On July 30, the Bureau of Economic Analysis will release its annual update of the national income and product accounts (NIPAs) in conjunction with the advance estimate for the second quarter of 2015. As is usual for annual NIPA revisions, the revised estimates will incorporate newly available source data that are more complete, more detailed, and otherwise more reliable than those that were previously incorporated.
This year’s annual revision will introduce the following:
- An improved treatment of federal refundable tax credits in the personal income and outlays account and the government receipts and expenditures account.
- Two new aggregates—the average of gross domestic product (GDP) and gross domestic income (GDI) and final sales to private domestic purchasers—that will facilitate the analysis of macroeconomic trends.
- Improvements to the seasonal adjustment of GDP components, including federal defense spending on services, and of the source data underlying several other NIPA components.
- An expanded presentation of payments and receipts of transfers and taxes between the United States and the “rest of world” that will harmonize the NIPA presentation of these transactions with the presentation in BEA’s international transactions accounts (ITAs).
- An improved presentation of exports and imports that provides detail on exports of petroleum and products that will align the NIPA presentation of trade in industrial supplies and materials with the presentation in the ITAs.
Read the entire article in the June Survey of Current Business.
- Real GDP increased in 48 states and the District of Columbia in 2014. Leading industry contributors were professional, scientific, and technical services; nondurable goods manufacturing; and real estate and rental and leasing.
- Professional, scientific, and technical services was the largest contributor to U.S. real GDP by state growth in 2014. This industry contributed to real GDP growth in 46 states and the District of Columbia. It was a large contributor to growth in three states – California, Massachusetts, and Utah.
- Nondurable goods manufacturing was the leading contributor to growth in the Great Lakes region and made a substantial contribution to growth in Louisiana and Montana.
- Real estate and rental and leasing contributed to real GDP growth in 32 states and the District of Columbia.
- Mining was the leading contributor to growth in the five fastest growing states – North Dakota, Texas, West Virginia, Wyoming, and Colorado.
- In contrast, agriculture, forestry, fishing, and hunting subtracted from real GDP growth in six of eight BEA regions and 39 states in 2014.
- Real GDP decreased in Alaska and Mississippi in 2014. Alaska’s decrease was primarily due to a decline in mining while the decrease in Mississippi was mainly due to a decline in construction.
- Per capita real GDP ranged from a high of $66,160 in Alaska to a low of $31,551 in Mississippi. Per capita real GDP for the U.S. was $49,649.
For more information, read the full report.
Published May 29, 2015
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Real gross domestic product (GDP) decreased 0.7 percent in the first quarter of 2015, according to the “second” estimate released by the Bureau of Economic Analysis. The growth rate was revised down 0.9 percentage point from the “advance” estimate released in April. In the fourth quarter of 2014, real GDP increased 2.2 percent.
The first-quarter decline in real GDP reflected declines in the following:
- Goods exports, notably of capital goods and of autos and parts.
- Business investment, notably in mining exploration, shafts, and wells.
- State and local government spending.
Offsetting these contributions to the decrease in first-quarter GDP:
- Consumer spending on services increased, notably on health care and on housing and utilities.
- Nonfarm inventory investment also rose, notably in wholesale trade durable goods-related industries.
The percent change in first-quarter real GDP was revised down, mainly reflecting an upward revision to imports and downward revisions to inventory investment and to consumer spending. Offsetting these revisions, residential investment was revised up. For more information, see the technical note.
Corporate profits decreased 5.9 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 decreased 7.7 percent after increasing 1.4 percent.
- Profits of domestic financial corporations decreased 0.6 percent after decreasing 2.7 percent.
- Profits from the rest of the world decreased 6.0 percent after decreasing 8.8 percent.
Over the last 4 quarters, corporate profits increased 3.7 percent.
For more information, read the full report.