United States Mint Begins Shipping First American Women Quarters™ Program Coins

Source: United States Mint

WASHINGTON – The United States Mint (Mint) has begun shipping the first coins in the American Women Quarters (AWQ) Program. These circulating quarters honoring Maya Angelou are manufactured at the Mint facilities in Philadelphia and Denver. Coins featuring additional honorees will begin shipping later this year and through 2025.

“It is my honor to present our Nation’s first circulating coins dedicated to celebrating American women and their contributions to American history,” said Mint Deputy Director Ventris C. Gibson. “Each 2022 quarter is designed to reflect the breadth and depth of accomplishments being celebrated throughout this historic coin program. Maya Angelou, featured on the reverse of this first coin in the series, used words to inspire and uplift.”

A writer, poet, performer, social activist, and teacher, Angelou rose to international prominence as an author after the publication of her groundbreaking autobiography, “I Know Why the Caged Bird Sings.” Angelou’s published works of verse, non-fiction, and fiction include more than 30 bestselling titles. Her remarkable career encompasses dance, theater, journalism, and social activism. The recipient of more than 30 honorary degrees, Angelou read “On the Pulse of Morning” at the 1992 inauguration of President Bill Clinton.  Angelou’s reading marked the first time an African American woman wrote and presented a poem at a Presidential inauguration. In 2010, President Barack

Obama awarded Angelou the Presidential Medal of Freedom, and she was the 2013 recipient of the Literarian Award, an honorary National Book Award for contributions to the literary community.

The reverse (tails), designed by United States Mint Artistic Infusion Program (AIP) Artist Emily Damstra and sculpted by United States Mint Medallic Artist Craig A. Campbell, depicts Maya Angelou with her arms uplifted.  Behind her are a bird in flight and a rising sun, images inspired by her poetry and symbolic of the way she lived.  Inscriptions are “UNITED STATES OF AMERICA,” “MAYA ANGELOU,” “E PLURIBUS UNUM,” and “QUARTER DOLLAR.”

The obverse (heads) depicts a portrait of George Washington originally composed and sculpted by Laura Gardin Fraser to mark George Washington’s 200th birthday.  Though her work was a recommended design for the 1932 quarter, then-Treasury Secretary Mellon ultimately selected the familiar John Flanagan design. Of Fraser, Deputy Director Gibson said, “I am proud that the new obverse design of George Washington is by one of the most prolific female sculptors of the early 20th century. Laura Gardin Fraser was the first woman to design a U.S. commemorative coin, and her work is lauded in both numismatic and artistic circles. Ninety years after she intended for it to do so, her obverse design will fittingly take its place on the quarter.”

Inscriptions are “LIBERTY,” “IN GOD WE TRUST,” and “2022.” The obverse design is common to all quarters issued in the series.

Authorized by Public Law 116-330, the American Women Quarters Program features coins with reverse (tails) designs emblematic of the accomplishments and contributions of trailblazing American women. Beginning in 2022 and continuing through 2025, the Mint will issue five quarters in each of these years. The ethnically, racially, and geographically diverse group of individuals honored through this program reflects a wide range of accomplishments and fields, including suffrage, civil rights, abolition, government, humanities, science, space, and the arts. The additional honorees in 2022 are physicist and first woman astronaut Dr. Sally Ride; Wilma Mankiller, the first female principal chief of the Cherokee Nation and an activist for Native American and women’s rights; Nina Otero-Warren, a leader in New Mexico’s suffrage movement and the first female superintendent of Santa Fe public schools; and Anna May Wong, the first Chinese American film star in Hollywood, who achieved international success despite racism and discrimination.

“Maya Angelou’s writing and activism inspired countless Americans and her legacy helped fuel greater fairness and understanding across our nation,” said Senator Catherine Cortez Masto (D-NV), Senate sponsor of the bill. “She is exactly the type of leader I had in mind when Senator Fischer, Representative Lee and I wrote our bipartisan legislation to create a series of quarters honoring the contributions of American women. This coin will ensure generations of Americans learn about Maya Angelou’s books and poetry that spoke to the lived experience of Black women.”

