The U.S. monthly international trade deficit decreased in March 2014 according to the U.S. Bureau of Economic Analysis and the U.S. Census Bureau. The deficit decreased from $41.9 billion in February (revised) to $40.4 billion in March as exports increased more than imports. The previously published February deficit was $42.3 billion. The goods deficit decreased $0.6 billion from February to $60.7 billion in March; the services surplus increased $0.9 billion from February to $20.4 billion in March.
Exports of goods and services increased $3.9 billion in March to $193.9 billion, mainly reflecting an increase in exports of goods. Exports of services also increased.
- The increase in exports of goods mostly reflected increases in capital goods, in industrial supplies and materials, and in automotive vehicles, parts, and engines. Partly offsetting these increases was a decrease in consumer goods.
- The increase in exports of services mostly reflected increases in other private services, which includes items such as business, professional, and technical services, insurance services, and financial services, and in passenger fares. Partly offsetting these increases was a decrease in travel.
Imports of goods and services increased $2.5 billion in March to $234.3 billion, reflecting an increase in imports of goods. Imports of services decreased.
- The increase in imports of goods was more than accounted for by increases in consumer goods, in foods, feeds, and beverages, in capital goods, and in other goods. Partly offsetting these increases was a decrease in industrial supplies and materials.
- The decrease in imports of services was mainly accounted for by a decrease in royalties and license fees, which in February included payments for the rights to broadcast the 2014 Winter Olympic Games.
Goods by geographic area (not seasonally adjusted)
- The goods deficit with the European Union increased from $9.1 billion in February to $11.5 billion in March. Exports increased $3.6 billion to $24.6 billion, and imports increased $6.0 billion to $36.1 billion.
- The goods deficit with China decreased from $20.9 billion in February to $20.4 billion in March. Exports increased $1.0 billion to $10.8 billion, and imports increased $0.5 billion to $31.2 billion.
- The goods deficit with Mexico increased from $4.0 billion in February to $5.1 billion in March. Exports increased $1.5 billion to $19.9 billion, and imports increased $2.6 billion to $25.0 billion.
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On May 5th, the Bureau of Economic Analysis (BEA) restored detailed estimates on employment, farm income and expenses, and personal current transfer receipts as well as expanded industrial detail for compensation and earning for 108 industries to its Local Area Personal Income (LAPI) program.
The current transfer receipts statistics can be found in the redesigned LAPI table CA35. The redesigned table continues to include major categories such as: Social Security benefits; Medicare benefits; Military medical insurance benefits; Supplemental security income benefits; Supplemental nutrition assistance program benefits; State unemployment insurance compensation; and Veterans benefits.
The CA35 table also includes new detail on the Earned income tax credit. The CA35 table continues to be fully consistent with State tables SA35 and SQ35 which present annual and quarterly State statistics on personal current transfer receipts.
|CA35 Personal current transfer receipts
||Personal current transfer receipts (thousands of dollars)
||Current transfer receipts of individuals from governments
||Retirement and disability insurance benefits
||Social Security benefits
||Excluding Social Security benefits
||Public assistance medical care benefits
||Military medical insurance benefits
||Income maintenance benefits
||Supplemental security income (SSI) benefits
||Earned Income Tax Credit (EITC)
||Supplemental Nutrition Assistance Program (SNAP)
||Other income maintenance benefits
||Unemployment insurance compensation
||State unemployment insurance compensation
||Excluding state unemployment insurance compensation
||Education and training assistance
||Other transfer receipts of individuals from governments
||Current transfer receipts of nonprofit institutions
||Current transfer receipts of individuals from businesses
Thank you for your continued interest and support for BEA’s LAPI program. For further information about the statistics, contact the Regional Income Division at 202-606-5360, or e-mail email@example.com.
Personal income increased 0.5 percent in March after increasing 0.4 percent in February. Wages and salaries, the largest component of personal income, increased 0.6 percent after increasing 0.3 percent.
Current-dollar disposable personal income (DPI), after-tax income, increased 0.5 percent in March after increasing 0.4 percent in February.
Real DPI, income adjusted for taxes and inflation, increased 0.3 percent in March, the same increase as in February.
Real consumer spending, spending adjusted for price changes, increased 0.7 percent in March after increasing 0.4 percent in February. Spending on durable goods increased 2.7 percent after increasing 1.3 percent. Purchases of motor vehicles and parts accounted for more than half of the March increase.
PCE prices increased 0.2 percent in March after increasing 0.1 percent in February. Excluding food and energy, PCE prices rose 0.2 percent in March.
Personal saving rate
Personal saving as a percent of DPI was 3.8 percent in March and 4.2 percent in February.
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