Archive for the 'GDP by Industry' Category

Travel and Tourism Spending Accelerated in the Fourth Quarter of 2013

Real spending on travel and tourism accelerated in the fourth quarter of 2013, increasing at an annual rate of 4.2 percent after increasing 3.1 percent (revised) in the third quarter of 2013.

Real Tourism Spending.  Real spending on “traveler accommodations” accelerated, increasing 14.5 percent in the fourth quarter after increasing 3.3 percent in the third quarter. The increase was primarily driven by group and corporate revenue growth. Real spending on “food services and drinking places” also accelerated, increasing 7.7 percent in the fourth quarter after no change in the third quarter.RealTourismSpending_4q13

Tourism Prices.  Prices for “traveler accommodations” decreased 8.0 percent in the fourth quarter, after decreasing 3.0 percent in the third quarter. In contrast, prices for “passenger air transportation” accelerated, increasing 7.9 percent in the fourth quarter after increasing 5.7 percent in the third quarter. Strong holiday demand was reflected by an increase in passenger unit revenue.TourismPrices_4q13

Tourism Employment.  Employment in the travel and tourism industries accelerated in the fourth quarter, increasing 2.8 percent after increasing 1.8 percent in the third quarter.  The primary contributors to the acceleration in employment were increases in “recreation, entertainment, and shopping” and “transportation.”TourismEmployment_4q13

To learn more, read the full report.

New Statistics Will Provide More Timely Snapshot of How Industries are Performing

Want to know how much manufacturing contributed to U.S. economic growth in a given quarter? How about educational services?

For the first time, the Bureau of Economic Analysis (BEA) will soon start producing on a regular basis quarterly estimates of economic activity generated by 22 industries.

The first quarterly gross domestic product (GDP) by industry report will be released April 25 and will provide information on how these industries fared in the fourth quarter of 2013 as well as how they performed in previous quarters back to the first quarter of 2005. The report will also provide annual statistics for 2013. Previously, BEA published GDP by industry statistics only on an annual basis, so businesses and policymakers had a much longer wait for such information.

The new quarterly statistics will provide a different look at quarterly economic growth.  For instance, on February 28, BEA reported that the U.S. economy grew at a 2.4 percent pace in the fourth quarter of 2013. While that GDP report provides a lot of crucial information, the new quarterly GDP by industry report will shed light on whether most industries contributed to the nation’s economic growth or whether just a handful of industries accounted for most of it.

The new quarterly statistics also will serve as a better barometer for potential turning points in the U.S. economy and give businesses and policymakers a better understanding of the strengths and weaknesses of the overall economy. For instance, in 2005—during the run up to the great recession—the U.S. economy grew 3.4 percent. Finance, insurance, real estate, rental, and leasing accounted for 1.3 percentage points of that growth—more than a third. Providing regular, timely updates on how economic growth is distributed across the industries can help policymakers and business leaders identify potential trouble spots in the economy.

BEA officials will discuss these new GDP by industry statistics at a data user conference March 11 at BEA.

These new estimates are just one way that BEA is innovating to better measure the 21st Century economy. This year, BEA also will introduce real (inflation-adjusted) estimates of personal income for states and metropolitan areas, along with prototype estimates of quarterly GDP by state and annual consumer spending by state. Providing businesses and individuals with new data tools like these is a priority of the Commerce Department’s “Open for Business Agenda.”

BEA Readies 2014 Rollout of New Economic Statistics

BEA is releasing several new statistical products this year, part of an ongoing effort to better measure the dynamic U.S. economy and give businesses, policymakers and ordinary Americans additional tools to make informed decisions. Each report will be released at 8:30 a.m. eastern time on the date indicated.

REAL PERSONAL INCOME FOR STATE AND METROPOLITAN AREAS
• Annual report covers 2012 back to 2008
• Release date: April 24
• Report provides statistics on people’s incomes adjusted for inflation and broken out by state and metro area
• Adjusting regional personal income data for differences in the cost of consumer goods and services provides insight into the relative purchasing power of consumers in different states and metro areas
• BEA has previously released prototype statistics of this kind. This year, for the first time, BEA will start releasing annual reports on a regular basis

QUARTERLY GDP BY INDUSTRY
• Quarterly report covers the fourth quarter of 2013 back to the first quarter of 2005. Report also provides annual statistics for 2013
• Release date: April 25
• Statistics show how much how much economic activity is generated by different industries and how much individual industries contributed to overall U.S. economic growth
• For the first time, BEA is releasing GDP by industry statistics on a quarterly basis. Previously, these statistics were available only annually
• Quarterly statistics will provide a more timely snapshot of how individual industries are faring and can serve as a better barometer for potential turning points in the U.S. economy

PERSONAL CONSUMPTION EXPENDITURES BY STATE
• Annual report covers 2012 back to 1997
• Release date: Aug. 7
• Prototype statistic, meaning refinements in methodology may be made before this becomes a regular BEA product
• BEA, for the first time, will produce annual statistics on consumer spending broken out by state. Currently, BEA provides consumer spending figures only on the national level
• These statistics will offer for the first time a detailed look at consumer behavior in each of the country’s 50 states. Report will provide a gauge of how consumers in different states are faring, offering a richer picture of economic activity across entire United States

QUARTERLY GDP BY STATE
• Quarterly report covers the fourth quarter of 2013 back to the first quarter of 2007
• Release date: Aug. 20
• Prototype statistic, meaning refinements in methodology may be made before this becomes a regular BEA product
• BEA, for the first time, will produce quarterly statistics showing overall economic activity generated by each state as well as the main forces either supporting or restraining growth. Currently, BEA provides GDP-by-state statistics only at the national level
• These statistics will offer a more up-to-date picture of how states’ economies are faring and will provide a more detailed view of economic activity across the entire United States. The statistics will also serve as a better barometer for potential turning points for the overall U.S. economy