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Apr 30, 2018

Bureau of Economic Analisis March 2018, on April 30, 2018.

bea.gov

News Release: Personal Income and Outlays


PERSONAL INCOME AND OUTLAYS, MARCH 2018
Personal income increased $47.8 billion (0.3 percent) in March according to estimates released today by the
Bureau of Economic Analysis. Disposable personal income (DPI) increased $39.8 billion (0.3 percent) and personal
consumption expenditures (PCE) increased $61.7 billion (0.4 percent).

Real DPI increased 0.2 percent in March and Real PCE increased 0.4 percent. The PCE price index increased less
than 0.1 percent. Excluding food and energy, the PCE price index increased 0.2 percent.

                                                2017              2018
                                                Nov.     Dec.     Jan.     Feb.     Mar.
                                                  Percent change from preceding month
Personal income:
 Current dollars                                0.3      0.4      0.4      0.3      0.3
Disposable personal income:
 Current dollars                                0.3      0.4      0.9      0.3      0.3
 Chained (2009) dollars                         0.1      0.2      0.5      0.1      0.2
Personal consumption expenditures (PCE):
 Current dollars                                0.7      0.5      0.2      0.0      0.4
 Chained (2009) dollars                         0.5      0.3     -0.1     -0.2      0.4
Price indexes:
 PCE                                            0.2      0.1      0.4      0.2      0.0
 PCE, excluding food and energy                 0.1      0.2      0.3      0.2      0.2

Price indexes:                                   Percent change from month one year ago
 PCE                                            1.7      1.7      1.7      1.7      2.0
 PCE, excluding food and energy                 1.5      1.5      1.5      1.6      1.9

The increase in personal income in March primarily reflected increases in wages and salaries, social security benefits,
and dividend income (table 3).

The $50.0 billion increase in real PCE in March reflected an increase of $24.2 billion in spending for goods and a
$26.8 billion increase in spending for services (table 7). Within goods, purchases of recreational goods and vehicles
was the leading contributor to the increase. Within services, the largest contributor to the increase was spending for
household electricity and gas. Detailed information on monthly real PCE spending can be found in Table 2.3.6U.

Personal outlays increased $62.3 billion in March (table 3). Personal saving was $460.6 billion in March and the personal
saving rate, personal saving as a percentage of disposable personal income, was 3.1 percent (table 1).

                                Updates to Personal Income and Outlays

Estimates have been revised for January and February. The percent change from the preceding month for current-dollar
personal income, and for current-dollar and chained (2009) dollar DPI and PCE -- revised and as published in last month's
release -- are shown below.

                                                        Change from preceding month
                                                January                                   February
                                Previous   Revised   Previous   Revised   Previous   Revised   Previous   Revised
                               (Billions of dollars)      (Percent)      (Billions of dollars)      (Percent)
Personal income:
 Current dollars                    74.7      64.2        0.4       0.4       67.3      57.1        0.4       0.3
Disposable personal income:
 Current dollars                   142.7     129.3        1.0       0.9       53.9      42.6        0.4       0.3
 Chained (2009) dollars             75.7      63.9        0.6       0.5       22.7      15.9        0.2       0.1
Personal consumption expenditures:
 Current dollars                    21.3      32.7        0.2       0.2       27.7       1.6        0.2       0.0
 Chained (2009) dollars            -27.7     -17.9       -0.2      -0.1        1.4     -18.6        0.0      -0.2

BOX._______________________________
                                Upcoming Annual Update of the National Income and Product Accounts

BEA will release the results of the 15th comprehensive (or benchmark) update of the national income and product accounts (NIPAs)
in conjunction with the second quarter 2018 "advance" estimate on July 27, 2018.  For more information, see the Technical Note.
Details on the planned statistical, definitional, and presentational changes are available in the April Survey of Current Business
article "Preview of the 2018 Comprehensive Update of the National Income and Product Accounts." An article in the September Survey
will describe the estimates in detail.  Revised NIPA table stubs and news release stubs will be available in June.
___________________________________

                                Next release:  May 31, 2018 at 8:30 A.M. EDT
                                  Personal Income and Outlays:  April 2018

                                      Additional Information

Resources

Additional Resources available at www.bea.gov:

•	Stay informed about BEA developments by reading the BEA blog, signing up for BEA’s email
        subscription service, or following BEA on Twitter @BEA_News.
•	Historical time series for these estimates can be accessed in BEA’s Interactive Data Application.
•	Access BEA data by registering for BEA’s Data Application Programming Interface (API).
•	For more on BEA’s statistics, see our monthly online journal, the Survey of Current Business.
•	BEA's news release scheduleNIPA Handbook:  Concepts and Methods of the U.S. National Income and Product Accounts


Definitions

Personal income is the income received by, or on behalf of, all persons from all sources:  from
participation as laborers in production, from owning a home or business, from the ownership of
financial assets, and from government and business in the form of transfers. It includes income from
domestic sources as well as the rest of world. It does not include realized or unrealized capital gains or
losses.

