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February 2017 Trade Gap is $43.6 Billion

The U.S. monthly international trade deficit decreased in February 2017 according to the U.S. Bureau of Economic Analysis and the U.S. Census Bureau. The deficit decreased from $48.2 billion in January (revised) to $43.6 billion in February, as exports increased and imports decreased. The previously published January deficit was $48.5 billion. The goods deficit decreased $4.6 billion in February to $65.0 billion. The services surplus increased less than $0.1 billion in February to $21.4 billion.

Balance on Goods and Services Trade April 4

Exports
Exports of goods and services increased $0.4 billion, or 0.2 percent, in February to $192.9 billion. Exports of goods increased $0.4 billion and exports of services increased less than $0.1 billion.

  • The increase in exports of goods mostly reflected increases in consumer goods ($0.7 billion), in other goods ($0.5 billion), and in industrial supplies and materials ($0.4 billion). Decreases in foods, feeds, and beverages ($0.7 billion) and in capital goods ($0.6 billion) were partly offsetting.
  • The increase in exports of services reflected nearly offsetting changes of $0.1 billion or less in all categories.

Imports
Imports of goods and services decreased $4.3 billion, or 1.8 percent, in February to $236.4 billion. Imports of goods decreased $4.2 billion and imports of services decreased less than $0.1 billion.

  • The decrease in imports of goods mostly reflected decreases in consumer goods ($3.1 billion) and in automotive vehicles, parts, and engines ($2.6 billion). An increase in industrial supplies and materials ($1.4 billion) was partly offsetting.
  • The decrease in imports of services reflected nearly offsetting changes of $0.1 billion or less in all categories.

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: February 2017.

For more information, read the full report.

Real Disposable Personal Income Rises in February

Personal income increased 0.4 percent in February after increasing 0.5 percent in January.Personal Income Chart March 31
Wages and salaries, the largest component of personal income, increased 0.5 percent in February after increasing 0.4 percent in January.

Current-dollar disposable personal income (DPI), after-tax income, increased 0.3 percent in February after increasing 0.4 percent in January.

Real DPI, income adjusted for taxes and inflation, increased 0.2 percent in February after decreasing 0.1 percent in January.

Real consumer spending (PCE), spending adjusted for price changes, decreased 0.1 percent in February after decreasing 0.2 percent in January. Spending on durable goods decreased 0.1 percent in February after decreasing 1.1 percent in January.

PCE prices increased 0.1 percent in February after increasing 0.4 percent in January. Excluding food and energy, PCE prices increased 0.2 percent in February after increasing 0.3 percent in January.

Personal saving rate
Personal saving as a percent of DPI was 5.6 percent in February and 5.4 percent in January.

For more information, read the full report.

Personal Income Graph March 31

GDP Increases in Fourth Quarter

Real gross domestic product (GDP) increased 2.1 percent in the fourth quarter of 2016, according to the “third” estimate released by the Bureau of Economic Analysis. In the third quarter, real GDP increased 3.5 percent.

Fourth‐quarter GDP highlights Q2Q Growth March 30
The increase in real GDP reflected an increase in consumer spending, private inventory
investment, residential investment, business investment, and state and local government spending. These contributions were partly offset by declines in exports and federal government spending. Imports, which are a subtraction in the calculation of GDP, increased.

Revisions Q2Q percent change march 30
The upward revision to real GDP growth was more than accounted for by an upward revision
to consumer spending, largely in services. This upward revision was partly offset by downward revisions to business investment and to exports.

Prices  
Prices of goods and services purchased by U.S. residents increased 2.0 percent in the fourth quarter after increasing 1.5 percent in the third quarter. Excluding energy and food, prices rose 1.6 percent after increasing 1.7 percent.

Corporate profits Q2Q Corporate Profits March 30
Profits increased 0.5 percent at a quarterly rate in the fourth quarter after increasing 5.8 percent in the third quarter.

Profits of nonfinancial corporations decreased 4.9 percent in the fourth quarter, profits of financial corporations increased 5.4 percent, and profits from the rest of the world increased 11.0 percent.

For more information, read the full report.


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