Archive for the 'BEA News' Category



Brian Moyer Named New BEA Director

Moyer

Brian Moyer was named Director of the Bureau of Economic Analysis, bringing more than 20 years of experience in economic statistics to the post. His new status as Director takes effect Sept. 21.

Dr. Moyer is currently BEA’s Deputy Director and has served as Acting Director since May 2 when the agency’s previous chief retired.

The non-partisan BEA is one of the federal government’s leading economic intelligence agencies and produces millions of official economic data points – national, regional, industry and international – used by business leaders, policymakers and Americans to make more informed decisions.

Dr. Moyer joined BEA, which is part of the U.S. Commerce Department, in 1993 and held several key positions including Associate Director for Industry Accounts.

Under his leadership, BEA has made numerous advances in measuring and gauging the performance of the U.S. economy, including new measures of intangible and high-tech goods and services, expanded information on multinational companies and foreign direct investment, and more timely GDP statistics for states, metropolitan area and industries. Dr. Moyer has also played a key role in developing and improving international standards and guidelines used to prepare economic statistics worldwide.

“With the challenges facing BEA in the coming years – things like greater use of ‘big data’ and more integration across the U.S. statistical agencies – I am pleased to have Brian leading BEA,” said Mark Doms, Under Secretary for Economic Affairs at the U.S. Commerce Department.

Dr. Moyer holds Bachelor’s and Master’s degrees in economics from the University of Maryland and a Ph.D in economics from American University.

Real Consumer Spending Falls in July

Personal Income rose 0.2 percent in July after rising 0.5 percent in June. Wages and salaries, the largest component of personal income, rose 0.2 percent in July after rising 0.4 percent in June. PCE stat

Current-dollar disposable personal income (DPI), after-tax income rose 0.1 percent in July after rising 0.5 percent in June.

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

Real consumer spending, spending adjusted for price changes, decreased 0.2 percent in July after increasing 0.2 percent in June. Spending on durable goods decreased 0.6 percent in July after increasing 0.5 percent in June.

PCE prices increased 0.1 percent in July after increasing 0.2 percent in June. Excluding food and energy, PCE prices increased 0.1 percent in July, the same as in June.

Personal saving
Personal saving as a percent of DPI was 5.7 percent in July and 5.4 percent in June.

Read the full report.

Real Disposable Personal Income and Real Consumer Spending

GDP Up in Second Quarter

Real gross domestic product (GDP) increased 4.2 percent in the second quarter of 2014, according to the “second” estimate released by the Bureau of Economic Analysis. In the first quarter, real GDP decreased 2.1 percent. The second-quarter growth rate was revised up 0.2 percentage point from the “advance” estimate released in July.

Second-quarter highlights

The upturn in real GDP growth was primarily driven by the following: Q2Q Growth

  •  Exports, mainly goods exports, increased after decreasing in the first quarter.
  •  Nonfarm inventory investment by motor vehicle dealers turned up.
  •  Consumer spending, notably motor vehicles and parts, increased more than in the first quarter.

In addition, business investment picked up, and state and local government spending increased after decreasing in the first quarter.

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 0.2 percentage point revision to second-quarter GDP growth primarily reflected an upward revision to business investment and a downward revision to imports. These revisions were partly offset by a downward revision to inventory investment.

See the Technical Note for more information.

Corporate profitsq2q corporate

BEA’s featured measure of corporate profits increased 8.0 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 10.6 percent after falling 7.4 percent in the first quarter.
  • Profits of financial corporations rose 7.3 percent after falling 17.1 percent.
  • Profits from the rest of the world rose 1.2 percent after falling 6.1 percent.

Over the last 12 months, corporate profits fell 0.3 percent.

Read the full report.