September 2004 - Volume 84 - Number 9

Business Situation: Preliminary Estimates for the Second Quarter of 2004

Economic growth slowed in the second quarter. Real GDP increased 2.8 percent after increasing 4.5 percent in the first quarter; the slowdown primarily reflected a deceleration in consumer spending. Prices increased about as much as in first quarter, as the price index for gross domestic purchases increased 3.5 percent after increasing 3.4 percent. Real disposable personal income increased 2.5 percent after increasing 2.4 percent. Corporate profits increased $1.6 billion (0.1 percent at a quarterly rate) after increasing $36.5 billion. Net Federal Government saving was -$383.0 billion, increasing $8.0 billion from -$391.0 billion, and net state and local government saving was $16.5 billion, increasing $4.7 billion from $11.8 billion. | PDF | XLS

Alternative Measures of Personal Saving

In the early 1980s, the NIPA measure of personal saving averaged 10.4 percent, but in 2003, it was 1.4 percent. As a result of this continuing decline, economists and policymakers are asking questions, for example, about the adequacy of saving for retirement and for funding U.S. investment requirements and about the sustainability of the current levels of consumer spending. In order to answer these questions on the saving behavior of persons and households, four alternative measures of personal saving are examined. In addition, the role of the accumulation of wealth in the financial resources of households and expanded measures of saving, such as net private saving, that could be used to fund capital investment are examined. | PDF

Annual NIPA Revision: Newly Available Table

BEA continues to release the results from the annual NIPA revision that presented revised estimates for 2001-2003. | PDF | The tables in this article may be viewed and downloaded interactively.

Fixed Assets and Consumer Durable Goods for 1993-2003

The revised estimates for 1993-2002 and the preliminary estimates for 2003 incorporate the results of the annual NIPA revision. These estimates incorporated several improvements, including the conversion to the North American Industry Classification System, the use of the 1997 capital flow table, and the use of an updated depreciation schedule for consumer autos. In 1987-2003, the net stock at current cost grew at an average annual rate of 4.9 percent, and the net stock at real cost grew 2.6 percent. | PDF | The tables in this article may be viewed and downloaded interactively.

U.S. Travel and Tourism Satellite Accounts for 1998-2003

These improved, updated accounts reflect the recent comprehensive revision of the annual industry accounts and of the national income and product accounts. According to the updated estimates, the trends in tourism activity reflect the economic expansion in 1998-2000, the slowdown in 2001 and the events of September 11th, and the economic recovery in 2002-2003. | PDF

Foreign Direct Investment in the United States: Detail for Historical-Cost Position and Related Capital and Income Flows, 2003

Detailed estimates of the direct investment position and international transactions by industry and by country are presented in this report. These estimates show the composition of investment by foreign companies in the United States. | PDF

U.S. Direct Investment Abroad: Detail for Historical-Cost Position and Related Capital and Income Flows, 2003

Detailed estimates of the direct investment position and international transactions of U.S. multinational companies by industry and by country are presented in this report. These estimates show the composition of investment abroad by U.S. companies. | PDF | Tables in XLS format -- EXE | ZIP

Schedule of BEA News Releases in 2005

PDF | HTML

Looking Ahead

Government Spending for 1959-2003. The inaugural estimates of real government consumption expenditures and gross investment by function are scheduled to be published in the October Survey. These estimates will include estimates for total government, for the Federal Government, and for state and local governments and real quantity and price indexes. U.S. International Services. The estimates of cross-border trade in services for 2003 and of sales of services through affiliates for 2002 are also scheduled to be published in October.

BEA Current and Historical Data

National Data

• Selected NIPA tables | PDF  Other NIPA and NIPA-related tables | PDF  Historical measures | PDF  Domestic perspectives | PDF
• Charts | PDF

International Data

• Transactions tables | PDF  Investment tables | PDF  International perspectives | PDF
• Charts | PDF

Regional Data

• State and regional tables | PDF  Local area table | PDF
• Charts | PDF

Appendixes

• Additional information about the NIPA estimates | PDF
• Suggested reading | PDF