1 / 19

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.

zita
Download Presentation

BEA’s REGIONAL ECONOMIC ACCOUNTS :

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript

  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

More Related