Posts Tagged 'BEA'

BEA’s Factory Factoids in Honor of Manufacturing Day

manufacturing picture

U.S. factories do their part to keep the U.S. economy humming. Did you know that manufacturing accounts for 12 percent of overall U.S. economic activity as measured by Gross Domestic Product? The Bureau of Economic Analysis produces a slew of economic statistics on how manufacturing and other U.S. industries are performing and impact the economy. Given that Oct. 2 is Manufacturing Day, it’s the perfect time to share with you some other manufacturing data nuggets that we produce.

Want to know where manufacturing plays the biggest role in regional economies? You can rely on BEA data to answer that question.

According to BEA’s GDP by metropolitan area statistics released on Sept. 23, the top five metro areas with the highest concentration of manufacturing in the United States are: Elkhart-Goshen, Indiana; Kokomo, Indiana; Columbus, Indiana; Lake Charles, Louisiana; and Beaumont-Port Arthur, Texas. We also have this information on a state-by-state basis. All you have to do is visit our interactive database to access the statistics.

You can find manufacturing’s (and other industries’) share of GDP, its gross output, and dollar contributions to the U.S. economy in BEA’s GDP by Industry data all available on our website. BEA will release a new batch of quarterly industry statistics on Nov. 5, showing how manufacturing and other industries performed in the April to June quarter of this year.

Providing businesses and individuals with the statistics they need to compete in the global marketplace is one way that BEA is helping to unleash the power of data.

State Personal Income: Second Quarter 2015

State personal income grew 0.9 percent on average in the second quarter of 2015, after growing 0.8 percent in the first quarter. Personal income grew in every state except Oklahoma in the second quarter. In the first quarter, personal income grew in 34 states. Second-quarter personal income growth rates ranged from zero in Oklahoma to 1.5 percent in the state of Washington.

For more information, read the full report.

Personal Income Sept 30

State personal income Sept30

GDP Increases in Second Quarter

Real gross domestic product (GDP) increased 3.9 percent in the second quarter of 2015, according to the “third” estimate released by the Bureau of Economic Analysis. The growth rate was revised up 0.2 percentage point from the “second” estimate released in August. In the first quarter, real GDP increased 0.6 percent.

GDP highlights
The second-quarter increase in real GDP mainly reflected a rise in consumer spending. Spending on services rose, notably  on health care and food services and accommodations. Spending on nondurable goods also rose, as did spending on durable goods, notably on motor vehicles and parts. Q2Q Real GDP Sept25

Exports of goods also increased, notably industrial supplies and materials. Business investment, state and local government spending, and residential investment also rose.

Offsetting these contributions to GDP growth, imports, a subtraction in the calculation of GDP, increased.

The revision to second-quarter GDP growth reflected upward revisions to: consumer spending, mainly spending on services; business investment, notably in structures; and residential investment.

These contributions were partly offset by a downward revision to inventory investment.

For more information, see the technical note.

Corporate profits
Corporate profits increased 3.5 percent at a quarterly rate in the second quarter after decreasing 5.8 percent in the first quarter.profits sept 25

  • Profits of domestic nonfinancial corporations rose 1.9 percent after falling 5.3 percent.
  • Profits of domestic financial corporations rose 9.6 percent after falling 6.1 percent.
  • Profits from the rest of the world rose 2.9 percent after falling 6.9 percent.

Over the last 4 quarters, corporate profits increased 0.6 percent.

For more information, read the full report.