Archive for May, 2014



March 2014 Trade Gap Is $40.4 Billion

The U.S. monthly international trade deficit decreased in March 2014 according to the U.S. Bureau of Economic Analysis and the U.S. Census Bureau. The deficit decreased from $41.9 billion in February (revised) to $40.4 billion in March as exports increased more than imports. The previously published February deficit was $42.3 billion. The goods deficit decreased $0.6 billion from February to $60.7 billion in March; the services surplus increased $0.9 billion from February to $20.4 billion in March.

TradeGoodsServices_March2014

Exports
Exports of goods and services increased $3.9 billion in March to $193.9 billion, mainly reflecting an increase in exports of goods. Exports of services also increased.

  • The increase in exports of goods mostly reflected increases in capital goods, in industrial supplies and materials, and in automotive vehicles, parts, and engines. Partly offsetting these increases was a decrease in consumer goods.
  • The increase in exports of services mostly reflected increases in other private services, which includes items such as business, professional, and technical services, insurance services, and financial services, and in passenger fares. Partly offsetting these increases was a decrease in travel.

Imports
Imports of goods and services increased $2.5 billion in March to $234.3 billion, reflecting an increase in imports of goods. Imports of services decreased.

  • The increase in imports of goods was more than accounted for by increases in consumer goods, in foods, feeds, and beverages, in capital goods, and in other goods. Partly offsetting these increases was a decrease in industrial supplies and materials.
  • The decrease in imports of services was mainly accounted for by a decrease in royalties and license fees, which in February included payments for the rights to broadcast the 2014 Winter Olympic Games.

Goods by geographic area (not seasonally adjusted)

  • The goods deficit with the European Union increased from $9.1 billion in February to $11.5 billion in March. Exports increased $3.6 billion to $24.6 billion, and imports increased $6.0 billion to $36.1 billion.
  • The goods deficit with China decreased from $20.9 billion in February to $20.4 billion in March. Exports increased $1.0 billion to $10.8 billion, and imports increased $0.5 billion to $31.2 billion.
  • The goods deficit with Mexico increased from $4.0 billion in February to $5.1 billion in March. Exports increased $1.5 billion to $19.9 billion, and imports increased $2.6 billion to $25.0 billion.

Read the full report

BEA Restores Local Economic Statistics That Were Eliminated Due to 2013 Budget Sequester

On May 5th, the Bureau of Economic Analysis (BEA) restored detailed estimates on employment, farm income and expenses, and personal current transfer receipts as well as expanded industrial detail for compensation and earning for 108 industries to its Local Area Personal Income (LAPI) program.

The current transfer receipts statistics can be found in the redesigned LAPI table CA35. The redesigned table continues to include major categories such as: Social Security benefits; Medicare benefits; Military medical insurance benefits; Supplemental security income benefits; Supplemental nutrition assistance program benefits; State unemployment insurance compensation; and Veterans benefits.

The CA35 table also includes new detail on the Earned income tax credit. The CA35 table continues to be fully consistent with State tables SA35 and SQ35 which present annual and quarterly State statistics on personal current transfer receipts.

CA35 Personal current transfer receipts
LineCode Description
1000 Personal current transfer receipts (thousands of dollars)
2000 Current transfer receipts of individuals from governments
2100 Retirement and disability insurance benefits
2110 Social Security benefits
2120 Excluding Social Security benefits
2200 Medical benefits
2210 Medicare benefits
2220 Public assistance medical care benefits
2230 Military medical insurance benefits
2300 Income maintenance benefits
2310 Supplemental security income (SSI) benefits
2320 Earned Income Tax Credit (EITC)
2330 Supplemental Nutrition Assistance Program (SNAP)
2340 Other income maintenance benefits
2400 Unemployment insurance compensation
2410 State unemployment insurance compensation
2420 Excluding state unemployment insurance compensation
2500 Veterans benefits
2600 Education and training assistance
2700 Other transfer receipts of individuals from governments
3000 Current transfer receipts of nonprofit institutions
4000 Current transfer receipts of individuals from businesses

Thank you for your continued interest and support for BEA’s LAPI program. For further information about the statistics, contact the Regional Income Division at 202-606-5360, or e-mail reis@bea.gov.

Real Consumer Spending Rises in March

PI_5_1_14_TablePersonal income increased 0.5 percent in March after increasing 0.4 percent in February. Wages and salaries, the largest component of personal income, increased 0.6 percent after increasing 0.3 percent.

Current-dollar disposable personal income (DPI), after-tax income, increased 0.5 percent in March after increasing 0.4 percent in February.

Real DPI, income adjusted for taxes and inflation, increased 0.3 percent in March, the same increase as in February.

Real consumer spending, spending adjusted for price changes, increased 0.7 percent in March after increasing 0.4 percent in February. Spending on durable goods increased 2.7 percent after increasing 1.3 percent. Purchases of motor vehicles and parts accounted for more than half of the March increase.

PCE prices increased 0.2 percent in March after increasing 0.1 percent in February. Excluding food and energy, PCE prices rose 0.2 percent in March.

Personal saving rate
Personal saving as a percent of DPI was 3.8 percent in March and 4.2 percent in February.

PI_5_1_14_Chart

Read the full report