Newly released inflation data breaks down how much prices have increased in each state.
The U.S. Bureau of Economic Analysis released new data Wednesday for how the Personal Consumption Expenditure, a key marker of inflation, rose in each state last year. According to the BEA, PCE is a measure of the prices Americans pay for goods and services.
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It is growing relentlessly. The U.S. trade deficit, the gap between what the nation imports and exports in goods and services, increased to $67.4 billion in December, an increase of $6.4 billion from $61.0 billion in November, revised, according to the U.S. Census Bureau and the U.S. Bureau of Economic Analysis. The month-over-month figures on the deficit are part of a long-term trend in America.
For 2022, the deficit in goods and services hit $948.1 billion, rising $103.0 billion from 2021. “Exports were $3,009.7 billion, up $453.1 billion from 2021. Imports were $3,957.8 billion, up $556.1 billion from 2021,” the Census Bureau and BEA reported.
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The U.S. trade deficit increased to its highest recorded level in 2022, thanks in part to a surging trade deficit with China.
The U.S. registered a roughly $948.1 billion goods and services deficit for the year, including a $382.9 billion goods deficit to China, the U.S. Bureau of Economic Analysis (BEA) revealed Tuesday. This 12.2% surge over 2021 marks an all-time U.S. trade deficit record, The Wall Street Journal reported.
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The economy in Connecticut has some catching up to do.
Initial figures from the U.S. Bureau of Economic Analysis show the state’s economy fell behind the rest of the nation in the second quarter of 2022.
Connecticut’s gross domestic product fell by 4.7 percent between April and June, putting the state second-to-last in the nation. Meanwhile, personal income grew by only 2.2 percent.
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The economy in Connecticut has some catching up to do.
Initial figures from the U.S. Bureau of Economic Analysis show the state’s economy fell behind the rest of the nation in the second quarter of 2022.
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The U.S. Bureau of Economic Analysis released its quarterly Gross Domestic Product data Thursday which the economy grew in the third quarter of 2022 by 2.6% at an annualized rate.
“The increase in real GDP reflected increases in exports, consumer spending, nonresidential fixed investment, federal government spending, and state and local government spending, that were partly offset by decreases in residential fixed investment and private inventory investment,” BEA said.
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