Bureau of Economic Analysis

Real gross domestic product -- the output of goods and services produced by labor and property located in the United States -- increased at an annual rate of 1.7 percent in the second quarter of 2013 (that is, from the first quarter to the second quarter), according to the "advance" estimate released by the Bureau of Economic Analysis.

Real gross domestic product (GDP) increased 1.7 percent in the second quarter of 2013 after increasing 1.1 percent in the first quarter, according to the “advance” estimate released today by the Bureau of Economic Analysis (BEA).

GDP highlights The second-quarter acceleration in GDP reflected the following:

A pharmaceutical company develops a new cancer drug. A Hollywood studio creates a box-office blockbuster.  A song writer records a new hit.  On July 31, BEA will begin including the amount of money businesses invest in the production of such intellectual property as part of gross domestic product (GDP).

Why?

The Bureau of Economic Analysis (BEA) will release its comprehensive revision of the National Income and Product Accounts (NIPAs) next week. Among other important changes to estimates will be how the statistical agency treats research and development (R&D) and calculates entertainment in measuring gross domestic product (GDP). The revision generally occurs every 5 years.

Do you want to have a deeper understanding of how monthly trade statistics are compiled and how trade between the United States and other countries is measured? Then join the U.S. Bureau of Economic Analysis (BEA) and the U.S. Census Bureau for a July 25 webinar deciphering the U.S. international trade in goods and services report. The webinar will start at 1 p.m. EDT.

Developers, are you looking for a way to bring some of the most closely watched economic data into your next app? You can now build apps using BEA economic statistics, thanks to BEA’s new application programming interface (API). The API provides direct access to gross domestic product (GDP) and related national economic statistics, along with regional economic statistics.

Once every 5 years, the U.S. Bureau of Economic Analysis produces a “comprehensive” revision to its gross domestic product (GDP) statistics, incorporating changes to how the U.S. economy is measured as well as more complete source data all the way back to 1929. This year is one of those years. In just a few weeks—on July 31 to be exact–updated GDP numbers will be released.

New data, new methodologies, changes in definitions and…

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The U.S. monthly international trade deficit increased in May 2013, according to the U.S. Bureau of Economic Analysis and the U.S. Census Bureau. The deficit increased from $40.1 billion in April (revised) to $45.0 billion in May as exports decreased and imports increased. The previously published April deficit was $40.3 billion. The goods deficit increased $5.0 billion from April to $63.4 billion in May; the services surplus increased $0.2…

State personal income declined an average 1.2 percent in the first quarter of 2013 after growing 2.7 percent in the fourth quarter of 2012. Personal income declines ranged from 0.1 percent in Iowa to 2.5 percent in Wyoming. In contrast, personal income grew 1.6 percent in South Dakota, the only state with an increase in the first quarter. Inflation, as measured by the national price index for personal consumption expenditures, slowed to 0.2…