Archive for April, 2012



Manufacturing Led Growth In 2011

Durable-goods manufacturing, professional, scientific, and technical services, and information services were the leading contributors to U.S. economic growth in 2011, according to advance statistics on the breakout of real gross domestic product (GDP) by industry from the U.S. Bureau of Economic Analysis.

  • Manufacturing “value added”—total output minus the value of intermediate products—rose 4.3 percent after increasing 11.2 percent in 2010. Durable-goods manufacturing led the growth in 2011, increasing 7.9 percent.
  • The services-producing sector grew 1.6 percent after increasing 3.0 percent in 2010. Professional, scientific, and technical services was the largest contributor, increasing 4.9 percent. Information services accelerated, increasing 5.1 percent after increasing 3.0 percent in 2010.

Value added prices accelerated, increasing 2.1 percent in 2011 after increasing 1.2 percent in 2010.

  • Value added prices for the private goods-producing sector increased 5.5 percent in 2011, reflecting upturns in prices in manufacturing and construction. Nondurable-goods prices led the growth in 2011, increasing 7.4 percent.
  • Value added prices for the private services-producing sector accelerated in 2011, increasing 1.7 percent after increasing 0.7 percent in 2010. An upturn in retail trade prices was one of the largest contributors to the acceleration in the GDP price index for 2011.

To learn more about GDP by industry, read the full report.

Small Counties See Fastest Growth in Personal Incomes for 2010

Small counties registered the fastest growth in personal incomes in 2010, new data from the U.S. Bureau of Economic Analysis show.

Personal income grew 3.9 percent for small counties—those with populations of less than 50,000. At the same time, large counties, with populations of at least 250,000, saw personal incomes grow 3.7 percent, matching the growth rate for the nation. Medium-sized counties, with populations between 50,000 and 249,999, recorded personal income growth of 3.6 percent.

Large counties—represent 8 percent of the 3,113 counties in the United States, but account for 68 percent of personal income for the nation. In these 261 counties for 2010:
• Personal income growth ranged from 8.7 percent in Loudoun, VA, to –2.8 percent in St. Joseph, IN.
• Per capita personal income ranged from $111,386 in New York (Manhattan), NY, to $20,946 in Hidalgo, TX.

Medium counties—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:
• Personal income growth ranged from 12.5 percent in Eddy, NM, to –4.4 percent in Christian, KY.
• Per capita personal income ranged from $79,967 in Arlington, VA, to $18,259 in Starr, TX.

Small counties—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:
• Personal income growth ranged from 51.6 percent in Hyde, SD, to –18.8 percent in Hand, SD.
• Per capita personal income ranged from $94,672 in Teton, WY, to $16,299 in Crowley, CO.

BEA is accelerating its release of county personal income estimates by 5 months. Data for all of 2011 will be out on November 26. To find out more about how personal incomes fared in 2010 on a county-by-county basis, read the full report.

A New Snapshot of Multinational Firms

Worldwide employment by U.S. multinational companies increased 0.5 percent in 2010 to 34.0 million workers, with increases in both the United States and abroad, new numbers released by the U.S. Bureau of Economic Analysis show.

Employment in the United States by U.S. parent companies increased 0.1 percent to 23.0 million workers. That contrasted with a 0.6 percent decrease in total private-industry employment in the United States. The employment by U.S. parents accounted for roughly one-fifth of total U.S. employment in private industries.

Abroad, employment by the majority-owned foreign affiliates of U.S. multinational companies increased 1.5 percent to 11.0 million workers.

Worldwide capital expenditures by U.S. multinational companies increased 3.9 percent in 2010 to $621 billion. Capital expenditures in the United States by U.S. parent companies increased 3.3 percent. Capital expenditures abroad by their majority-owned foreign affiliates increased 5.5 percent.

Employment in the United States by majority-owned U.S. affiliates of foreign multinational companies decreased 1.0 percent in 2010 to 5.2 million workers. U.S. affiliates accounted for 4.7 percent of U.S. private industry employment in 2010, the same share as in 2009.

Capital expenditures by U.S. affiliates fell 1.7 percent to $147 billion.

To learn more about the operations of U.S. multinational companies and the operations of foreign multinational companies in the United States read the full report.