The U.S. monthly international trade deficit decreased in June 2014 according to the U.S. Bureau of Economic Analysis and the U.S. Census Bureau. The deficit decreased from $44.7 billion in May (revised) to $41.5 billion in June as exports increased and imports decreased. The previously published May deficit was $44.4 billion. The goods deficit decreased $3.0 billion from May to $60.3 billion in June; the services surplus increased $0.1 billion from May to $18.7 billion in June.
Exports of goods and services increased $0.3 billion in June to $195.9 billion, reflecting increases in both exports of goods and exports of services.*
- The increase in exports of goods mainly reflected increases in consumer goods and in automotive vehicles, parts, and engines. Other goods and foods, feeds, and beverages decreased.
- The increase in exports of services was more than accounted for by an increase in travel (for all purposes including education). Partly offsetting was a decrease in transport, which includes freight and port services and passenger fares.
Imports of goods and services decreased $2.9 billion in June to $237.4 billion, mainly reflecting a decrease in imports of goods. Imports of services were nearly unchanged.
- The decrease in imports of goods mostly reflected decreases in consumer goods and in automotive vehicles, parts, and engines.
- Imports of services were nearly unchanged as an increase in charges for the use of intellectual property, which included payments for the rights to broadcast the portion of the 2014 soccer World Cup that occurred in June, was mostly offset by a decrease in transport.
Goods by geographic area (seasonally adjusted, Census basis)
- The goods deficit with the European Union decreased from $12.8 billion in May to $11.5 billion in June. Exports increased $0.8 billion to $24.2 billion, and imports decreased $0.5 billion to $35.7 billion.
- The goods deficit with India decreased from $2.1 billion in May to $1.3 billion in June. Exports increased $0.3 billion to $1.9 billion, and imports decreased $0.5 billion to $3.2 billion.
- The goods deficit with China increased from $28.1 billion in May to $29.2 billion in June. Exports were nearly unchanged at $9.7 billion, and imports increased $1.0 billion to $38.9 billion.
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* In June, exports of goods on a balance of payments basis increased, but exports of goods on a Census basis decreased. Total goods trade data are reported on a balance of payments basis. Commodity and country data for goods are on a Census basis.
Is consumer spending growing faster in North Dakota or North Carolina? How do consumers in different regions respond to economic downturns? Which state has the fastest growing consumer market for motor vehicles?
On August 7, new BEA data on consumer spending broken out by state will help businesses, consumers, and policymakers answer those questions. The statistics will cover the years from 1997 to 2012.
These prototype Personal Consumption Expenditure by state statistics are designed to be used in conjunction with other macroeconomic and regional data we produce, like statistics on GDP by State and State Personal Income to better understand state economies. We are releasing these statistics for review and comment by data users.
Last year, we released a first look at experimental statistics on consumer spending by state.
The state data on consumer spending will use the product definitions used in our national statistics on consumer spending, making them consistent. Given the limited availability of source data at the regional level, the new PCE-by-state statistics will not provide the same level of category detail that BEA currently makes available at the national level.
The new statistics will also use the same residency concepts that we use in our state income data, allowing users to compare people’s income and consumption in each state.
These new estimates are just one way that BEA is innovating to better measure the 21st Century economy. On August 20, we will release prototype estimates of quarterly GDP by state. Earlier this year, we introduced real (inflation-adjusted) estimates of personal income for states and metropolitan areas and new quarterly statistics on GDP broken out by industry. Providing businesses and individuals with new data tools like these is a priority of the Commerce Department’s “Open for Business Agenda.”
Personal income rose 0.4 percent in June and in May. Wages and salaries rose 0.4 percent in June and in May.
Current-dollar disposable personal income (DPI), after-tax income, rose 0.4 percent in June and in May.
Real DPI, income adjusted for taxes and inflation, increased 0.2 percent in June and in May.
Real consumer spending, spending adjusted for price changes, increased 0.2 percent in June after increasing 0.1 percent in May. Spending on nondurable goods increased 0.3 percent in June after decreasing 0.3 percent in May.
PCE prices rose 0.2 percent in June after rising 0.3 percent in May. Excluding food and energy, PCE prices rose 0.1 percent in June after rising 0.2 percent in May.
Personal saving rate
Personal saving as a percent of DPI was 5.3 percent in June and in May.
These estimates reflect the 2014 annual revision of the national income and product accounts, which incorporated new source data and other improvements back to 1999.
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