Bureau of Economic Analysis

The Bureau of Economic Analysis (BEA) of the United States Department of Commerce is a U.S. government agency that provides official macroeconomic and industry statistics, most notably reports about the gross domestic product (GDP) of the United States and its various units—states, cities/towns/townships/villages/counties and metropolitan areas. They also provide information about personal income, corporate profits, and government spending in their National Income and Product Accounts (NIPAs).

Established in 1972 under the administration of 37th President Richard M. Nixon after a government agencies reorganization and reshuffling from older previous bureaus, the BEA is part of the Economics and Statistics Administration in the presidential cabinet level United States Department of Commerce and is one of the principal agencies of the U.S. Federal Statistical System.[1] Its stated mission is to "promote a better understanding of the U.S. economy by providing the most timely, relevant, and accurate economic data in an objective and cost-effective manner".[2]

BEA has about 500 employees and an annual budget of approximately $96.5 million.[3]

Bureau of Economic Analysis
Bea-final-logo-blue-backing
Logo of the United States Bureau of Economic Analysis, a part of the Department of Commerce.
Agency overview
FormedJanuary 1, 1972
Preceding agency
  • Office of Business Economics
HeadquartersSuitland, Maryland, MD
Employees500
Annual budget$96.5 million (2013)
Agency executive
Parent departmentUS. Department of Commerce
Parent agencyEconomics and Statistics Administration
Websitewww.bea.gov

National accounts

BEA's national economic statistics (National Economic Accounts) provide a comprehensive view of U.S. production, consumption, investment, exports and imports, and income and saving. These statistics are best known by summary measures such as gross domestic product (GDP), corporate profits, personal income and spending, and personal saving.

The National Income and Product Accounts (NIPAs) provide information about personal income, corporate profits, government spending, fixed assets, and changes in the net worth of the U.S. Economy.[4]

The accounts also include other approaches and methods of measuring income and spending, such as the gross domestic income (GDI) and gross national income (GNI).[5]

Industry accounts

The industry economic accounts, presented both in an input-output framework and as annual output by each industry, provide a detailed view of the interrelationships between U.S. producers and users and the contribution to production across industries. These accounts are used extensively by policymakers and businesses to understand industry interactions, productivity trends, and the changing structure of the U.S. economy.

There are quarterly and annual reports for "GDP by Industry Accounts", designed for analysis of a specific industry's contribution to overall economic growth and inflation.

Regional Economic Accounts

The regional economic accounts provide information about the geographic distribution of U.S. economic activity and growth. The estimates of gross domestic product (GDP) by state and state and local area personal income (PI), and the accompanying detail, provide a consistent framework for analyzing and comparing individual state and local area economies.[6]

Uses of the regional program estimates

  • The Federal government uses regional income and product estimates to distribute funds to states:
    • BEA Regional Income and Product Account Estimates Used to Distribute $406.8 Billion in Federal Funds
    • FY2016 Federal Funds Distribution Using BEA Regional Income and Product Account Statistics
    • Federal Uses of BEA Regional Statistics, FY2016
  • Twenty-six states have set constitutional or statutory limits on state government revenues or spending that are tied to BEA state personal income or one of its components
  • The National Oceanic and Atmospheric Administration (NOAA) produces statistics for coastal areas, utilizing BEA regional statistics.
  • Academic researchers use the estimates for applied economic research.
  • Businesses, trade associations, and labor organizations use the estimates for market research.[6]

BEA User Group Program

The regional program maintains a partnership with a group of users named the BEA User Group. The members of this group include State agencies, universities, and Census Primary State Data Centers. The BEA User Group disseminates regional data and gives feedback on our estimates and the presentation of the estimates. Distribution in this way encourages State universities and State agencies to use data that are comparable for all States and counties and consistent with national totals, thus enhancing the uniformity of analytic approaches taken in economic development programs and improving the recipients' ability to assess local area economic developments and to service their local clientele.[6]

International

The international transactions accounts provide information on trade in goods and services (including the balance of payments and the balance of trade), investment income, and government and private financial flows. In addition, the accounts measure the value of U.S. international assets and liabilities and direct investment by multinational enterprises. BEA’s data on direct investment— the most detailed data set on the activities of multinational enterprises (MNEs) available—are used to assess the role these business enterprises play in the global economy.

