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New Statistics Available on Activities of U.S. Multinational Enterprises

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The U.S. Bureau of Economic Analysis today released preliminary statistics on the worldwide activities of U.S. multinational enterprises and their foreign affiliates in 2015. These statistics offer details on the finances and operations of U.S. multinational enterprises, including their employment and compensation, sales, value added, capital expenditures, trade in goods, and expenditures for research and development.

Here are some highlights from the 2015 statistics:

  • The current-dollar value added of U.S. multinational enterprises, a measure of their direct contribution to the gross domestic product of the United States and foreign host countries, decreased 1.1 percent in 2015, after it grew at an average annual rate of 7.5 percent between 2009 and 2014.
  • The activities of U.S. multinational enterprises in 2015 continued to be concentrated in the United States; U.S. parents accounted for nearly two-thirds of worldwide multinational enterprises employment, three-quarters of worldwide value added and capital expenditures, and over four-fifths of worldwide R&D expenditures. Foreign affiliates accounted for one-third of these measures at most.
  • Employment by U.S. multinational enterprises increased 1.9 percent to 42.4 million employees worldwide in 2015, with approximately 90% of this employment growth occurring domestically. The 1.9 percent growth in employment, however, was smaller than the average annual growth of 4.3 percent between 2009 and 2014.
  • R&D expenditures by U.S. multinational enterprises increased 2.5 percent to $339.1 billion in 2015. The increase was driven by a 3.2 percent increase by U.S. parents. In contrast, R&D expenditures by foreign affiliates decreased 0.9 percent in 2015.

BEA has also updated statistics for 2014 that supersede the preliminary statistics from the 2014 Benchmark Survey of U.S. Direct Investment Abroad, which were published in November 2016. The publication of revised 2014 statistics features several new tables that present selected activities by currency as reported in foreign affiliate accounting records, employment of affiliates by city for selected countries, and new statistics on royalties and license fees.

A guide to the methodology of this benchmark survey, which offers explanation and analysis of the updated statistics, is available here.

An article analyzing the preliminary 2015 statistics will be included in the December issue of the Survey of Current Business.

Local Area Personal Income: 2016

Personal income grew in 2016 in 2,285 counties, fell in 795, and was unchanged in 33. On average, personal income rose 2.5 percent in 2016 in the metropolitan portion of the United States and rose 1.0 percent in the nonmetropolitan portion. Personal income growth in 2016 ranged from -40.8 percent in Kenedy County, Texas to 27.1 percent in Tillman County, Oklahoma.

Personal Income Nov 16

Per capita personal income—personal income divided by population—is a useful metric for making comparisons of the level of personal income across counties. In 2016, it ranged from $16,267 in Wheeler County, Georgia to $199,635 in Teton County, Wyoming.

For more information, read the full report.

September 2017 Trade Gap is $43.5 Billion

The U.S. monthly international trade deficit increased in September 2017 according to the U.S. Bureau of Economic Analysis and the U.S. Census Bureau. The deficit increased from $42.8 billion in August (revised) to $43.5 billion in September, as imports increased more than exports. The previously published August deficit was $42.4 billion. The goods deficit increased $0.6 billion in September to $65.4 billion. The services surplus decreased $0.2 billion in September to $21.9 billion.

trade-sept-2017

Exports
Exports of goods and services increased $2.1 billion, or 1.1 percent, in September to $196.8 billion. Exports of goods increased $1.8 billion and exports of services increased $0.3 billion.

  • The increase in exports of goods mostly reflected increases in industrial supplies and materials ($1.9 billion) and in other goods ($0.8 billion). A decrease in consumer goods ($0.2 billion) partly offset the increases.
  • The increase in exports of services mostly reflected an increase in transport ($0.3 billion)

Imports
Imports of goods and services increased $2.8 billion, or 1.2 percent, in September to $240.3 billion. Imports of goods increased $2.4 billion and imports of services increased $0.4 billion.

  • The increase in imports of goods mostly reflected increases in capital goods ($1.5 billion), in industrial supplies and materials ($1.1 billion), and in consumer goods ($0.4 billion). A decrease in automotive vehicles, parts, and engines ($0.6 billion) partly offset the increases.
  • The increase in imports of services mostly reflected an increase in transport ($0.3 billion).

For more information, read the full report.


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