Developments in the US economy
Development of economic statistics
According to the U.S. government agency of the Department of Commerce (BEA). The BEA produces some of the most closely watched economic statistics that influence the decision-making of government officials, businesses, and individuals. These statistics provide a comprehensive and timely picture of the U.S. economy. The data presented in this article are drawn from selected BEA economic facts.
Real gross domestic product
(GDP) grew at an annual rate of 2.0 percent in the first quarter of 2023, according to the “third” estimate. In the fourth quarter of 2022, real GDP increased at 2.6 percent. The first-quarter GDP estimate was revised up by 0.7 percentage point from the “second” estimate, primarily reflecting upward revisions to exports and consumer spending. Earnings declined 4.1 percent in the first quarter.
Personal income and expenditure, May 2023
Personal income increased by $91.2 billion in May (0.4 percent per month). Disposable personal income (DPI)-personal income net of personal current taxes-increased by $86.7 billion (0.4 percent). Personal spending-the sum of personal consumption expenditures, personal interest payments, and personal current transfer payments-increased by $22.7 billion (0.1 percent), and consumer spending increased by $18.9 billion (0.1 percent). Personal savings totaled $910.3 billion, and the personal savings rate-personal savings as a percentage of disposable personal income-was 4.6 percent in May.
U.S. International Investment Position Q1 2023 and Annual Update
The U.S. net international investment position, the difference between foreign financial assets and liabilities of U.S. residents, was -$16.75 trillion at the end of the first quarter of 2023, according to statistics released by the U.S. Bureau of Economic Analysis (BEA). Assets amounted to USD 32.74 trillion and liabilities to USD 49.49 trillion. At the end of the fourth quarter of 2022, the net investment position stood at USD -16.17 trillion.
International Trade in Goods and Services in the US, May 2023
The U.S. monthly international trade deficit narrowed in May 2023, according to the U.S. Bureau of Economic Analysis and the U.S. Census Bureau. The deficit narrowed from $74.4 billion in April (revised) to $69.0 billion in May as imports fell more than exports. The goods deficit narrowed by $4.8 billion to $91.3 billion in May. The services surplus increased $0.7 billion to $22.3 billion in May.