“As a leader in the civil rights movement, poet laureate, college professor, Broadway actress, dancer, and the first female African American cable car conductor in San Francisco, Maya Angelou’s brilliance and artistry inspired generations of Americans,” said Representative Barbara Lee (D-CA), House sponsor of the bill. “I will forever cherish the private moments I had the privilege to share with Maya, from talking in her living room as sisters to her invaluable counsel throughout the challenges I faced as a Black woman in elected office. I am proud to have led this effort to honor these phenomenal women, who more often than not are overlooked in our country’s telling of history. If you find yourself holding a Maya Angelou quarter, may you be reminded of her words, ‘be certain that you do not die without having done something wonderful for humanity.’”

Please consult with your local banks regarding availability of AWQ Program quarters honoring Maya Angelou in late January and early February.

View B roll of Maya Angelou quarter production.

View images of the Maya Angelou quarter here.

Numismatic Products
We invite you to learn more and enroll in the American Women Quarters™ Program today. Limited quantities will be produced, so sign up to ensure you receive a complete collection of American Women Quarters Program numismatic products.

About the United States Mint
Congress created the United States Mint in 1792, and the Mint became part of the Department of the Treasury in 1873. As the Nation’s sole manufacturer of legal tender coinage, the Mint is responsible for producing circulating coinage for the Nation to conduct its trade and commerce. The Mint also produces numismatic products, including proof, uncirculated, and commemorative coins; Congressional Gold Medals; silver and bronze medals; and silver and gold bullion coins. Its numismatic programs are self-sustaining and operate at no cost to taxpayers.

U.S. International Trade in Goods and Services, November 2021

Source: US Bureau of Economic Analysis

The U.S. Census Bureau and the U.S. Bureau of Economic Analysis announced today that the goods and services deficit was $80.2 billion in November, up $13.0 billion from $67.2 billion in October, revised.

U.S. International Trade in Goods and Services Deficit
Deficit:

$80.2 Billion

+19.4%°

Exports:

$224.2 Billion

+0.2%°

Imports:

$304.4 Billion

+4.6%°

Next release: Tuesday, February 8, 2022

(°) Statistical significance is not applicable or not measurable. Data adjusted for seasonality but not price changes

Source: U.S. Census Bureau, U.S. Bureau of Economic Analysis; U.S. International Trade in Goods and Services, January 6, 2022

Exports, Imports, and Balance (exhibit 1)

November exports were $224.2 billion, $0.4 billion more than October exports. November imports were $304.4 billion, $13.4 billion more than October imports.

The November increase in the goods and services deficit reflected an increase in the goods deficit of $15.1 billion to $99.0 billion and an increase in the services surplus of $2.1 billion to $18.8 billion.

Year-to-date, the goods and services deficit increased $174.6 billion, or 28.6 percent, from the same period in 2020. Exports increased $354.4 billion or 18.2 percent. Imports increased $529.0 billion or 20.7 percent.

COVID-19 Impact on International Trade in Goods and Services

The global pandemic and the economic recovery continued to impact international trade in November 2021. The full economic effects of the pandemic cannot be quantified in the statistics because the impacts are generally embedded in source data and cannot be separately identified.

Three-Month Moving Averages (exhibit 2)

The average goods and services deficit increased $2.3 billion to $76.3 billion for the three months ending in November.

  • Average exports increased $3.7 billion to $218.3 billion in November.
  • Average imports increased $6.0 billion to $294.5 billion in November.

Year-over-year, the average goods and services deficit increased $11.7 billion from the three months ending in November 2020.

  • Average exports increased $36.3 billion from November 2020.
  • Average imports increased $48.0 billion from November 2020.

Exports (exhibits 3, 6, and 7)

Exports of goods decreased $2.9 billion to $155.9 billion in November.

   Exports of goods on a Census basis decreased $2.9 billion.

  • Capital goods decreased $1.2 billion.
    • Other industrial machines decreased $0.4 billion.
    • Telecommunications equipment decreased $0.3 billion.
    • Civilian aircraft engines decreased $0.2 billion.
  • Industrial supplies and materials decreased $0.9 billion.
    • Nonmonetary gold decreased $1.4 billion.
    • Crude oil increased $0.4 billion.

   Net balance of payments adjustments increased $0.1 billion.

Exports of services increased $3.2 billion to $68.3 billion in November.

  • Travel increased $2.2 billion.
  • Transport increased $0.6 billion.

