributor to U.S. economic growth in the fourth quarter of 2014. Both private goods- and services-producing sectors contributed to the increase, while the government sector decreased. Overall, 15 of 22 industry groups contributed to the 2.2 percent increase in real GDP.

GDP by industry April 23

  • Durable goods manufacturing increased 0.3 percent following an increase of 7.0 percent, while nondurable goods increased 9.7 percent, after decreasing 6.6 percent.
  • Finance and insurance decreased 7.7 percent after increasing 21.2 percent.
  • Real estate and rental leasing increased 1.5 percent, after increasing 4.4 percent.

Value added April 23

For more information, read the full report.

Categories: BEA Feed Category

BEA Tool Allows Businesses to Estimate the Economic Impact of Disasters

BEA Blog Feed - Wed, 04/22/2015 - 01:46

When a disaster strikes, understanding the economic impact on the affected community is a key to developing a recoveryrims-cover-final plan. BEA’s regional input-output modeling, RIMS II, provides disaster recovery officials a tool to model the impact on an affected community.

For instance, if a hurricane forces the temporary closure of oil refineries, fisheries or ports in a region, the disruption could affect the overall regional economy. RIMS II provides local officials with a cost-effective way to estimate that impact on the overall regional economy.

RIMS II is already widely used in both the public and private sectors for estimating the economic impact of an event, construction project, or other change in a local economy. In the public sector, for example, state and local government officials use BEA’s regional modeling system to estimate the regional impacts of military base closings. State transportation departments use it to estimate the regional impacts of airport construction and expansion. In the private sector,  business people, analysts and consultants use BEA’s regional model to estimate the regional impacts of a variety of projects, such as the development of shopping malls and sports stadiums.

To effectively use BEA’s regional modeling system, users must provide detailed information on the initial changes in output, earnings, or employment in each region and industry affected by a disaster. For instance, a disruption may lead to a lengthy layoff of 1,500 workers at a local port. The multipliers can then be used to estimate the total impact of the disaster on regional output, earnings and employment.

Earlier this year, BEA announced some changes to the regional input-output modeling system.  The updated model will continue to produce regional “multipliers” that can be used in economic impact studies to estimate the total economic impact of a project on a region and will still be updated with new regional information on an annual basis.  The main difference is the underlying national information used in the model will be updated on a less frequent basis.  The important regional information used in the model will still be updated on an annual basis.

This is just one way BEA’s products support a key pillar of the Department of Commerce’s strategic plan. That is – ensuring “communities and businesses have the necessary information, products and services to prepare for and prosper in a changing environment.”

Categories: BEA Feed Category

Timelier, more accurate data: the Commerce Department’s statistical agencies deliver on promise of better data for better decision-making

BEA Blog Feed - Thu, 04/02/2015 - 20:00

The Economics and Statistics Administration’s family of statistical agencies – the Bureau of Economic Analysis (BEA) and U.S. Census Bureau – are announcing an important new initiative that will lead to an acceleration of key trade data as well as improved accuracy of the advance estimate of Gross Domestic Product (GDP). GDP is widely considered the most important measure of the U.S. economy. Additionally, American businesses, policymakers, and the public have made clear – and we have listened – that there is an enormous appetite for timelier, high quality trade data to improve decisions and better support our interconnected global economy.

The Census Bureau’s new advanced trade release will arrive approximately one week ahead of the monthly report “U.S. International Trade in Goods and Services,” also known as the FT900 and will provide more timely statistics regarding the export and import of goods and supplies.

The first release is set for July 30, 2015, at 8:30 a.m. and will feature advance statistics for June 2015. The new advance trade release will focus on goods and will list them by “end-use” category, such as consumer goods, capital goods or industrial supplies. It will include both seasonally adjusted and unadjusted data, and will be available on Census’s website: www.census.gov/trade.

This “flash” estimate of trade in goods will provide BEA with more accurate data for their Advance Estimate of GDP and will reduce GDP revisions over time.

