Nominal value added from all arts and cultural production (ACP) industries- a measure of this sector’s contribution to gross domestic product (GDP) – increased 3.8 percent, or $25.8 billion in 2012, according to new statistics released by the Bureau of Economic Analysis (BEA). Value added for ACP accounted for 4.3 percent, or $698.7 billion, of GDP.
“With the creation of new data analyses like this one – which shows how arts and culture contribute to GDP – the Department of Commerce is providing a more detailed picture of what drives the U.S. economy, growth, and job creation,” said Secretary of Commerce Penny Pritzker. “Making new data available is another example of how the government is working harder and smarter to produce relevant statistics that better inform individuals, business, and decision-makers.”
Are you looking for statistics on new investment by foreign companies in the United States? The Bureau of Economic Analysis (BEA) has you covered. New statistics slated to be unveiled later this year will provide information on things like when a foreign company launches a new business in this country or expands an existing one by building a new plant.
The new data will give foreign entrepreneurs even more tools to make informed decisions about investing and hiring in the United States. The new statistics also will help guide national policy and state programs that aim to attract foreign direct investment and improve job opportunities in the United States.
The new statistics provide information on “greenfield” investment – investment that occurs when a foreign firm establishes a new U.S. business or expands an existing one by building a new plant or facility. The statistics also cover the acquisition of U.S. businesses by foreign companies.
BEA rolled out a new survey near the end of 2014 that lays the ground work to produce these new statistics. (BEA previously collected similar new investment information, but that survey was discontinued in 2008 due to budget constraints.)
Already, BEA is the go-to source for information about foreign direct investment in the United States:
BEA’s suite of investment statistics provides an important way for businesses and policymakers to track foreigners’ desire to invest and strengthen job opportunities in the United States. Expanding the U.S. economy through inward foreign investment that leads to more and better American jobs is critical – and it is one of the Commerce Department’s strategic goals.
SelectUSA is the U.S. government-wide program, housed within the U.S. Department of Commerce, to facilitate such investment into the United States. SelectUSA is hosting the second SelectUSA Investment Summit in the Washington, D.C. area on March 23-24, 2015! Investors will find the practical tools, information and connections they need to establish or expand operations in the United States.
The U.S. monthly international trade deficit decreased in November 2014 according to the U.S. Bureau of Economic Analysis and the U.S. Census Bureau. The deficit decreased from $42.2 billion in October (revised) to $39.0 billion in November, as imports decreased more than exports. The previously published October deficit was $43.4 billion. The goods deficit decreased $3.3 billion from October to $58.3 billion in November. The services surplus decreased $0.1 billion from October to $19.3 billion in November.
Exports of goods and services decreased $2.0 billion in November to $196.4 billion, mostly reflecting a decrease in exports of goods. Exports of services also decreased.
Imports of goods and services decreased $5.2 billion in November to $235.4 billion, reflecting a decrease in imports of goods. Imports of services were nearly unchanged.
Goods by geographic area (seasonally adjusted, Census basis)
The U.S. net international investment position was -$6,157.9 billion (preliminary) at the end of the third quarter of 2014 as the value of U.S. liabilities exceeded the value of U.S. assets. At the end of the second quarter, the net position was -$5,475.4 billion (revised).
Personal income rose 0.4 percent in November after rising 0.3 percent in October. Wages and salaries, the largest component of personal income, rose 0.5 percent in November after rising 0.3 percent in October.
Current-dollar disposable personal income (DPI), after-tax income, rose 0.3 percent in November, the same increase as in October.
Real DPI, income adjusted for taxes and inflation, increased 0.5 percent in November after increasing 0.3 percent in October.
Real consumer spending, spending adjusted for price changes, increased 0.7 percent in November after increasing 0.2 percent in October. Spending on durable goods increased 2.3 percent in November after increasing 0.4 percent in October. Purchases of motor vehicles and parts accounted for about half of the increase in November.
PCE prices decreased 0.2 percent in November after remaining flat in October. Excluding food and energy, PCE prices remained flat in November after increasing 0.2 percent in October.
Personal saving rate
Personal saving as a percent of DPI was 4.4 percent in November and 4.6 percent in October.
For more, see the full report.
Real gross domestic product (GDP) increased 5.0 percent in the third quarter of 2014, according to the “third” estimate released by the Bureau of Economic Analysis. In the second quarter, real GDP increased 4.6 percent.
The increase in GDP in the third quarter reflected the following:
• Consumer spending increased 3.2 percent, compared with 2.5 percent in the second quarter. Spending on both goods and services increased.
• Business investment rose, notably in transportation equipment and industrial equipment as well as in intellectual property products.
• Exports of goods increased; industrial supplies and materials was the largest contributor.
• Federal government spending increased, mainly national defense spending.