See also

References

  1. ^ "U.S. Economy at a Glance". Bureau of Economic Analysis. Retrieved 13 March 2015.
  2. ^ "BEA: Mission, Vision, and Values". Bureau of Economic Analysis. Retrieved 2008-06-29.
  3. ^ Statistical Programs of the United States Government Archived 2013-04-19 at the Wayback Machine. Office of Management and Budget. November 26, 2012. Pages 5 and 92.
  4. ^ U.S. Bureau of Economic Analysis (BEA). "BEA Economic Accounts" (PDF). 6/21/2016.
  5. ^ U.S. Bureau of Economic Analysis. "Measuring the Economy. Primer on GDP and the National Income and Product Accounts" (PDF). December 2015.
  6. ^ a b c "Regional Economic Accounts: About Regional". US Department of Commerce. Retrieved 4 April 2018. This article incorporates text from this source, which is in the public domain.

External links

Consumer leverage ratio

The consumer leverage ratio, a concept popularized by William Jarvis and Dr. Ian C MacMillan in a series of articles in the Harvard Business Review, is the ratio of total household debt, as reported by the Federal Reserve System, to disposable personal income, as reported by the US Department of Commerce, Bureau of Economic Analysis. The ratio has been used in economic analysis and reporting and has been compared to other relevant economic variables since the 1970s.

Economics and Statistics Administration

The Economics and Statistics Administration (ESA) is an agency within the United States Department of Commerce (DOC) that analyzes, disseminates, and reports on national economic and demographic data.

Its three primary missions are the following:

Release and disseminate U.S. National Economic Indicators.

Oversee the missions of the United States Census Bureau (Census) and the Bureau of Economic Analysis (BEA).

Analyze and produce economic reports for the Department of Commerce and the Executive Branch.

Economy of Colorado

The economy of the US state of Colorado according to The Bureau of Economic Analysis gross state product estimates for 2008 was $248.6 billion. The Colorado economy ranked 20th largest in the United States in 2008. per capita personal income in 2003 was $34,561, putting Colorado 8th in the nation.

The state's economy broadened from its mid-19th century roots in mining when irrigated agriculture developed, and by the late 19th century, raising livestock had become important. Early industry was based on the extraction and processing of minerals and agricultural products. Current agricultural products are cattle, wheat, marijuana, dairy products, corn, and hay.

In the second half of the 20th century, the industrial and service sectors have expanded greatly. The state's economy is diversified and is notable for its concentration of scientific research and high-technology industries. Other industries include food processing, transportation equipment, machinery, chemical products, minerals such as gold and molybdenum, and tourism. Denver is an important financial center.

Economy of Oklahoma

The economy of Oklahoma is the 29th largest in the United States. Oklahoma's gross state product (GSP) is approximately $185.6 billion as of December 2016.

Economy of Utah

Utah has a largely mixed economy covering industries like tourism, mining, agriculture, manufacturing, information technology, finance, and petroleum production. The majority of Utah's gross state product is produced along the Wasatch Front, containing the state capital Salt Lake City.

According to the Bureau of Economic Analysis the gross stated product of Utah in 2010 was 82 billion. The per capita personal income was $36,457 in 2005. Major industries of Utah include: coal mining, cattle ranching, salt production, and government services.

According to the 2007 State New Economy Index, Utah is ranked the top state in the nation for Economic Dynamism, determined by,

"The degree to which state economies are knowledge-based, globalized, entrepreneurial, information technology-driven, and innovation-based."

In eastern Utah petroleum production is a major industry. Near Salt Lake City, petroleum refining is done by a number of oil companies. In central Utah, coal production accounts for much of the mining activity.

Utah collects personal income tax at a single rate of 5%, but provides tax credits to low and middle income taxpayers to provide a progressive tax system. The state sales tax has a base rate of 4.65 percent, with cities and counties levying additional local sales taxes that vary among the municipalities. Property taxes are assessed and collected locally. Utah does not charge intangible property taxes and does not impose an inheritance tax.

As of December 2015, Utah's unemployment rate sat at 3.5%, and ranked 7th out of the 50 states and the District of Columbia.

Economy of West Virginia

The economy of West Virginia nominally would be the 62nd largest economy globally behind Iraq and ahead of Croatia according to 2009 World Bank projections, and the 64th largest behind Iraq and ahead of Libya according to 2009 International Monetary Fund projections. The state has a projected nominal GDP of $63.34 billion in 2009 according to the Bureau of Economic Analysis report of November 2010, and a real GDP of $55.04 billion. The real GDP growth of the state in 2009 of .7% was the 7th best in the country. West Virginia's economy accelerated in 2014 with a growth rate of 5.1%, ranking third among the fastest growing states in the United States alongside Wyoming and just behind North Dakota and Texas.Morgantown was ranked by Forbes as the #10 best small city in the nation to conduct business in 2010.The state is a global hub for chemicals, a national hub for biotech industries and a leader in energy, while having a diverse economy in aerospace, automotive, healthcare and education, metals and steels, media and telecommunications, manufacturing, hospitality, biometrics, forestry, and tourism.

