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Travel and Tourism Spending Stepped up in the Second Quarter

Real spending (output) on travel and tourism accelerated in the second quarter of 2017, growing at an annual rate of 4.9 percent after increasing 4.4 percent (revised) in the first quarter, according to new statistics released by the Bureau of Economic Analysis.

The leading contributors to the acceleration in real spending were passenger air transportation and all other transportation-related commodities. Passenger air transportation accelerated, growing 19.2 percent after increasing 5.4 percent (revised) in the first quarter. All other transportation-related services also accelerated, growing 3.2 percent after increasing 1.1 percent (revised) in the first quarter of 2017.

Real Tourism Spending Sept. 13

Prices for travel and tourism goods and services turned down in the second quarter of 2017, decreasing 3.2 percent following growth of 2.6 percent (revised) in the first quarter.

Employment in the travel and tourism industries decelerated in the second quarter, increasing 1.6 percent after increasing 2.4 percent (revised) in the first quarter.

For more information, read the full report.

July 2017 Trade Gap is $43.7 Billion

The U.S. monthly international trade deficit increased in July 2017 according to the U.S. Bureau of Economic Analysis and the U.S. Census Bureau. The deficit increased from $43.5 billion in June (revised) to $43.7 billion in July, as exports decreased more than imports. The previously published June deficit was $43.6 billion. The goods deficit decreased less than $0.1 billion in July to $65.3 billion. The services surplus decreased $0.2 billion in July to $21.6 billion.

trade-july-2017

Exports
Exports of goods and services decreased $0.6 billion, or 0.3 percent, in July to $194.4 billion. Exports of goods decreased $0.4 billion and exports of services decreased $0.1 billion.

  • The decrease in exports of goods mostly reflected decreases in consumer goods ($0.7 billion) and in automotive vehicles, parts, and engines ($0.6 billion). An increase in capital goods ($0.9 billion) partly offset the decreases.
  • The decrease in exports of services mostly reflected a decrease in travel (for all purposes including education) ($0.3 billion).

Imports
Imports of goods and services decreased $0.4 billion, or 0.2 percent, in July to $238.1 billion. Imports of goods decreased $0.5 billion and imports of services increased less than $0.1 billion.

  • The decrease in imports of goods mostly reflected decreases in automotive vehicles, parts, and engines ($0.8 billion) and in industrial supplies and materials ($0.7 billion). An increase in capital goods ($1.3 billion) partly offset the decreases.
  • Imports of services were nearly unchanged, reflecting small and offsetting changes across all categories.

For more information, read the full report.


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