Archive for November, 2013

Some Local Economic Statistics Eliminated Due to 2013 Budget Sequester

You probably noticed that today’s release of the Bureau of Economic Analysis’ (BEA) local area personal income statistics is missing some detail that’s normally included.  Why?

Automatic budget cuts due to the 2013 sequester forced BEA to eliminate some data from the release, including detailed county-level statistics showing how much income people received from specific transfer receipts programs (unemployment benefits, Social Security, and Medicare); information on the categories of farm income and expenses; and data on the number of people employed by industry and the average wage per job.

BEA laid out the impact of the 2013 budget sequester on its local area personal income (LAPI) statistics on June 19.  Today’s release is the first LAPI report affected by the automatic budget cuts.

BEA also scaled back some of the local statistical detail normally provided. For instance, today’s report contains detailed compensation and earnings information for 25 industries, instead of the usual 108.

For more information on how BEA’s LAPI statistics were affected by the 2013 sequester, please visit BEA’s Web site.

You can still access historical LAPI statistics that were produced before the detail was eliminated or reduced. Those statistics (which cover the period of 1969–2011 and were published November 2012) are available at http://www.bea.gov/regional/histdata, under the heading Local Area Personal Income.

Local Area Personal Income: Metropolitan Areas, 2001–2012

Personal income growth slowed in 2012 in most of the nation’s 381 metropolitan statistical areas (MSAs). 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, TX, to –1.6 percent in Yuma, AZ, 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.

lapi_112113

For more on local area personal income, read the full report.

September 2013 Trade Gap is $41.8 Billion

The U.S. monthly international trade deficit increased in September 2013 according to the U.S. Bureau of Economic Analysis and the U.S. Census Bureau. The deficit increased from $38.7 billion in August (revised) to $41.8 billion in September as exports decreased and imports increased. The previously published August deficit was $38.8 billion. The goods deficit increased $3.0 billion from August to $61.3 billion in September; the services surplus decreased $0.1 from August to $19.5 billion in September.11_14_trade

Exports
Exports of goods and services decreased $0.4 billion in September to $188.9 billion, reflecting decreases in exports of goods and exports of services.
• The decrease in exports of goods reflected decreases in industrial supplies and materials, in other goods, and in consumer goods that were mostly offset by an increase in foods, feeds, and beverages.
• The decrease in exports of services reflected a decrease in travel. An increase in other transportation, which includes freight and port services, was partly offsetting.

Imports
Imports of goods and services increased $2.7 billion in September to $230.7 billion, reflecting an increase in imports of goods. Imports of services decreased.
• The largest increases in imports of goods were in industrial supplies and materials, in automotive vehicles, parts, and engines, and in capital goods.
• The decrease in imports of services reflected a decrease in travel.

Goods by geographic area (not seasonally adjusted)
• The goods deficit with the European Union decreased from $9.8 billion in August to $8.0 billion in September. Exports increased $1.2 billion to $22.8 billion and imports decreased $0.6 billion to $30.8 billion.
• The goods deficit with China increased from $29.9 billion in August to $30.5 billion in September. Exports increased $0.3 billion to $9.6 billion and imports increased $0.9 billion to $40.1 billion.
• The goods deficit with Canada increased from $2.4 billion in August to $3.2 billion in September. Exports decreased $0.5 billion to $24.9 billion and imports increased $0.3 billion to $28.2 billion.

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