Gross domestic product

Gross domestic product (GDP) is a monetary measure of the market value of all the final goods and services produced in a period of time, often annually.GDP (nominal) per capita does not, however, reflect differences in the cost of living and the inflation rates of the countries; therefore using a basis of GDP per capita at purchasing power parity (PPP) is arguably more useful when comparing differences in living standards between nations.

Gross metropolitan product

Gross metropolitan product (GMP) is a monetary measure of the value of all final goods and services produced within a metropolitan statistical area during a specified period (e.g., a quarter, a year). GMP estimates are commonly used to compare the relative economic performance among such areas.

Gross output

In economics, gross output (GO) is the measure of total economic activity in the production of new goods and services in an accounting period. It is a much broader measure of the economy than gross domestic product (GDP), which is limited mainly to final output (finished goods and services). In 2016, the Bureau of Economic Analysis estimated gross output in the United States to be $32.1 trillion, compared to $18.6 trillion for GDP.

GO is defined by the Bureau of Economic Analysis (BEA) as "a measure of an industry's sales or receipts, which can include sales to final users in the economy (GDP) or sales to other industries (intermediate inputs). Gross output can also be measured as the sum of an industry's value added and intermediate inputs."It is equal to the value of net output or GDP (also known as gross value added) plus intermediate consumption.

Gross output represents, roughly speaking, the total value of sales by producing enterprises (their turnover) in an accounting period (e.g. a quarter or a year), before subtracting the value of intermediate goods used up in production.

Starting in April 2014, the BEA began publishing gross output and gross output-by-industry on a quarterly basis, along with GDP.Economists regard GO and GDP as complementary aggregate measures of the economy. Many analysts view GO as a more comprehensive way to analyze the economy and the business cycle. "Gross output [GO] is the natural measure of the production sector, while net output [GDP] is appropriate as a measure of welfare. Both are required in a complete system of accounts."

Lexington, Virginia

Lexington is an independent city in the Commonwealth of Virginia in the United States. At the 2010 census, the population was 7,042. It is the county seat of Rockbridge County, although the two are separate jurisdictions. The Bureau of Economic Analysis combines the city of Lexington (along with nearby Buena Vista) with Rockbridge County for statistical purposes. Lexington is about 57 miles (92 km) east of the West Virginia border and is about 50 miles (80 km) north of Roanoke, Virginia. It was first settled in 1777.

Lexington is the location of the Virginia Military Institute (VMI) and of Washington and Lee University (W&L).

List of U.S. states and territories by GDP

This is a list of U.S. states, federal district, and territories sorted by their gross domestic product (GDP). The United States Bureau of Economic Analysis (BEA) defines GDP by state as "the sum of value added from all industries in the state." Data for the territories is from Worldbank.org.

List of U.S. states by GDP per capita

This is a list of U.S. states sorted by their gross domestic product (GDP) per capita. The United States Bureau of Economic Analysis (BEA) defines GDP by state as "the sum of value added from all industries in the state."

List of U.S. states by economic growth rate

This article includes a list of U.S. states and federal district sorted by economic growth, the percentage change in real GDP for the first quarter of 2018, using the most recent data available from the U.S. Bureau of Economic Analysis.

List of economic reports by U.S. government agencies

The following reports on economic indicators are reported by United States government agencies:

Business activity

Wholesale Inventories

Industrial Production (Federal Reserve)

Capacity Utilization

Regional Manufacturing Surveys (purchasing managers' organizations and Federal Reserve banks)

Philadelphia Fed Index (Federal Reserve Bank of Philadelphia)

Construction Spending (U.S. Census Bureau)

Business inventory

Business Inventories (U.S. Census Bureau)

International

International trade (U.S. Census Bureau and the Bureau of Economic Analysis)

Trade balance

Export prices

International Capital Flows (U.S. Treasury Department)

Treasury International Capital (TICs)

Sales

Auto and Truck Sales (U.S. Department of Commerce)

Auto Sales

Truck Sales

Retail sales (U.S. Census Bureau)

Orders

Durable Goods Orders (U.S. Census Bureau)

Factory Orders (U.S. Census Bureau)

Real estate

Housing Starts and Building Permits (U.S. Census Bureau)