The 1.1 percentage points upward revision to the GDP growth rate reflected the following:
• An upward revision to consumer spending, reflecting upward revisions to health care and recreation services.
• An upward reward revision to business investment, mainly to structures and intellectual property products.
• An upward revision to private inventory investment by wholesale trade industries, notably the nondurable
For more information, see the technical note.
Corporate profits increased 3.1 percent at a quarterly rate in the third quarter after increasing 8.4 percent in the second quarter.
• Profits of domestic nonfinancial corporations increased 2.5 percent after increasing 11.9 percent.
• Profits of domestic financial corporations increased 3.6 percent after increasing 8.0 percent.
• Rest of the world profits increased 4.2 percent after decreasing 0.9 percent.
Over the last 12 months, corporate profits rose 1.4 percent.
For more, see the full report.
State personal income growth averaged 1.0 percent in the third quarter of 2014, down from 1.2 percent in the second quarter. Growth in personal income–the sum of net earnings by place of residence, property income, and personal current transfer receipts–slowed in 38 states and in the District of Columbia. The percent change across states ranged from -0.2 percent in South Dakota (the only state with a decline) to 1.4 percent in Texas. Inflation, as measured by the national price index for personal consumption expenditures, slowed to 0.3 percent in the third quarter from 0.6 percent in the second quarter.
Real spending on travel and tourism decelerated in the third quarter of 2014, increasing at an annual rate of 1.3 percent after increasing 3.3 percent (revised) in the second quarter. Real gross domestic product (GDP) also decelerated, increasing 3.9 percent (second estimate) in the third quarter after increasing 4.6 percent.
The leading contributors to the deceleration in the third quarter were “passenger air transportation,” and “recreation and entertainment.” “Passenger air transportation” turned down, decreasing 7.2 percent in the third quarter after increasing 11.1 percent in the second quarter. “Recreation and entertainment” also turned down, decreasing 5.5 percent after increasing 4.1 percent. Partially offsetting these downturns, “traveler accommodations” turned up, increasing 8.3 percent in the third quarter after decreasing 0.9 percent.
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 $100.3 billion (preliminary) in the third quarter of 2014 from $98.4 billion (revised) in the second quarter of 2014. As a percentage of U.S. GDP, the deficit remained at 2.3 percent. The previously published current-account deficit for the second quarter was $98.5 billion.
Net U.S. borrowing from financial-account transactions was $22.5 billion in the third quarter, up from $22.2 billion in the second.
Preliminary statistics on people’s incomes by state in the third quarter of 2014 will be released Friday, Dec. 19 by the U.S. Bureau of Economic Analysis (BEA).
These state personal income statistics will provide BEA’s first look at state economies for the July-September quarter of 2014 and serve as a basis for government and business decision making. For example:
As part of this report, BEA will release revised statistics for the first two quarters of 2014.
Operational improvements at the Bureau of Economic Analysis (BEA) mean the public will soon get to see more regional economic data. These improvements will safeguard businesses’ private information, while ensuring vital regional data is available to policy makers and other data users. BEA is constantly looking at ways to better provide the information that users need while protecting the confidentiality of employers’ records.
One improvement is in the area of county-level earnings. BEA, for instance, produces statistics on how much people earn in different industries for individual counties. If there are too few employers in an industry for a given county, in order to protect employers’ privacy, BEA cannot publicly publish the data for that industry. The BEA county-level earnings by industry data are then used to calculate BEA’s gross domestic product by metropolitan area statistics. If BEA can’t publicly use certain pieces of data for an industry in the county-level earnings data set, then BEA also might not be able to publish the same data for that industry in our gross domestic product by metropolitan area statistics.
Since the 1980s, BEA has relied on a set of computer programs to identify which statistics must not be published publicly to protect the confidentiality of business records for individual companies. This year, however, BEA is switching to a new disclosure-avoidance system that reduces processing time from five days to one, while generating fewer non-public statistics.
Our testing indicates that the new system will consistently result in 33 percent fewer unpublished values in the final public statistics on the economic activity generated by metropolitan areas.
Another improvement will affect data on how much each industry contributes to economic activity in metro areas. Because of this improvement, BEA will increase the number of data points on industry contributions to metro area economic activity that can be published from 68.3 percent to 93.3 percent, meaning that BEA will be able to publish many more pieces of data.
These advancements are examples of how BEA delivers strong customer service through operational excellence. BEA is working harder and smarter to respond to our customers’ needs. The Commerce Department identifies operational excellence as an important pillar in its Open for Business Agenda. That is, delivering better services, solutions and outcomes that benefit the American people.
BEA prides itself on producing timely, relevant and accurate statistics and putting its innovative thinking to work to meet both economic measurement challenges and customers’ needs.
