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Real spending (output) on travel and tourism accelerated in the third quarter of 2017, growing at an annual rate of 6.6 percent after increasing 6.0 percent (revised) in the second quarter, according to new statistics released by the Bureau of Economic Analysis.
The U.S. monthly international trade deficit increased in October 2017 according to the U.S. Bureau of Economic Analysis and the U.S. Census Bureau. The deficit increased from $44.9 billion in September (revised) to $48.7 billion in October, as exports decreased and imports increased. The previously published September deficit was $43.5 billion. The goods deficit increased $3.8 billion in October to $69.1 billion. The services surplus decreased less than $0.1 billion in October to $20.3 billion.
Today, the Bureau of Economic Analysis is releasing estimates of gross domestic product for the U.S. Virgin Islands for 2016, in addition to estimates of GDP by industry and compensation by industry for 2015. These estimates were developed under the Statistical Improvement Program funded by the Office of Insular Affairs of the U.S. Department of the Interior.
Personal income increased 0.4 percent in October, the same increase as in September. Wages and salaries, the largest component of personal income, increased 0.3 percent in October after increasing 0.5 percent in September.
Real gross domestic product (GDP) increased 3.3 percent in the third quarter of 2017, according to the “second” estimate released by the Bureau of Economic Analysis. In the second quarter of 2017, real GDP increased 3.1 percent.
The U.S. monthly international trade deficit increased in September 2017 according to the U.S. Bureau of Economic Analysis and the U.S. Census Bureau. The deficit increased from $42.8 billion in August (revised) to $43.5 billion in September, as imports increased more than exports.
Mining; professional, scientific, and technical services; and health care and social assistance were the leading contributors to the increase in U.S. economic growth in the second quarter of 2017.
Personal income increased 0.4 percent in September after increasing 0.2 percent in August. Wages and salaries, the largest component of personal income, increased 0.4 percent in September after increasing 0.1 percent in August.