Imports (exhibits 4, 6, and 8)

Imports of goods increased $12.3 billion to $254.9 billion in November.

   Imports of goods on a Census basis increased $12.0 billion.

  • Industrial supplies and materials increased $5.9 billion.
    • Finished metal shapes increased $1.5 billion.
    • Crude oil increased $1.3 billion.
  • Consumer goods increased $3.0 billion.
    • Pharmaceutical preparations increased $0.8 billion.
    • Toys, games, and sporting goods increased $0.6 billion.
    • Other textile apparel and household goods increased $0.6 billion.
  • Automotive vehicles, parts, and engines increased $1.2 billion.
    • Passenger cars increased $0.9 billion.
    • Trucks, buses, and special purpose vehicles increased $0.6 billion.

   Net balance of payments adjustments increased $0.3 billion.

Imports of services increased $1.1 billion to $49.5 billion in November.

  • Transport increased $0.7 billion.
  • Travel increased $0.3 billion.

Real Goods in 2012 Dollars – Census Basis (exhibit 11)

The real goods deficit increased $13.7 billion to $110.8 billion in November.

  • Real exports of goods decreased $3.8 billion to $148.6 billion.
  • Real imports of goods increased $9.9 billion to $259.4 billion.

Revisions

Revisions to October exports

  • Exports of goods were revised up $0.1 billion.
  • Exports of services were revised up $0.1 billion.

Revisions to October imports

  • Imports of goods were revised up less than $0.1 billion.
  • Imports of services were revised up $0.3 billion.

Goods by Selected Countries and Areas: Monthly – Census Basis (exhibit 19)

The November figures show surpluses, in billions of dollars, with South and Central America ($4.5), Hong Kong ($1.6), Brazil ($1.0), United Kingdom ($0.5), and Singapore ($0.3). Deficits were recorded, in billions of dollars, with China ($28.4), European Union ($19.4), Mexico ($11.0), Germany ($6.1), Canada ($5.4), Taiwan ($4.0), Italy ($3.6), Japan ($3.6), India ($3.0), South Korea ($2.2), France ($1.2), and Saudi Arabia ($0.4).

  • The deficit with the European Union increased $2.8 billion to $19.4 billion in November. Exports decreased $0.5 billion to $24.4 billion and imports increased $2.2 billion to $43.8 billion.
  • The deficit with Canada increased $2.3 billion to $5.4 billion in November. Exports increased $0.5 billion to $28.1 billion and imports increased $2.8 billion to $33.5 billion.
  • The deficit with South Korea decreased $0.4 billion to $2.2 billion in November. Exports increased $0.7 billion to $5.7 billion and imports increased $0.2 billion to $8.0 billion.

*             *             *

All statistics referenced are seasonally adjusted; statistics are on a balance of payments basis unless otherwise specified. Additional statistics, including not seasonally adjusted statistics and details for goods on a Census basis, are available in exhibits 1-20b of this release. For information on data sources, definitions, and revision procedures, see the explanatory notes in this release. The full release can be found at www.census.gov/foreign-trade/Press-Release/current_press_release/index.html or www.bea.gov/data/intl-trade-investment/international-trade-goods-and-services. The full schedule is available in the Census Bureau’s Economic Briefing Room at www.census.gov/economic-indicators/ or on BEA’s website at www.bea.gov/news/schedule.

*             *             *

Next release: February 8, 2022 at 8:30 A.M. EST
U.S. International Trade in Goods and Services, December 2021

*             *             *

United States Mint Accepting Orders for Negro Leagues Baseball Commemorative Coin Program on January 6

Source: United States Mint

WASHINGTON – The United States Mint (Mint) will open sales for the 2022 Negro Leagues Baseball Commemorative Coin Program on January 6 at noon EST. This program commemorates the 100th anniversary of the establishment of the Negro National League, a professional baseball league formed in response to African American players being banned from baseball’s major leagues. Public Law 116-209 directs the United States Mint (Mint) to produce $5 gold coins, $1 silver coins, and half dollar clad coins as part of the program. Product options, pricing, and order limits are below. Click on each product option to set up a REMIND ME alert.

The Jackie Robinson silver medal carries the same design as the Jackie Robinson Congressional Gold Medal produced by the Mint in 2003 in accordance with Public Law 108-101, which honored Robinson as a baseball great, civil rights leader, and political activist. The Coin and Medal Set will be limited to 15,000 units, and will be available to order during a 30-day window.

