The BEA Wire | BEA's Official Blog

Real gross domestic product (GDP) increased 0.7 percent in the first quarter of 2017, according to the “advance” estimate released by the Bureau of Economic Analysis. In the fourth quarter of 2016, real GDP increased 2.1 percent.

Members of the public, private industry, state and

Finance and insurance; retail trade; and professional, scientific, and technical services were the leading contributors to the increase in U.S. economic growth in the fourth quarter of 2016.

Sure, Broadway and Hollywood employ lots of creative people. But when it comes to artistic and cultural work, not all the action is on the coasts. New data show arts and culture account for a larger share of jobs in Wyoming, Utah and Colorado than they do nationally.

A new report on the state-by-state economic impact of arts and cultural production will be released Wednesday, April 19, at 10 a.m. Eastern time by the Bureau of Economic Analysis.

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.

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

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.

The U.S. net international investment position decreased to −$8,109.7 billion (preliminary) at the end of the fourth quarter of 2016 from −$7,807.3 billion (revised) at the end of the third quarter.

State personal income grew on average 3.6 percent in 2016, after increasing 4.5 percent in 2015. Growth of state personal income—the sum of net earnings by place of residence, property income, and personal current transfer receipts—ranged from –1.7 percent in Wyoming to 5.9 percent in Nevada.

The U.S. current-account deficit decreased to $112.4 billion (preliminary) in the fourth quarter of 2016 from $116.0 billion (revised) in the third quarter of 2016. As a percentage of U.S. GDP, the deficit decreased to 2.4 percent from 2.5 percent.