Archive for the 'GDP' Category

BEA Data Provide a Look into America’s Shopping Carts

consumerspendinggraphicAmerica’s consumers spent more than $12 trillion last year on all kinds of stuff, including new cars, furniture, clothes, groceries, beauty products, electronics, visits to doctors and dentists, and tickets to sporting events and movies.

The Bureau of Economic Analysis produces a slew of data on what people buy and how much they spend.  It’s a critical piece of economic information.  Consumer spending is a major shaper of the overall U.S. economy, accounting for more than two-thirds of GDP.  Beyond that, the statistics can help entrepreneurs and other business people make more informed decisions, offering insights into shoppers’ buying behavior.

Nationwide consumer spending statistics are available on a monthly, quarterly and annual basis. State-by-state statistics detailing consumer spending are also now available.  BEA started producing annual state consumer spending data on a regular basis in 2015. All of BEA’s consumer spending data are accessible from an interactive database on our website.  And, they are all free.

In BEA’s most recent report, released Feb. 26, consumer spending across the country grew by 0.5 percent in January, the most since May. Spending on durable goods, costly manufactured items like cars and furniture, led the way, rising 1.2 percent in January from the previous month.  Consumers’ incomes, the fuel for spending growth, also rose 0.5 percent in January, the largest increase since May.

The consumer spending statistics are among the millions of economic data points that BEA produces and are one example of the kind of economic intelligence that BEA makes available to the public, businesses, students, researchers and policymakers.

Commerce Secretary Penny Pritzker likes to say that the department is “America’s data agency.”   The reach, depth and breadth of the data flowing out of the Commerce Department are unrivaled in the federal government.   Making Commerce’s data even more accessible to the American public is one of the key pillars of Commerce’s “Open for Business Agenda.”

Retail Trade Led Growth in the Third Quarter Gross Domestic Product by Industry

Retail trade; health care and social assistance; and agriculture, forestry, fishing, and hunting were the leading contributors to the increase in U.S. economic growth in the third quarter of 2015. Overall, 15 of 22 industry groups contributed to the 2.0 percent increase in real GDP in the third quarter.

Real GDP Jan 21

  • Retail trade increased 7.1 percent in the third quarter, after increasing 3.7 percent in the second quarter.
  • Health care and social assistance increased 5.5 percent, after increasing 2.1 percent.
  • Agriculture, forestry, fishing, and hunting increased 37.5 percent, after decreasing 3.9 percent.Real Value Jan 21

For more information, read the full report.


American Samoa’s Economy Grows in 2014

American Samoa’s economy grew 1.6 percent in 2014, the Bureau of Economic Analysis reported today.

The estimate is for real GDP, which is adjusted to remove price changes. For comparison, real GDP for the United States (excluding U.S. territories) increased 2.4 percent in 2014.

The growth in the American Samoa economy reflected widespread increases among the components of GDP. These increases were partly offset by an increase in imports of goods, which is a subtraction item in the calculation of GDP.

Growth in private fixed investment and in exports of goods reflected increased activity of the tuna canning industry. Private fixed investment, which is spending by businesses on construction and equipment, increased for a second consecutive year. This growth reflected continued investments by the tuna canning industry, including the construction of a multimillion dollar tuna processing plant. The increase in exports of goods was due to growth in exports of canned tuna.

Government spending also increased, primarily reflecting growth in spending by the territorial government. Federal grant revenues supported major territorial government projects in 2014, including the telecommunication authority’s work to improve broadband capacity and coverage in American Samoa.

For more information, read the full report.

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