The Silver Dollar with Privy Mark features a privy mark on the obverse of the coin, commemorating the 100th anniversary of Negro Leagues Baseball in 2020. This product will be limited to 20,000 units, and will be available to order during a 30-day window.

“Just as this game connects families and communities, every day, across the Nation, the Mint connects Americans through coins,” said United States Mint Deputy Director Ventris C. Gibson. “It is now our great privilege to connect America to the extraordinary legacy of Negro Leagues Baseball.”

The Mint set pricing for the gold product options according to its Pricing of Numismatic Gold, Commemorative Gold, and Platinum Products table, available here. Introductory sales prices are in effect until February 7, 2022, at 3 P.M. EST, after which regular pricing will take effect. The household order limits are in effect for 24 hours.

Surcharges in the amount of $35 for each $5 gold coin sold; $10 for each silver dollar sold; and $5 for each half dollar sold, are authorized to be paid to the Negro Leagues Baseball Museum to aid in its mission to promote tolerance, diversity, and inclusion.

“The Negro Leagues Baseball Museum is thrilled to partner with the United States Mint on the release of these historic coins that beautifully captures the ‘winning spirit’ of the Negro Leagues,” said Bob Kendrick, Negro Leagues Baseball Museum President. “We hope that collectors and baseball fans alike will purchase these coins and support the Negro Leagues Baseball Museum efforts to ensure that the legacy and important life lessons of the Negro Leagues plays on,” Kendrick said.

The Mint accepts orders at catalog.usmint.gov/ and 1-800-USA-MINT (872-6468). Hearing- and speech-impaired customers with TTY equipment may order at 1-888-321-MINT. Visit catalog.usmint.gov/customer-service/shipping.html for information about shipping options.

About the United States Mint
Congress created the United States Mint in 1792, and the Mint became part of the Department of the Treasury in 1873. As the Nation’s sole manufacturer of legal tender coinage, the Mint is responsible for producing circulating coinage for the Nation to conduct its trade and commerce. The Mint also produces numismatic products, including proof, uncirculated, and commemorative coins; Congressional Gold Medals; silver and bronze medals; and silver and gold bullion coins. Its numismatic programs are self-sustaining and operate at no cost to taxpayers.

Note: To ensure that all members of the public have fair and equal access to United States Mint products, the United States Mint will not accept and will not honor orders placed prior to the official on-sale date of Jan. 6, 2022, at noon EST.

To reduce the risk of employee exposure to COVID-19 in the workplace, the Mint’s sales centers are closed until further notice. Please use the United States Mint catalog site https://catalog.usmint.gov/ as your primary source of the most current information on product and service status.

Settlement Agreement between the U.S. Department of the Treasury’s Office of Foreign Assets Control and Airbnb Payments, Inc.

Source: United States Treasury

Headline: Settlement Agreement between the U.S. Department of the Treasury’s Office of Foreign Assets Control and Airbnb Payments, Inc.

Settlement Agreement between the U.S. Department of the Treasury’s Office of Foreign Assets Control and Airbnb Payments, Inc.

Release date

01/03/2022

Body

The U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) today announced a settlement with Airbnb Payments, Inc. (“Airbnb Payments”), a registered money services business incorporated in 2013 under the laws of the State of Delaware and headquartered in San Francisco, California, and a wholly owned subsidiary of Airbnb, Inc.  Airbnb Payments agreed to remit $91,172.29 to settle its potential civil liability for apparent violations of sanctions against Cuba.  Airbnb Payments processed payments related to guests traveling for reasons outside of OFAC’s authorized categories and failed to keep certain required records associated with Cuba-related transactions.  For more information, please visit the following web notice.

U.S. International Investment Position, 3rd Quarter 2021

Source: US Bureau of Economic Analysis

The U.S. net international investment position (IIP), the difference between U.S. residents’ foreign financial assets and liabilities, was –$16.07 trillion at the end of the third quarter of 2021, according to statistics released today by the U.S. Bureau of Economic Analysis (BEA). Assets totaled $34.45 trillion, and liabilities were $50.53 trillion. At the end of the second quarter, the net investment position was –$15.91 trillion. The net investment positions and components of assets and liabilities are presented in table 1.

