Archive for the 'BEA News' Category



First-Quarter GDP Revised Up

Real gross domestic product (GDP) decreased 0.2 percent in the first quarter of 2015, according to the “third” estimate released by the Bureau of Economic Analysis. The growth rate was revised up 0.5 percentage point from the “second” estimate released in May. In the fourth quarter of 2014, real GDP increased 2.2 percent.June 24 pt 2

GDP highlights
The first-quarter decline in real GDP reflected declines in exports of goods, notably capital goods as well as autos and parts; in business investment, notably in mining exploration, shafts, and wells; and in state and local government spending.

Partly offsetting the contributions to the decline in GDP, consumer spending on services rose, notably on health care and on housing and utilities. Also, inventory investment and housing investment rose.

Revisions
The percent change in first-quarter real GDP was revised up, mainly reflecting up revisions to exports, consumer spending, inventory investment, business investment, and state and local government spending. Partly offsetting these revisions, imports was revised up.

For more information, see the technical note.

Personal income and personal saving
Real disposable personal income (DPI) – personal income adjusted for inflation and taxes – increased 5.3 percent in the first quarter, compared with 4.1 percent in the fourth quarter. Personal saving as a percentage of current-dollar DPI was 5.4 percent, compared with 4.7 percent in the fourth quarter.

GDP June 24

Corporate profits
Corporate profits decreased 5.2 percent at a quarterly rate in the first quarter after decreasing 1.4 percent in the fourth quarter of 2014.

  • Profits of domestic nonfinancial corporations fell 6.1 percent after rising 1.4 percent.
  • Profits of domestic financial corporations fell 0.5 percent after falling 2.7 percent.
  • Profits from the rest of the world fell 7.7 percent after falling 8.8 percent.

Over the last 4 quarters, corporate profits increased 4.5 percent.

For more information, read the full report.

Travel and Tourism Spending Decelerated in the First Quarter of 2015

Real spending (output) on travel and tourism decelerated in the first quarter of 2015, increasing at an annual rate of 2.0 percent after increasing 4.9 percent (revised) in the fourth quarter of 2014.  By comparison, real gross domestic product (GDP) turned down, decreasing 0.7 percent (second estimate) in the first quarter after increasing 2.2 percent.

The leading contributors to the deceleration in the first quarter were “all other transportation-related commodities” and “food services and drinking places.” “All other transportation-related commodities” decelerated, increasing 1.9 percent in the first quarter after increasing 13.3 percent in the fourth quarter. “Food services and drinking places” also decelerated, increasing 2.0 percent after increasing 8.9 percent. Partially offsetting these decelerations, “passenger air transportation” turned up, increasing 3.9 percent in the first quarter after decreasing 2.2 percent.

TTSA_2015q1_Talking_Points_WithChart (2)

For more information, read the full report.

First Quarter 2015 Travel and Tourism Spending Data to Be Released June 23

Statistics on what Americans and foreigners spent on travel and tourism in the United States in the first quarter of 2015 will be released Tuesday, June 23 by the Bureau of Economic Analysis (BEA).

The statistics, part of BEA’s Travel and Tourism Satellite Accounts, provide a breakdown of the various components of travel and tourism spending, including lodging, meals, air travel, and shopping. The statistics will also provide data on employment in the tourism industry.

These statistics, which will be available at 8:30 a.m. eastern time on BEA’s website (www.bea.gov) and by email subscription, can be used for the following purposes:

  • To assess the effects of travel and tourism on the U.S. economy
  • To compare national trends to locally observed trends
  • To examine the relationship among the travel and tourism industries
  • To compare travel and tourism industries to other industries.