Bureau of Economic Analysis

The U.S. monthly international trade deficit decreased in May 2014 according to the U.S. Bureau of Economic Analysis and the U.S. Census Bureau. The deficit decreased from $47.0 billion in April (revised) to $44.4 billion in May as exports increased and imports decreased. The previously published April deficit was $47.2 billion. The goods deficit decreased $2.4 billion from April to $63.3 billion in May; the services surplus increased $0.3…

The Bureau of Economic Analysis plans to release in 2015 a modified economic model to replace the original Regional Input-Output Modeling System (RIMS II).  Cost savings will be realized because the modified model will be updated less frequently.

Much like RIMS II, the modified model will produce regional “multipliers” that can be used in economic impact studies to estimate the total economic impact of a project on a region.

NOTE: See the navigation bar at the right side of the news release text for a link to an important note about revisions to goods and services and the comprehensive restructuring of the International Economic Accounts. Also see links to data tables, contact personnel and their telephone numbers, and supplementary materials.

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The U.S. net international investment position was -$5,539.3 billion (preliminary) at the end of the first quarter of 2014 as the value of U.S. liabilities exceeded the value of U.S. assets. At the end of the fourth quarter, the net position was -$5,383.0 billion (revised).

Did you know that each year BEA regional economic statistics, such as annual personal income and per capita personal income are used to allocate billions of dollars in federal funds to states and local governments?  In fiscal year 2013, about $308 billion in federal funds were distributed under programs using BEA statistics in funding formulas.

Comprehensive Restructuring of the U.S. International Economic Accounts

In this release, BEA presents the U.S. international investment position (IIP) statistics for the first quarter of 2014 along with historical revisions and detailed annual statistics for 2013. These statistics include changes in positions resulting from annual financial transactions and other changes in position such as price changes, exchange-rate-changes, and…

Real spending on travel and tourism turned down in the first quarter of 2014, decreasing at an annual rate of 1.0 percent after increasing 4.5 percent (revised) in the fourth quarter of 2013.  Growth in real gross domestic product (GDP) also experienced a down turn, decreasing 2.9 percent (third estimate) in the first quarter after increasing 2.6 percent in the fourth quarter.

Travel and Tourism Spending Turned Down in the First Quarter of 2014

Real spending on travel and tourism turned down in the first quarter of 2014, decreasing at an annual rate of 1.0 percent after increasing 4.5 percent (revised) in the fourth quarter of 2013. Growth in real gross domestic product (GDP) also experienced a downturn, decreasing 2.9 percent (third estimate) in the first quarter after increasing 2.6 percent in the fourth…

Personal income increased 0.4 percent in May after increasing 0.3 percent in April. Wages and salaries, the largest component of personal income, increased 0.4 percent after increasing 0.3 percent.

Current-dollar disposable personal income (DPI), after-tax income, increased 0.4 percent in May, the same increase as in April.

Real DPI, income adjusted for taxes and inflation, increased0.2percent in May, the same…

Personal income increased $58.8 billion, or 0.4 percent, and disposable personal income (DPI) increased $55.6 billion, or 0.4 percent, in May, according to the Bureau of Economic Analysis. Personal consumption expenditures (PCE) increased $18.3 billion, or 0.2 percent. In April, personal income increased $49.9 billion, or 0.3 percent, DPI increased $50.8 billion, or 0.4 percent, and PCE increased $2.3 billion, or less than 0.1 percent, based…