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Personal income decreased $20.7 billion, or 0.2 percent, and disposable personal income (DPI)
decreased $11.8 billion, or 0.1 percent, in November, according to the Bureau of Economic Analysis.
Personal consumption expenditures (PCE) decreased $56.1 billion, or 0.6 percent. In October,
personal income increased $11.3 billion, or 0.1 percent, DPI increased $16.7 billion, or 0.2
percent, and PCE decreased $102.6 billion, or 1.0 percent, based on revised estimates.
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Real gross domestic product -- the output of goods and services produced by labor and property
located in the United States -- decreased at an annual rate of 0.5 percent in the third quarter of 2008,
(that is, from the second quarter to the third quarter), according to final estimates released by the Bureau
of Economic Analysis. In the second quarter, real GDP increased 2.8 percent.
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Total compensation of U.S. workers grew 5.2% in 2007 and most counties shared in that growth, according to statistics released today by the Bureau of Economic Analysis (BEA). Compensation grew in over 90% of the 3,111 counties in the U.S., as the average annual compensation per job in the U.S. grew by 4.1% to $53,892. Inflation, as measured by the national price index for personal consumption expenditures, grew 2.6% in 2007.
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U.S. personal income growth slowed sharply in the third quarter of 2008 with all states except New Jersey and Wyoming sharing in the slowdown, according to statistics released today by the U.S. Bureau of Economic Analysis. U.S. personal income remained unchanged from the second quarter which had been boosted by economic stimulus payments. The third quarter personal income growth was the weakest for the nation since the first quarter of 1994 and contrasts with the 1.6 percent increase in the second quarter of 2008. State personal income growth rates in the third quarter ranged from a 1.4 percent increase in Wyoming to a 1.6 percent decrease in Mississippi.
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The U.S. current-account deficit--the combined balances on trade in goods
and services, income, and net unilateral current transfers--decreased to
$174.1 billion (preliminary) in the third quarter of 2008 from $180.9 billion
(revised) in the second quarter. The decrease was accounted for by increases
in the surpluses on income and on services and decreases in the deficit on
goods and in net unilateral current transfers to foreigners.
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Real spending on travel and tourism (spending adjusted for price changes) increased at an annual rate of 3.0 percent in 2008:2, according to the Bureau of Economic Analysis. In 2008:1, real spending on travel and tourism grew 0.5 percent (revised). By comparison, real gross domestic product (GDP) grew at an annual rate of 3.3 percent (preliminary) in 2008:2 and 0.9 percent in 2008:1.
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A sharp slowdown in finance and insurance, a further contraction in construction, and a deceleration in durable-goods manufacturing were the leading contributors to the economic slowdown in 2007, according to revised statistics of real gross domestic product (GDP) by industry.
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The U.S. Census Bureau and the U.S. Bureau of Economic Analysis, through the Department
of Commerce, announced today that total October exports of $151.7 billion and imports
of $208.9 billion resulted in a goods and services deficit of $57.2 billion, up from
$56.6 billion in September, revised. October exports were $3.4 billion less than
September exports of $155.1 billion. October imports were $2.7 billion less than
September imports of $211.6 billion.
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Real gross domestic product -- the output of goods and services produced by labor and property
located in the United States -- decreased at an annual rate of 0.5 percent in the third quarter of 2008,
(that is, from the second quarter to the third quarter), according to preliminary estimates released by the
Bureau of Economic Analysis. In the second quarter, real GDP increased 2.8 percent.
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Newly available statistics released today by the U.S. Bureau of Economic Analysis show that real GDP by metropolitan area grew in 308 of 363 metropolitan (statistical) areas in 2006. Growth in the metropolitan portion of the United States was 3.2 percent in 2006, slightly greater than the 3.1 percent growth in 2005.1 Strong growth in financial industries specifically real estate and securities, commodity contracts, and investmentsaccounted for 39 percent of U.S. metropolitan area GDP growth in 2006. Contraction in the construction industry tempered growth in most metropolitan areas.
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U.S. personal income grew 1.8 percent in the second quarter of 2008 with growth accelerating in all but five states, according to statistics released today by the U.S. Bureau of Economic Analysis. The second-quarter growth was the highest since the first quarter of 2007 and more than double the 0.8 percent pace of the first quarter of 2008. Almost all (0.9 percentage point) of the acceleration is accounted for by the cash rebates taxpayers received from the federal government this spring under the provisions of the Economic Stimulus Act of 2008.
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The U.S. current-account deficit--the combined balances on trade in
goods and services, income, and net unilateral current transfers--increased to
$183.1 billion (preliminary) in the second quarter of 2008 from $175.6 billion
(revised) in the first quarter. The increase was more than accounted for by a
decrease in the surplus on income and an increase in the deficit on goods. In
contrast, the surplus on services increased, and net unilateral current
transfers to foreigners decreased.
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Personal income growth slowed in 2007 in most of the nation's metropolitan statistical areas (MSAs), according to estimates released today by the U.S. Bureau of Economic Analysis. On average, MSA personal income grew 6.2% in 2007, down from 6.8% in 2006. Personal income growth slowed in 208 MSAs, increased in 144, and remained unchanged in 11 MSAs.
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Real gross domestic product -- the output of goods and services produced by labor and property
located in the United States -- increased at an annual rate of 1.9 percent in the second quarter of 2008
(that is, from the first quarter to the second quarter), according to advance estimates released by the
Bureau of Economic Analysis. In the first quarter, real GDP increased 0.9 percent.
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The U.S. net international investment position at yearend 2007 was
-$2,441.8 billion (preliminary), as the value of foreign investments in the
United States continued to exceed the value of U.S. investments abroad. At yearend 2006, the U.S. net international investment position was
-$2,225.8 billion (revised).
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