Posts Tagged 'Bureau of Economic Analysis'



Personal Consumption Expenditures by State Prototype Estimates for 1997-2012

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  • Prototype estimates of personal consumption expenditures (PCE) for states for 1997-2012 provide a new tool for state-level analysis of consumer activity and household economic well-being.
  • The PCE-by-state estimates are released for 16 expenditure categories that correspond to the national level expenditure categories published by BEA. There are eight categories of goods, seven categories of services, and the net expenditures of nonprofit institutions serving households.
  • Per capita PCE in 2012 ranged from a high of $59,423 in the District of Columbia to a low of $27,406 in Mississippi.
  • Between 2011 and 2012 North Dakota had the fastest growth in per capita PCE between at 9.2% and the fastest growth in total PCE at 11.5%.
  • These prototype estimates are released for data users’ evaluations and comments. Provided that user evaluations are positive, BEA plans to release official annual statistics in 2015.

Read the full report.

BEA’s New Statistical Product Enriches Understanding of Consumer Behavior at the State Level

On August 7th, the Commerce Department’s Bureau of Economic Analysis (BEA) will premiere a new report on consumer spending, “Personal Consumption Expenditures by State.” This represents a major advancement in the level of information available on consumer spending behaviors at the sub-national level. Why is it important? Because consumer spending is a major driver of the U.S. economy’s overall health.

BEA already reports national numbers, but not state-by-state statistics.  This greater level of detail will provide a much richer economic picture of the nation. This new statistical product also and importantly demonstrates the Commerce Department’s data commitment outlined in our recent Strategic Plan.  As ‘America’s Data Agency,’ we have pledged to transform Department data capabilities and capacity; to enhance the value, accessibility and usability of Commerce data for government, business and the public.

Personal Consumption Expenditures (PCE) by State is a broad measure of household spending. The new statistics will reflect variation in both the goods and services purchased by households and the relative prices of these goods and services across regions. The annual report will cover data from 2012 back to 1997.  It is a “prototype statistic,” meaning that refinements in methodology may be made before this becomes a “regular” BEA product.

PCE by State promises to yield great value in many ways, including providing a clearer indication of how households in various regions fare in recessions and recoveries. Such statistics will yield insights on a wide range of questions, such as what categories of consumption decline the most in specific states and how the growth rates of consumer spending compare with the growth rates of disposal personal income. The new report will also and importantly help inform decision making by businesses in hiring, investing and locating a company.

Other important potential uses of the new data:

  • They can be used by state governments to analyze the potential revenue impact generated from various sales tax proposals.
  • They can be used for cross-state comparison of the impact of fiscal policy choices on household spending.
  • They can be used to improve the regional input-output models developed by regional economists in state governments and academia.
  • They can be used to assess purchasing power potential for marketing.
  • Finally, the new statistics can be used to provide an indication of the general well-being of households in a state economy.

These experimental PCE by State statistics are designed to be used in conjunction with other macroeconomic and regional data produced by BEA. 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 16 categories prepared for these new statistics correspond to the categories in table 2.3.5 in the national income and product accounts.

And there are more exciting changes coming in the data provided by our statistical family: on Aug. 20th, BEA will release another new product – “Quarterly Gross Domestic Product (GDP) by State.”  BEA currently produces this indicator on an annual basis; beginning this month, it will produce these figures for the first time on a quarterly basis – in essence providing states with a real-time look at the growth or contraction of their state-wide economy.  After getting feedback on this prototype measure, BEA will move to producing quarterly GDP by State statistics on a regular basis.

Mark Doms, Under Secretary for Economic Affairs

June 2014 Trade Gap is $41.5 Billion

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.

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Exports
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
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.

Read the full report.

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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.