Posts Tagged 'BEA News'

Gross Domestic Product by State: First Quarter 2016

Real gross domestic product (GDP) increased in 37 states and the District of Columbia in the first quarter of 2016, according to statistics on the geographic breakout of GDP released today by the Bureau of Economic Analysis.  Real GDP by state growth, at an annual rate, ranged from 3.9 percent in Arkansas   to –11.4 percent in North Dakota.  Construction; health care and social assistance; and retail trade were the leading contributors to U.S. economic growth in the first quarter.

GDP by State July 27

  • Construction grew 9.0 percent in the first quarter of 2016—the eighth consecutive quarter of growth for this industry.  This industry contributed to growth in 47 states and the District of Columbia and 1.1 percentage points to the 1.7 percent growth in real GDP in Hawaii.
  • Health care and social assistance grew 3.8 percent in the first quarter.  This industry contributed to growth in every state and the District of Columbia.
  • Retail trade grew 4.8 percent in the first quarter.  This industry contributed to growth in 47 states and the District of Columbia and 0.59 percentage point to the 3.9 percent growth in Washington.

For more information, read the full report.

Travel and Tourism Spending Accelerated in the First Quarter

Real spending (output) on travel and tourism accelerated in the first quarter of 2016, increasing at an annual rate of 5.2 percent after increasing 1.5 percent (revised) in the fourth quarter of 2015. By comparison, real gross domestic product (GDP) decelerated, increasing 0.8 percent in the first quarter (second estimate) after increasing 1.4 percent in the fourth quarter of 2015.

The leading contributors to the acceleration in the first quarter were “all other transportation-related goods and services” and “passenger air transportation.” “All other transportation-related goods and services” turned up, increasing 3.4 percent after decreasing 6.9 percent in the fourth quarter of 2015. “Passenger air transportation” accelerated, increasing 24.8 percent in the first quarter after increasing 13.0 percent in the fourth quarter.

TTSA June 23

For more information, read the full report.

February 2016 Trade Gap is $47.1 Billion

The U.S. monthly international trade deficit increased in February 2016 according to the U.S. Bureau of Economic Analysis and the U.S. Census Bureau. The deficit increased from $45.9 billion in January (revised) to $47.1 billion in February, as imports increased more than exports. The previously published January deficit was $45.7 billion. The goods deficit increased $0.9 billion from January to $64.7 billion in February. The services surplus decreased $0.3 billion from January to $17.7 billion in February.

balance on goods and services trade

Exports
Exports of goods and services increased $1.8 billion, or 1.0 percent, in February to $178.1 billion. Exports of goods increased $1.8 billion and exports of services decreased less than $0.1 billion.

  • The increase in exports of goods mainly reflected increases in consumer goods ($1.1 billion) and in other goods ($0.6 billion).
  • The decrease in exports of services mainly reflected decreases in transport ($0.2 billion), which includes freight and port services and passenger fares, and in financial services ($0.1 billion). An increase in travel (for all purposes including education)($0.2 billion) was partly offsetting.

Imports
Imports of goods and services increased $3.0 billion, or 1.3 percent, in February to $225.1 billion. Imports of goods increased $2.7 billion and imports of services increased $0.3 billion.

  • The increase in imports of goods mainly reflected an increase in consumer goods ($3.6 billion). A decrease in automotive vehicles, parts, and engines ($1.5 billion) was partly offsetting.
  • The increase in imports of services reflected increases in travel (for all purposes including education) ($0.1 billion), in other business services ($0.1 billion), which includes research and development services; professional and management services; and technical, trade-related, and other services, and in transport ($0.1 billion).

Goods by geographic area (seasonally adjusted, Census basis)

  • The deficit with China increased $1.0 billion to $32.1 billion in February. Exports decreased $0.3 billion to $8.4 billion and imports increased $0.8 billion to $40.5 billion.
  • The deficit with Canada increased $0.3 billion to $1.0 billion in February. Exports decreased $0.7 billion to $21.6 billion and imports decreased $0.4 billion to $22.6 billion.
  • The balance with members of OPEC shifted from a deficit of $0.2 billion in January to a surplus of $1.9 billion in February. Exports increased $1.6 billion to $7.4 billion and imports decreased $0.4 billion to $5.5 billion.

For more information, read the full report.

 


Enter your email address to follow this blog and receive notifications of new posts by email.

Archives