Posts Tagged 'Bureau of Economic Analysis'



New Commerce Data Supports Better Economic Decision-Making by Businesses and Policymakers

This week, the Commerce Department’s Bureau of Economic Analysis (BEA) released two new data products that will help American businesses, consumers, policymakers and academia gain important information about the performance of the U.S. economy.

Yesterday, BEA released inflation-adjusted estimates of personal income for states and metropolitan areas, which are being released for the first time as official statistics. Americans looking to move or take a job anywhere in the country can now compare these inflation-adjusted incomes to better understand how their personal income may be affected by a job change or move. In addition, businesses looking to relocate or establish new facilities can use this data to get a comprehensive and consistent measure of differences in the cost of living and the purchasing power of consumers nationwide.

Also for the first time, BEA today released quarterly estimates of the economic activity generated by 22 industries – including manufacturing, construction, finance, transportation, retail, health care, educational services, and the arts. The Gross Domestic Product (GDP) data – one of our government’s most valuable data resources – shows how different industries helped or hindered the U.S. economy’s growth in a given quarter. These new statistics will enable industries in all sectors to better measure their contributions to GDP and understand and identify emerging trends more quickly. This economic intelligence can help make businesses more competitive and innovative, as well as guide their decisions about investing and hiring.

In fact, Ken Simonson, the chief economist at the Associated General Contractors of America, finds that “As construction gradually rebounds from a historic downturn, it is especially useful to have timely estimates of how the sector is contributing to overall economic growth. Having data on all major industries will provide a valuable indicator of where demand for future construction will come from. Getting historical data will help identify possible turning points in growth and interconnections between sectors.”

In addition, David Huether, Senior Vice President of Research at the U.S. Travel Association, states that “By regularly producing Gross Domestic Product by Industry on a quarterly basis, the Bureau of Economic Analysis is taking a historic step forward and proving once again the vital role that the BEA plays in measuring the U.S. economy. For the first time ever, economists, researchers, policy makers and the general public will now be able to understand in a comprehensive fashion how different industries are performing on a high-frequency basis and contributing to our country’s economic output.”

The Commerce Department’s ‘Open for Business Agenda’ prioritizes unleashing more data and making it more accessible so it can catalyze the emergence of new businesses, products, and services. Commerce data enable start-ups, move markets, and power both small and multi-billion dollar companies.

BEA’s new data products are the latest example of how Commerce is working to produce innovative, timely and relevant statistics that serve as a crucial tool for policy-makers at the local, state and national level.

New Quarterly Statistics Detail Industries’ Economic Performance

The Bureau of Economic Analysis released today – for the first time – gross domestic product (GDP) by industry for 22 industry sectors on a quarterly basis. These new statistics fill an important gap in U.S. federal economic statistics by providing timely information on how individual industries contributed to U.S. economic growth in a given quarter.

  • Real GDP increased 2.6 percent in the fourth quarter of 2013, with both the private goods- and services- producing sectors contributing to the increase. Overall, 15 out of 22 industry groups contributed to economic growth. The leading contributors to the increase were nondurable-goods manufacturing; professional, scientific and technical services; and wholesale trade.

QuarterlyGDP1_4_25_14

  • Growth in real GDP in the fourth quarter decelerated from 4.1 percent in the third to 2.6 percent in the fourth. The deceleration reflected a slowdown in the private services-producing sector and a larger decrease in the government sector that was partly offset by a pickup in growth in the goods-producing sector.
  • Overall, 17 out of 22 industry groups contributed to the slowdown in real GDP growth. The leading contributors to the slowdown were real estate, rental, and leasing; construction; and retail trade.

QuarterlyGDP2_4_25_14 Read the full report

Attention BEA Data Hounds: Our Interactive Tables Look a Little Different, But They Function the Same Way

Eagle-eyed folks using our interactive data tables have probably noticed they look a tad different.

Despite some differences in the way they look, BEA’s interactive data tables operate in the same way.

The changes are part of a BEA upgrade to the next generation of language used to create Web pages, called HTML5. This upgrade will make it easier for BEA to develop applications that are more robust and design Web pages that are more responsive to our online visitors.

The design changes are a shift in look and feel for parts of our interactive database entry points, but are not a redesign of the entire database itself.  How BEA’s data is developed and disseminated didn’t change.

When you click on the interactive tab at the top of BEA’s home page, this is what you’ll see:1

The groupings seen in blue are the same as before the upgrade. The difference: They are displayed in different colors and moved to the right-hand side of the page. By clicking on one of the blue buttons, you will begin your journey to the interactive tables.2

As was the case before the upgrade, you’ll click on the blue “Begin using the data” button to continue your journey to the interactive data tables.  Before the upgrade, this button was in the middle of your computer screen.

You also will notice that the icons look different—although they perform the same functions as before.34

In an effort to build a responsive design, some of the option windows display all options on one page. Scrolling down will show more options if they are applicable.5

For more information, questions can be sent to customerservice@bea.gov.