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National Income and Product Accounts Gross Domestic Product, Fourth Quarter and Annual 2013 (second estimate)

February 28, 2014 Comments off

National Income and Product Accounts Gross Domestic Product, Fourth Quarter and Annual 2013 (second estimate)
Source: Bureau of Economic Analysis

Real gross domestic product — the output of goods and services produced by labor and property located in the United States — increased at an annual rate of 2.4 percent in the fourth quarter of 2013 (that is, from the third quarter to the fourth quarter), according to the “second” estimate released by the Bureau of Economic Analysis. In the third quarter, real GDP increased 4.1 percent.

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Widespread Growth Across Industries in 2012; Revised Statistics of Gross Domestic Product by Industry for 1997-2012

January 27, 2014 Comments off

Widespread Growth Across Industries in 2012; Revised Statistics of Gross Domestic Product by Industry for 1997-2012
Source: Bureau of Economic Analysis

With this release, the Bureau of Economic Analysis (BEA) has provided new and expanded detail on the industry sources of U.S. economic growth in 2012. These newly available data, which reflect the results of the 2014 comprehensive revision of the annual industry accounts, confirm the widespread growth in 2012. Overall, 20 of 22 industry groups contributed to the 2.8 percent increase in real GDP. Professional and business services; finance, insurance, real estate, rental, and leasing; mining; and manufacturing were the leading contributors to growth.

  • Professional, scientific, and technical services real value added—a measure of an industry’s contribution to GDP—increased 4.2 percent in 2012, continuing to reflect strong growth in computer systems design and related services.
  • Real estate and rental and leasing increased 2.2 percent in 2012, the third consecutive year of positive real value added growth.
  • Mining rose 14.0 percent in 2012, after increasing 9.9 percent in 2011, reflecting strong growth for oil and gas extraction.

Local Area Personal Income: New Estimates for 2012; Comprehensive Revisions for 2001-2011

November 22, 2013 Comments off

Local Area Personal Income: New Estimates for 2012; Comprehensive Revisions for 2001-2011
Source: Bureau of Economic Analysis

Personal income growth slowed in 2012 in most of the nation’s 381 metropolitan statistical areas (MSAs), according to estimates released today by the U.S. Bureau of Economic Analysis. Personal income growth slowed in 311 MSAs, accelerated in 65 MSAs, and remained unchanged in 5 MSAs. On average, MSA personal income rose 4.2 percent in 2012, after growing 6.0 percent in 2011. Personal income growth ranged from 12.1 percent in Midland, Texas to -1.6 percent in Yuma, Arizona, one of only five MSAs where personal income declined in 2012. Inflation, as measured by the national price index for personal consumption expenditures, slowed to 1.8 percent in 2012 from 2.4 percent in 2011.

Economic Growth Widespread Across Metropolitan Areas in 2012

September 18, 2013 Comments off

Economic Growth Widespread Across Metropolitan Areas in 2012
Source: Bureau of Economic Analysis

Real GDP increased in 305 of the nation’s 381 metropolitan areas in 2012, led by growth in durable-goods manufacturing, trade, and financial activities, according to new statistics released today by the U.S. Bureau of Economic Analysis. Real GDP in metropolitan areas increased 2.5 percent in 2012 after increasing 1.7 percent in 2011. Today’s release of GDP by metropolitan area represents a return to the previous release schedule, publishing 9 rather than 14 months after the end of the calendar year.

Widespread Economic Growth in 2012

June 20, 2013 Comments off

Widespread Economic Growth in 2012

Source: Bureau of Economic Analysis

Real gross domestic product (GDP) increased in 49 states and the District of Columbia in 2012, according to new statistics released today by the U.S. Bureau of Economic Analysis (BEA) that breakdown GDP by state. Durable–goods manufacturing, finance and insurance, and wholesale trade were the leading contributors to real U.S. economic growth. U.S. real GDP by state grew 2.5 percent in 2012 after a 1.6 percent increase in 2011.

