Www.bea.gov “Looking Ahead" BEA Regional Data Developments Going Forward James M. Zavrel Navigating the Nevada Economy Reno, NV September 29, 2009.

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Presentation transcript:

“Looking Ahead" BEA Regional Data Developments Going Forward James M. Zavrel Navigating the Nevada Economy Reno, NV September 29, 2009

2 Recent Improvements—New Products ▪ Advance personal income for metropolitan areas in August 2009  Expanded data—Earnings by sector ▪ Disposable personal income for metros  Data through 2007  Working paper on BEA Website ▪ Regional Price Parities  “Comparing Price Level Differences Across Geographic Areas” Nov Survey of Current Business

3 Comprehensive Revision ▪ Changes in definitions, in sources and methods, and in presentation  Occur about every 5 years  Provide opportunity to make accounts reflect the changing economy ▪ National release on July 31st ▪ State to release October 16th ▪ 1 st county release in December (compensation)

4 Comprehensive Revision Changes in definitions  Treatment of disasters  Value of damage to fixed assets will no longer be recorded as consumption of fixed capital  No current period measure of production or income will be affected by disasters  Disaster-related insurance payouts will be treated as capital transfers  March 2009 Survey of Current Business p. 11

5 Comprehensive Revision ▪ Statistical and methodological changes May 2009 Survey of Current Business  Wages and salaries  Employee contributions to IRS section 125 (cafeteria) plans  28 states currently don’t report as wages  Nevada—no  Idaho—no  Montana—yes  Oregon—no  Washington—yes  2-3 % of wages

6 FY 2008 Budget Impact ▪ FY 2008 budget reductions affected BEA ▪ County industry detail has been reduced  From subsector to sector level for 2008  First release impacted—August 2009 personal income for metropolitan areas  Full description of budget impact on BEA Web site

7 FY 2010 Budget Initiatives ▪ Restore the substate subsector earnings and compensation  Cut in FY2008 ▪ Accelerate county personal income release to 10 months after calendar year ▪ GDP by county ▪ Price-adjusted measures of income & product

8 Future Research Interests ▪ Improve county suppression system ▪ Pension satellite account  Retirement income distributions by state  Working paper on BEA website– “ Accrual Measures of Pension-Related Compensation and Wealth of State and Local Government Workers”, August 2009 ▪ Development of product-side estimates  Personal consumption expenditures  State government receipts and expenditures ▪ Gross output and double deflation