Archive Page 2

Looking for Economic Information on Coastal Areas? Visit BEA’s Website

recboating-marinaHow much economic activity is generated by a state in a coastal area? How much do people living in coastal areas earn?

A visit to BEA’s Economic Information for Coastal Areas section on its website provides you with that information – and much more.

You can get details on the sources of personal income, such as wages and salaries, how much income came from investments and how much came from transfer benefits such as unemployment checks and Social Security benefits. This information is available for coastal states and for coastal counties. You can also find out how much income per person was generated in coastal counties and states.

You also can find out earnings generated by people working in different industries for coastal states and coastal counties. For instance, you can look up earnings for people employed in fishing, hunting and trapping. Or for those employed in oil and gas extraction, food manufacturing or transportation. That information also is available on a state and county level.

Business owners and entrepreneurs can use BEA’s coastal economic statistics to help them make more informed decisions about investing and hiring in those areas.

The site, launched two years ago, stems from a joint project with the Commerce Department’s National Oceanic and Atmospheric Administration.

BEA to Release Modified Regional Input-Output Model in 2015

The Bureau of Economic Analysis plans to release in 2015 a modified economic model to replace the original Regional Input-Output Modeling System (RIMS II).  Cost savings will be realized because the modified model will be updated less frequently.

Much like RIMS II, the modified model will produce regional “multipliers” that can be used in economic impact studies to estimate the total economic impact of a project on a region.

However, the modified model will be updated with new input-output (I-O) data only for benchmark years.  That is — years ending in two and seven.  The modified model will become available to customers in 2015 and incorporate 2007 benchmark I-O data and 2012 regional economic data.

Last year, as a result of budget sequestration and reduced funding levels, BEA discontinued updates to RIMS II.  Orders for RIMS II multipliers, however, have continued to be accepted because the cost of fulfilling these orders is covered by a nominal processing fee.

After investigating ways to continue to meet the analytical needs of our customers but do so at a lower cost to BEA, the bureau decided to make a modified economic model available. Until the modified model is available in 2015, customers may continue to buy RIMS II multipliers.

May 2014 Trade Gap is $44.4 Billion

The U.S. monthly international trade deficit decreased in May 2014 according to the U.S. Bureau of Economic Analysis and the U.S. Census Bureau. The deficit decreased from $47.0 billion in April (revised) to $44.4 billion in May as exports increased and imports decreased. The previously published April deficit was $47.2 billion. The goods deficit decreased $2.4 billion from April to $63.3 billion in May; the services surplus increased $0.3 billion from April to $18.9 billion in May.

BALANCE ON GOODS AND SERVICES TRADE

Exports

Exports of goods and services increased $2.0 billion in May to $195.5 billion, mostly reflecting an increase in exports of goods. Exports of services also increased.

  • The increase in exports of goods mainly reflected increases in automotive vehicles, parts, and engines, in other goods, and in consumer goods.
  • The increase in exports of services mainly reflected increases in travel (for all purposes including education) and in transport, which includes freight and port services and passenger fares.

Imports

Imports of goods and services decreased $0.7 billion in May to $239.8 billion, mainly reflecting a decrease in imports of goods. Imports of services were nearly unchanged.

  • The decrease in imports of goods mainly reflected decreases in industrial supplies and materials, in other goods, and in consumer goods. Increases in automotive vehicles, parts, and engines and in capital goods were partly offsetting.
  • Changes in all categories of imports of services were small and mostly offsetting.

Goods by geographic area (seasonally adjusted, Census basis)

  • The goods deficit with Canada increased from $2.5 billion in April (revised) to $3.5 billion in May. Exports increased $0.6 billion to $26.2 billion, and imports increased $1.6 billion to $29.7 billion.
  • The goods deficit with Mexico decreased from $4.5 billion in April to $3.5 billion in May. Exports increased $1.1 billion to $20.8 billion, and imports increased $0.1 billion to $24.4 billion.
  • The goods deficit with Saudi Arabia decreased from $4.0 billion in April to $2.3 billion in May. Exports increased $0.4 billion to $1.7 billion, and imports decreased $1.3 billion to $4.1 billion.

Read the full report.