Travel and Tourism Spending Decelerated in Fourth Quarter of 2015

Published March 16, 2016 BEA , BEA News , Travel and Tourism Leave a Comment

Inflation adjusted spending (or output) on travel and tourism decelerated in the fourth quarter of last year, increasing at an annual rate of 1.7 percent, after rising 4.5 percent in the third quarter.

For comparison, inflation-adjusted — or real — gross domestic product also decelerated during the same period, increasing 1.0 percent in the fourth quarter, after rising 2.0 percent.

The leading contributors to the deceleration in overall travel and tourism spending in the fourth quarter were transportation and traveler accommodations. Inflation adjusted spending on transportation decelerated, growing 1.0 percent in the fourth quarter, after increasing 8.5 percent in the third quarter. Inflation adjusted spending on traveler accommodations turned down, decreasing 4.2 percent, after increasing 4.0 percent in the previous quarter.

For all of 2015, travel and tourism spending grew 4.4 percent, after increasing 3.1 percent in 2014.

For more information, read the full report.

real tourism spending 0316

BEA Data Provide a Look into America’s Shopping Carts

Published March 16, 2016 BEA , BEA News , Consumer Spending , GDP Leave a Comment

consumerspendinggraphicAmerica’s consumers spent more than $12 trillion last year on all kinds of stuff, including new cars, furniture, clothes, groceries, beauty products, electronics, visits to doctors and dentists, and tickets to sporting events and movies.

The Bureau of Economic Analysis produces a slew of data on what people buy and how much they spend.  It’s a critical piece of economic information.  Consumer spending is a major shaper of the overall U.S. economy, accounting for more than two-thirds of GDP.  Beyond that, the statistics can help entrepreneurs and other business people make more informed decisions, offering insights into shoppers’ buying behavior.

Nationwide consumer spending statistics are available on a monthly, quarterly and annual basis. State-by-state statistics detailing consumer spending are also now available.  BEA started producing annual state consumer spending data on a regular basis in 2015. All of BEA’s consumer spending data are accessible from an interactive database on our website.  And, they are all free.

In BEA’s most recent report, released Feb. 26, consumer spending across the country grew by 0.5 percent in January, the most since May. Spending on durable goods, costly manufactured items like cars and furniture, led the way, rising 1.2 percent in January from the previous month.  Consumers’ incomes, the fuel for spending growth, also rose 0.5 percent in January, the largest increase since May.

The consumer spending statistics are among the millions of economic data points that BEA produces and are one example of the kind of economic intelligence that BEA makes available to the public, businesses, students, researchers and policymakers.

Commerce Secretary Penny Pritzker likes to say that the department is “America’s data agency.”   The reach, depth and breadth of the data flowing out of the Commerce Department are unrivaled in the federal government.   Making Commerce’s data even more accessible to the American public is one of the key pillars of Commerce’s “Open for Business Agenda.”

January 2016 Trade Gap is $45.7 Billion

Published March 4, 2016 BEA , BEA News , Bureau of Economic Analysis , Trade Deficit , Trade in Goods and Services , U.S. Bureau of Economic Analysis , U.S. Census Bureau Leave a Comment

The U.S. monthly international trade deficit increased in January 2016 according to the U.S. Bureau of Economic Analysis and the U.S. Census Bureau. The deficit increased from $44.7 billion in December (revised) to $45.7 billion in January, as exports decreased more than imports. The previously published  December deficit was $43.4 billion. The goods deficit increased $1.1 billion from December to $63.7 billion in January. The services surplus increased $0.1 billion from December to $18.0 billion in January.

Balance on goods and service march4

Exports
Exports of goods and services decreased $3.8 billion, or 2.1 percent, in January to $176.5 billion. Exports of goods decreased $4.0 billion and exports of services increased $0.2 billion.

  • The decrease in exports of goods mainly reflected decreases in capital goods ($1.2 billion), in industrial supplies and materials ($0.9 billion), and in consumer goods ($0.8 billion).
  • The increase in exports of services mainly reflected increases in travel (for all purposes including education) ($0.2 billion) and in transport ($0.1 billion), which includes freight and port services and passenger fares.

Imports
Imports of goods and services decreased $2.8 billion, or 1.3 percent, in January to $222.1 billion. Imports of goods decreased $2.9 billion and imports of services increased less than $0.1 billion.

  • The decrease in imports of goods mainly reflected decreases in industrial supplies and materials ($2.1 billion) and in capital goods ($1.2 billion).
  • The increase in imports of services mainly reflected increases in other business services ($0.1 billion), which includes research and development services; professional and management services; and technical, trade-related, and other services, and in travel (for all purposes including education)($0.1 billion).

Goods by geographic area (seasonally adjusted, Census basis)

  • The deficit with China increased $1.4 billion to $31.1 billion in January. Exports increased less than $0.1 billion to $8.6 billion and imports increased $1.5 billion to $39.8 billion.
  • The deficit with Mexico increased $0.8 billion to $5.6 billion in January. Exports decreased less than $0.1 billion to $19.5 billion and imports increased $0.8 billion to $25.1 billion.
  • The balance with the United Kingdom shifted from a surplus of $0.6 billion in December to a deficit of $0.1 billion in January. Exports decreased $0.4 billion to $4.1 billion and imports increased $0.3 billion to $4.3 billion.

For more information, read the full report.

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