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BEA’s REGIONAL ECONOMIC ACCOUNTS :

BEA’s REGIONAL ECONOMIC ACCOUNTS :. AN UPDATE. Joel D. Platt. C2ER Annual Conference Oklahoma City, OK June 8, 2012. Topics. Budget Update New Interactive Data Application Planned ImprovementsNew Statistics QuestionsComments. Current Budget Environment.

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BEA’s REGIONAL ECONOMIC ACCOUNTS :

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  1. BEA’s REGIONAL ECONOMIC ACCOUNTS : AN UPDATE Joel D. Platt C2ER Annual Conference Oklahoma City, OK June 8, 2012

  2. Topics • Budget Update • New Interactive Data Application • Planned Improvements\New Statistics • Questions\Comments

  3. Current Budget Environment • Department strongly supports BEA’s mission, but budgets are extremely tight and cuts are likely • BEA needs to continue producing its core statistical products • “Flat” budgets in even a mild inflationary environment erode base funds • BEA’s building lease expires in FY 2013

  4. BEA’s FY 2012 Budget: $92.2 m Industry—$13.2 m (14%) International—$31.7 m (34%) Regional—$16.3 m (18%) National—$31.1 m (34%)

  5. Spending by Category Overhead, other charges (12%) Rent (7%) Data contracts (2%) IT (8%) Training (2%) People (69%)

  6. “Menu” of Potential Future Cuts • Eliminate advance GDP by industry statistics ($1.1 m) • Eliminate county and metro area personal income statistics ($2 m) • Eliminate monthly estimates of personal income and outlays ($2.3 m) • Dramatically scale back projects to modernize the accounts such as better measures of health care inflation ($3 m) • Reduce detail, periodicity, and analysis of FDI/MNC data ($5 m)

  7. “Menu” of Potential Future Cuts • Discontinue “underlying detail” tables for GDP and the national accounts ($400 k) • Discontinue RIMS program ($1.4 m) • Discontinue travel and tourism statistics (net $150 k) • Discontinue paper publications ($180 k) • Scale back the IT modernization and systems reengineering ($3 m)

  8. New Interactive Application • Interactive tables—the heart of the new application

  9. Interactive Tables • Easier to share

  10. Interactive Tables • Log-in to save complex tables, charts

  11. Interactive Charts • Enhanced features

  12. Interactive Charts • More customer friendly • Color coded • Full-screen • Line charts and bar charts • Option to save as .png file to drop into presentations and documents

  13. Planned Improvements\New Statistics • Accelerate release of local area personal income statistics by 5 months • Price adjusted state and metropolitan area personal income • Release of new RIMS II User Guide • Quarterly GDP by State • PCE by State

  14. 2011-2012 Local Area Personal Income Releases • Advance metro area release • August 9, 2011 (2010) • County compensation release • December 14, 2011 (2008-2010) • Local area personal income • April 24, 2012 (2008-2010)

  15. 2012-2013 Local Area Personal Income Release • All local area personal income released November 26, 2012 • County personal income and final metropolitan area personal income accelerated by 5 months (2009-2011) • No advance metropolitan area personal income release

  16. Price Adjusted Personal Income • Survey of Current Business Article: August 2012 • Experimental Regional Price Parities • Experimental price adjusted state and metropolitan area personal income (2006-2010)

  17. RIMS II Handbook • Updated and improved user guide BEA’s Region Input-Output Modeling System (RIMS II): September 2012 • Emphasis on limitations of regional input-output multipliers and their proper use

  18. Quarterly GDP by State • Prototype Quarterly GDP by Industry statistics for 2007-2009: Survey of Current Business July 2011 • Prototype Quarterly GDP by Industry for 2007-2011: Survey of Current Business June 2012 • Regional Accounts staff collaborating with Industry staff to develop Prototype Quarterly GDP by State statistics

  19. PCE by State • Beginning stages of development • National definitions and controls provide consistency with NIPAs • State-level PCE data issues • Less detailed data for geographic areas • Imputations in NIPAs are challenging at state level • PCE residency adjustment needed for point of sale data

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