Archive for the 'U.S. Census Bureau' Category

August 2016 Trade Gap is $40.7 Billion

The U.S. monthly international trade deficit increased in August 2016 according to the U.S. Bureau of Economic Analysis and the U.S. Census Bureau. The deficit increased from $39.5 billion in July (revised) to $40.7 billion in August, as imports increased more than exports. The previously published July deficit was $39.5 billion. The goods deficit decreased less than $0.1 billion in August to $60.3 billion. The services surplus decreased $1.2 billion in August to $19.6 billion.

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Exports
Exports of goods and services increased $1.5 billion, or 0.8 percent, in August to $187.9 billion. Exports of goods increased $1.2 billion and exports of services increased $0.3 billion.
• The increase in exports of goods reflected an increase in industrial supplies and materials ($1.4 billion). A decrease in capital goods ($0.7 billion) was partly offsetting.
• The increase in exports of services mainly reflected an increase in travel (for all purposes including education) ($0.2 billion).

Imports
Imports of goods and services increased $2.6 billion, or 1.2 percent, in August to $228.6 billion. Imports of goods increased $1.1 billion and imports of services increased $1.5 billion.
• The increase in imports of goods reflected an increase in capital goods ($1.2 billion). A decrease in industrial supplies and materials ($0.8 billion) was partly offsetting.
• The increase in imports of services reflected an increase in charges for the use of intellectual property ($1.2 billion), which included payments for the rights to broadcast the 2016 Summer Olympic Games.

For more information, read the full report. 

Guest blog: New Advance Economic Indicators Report Available This Month

This is a guest blog by John H. Thompson, Director of U.S. Census Bureau

Later this month, the U.S. Census Bureau will release the first-ever Advance Economic Indicators Report. Last July, we began issuing the Advance Report: U.S. International Trade in Goods in order to release international trade data to the public as quickly as possible. Continuing our commitment to make our quality statistics as accessible and timely as possible, this new report will expand the advance report by including advance monthly retail and wholesale trade inventories for select aggregate levels in addition to the advance international trade data.

Business leaders, policymakers and other data users rely on Census Bureau statistics to make important decisions. These advance estimates not only give them earlier access to a “snapshot” of key economic data, but also provide more quality inputs for calculating our nation’s Gross Domestic Product (GDP). The new Advance Economic Indicators Reportwill allow the Bureau of Economic Analysis to make a more precise initial estimate of this major economic indicator, and potentially reduce the size of later revisions. When BEA began incorporating our advance trade report into the advance estimate of GDP last year, it reduced revisions to GDP, on average, by 0.1 to 0.2 percentage points – or by $6 billion – on an annualized basis.

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The Census Bureau is constantly looking for ways to improve your access to our statistics, and this new report is a great example of our dedication to releasing the timeliest, accurate and most trusted information about our nation’s economy. We will continue to identify other quality indicators that are suitable for acceleration to expand the Advance Economic Indicators Report.

The first Advance Economic Indicators Report will be available on July 28 at <www.census.gov/econ/indicators/index.html>.


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