I am excited the Commerce Department has committed to making our data even more useful to our customers in the public and private sectors, and this initiative – and the collaboration of ESA’s premier statistical agencies – is one of many ways we are making good on our promise to transform the Department’s data capabilities, a key pillar in our Open for Business Agenda.

For more information on the advance trade release call the Michael C. Cook, Sr. at 301-763-4083 at Census Bureau; for information about its potential impact on GDP contact Jeannine Aversa 202.606.2649.

Categories: BEA Feed Category

February 2015 Trade Gap is $35.4 Billion

BEA Blog Feed - Thu, 04/02/2015 - 19:41

The U.S. monthly international trade deficit decreased in February 2015 according to the U.S. Bureau of Economic Analysis and the U.S. Census Bureau. The deficit decreased from $42.7 billion in January (revised) to $35.4 billion in February, as imports decreased more than exports. The previously published January deficit was $41.8 billion. The goods deficit decreased $7.4 billion from January to $55.2 billion in February. The services surplus decreased $0.1 billion from January to $19.7 billion in February.

April 2nd chart

Exports
Exports of goods and services decreased $3.0 billion, or 1.6 percent, in February to $186.2 billion. Exports of goods decreased $2.9 billion and exports of services decreased $0.1 billion.

  • The decrease in exports of goods reflected decreases in capital goods ($1.7 billion), in industrial supplies and materials ($1.4 billion), and in automotive vehicles, parts, and engines ($1.1 billion) that were partly offset by an increase in consumer goods ($1.3 billion) was partly offsetting.
  • The decrease in exports of services reflected decreases in transport ($0.2 billion), which includes freight and port services and passenger fares, and in financial services ($0.1 billion) that were partly offset by increases in other business services ($0.1 billion) and in travel (for all purposes including education) ($0.1 billion).

Imports
Imports of goods and services decreased $10.2 billion, or 4.4 percent, in February to $221.7 billion. Imports of goods decreased $10.3 billion while imports of services increased less than $0.1 billion.

  • The decrease in imports of goods mostly reflected decreases in industrial supplies and materials ($4.4 billion), in capital goods ($2.6 billion), and in automotive vehicles, parts and engines ($1.7 billion).
  • The increase in imports of services reflected an increase in travel (for all purposes including education) ($0.1 billion) that was mostly offset by a decrease in transport ($0.1 billion).

Goods by geographic area (seasonally adjusted, Census basis)

  • The goods deficit with Japan decreased from $6.5 billion in January to $4.3 billion in February. Exports increased $0.1 billion to $5.4 billion and imports decreased $2.1 billion to $9.7 billion.
  • The goods deficit with China decreased from $29.3 billion in January to $27.3 billion in February. Exports decreased $1.5 billion to $9.0 billion and imports decreased $3.5 billion to $36.3 billion.
  • The balance with OPEC countries shifted from a deficit of $1.2 billion in January to a surplus of $0.3 billion in February. Exports increased $0.3 billion to $6.4 billion and imports decreased $1.3 billion to $6.0 billion.

For more information, read the full report.

Categories: BEA Feed Category

Advance Trade Data Aim to Improve First Estimate of Quarterly GDP

BEA Blog Feed - Thu, 04/02/2015 - 18:26

The Census Bureau’s plans to produce an advance monthly report on international trade in goods will allow the Bureau of Economic Analysis to incorporate three months of official trade data into its first estimate of quarterly Gross Domestic Product, helping to improve the accuracy of this major economic measure.

BEA Director Brian Moyer praised the move as an example of cross-agency collaboration.

“Accelerating trade data so they are included in our initial estimates of Gross Domestic Product represents a significant improvement in our ability to measure the U.S. economy accurately,” said BEA Director Moyer. “The work between BEA and the Census Bureau to make this happen underscores how interagency collaboration and innovation result in a payoff for taxpayers and our data customers.”

The first GDP report incorporating Census’ “advance” trade data will be released Thursday, July 30 with BEA’s advance estimate of second-quarter GDP.