Disposable personal income is the income available to persons for spending or saving. It is equal to
personal income less personal current taxes.

Personal consumption expenditures (PCE) is the value of the goods and services purchased by, or on the
behalf of, “persons” who reside in the United States.

Personal outlays is the sum of PCE, personal interest payments, and personal current transfer payments.

Personal saving is personal income less personal outlays and personal current taxes.

The personal saving rate is personal saving as a percentage of disposable personal income.

Current-dollar estimates are valued in the prices of the period when the transactions occurred—that is,
at “market value.” Also referred to as “nominal estimates” or as “current-price estimates.”

Real values are inflation-adjusted estimates—that is, estimates that exclude the effects of price changes.

For more definitions, see the Glossary: National Income and Product Accounts.


Statistical conventions

Annual rates. Monthly and quarterly values are expressed at seasonally-adjusted annual rates (SAAR).
Dollar changes are calculated as the difference between these SAAR values. For detail, see the FAQ
“Why does BEA publish estimates at annual rates?”

Month-to-month percent changes are calculated from unrounded data and are not annualized.

Quarter-to-quarter percent changes are calculated from unrounded data and are displayed at annual
rates. For detail, see the FAQ “How is average annual growth calculated?”

Quantities and prices. Quantities, or “real” volume measures, and prices are expressed as index
numbers with a specified reference year equal to 100 (currently 2009). Quantity and price indexes are
calculated using a Fisher-chained weighted formula that incorporates weights from two adjacent
periods (quarters for quarterly data and annuals for annual data). “Real” dollar series are calculated by
multiplying the published quantity index by the current dollar value in the reference year (2009) and
then dividing by 100. Percent changes calculated from real quantity indexes and chained-dollar levels
are conceptually the same; any differences are due to rounding.

Chained-dollar values are not additive because the relative weights for a given period differ from those
of the reference year.



Jan 19, 2017

BEA News Release: Revised Gross Domestic Product by Industry: 20 of 22 Industry Groups Contributed to Overall 3.5 % Increase in Q3, 2016.

bea.gov
 
Finance and insurance; wholesale trade; and information services were the leading contributors to the increase in U.S. economic growth in the third quarter of 2016. According to gross domestic product (GDP) by industry statistics released by the Bureau of Economic Analysis, 20 of 22 industry groups contributed to the overall 3.5 percent increase in real GDP in the third quarter.

Jun 22, 2016

BEA News Release June 22, 2016: :State Personal Income First Quarter 2016

bea.gov

State personal income grew 1.0 percent on average in the first quarter of 2016, the same pace as in the fourth quarter of 2015, according to estimates released today by the U.S. Bureau of Economic Analysis. Personal income grew in every state except Wyoming and North Dakota with first-quarter personal income growth rates ranging from -1.3 percent in North Dakota to 1.5 percent in Washington (table 1).

Dec 29, 2015

BEA News Release - December 29, 2015: U.S. International Investment Position, 3rd quarter 2015.

bea.gov

U.S. Net International Investment Position

The U.S. net international investment position at the end of the third quarter of 2015 was -$7,269.8 billion (preliminary) as the value of U.S. liabilities exceeded the value of U.S. assets (chart 1, table 1). At the end of the second quarter, the net investment position was -$6,743.1 billion (revised).

May 17, 2018

Real Personal Income for States and Metropolitan Areas, 2016 - May 17, 2018 | BEA

