State personal income growth averaged 1.0 percent in the third quarter of 2014, down from 1.2 percent in the second quarter. Growth in personal income–the sum of net earnings by place of residence, property income, and personal current transfer receipts–slowed in 38 states and in the District of Columbia. The percent change across states ranged from -0.2 percent in South Dakota (the only state with a decline) to 1.4 percent in Texas. Inflation, as measured by the national price index for personal consumption expenditures, slowed to 0.3 percent in the third quarter from 0.6 percent in the second quarter.
Archive Page 4
Tags: Bureau of Economic Analysis, personal income, State Personal Income
Tags: BEA, BEA News, Bureau of Economic Analysis, travel and tourism
Real spending on travel and tourism decelerated in the third quarter of 2014, increasing at an annual rate of 1.3 percent after increasing 3.3 percent (revised) in the second quarter. Real gross domestic product (GDP) also decelerated, increasing 3.9 percent (second estimate) in the third quarter after increasing 4.6 percent.
The leading contributors to the deceleration in the third quarter were “passenger air transportation,” and “recreation and entertainment.” “Passenger air transportation” turned down, decreasing 7.2 percent in the third quarter after increasing 11.1 percent in the second quarter. “Recreation and entertainment” also turned down, decreasing 5.5 percent after increasing 4.1 percent. Partially offsetting these downturns, “traveler accommodations” turned up, increasing 8.3 percent in the third quarter after decreasing 0.9 percent.
Tags: BEA, Bureau of Economic Analysis, current-account deficit
The U.S. current-account deficit — a net measure of transactions between the United States and the rest of the world in goods, services, primary income (investment income and compensation), and secondary income (current transfers) — increased to $100.3 billion (preliminary) in the third quarter of 2014 from $98.4 billion (revised) in the second quarter of 2014. As a percentage of U.S. GDP, the deficit remained at 2.3 percent. The previously published current-account deficit for the second quarter was $98.5 billion.
- The deficit on international trade in goods decreased to $182.1 billion from $189.3 billion as goods exports increased and goods imports decreased.
- The surplus on international trade in services decreased to $57.7 billion from $58.1 billion as services imports increased more than services exports.
- The surplus on primary income increased to $59.0 billion from $54.8 billion as primary income receipts increased more than primary income payments.
- The deficit on secondary income (current transfers) increased to $34.9 billion from $22.0 billion as secondary income receipts decreased and secondary income payments increased.
Net U.S. borrowing from financial-account transactions was $22.5 billion in the third quarter, up from $22.2 billion in the second.
- Net U.S. acquisition of financial assets excluding financial derivatives was $358.2 billion in the third quarter, up from $241.6 billion in the second.
- Net U.S. incurrence of liabilities excluding financial derivatives was $356.4 billion in the third quarter, up from $261.0 billion in the second.
- Net borrowing in financial derivatives other than reserves was $24.3 billion in the third quarter, up from $2.8 billion in the second.