“We expect Census’ advance trade data report to improve the accuracy of our initial, or advance,  estimates of quarterly Gross Domestic Product and reduce revisions by filling in a data gap with actual trade data for the third month of the quarter,” said BEA Associate Director for National Economic Accounts Brent Moulton. “This improvement will make our advance GDP estimates more useful to businesses, policymakers and the American public.  In calculating the advance estimate, BEA does have actual trade data for two months of a quarter but is missing data for the third month and has to rely on assumptions to fill that gap. Those assumptions have been an important source of revisions to our GDP estimates.  The inclusion of actual trade data for the third month of the quarter is the latest effort by the Commerce Department to produce the best possible measure of the U.S. economy.”

For more information, read this FAQ. Click here for the trade report. (Announcement found on page 3 of report.)

Categories: BEA Feed Category

Happy Census Day!

CENSUS Directors Blog - Thu, 04/02/2015 - 03:15

Written by:  John H. Thompson

Today, April 1, marks Census Day for the Savannah, Georgia and Maricopa County, Arizona areas, sites where two important test censuses are underway.

During the decennial census every 10 years, Census Day provides the reference day for measuring the population. We’re using the same reference day for the 2015 Census Tests in the Savannah and Maricopa County areas.

If you live in one of our 2015 test sites, I encourage you to learn more about the tests by visiting www.census.gov/2015censustests. Your participation is appreciated and will help us make critical design decisions that will shape how the rest of America participates in the next census in 2020. Mandated by the Constitution, the decennial census counts the residents of the United States once a decade. It determines the number of seats each state has in the U.S House of Representatives, and how over $400 billion in federal funds are distributed to state, tribal, and local communities each year.  The census is a huge undertaking, and the cost has increased significantly each decade.  Our design changes will help us hold the cost down in 2020.

Blog1

We are conducting these tests five years before the actual Census Day on April 1, 2020, to learn how to leverage new technologies and apply innovative methods to census operations in a real-world census environment. Our goal is a more efficient and cost-effective census that continues to produce high quality data.

We are testing different things at each site. In the 20 counties in Georgia and South Carolina that are part of the Savannah area test, we are exploring new outreach and promotion strategies to inform the public about the census.  We are also learning the best ways to allow residents to complete the questionnaire quickly and securely over the Internet.

In Maricopa County, we are evaluating new technologies for collecting and processing responses to the census. We also will be testing a new field management structure to see if it improves the efficiency and effectiveness of operations to interview households that don’t complete their census test questionnaire during the self-response phase.

The timing of these tests is critical as we must make important design decisions later this year. By 2018, we must lock in operating systems and methods for the 2020 Census. These tests, and those planned for 2016 and 2017, will give us the information we need to build our systems and develop the processes we will use to implement the largest peacetime operation conducted in the United States.

The 2020 Census will be unlike any other in history thanks to the tests we are conducting now. The new methods that we are researching will result in savings estimated to be approximately $5 billion from the projected cost of using methods from the 2010 Census.

Value of U.S. Liabilities Increased More than U.S. Assets in 2014

BEA Blog Feed - Tue, 03/31/2015 - 18:34

The U.S. net international investment position was -$6,915.3 billion (preliminary) at the end of 2014 as the value of U.S. liabilities exceeded the value of U.S. assets. At the end of 2013, the net position was -$5,383.0 billion.

march 31 part 2

  • The $1,532.3 billion decrease in the net position from the end of 2013 to the end of 2014 reflected a $2,515.6 billion increase in the value of U.S. liabilities that exceeded a $983.4 billion increase in the value of U.S. assets.
  • The decrease in the net position reflected 1) the depreciation of major foreign currencies against the U.S. dollar that lowered the value of most U.S. assets 2) the increase in U.S. equity prices that increased at a higher rate than foreign equity prices.
  • The U.S. net international investment position decreased 28.5 percent from the end of 2013 to the end of 2014, compared with a 17.6 percent decrease from the end of 2012 to the end of 2013.
  • U.S. assets were $24,693.2 billion at the end of 2014 compared with $23,709.8 billion at the end of 2013.
  • U.S. liabilities were $31,608.5 billion at the end of 2014 compared with $29,092.8 billion at the end of 2013.

