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More than Just GDP: An Overview of BEA Statistics

Gross domestic product is BEA’s flagship statistic, the one people are most likely to know. But we produce lots of other data in addition to the nation’s GDP. You can get a quick overview by exploring BEA’s four main types of economic accounts: regional, national, international and industry.

An easy way to do that is to look through each area’s interactive data tables (tables that can be customized to show the statistics that interest you).

They’re grouped this way on bea.gov:

You’ll notice GDP appears in multiple areas. BEA’s regional accounts break down GDP by states and metropolitan areas, while the industry accounts show GDP for different types of industry, such as farming, real estate or legal services.

Not everything is in the interactive tables. You may also want to check out the satellite accounts – detailed statistics that provide a better understanding of a specific type of economic activity. Currently, BEA has satellite accounts on arts and cultural production, health care and travel and tourism. We’re also working to develop an Outdoor Recreation Satellite Account.

We encourage you to learn more about the U.S. economy by exploring BEA’s data on our website. GDP isn’t the only exciting thing you’ll find.

Real Disposable Personal Income Declines in June

Personal income was unchanged in June after increasing 0.3 percent in May. Wages and Real Disposable Personal Income Aug1salaries, the largest component of personal income, increased 0.4 percent in June after increasing 0.1 percent in May.

Current-dollar disposable personal income (DPI), after-tax income, was unchanged in June after increasing 0.4 percent in May.

Real DPI, income adjusted for taxes and inflation, decreased 0.1 percent in June after increasing 0.5 percent in May that was largely attributable to an increase in personal dividend income.

Real consumer spending (PCE), spending adjusted for price changes, was unchanged in June after increasing 0.2 percent in May. Spending on durable goods decreased 0.1 percent in June after increasing 0.2 percent in May.

PCE prices remained flat in June for a second consecutive month, after increasing 0.2 percent in April. Excluding food and energy, PCE prices increased 0.1 percent in June, the same increase as in May.

Personal saving rate
Personal saving as a percent of DPI was 3.8 percent in June and 3.9 percent in May.

Personal Income vs Consumer Spending Aug1

For more information, read the full information.

GDP Increases in Second Quarter

Real gross domestic product (GDP) increased 2.6 percent in the second quarter of 2017, according to the “advance” estimate released by the Bureau of Economic Analysis. In the first quarter, real GDP increased 1.2 percent (revised).

GDP highlightsGDP July 28
The second‐quarter increase in real GDP reflected increases in both consumer spending on goods and services as well as increases in business investment, exports, and federal government spending.

The increase in consumer spending was led by increases in housing and utilities, health care, and recreational goods and vehicles. The increase in business investment reflected increases in all three components: structures, equipment, and intellectual property products.

Offsetting these increases in real GDP were declines in housing investment, inventory investment, and state and local government spending.

Personal income and saving
Real disposable personal income—personal income adjusted for taxes and inflation—increased 3.2 percent in the second quarter after increasing 2.8 percent in the first quarter. Personal saving as a percent of disposable personal income was 3.8 percent in the second quarter, compared with 3.9 percent in the first quarter.

Second‐quarter pricesQ2Q GDP July 28
Prices of goods and services purchased by U.S. residents increased 0.8 percent in the second quarter of 2017, after increasing 2.6 percent in the
first quarter.

Food prices increased in the second quarter, while energy prices decreased.

Excluding food and energy, prices increased 1.3 percent in the second quarter, compared with an increase of 2.3 percent in the first quarter.

Annual update
BEA also released its annual update of the national income and product accounts that incorporated newly available and revised source data for 2014 – 2016. From the fourth quarter of 2013 to the first quarter of 2017, real GDP increased at an annual average rate of 2.1 percent, the same as previously estimated.

For more information, read the full report. 


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