Perspective from the BEA Accounts

BEA produces some of the most closely watched economic statistics that influence decisions of government officials, business people, and individuals. These statistics provide a comprehensive, up-to-date picture of the U.S. economy. The data on this page are drawn from featured BEA economic accounts.

National Economic Accounts

Gross Domestic Product, 2nd Quarter 2020 (Second Estimate); Corporate Profits, 2nd Quarter 2020 (Preliminary Estimate)

Q2 2020 (2nd)
-31.7%
Q1 2020 (3rd)
-5.0%

Real gross domestic product (GDP) decreased at an annual rate of 31.7 percent in the second quarter of 2020, according to the “second” estimate released by the Bureau of Economic Analysis. The change was 1.2 percentage points higher than the “advance” estimate released in July. In the first quarter of 2020, real GDP decreased 5.0 percent.

Attention

The news release for the third estimate of GDP on September 30 will include GDP by industry statistics for the first time. BEA is speeding up the release of industry and state GDP quarterly data to coordinate more closely with national GDP. The format of the existing GDP News Release Tables (Tables 1-11 and Appendix Tables A-B) will be unchanged. GDP by industry and gross output tables (Tables 12-18) will be added to the Sept. 30 news release and subsequent third estimate GDP releases. Table formats are now available.

Table formats

  • Current release: August 27, 2020
  • Next release: September 30, 2020
 

Personal Income and Outlays: July 2020

July 2020
0.4%
June 2020
-1.0%

Personal income increased 0.4 percent while consumer spending increased 1.9 percent in July, according to estimates released today by the Bureau of Economic Analysis.

  • Current release: August 28, 2020
  • Next release: October 1, 2020

Industry Economic Accounts

Gross Domestic Product by Industry, 1st Quarter 2020

Accommodation and food services; finance and insurance; and health care and social assistance industries were the leading contributors to the 5.0 percent (annual rate) decrease in gross domestic product (GDP) in the first quarter of 2020.

Attention

Starting September 30, GDP by industry statistics will be included in the news release for the third estimate of national GDP each quarter, as part of BEA’s effort to speed up the release of its industry and state statistics. Select GDP by industry and gross output tables will be included in the combined release; all industry tables will be available in our Interactive Data Application. The table formats for the September 30 release and subsequent third estimate GDP news releases are now available.

Table formats

  • Current Release: July 6, 2020
  • Next Release: September 30, 2020
 

International Economic Accounts

U.S. International Transactions, Second Quarter 2020

2nd quarter 2020
-$170.5 B
1st quarter 2020
-$111.5 B

The U.S. current account deficit widened by $59.0 billion, or 52.9 percent, to $170.5 billion in the second quarter of 2020, according to statistics from the U.S. Bureau of Economic Analysis. The revised first quarter deficit was $111.5 billion. The second quarter deficit was 3.5 percent of current dollar gross domestic product, up from 2.1 percent in the first quarter.

  • Current Release: September 18, 2020
  • Next Release:  December 18, 2020

U.S. International Investment Position, First Quarter 2020, Year 2019, and Annual Update

End of 1st quarter 2020:
-$12.06 trillion
End of 4th quarter 2019:
-$11.05 trillion
End of year 2019:
-$11.05 trillion
End of year 2018:
-$9.67 trillion

The U.S. net international investment position, the difference between U.S. residents’ foreign financial assets and liabilities, was –$12.06 trillion at the end of the first quarter of 2020, according to statistics released by the U.S. Bureau of Economic Analysis (BEA). Assets totaled $26.77 trillion and liabilities were $38.82 trillion. At the end of the fourth quarter of 2019, the net investment position was –$11.05 trillion.

Attention
The June 30, 2020 release institutes improved standard IIP tables. For a description of the changes, see “Preview of the 2020 Annual Update of the International Economic Accounts” in the April 2020 issue of the Survey of Current Business and “Blog: Table Changes Coming With Annual Update of International Statistics."
  • Current Release: June 30, 2020
  • Next Release: September 29, 2020

U.S. International Trade in Goods and Services, July 2020

July 2020
-$63.6B
June 2020
-$53.5B

The U.S. monthly international trade deficit increased in July 2020 according to the U.S. Bureau of Economic Analysis and the U.S. Census Bureau. The deficit increased from $53.5 billion in June (revised) to $63.6 billion in July, as imports increased more than exports. The previously published June deficit was $50.7 billion. The goods deficit increased $9.3 billion in July to $80.9 billion. The services surplus decreased $0.8 billion in July to $17.4 billion.

  • Current Release: September 3, 2020
  • Next release: October 6, 2020
 

New Foreign Direct Investment in the United States, 2019

New Investment by Foreign Direct Investors:
$194.7 billion (preliminary)

Expenditures by foreign direct investors to acquire, establish, or expand U.S. businesses totaled $194.7 billion in 2019, down 37.7 percent from $312.5 billion in 2018.

  • Current release: July 1, 2020
  • Next release: July 2021

Regional Economic Accounts

Gross Domestic Product by State, 1st Quarter 2020

Real gross domestic product (GDP) decreased in all 50 states and the District of Columbia in the first quarter of 2020. The percent change in real GDP in the first quarter ranged from –1.3 percent in Nebraska to –8.2 percent in New York and Nevada.

Attention
BEA is speeding up the release of its industry and state GDP statistics to coordinate more closely with the quarterly estimates of national GDP. Starting Oct. 2, state-by-state GDP statistics will follow within two days of the third estimate of national GDP.
  • Current Release:July 7, 2020
  • Next Release:October 2, 2020

Personal Income by State, 2nd Quarter 2020

State personal income increased 34.2 percent at an annual rate in the second quarter of 2020, an acceleration from the 4.1 percent increases in the first quarter. Personal income increased in every state and the District of Columbia ranging from 15.3 percent in the District of Columbia to 76.3 percent in Massachusetts.

Attention

BEA will release on October 15 tables for all 50 states and the District of Columbia showing the effects of pandemic response programs on state personal income. The table formats are available for previewing.

Table formats

  • Current Release: September 24, 2020
  • Next Release: December 17, 2020

Real Personal Income by State and Metropolitan Area, 2018

Real state personal income grew 3.4 percent in 2018, after increasing 2.9 percent in 2017, according to estimates released today by the Bureau of Economic Analysis.  Real state personal income is a state’s current-dollar personal income adjusted by the state’s regional price parity and the national personal consumption expenditures price index.  The percent change in real state personal income ranged from 6.7 percent in Wyoming to 0.9 percent in Mississippi. Across metropolitan areas, the percent change ranged from 15.6 percent in Midland, TX to -1.1 percent in Sebring-Avon Park, FL.

  • Current Release: May 18, 2020
  • Next release: December 15, 2020

Personal Consumption Expenditures by State, 2018

Average State PCE Growth (2018)
5.1%

State personal consumption expenditures (PCE) increased 5.1 percent in 2018, an acceleration from the 4.4 percent increase in 2017. The percent change in PCE across all states ranged from 7.3 percent in Utah to 3.6 percent in West Virginia.

  • Current Release: October 3, 2019
  • Next release: October 8, 2020