For more, see the full report.

Categories: BEA Feed Category

Value of U.S. Liabilities Increased More Than U.S. Assets in Fourth Quarter

BEA Blog Feed - Tue, 03/31/2015 - 18:20

The U.S. net international investment position was -$6,915.3 billion (preliminary) at the end of the fourth quarter of 2014 as the value of U.S. liabilities exceeded the value of U.S. assets. At the end of the third quarter, the net position was -$6,129.4 billion (revised).

march31 release

  • The $785.8 billion decrease in the net position reflected an $861.9 billion increase in the value of U.S. liabilities that exceeded a $76.1 billion increase in the value of U.S. assets.
  • The decrease in the net position reflected 1) the depreciation of major foreign currencies against the U.S. dollar that lowered the value of most U.S. assets and 2) the increase in U.S. equity prices that increased at a higher rate than foreign equity prices.
  • The U.S. net international investment position decreased 12.8 percent in the further quarter, compared with a decrease of 11.9 percent in the third quarter and an average quarterly decrease of 6.5 percent from the first quarter of 2011 through the second quarter of 2014.
  • U.S. assets were $24,693.2 billion at the end of the fourth quarter compared with $24,617.2 billion at the end of the third quarter.
  • U.S. liabilities were $31,608.5 billion at the end of the fourth quarter compared with $30, 746.6 billion at the end of the third quarter.

For more, see the full report.

Categories: BEA Feed Category

Personal Savings Rate Rises in February

BEA Blog Feed - Mon, 03/30/2015 - 18:28

Personal income rose 0.4 percent in February, the same increase as in January. Wages and salaries, the largest component March30 Chartof personal income, rose 0.3 percent in February after rising 0.6 percent in January.

Current-dollar disposable personal income (DPI), after-tax income, rose 0.4 percent in February after rising 0.5 percent in January.

Real DPI, income adjusted for taxes and inflation, increased 0.2 percent in February after increasing 0.9 percent in January.

Real consumer spending (PCE), spending adjusted for price changes, decreased 0.1 percent in February after increasing 0.2 percent in January. Spending on durable goods decreased 1.1 percent in February after increasing 0.7 percent in January.

PCE prices increased 0.2 percent in February after decreasing 0.4 percent in January. Excluding food and energy, PCE prices increased 0.1 percent in February, the same increase as in January.

Personal saving rate
Personal saving as a percent of DPI was 5.8 percent in February and 5.5 percent in January.

Real Disposable Personal Income March 30

For more, see the full report.

Categories: BEA Feed Category

GDP Increases in Fourth Quarter

BEA Blog Feed - Fri, 03/27/2015 - 18:48

Real gross domestic product (GDP) increased 2.2 percent in the fourth quarter of 2014, according to the “third” estimate released by the Bureau of Economic Analysis. The growth rate was the same in the “second” estimate released in February. In the third quarter, real GDP increased 5.0 percent.

Fourth-quarter GDP highlightsQ2Q March27
Consumer spending more than accounted for the increase in GDP, rising 4.4 percent, compared with 3.2 percent in the third quarter. Consumer spending on both goods and services increased in the fourth quarter.

Other contributors to growth:

  • Business investment increased, notably in intellectual property products.
  • Exports of goods and services increased; foods, feeds, and beverages was the largest contributor.

Offsetting the contributions to growth:

  • Imports of goods and services increased, notably of consumer goods (except food and autos) as well as petroleum and   products.
  • Federal government spending on national defense declined.

Fourth-quarter revisions
While the third estimate of real GDP growth was the same as the second estimate, several components were revised. Exports of services were revised up, mainly in travel. Consumer spending was also revised up, notably in health care. Inventory investment was revised down.

For more information, see the technical note.

Fourth-quarter corporate profitsQ2Q Corporate Profits March27
Profits fell 1.4 percent at a quarterly rate, after rising 3.1 percent in the third quarter.

