The U.S. monthly international trade deficit decreased in January 2015 according to the U.S. Bureau of Economic Analysis and the U.S. Census Bureau. The deficit decreased from $45.6 billion in December (revised) to $41.8 billion in January, as imports decreased more than exports. The previously published December deficit was $46.6 billion. The goods deficit decreased $3.4 billion from December to $61.6 billion in January. The services surplus increased $0.5 billion from December to $19.9 billion in January.
Exports of goods and services decreased $5.6 billion, or 2.9 percent, in January to $189.4 billion. Exports of goods decreased $5.5 billion and exports of services decreased $0.1 billion.
- The decrease in exports of goods mostly reflected decreases in industrial supplies and materials ($2.2 billion), in other goods ($1.2 billion), and in foods, feeds, and beverages ($1.1 billion).
- The decrease in exports of services reflected decreases in transport ($0.2 billion), which includes freight and port services and passenger fares, and in financial services ($0.1 billion) that were partly offset by increases in travel (for all purposes including education) ($0.2 billion) and in other business services ($0.1 billion).
Imports of goods and services decreased $9.4 billion, or 3.9 percent, in January to $231.2 billion. Imports of goods decreased $8.9 billion and imports of services decreased $0.5 billion.
- The decrease in imports of goods mostly reflected decreases in industrial supplies and materials ($6.0 billion) and in consumer goods ($2.1 billion).
- The decrease in imports of services mainly reflected decreases in transport ($0.4 billion) and in travel (for all purposes including education) ($0.2 billion).
Goods by geographic area (seasonally adjusted, Census basis)
- The goods deficit with Mexico decreased from $5.6 billion in December to $3.9 billion in January. Exports
increased $0.3 billion to $19.9 billion and imports decreased $1.5 billion to $23.8 billion.
- The goods deficit with Japan increased from $5.4 billion in December to $6.5 billion in January. Exports
decreased $0.5 billion to $5.3 billion and imports increased $0.7 billion to $11.8 billion.
For more, see the full report.
Personal income rose 0.3 percent in January, the same increase as in December. Wages and salaries, the largest component of personal income, rose 0.6 percent in January after rising 0.1 percent in December.
Current-dollar disposable personal income (DPI), after-tax income, rose 0.4 percent in January after rising 0.3 percent in December.
Real DPI, income adjusted for taxes and inflation, increased 0.9 percent in January after increasing 0.5 percent in December.
Real consumer spending (PCE), spending adjusted for price changes, increased 0.3 percent in January after decreasing 0.1 percent in December. Spending on durable goods increased 0.2 percent in January after decreasing 1.0 percent in December.
PCE prices decreased 0.5 percent in January after decreasing 0.2 percent in December. Excluding food and energy, PCE prices increased 0.1 percent in January after increasing less than 0.1 percent in December.
Personal saving rate
Personal saving as a percent of DPI was 5.5 percent in January and 5.0 percent in December.
For more, see the full report.
Published February 27, 2015
Real gross domestic product (GDP) increased 2.2 percent in the fourth quarter of 2014, according to the “second” estimate released by the Bureau of Economic Analysis. The growth rate was 0.4 percentage point less than the “advance” estimate released in January. In the third quarter, real GDP increased 5.0 percent.
Fourth-quarter GDP highlights
The increase in GDP in the fourth quarter was more than accounted for by consumer spending, which rose 4.2 percent, compared with 3.2 percent in the third quarter. Spending on both goods and services increased in the fourth quarter.
- Business investment increased, notably in intellectual property products.
- Exports of goods and services increased; foods, feeds, and beverages was the largest contributor.
- State and local government spending increased.
Offsetting these contributions to growth, imports increased, and federal government spending on national defense decreased.
The revision to the change in real GDP mainly reflected a downward revision to nonfarm inventory investment and an upward revision to imports. These contributions were partly offset by upward revisions to business investment and to state and local spending. For more information, see the technical note.
Annual GDP highlights
For the year 2014, real GDP rose 2.4 percent after rising 2.2 percent in 2013.
- Contributing to the increase in 2014:
- Consumer spending on both services and goods increased.
- Business investment increased, most notably in equipment.
- Exports of goods increased, notably in industrial supplies and materials.
Offsetting these contributions, imports increased, and federal government spending decreased.
Prices of goods and services purchased by U.S. residents increased 1.4 percent in 2014 after increasing 1.3 percent in 2013.
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