Bureau of Economic Analysis

The Arts and Cultural Production Satellite Account released today by the U.S. Bureau of Economic Analysis (BEA) shows that arts and cultural economic activity, adjusted for inflation, increased 4.8 percent in 2022 after increasing 10.8 percent in 2021. By comparison, the broader economy, as measured by real gross domestic product (GDP), increased 1.9 percent in 2022 after increasing 5.8 percent in 2021. Arts and cultural economic activity…

The U.S. current-account deficit, which reflects the combined balances on trade in goods and services and income flows between U.S. residents and residents of other countries, narrowed by $152.8 billion, or 15.7 percent, to $818.8 billion in 2023. The narrowing mostly reflected a reduced deficit on goods. The 2023 deficit was 3.0 percent of current-dollar gross domestic product, down from 3.8 percent in 2022.

The U.S. current-account deficit, which reflects the combined balances on trade in goods and services and income flows between U.S. residents and residents of other countries, narrowed by $1.6 billion, or 0.8 percent, to $194.8 billion in the fourth quarter of 2023. The narrowing primarily reflected a reduced deficit on secondary income that was mostly offset by an expanded deficit on goods. The fourth-quarter deficit was 2.8 percent of…

The U.S. current-account deficit narrowed by $1.6 billion, or 0.8 percent, to $194.8 billion in the fourth quarter of 2023, according to statistics released today by the U.S. Bureau of Economic Analysis. The revised third-quarter deficit was $196.4 billion. The fourth-quarter deficit was 2.8 percent of current-dollar gross domestic product, down less than 0.1 percent from the third quarter.

A blog post from BEA Director Vipin Arora

Trade—what Adam Smith described as our intrinsic "propensity to truck, barter, and exchange one thing for another"—has helped to make today's world. It is hard to say how long trade has been with us, but certainly since the beginning of recorded history, and likely much longer. One of my favorite examples is beer, which was a very popular beverage in ancient Mesopotamia. As far back as…

The U.S. goods and services trade deficit decreased from $951.2 billion in 2022 to $779.8 billion in 2023 (revised), as exports increased and imports decreased. The goods deficit decreased $123.4 billion to $1,059.6 billion, and the services surplus increased $48.0 billion to $279.8 billion. The goods and services deficit was 2.9 percent of current-dollar gross domestic product in 2023, down from 3.7 percent in 2022.

The U.S. goods and services trade deficit increased from $64.2 billion in December (revised) to $67.4 billion in January, as imports increased more than exports. The goods deficit increased $3.0 billion to $91.6 billion, and the services surplus decreased $0.3 billion to $24.2 billion

The U.S. monthly international trade deficit increased in January 2024 according to the U.S. Bureau of Economic Analysis and the U.S. Census Bureau. The deficit increased from $64.2 billion in December (revised) to $67.4 billion in January, as imports increased more than exports. The goods deficit increased $3.0 billion in January to $91.6 billion. The services surplus decreased $0.3 billion in January to $24.2 billion.

Personal income increased $233.7 billion (1.0 percent at a monthly rate) in January. Disposable personal income (DPI)—personal income less personal current taxes—increased $67.6 billion (0.3 percent). Personal outlays—the sum of personal consumption expenditures (PCE), personal interest payments, and personal current transfer payments—increased $54.3 billion (0.3 percent) and consumer spending increased $43.9 billion (0.2 percent). Personal…

Personal income increased $233.7 billion (1.0 percent at a monthly rate) in January. Disposable personal income (DPI)—personal income less personal current taxes—increased $67.6 billion (0.3 percent). Personal outlays—the sum of personal consumption expenditures (PCE), personal interest payments, and personal current transfer payments—increased $54.3 billion (0.3 percent) and consumer spending increased $43.9 billion (0.2 percent). Personal…