Profits of nonfinancial corporations rose 1.4 percent, profits of financial corporations fell 2.7 percent, and profits from the rest of the world fell 8.8 percent.

Annual corporate profits
During 2014, corporate profits fell 0.8 percent, after rising 4.2 percent during 2013.

Profits of nonfinancial corporations rose 2.8 percent, profits of financial corporations fell 8.4 percent, and profits from the rest of the world fell 2.2 percent.

For more, see the full report.

Categories: BEA Feed Category

State Personal Income 2014

BEA Blog Feed - Wed, 03/25/2015 - 18:49

Average state personal income growth accelerated to 3.9 percent in 2014 from 2.0 percent in 2013. Growth of state personal income – the sum of net earnings by place of residence, property income, and personal current transfer receipts – ranged from 0.5 percent Nebraska to 5.7 percent in Alaska and Oregon, with 45 states growing faster in 2014 than in 2013. Inflation, as measured by the national price index for personal consumption expenditures, was 1.3 percent in 2014 and 1.2 percent in 2013.

State Personal Income 2014 March 25

2014 State Personal Income Growth and Ranks

state chart part 2 march 25

For more, see the full report.

Categories: BEA Feed Category

State Personal Income: Fourth Quarter 2014

BEA Blog Feed - Wed, 03/25/2015 - 18:37

State personal income grew 1.0 percent on average in the fourth quarter of 2014, the same average growth rate as in the third quarter. The acceleration in personal income growth in Florida, Texas, and 30 other states was offset by a slowdown in 15 states, including California and New York. Growth rates ranged from 0.6 percent in Louisiana to 1.5 percent in Texas. The national price index for personal consumption expenditures fell 0.1 percent in the fourth quarter after rising 0.3 percent in the third quarter.

Personal Income Percent change march 25

Fourth Quarter 2014 State Personal Income Growth and Ranks

State charts march 25

For more, see the full report.

Categories: BEA Feed Category

2015 Census Test Starts Today in the Savannah, Ga. Area

CENSUS Directors Blog - Tue, 03/24/2015 - 03:40

Written by:  John H. Thompson, Director, U.S. Census Bureau and Mark Doms, Under Secretary for Economic Affairs, U.S. Department of Commerce

The 2015 Census Test in the Savannah, Ga. area starts today! If you live in one of the 20 counties in Georgia and South Carolina that are participating in the test, we encourage you to visit www.census.gov/2015 to complete the census test form online.

2015-03-23_17-35-10

This morning, we were at Savannah Technical College to kick off the 2015 Census Test. Lisa Blumerman, Associate Director for Decennial Census Programs, and Savannah Mayor Edna Jackson joined us for a news conference and meetings with community influencers. We explained how the Census Bureau is using the test to encourage residents to respond to the census online. Because of its population density, demographic diversity and the mixed rates of Internet access, the Savannah area is a great place for us to test digital outreach methods for different population groups.

image1

The Census Bureau is relying on residents, local governments, faith-based and community organizations, schools, media, businesses and others to help this effort succeed. This afternoon, Under Secretary Doms visited America’s Second Harvest of Coastal Georgia to help prepare emergency meal boxes for area residents who are at risk of hunger. Volunteers helped us insert flyers into the boxes with information about the 2015 Census Test and instructions for completing it online. Later, in a visit to the Port of Savannah, Under Secretary Doms talked about how the Census Bureau is the official source for the nation’s export and import statistics, and is responsible for issuing regulations governing the reporting of all export shipments from the United States.

image2

Director Thompson stopped by a school in Jasper County, S.C. to talk to students and administrators about how an accurate census count can help their community receive funding for education – as well as roads, hospitals, job training centers and a host of other services. The director also spoke to residents of Sun City Hilton Head, a retirement community in Bluffton, S.C., about how responding to the census test online is secure and easy for everyone.

image3

The strategies we’re testing in Georgia and South Carolina encourage residents to complete the questionnaire quickly and securely over the Internet with a computer, tablet or smartphone. The 2015 Census Test in the Savannah area will pave the way for a reengineered and more cost-effective 2020 Census. Research leading up to 2020 could result in saving up to $5 billion from the projected cost of conducting the head count using methods from previous censuses.