Real Personal Income for States and Metropolitan Areas, 2007-2011 (Prototype Estimates)

June 20, 2013 Comments off

Real Personal Income for States and Metropolitan Areas, 2007-2011 (Prototype Estimates)

Source: Bureau of Economic Analysis

Today, the U.S. Bureau of Economic Analysis released experimental real, or inflation-adjusted, estimates of personal income for states and metropolitan areas. The inflation-adjustments are based in part on regional price parities (RPPs) that provide a measure of differences in price levels across each state and region relative to the national price level for each of the years, 2007-2011. When RPPs are applied in conjunction with BEA’s national Personal Consumption Expenditures (PCE) price index, which measures price changes over time, personal income comparisons can be made across regions and time periods (see Technical Note). These prototype statistics are being released for evaluation and comment by data users.

National Income and Product Accounts — Gross Domestic Product, First Quarter 2013 (advance estimate)

April 26, 2013 Comments off

National Income and Product Accounts — Gross Domestic Product, First Quarter 2013 (advance estimate)
Source: Bureau of Economic Analysis

Real gross domestic product — the output of goods and services produced by labor and property located in the United States — increased at an annual rate of 2.5 percent in the first quarter of 2013 (that is, from the fourth quarter to the first quarter), according to the “advance” estimate released by the Bureau of Economic Analysis. In the fourth quarter, real GDP increased 0.4 percent.

The Bureau emphasized that the first-quarter advance estimate released today is based on source data that are incomplete or subject to further revision by the source agency (see the box on page 3 and “Comparisons of Revisions to GDP” on page 5). The “second” estimate for the first quarter, based on more complete data, will be released on May 30, 2013.

The increase in real GDP in the first quarter primarily reflected positive contributions from personal consumption expenditures (PCE), private inventory investment, exports, residential investment, and nonresidential fixed investment that were partly offset by negative contributions from federal government spending and state and local government spending. Imports, which are a subtraction in the calculation of GDP, increased.

Local Area Personal Income, 2010

April 27, 2012 Comments off

Local Area Personal Income, 2010
Source: Bureau of Economic Analysis

Personal income in large counties
Personal income in large counties–counties with population of at least 250,000–represent 8 percent of the 3,113 counties in the U.S., but account for 68 percent of personal income for the nation. In these 261 counties for 2010:

    <li<Net earnings (primarily wages and salaries, supplements, and proprietors’ income, less contributions for government social insurance) comprised 66 percent of personal income, while property income (personal dividends, interest, and rent) contributed 17 percent and transfer receipts (including Social Security, Medicare, and unemployment insurance) made up 17 percent.

  • Net earnings grew 3.0 percent, up from -5.5 percent in 2009. Property income grew 2.9 percent, up from -16.7 percent. Transfer receipts grew 7.3 percent, down from 14.1 percent.
  • Personal income growth ranged from 8.7 percent in Loudoun, Virginia to -2.8 percent in St. Joseph, Indiana.
    <li<Per capita personal income ranged from $111,386 in New York (Manhattan), New York to $20,946 in Hidalgo, Texas.


Personal income in medium counties

Personal income in medium counties–counties with population from 50,000 to 249,999–represent 23 percent of all U.S. counties, and account for 22 percent of personal income for the nation. In these 718 counties for 2010:

  • Net earnings comprised 63 percent of personal income, while property income contributed 16 percent and transfer receipts made up 21 percent.
  • Net earnings grew 2.9 percent, up from -3.4 percent in 2009. Property income grew 2.9 percent, up from -15.2 percent. Transfer receipts grew 6.0 percent, down from 13.8 percent.
  • Personal income growth ranged from 12.5 percent in Eddy, New Mexico to -4.4 percent in Christian, Kentucky.
  • Per capita personal income ranged from $79,967 in Arlington, Virginia to $18,259 in Starr Texas.

