Bureau of Economic Analysis

WASHINGTON DC, December 19, 2012 – State personal income growth slowed to 0.5 percent in the third quarter of 2012, from 0.7 percent in the second quarter, according to estimates released today by the U.S. Bureau of Economic Analysis. Growth slowed in 34 states, accelerated in 11, and was unchanged in 5. Growth across states ranged from 1.4 percent in North Dakota to -1.6 percent in South Dakota.

The U.S. current-account deficit—the combined balances on trade in goods and services, income, and net unilateral current transfers—decreased to $107.5 billion (preliminary) in the third quarter of 2012 from $118.1 billion (revised) in the second quarter of 2012. As a percentage of U.S. gross domestic product (GDP), the deficit decreased to 2.7 percent from 3.0 percent. The previously published current-account deficit for the second quarter…

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Real spending on travel and tourism slowed in the third quarter of 2012, increasing at an annual rate of 0.6 percent after increasing 2.2 percent in the second quarter. The primary contributor to the slowdown was a downturn in all other transportation-related commodities, which includes motor vehicle fuel, travel arrangement and reservations services, and automotive renting and leasing.

Real spending on travel and tourism slowed in the third quarter of 2012, increasing at an annual rate of 0.6 percent after increasing 2.2 percent (revised) in the second quarter. By comparison, growth in real gross domestic product (GDP) increased 2.7 percent (second estimate) in the third quarter of 2012 after increasing 1.3 percent in the second quarter.

How fast is the economy growing? How much output is produced by labor and capital supplied by the United States? What income is generated by production? BEA produces several different measures for tracking production and economic growth in the United States. Gross domestic product (GDP) is one of the most widely used metrics, but there are several others that also provide important information on the condition of the United…

The U.S. monthly international trade deficit increased in October 2012, according to the U.S. Bureau of Economic Analysis and the U.S. Census Bureau. The deficit increased from $40.3 billion (revised) in September to $42.2 billion in October, as exports decreased more than imports. The previously published September deficit was $41.5 billion. The goods deficit increased $1.8 billion from September to $59.2 billion in October, and the services…

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Personal income remained flat in October after increasing 0.4 percent in September. Wages and salaries decreased 0.2 percent in October after increasing 0.3 percent in September. The October decrease reflected work interruptions caused by Hurricane Sandy, which reduced wages and salaries by 0.3 percent. For more information, see the personal income news release.

Personal income increased $0.4 billion, or less than 0.1 percent, and disposable personal income (DPI) increased $0.8 billion, or less than 0.1 percent, in October, according to the Bureau of Economic Analysis. Personal consumption expenditures (PCE) decreased $20.2 billion, or 0.2 percent.