bea.gov

Real Personal Income for States and Metropolitan Areas, 2016


Home
> News Release: Real Personal Income for States and Metropolitan Areas, 2016
Real state personal income grew on average 1.1 percent in 2016, after increasing 4.7 percent in 2015, according to estimates released today by the Bureau of Economic Analysis. Real state personal income is a state's current-dollar personal income adjusted by the state's regional price parity and the national personal consumption expenditures price index. The percent change in real state personal income ranged from 3.3 percent in Utah and Georgia to -3.6 percent in Wyoming (table 1). In the District of Columbia, real personal income grew 4.5 percent. Across metropolitan areas, the percent change ranged from 6.6 percent in Jacksonville, NC to -8.1 percent in Midland, TX and Odessa, TX (table 4).
Map of US Real Personal Income for States: Percent Change, 2015-2016
Real Personal Income in 2016
  • States with the fastest growth in real personal income were Utah (3.3 percent), Georgia (3.3 percent), and Washington (3.0 percent). The District of Columbia's real personal income grew 4.5 percent.
  • Eight states had declining real personal income. The largest percent declines were in Wyoming (-3.6 percent), Oklahoma (-2.7 percent), and Louisiana (-1.9 percent).
  • Large metropolitan areas – those with population greater than two million – with the fastest growth in real personal income were Atlanta-Sandy Springs-Roswell, GA (3.4 percent), Orlando-Kissimmee-Sanford, FL (3.3 percent), and Charlotte-Concord-Gastonia, NC-SC (3.2 percent).
  • The three large metropolitan areas with declining real personal income were Houston-The Woodlands-Sugar Land, TX (-3.3 percent), Denver-Aurora-Lakewood, CO (-0.7 percent), and Pittsburgh, PA (-0.4 percent).
Regional Price Parities in 2016
Regional Price Parities (RPPs) measure the differences in price levels across states and metropolitan areas for a given year and are expressed as a percentage of the overall national price level. All items RPPs cover all consumption goods and services, including rents. Areas with high/low RPPs typically correspond to areas with high/low price levels for rents.
  • States with the highest RPPs were Hawaii (118.4), New York (115.6), and California (114.4) (table 3). The District of Columbia's RPP was 115.9.
  • States with the lowest RPPs were Mississippi (86.4), Alabama (86.6), and Arkansas (86.9).
  • Across states, Hawaii had the highest rents RPP (157.4) and Alabama and West Virginia had the lowest (63.2).
  • Large metropolitan areas with the highest RPPs were San Francisco-Oakland-Hayward, CA (124.7), New York-Newark-Jersey City, NY-NJ-PA (122.0), and Washington-Arlington-Alexandria, DC-VA-MD-WV, (119.1) (table 6).
  • Large metropolitan areas with the lowest RPPs were Cincinnati, OH-KY-IN (89.6), Cleveland-Elyria, OH (90.2), and St. Louis, MO-IL (90.8).
  • Across large metropolitan areas, San Francisco-Oakland-Hayward, CA had the highest rents RPP (190.9) and Cleveland-Elyria, OH had the lowest (77.9).
  • Across all metropolitan areas, San Jose-Sunnyvale-Santa Clara, CA had the highest rents RPP (213.3) and Gadsden, AL had the lowest (51.5).
Estimates of real personal income and regional price parities for state metropolitan and nonmetropolitan portions can be found at
https://www.bea.gov/itable
. Supplemental tables are available upon request.
Chart of 2015 Regional Price Parities by State
Updates to Real Personal Income
Today, BEA also released revised real personal income statistics for states and metropolitan areas for 2014-2015 and real per capita personal income statistics for states for 2010-2013. These revisions were made to incorporate newly available source data. BEA will update real personal income for states on September 25, 2018 with the release of state personal income. Real personal income for metropolitan areas will be updated on November 15, 2018 with the release of local area personal income.
Next release: May 2019 – Real Personal Income for States and Metropolitan Areas, 2017.

Technical Notes on Regional Price Parities and Implicit Regional Price Deflators

Price indexes commonly measure price changes over time. The BEA's personal consumption expenditures (PCE) price index and the Bureau of Labor Statistics' consumer price index (CPI) are two examples. Spatial price indexes measure price level differences across regions for one time period. An example of these type of indexes are purchasing power parities (PPPs), which measure differences in price levels across countries for a given period, and can be used to convert estimates of per capita GDP into comparable levels in a common currency. The regional price parities (RPPs) that BEA has developed compare regions within the United States, but without the need for currency conversion. An implicit regional price deflator (IRPD) can be derived by combining the RPPs and the U.S. PCE price index.
Regional Price Parities. The RPPs are calculated using price quotes for a wide array of items from the CPI, which are aggregated into broader expenditure categories (such as food, transportation or education)1. Data on rents are obtained separately from the Census Bureau's American Community Survey (ACS). The expenditure weights for each category are constructed using CPI expenditure weights, BEA's personal consumption expenditures, and ACS rents expenditures2.
The broader categories and the data on rents are combined with the expenditure weights using a multilateral aggregation method that expresses a region's price level relative to the U.S3.
For example, if the RPP for area A is 120 and for area B is 90, then on average, prices are 20 percent higher and 10 percent lower than the U.S. average for A and B, respectively. If the personal income for area A is $12,000 and for area B is $9,000, then RPP-adjusted incomes are $10,000 (or $12,000/1.20) and $10,000 (or $9,000/0.90), respectively. In other words, the purchasing power of the two incomes is equivalent when adjusted by their respective RPPs.
Implicit Regional Price Deflator. The IRPD is a regional price index derived as the product of two terms: the regional price parity and the U.S. PCE price index.
The implicit regional price deflator will equal current dollar personal income divided by real personal income in chained dollars. The growth rate or year-to-year change in the IRPDs is a measure of regional inflation4.
Detailed information on the methodology used to estimate the RPPs may be found on the regional methodology page of the BEA website: www.bea.gov/regional/methods.cfm.