For photos of our trip, follow the Census Bureau on Instagram.

Counting People in the Right Places: Boundaries Matter

CENSUS Directors Blog - Fri, 03/20/2015 - 00:57

Written by: John H. Thompson

The U.S. Census Bureau provides the definitive decennial count of America’s people and places, and a key part of that task is counting people in the right places – the cities, towns and counties where they live and work – to safeguard Americans receiving their fair share of funds. For this reason, Census Bureau geographers are hard at work to ensure that the record of our nation’s places is up to date.

The Boundary and Annexation Survey, which is currently underway, fulfills the Census Bureau’s responsibility for recording all legal boundaries in the U.S. – things like city limits, townships and Congressional districts.  Through this survey, governments can report their incorporations, annexations and official name changes.

Why is it important for local governments to participate in the Boundary and Annexation Survey? For one thing, the Census Bureau’s boundary records help place population information from the decennial census,  the American Community Survey and the annual Population Estimates Program in the correct local area. Because the American Community Survey population information is tied to funding for schools, roads, hospitals and many other services, it’s in local governments’ best interests to make sure records are correct.

The Census Bureau is responsible for the nation’s legal boundaries and population data – they are publicly available and used by many other federal agencies, researchers and the public. Consequently, providing updates to our data ensures it is accurate, and those updates ripple out in numerous important ways.

We are soliciting responses to the Boundary and Annexation Survey through May 31. To help make things as easy as possible, we’ve created a YouTube channel with training videos. Even if your local area hasn’t had any boundary changes in the last year, it’s still critical that you review your boundaries for accuracy and respond to the Boundary and Annexation Survey with that information (just check “No changes” on the form) so that we will know you have verified the accuracy of the information.

If you’re a local, county or tribal official or staff person with questions about the Boundary and Annexation Survey or how to respond, please contact us at 1-800-972-5651 or geo.bas@census.gov.  Materials for the 2015 survey  and FAQs are also available online at www.census.gov/geo/partnerships/bas.html.

U.S. Current-Account Deficit Increases in Fourth Quarter 2014

BEA Blog Feed - Thu, 03/19/2015 - 18:36

The U.S. current-account deficit—a net measure of transactions between the United States and the rest of the world in goods, services, primary income (investment income and compensation), and secondary income (current transfers)—increased to $113.5 billion (preliminary) in the fourth quarter of 2014 from $98.9 billion (revised) in the third quarter of 2014. As a percentage of U.S. GDP, the deficit increased to 2.6 percent from 2.2 percent. The previously published current-account deficit for the third quarter was $100.3 billion.

U.S. Current-Account Balance March 19

  • The deficit on international trade in goods increased to $185.2 billion from $181.1 billion as goods exports decreased more   than goods imports.
  • The surplus on international trade in services increased to $58.2 billion from $57.2 billion as services exports increased more than services imports.
  • The surplus on primary income decreased to $50.6 billion from $59.8 billion as primary income receipts decreased and primary income payments increased.
  • The deficit on secondary income (current transfers) increased to $37.0 billion from $34.8 billion as secondary income payments increased and secondary income receipts decreased.

Net U.S. borrowing from financial-account transactions was $10.8 billion in the fourth quarter, down from $22.0 billion in the third.

  • Net U.S. acquisition of financial assets excluding financial derivatives was $77.2 billion in the fourth quarter, down from   $353.0 billion in the third.
  • Net U.S. incurrence of liabilities excluding financial derivatives was $56.2 billion in the fourth quarter, down from $350.7 billion in the third.
  • Net borrowing in financial derivatives other than reserves was $31.7 billion in the fourth quarter, up from $24.3 billion in the third.

For more, see the full report.

