Posts Tagged 'BEA'



BEA Operational Improvements Enable Agency to Publish More Regional Economic Statistics

Operational improvements at the Bureau of Economic Analysis (BEA) mean the public will soon get to see more regional economic data. These improvements will safeguard businesses’ private information, while ensuring vital regional data is available to policy makers and other data users. BEA is constantly looking at ways to better provide the information that users need while protecting the confidentiality of employers’ records.

One improvement is in the area of county-level earnings. BEA, for instance, produces statistics on how much people earn in different industries for individual counties.  If there are too few employers in an industry for a given county, in order to protect employers’ privacy, BEA cannot publicly publish the data for that industry. The BEA county-level earnings by industry data are then used to calculate BEA’s gross domestic product by metropolitan area statistics. If BEA can’t publicly use certain pieces of data for an industry in the county-level earnings data set, then BEA also might not be able to publish the same data for that industry in our gross domestic product by metropolitan area statistics.

Since the 1980s, BEA has relied on a set of computer programs to identify which statistics must not be published publicly to protect the confidentiality of business records for individual companies.  This year, however, BEA is switching to a new disclosure-avoidance system that reduces processing time from five days to one, while generating fewer non-public statistics.

Our testing indicates that the new system will consistently result in 33 percent fewer unpublished values in the final public statistics on the economic activity generated by metropolitan areas.

Another improvement will affect data on how much each industry contributes to economic activity in   metro areas. Because of this improvement, BEA will increase the number of data points on industry contributions to metro area economic activity that can be published from 68.3 percent to 93.3 percent, meaning that BEA will be able to publish many more pieces of data.

These advancements are examples of how BEA delivers strong customer service through operational excellence. BEA is working harder and smarter to respond to our customers’ needs.  The Commerce Department identifies operational excellence as an important pillar in its Open for Business Agenda. That is, delivering better services, solutions and outcomes that benefit the American people.

BEA prides itself on producing timely, relevant and accurate statistics and putting its innovative thinking to work to meet both economic measurement challenges and customers’ needs.

BEA Adds More Open Data to API

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Developers, do you want to bring more detailed economic data to your next app? The Bureau of Economic Analysis (BEA) recently added several data sets to the application programming interface (API) we launched last year.

The API now provides direct access to the gross domestic product (GDP) underlying detail tables. Those tables contain a wealth of statistics, including how much consumers spend on hundreds of items like furnishings, food and flowers and how much revenue the government takes in and spends.

Other recently added data to the API provide information on:

  • National fixed assets, which include statistics on fixed assets like factory equipment, buildings, intellectual property and durable goods for consumers.
  • U.S. trade and investment relationships with other countries.
  • Economic impact of U.S. industries.
  • Activities of multinational enterprises.

The new additions give you the ability to create an even richer, customized economic dashboard of your own.

The new data sets join BEA’s GDP and related national economic statistics and regional economic statistics, which have been available via API since the service launched in May 2013. In addition to expanding the amount of data available on the API, BEA published an updated User Guide, making it easier for developers to start using the service.

BEA’s API allows developers to build a service to search, display, analyze, retrieve, or view BEA statistics. For example, you can create a “mashup” that combines BEA data with other government or private data sources to create new services or give your users a different perspective on their communities. Or you can design a tool that gives your users new ways to visualize economic data.

The API includes methods for retrieving subsets of BEA statistical data and the meta-data that describes it using HTTP requests. It delivers data in two industry-standard formats: XML (Extensible Markup Language) and JSON (JavaScript Object Notation).

To use the API, you need to register first. Full documentation is available in the updated API User Guide.

The BEA’s API is just one way BEA is supporting open data. Visit BEA’s Open Data site for a complete listing of BEA’s data sets in a machine readable JSON format, along with access to downloadable data sets and other data tools.

October 2014 Trade Gap is $43.4 Billion

The U.S. monthly international trade deficit decreased in October 2014 according to the U.S. Bureau of Economic Analysis and the U.S. Census Bureau. The deficit decreased from $43.6 billion in September (revised) to $43.4 billion in October, as exports increased more than imports. The previously published September deficit was $43.0 billion. The goods deficit increased less than $0.1 billion from September to $62.7 billion in October. The services surplus increased $0.1 billion from September to $19.2 billion in October.

 

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Exports
Exports of goods and services increased $2.3 billion in October to $197.5 billion, mostly reflecting an increase in exports of goods. Exports of services also increased.

  • The increase in exports of goods mostly reflected an increase in capital goods.
  • The increase in exports of services reflected increases in financial services, in maintenance and repair services, and in charges for the use of intellectual property.

Imports
Imports of goods and services increased $2.1 billion in October to $241.0 billion, mostly reflecting an increase in imports of goods. Imports of services also increased.

  • The increase in imports of goods was more than accounted for by increases in automotive vehicles, parts, and engines and in capital goods. A decrease in consumer goods was partly offsetting.
  • The increase in imports of services mostly reflected an increase in transport, which includes freight and port services and passenger fares.

 Goods by geographic area (seasonally adjusted, Census basis)

  • The goods deficit with China decreased from $31.2 billion in September to $29.6 billion in October. Exports increased $1.6 billion to $11.4 billion and imports decreased $0.1 billion to $40.9 billion.
  • The goods deficit with the European Union decreased from $12.5 billion in September to $11.2 billion in October. Exports increased $0.8 billion to $22.9 billion and imports decreased $0.4 billion to $34.2 billion.
  • The goods deficit with Mexico increased from $4.8 billion in September to $5.4 billion in October. Exports increased $0.2 billion to $20.0 billion and imports increased $0.8 billion to $25.4 billion.

Read the full report.