Archive for the 'BEA News' Category



State Personal Income: Second Quarter 2014

State personal income growth accelerated to 1.5 percent on average in the second quarter of 2014 from 1.2 percent in the first quarter. Personal income growth ranged from 2.7 percent in North Dakota and Nebraska to 1.1 percent in New York and Alaska, with growth accelerating in 36 states. Inflation, as measured by the national price index for personal consumption expenditures, accelerated to 0.6 percent in the second quarter from 0.3 percent in the first quarter.

spi0914_fax

 

State-Person14

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Real Consumer Spending Rose in August

Personal income rose 0.3 percent in August after rising 0.2 percent in July. Wages and salaries, the largest component of personal income, rose 0.4 percent in August afterJune thru Aug chart rising 0.2 percent in July.

Current-dollar disposable personal income (DPI), after-tax income, rose 0.3 percent in August after rising 0.2 percent in July.

Real DPI, income adjusted for taxes and inflation, increased 0.3 percent in August after increasing 0.1 percent in July.

Real consumer spending, spending adjusted for price changes, increased 0.5 percent in August after decreasing 0.1 percent in July. Spending on durable goods increased 1.9 percent in August after increasing 0.1 percent in July.

PCE prices remained flat in August after increasing 0.1 percent in July. Excluding food and energy, PCE prices increased 0.1 percent in August, the same increase as in July.

Personal saving rate
Personal saving as a percent of DPI was 5.4 percent in August and 5.6 percent in July.

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Real Disposable

GDP Turns up in Second Quarter

Real gross domestic product (GDP) increased 4.6 percent in the second quarter of 2014, according to the “third” estimate released by the Bureau of Economic Analysis. The second-quarter growth rate was revised up 0.4 percentage point from the “second” estimate released in August. In the first quarter, real GDP decreased 2.1 percent.

Second-quarter highlights QUARTER TO Quarter growth
Exports of notably nondurable industrial supplies and materials and nonfarm inventory investment by motor vehicle dealers accounted for much of the upturn in real GDP.

In addition, business investment accelerated, mainly in information processing equipment, as did consumer spending, mainly on motor vehicles and parts.

In contrast to these contributions, imports (a subtraction in the calculation of GDP) were higher in the second quarter than in the first quarter.

Revisions
The 0.4 percentage point revision to second-quarter GDP growth primarily reflected the following:

  • Business investment was revised up, notably manufacturing structures.
  • Exports were revised up, notably travel services.

See the Technical Note for more information.

Corporate profits  corporate profits
Corporate profits increased 8.4 percent at a quarterly rate in the second quarter after decreasing 9.4 percent in the first quarter. The second quarter increase was the largest since the third quarter of 2010.

  • Profits of nonfinancial corporations rose 11.9 percent after falling 7.4 percent.
  • Profits of financial corporations rose 8.0 percent after falling 17.1 percent.
  • Profits from the rest of the world fell 0.9 percent after falling 6.1 percent.

Over the last 12 months, corporate profits rose 0.1 percent.

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