Archive Page 2

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.

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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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State-Person14

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Real Consumer Spending Rose in August

Personal income rose 0.3 percent in August after rising 0.2 percent in July. Wages and salaries, the largest component of personal income, rose 0.4 percent in August afterJune thru Aug chart rising 0.2 percent in July.

Current-dollar disposable personal income (DPI), after-tax income, rose 0.3 percent in August after rising 0.2 percent in July.

Real DPI, income adjusted for taxes and inflation, increased 0.3 percent in August after increasing 0.1 percent in July.

Real consumer spending, spending adjusted for price changes, increased 0.5 percent in August after decreasing 0.1 percent in July. Spending on durable goods increased 1.9 percent in August after increasing 0.1 percent in July.

PCE prices remained flat in August after increasing 0.1 percent in July. Excluding food and energy, PCE prices increased 0.1 percent in August, the same increase as in July.

Personal saving rate
Personal saving as a percent of DPI was 5.4 percent in August and 5.6 percent in July.

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Real Disposable