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2017 Annual Update of BEA’s National Income and Product Accounts

2017 Annual Update of BEA’s National Income and Product Accounts

On Friday, BEA released the 2017 Annual Update of the National Income and Product Accounts. The U.S. national accounts data for the last three years, including GDP, were revised. At the level of total GDP, the revisions were small and the overall picture of economic activity isn’t a lot different from what we previously understood. …

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Why I’m concerned about the Census Bureau’s budget

Why I’m concerned about the Census Bureau’s budget

On May 23, the administration released the President’s budget for fiscal year 2018. We now have enough details about the proposed budgets for statistics to start filling in detailed information about cuts. The Census Bureau is by far the largest of the U.S. statistical agencies. The budget proposes an increase for the Census Bureau of …

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Statistics for Forecasters: BEA’s Underlying and Key Source Data

Statistics for Forecasters: BEA’s Underlying and Key Source Data

At 8:30 this morning, BEA released the December personal income and outlays report, and we learned that personal income increased 0.3 percent and real consumer spending (or personal consumption expenditures (PCE)) increased 0.3 percent in the final month of 2016. These estimates were prominently reported by the news media. Less than a half hour later, …

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Confidential Statistical Data Are Still Secure

Confidential Statistical Data Are Still Secure

As the new Trump administration assumes control of the federal government, there’s uncertainty about how well it will maintain the integrity of official statistics. Can we be assured that the government will protect the confidentiality of the data it collects from us for statistical purposes? Can we be assured that the reported statistics will be prepared independently and …

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