The U.S. monthly international trade deficit increased in June 2016 according to the U.S. Bureau of Economic Analysis and the U.S. Census Bureau. The deficit increased from $41.0 billion in May (revised) to $44.5 billion in June, as imports increased more than exports. The previously published May deficit was $41.1 billion. The goods deficit increased $3.8 billion in June to $66.0 billion. The services surplus increased $0.3 billion to $21.5 billion.
Exports of goods and services increased $0.6 billion, or 0.3 percent, in June to $183.2 billion. Exports of goods increased $0.5 billion and exports of services increased $0.1 billion.
• The increase in exports of goods mainly reflected increases in foods, feeds, and beverages ($0.6 billion) and in consumer goods ($0.4 billion). A decrease in automotive vehicles, parts, and engines ($0.4 billion) was partly offsetting. • The increase in exports of services mainly reflected increases in financial services ($0.1 billion) and in maintenance and repair services ($0.1 billion).
Imports of goods and services increased $4.2 billion, or 1.9 percent, in June to $227.7 billion. Imports of goods increased $4.4 billion and imports of services decreased $0.2 billion.
• The increase in imports of goods mainly reflected increases in industrial supplies and materials ($2.3 billion) and in consumer goods ($1.9 billion).
• The decrease in imports of services mainly reflected decreases in travel (for all purposes including education) ($0.1 billion) and in transport ($0.1 billion), which includes freight and port services and passenger fares.
Goods by geographic area (seasonally adjusted, Census basis)
• The deficit with Japan increased $1.0 billion to $6.0 billion in June. Exports decreased $0.4 billion and imports increased $0.6 billion.
• The deficit with the European Union increased $0.8 billion to $12.7 billion in June. Exports increased $0.9 billion and imports increased $1.7 billion.
• The deficit with Mexico decreased $0.8 billion to $4.7 billion in June. Exports increased $0.3 billion and imports decreased $0.5 billion.
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Personal income increased 0.2 percent in June, the same increase as in May. Wages and salaries, the largest component of personal income, increased 0.3 percent in June after increasing 0.2 percent in May.
Current-dollar disposable personal income (DPI), after-tax income, increased 0.2 percent in June, the same increase as in May.
Real DPI, income adjusted for taxes and inflation, increased 0.1 percent in June after remaining flat in May.
Real consumer spending (PCE), spending adjusted for price changes, increased 0.3 percent in June after increasing 0.2 percent in May. Spending on durable goods increased 0.4 percent in June after decreasing 0.1 percent in May.
PCE prices increased 0.1 percent in June after increasing 0.2 percent in May. Excluding food and energy, PCE prices increased 0.1 percent in June after increasing 0.2 percent in May.
Personal saving rate
Personal saving as a percent of DPI was 5.3 percent in June and 5.5 percent in May.
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Published July 29, 2016
The Bureau of Economic Analysis released its annual update of GDP and related statistics today, adjusting its picture of U.S. economic activity during the past three years to reflect newly available data.
The broad outline of U.S. economic growth during these recovery years changed only modestly from what the Bureau of Economic Analysis had previously reported.
From 2012 to 2015, real GDP increased at an average annual rate of 2.2 percent, the updated estimates show. That’s 0.1 percentage point higher than previously published estimates.
For 2013, the percent change in real GDP was revised upward by 0.2 percentage point, due in part to stronger inventory investment and exports in the newer data. The GDP rate for 2014 was unchanged. The rate was revised up 0.2 percentage point for 2015, partly because of updates to state and local government spending and residential fixed investment.
BEA’s annual updates incorporate new and more comprehensive source data that weren’t available when earlier estimates for the same time periods were released.
This year’s update also improves seasonal adjustments for several GDP components. BEA is in the midst of a three-step plan to address the issue of “residual seasonality” in some data.
Seasonal adjustment smooths out fluctuations that occur at about the same time each year, such as holiday shopping or the wintertime decline in construction. That makes it easier to see other economic patterns in the data.
Because they were woven together with numerous updates and additions to source data, the effects of the seasonal adjustment changes alone can’t be isolated and quantified at this point.
Full results of the 2016 annual update are available on the “National” section of BEA’s website.