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Home > Publications > Survey of Current Business > June 2004 - Volume 84 - Number 6 |
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June 2004 - Volume 84 - Number 6Business Situation: Preliminary Estimates for the First Quarter of 2004U.S. economic activity picked up somewhat in the first quarter. Real GDP increased 4.4 percent after increasing 4.1 percent in the fourth quarter of 2003; the pickup was mainly accounted for by increases in government and consumer spending. Inflation also picked up: The price index for gross domestic purchases increased 3.3 percent after increasing 1.3 percent; the pickup partly reflected an upturn in energy prices. Corporate profits increased $14.2 billion (1.2 percent at a quarterly rate) after increasing $81.4 billion. Net Federal Government saving, the difference between current receipts and current expenditures, was -$441.1 billion, decreasing $28.9 billion from -$412.2 billion, and net state and local government saving was $23.5 billion, decreasing $16.4 billion from $39.9 billion. | PDF | XLS Federal Personal Income Tax Liabilities and Payments: Preliminary Estimates for 2001 and Revised Estimates for 1959-2000BEA's estimates of liabilities and payments have been updated to incorporate the results of the comprehensive NIPA revision and the revised and newly available tax return data from the Internal Revenue Service. The differences between liabilities and payments are usually small, but in 2001, personal taxes on a liabilities basis were $142.2 billion less than taxes on a payments basis. This unusually large difference reflected the slowdown in the economy, a reduction in the volatile capital gains realizations, and the first year of the tax reductions enacted in the Economic Growth and Tax Relief Act of 2001. | PDF Improved Annual Industry Accounts for 1998-2003: Integrated Annual Input-Output Accounts and Gross-Domestic-Product-by-Industry AccountsOn June 17, 2004, BEA released the results of the comprehensive revision of the annual industry accounts. The integrated annual input-output (I-O) accounts and the GDP-by-industry accounts now present consistent measures of gross output, intermediate inputs, and value added by industry that are more accurate. The timing of this release marks a significant acceleration in the availability of the annual I-O accounts. In 1998-2003, the services-producing industries were the largest contributors to real GDP growth. In 2001, the slow growth in GDP reflected the positive contribution of these industries that offset the negative contribution of the goods-producing industries, and in 2002-2003, the continuing positive contributions of these industries led the economic recovery. | PDF | Interactive Data Comprehensive NIPA Revision: Newly Available TablesBEA continues to release the results of the 12th comprehensive revision of the NIPAs. | PDF | Interactive Data Foreign Direct Investment in the United States: New Investment in 2003Outlays by foreign direct investors to acquire or to establish U.S. businesses rose 11 percent, the first increase since 2000, to $60.3 billion in 2003. Outlays were boosted by substantial spending in financial industries. Despite the increase, the level of outlays was still far less than the levels in 1998-2001, when outlays for new investment ranged from $147.1 billion to $335.6 billion. | PDF Comprehensive Revision of Local Area Personal Income: Preliminary Estimates for 2002 and Revised Estimates for 1969-2001On May 25, 2004, BEA released the results of the latest comprehensive revision of the annual estimates of personal income for counties, metropolitan areas, and BEA economic areas. These estimates incorporate the results of the comprehensive NIPA revision and the comprehensive revision of state personal income. The timing of this release represents an acceleration in the availability of estimates that are consistent with the comprehensive NIPA revision. The comprehensive revision to the estimates of personal income for metropolitan areas are generally small and mixed in direction. | PDF | Interactive Data Subject Guide for the January-June 2004 IssuesSubject Guide | PDF Looking AheadAnnual Revision of the U.S. International Transactions Accounts. A summary of the revisions to the estimates of these transactions for 1989-2003 that includes the major sources of the revisions will be published in the July Survey. Selected estimates will be available on June 18th as part of the release of the estimates for the first quarter of 2004. Travel and Tourism Satellite Accounts for 1998-2002. Updated estimates are scheduled to be published in the July Survey. These estimates will be based on the estimates from the recent comprehensive revision of the annual industry accounts that resulted in the integration of the annual input-output accounts and the GDP-by-industry accounts. BEA Current and Historical Data
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