Categories: BEA Feed Category

Travel and Tourism Spending Accelerated in the Fourth Quarter of 2014

BEA Blog Feed - Wed, 03/18/2015 - 18:56

Real spending on travel and tourism accelerated in the fourth quarter of 2014, increasing at an annual rate of 4.5 percent after increasing 3.4 percent (revised) in the third quarter.  By comparison, real gross domestic product (GDP) decelerated, increasing 2.2 percent (second estimate) in the fourth quarter after increasing 5.0 percent. For the year, real spending on travel and tourism increased 2.5 percent in 2014 after increasing 3.6 percent in 2013. By comparison, real GDP increased 2.4 percent in 2014 after increasing 2.2 percent in 2013.

The leading contributors to the acceleration in the fourth quarter were “passenger air transportation” and “recreation and entertainment.” “Passenger air transportation” turned up, increasing 1.7 percent in the fourth quarter after decreasing 4.5 percent in the third quarter. “Recreation and entertainment” also turned up, increasing 6.2 percent after decreasing 0.9 percent. Partially offsetting these upturns, “traveler accommodations” turned down, decreasing 1.5 percent in the fourth quarter after increasing 8.3 percent.

Real Tourism Spending March 18

Categories: BEA Feed Category

FY 2016 Is a Critical Year for the Reengineered 2020 Census

CENSUS Directors Blog - Wed, 03/11/2015 - 22:44

Written by: John H. Thompson

Over the past few years, the Census Bureau has devoted substantial resources to researching new methods and technologies to reengineer the 2020 Census . The smart use of technology will keep the headcount quick, easy and secure, while leading to substantial taxpayer savings – our goal is to save up to $5 billion in operating costs in 2020.

FY 2016 is a critical year for the continued investment in testing the cost-saving innovations that we expect will save $5 billion during the 2020 Census while maintaining the quality of the data. We are also developing a new data collection and processing system that will support new technologies and programs across the Census Bureau for years to come. We need to get the new systems built in time to conduct the 2018 Operational Readiness Test, a comprehensive examination to determine if all components are operating correctly and in conjunction in a real world environment. By investing now, we will be able to build the complex, integrated systems to support modernized operations in 2020.

2020 Census Infographic

 

 

 

 

 

2020 Census Infographic

 

 

 

 

 

Transforming Data Collection and Processing Infographic

 

BEA’s Statistics on How Industries Perform Each Quarter Provide Insight into U.S.’ Economic Recovery

BEA Blog Feed - Wed, 03/11/2015 - 22:33

Thanks to a new set of BEA data, you can now find out how the economic recovery that began in the summer of 2009 is affecting America’s industries each quarter.Real Value Added by Industry March 11

Last spring, BEA for the first time began producing on a regular basis quarterly statistics that provide information on the amount of economic activity generated by individual industries, making it easy to spot when and how fast these industries began to recover.

Before these new data were made available last April, the Bureau of Economic Analysis reported on industries’ economic performance only on an annual basis. The quarterly statistics serve as a barometer for potential turning points in the U.S. economy and give businesses and policymakers more timely detail on how different industries are contributing to the U.S. economy’s recovery.

BEA’s quarterly industry breakdown of economic activity shows that manufacturers of durable goods – like cars and washing machines – entered into a recovery in the third quarter of 2009 – the same quarter the overall economy did.  In addition, durable goods manufacturers surpassed their pre-recession high in terms of economic output in the fourth quarter of 2011. On the other hand, the construction industry has yet to get back to its pre-recession peak.

The timing of recoveries for other industries differs. The information sector, which includes broadcasting and telecommunications, climbed back to its previous peak in the third quarter of 2010. Mining (which includes oil and gas extraction) surpassed its previous peak in the third quarter of 2012.

BEA’s most recent quarterly industry report, shows that the finance and insurance industries grew  21.2 percent in the third quarter of 2014, after increasing 6 percent in the second quarter. Mining rose 25.6 percent, after rising 11.5 percent.  And, real estate and rental and leasing increased 4.4 percent, after growing 0.9 percent.