Additional Information

Resources

Definitions

Personal income is the income received by, or on behalf of, all persons from all sources: from participation as laborers in production, from owning a home or business, from the ownership of financial assets, and from government and business in the form of transfers. It includes income from domestic sources as well as the rest of world. It does not include realized or unrealized capital gains or losses.
Per capita personal income is calculated as the total personal income of the residents of a given area divided by the population of the area. In computing per capita personal income, BEA uses Census Bureau mid-year population estimates.
Personal income is measured before the deduction of personal income taxes and other personal taxes and is reported in current dollars (no adjustment is made for price changes). Comparisons for different regions and time periods reflect changes in both the price and quantity components of regional personal income.
The estimate of personal income for the United States is the sum of the state estimates and the estimate for the District of Columbia; it differs slightly from the estimate of personal income in the national income and product accounts (NIPAs) because of differences in coverage, in the methodologies used to prepare the estimates, and in the timing of the availability of source data.
Regional price parities (RPPs) are regional price levels expressed as a percentage of the overall national price level for a given year. The price level is determined by the average prices paid by consumers for the mix of goods and services consumed in each region.
Detailed CPI price data are adjusted to obtain average price levels for BLS-defined areas5. These are allocated to counties in combination with direct price and expenditure data on rents from the ACS.
County data are then aggregated to states and metropolitan areas.
Personal income at RPPs is current-dollar personal income divided by the price parity6 for a given year and region. A balancing factor is applied so that the sum of personal income at RPPs across regions equals the current dollar sum.
Real personal income is personal income at RPPs divided by the national PCE chain-type price index. The result is real personal income in chained dollars (using 2009 as the reference year). Using Alaska in 2016 as an example:
(1) Personal Income is divided by the RPP, (2) Balancing factor is applied, (3) Personal Income at RPPs is deflated by the U.S. PCE Price Index, 2016 Alaska Real Personal Income, $41.3 / 1.054 = $39.2, $39.2 / 0.997 = $39.3, $39.3 / 1.108 = $35.5, $35.5, Note: Dollar amounts are in billions.
Estimates of real personal income in the United States are derived as the sum of the regional estimates divided by the U.S. PCE Price Index.
Implicit Regional Price Deflator (IRPD) is the product of the RPP times the national PCE price index. It is equal to personal income divided by real personal income. See also the Technical Note.
List of News Release Tables
Table 1. Real Personal Income and Implicit Regional Price Deflators by State, 2015-2016
Table 2. Real Per Capita Personal Income by State, 2015-2016
Table 3. Regional Price Parities by State, 2016
Table 4. Real Personal Income and Implicit Regional Price Deflators by Metropolitan Area, 2015-2016
Table 5. Real Per Capita Personal Income by Metropolitan Area, 2015-2016
Table 6. Regional Price Parities by Metropolitan Area, 2016
1 The BEA Regional Price Parity statistics are based in part on restricted access Consumer Price Index data from the Bureau of Labor Statistics (BLS). The BEA statistics presented herein are products of BEA and not BLS.
2 To estimate RPPs, CPI price quotes are quality adjusted and pooled over 5 years. The ACS rents are also quality adjusted and are either annual for states or pooled over 3 years for metropolitan areas. The expenditure weights are specific for each year.
3 The multilateral system that is used is the Geary additive method. Any region or combination of regions may be used as the base or reference region without loss of consistency.
4 The growth rate of the implicit regional price deflators will not necessarily equal the region or metro area price deflators published by the BLS. This is because the CPI deflators are calculated directly while the IRPDs are indirect estimates, and because of differences in the source data and methodology.
5 The CPI represents about 93 percent of the total U.S. population, including almost all residents of urban or metropolitan areas. In the Northeast region, rural area prices (exclusive of rents) are assumed to be the same as those in the small metropolitan areas of the CPI; in the Midwest, South, and West regions, they are assumed to be the same as those in the nonmetropolitan urban areas of the CPI.
6 RPP should first be divided by 100.

