Posts Tagged 'BEA'



December 2013 Trade Gap is $38.7 Billion

The U.S. monthly international trade deficit increased in December 2013 according to the U.S. Bureau of Economic Analysis and the U.S. Census Bureau. The deficit increased from $34.6 billion in November (revised) to $38.7 billion in December as exports decreased and imports increased. The previously published November deficit was $34.3 billion. The goods deficit increased $4.6 billion from November to $58.8 billion in December; the services surplus increased $0.4 billion from November to $20.1 billion in December.trade

Exports
Exports of goods and services decreased $3.5 billion in December to $191.3 billion, reflecting a decrease in exports of goods. Exports of services increased.
• The decrease in exports of goods reflected decreases in industrial supplies and materials, in capital goods, in other goods, in automotive vehicles, parts, and engines, and in consumer goods.
• The increase in exports of services reflected increases in travel, in passenger fares, and in other transportation, which includes freight and port services.

Imports
Imports of goods and services increased $0.6 billion in December to $230.0 billion, reflecting increases in imports of both goods and services.
• The increase in imports of goods reflected increases in consumer goods, in industrial supplies and materials, and in other goods that were partly offset by decreases in automotive vehicles, parts, and engines, and in capital goods.
• The increase in imports of services reflected increases in travel and in passenger fares that were partly offset by a decrease in other transportation.

Goods by geographic area (not seasonally adjusted)
• The goods deficit with the European Union increased from $10.1 billion in November to $11.3 billion in December. Exports decreased $2.0 billion to $20.9 billion, and imports decreased $0.8 billion to $32.2 billion.
• The goods deficit with China decreased from $26.9 billion in November to $24.5 billion in December. Exports decreased $0.1 billion to $13.1 billion, and imports decreased $2.6 billion to $37.6 billion.
• The goods deficit with Canada increased from $1.5 billion in November to $3.4 billion in December. Exports decreased $2.4 billion to $23.3 billion, and imports decreased $0.5 billion to $26.7 billion.

To learn more about U.S. international trade in goods and services, read the full report.

Personal Income Remained Flat in December

pi1Personal income remained flat in December after increasing 0.2 percent in November. Wages and salaries, the largest component of personal income, also remained flat after rising 0.5 percent.

Current-dollar disposable personal income (DPI), after-tax income, remained flat in December after increasing 0.1 percent in November.

Real DPI, income adjusted for taxes and inflation, decreased 0.2 percent in December after increasing 0.1 percent in November.

Real consumer spending, spending adjusted for price changes, increased 0.2 percent in December after increasing 0.6 percent in November. Spending on durable goods decreased in December after increasing in November.

PCE prices increased 0.2 percent in December after remaining flat in November. Excluding food and energy, PCE prices rose 0.1 percent in December.

Personal saving ratepi2
Personal saving as a percent of DPI was 3.9 percent in December and 4.3 percent in November.

To learn more about personal income and outlays, read the full report.

GDP Growth Slows in Fourth Quarter

Real gross domestic product (GDP) increased 3.2 percent in the fourth quarter of 2013, according to the “advance” estimate released by the Bureau of Economic Analysis (BEA). In the third quarter, the growth rate was 4.1 percent. For the full year 2013, real GDP increased 1.9 percent, compared with 2.8 percent in 2012.gdp1

Fourth-quarter GDP highlights
The slowdown in real GDP growth mainly reflected a slowdown in inventory investment. In fact, GDP less inventory investment (real final sales of domestic product) accelerated, rising 2.8 percent in the fourth quarter, compared with 2.5 percent in the third quarter. Also contributing to the economic slowdown: a larger decrease in federal government spending, a downturn in housing investment, a slowdown in state and local government spending, and a slowdown in business investment.

Offsetting the contributions to the slowdown:
• Net exports accelerated, reflecting a pickup in exports and a slowdown in imports.
• Consumer spending accelerated, reflecting a pickup in spending on household services, notably household utilities as well as food services and accommodations.

Gross domestic purchases prices
Prices of goods and services purchased by U.S. residents rose 1.2 percent in the fourth quarter after rising 1.8 percent in the third quarter. Both energy prices and food prices turned down in the fourth quarter. Excluding these items, prices rose 1.7 percent after rising 1.5 percent.

Government shutdown
The full effects of the federal government shutdown in October could not be quantified. However, BEA was able to estimate the effects of the reduction in hours worked by federal employees, which reduced GDP growth by 0.3 percentage point. More informationgdp2

Annual GDP highlights
The slowdown in real GDP growth in 2013 reflected the following:
• Business investment slowed, reflecting slower growth in both structures (mainly power and communication) and equipment (mainly transportation).
• Federal government spending declined more in 2013 than in 2012.
• Consumer spending on services slowed, rising 1.2 percent after rising 1.6 percent.

In contrast, state and local government spending declined less in 2013 than in 2012, and consumer spending on goods accelerated.

For more on GDP, read the full report.