The BEA Wire | BEA's Official Blog

How much did the harsh winter weather affect the U.S. economy in the first quarter of this year?

Real gross domestic product (GDP) decreased at an annual rate of 2.9 percent in the first quarter of 2014. Both private services- and goods-producing industries contributed to the decrease, while the government sector increased slightly.

Like fireworks and baseball, BEA’s annual revision of GDP is a summer tradition. Toward the end of every July, the U.S. Bureau of Economic Analysis incorporates previously unavailable sources of data for the past three years into its estimates of the U.S. economy’s performance.

Today we are pleased to roll out an important new Commerce Department report on government data.

The Center for Data Innovation spoke with Mark Doms, Under Secretary of Economic Affairs at the U.S. Department of Commerce, in Washington, DC.

How much economic activity is generated by a state in a coastal area? How much do people living in coastal areas earn?

The U.S. monthly international trade deficit decreased in May 2014 according to the U.S. Bureau of Economic Analysis and the U.S. Census Bureau. The deficit decreased from $47.0 billion in April (revised) to $44.4 billion in May as exports increased and imports decreased.

The Bureau of Economic Analysis plans to release in 2015 a modified economic model to replace the original Regional Input-Output Modeling System (RIMS II).  Cost savings will be realized because the modified model will be updated less frequently.

The U.S. net international investment position was -$5,539.3 billion (preliminary) at the end of the first quarter of 2014 as the value of U.S. liabilities exceeded the value of U.S. assets. At the end of the fourth quarter, the net position was -$5,383.0 billion (revised).

Did you know that each year BEA regional economic statistics, such as annual personal income and per capita personal income are used to allocate billions of dollars in federal funds to states and local governments?

Real spending on travel and tourism turned down in the first quarter of 2014, decreasing at an annual rate of 1.0 percent after increasing 4.5 percent (revised) in the fourth quarter of 2013.  Growth in real gross domestic product (GDP) also experienced a down turn, decreasing 2.9 percent (t

Personal income increased 0.4 percent in May after increasing 0.3 percent in April. Wages and salaries, the largest component of personal income, increased 0.4 percent after increasing 0.3 percent.