The BEA Wire | BEA's Official Blog

The U.S. monthly international trade deficit increased in May 2013, according to the U.S. Bureau of Economic Analysis and the U.S. Census Bureau. The deficit increased from $40.1 billion in April (revised) to $45.0 billion in May as exports decreased and imports increased.

State personal income declined an average 1.2 percent in the first quarter of 2013 after growing 2.7 percent in the fourth quarter of 2012. Personal income declines ranged from 0.1 percent in Iowa to 2.5 percent in Wyoming.

Personal income increased 0.5 percent in May after increasing 0.1 percent in April. Wages and salaries, the largest component of personal income, increased 0.3 percent in May after increasing 0.1 percent in April. Services industries’ payrolls accelerated.

Real gross domestic product (GDP) increased 1.8 percent in the first quarter of 2013 after increasing 0.4 percent in the fourth quarter of 2012, according to the third estimate released by the Bureau of Economic Analysis.

The U.S. net international investment position was -$4,277.1 billion (preliminary) at the end of the first quarter of 2013 compared with -$3,863.9 billion (revised) at the end of the fourth quarter of 2012, as the value of foreign investments in the United States exceeded the value of U.S.

The U.S. net international investment position was -$3,863.9 billion (revised) at the end of 2012 compared with -$3,730.6 billion (revised) at the end of 2011, as the value of foreign investments in the United States exceeded the value of U.S. investments abroad.

Better data generated by a new government survey drove the large upward revisions in U.S. international investment position statistics released today that trimmed the United States’ investment deficit with the rest of the world between 2010 and 2012.

Real spending on travel and tourism accelerated in the first quarter of 2013, increasing at an annual rate of 6.8 percent after increasing 2.1 percent (revised) in the fourth quarter of 2012.

Roughly every 5 years, the Bureau of Economic Analysis (BEA) releases comprehensive revisions of its major economic accounts. These revisions are generally more detailed than annual revisions, implementing changes in methods, statistics and definitions to better reflect an ever-evolving economy.

The U.S. current-account deficit—the combined balances on trade in goods and services, income, and net unilateral current transfers—increased to $106.1 billion (preliminary) in the first quarter of 2013 from $102.3 billion (revised) in the fourth quarter of 2012. As a percentage of U.S.