Dec 22, 2015

BEA News Release - December 22, 2015: BEA Announcement: Inadvertent Release of Monthly Data.


The U.S. Bureau of Economic Analysis (BEA) announces the following: 

There has been an inadvertent release of some of BEA’s personal consumption expenditure data for November as well as for previous months via BEA’s API (application programming interface).  BEA’s personal income and outlays data for November are scheduled for public release on Dec. 23 at 8:30 a.m. eastern time. Because some data were inadvertently released ahead of the official release time, BEA will immediately release the data that were affected, consistent with our protocol. Those data cover current dollar personal consumption expenditure statistics for July through November as well as current dollar breakouts for goods, durables, nondurables, and services. BEA will take steps to ensure that this does not happen again and will take all appropriate action to safeguard economic data. BEA will release the entire personal income and outlays report for November as scheduled on Dec. 23 at 8:30 a.m. eastern.


You can now access the statement at http://www.bea.gov/national/PI_PCE_statement_1215.htm

May 26, 2017

BEA News: Gross Domestic Product, Q1 2017 (2nd est.); Corporate Profits, Q1 2017 (preliminary est.): BEA News Release - May 26, 2017

bea.gov
News Release: Gross Domestic Product
11-14 minutes

National Income and Product Accounts
Gross Domestic Product: First Quarter 2017 (Second Estimate)
Corporate Profits: First Quarter 2017 (Preliminary Estimate)

Real gross domestic product (GDP) increased at an annual rate of 1.2 percent in the first quarter of 2017
(table 1), according to the "second" estimate released by the Bureau of Economic Analysis. In the fourth
quarter, real GDP increased 2.1 percent.

The GDP estimate released today is based on more complete source data than were available for the
"advance" estimate issued last month.  In the advance estimate, the increase in real GDP was 0.7
percent. With this second estimate for the first quarter, the general picture of economic growth remains
the same; increases in nonresidential fixed investment and in personal consumption expenditures (PCE)
were larger and the decrease in state and local government spending was smaller than previously
estimated. These revisions were partly offset by a larger decrease in private inventory investment (see
"Updates to GDP" on page 2).

Real GDP: Percent Change from Preceding Quarter

Real gross domestic income (GDI) increased 0.9 percent in the first quarter, in contrast to a decrease of
1.4 percent (revised) in the fourth. The average of real GDP and real GDI, a supplemental measure of
U.S. economic activity that equally weights GDP and GDI, increased 1.0 percent in the first quarter,
compared with an increase of 0.3 percent in the fourth quarter (table 1).


             Upcoming Annual Update of the National Income and Product Accounts

The annual update of the national income and product accounts, covering the first quarter of 2014
through the first quarter of 2017, will be released along with the "advance" estimate of GDP for the
second quarter of 2017 on July 28.  For more information, see “Preview of the 2017 NIPA Annual
Update” included in the May Survey of Current Business article on “GDP and the Economy”.

The increase in real GDP in the first quarter reflected positive contributions from nonresidential fixed
investment, exports, residential fixed investment, and PCE that were partly offset by negative
contributions from private inventory investment, federal government spending, and state and local
government spending. Imports, which are a subtraction in the calculation of GDP, increased (table 2).

The deceleration in real GDP in the first quarter primarily reflected a downturn in private inventory
investment and a deceleration in PCE that were partly offset by an upturn in exports and an acceleration
in nonresidential fixed investment.

Current-dollar GDP increased 3.4 percent, or $158.2 billion, in the first quarter to a level of $19,027.6
billion. In the fourth quarter, current-dollar GDP increased 4.2 percent, or $194.1 billion (table 1 and
table 3).

The price index for gross domestic purchases increased 2.6 percent in the first quarter, compared with
an increase of 2.0 percent in the fourth quarter (table 4). The PCE price index increased 2.4 percent,
compared with an increase of 2.0 percent. Excluding food and energy prices, the PCE price index
increased 2.1 percent, compared with an increase of 1.3 percent (appendix table A).


Updates to GDP

The percent change in real GDP was revised up from the advance estimate, reflecting upward revisions
to nonresidential fixed investment, PCE, and state and local government spending that were partly
offset by a downward revision to private inventory investment. For more information, see the Technical
Note. For information on updates to GDP, see the “Additional Information” section that follows.


