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August 2003 - Volume 83 - Number 8

Business Situation: Advance Estimates for the Second Quarter of 2003

U.S. production stepped up in the second quarter of 2003: Real GDP increased 2.4 percent after increasing 1.4 percent in the first quarter. Federal spending on national defense and consumer spending on durable goods both turned up. Inflation slowed sharply: The price index for gross domestic purchases increased 0.3 percent after increasing 3.4 percent. The slowdown was largely attributable to a downturn in energy prices.
(PDF) (Tables in XLS format)

Preview of the 2003 Comprehensive Revision of the National Income and Product Accounts: New and Redesigned Tables

The upcoming comprehensive revision will feature significant changes in the presentation of the NIPA's. These changes are designed to make it easier for data users to locate information and to improve the comparability of the NIPA's with other U.S. accounts, such as BEA's input-output accounts and the Federal Reserve Board's flow of funds accounts, and with the accounts of other nations. Among the major changes are the following: An updated presentation of the NIPA summary accounts that shows the composition of production and the distribution of incomes earned in production, new and redesigned tables that reflect changes in definitions and classifications, new tables that highlight percent changes and contributions to percent change, and a new organization and numbering system for the NIPA tables.
(PDF)

Information Technology and Productivity: The Case of the Financial Sector

It is widely held that infusions of information technology beginning in the 1980s and intensifying in the 1990s have raised the overall productivity of the U.S. economy and spurred economic growth. In this article, Nobel laureate Lawrence Klein and Cynthia Saltzman and Vijaya Duggal, both professors at Widener University in Pennsylvania, present the results of their study of the impact of information technology on the financial sector, one of the first sectors to use computer services on a large scale and for a prolonged period. Using data from BEA's benchmark and annual input-output accounts, the authors confirm the large and prolonged contributions of information technology to the productivity gains in the finance sector.
(PDF)

U.S. Affiliates of Foreign Companies: Operations in 2001

The current-dollar gross product of U.S. nonbank affiliates of foreign companies fell 6 percent in 2001, the first decrease since annual data on affiliate operations became available in 1977. The U.S. affiliate share of U.S. gross domestic product in private industries dropped from a record 6.9 percent in 2000 to 6.4 percent in 2001, reversing a 5-year uptrend. The downturn in the gross product of U.S. affiliates reflected a sharp drop in new foreign investment and a combination of foreign selloffs of U.S. affiliates and of reductions in ongoing affiliate production.
(PDF)

State Personal Income: First Quarter 2003 and Revised 2002

Growth in personal income picked up in 39 states in the first quarter of 2003, reflecting the acceleration in growth in personal income for the Nation to 0.9 percent from 0.6 percent in the fourth quarter of 2002. The majority of the fastest growing states were in either the Plains region or the Rocky Mountain region, where growth was particularly rapid in natural resources and mining. As a result of the incorporation of newly available and revised source data on wages and salaries, the estimate of the U.S. total of state personal income for 2002 was revised down $31.2 billion, to $8,891.1 billion. New York had the largest downward revision to personal income.
(PDF)

Looking Ahead

Comprehensive Revision of the National Income and Product Accounts. The initial results of the upcoming comprehensive or benchmark revision of the NIPA's are scheduled for release in December 2003. The annual revision of the NIPA estimates for 2000-2002, which would usually be published in this issue of the Survey, will be included as part of the comprehensive revision. The September Survey will include an article about the major statistical changes that will be introduced. (An article in the June Survey described the upcoming changes in definitions and classifications, and an article in this issue describes the upcoming changes in presentation.)

BEA Current and Historical Data

National Data

  • Selected NIPA tables (PDF) 
  • Other NIPA and NIPA-related tables (PDF)
  • Historical measures (PDF)
  • Domestic perspectives (PDF)
  • Charts (PDF)

International Data

  • Transactions tables (PDF)
  • Investment tables (PDF)
  • International perspectives (PDF)
  • Charts (PDF)

Regional Data

  • State and regional tables (PDF)
  • Local area table (PDF)
  • Charts (PDF)

Appendixes

  • Additional information about the NIPA estimates (PDF)
  • Suggested reading (PDF)