These quarterly industry-by-industry statistics are just one way that BEA is innovating to better measure the 21st Century economy.  Last year, BEA also introduced real (inflation-adjusted) estimates of personal income for states and metropolitan areas.  This year, BEA will begin regular production of quarterly statistics on how state economies are faring as well as new annual statistics on how much consumers spend – and what they buy — in each state. Providing businesses and individuals with new data tools like these is a priority of the Commerce Department’s “Open for Business Agenda.”

Categories: BEA Feed Category

January 2015 Trade Gap is $41.8 Billion

BEA Blog Feed - Fri, 03/06/2015 - 20:44

The U.S. monthly international trade deficit decreased in January 2015 according to the U.S. Bureau of Economic Analysis and the U.S. Census Bureau. The deficit decreased from $45.6 billion in December (revised) to $41.8 billion in January, as imports decreased more than exports. The previously published December deficit was $46.6 billion. The goods deficit decreased $3.4 billion from December to $61.6 billion in January. The services surplus increased $0.5 billion from December to $19.9 billion in January.

ITGS3-6-15

Exports
Exports of goods and services decreased $5.6 billion, or 2.9 percent, in January to $189.4 billion. Exports of goods decreased $5.5 billion and exports of services decreased $0.1 billion.

  • The decrease in exports of goods mostly reflected decreases in industrial supplies and materials ($2.2 billion), in other goods ($1.2 billion), and in foods, feeds, and beverages ($1.1 billion).
  • The decrease in exports of services reflected decreases in transport ($0.2 billion), which includes freight and port services and passenger fares, and in financial services ($0.1 billion) that were partly offset by increases in travel (for all purposes including education) ($0.2 billion) and in other business services ($0.1 billion).

Imports
Imports of goods and services decreased $9.4 billion, or 3.9 percent, in January to $231.2 billion. Imports of goods decreased $8.9 billion and imports of services decreased $0.5 billion.

  • The decrease in imports of goods mostly reflected decreases in industrial supplies and materials ($6.0 billion) and in consumer goods ($2.1 billion).
  • The decrease in imports of services mainly reflected decreases in transport ($0.4 billion) and in travel (for all purposes including education) ($0.2 billion).

Goods by geographic area (seasonally adjusted, Census basis)

  • The goods deficit with Mexico decreased from $5.6 billion in December to $3.9 billion in January. Exports
    increased $0.3 billion to $19.9 billion and imports decreased $1.5 billion to $23.8 billion.
  • The goods deficit with Japan increased from $5.4 billion in December to $6.5 billion in January. Exports
    decreased $0.5 billion to $5.3 billion and imports increased $0.7 billion to $11.8 billion.

For more, see the full report.

Categories: BEA Feed Category

Real Disposable Income Rises In January

BEA Blog Feed - Mon, 03/02/2015 - 19:30

PI1

Personal income rose 0.3 percent in January, the same increase as in December. Wages and salaries, the largest component of personal income, rose 0.6 percent in January after rising 0.1 percent in December.

Current-dollar disposable personal income (DPI), after-tax income, rose 0.4 percent in January after rising 0.3 percent in December.

Real DPI, income adjusted for taxes and inflation, increased 0.9 percent in January after increasing 0.5 percent in December.

Real consumer spending (PCE), spending adjusted for price changes, increased 0.3 percent in January after decreasing 0.1 percent in December. Spending on durable goods increased 0.2 percent in January after decreasing 1.0 percent in December.

PCE prices decreased 0.5 percent in January after decreasing 0.2 percent in December. Excluding food and energy, PCE prices increased 0.1 percent in January after increasing less than 0.1 percent in December.

Personal saving rate
Personal saving as a percent of DPI was 5.5 percent in January and 5.0 percent in December.

For more, see the full report.

PI2

Categories: BEA Feed Category

Pages

Subscribe to Economics & Statistics Administration aggregator
Subscribe

Subscribe to Economic Indicators

Subscribe with your email address to stay up-to-date with our economic indicators!

Go to top