Personal income in small counties
Personal income in small counties–counties with population less than 50,000–represent 69 percent of all U.S. counties, and account for 10 percent of personal income for the nation. In these 2,134 counties for 2010:

  • Net earnings comprised 58 percent of personal income, while property income contributed 16 percent and transfer receipts made up 26 percent.
  • Net earnings grew 3.8 percent, up from -5.0 percent in 2009. Property income grew 2.3 percent, up from -12.7 percent. Transfer receipts grew 5.2 percent, down from 12.4 percent.
  • Personal income growth ranged from 51.6 percent in Hyde, South Dakota to -18.8 percent in Hand, South Dakota.
  • Per capita personal income ranged from $94,672 in Teton, Wyoming to $16,299 in Crowley, Colorado.

County Compensation by Industry, 2010

December 17, 2011 Comments off

County Compensation by Industry, 2010
Source: Bureau of Economic Analysis

Compensation increased in 2,480 counties and declined in 633 counties in the U.S. in 2010, as the average annual compensation per job increased 2.7 percent to $58,451, according to statistics released today by the U.S. Bureau of Economic Analysis (BEA).¹ Total compensation of U.S. workers increased 2.2 percent in 2010, as net job losses partially offset compensation growth. Inflation grew 1.8 percent, as measured by the national price index for personal consumption expenditures.

See also: Revised Statistics of Gross Domestic Product by Industry for 2003-2010

GDP by Metropolitan Area, Advance 2010, and Revised 2007–2009

September 21, 2011 Comments off

GDP by Metropolitan Area, Advance 2010, and Revised 2007–2009
Source: Bureau of Economic Analysis

Real U.S. GDP by metropolitan area increased 2.5 percent in 2010 after declining 2.5 percent in 2009, according to new statistics released today by the U.S. Bureau of Economic Analysis.1 The economic growth was widespread as real GDP increased in 304 of 366 (83 percent) metropolitan areas, led by national growth in durable-goods manufacturing, trade, and financial activities.

Of the ten largest metropolitan areas, the three with the fastest real GDP growth in 2010 were Boston-Cambridge-Quincy, MA-NH (4.8 percent), New York-Northern New Jersey-Long Island, NY-NJ-PA (4.7 percent), and Washington-Arlington-Alexandria, DC-VA-MD-WV (3.6 percent).2 The ten largest metropolitan areas, accounting for 38 percent of U.S. metropolitan area GDP, averaged 2.5 percent growth in 2010 after falling 2.2 percent in 2009.

+ Full Release and Tables (PDF)

Personal Income for Metropolitan Areas, 2010

August 9, 2011 Comments off

Personal Income for Metropolitan Areas, 2010
Source: Bureau of Economic Analysis

Personal income rose in 2010 in all but four of the nation’s 366 metropolitan statistical areas (MSAs), according to estimates released today by the U.S. Bureau of Economic Analysis. Personal income in the metropolitan portion of the United States rose 2.9 percent in 2010 after falling 1.9 percent in 2009. Personal income growth in 2010 ranged from 10.1 percent in Elizabethtown, Kentucky to -0.9 percent in Grand Junction, Colorado. Inflation, as measured by the national price index for personal consumption expenditures, accelerated to 1.8 percent in 2010 from 0.2 percent in 2009.

National Income and Product Accounts — Gross Domestic Product: Second Quarter 2011 (Advance Estimate) — Revised Estimates: 2003 through First Quarter 2011

July 30, 2011 Comments off

National Income and Product Accounts — Gross Domestic Product: Second Quarter 2011 (Advance Estimate) — Revised Estimates: 2003 through First Quarter 2011
Source: Bureau of Economic Analysis

Real gross domestic product — the output of goods and services produced by labor and property located in the United States — increased at an annual rate of 1.3 percent in the second quarter of 2011, (that is, from the first quarter to the second quarter), according to the “advance” estimate released by the Bureau of Economic Analysis. In the first quarter, real GDP increased 0.4 percent.

The Bureau emphasized that the second-quarter advance estimate released today is based on source data that are incomplete or subject to further revision by the source agency (see the box on page 3). The “second” estimate for the second quarter, based on more complete data, will be released on August 26, 2011.

