Archive for the 'BEA News' Category

Services Data Coming Faster to GDP

BEA and the Census Bureau are taking another big step this month in their joint quest to get more data into earlier estimates of gross domestic product.

The Census Bureau will begin releasing an early snapshot of its service sector data each quarter, in time for BEA’s second estimate of quarterly GDP.

The new information will be included in BEA statistics beginning Feb. 28 ─ the second estimate of GDP for the fourth quarter and the year of 2016.

Seeking source data faster is one way BEA works to continually improve its estimates of GDP, the preeminent measure of the ever-changing U.S. economy. The Census Bureau is the biggest contributor of data for GDP.

During the three months following the end of each quarter, economic data flows into BEA from many sources. BEA’s economists calculate quarterly GDP three times over this period, with each estimate including more complete information than the last. Previously, they had to wait until the third estimate to include the types of services data now destined for second estimates.

BEA expects the earlier data to reduce revisions between second and third estimates by about 0.1 to 0.2 percentage point on average.

GDP estimates also benefited in 2015 when the Census Bureau began providing faster data on international trade in goods. Last year, Census started releasing data earlier on wholesale and retail trade inventories, another boon for GDP calculations.

Census plans to release its first Advance Quarterly Services Report on Feb. 17. It will serve as a preview of Census’ more detailed services report, which already is a major data source for BEA’s third estimates of GDP.

Advance Quarterly Services Reports, to be published about 50 days after the end of each quarter, will offer a snapshot of revenue for selected sectors, subsectors and industries. They will enhance GDP estimates by providing earlier data on personal consumption expenditures for services and also on private fixed investment in software.

The full Quarterly Services Report will follow three weeks later on March 9. It will feed into BEA’s third estimate of GDP, coming March 30.

December 2016 Trade Gap is $44.3 Billion

The U.S. monthly international trade deficit decreased in December 2016 according to the U.S. Bureau of Economic Analysis and the U.S. Census Bureau. The deficit decreased from $45.7 billion in November (revised) to $44.3 billion in December, as exports increased more than imports. The previously published November deficit was $45.2 billion. The goods deficit decreased $1.2 billion in December to $65.7 billion. The services surplus increased $0.3 billion in December to $21.4 billion.

balance-on-goods-and-services-trade-feb-7

Exports
Exports of goods and services increased $5.0 billion, or 2.7 percent, in December to $190.7 billion. Exports of goods increased $4.8 billion and exports of services increased $0.2 billion.

  • The increase in exports of goods mostly reflected increases in capital goods ($3.3 billion) and in industrial supplies and materials($0.7 billion).
  • The increase in exports of services reflected increases in transport ($0.1 billion), which includes freight and port services and passenger fares, and in travel (for all purposes including education) ($0.1 billion).

Imports
Imports of goods and services increased $3.6 billion, or 1.5 percent, in December to $235.0 billion. Imports of goods increased $3.6 billion and imports of services were nearly unchanged.

  • The increase in imports of goods mostly reflected increases in automotive vehicles, parts, and engines($1.6 billion), in industrial supplies and materials($1.1 billion), and in capital goods ($1.0 billion).
  • The change in each category for imports of services was less than $0.1 billion.

For more detailed information on trade by type of good or service and with major trading partners,see U.S. International Trade in Goods and Services: December 2016.

For more information, read the full report.

Gross Domestic Product by State: Third Quarter 2016

Real gross domestic product (GDP) increased in 48 states and the District of Columbia in the third quarter of 2016, according to statistics on the geographic breakout of GDP released today by the U.S. Bureau of Economic Analysis. Real GDP by state growth ranged from 7.1 percent in South Dakota to –0.1 percent in New Mexico. Finance and insurance; wholesale trade; and information were the leading contributors to U.S. economic growth in the third quarter.

percent-change-in-real-gdp-by-state

  • Finance and insurance grew 9.0 percent in the third quarter of 2016. This industry contributed to growth in every state and the District of Columbia. This industry contributed 2.50 percentage points to the 4.4 percent growth in Delaware, and 1.69 percentage point to the 7.1 percent growth in South Dakota—the fastest growing state.
  • Wholesale trade grew 8.3 percent. This industry contributed to growth in every state and the District of Columbia and contributed 0.94 percentage point to the 3.9 percent growth in New Hampshire.
  • Information grew 8.6 percent. This industry contributed to growth in every state and the District of Columbia and contributed 0.98 percentage point to the 3.6 percent growth in New York.

For more information, read the full report.


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