Archive for the 'BEA News' Category



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.

Personal Income Rises in December

chart-personal-incomePersonal income increased 0.3 percent in December after increasing 0.1 percent in November. Wages and salaries, the largest component of personal income, increased 0.4 percent in December after decreasing 0.1 percent in November.

Current-dollar disposable personal income (DPI), after-tax income, increased 0.3 percent in December after increasing 0.1 percent in November.

Real DPI, income adjusted for taxes and inflation, increased 0.1 percent in December following no change in November.

Real consumer spending (PCE), spending adjusted for price changes, increased 0.3 percent in December after increasing 0.2 percent in November. Spending on durable goods increased 1.4 percent in December after decreasing 0.4 percent in November.

PCE prices increased 0.2 percent in December after increasing 0.1 percent in November. Excluding food and energy, PCE prices increased 0.1 percent in December following no change in November.

Personal saving rate
Personal saving as a percent of DPI was 5.4 percent in December and 5.6 percent in November.

For more information, read the full report.

dpi-and-real-consumer-spending


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