The estimates released today reflect the annual revision of the national income and product accounts (NIPAs). In addition to the regular revision of estimates for the most recent 3 years and the first quarter of 2011, current-dollar GDP and some components are revised back to the first quarter of 2003. In cases for which the estimates for the reference year (2005) are revised, this results in revisions to the levels of the related index numbers and chained-dollar estimates for the entire historical period; revisions to percent changes before the first quarter of 2003 are small. Annual revisions, which are usually released in July, incorporate source data that are more complete, more detailed, and otherwise more reliable than those previously available. This release includes the revised quarterly estimates of GDP, corporate profits, and personal income and provides an overview of the results of the revision.

U.S. Net International Investment Position at Yearend 2010

July 1, 2011 Comments off

U.S. Net International Investment Position at Yearend 2010
Source: Bureau of Economic Analysis

The U.S. net international investment position at yearend 2010 was -$2,471.0 billion (preliminary), as the value of foreign investments in the United States continued to exceed the value of U.S. investments abroad (table 1). At yearend 2009, the U.S. net international investment position was -$2,396.4 billion (revised).

The -$74.6 billion change in the U.S. net investment position from yearend 2009 to yearend 2010 primarily reflected net foreign acquisitions of financial assets in the United States that exceeded net U.S. acquisitions of financial assets abroad. The impact of these financial flows was partly offset by the net change in valuation adjustments, which include price changes, exchange-rate changes, and other changes such as more complete source data.

+ Full Release and Tables (PDF)

State Personal Income: First Quarter 2011

June 27, 2011 Comments off

State Personal Income: First Quarter 2011
Source: Bureau of Economic Analysis

State personal income growth accelerated to 1.8 percent in the first quarter of 2011, from 0.8 percent in the fourth quarter of 2010, according to estimates released today by the U.S. Bureau of Economic Analysis. Personal income increased in all states, with growth ranging from 0.7 percent in Iowa to 6.9 percent in North Dakota. Inflation, as measured by the national price index for personal consumption expenditures, increased to 0.9 percent in the first quarter from 0.4 percent in the fourth quarter of 2010.

Economic Recovery Widespread Across States in 2010

June 8, 2011 Comments off

Economic Recovery Widespread Across States in 2010
Source: Bureau of Economic Analysis

Real gross domestic product (GDP) increased in 48 states and the District of Columbia in 2010, according to new statistics released today by the U.S. Bureau of Economic Analysis that breakdown GDP by state. Durable–goods manufacturing, retail trade, and finance and insurance were leading contributors to the upturn in U.S. economic growth. U.S. real GDP by state grew 2.6 percent in 2010 after declining 2.5 percent in 2009.

+ Full release and tables (PDF)

Gross Domestic Product, 1st quarter 2011 (advance estimate)

April 28, 2011 Comments off

Gross Domestic Product, 1st quarter 2011 (advance estimate)
Source: Bureau of Economic Analysis

Real gross domestic product — the output of goods and services produced by labor and property located in the United States — increased at an annual rate of 1.8 percent in the first quarter of 2011 (that is, from the fourth quarter to the first quarter) according to the “advance” estimate released by the Bureau of Economic Analysis. In the fourth quarter, real GDP increased 3.1 percent.

The Bureau emphasized that the first-quarter advance estimate released today is based on source data that are incomplete or subject to further revision by the source agency (see the box on page 3). The “second” estimate for the first quarter, based on more complete data, will be released on May 26, 2011.

The increase in real GDP in the first quarter primarily reflected positive contributions from personal consumption expenditures (PCE), private inventory investment, exports, and nonresidential fixed investment that were partly offset by negative contributions from federal government spending and state and local government spending. Imports, which are a subtraction in the calculation of GDP, increased.

The deceleration in real GDP in the first quarter primarily reflected a sharp upturn in imports, a deceleration in PCE, a larger decrease in federal government spending, and decelerations in nonresidential fixed investment and in exports that were partly offset by a sharp upturn in private inventory investment.