                                                     Advance Estimate        Second Estimate
                                                 (Percent change from preceding quarter)
Real GDP                                                      0.7                  1.2
Current-dollar GDP                                       3.0                  3.4
Real GDI                                   …                         0.9
Average of Real GDP and Real GDI           …                   1.0
Gross domestic purchases price index         2.6                  2.6
PCE price index                                           2.4                  2.4


For the fourth quarter of 2016, the percent change in real GDI was revised from 1.0 percent to -1.4
percent based on newly available fourth-quarter tabulations from the BLS Quarterly Census of
Employment and Wages program.

Corporate Profits (table 12)

Profits from current production (corporate profits with inventory valuation adjustment and capital
consumption adjustment) decreased $40.3 billion in the first quarter, in contrast to an increase of $11.2
billion in the fourth quarter.

Profits of domestic financial corporations decreased $28.4 billion in the first quarter, in contrast to an
increase of $26.5 billion in the fourth quarter. Profits of domestic nonfinancial corporations decreased
$18.4 billion, compared with a decrease of $60.4 billion. The rest-of-the-world component of profits
increased $6.5 billion, compared with an increase of $45.1 billion. This measure is calculated as the
difference between receipts from the rest of the world and payments to the rest of the world. In the
first quarter, receipts increased $11.8 billion, and payments increased $5.3 billion.






                                      *          *          *

                            Next release:  June 29, 2017 at 8:30 A.M. EDT
                    Gross Domestic Product:  First Quarter 2017 (Third Estimate)
                     Corporate Profits:  First Quarter 2017 (Revised Estimate)

                                      *          *          *




                                       Additional Information

Resources

Additional Resources available at www.bea.gov:
•    Stay informed about BEA developments by reading the BEA blog, signing up for BEA’s email
        subscription service, or following BEA on Twitter @BEA_News.
•    Historical time series for these estimates can be accessed in BEA’s Interactive Data Application.
•    Access BEA data by registering for BEA’s Data Application Programming Interface (API).
•    For more on BEA’s statistics, see our monthly online journal, the Survey of Current Business.
•    BEA's news release schedule
•    NIPA Handbook:  Concepts and Methods of the U.S. National Income and Product Accounts

Definitions

Gross domestic product (GDP) is the value of the goods and services produced by the nation’s economy
less the value of the goods and services used up in production. GDP is also equal to the sum of personal
consumption expenditures, gross private domestic investment, net exports of goods and services, and
government consumption expenditures and gross investment.

Gross domestic income (GDI) is the sum of incomes earned and costs incurred in the production of GDP.
In national economic accounting, GDP and GDI are conceptually equal. In practice, GDP and GDI differ
because they are constructed using largely independent source data. Real GDI is calculated by deflating
gross domestic income using the GDP price index as the deflator, and is therefore conceptually
equivalent to real GDP.

Current-dollar estimates are valued in the prices of the period when the transactions occurred—that is,
at “market value.” Also referred to as “nominal estimates” or as “current-price estimates.”
Real values are inflation-adjusted estimates—that is, estimates that exclude the effects of price changes.
The gross domestic purchases price index measures the prices of final goods and services purchased by
U.S. residents.

The personal consumption expenditure price index measures the prices paid for the goods and services
purchased by, or on the behalf of, “persons.”

Profits from current production, referred to as corporate profits with inventory valuation adjustment
(IVA) and capital consumption adjustment (CCAdj) in the NIPAs, is a measure of the net income of
corporations before deducting income taxes that is consistent with the value of goods and services
measured in GDP. The IVA and CCAdj are adjustments that convert inventory withdrawals and
depreciation of fixed assets reported on a tax-return, historical-cost basis to the current-cost economic
measures used in the national income and product accounts.

For more definitions, see the Glossary: National Income and Product Accounts.


Statistical conventions

Annual rates. Quarterly values are expressed at seasonally-adjusted annual rates (SAAR), unless
otherwise specified. Dollar changes are calculated as the difference between these SAAR values. For
detail, see the FAQ “Why does BEA publish estimates at annual rates?”

Percent changes in quarterly series are calculated from unrounded data and are displayed at annual
rates, unless otherwise specified. For details, see the FAQ “How is average annual growth calculated?”

Quantities and prices. Quantities, or “real” volume measures, and prices are expressed as index
numbers with a specified reference year equal to 100 (currently 2009). Quantity and price indexes are
calculated using a Fisher-chained weighted formula that incorporates weights from two adjacent
periods (quarters for quarterly data and annuals for annual data). “Real” dollar series are calculated by
multiplying the published quantity index by the current dollar value in the reference year (2009) and
then dividing by 100. Percent changes calculated from real quantity indexes and chained-dollar levels
are conceptually the same; any differences are due to rounding.

