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Brian Moyer Named New BEA Director

Moyer

Brian Moyer was named Director of the Bureau of Economic Analysis, bringing more than 20 years of experience in economic statistics to the post. His new status as Director takes effect Sept. 21.

Dr. Moyer is currently BEA’s Deputy Director and has served as Acting Director since May 2 when the agency’s previous chief retired.

The non-partisan BEA is one of the federal government’s leading economic intelligence agencies and produces millions of official economic data points – national, regional, industry and international – used by business leaders, policymakers and Americans to make more informed decisions.

Dr. Moyer joined BEA, which is part of the U.S. Commerce Department, in 1993 and held several key positions including Associate Director for Industry Accounts.

Under his leadership, BEA has made numerous advances in measuring and gauging the performance of the U.S. economy, including new measures of intangible and high-tech goods and services, expanded information on multinational companies and foreign direct investment, and more timely GDP statistics for states, metropolitan area and industries. Dr. Moyer has also played a key role in developing and improving international standards and guidelines used to prepare economic statistics worldwide.

“With the challenges facing BEA in the coming years – things like greater use of ‘big data’ and more integration across the U.S. statistical agencies – I am pleased to have Brian leading BEA,” said Mark Doms, Under Secretary for Economic Affairs at the U.S. Commerce Department.

Dr. Moyer holds Bachelor’s and Master’s degrees in economics from the University of Maryland and a Ph.D in economics from American University.

July 2014 Trade Gap is $40.5 Billion

The U.S. monthly international trade deficit decreased in July 2014 according to the U.S. Bureau of Economic Analysis and the U.S. Census Bureau. The deficit decreased from $40.8 billion in June (revised) to $40.5 billion in July as exports increased more than imports. The previously published June deficit was $41.5 billion. The goods deficit decreased $0.2 billion from June to $60.2 billion in July; the services surplus was nearly unchanged from June at $19.6 billion.

Trade_july2014

Exports
Exports of goods and services increased $1.8 billion in July to $198.0 billion, mostly reflecting an increase in exports of goods. Exports of services also increased.

  • The increase in exports of goods was more than accounted for by increases in automotive vehicles, parts, and engines and in industrial supplies and materials. Partly offsetting were decreases in consumer goods and in foods, feeds, and beverages.
  • The increase in exports of services reflected increases of less than $0.1 billion in several categories of services.

Imports
Imports of goods and services increased $1.6 billion in July to $238.6 billion, reflecting an increase in imports of goods. Imports of services were nearly unchanged.

  • The increase in imports of goods was mostly accounted for by an increase in automotive vehicles, parts, and engines.
  • Imports of services were nearly unchanged as an increase in other business services was mostly offset by a decrease in charges for the use of intellectual property, which decreased due to higher payments in June than in July for the rights to broadcast the 2014 soccer World Cup.

Goods by geographic area (seasonally adjusted, Census basis)

  • The goods deficit with the European Union decreased from $11.5 billion in June to $9.5 billion in July. Exports increased $0.5 billion to $24.8 billion, and imports decreased $1.5 billion to $34.3 billion.
  • The goods deficit with China decreased from $29.2 billion in June to $27.5 billion in July. Exports increased $0.1 billion to $9.8 billion, and imports decreased $1.6 billion to $37.3 billion.
  • The goods deficit with OPEC increased from $3.6 billion in June to $4.9 billion in July. Exports increased $0.3 billion to $6.9 billion, and imports increased $1.5 billion to $11.8 billion.

See the full report.

Real Consumer Spending Falls in July

Personal Income rose 0.2 percent in July after rising 0.5 percent in June. Wages and salaries, the largest component of personal income, rose 0.2 percent in July after rising 0.4 percent in June. PCE stat

Current-dollar disposable personal income (DPI), after-tax income rose 0.1 percent in July after rising 0.5 percent in June.

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

Real consumer spending, spending adjusted for price changes, decreased 0.2 percent in July after increasing 0.2 percent in June. Spending on durable goods decreased 0.6 percent in July after increasing 0.5 percent in June.

PCE prices increased 0.1 percent in July after increasing 0.2 percent in June. Excluding food and energy, PCE prices increased 0.1 percent in July, the same as in June.

Personal saving
Personal saving as a percent of DPI was 5.7 percent in July and 5.4 percent in June.

Read the full report.

Real Disposable Personal Income and Real Consumer Spending