BEA

More data regarding America’s economic output were collected and tallied up by the Bureau of Economic Analysis, providing a fuller look at our nation’s gross domestic product.  Unfortunately, the fuller picture suggests additional slowing took place in the final quarter of last year than first thought.  On a seasonally adjusted, annualized basis, output grew 2.2 percent, r

Echoes from the partial government shutdown persist.  Income and outlays data from the Bureau of Economic Analysis were delayed for December and incomplete for January, so they were released together in one report.  We have both income and spending to end the year, but just income data to start 2019.

America’s trade deficit continued growing in October 2018 according to data from the Bureau of Economic Analysis.  The most recent deficit grew to $55.5 billion from the upwardly revised count of $54.6 (originally $54.0 billion).  In the period, exports declined $300 million while imports increased $600 million, causing the shortfall to reach a 10-year high.

When it comes to the American economy, the consumer is the primary driver.  In order for consumers to push output ahead, they need income to spend.

After poring over more complete data, the Bureau of Economic Analysis made a slight adjustment to their initial estimate of gross domestic product (GDP) in the second quarter of 2018.  Initially reported as +4.1 percent on an annualized inflation-adjusted basis, they now believe output grew 4.2 percent.  This revised tally will get one more adjustment in a final revision due out later

America’s trade deficit widened in June according to the Bureau of Economic Analysis.  Increasing to $46.3 billion, this shortfall jumped 7.3 percent in the period.  Year-to-date, our nation’s trading gap has widened $19.6 billion or 7.2 percent versus the same period in 2017.  Both sides of the ledger worsened for the U.S.

America’s trading shortfall improved in May 2018 according to the Bureau of Economic Analysis.  Our nation’s goods and services deficit dropped $3.0 billion to $43.1 billion from April’s downwardly revised tally (originally $46.2 billion).  This improvement put the monthly trade gap at its narrowest reading since October 2016.

May 2018’s iteration for income and outlays from the Bureau of Economic Analysis is one of the most interesting we have seen in a while.  Both components of the report improved, and consumers actually increased their savings rate, but none of that captured Atlas’ intrigue.  Instead, inflation data stole the show.