Chained-dollar values are not additive because the relative weights for a given period differ from those
of the reference year. In tables that display chained-dollar values, a “residual” line shows the difference
between the sum of detailed chained-dollar series and its corresponding aggregate.


Updates to GDP

BEA releases three vintages of the current quarterly estimate for GDP:  "Advance" estimates are
released near the end of the first month following the end of the quarter and are based on source data
that are incomplete or subject to further revision by the source agency; “second” and “third” estimates
are released near the end of the second and third months, respectively, and are based on more detailed
and more comprehensive data as they become available.

Annual and comprehensive updates are typically released in late July. Annual updates generally cover at
least the 3 most recent calendar years (and their associated quarters) and incorporate newly available
major annual source data as well as some changes in methods and definitions to improve the accounts.
Comprehensive (or benchmark) updates are carried out at about 5-year intervals and incorporate major
periodic source data, as well as major conceptual improvements.
The table below shows the average revisions to the quarterly percent changes in real GDP between
different estimate vintages, without regard to sign.

Vintage                               Average Revision Without Regard to Sign
                                         (percentage points, annual rates)
Advance to second                                     0.5
Advance to third                                        0.6
Second to third                                          0.2
Advance to latest                                       1.1
Note - Based on estimates from 1993 through 2015. For more information on GDP
updates, see Revision Information on the BEA Web site.

The larger average revision from the advance to the latest estimate reflects the fact that periodic
comprehensive updates include major statistical and methodological improvements.

Unlike GDP, an advance current quarterly estimate of GDI is not released because data on domestic
profits and on net interest of domestic industries are not available. For fourth quarter estimates, these
data are not available until the third estimate.




Aug 26, 2016

Jun 10, 2015

U.S. BEA News Release - June 10, 2015: BEA News: Gross Domestic Product by State, Advance 2014 and Revised 1997-2013

The U.S. Bureau of Economic Analysis (BEA) has issued the following news release today:

Real gross domestic product (GDP) increased in 48 states and the District of Columbia in 2014, according to new statistics released today by the Bureau of Economic Analysis (BEA). Professional, scientific, and technical services; nondurable goods manufacturing; and real estate and rental and leasing were the leading contributors to real U.S. economic growth. U.S. real GDP grew 2.2 percent in 2014 after increasing 1.9 percent in 2013.

The full text of the release on BEA's Web site can be found at www.bea.gov/newsreleases/regional/gdp_state/gsp_newsrelease.htm

Jun 28, 2016

BEA News Release on June 28, 2016: BEA News: Gross Domestic Product, Q1 2016 (3rd est.); Corporate Profits, Q1 2016 (revised est.)

The U.S. Bureau of Economic Analysis (BEA) has issued the following news release today:

Real gross domestic product -- the value of the goods and services produced by the nation’s economy less the value of the goods and services used up in production, adjusted for price changes -- increased at an annual rate of 1.1 percent in the first quarter of 2016, according to the "third" estimate released by the Bureau of Economic Analysis.  In the fourth quarter of 2015, real GDP increased 1.4 percent.
 
The full text of the release on BEA's Web site can be found at www.bea.gov/newsreleases/national/gdp/gdpnewsrelease.htm

Feb 1, 2016

BEA News Release - February 1, 2016: BEA News: Personal Income and Outlays, December 2015: 0.3% and Disposable Personal Income (DPI) increased 0.3% in December 2015. ... More

The U.S. Bureau of Economic Analysis (BEA) has issued the following news release today:

Personal income increased $42.5 billion, or 0.3 percent, and disposable personal income (DPI) increased $37.8 billion, or 0.3 percent, in December, according to the Bureau of Economic Analysis.  Personal consumption expenditures (PCE) decreased $0.7 billion, or less than 0.1 percent.  In November, personal income increased $44.3 billion, or 0.3 percent, DPI increased $33.4 billion, or 0.2 percent, and PCE increased $59.4 billion, or 0.5 percent, based on revised estimates.

The full text of the release on BEA's Web site can be found at www.bea.gov/newsreleases/national/pi/pinewsrelease.htm

Sep 14, 2016

BEA News Release - Travel and Tourism Spending Accelerated in the Second Quarter - September 14, 2016

 

