Bureau of Economic Analysis

Real gross domestic product (GDP) decreased 0.7 percent in the first quarter of 2015, according to the “second” estimate released by the Bureau of Economic Analysis. The growth rate was revised down 0.9 percentage point from the “advance” estimate released in April. In the fourth quarter of 2014, real GDP increased 2.2 percent.

GDP highlights The first-quarter decline in real GDP reflected declines in the following:

Real gross domestic product -- the value of the production of goods and services in the United States, adjusted for price changes -- decreased at an annual rate of 0.7 percent in the first quarter of 2015, according to the "second" estimate released by the Bureau of Economic Analysis. In the fourth quarter, real GDP increased 2.2 percent. The GDP estimate released today is based on more complete source data than were available for…

A new data tool–International Trade and Investment Country Facts Application–on the Bureau of Economic Analysis website gives users a snapshot of statistics on trade and investment between the United States and another country by simply clicking on a world map.

These fast facts at your fingertips can include:

The Bureau of Economic Analysis (BEA) is working on a multi-pronged action plan to improve its estimates of gross domestic product (GDP) by identifying and mitigating potential sources of “residual” seasonality. That’s when seasonal patterns remain in data even after they are adjusted for seasonal variations.

BEA’s estimates of GDP are seasonally adjusted to remove fluctuations that normally occur at about the same time and the same magnitude each year.  Seasonal adjustment ensures that the remaining movements in GDP, or any other economic series, better reflect true patterns in economic activity.  Examples of factors that may influence seasonal patterns include weather, holidays, and production schedules. (See “Why and how are…

Gaining a detailed picture of the role the United States plays in the global market place is made easier by the wealth of international investment statistics produced by the Bureau of Economic Analysis.  So it’s critically important that we get the most accurate information possible from businesses, private funds, and others who fill out our BEA surveys.

The Bureau of Economic Analysis plans to launch two new statistics that will serve as tools to help businesses, economists, policymakers and the American public better analyze the performance of the U.S. economy. These tools will be available on July 30 and emerge from an annual BEA process where improvements and revisions to GDP data are implemented. BEA created these two new tools in response to demand from our customers.

Average of…

Brent Moulton, Associate Director for National Economic Accounts of the Bureau of Economic Analysis (BEA), has been selected to receive the 2015 Julius Shiskin Memorial Award for Economic Statistics. The award recognizes unusually original and important contributions in the development of economic statistics or in the use of statistics in interpreting the economy.

The U.S.

The U.S. monthly international trade deficit increased in March 2015 according to the U.S. Bureau of Economic Analysis and the U.S. Census Bureau. The deficit increased from $35.9 billion in February (revised) to $51.4 billion in March, as imports increased more than exports. The previously published February deficit was $35.4 billion. The goods deficit increased $14.9 billion from February to $70.6 billion in March. The services surplus…