+ Full release and tables (PDF)

Local Area Personal Income, 2009

April 25, 2011 Comments off

Local Area Personal Income, 2009
Source: Bureau of Economic Analysis

Today, the Bureau of Economic Analysis (BEA) released estimates of personal income at the county level for 2009. Among large counties (those with a population of more than 250,000) the change in personal income from 2008 to 2009 ranged from an 8.1 percent decline (in Oakland County, Michigan) to a 4.2 percent gain (in Loudoun County, Virginia). Growth slowed in all but one of the nation’s 255 large counties. For the nation, personal income fell 1.7 percent in 2009 after growing 4.0 percent in 2008.

+ Full Release and Tables (PDF)

U.S. International Transactions: Fourth Quarter and Year 2010

April 21, 2011 Comments off

U.S. International Transactions: Fourth Quarter and Year 2010
Source: Bureau of Economic Analysis

The U.S. current-account deficit—the combined balances on trade in goods and services, income, and net unilateral current transfers—decreased to $113.3 billion (preliminary) in the fourth quarter of 2010, from $125.5 billion (revised) in the third quarter of 2010. The decrease was more than accounted for by a decrease in the deficit on goods; an increase in the surplus on services also contributed. A decline in the surplus on income and an increase in net unilateral current transfers were partly offsetting.

+ Full release and tables (PDF)

Summary Estimates for Multinational Companies: Employment, Sales, and Capital Expenditures for 2009

April 19, 2011 Comments off

Summary Estimates for Multinational Companies: Employment, Sales, and Capital Expenditures for 2009
Source: Bureau of Economic Analysis

The following are advance summary estimates of the employment, capital spending, and sales activity of U.S. multinational companies (comprising both their U.S. and foreign operations) and the corresponding activity of foreign multinational companies in the United States.

+ Full release and tables (PDF)

State Personal Income 2010

March 25, 2011 Comments off

State Personal Income 2010
Source: Bureau of Economic Analysis

State personal income rose an average 3.0 percent in 2010 after falling 1.7 percent in 2009, according to estimates released today by the U.S. Bureau of Economic Analysis. State personal income growth ranged from 0.3 percent in Nevada to 4.2 percent in New Mexico. Inflation, as measured by the national price index for personal consumption expenditures, increased to 1.7 percent in 2010 from 0.2 percent in 2009.

Map of US

All three major components of personal income (earnings, property income, and personal current transfer receipts) grew in 2010. In 2009 only transfers grew as lower employment reduced earnings and lower interest rates and profits reduced property income (dividends, interest, and rent). The 7.6 percent growth of transfer receipts in 2010 was larger than the 2.4 percent growth of earnings and the 0.6 percent growth of property income.

Earnings in 10 states (Arkansas, Kentucky, Louisiana, Maryland, New Mexico, North Dakota, Pennsylvania, Vermont, Virginia, and West Virginia) rebounded in 2010 above their previous peaks after falling in the recession. Earnings in these states grew 2.9 percent on average in 2010 having declined 1.5 percent 2009. Earnings in Alaska, the only state to avoid a decline in 2009, grew 3.2 percent in 2010 up from 2.4 percent in 2009. Earnings in the other states rose 2.3 percent in 2010, following a 4.5 percent decline in 2009.

Professional services is the only industry (of those which declined) to recover from the earnings downturn. Even so, 2010 earnings in professional services are just 0.2 percent higher than before the decline. Earnings in 14 industries (including manufacturing and finance) grew in 2010 but remain below 2008 (or earlier) peaks. Two industries, construction and real estate, continued to decline in 2010. The 4.8 percent decline in construction brought earnings in that industry to its lowest level since 2001 and the 2.3 percent decline in real estate brought its earnings to the lowest level since 2000. The other industries (including educational services, health care, and government) grew in both 2009 and 2010. Growth accelerated in 2010 in educational services and health care and slowed in government.

Health care increased its share of earnings to 11.2 percent in 2010 up from 11.0 percent in the previous year. Health care overtook manufacturing as the largest private industry in 2009 as it continued to expand through the recession while manufacturing earnings declined. The 2.7 percent increase in manufacturing earnings in 2010 kept its share steady at 10.2 percent.

+ Full release and tables (PDF)

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