Developers, do you want to bring more detailed economic data to your next app? The Bureau of Economic Analysis (BEA) recently added several data sets to the application programming interface (API) we launched last year.
The API now provides direct access to the gross domestic product (GDP) underlying detail tables. Those tables contain a wealth of statistics, including how much consumers spend on hundreds of items like furnishings, food and flowers and how much revenue the government takes in and spends.
Other recently added data to the API provide information on:
The new additions give you the ability to create an even richer, customized economic dashboard of your own.
The new data sets join BEA’s GDP and related national economic statistics and regional economic statistics, which have been available via API since the service launched in May 2013. In addition to expanding the amount of data available on the API, BEA published an updated User Guide, making it easier for developers to start using the service.
BEA’s API allows developers to build a service to search, display, analyze, retrieve, or view BEA statistics. For example, you can create a “mashup” that combines BEA data with other government or private data sources to create new services or give your users a different perspective on their communities. Or you can design a tool that gives your users new ways to visualize economic data.
The BEA’s API is just one way BEA is supporting open data. Visit BEA’s Open Data site for a complete listing of BEA’s data sets in a machine readable JSON format, along with access to downloadable data sets and other data tools.
The U.S. monthly international trade deficit decreased in October 2014 according to the U.S. Bureau of Economic Analysis and the U.S. Census Bureau. The deficit decreased from $43.6 billion in September (revised) to $43.4 billion in October, as exports increased more than imports. The previously published September deficit was $43.0 billion. The goods deficit increased less than $0.1 billion from September to $62.7 billion in October. The services surplus increased $0.1 billion from September to $19.2 billion in October.
Exports of goods and services increased $2.3 billion in October to $197.5 billion, mostly reflecting an increase in exports of goods. Exports of services also increased.
Imports of goods and services increased $2.1 billion in October to $241.0 billion, mostly reflecting an increase in imports of goods. Imports of services also increased.
Goods by geographic area (seasonally adjusted, Census basis)
Personal income rose 0.2 percent in October, the same increase as in September. Wages and salaries, the largest component of personal income, rose 0.3 percent in October after rising 0.2 percent in September.
Current-dollar disposable personal income (DPI), after-tax income, rose 0.2 percent in October after rising 0.1 percent in September.
Real DPI, income adjusted for taxes and inflation, increased 0.1 percent in October, the same increase as in September.
Real consumer spending, spending adjusted for price changes, increased 0.2 percent in October after remaining flat in September. Spending on nondurable goods increased 0.5 percent in October after decreasing 0.3 percent in September.
PCE prices increased 0.1 percent in October, the same increase as in September. Excluding food and energy, PCE prices increased 0.2 percent in October after increasing 0.1 percent in September.
Personal saving rate
Personal saving as a percent of DPI was 5.0 percent in October, the same as in September.
Real gross domestic product (GDP) increased 3.9 percent in the third quarter of 2014, according to the “second” estimate released by the Bureau of Economic Analysis. In the second quarter, real GDP increased 4.6 percent.
In contrast, inventory investment declined in the third quarter.
The 0.4 percentage point upward revision to the GDP growth rate was more than accounted for by an upward revision to nonfarm inventory investment, notably in the wholesale trade and retail trade industries. Consumer spending on goods and business investment in equipment also were revised up. Partly offsetting these upward revisions, exports were revised down, and imports were revised up.
Over the last 12 months, corporate profits rose 0.4 percent.
The BE-13 survey captures information about new investments made when a foreign investor establishes or acquires a U.S. business (either directly, or indirectly through a U.S. business it already owns) or expands an existing U.S. business.
The data collected in the survey will help in assessing the impact of foreign direct investment on the U.S. economy, in advising foreign investors seeking to invest in the United States, and in developing national policy and state programs to attract foreign direct investment.
A response is required from entities subject to the reporting requirements of the BE-13, whether or not they are contacted by BEA. For additional information, including survey forms, instructional videos, and contact information, please visit www.bea.gov/surveys/respondent_be13.htm.
The Bureau of Economic Analysis (BEA) has released preliminary statistics on the activities of U.S. affiliates of foreign multinational enterprises (MNEs) in 2012. These statistics are based on the results of the 2012 Benchmark Survey of Foreign Direct Investment in the United States (“inward” direct investment.)
These statistics cover the finances and operations of U.S. affiliates of foreign MNEs—including balance sheet and income statement details, employment and employee compensation, capital expenditures, trade in goods, and expenditures for research and development.
The activities of majority-owned U.S. affiliates are featured in the statistics. Less detailed statistics are also presented for all U.S. affiliates (both majority owned and minority owned). BEA also produces statistics that cover the domestic and foreign activities of U.S. MNEs, that is enterprises involved in “outward” direct investment. Jointly, these statistics and the statistics on the activities of U.S. affiliates are referred to as statistics on the activities of multinational enterprises (AMNEs).
