Archive for June, 2012



April Trade Gap is $50.1 Billion

The U.S. monthly international trade deficit decreased in April 2012, according to the U.S. Bureau of Economic Analysis and the U.S. Census Bureau. The deficit decreased from $52.6 billion (revised) in March to $50.1 billion in April, as imports decreased more than exports. The previously published March deficit was $51.8 billion. The goods deficit decreased $2.7 billion from March to $64.8 billion in April, and the services surplus decreased $0.1 billion to $14.8 billion.

Exports of goods and services decreased $1.5 billion in April to $182.9 billion, mostly reflecting a decrease in exports of goods. Exports of services also decreased.

The decrease in exports of goods was more than accounted for by decreases in capital goods and industrial supplies and materials.

The decrease in exports of services was more than accounted for by a decrease in other private services (which includes items such as business, professional, and technical services; insurance services; and financial services). Changes in the other categories of services exports were small.

Imports of goods and services decreased $4.1 billion in April to $233.0 billion, reflecting a decrease in imports of goods. Imports of services increased.

The decrease in imports of goods resulted from decreases in all major categories. The largest decreases were in capital goods and industrial supplies and materials.

The increase in imports of services was more than accounted for by an increase in other private services.

Changes in the other categories of services imports were small.

Goods by geographic area (not seasonally adjusted)
The goods deficit with Canada increased from $3.0 billion in March to $3.3 billion in April. Exports decreased $1.9 billion to $24.4 billion, while imports decreased $1.5 billion to $27.7 billion.

The goods deficit with China increased from $21.7 billion in March to $24.6 billion in April. Exports decreased $1.4 billion to $8.5 billion, while imports increased $1.5 billion to $33.0 billion.

The goods deficit with Japan decreased from $7.1 billion in March to $6.3 billion in April. Exports decreased $0.4 billion to $5.8 billion, while imports decreased $1.2 billion to $12.1 billion.

To learn more about U.S. international trade in goods and services, read the full report.

Widespread State Economic Growth in 2011

Real GDP increased in 43 states and the District of Columbia in 2011. Leading industry contributors were durable-goods manufacturing; professional, scientific, and technical services; and information services.

Durable-goods manufacturing was the leading contributor to real GDP growth in 26 states, contributing 3.94 percentage points to growth in Oregon and 1.17 percentage points to growth in Michigan.

Professional, scientific, and technical services was the largest contributor to real GDP growth in the District of Columbia, Virginia, Massachusetts, New York, Maryland, New Jersey, Florida, and Arkansas.

Information services was the largest contributor to real GDP growth in Colorado and Utah.

In North Dakota, the fastest growing state in 2011, mining contributed 2.81 percentage points to real GDP growth.

In contrast, several industries subtracted from real GDP growth in 2011. Real estate, rental, and leasing subtracted the most. This industry subtracted from real GDP growth in 40 states.

Per capita real GDP ranged from a high of $63,159 in Delaware to a low of $28,293 in Mississippi. Per capita real GDP for the U.S. was $42,070.

To learn more about gross domestic product by state, read the full report.

Real Consumer Spending Picks Up in April

Personal income increased 0.2 percent in April after increasing 0.4 percent in March.

Current-dollar disposable personal income (DPI)—after-tax income—increased 0.2 percent in April after increasing 0.4 percent in March.

Real DPI—income adjusted for taxes and inflation—increased 0.2 percent in April, the same increase as in March.

Real consumer spending—spending adjusted for price changes—rose 0.3 percent in April after being flat in March.

Spending picked up on both goods and services.

Prices increased less than 0.1 percent in April after increasing 0.2 percent in March. Excluding food and energy, prices increased 0.1 percent in April after increasing 0.2 percent in March.

Personal saving as a percent of DPI was 3.4 percent in April, compared with 3.5 percent in March.

To learn more about personal income and outlays, read the full report.