Real spending on travel and tourism decelerated in the third quarter of 2013, increasing at an annual rate of 2.5 percent after increasing 3.5 percent (revised) in the second quarter of 2013.
Real Tourism Spending. Real spending on “passenger air transportation” continued to decelerate, increasing 6.2 percent in the third quarter after increasing 14.8 percent in the second quarter. Real spending on “food services and drinking places” turned down, decreasing 0.7 percent in the third quarter after increasing 0.8 percent in the second quarter.
Tourism Prices. Prices for “all other transportation-related commodities” turned up, increasing 9.5 percent in the third quarter after decreasing 12.6 percent in the second quarter, reflecting an upturn in the price of gasoline, which increased during the summer travel season. Prices for “passenger air transportation” turned up, increasing 5.8 percent in the third quarter after decreasing 8.5 percent in the second quarter.
Tourism Employment. Employment in the travel and tourism industries decelerated in the third quarter, increasing 1.3 percent after increasing 2.8 percent in the second quarter. The primary contributors to the deceleration in employment were a downturn in “traveler accommodations” and a deceleration in “food services and drinking places.”
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The U.S. current-account deficit—the combined balances on trade in goods and services, income, and net unilateral current transfers—decreased to $94.8 billion (preliminary) in the third quarter of 2013 from $96.6 billion (revised) in the second quarter of 2013. As a percentage of U.S. gross domestic product, the deficit decreased to 2.2 percent from 2.3 percent. The previously published current-account deficit for the second quarter was $98.9 billion.
• The deficit on international trade in goods increased to $178.6 billion from $175.7 billion as goods imports increased more than goods exports.
• The surplus on international trade in services increased to $57.9 billion from $57.6 billion as services exports increased more than services imports.
• The surplus on income increased to $60.0 billion from $56.0 billion as income payments decreased and income receipts increased.
• Net unilateral current transfers to foreign residents were $34.1 billion, down from $34.5 billion.
Net financial inflows were $67.3 billion in the third quarter, up from $65.5 billion in the second.
• U.S.-owned assets abroad increased $74.3 billion in the third quarter after increasing $106.2 billion in the second.
• Foreign-owned assets in the United States increased $148.2 billion in the third quarter after increasing $168.2 billion in the second.
To find out more about U.S. international transactions, read the full report.
Personal income decreased 0.1 percent in October after increasing 0.5 percent in September. Wages and salaries, the largest component of personal income, rose 0.1 percent after rising 0.4 percent. Proprietors’ income fell 1.4 percent in October due to a decline in farm proprietors’ income after farmers received a one-time payment in September for a settlement of a lawsuit against the Department of Agriculture.
Current-dollar disposable personal income (DPI), after-tax income, decreased 0.2 percent in October after increasing 0.5 percent in September.
Real DPI, income adjusted for taxes and inflation, decreased 0.2 percent in October after rising 0.4 percent in September.
Real consumer spending, spending adjusted for price changes, increased 0.3 percent in October after increasing 0.1 percent in September. Spending on durable goods increased in October after decreasing in September.
PCE prices were flat in October after rising 0.1 percent in September. Excluding food and energy, PCE prices rose 0.1 percent in October, the same as in September.
Personal saving rate
Personal saving as a percent of DPI was 4.8 percent in October and 5.2 percent in September.
To learn more about personal income and outlays, read the full report.