The –$165.1 billion change in the net investment position from the second quarter to the third quarter came from net financial transactions of –$114.0 billion and net other changes in position, such as price and exchange-rate changes, of –$51.1 billion that mostly reflected the depreciation of major foreign currencies against the U.S. dollar that lowered the value of U.S. assets in dollar terms (table A).

COVID-19 Impact on Third-Quarter 2021 International Investment Position

In the third quarter of 2021, a new allocation of special drawing rights, approved by the International Monetary Fund to mitigate the impact of the COVID-19 pandemic on the finances of developing countries, contributed to the increases in U.S. assets and liabilities. The full economic effects of the COVID-19 pandemic cannot be quantified in the IIP statistics because the impacts are generally embedded in source data and cannot be separately identified.

Table A. Quarterly Change in the U.S. Net International Investment Position
Billions of dollars, not seasonally adjusted

  End of quarter
position,
2021 Q2
Change in position in 2021 Q3 End of quarter
position,
2021 Q3
Total Attributable to:
Financial
transactions
Other changes
in position 1
U.S. net international investment position -15,906.0 -165.1 -114.0 -51.1 -16,071.1
   Net position excluding financial derivatives -15,943.9 -160.7 -106.0 -54.7 -16,104.5
   Financial derivatives other than reserves, net 37.9 -4.4 -8.0 3.6 33.5
   U.S. assets 34,273.3 181.2 (2) (2) 34,454.6
      Assets excluding financial derivatives 32,167.2 240.9 511.2 -270.3 32,408.1
      Financial derivatives other than reserves 2,106.1 -59.7 (2) (2) 2,046.5
   U.S. liabilities 50,179.3 346.3 (2) (2) 50,525.6
      Liabilities excluding financial derivatives 48,111.1 401.6 617.2 -215.7 48,512.6
      Financial derivatives other than reserves 2,068.3 -55.3 (2) (2) 2,013.0
1. Disaggregation of other changes in position into price changes, exchange rate changes, and other changes in volume and valuation is presented for annual statistics released in March and revised in June each year.
2. Financial transactions and other changes in financial derivatives positions are available on a net basis; they are not separately available for U.S. assets and U.S. liabilities.

U.S. assets increased by $181.2 billion to a total of $34.45 trillion at the end of the third quarter, reflecting increases in portfolio investment and reserve assets. Portfolio investment assets increased by $194.3 billion to $16.16 trillion, driven by net U.S. purchases of foreign securities. Reserve assets increased by $105.0 billion to $695.1 billion, reflecting the allocation of $112.8 billion in new special drawing rights (SDRs) in August 2021 to the United States as its share of the $650 billion SDR allocation approved by the International Monetary Fund (IMF). The SDR is an international reserve asset created by the IMF to supplement its member countries’ official reserves and can be exchanged between members for currencies such as the U.S. dollar, the euro, or the yen. The allocation in the third quarter was the largest in the history of the IMF.

U.S. liabilities increased by $346.3 billion to a total of $50.53 trillion at the end of the third quarter, mostly reflecting increases in other investment liabilities. Other investment liabilities increased by $294.8 billion to $7.77 trillion, reflecting increases in deposit liabilities and in SDR allocation liabilities that represent the U.S. long-term obligation to other IMF member countries holding SDRs. In an SDR allocation, the increase in U.S. liabilities offsets the increase in U.S. assets, so the allocation has no impact on the net international investment position.

Updates to Second Quarter 2021 International Investment Position Aggregates

Trillions of dollars, not seasonally adjusted

  Preliminary estimate Revised estimate
U.S. net international investment position -15.42 -15.91
    U.S. assets 34.20 34.27
    U.S. liabilities 49.62 50.18

Releases of New Statistics

With this release of the U.S. IIP Accounts, BEA is introducing two new IIP tables—tables 2.2 and 4.1. IIP table 2.2 features annual statistics on direct investment positions in U.S. resident special purpose entities (SPEs), which are U.S. legal entities with little or no employment or physical presence. The increased prevalence of SPEs heightens the need for separate statistics on their activities for analysis and for improved interpretability of macroeconomic statistics. IIP table 4.1 features quarter-end position statistics on U.S. debt positions by currency, sector, and maturity for U.S. assets and liabilities. These statistics will be valuable for assessing U.S. exposure to foreign currency risks and for helping to identify potential future financial crises. The new tables fulfill commitments to the IMF Task Force on Special Purpose Entities and the G–20 Data Gaps Initiative to release these statistics by yearend 2021. For more information, see “New Statistics on U.S. Resident Special Purpose Entities in the International Investment Position Accounts” and “New Statistics on U.S. Debt Positions in the International Investment Position Accounts.”