 
News Release

Wednesday, September 14, 2016
Real spending (output) on travel and tourism accelerated in the second quarter of 2016, increasing at an annual rate of 4.7 percent after increasing 1.2 percent (revised) in the first quarter according to new statistics released by the Bureau of Economic Analysis. By comparison, real gross domestic product (GDP) increased 1.1 percent in the second quarter after increasing 0.8 percent in the first.
The leading contributors to the second-quarter acceleration in travel and tourism were “traveler accommodations” and “transportation.”   “Traveler accommodations” turned up after two quarters of decline. The acceleration in “transportation” was driven by an upturn in passenger air transportation services.
Chart 1. Quarterly Growth in Real Tourism Spending
Tourism Prices – Prices for travel and tourism goods and services decelerated in the second quarter of 2016, increasing 1.7 percent following an increase of 3.1 percent (revised) in the first quarter.  The deceleration was mainly attributable to a downturn in prices for “passenger air transportation” and “traveler accommodations.”   “All other transportation” prices accelerated.
Chart 2. Tourism Prices
Tourism EmploymentEmployment in the travel and tourism industries accelerated in the second quarter, increasing 1.4 percent after increasing 0.4 percent in the first quarter. By comparison, overall U.S. nonfarm employment increased 1.3 percent in the second quarter after increasing 1.9 percent in the first.  “Food services and drinking places" was the most significant contributor to travel and tourism employment growth, adding 5.6 thousand employees. “Recreation and entertainment” added 5.2 thousand employees.
Chart 3. Tourism Employment
Total Tourism-Related Output was $1.6 trillion in the second quarter of 2016. It consisted of $934.9 billion (57 percent) of direct tourism spending and $692.6 billion (43 percent) of indirect tourism-related spending.
Total Tourism-Related Employment was 7.6 million jobs in the second quarter of 2016, unchanged from the first quarter, and consisted of 5.4 million (71 percent) direct tourism jobs and 2.2 million (29 percent) indirect tourism-related jobs.

These statistics are from BEA’s Travel and Tourism Satellite Accounts (TTSAs), which are supported by funding from the Office of Travel and Tourism Industries, International Trade Administration, U.S. Department of Commerce. The current-price statistics of direct tourism output were derived from BEA’s annual TTSAs and from current-price quarterly statistics of personal consumption expenditures from the National Income and Product Accounts (NIPAs). The real statistics of direct tourism output were developed using price indexes from the Bureau of Labor Statistics (BLS) and real quarterly statistics of personal consumption expenditures from the NIPAs. The statistics of direct tourism employment were derived from the annual TTSAs from BEA, the Quarterly Census of Employment and Wages (QCEW), and Current Employment Statistics (CES) from BLS.


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Sep 2, 2015

Quarterly Gross Domestic Product by State, 2005–2014 (Prototype Statistics): BEA News Release - September 2, 2015

The U.S. Bureau of Economic Analysis (BEA) has issued the following news release today:

Today, the U.S. Bureau of Economic Analysis (BEA) is releasing prototype quarterly gross domestic product (GDP) by state statistics for 2005-2014. The new data are intended to provide a fuller description of the accelerations, decelerations, and turning points in economic growth at the state level, including key information about the impact of industry composition differences across states. Relative to the August 2014 release, the new prototype statistics incorporate new and revised source data and cover an additional year of economic activity.

The full text of the release on BEA's Web site can be found at www.bea.gov/newsreleases/regional/gdp_state/qgsp_newsrelease.htm

Nov 25, 2014

BEA News Release: the value of the production of goods and services in the United States, adjusted for price changes -- increased at an annual rate of 3.9 percent in the third quarter of 2014, according to the "second" estimate released.

The U.S. Bureau of Economic Analysis (BEA) has issued the following news release today:

Real gross domestic product -- the value of the production of goods and services in the United States, adjusted for price changes -- increased at an annual rate of 3.9 percent in the third quarter of 2014, according to the "second" estimate released by the Bureau of Economic Analysis.  In the second quarter, real GDP increased 4.6 percent.

The full text of the release on BEA's Web site can be found at www.bea.gov/newsreleases/national/gdp/gdpnewsrelease.htm

The Bureau of Economic Analysis provides this service to you at no charge. Visit us on the Web atwww.bea.govAll you will need is your e-mail address. If you have questions or need assistance, please e-mail subscribe@bea.gov.

Sep 15, 2016

BEA News Release: The U.S. current-account deficit decreased to $ 119.9 Billion (Preliminary) in Q2 2016...


The U.S. Bureau of Economic Analysis (BEA) has issued the following news release today:  



The U.S. current-account deficit decreased to $119.9 billion (preliminary) in the second quarter of 2016 from $131.8 billion (revised) in the first quarter of 2016, according to statistics released by the Bureau of Economic Analysis (BEA). The deficit decreased to 2.6 percent of current-dollar gross domestic product (GDP) from 2.9 percent in the first quarter.

The full text of the release on BEA's Web site can be found at www.bea.gov/newsreleases/international/transactions/transnewsrelease.htm

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