Posts Tagged 'BEA News'

New FAQs Aim to Help Private Funds Determine When They Have to File a Survey to BEA for U.S. Direct Investment Abroad

Gaining a detailed picture of the role the United States plays in the global market place is made easier by the wealth of international investment statistics produced by the Bureau of Economic Analysis.  So it’s critically important that we get the most accurate information possible from businesses, private funds, and others who fill out our BEA surveys.

To that end, BEA recently released some guidance on when private funds may need to fill out a BE-10 survey, which collects information on U.S. direct investment abroad.  The guidance is in the form of several Frequently Asked Questions (FAQs).

The new FAQs answer questions such as:

  • How do I contact BEA if I have specific questions about how to report my U.S. and foreign-based entities (private funds, operating companies, etc.) on the 2014 BE-10 survey?
  • Are the data reported on the BE-10 survey kept confidential?
  • Does the 2014 BE-10 reporting overlap with the Treasury International Capital (TIC) reporting for private funds?
  • How do I complete a survey for a foreign affiliate entity if it is a private fund versus an operating company? The 2014 BE-10 survey forms may have numerous questions which do not appear to apply to my domestic and foreign funds/entities. How do I proceed?
  • How do I determine which U.S.-based private fund entity or manager would be the U.S.  Reporter that is required to complete the 2014 BE-10A Report for U.S.  Reporter?
  • If it is determined that a private fund must complete the 2014 BE-10 survey, which forms are required?
  • My company/client is a private fund that has foreign investment. Am I required to submit the 2014 Benchmark Survey of U.S. Direct Investment Abroad (BE-10)?

Other resources for assisting the filing of the 2014 BE-10 survey can be found here.

Coming in July: BEA to Launch New Tools for Analyzing Economic Growth

The Bureau of Economic Analysis plans to launch two new statistics that will serve as tools to help businesses, economists, policymakers and the American public better analyze the performance of the U.S. economy. These tools will be available on July 30 and emerge from an annual BEA process where improvements and revisions to GDP data are implemented. BEA created these two new tools in response to demand from our customers.

Average of Gross Domestic Product (GDP) and Gross Domestic Income (GDI)

  • BEA will launch a new series that is an average of GDP and GDI, giving users another way to track U.S. economic growth.
  • BEA will present a nominal (or current-dollar) measure of the series and an inflation-adjusted (or chained-dollar) measure of the series.
  • For current dollars, the new measure will be a simple, equally weighted average of GDP and GDI for any given quarter or year.
  • For chained dollars, the new measure will be the current-dollar value deflated by the GDP price index.
  • The new series will be available back to 1929 on an annual basis and to 1947 on a quarterly basis.
  • The new series not only provide users with another barometer on the U.S. economy but also make available series that several independent experts have recommended using in their analysis of the nation’s economic growth.
  • The new series could help account for known measurement inconsistencies between the two statistics. Those may include timing differences, gaps in underlying source data, and survey measurement errors.
  • The new statistics will be available in BEA’s interactive database as well as in the GDP news release tables.

Final Sales to Private Domestic Purchasers

  • BEA will launch a new series called “final sales to private domestic purchasers,” giving users a new tool for tracking consumer and business (or “private”) demand in the domestic economy.
  • BEA will present current-dollars, chained-dollars, quantity indexes, and price indexes for the new series.
  • The series will be derived in current dollars as the sum of consumer spending and private fixed investment, and will be derived in chained-dollars, quantity indexes, and prices indexes using BEA’s standard chain-type index calculations.
  • Statistics will be available back to 1929 on an annual basis and to 1947 on a quarterly basis.
  • Because the new series excludes the more volatile components of GDP, such as inventory investment, net exports, and government spending, it will track the more persistent movements in spending by consumers and businesses.
  • The new statistics will be available in BEA’s interactive database as well as in the GDP news release tables.

This new data tool is just one of the ways that BEA is innovating to better measure the 21st Century economy and provide business and households better tools for understanding that economy. Providing businesses and individuals with new data tools like these is a priority of the Commerce Department’s “Open for Business Agenda.”

BEA’s Brent Moulton to Receive 2015 Julius Shiskin Award

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Brent Moulton, Associate Director for National Economic Accounts of the Bureau of Economic Analysis (BEA), has been selected to receive the 2015 Julius Shiskin Memorial Award for Economic Statistics. The award recognizes unusually original and important contributions in the development of economic statistics or in the use of statistics in interpreting the economy.

Dr. Moulton is recognized for his leadership in implementing major innovations into the U.S. national accounts, international standards for national accounts, and expanded integration of U.S. statistical programs. He is also recognized for his work at the Bureau of Labor Statistics (BLS) in developing innovations that improved the reliability of the Consumer Price Index (CPI). Dr. Moulton is the 43nd recipient of the Award; he will be honored at events hosted by the three sponsors of the award: the Washington Statistical Society, the National Association for Business Economics, and the Business and Economics Section of the American Statistical Association.

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At BEA, Dr. Moulton was responsible for the incorporation of innovations into the U.S. national accounts that have kept them up-to-date to the changing U.S. economy. In these and other areas, policymakers, business economists, and academics have applauded Dr. Moulton for providing significantly more accurate and relevant information for monetary policy, tax policy and projections, fiscal policy, and business planning. The innovations incorporated into the accounts included the following:

  • Treating research and development (R&D) as an investment rather than as an expense, recognizing its increasingly important contribution to economic growth and productivity. This change added 3% to the official measure of U.S. GDP.
  • Expanding BEA’s efforts to extend the incorporation of “intangibles” into the national accounts by recognizing artistic originals as capital assets.
  • New methods for measuring the implicit services provided by the banking and insurance industries, providing more comprehensive measurement of output for these industries.
  • Quality-adjusted price measures for communications equipment and other high-tech equipment to better capture the rapid improvements in their performance and quality.

Dr. Moulton is recognized for his leadership in the developing improved international standards for national accounts. He was one of the initiators of the 2008 update of the System of National Accounts (SNA), the handbook for GDP measurement prepared by the United Nations, the International Monetary Fund, the Organization for Economic Cooperation and Development, the World Bank, and the European Union.