The current-dollar value added of majority-owned U.S. affiliates, a measure of their contribution to U.S. gross domestic product, totaled $773.8 billion in 2012. Current-dollar value added rose 3.7 percent in 2012, following larger increases in 2010 and 2011, but it grew less rapidly than the value added of all U.S. private industry in 2012. As a result, affiliates’ share of U.S. private industry value added decreased from 6.2 percent in 2011 to 6.1 percent in 2012. Majority-owned U.S. affiliates employed 5.8 million workers in 2012, an increase of 1.3 percent, following larger increases in 2010 and 2011. The share of U.S. private industry employment accounted for by these affiliates was 5.0 percent, down from 5.1 percent in 2011.
Some additional highlights of the statistics on majority-owned U.S. affiliates for 2012:
Personal income grew in 2013 in 2,695 counties, fell in 390, and was unchanged in 28. On average, personal income rose 2.0 percent in 2013 in the metropolitan portion of the United States and rose 2.1 percent in the nonmetropolitan portion. The metropolitan and nonmetropolitan portions grew 5.3 percent and 4.4 percent, respectively, in 2012. The percent change from 2012 to 2013 in personal income ranged from -35.0 percent in Lamoure County, North Dakota to 32.3 percent in Greeley County, Kansas. Inflation, as measured by the national price index for personal consumption expenditures, slowed to 1.2 percent in 2013 from 1.8 percent in 2012.
Per capita personal income—personal income divided by population–is a useful metric for making comparisons of the level of personal income across counties. Per capita personal income for 2013 ranged from $17,536 in Telfair County, Georgia to $121,632 in New York County, New York.
Is consumer spending growing faster in North Dakota or North Carolina? How do consumers in different regions respond to economic downturns? Which state has the fastest growing consumer market for motor vehicles?
Some Fortune 500 companies have research departments to help answer these questions, but new BEA data on consumer spending broken out by state – released in August – provide startups and entrepreneurs with crucial insight into consumer behavior at the state level. In December 2015, we are planning to release a fresh batch of consumer spending by state statistics that will cover the year 2014 as well as some earlier years.
The prototype Personal Consumption Expenditure by state statistics are designed to be used in conjunction with other macroeconomic and regional data we produce, like statistics on Gross Domestic Product by State and State Personal Income. This suite of statistics can offer entrepreneurs a better understanding of what’s driving or restraining economic activity at the state level, and thus inform their decisions about things like investing, financing, locating and hiring.
The Bureau of Economic Analysis’ experimental consumer spending by state statistics were released on Aug. 7 and covered the years from 1997 to 2012. So the fresh batch of statistics that will be out next year will be more up to date.
The state data on consumer spending use the same product definitions as our national statistics on consumer spending, making them consistent. Given the limited availability of source data at the regional level, the new consumer spending by state statistics do not provide the same level of category detail that BEA currently makes available at the national level.
The new statistics also use the same residency concepts that we use in our state income data, allowing entrepreneurs and other users to compare people’s income and spending in each state.
These new estimates are just one way that BEA is innovating to better measure the 21st Century economy. In April, we introduced real (inflation-adjusted) estimates of personal income for states and metropolitan areas as well as new quarterly statistics on GDP broken out by industry. On August 20, we released prototype estimates of quarterly GDP by state, which also breaks out GDP by Industry. Providing businesses and individuals with new data tools like these is a priority of the Commerce Department’s “Open for Business Agenda.”
Newly published estimates of gross domestic product for the Commonwealth of the Northern Mariana Islands (CNMI) show that real GDP – GDP adjusted to remove price changes – increased 4.4 percent in 2013.
For comparison, real GDP for the U.S. (excluding the territories) increased 2.2 percent in 2013. The growth in the CNMI’s economy reflected increases in consumer spending and exports of services. Consumer spending, which was the largest contributor to economic growth in 2013, increased 12.3 percent. This increase was driven primarily by durable goods, reflecting growth in purchases of motor vehicles.
Tourism continued to contribute positively to the economy in 2013, after posting double-digit growth in 2012. Exports of services, which consists mostly of spending by tourists, increased 8.8 percent in 2013 after growing 17.2 percent in 2012.
The Economics and Statistics Administration (ESA) plays three key roles within the Department of Commerce (DOC). ESA provides timely economic analysis, disseminates national economic indicators, and oversees the U.S. Census Bureau (Census) and the Bureau of Economic Analysis (BEA). In this latter role, ESA works closely with the leadership at BEA and Census on high priority management, budget, employment, and risk management issues, integrating the work of these agencies with the priorities and requirements of the Department of Commerce and other government entities.