Building permits

Housing starts

New Home Sales (U.S. Census Bureau)

Production

GDP (Gross Domestic Product) (Bureau of Economic Analysis)

Productivity and Costs (Bureau of Labor Statistics)

Consumer

Consumer Credit (Federal Reserve)

Employment Cost Index (U.S. Department of Labor)

Personal Income and Consumption (Bureau of Economic Analysis)

Personal Income

Employment

The Employment Report (Bureau of Labor Statistics)

Hourly Earnings

Nonfarm Payrolls

Initial Claims

Job Openings and Labor Turnover Survey (Bureau of Labor Statistics)

Quits Rate

Price increase ("inflation")

CPI (Consumer Price Index) (Bureau of Labor Statistics)

PPI (Producer Price Index) (Bureau of Labor Statistics)

Government

Treasury Budget (U.S. Treasury Department)

Monetary

M2 (Federal Reserve Board)

List of regions of the United States

This is a list of some of the regions in the United States. Many regions are defined in law or regulations by the federal government; others by shared culture and history; and others by economic factors.

National Income and Product Accounts

The national income and product accounts (NIPA) are part of the national accounts of the United States. They are produced by the Bureau of Economic Analysis of the Department of Commerce. They are one of the main sources of data on general economic activity in the United States.

They use double-entry accounting to report the monetary value and sources of output produced in the country and the distribution of incomes that production generates. Data are available at the national and industry levels.

Seven summary accounts are published, as well as a much larger number of more specific accounts. The first summary account shows gross domestic product (GDP) and its major components.

The table summarizes national income on the left (debit, revenue) side and national product on the right (credit, expense) side of a two-column accounting report. Thus the left side gives GDP by the income method, and the right side gives GDP by the expenditure method.

The GDP is given on the bottom line of both sides of the report. GDP must have the same value on both sides of the account. This is because income and expenditure are defined in a way that forces them to be equal (see accounting identity). We show the 2003 table later in this article; we present the left side first for convenient screen display.

The U.S. report (updated quarterly) is available in several forms, including interactive, from links on the Bureau of Economic Analysis (BEA) NIPA ([1]) page. Other countries report based on their own adopted system of National accounts which are frequently based on the U.S. NIPAs, the widely adopted United Nations System of National Accounts, or their own custom approach. The level of detail (granularity) accounted for internally, and reported publicly, varies widely across countries. Likewise, a nation's system of accounts, (analogous to a firm's Chart of accounts) are typically gradually revised and updated on their own individual schedule. The U.S. NIPAs are prepared by the staff of the Directorate for National Economic Accounts within the BEA. The source data largely originate from public sources, such as government surveys and administrative data, and they are supplemented by data from private sources, such as data from trade associations (BEA 2008: 1–6).

Norton, Virginia

Norton is an independent city in the Commonwealth of Virginia. As of the 2010 census, the population was 3,958, making it the least populous city in Virginia, along with the westernmost. The Bureau of Economic Analysis combines the city of Norton with surrounding Wise County for statistical purposes.

Survey of Current Business

The Survey of Current Business (SCB) is a monthly publication by the Bureau of Economic Analysis (BEA) (a part of the United States Department of Commerce) that provides definitive information about the national economic accounts for the economy of the United States maintained by the BEA.

University of Michigan Consumer Sentiment Index

The University of Michigan Consumer Sentiment Index is a consumer confidence index published monthly by the University of Michigan. The index is normalized to have a value of 100 in December 1966. Each month at least 500 telephone interviews are conducted of a contiguous United States sample. Fifty core questions are asked.The consumer confidence measures were devised in the late 1940s by Professor George Katona at the University of Michigan. They have now developed into an ongoing, nationally representative survey based on telephonic household interviews. The Index of Consumer Sentiment (ICS) is developed from these interviews. The Index of Consumer Expectations (a sub-index of ICS) is included in the Leading Indicator Composite Index published by the U.S. Department of Commerce, Bureau of Economic Analysis.

Deputy Secretary of Commerce
Under Secretary of Commerce for Economic Affairs
Under Secretary of Commerce for Industry and Security
Under Secretary of Commerce for Intellectual Property
Under Secretary of Commerce for International Trade
Under Secretary of Commerce for Oceans and Atmosphere
Under Secretary of Commerce for Standards and Technology
Principal agencies
Other agencies

This page is based on a Wikipedia article written by authors (here).
Text is available under the CC BY-SA 3.0 license; additional terms may apply.
Images, videos and audio are available under their respective licenses.