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BEA Stats Offer Interesting Nuggets about U.S. Factories in Recognition of Manufacturing Day

Today is Manufacturing Day and that’s the perfect time to brush up on your factory factoids. Here are some data nuggets produced by the Bureau of Economic Analysis that might surprise you:bea-manufacturing-by-state

The first two facts come from BEA’s GDP by industry data, which are now available on a quarterly basis. The next installment comes out Nov. 13. The third one comes from BEA’s GDP accounts. And, data on exports of manufactured goods can be found in the monthly trade report produced jointly by BEA and the U.S. Census Bureau.

Want to know where manufacturing plays the biggest role in state and regional economies? You can rely on BEA data to answer that question.  

In 2013, Indiana ranked highest in the concentration of manufacturing, followed by Oregon, Louisiana, and North Carolina. According to the BEA’s GDP by metropolitan area data released Sept. 16, the Elkhart-Goshen, Indiana and Kokomo, Indiana metro areas had the highest manufacturing concentration in the nation, followed by the Lake Charles, Louisiana metro area.

Providing businesses and individuals with the statistics they need to compete in the global marketplace is one way that BEA is helping to unleash the power of data for American businesses. The Commerce Department’s ‘Open for Business Agenda’ prioritizes unleashing more data and making it more accessible so it can catalyze the emergence of new businesses, products, and services. Data from the Commerce Department, America’s data agency, enable start-ups, move markets, and power both small and multi-billion dollar companies.

August 2014 Trade Gap is $40.1 Billion

The U.S. monthly international trade deficit decreased in August 2014 according to the U.S. Bureau of Economic Analysis and the U.S. Census Bureau. The deficit decreased from $40.3 billion in July (revised) to $40.1 billion in August as exports increased more than imports. The previously published July deficit was $40.5 billion. The goods deficit increased $0.1 billion from July to $59.9 billion in August; the services surplus increased $0.3 billion from July to $19.8 billion in August.

August Trade Gap

Exports
Exports of goods and services increased $0.4 billion in August to $198.5 billion, mostly reflecting an increase in exports of services. Exports of goods also increased.

  • The increase in exports of services reflected increases in transport, which includes freight and port services and passenger fares, and in travel (for all purposes including education). Changes in the other categories of services exports were relatively small.
  • The increase in exports of goods was more than accounted for by increases in capital goods, in consumer goods, and in industrial supplies and materials. Partly offsetting were decreases in automotive vehicles, parts, and engines and in foods, feeds, and beverages.

Imports
Imports of goods and services increased $0.2 billion in August to $238.6 billion, reflecting increases in imports of both goods and services.

  • The increase in imports of goods was more than accounted for by increases in capital goods and in consumer goods. Partly offsetting were decreases in automotive vehicles, parts, and engines and in other goods.
  • The increase in imports of services reflected increases in transport and in other business services that were partly offset by a decrease in charges for the use of intellectual property, which in July included payments for the rights to broadcast the 2014 soccer World Cup.

Goods by geographic area (seasonally adjusted, Census basis)

  • The goods deficit with OPEC decreased from $4.9 billion in July to $2.4 billion in August. Exports increased $0.8 billion to $7.7 billion, and imports decreased $1.7 billion to $10.1 billion.
  • The goods deficit with Japan decreased from $5.7 billion in July to $4.7 billion in August. Exports increased $0.5 billion to $6.1 billion, and imports decreased $0.5 billion to $10.8 billion.
  • The goods deficit with the European Union increased from $9.5 billion in July to $12.5 billion in August. Exports decreased $0.7 billion to $24.0 billion, and imports increased $2.2 billion to $36.5 billion.

Read the full report.

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.

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Read the full report.