Bureau of Economic Analysis

(noun)

The Bureau of Economic Analysis (BEA) is an agency in the United States Department of Commerce that measures important economic statistics, including the gross domestic product of the United States.

Related Terms

Examples of Bureau of Economic Analysis in the following topics:

  • Maintaining a Strong Economy

    • The Department of Commerce is the Cabinet department of the U.S. government concerned with promoting economic growth.
    • Among its tasks are gathering economic and demographic data for business and government decision-making, issuing patents and trademarks, and helping to set industrial standards.
    • Organizations within the Department of Commerce include the Census Bureau, the Bureau of Economic Analysis, and the International Trade Administration.
    • The Department of the Treasury is an executive department and the treasury of the U.S. government.
    • It prints and mints all paper currency and coins in circulation through the Bureau of Engraving and Printing and the United States Mint.

  • GDP Equation in Depth (C+I+G+X)

    • Examples include construction of a new mine, purchase of software, or purchase of machinery and equipment for a factory.
    • Note that buying bonds or stocks is a swapping of deeds, a transfer of claims on future production, not directly an expenditure on products.
    • Government spending (G) is the sum of government expenditures on final goods and services.
    • It includes salaries of public servants, purchase of weapons for the military, and any investment expenditure by a government.
    • Bureau of Economic Analysis).

  • The GDP Deflator

    • The GDP deflator (implicit price deflator for GDP) is a measure of the level of prices of all new, domestically produced, final goods and services in an economy.
    • That market value depends on the quantities of goods and services produced and their respective prices.
    • Bureau of Economic Analysis.
    • Similar to the CPI, the GDP deflator of the base year itself is equal to 100.
    • Explain how the calculation of the GDP deflator can measure inflation

  • Economic Indicators

    • The National Bureau of Economic Research analyzes and interprets many different trends in economic indicators, including GDP (gross domestic product), to identify business cycle dates.
    • One application of economic indicators is the study of business cycles.
    • The leading business cycle dating committee in the United States of America is the National Bureau of Economic Research (private).
    • The Bureau of Labor Statistics is the principal fact-finding agency for the U.S. government in the field of labor economics and statistics.
    • Other producers of economic indicators includes the United States Census Bureau and United States Bureau of Economic Analysis.

  • References

    • Harlow, H. (1958) The nature of love.
    • Li, C. (1975) Path analysis: A primer.
    • The Journal of Finance, 50, 549-572.
    • Growth in a Time of Debt.
    • Working Paper 15639, National Bureau of Economic Research, http://www.nber.org/papers/w15639

  • Personal Income

    • In the United States the most widely cited personal income statistics are the Bureau of Economic Analysis's (BEA) personal income and the Census Bureau's per capita money income.
    • The two statistics spring from different traditions of measurement: personal income from national economic accounts and money income from household surveys.
    • BEA's monthly personal income estimates are one of several key macroeconomic indicators that the National Bureau of Economic Research considers when dating the business cycle.
    • The Census Bureau also produces alternative estimates of income and poverty based on broadened definitions of income that include many of these income components that are not included in money income.
    • The Census Bureau releases estimates of household money income as medians, percent distributions by income categories, and on a per capita basis.

  • Credit Ratings

    • A poor credit rating indicates a credit rating agency's opinion that the company or government has a high risk of defaulting, based on the agency's analysis of the entity's history and analysis of long term economic prospects.
    • Ratings are broken down into components including political and economic risk.
    • Euromoney's bi-annual country risk index monitors the political and economic stability of 185 sovereign countries.
    • A credit score is primarily based on credit report information, typically from one of the three major credit bureaus: Experian, TransUnion, and Equifax.
    • Income is not considered by the major credit bureaus when calculating a credit score.

  • Income

    • Many people who have vast accumulated wealth have virtually non-existent salaries, so total personal income is a better indicator of economic status.
    • Census Bureau in terms of either household or individual income and remains one of the most prominent indicators of class status.
    • In the United States, the most widely cited personal income statistics are the Bureau of Economic Analysis's personal income and the Census Bureau's per capita money income.
    • The Census Bureau also produces alternative estimates of income and poverty based on broadened definitions of income that include many components that are not included in money income.
    • Thus, it is important to remember that the favorable economic position of households in the top two quintiles is in some cases, the result of combined income, rather than the high status of a single worker.

  • Measuring the Unemployment Rate

    • Bureau of Labor Statistics measures employment and unemployment for individuals over the age of 16.
    • Bureau of Labor Statistics uses six measurements when calculating the unemployment rate.
    • U6: the individuals described in U5 plus part-time workers who want to work full-time, but cannot due to economic reasons, primarily underemployment.
    • Bureau of Labor Statistics used the six employment measures to calculate the unemployment rate in the United States from 1950 to 2010.
    • Classify the six measures of unemployment calculated by the Bureau of Labor Statistics (BLS)

  • Agricultural Interest Groups

    • Agricultural interest groups are a type of economic interest group that represent farmers.
    • Economic interest groups are varied.
    • Categories of economic interest groups include those representing business, labor, professional, and agricultural interests.
    • Agricultural interest groups represent the economic interests of farmers.
    • An example is the American Farm Bureau Federation which was founded in 1911.