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Home > Publications > Survey of Current Business > June 2003 - Volume 83 - Number 6 |
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June 2003 - Volume 83 - Number 6Business Situation: Preliminary Estimates for the First Quarter of 2003Real GDP increased 1.9 percent in the first quarter of 2003, according
to the "preliminary" estimates, after increasing 1.4 percent
in the fourth quarter of 2002. The "advance" estimates issued
last month had shown a 1.6-percent increase. Corporate profits increased
$7.9 billion (1.0 percent at a quarterly rate) in the first quarter. The
Federal Government current deficit increased $18.4 billion, to $266.1
billion, and the state and local government current deficit increased
$16.3 billion, to $66.9 billion. Preview of the 2003 Comprehensive Revision of the National Income and Product Accounts: Changes in Definitions and ClassificationsThe upcoming comprehensive revision will feature a number of changes
in definitions and classifications that update the NIPA's in order to
better portray U.S. economic activity. These changes will address data
gaps and other short-comings, will improve consistency and integration
with other accounts, and will improve consistency with international guidelines.
The major definitional changes are as follows: Recognize the implicit
services provided by property and casualty insurance and provide a more
appropriate treatment of insured losses, allocate a portion of the implicit
services of commercial banks to borrowers, recognize explicitly the services
produced by general government and treat government purchases of goods
and services as intermediate inputs, and broaden the definition of national
income to include all net incomes earned in production. Receipts and Expenditures of State Governments and of Local Governments, 1959-2001Newly available estimates that separate receipts and expenditures of
state gov-ernments from those of local governments facilitate long-term
analyses of each level of government. Over the past four decades, receipts
and expenditures at all levels of government--Federal, state, and local--grew
relative to the growth of the overall economy. For state governments,
expenditures--particularly those for Medicaid--grew faster than receipts,
so that by 2001, states ran a record deficit of $64.0 billion. For local
governments, receipts and expenditures grew at about the same pace. Local
governments ran a surplus throughout the period; in 2001, the surplus
was $32.6 billion. Foreign Direct Investment in the United States: New Investment in 2002Outlays by foreign direct investors to acquire or establish businesses
in the United States were $52.6 billion in 2002, down 64 percent from
2001 and 84 percent below the record $335.6 billion in 2000. The drop
in 2002 reflected continuing weakness in the U.S. economy and in many
foreign economies and a falloff in merger and acquisition activity worldwide. Gross State Product by Industry, 1999-2001New estimates of gross state product (GSP) confirm that the slowdown
in U.S. economic growth in 2001 was widespread. Real GSP declined in 20
states, and it decelerated in an additional 26 states. Manufacturing declined
in 40 states. Of the 10 states with the largest declines in real GSP,
manufacturing contributed the most to the declines in all of them except
Alaska. Revisions to the GSP estimates for 1999 and 2000 were generally
small. The revised estimates incorporate the results of the most recent
annual revisions of state personal income and of the national income and
product accounts and newly available state-level source data. Subject Guide for the January-June 2003 Issues (PDF)Looking AheadAnnual Revision of the U.S. International Transactions Accounts. An article summarizing the revisions to the estimates of U.S. international transactions and discussing the major sources of these revisions will be published in the July Survey . The revisions will extend back to 1992. Selected estimates will be made available on June 19th as part of the release of the estimates of U.S. international transactions for the first quarter of 2003. BEA Current and Historical Data
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