Bureau Of Economic Analysis
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The Bureau of Economic Analysis (BEA) of the
United States Department of Commerce The United States Department of Commerce is an executive department of the U.S. federal government concerned with creating the conditions for economic growth and opportunity. Among its tasks are gathering economic and demographic data for bu ...
is a U.S. government agency that provides official macroeconomic and industry statistics, most notably reports about the
gross domestic product Gross domestic product (GDP) is a money, monetary Measurement in economics, measure of the market value of all the final goods and services produced and sold (not resold) in a specific time period by countries. Due to its complex and subjec ...
(GDP) of the
United States The United States of America (U.S.A. or USA), commonly known as the United States (U.S. or US) or America, is a country primarily located in North America. It consists of 50 states, a federal district, five major unincorporated territorie ...
and its various units—states, cities/towns/townships/villages/counties, and metropolitan areas. They also provide information about personal income, corporate profits, and government spending in their
National Income and Product Accounts The national income and product accounts (NIPA) are part of the national accounts of the United States. They are produced by the Bureau of Economic Analysis of the Department of Commerce. They are one of the main sources of data on general econ ...
(NIPAs). The BEA is one of the principal agencies of the U.S. Federal Statistical System. Its stated mission is to "promote a better understanding of the U.S. economy by providing the most timely, relevant, and accurate economic data in an objective and cost-effective manner". BEA has about 500 employees and an annual budget of approximately $101 million.


National accounts

BEA's national economic statistics (National Economic Accounts) provide a comprehensive view of U.S. production, consumption, investment, exports and imports, and income and saving. These statistics are best known by summary measures such as gross domestic product (GDP), corporate profits, personal income and spending, and personal saving. The National Income and Product Accounts (NIPAs) provide information about personal income, corporate profits, government spending, fixed assets, and changes in the net worth of the U.S. Economy. The accounts also include other approaches and methods of measuring income and spending, such as the gross domestic income (GDI) and
gross national income The gross national income (GNI), previously known as gross national product (GNP), is the total domestic and foreign output claimed by residents of a country, consisting of gross domestic product (GDP), plus factor incomes earned by foreign ...
(GNI).


Industry accounts

The industry economic accounts, presented both in an input-output framework and as annual output by each industry, provide a detailed view of the interrelationships between U.S. producers and users and the contribution to production across industries. These accounts are used extensively by policymakers and businesses to understand industry interactions, productivity trends, and the changing structure of the U.S. economy. There are quarterly and annual reports for "GDP by Industry Accounts", designed for analysis of a specific industry's contribution to overall economic growth and inflation.


Regional Economic Accounts

The regional economic accounts provide information about the geographic distribution of U.S. economic activity and growth. The estimates of
gross domestic product Gross domestic product (GDP) is a money, monetary Measurement in economics, measure of the market value of all the final goods and services produced and sold (not resold) in a specific time period by countries. Due to its complex and subjec ...
(GDP) by state and state and local area
personal income In economics, personal income refers to an individual's total earnings from wages, investment enterprises, and other ventures. It is the sum of all the incomes received by all the individuals or household during a given period. Personal income is ...
(PI), and the accompanying detail, provide a consistent framework for analyzing and comparing individual state and local area economies.


Uses of the regional program estimates

* The Federal government uses regional income and product estimates to distribute funds to states: ** BEA Regional Income and Product Account Estimates Used to Distribute $406.8 Billion in Federal Funds ** FY2016 Federal Funds Distribution Using BEA Regional Income and Product Account Statistics ** Federal Uses of BEA Regional Statistics, FY2016 * Twenty-six states have set constitutional or statutory limits on state government revenues or spending that are tied to BEA state personal income or one of its components * The National Oceanic and Atmospheric Administration (NOAA) produces statistics for coastal areas, utilizing BEA regional statistics. * Academic researchers use the estimates for applied economic research. * Businesses, trade associations, and labor organizations use the estimates for market research.


Regional Program

The regional program maintains a partnership with a group of users, its members including State agencies, universities, and Census Primary State Data Centers. Users disseminate regional data and give feedback on our estimates and the presentation of the estimates. Distribution in this way encourages State universities and State agencies to use data that are comparable for all States and counties and consistent with national totals, thus enhancing the uniformity of analytic approaches taken in economic development programs and improving the recipients' ability to assess local area economic developments and to service their local clientele.


International

The international transactions accounts provide information on trade in goods and services (including the balance of payments and the balance of trade), investment income, and government and private financial flows. In addition, the accounts measure the value of U.S. international assets and liabilities and direct investment by multinational enterprises. BEA’s data on direct investment— the most detailed data set on the activities of multinational enterprises (MNEs) available—are used to assess the role these business enterprises play in the global economy.


History

An earlier Office of Business Economics produced GNP statistics and was renamed to become the BEA in a reorganization of January 1, 1972. An earlier administrative history is available on the site of the U.S. National Archives.Records of the Bureau of Economic Analysis
at NARA web site


See also

*
Title 15 of the Code of Federal Regulations Title 15 is the portion of the Code of Federal Regulations that governs Commerce and Foreign Trade within the United States. It is available in digital or printed form. Title 15 comprises three volumes, and is divided into four Subtitles: * Subtit ...
*
Bureau of the Census The United States Census Bureau (USCB), officially the Bureau of the Census, is a principal agency of the U.S. Federal Statistical System, responsible for producing data about the American people and economy. The Census Bureau is part of the ...
*
Bureau of Labor Statistics The Bureau of Labor Statistics (BLS) is a unit of the United States Department of Labor. It is the principal fact-finding agency for the U.S. government in the broad field of labor economics and statistics and serves as a principal agency of t ...
*
Consumer Leverage Ratio The consumer leverage ratio, a concept popularized by William Jarvis and Dr. Ian C MacMillan in a series of articles in the Harvard Business Review, is the ratio of total household debt, as reported by the Federal Reserve System, to disposable per ...
* Bureau of Economic Analysis regions *
Survey of Current Business The ''Survey of Current Business'' (SCB) is a monthly publication by the Bureau of Economic Analysis (BEA) (a part of the United States Department of Commerce) that provides definitive information about the national economic accounts for the econo ...
, the monthly publication of the BEA that includes their official statistics


References


External links

*
Bureau of Economic Analysis
in the
Federal Register The ''Federal Register'' (FR or sometimes Fed. Reg.) is the official journal of the federal government of the United States that contains government agency rules, proposed rules, and public notices. It is published every weekday, except on feder ...

Brief history of Bureau of Economic AnalysisBEA Data Application Programming Interface (API)Measuring the Economy
from the BEA has information about what GDP is, and brief summaries about the summaries created by the BEA. {{DEFAULTSORT:Bureau Of Economic Analysis Economic research institutes National statistical services United States Department of Commerce agencies 1972 establishments in Washington, D.C. Federal Statistical System of the United States