Accelerating Release of Annual IIP Statistics

BEA will accelerate the publication of the annual IIP table 1.3 usually released in June each year to March each year. Table 1.3 provides details for the annual change in the IIP, such as financial transactions, price changes, exchange-rate changes, and other changes in volume and valuation. For the upcoming IIP release on March 29, 2022, BEA will include table 1.3 for 2021, which will also be available in BEA’s Interactive Data Application. The table will subsequently be updated as part of the annual update in June each year.

*          *          *

Next release: March 29, 2022, at 8:30 A.M. EDT
U.S. International Investment Position, Fourth Quarter and Year 2021

*          *          *

U.S. International Investment Position Release Dates in 2022
Fourth Quarter and Year 2021 March 29
First Quarter 2022 and Annual Update June 28
Second Quarter 2022 September 28
Third Quarter 2022 December 29

CPSC Awards More than $1.3 Million in Pool Safely Grants to Five State and Local Governments to Combat Pool and Spa Drownings and Drain Entrapments

Source: US Consumer Product Safety Commission

Release Date: December 23, 2021

WASHINGTON, D.C. — U.S. Consumer Product Safety Commission (CPSC) Chair Alexander Hoehn-Saric and U.S. Rep. Debbie Wasserman Schultz (FL-23) announced today five awardees of a grant program aimed at preventing pool and spa drownings, as well as drain entrapments. The state and local governments were selected by CPSC to receive more than $1.3 million in Pool Safely Grant Program (PSGP) grant funds.  This funding will provide state and local governments with assistance for education, training, and enforcement of pool safety requirements that are intended to save lives and prevent serious injuries. 
FY 2022 Pool Safely Grant Program Awards

Jurisdictions

      State

Award Amount

Florida Department of Health

Florida

$363,749

Virginia Department Of
Health

Virginia

$51,850

County of Stanislaus

California

$320,000

County of Los Angeles

California

$400,000

County of Tulare

California

$173,095.92

“Drowning remains the number one cause of death for children ages one to four,” said CPSC Chair Alexander Hoehn-Saric. “These grant funds are an essential element in our work to protect children, by providing lifesaving safety information to communities, and helping these communities enforce pool safety requirements.” 
“I have long been a passionate advocate for pool and spa safety, and that will not stop.  We must do more to stop these preventable tragedies, and these grants are one of the key steps we can take to help save more children’s lives,” said Representative Debbie Wasserman Schultz. “My goal is to reduce child drownings across the country, and we can do it by teaching children to swim, ensuring pools have the right safety equipment, and educating parents on the critical importance of supervising children in and near the water.”
The Virginia Graeme Baker Pool and Spa Safety Act (VGB Act), which Rep. Wasserman Schultz authored and led, was passed by Congress and signed into law by President George W. Bush in December 2007. The VGB Act authorizes the PSGP, which provides state and local governments with assistance for education, training, and enforcement of pool safety requirements.
CPSC’s website www.PoolSafely.gov has more information on the Pool Safely Grant program and the VGB Act as well as free, downloadable educational materials available to the public.

Release Number
22-041

The U.S. Consumer Product Safety Commission (CPSC) is charged with protecting the public from unreasonable risks of injury or death associated with the use of thousands of types of consumer products. Deaths, injuries, and property damage from consumer product incidents cost the nation more than $1 trillion annually. CPSC’s work to ensure the safety of consumer products has contributed to a decline in the rate of deaths and injuries associated with consumer products over the past 40 years.
Federal law bars any person from selling products subject to a publicly-announced voluntary recall by a manufacturer or a mandatory recall ordered by the Commission.
For lifesaving information:

SaferProducts.gov

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Gross Domestic Product by State, 3rd Quarter 2021

Source: US Bureau of Economic Analysis

EMBARGOED UNTIL RELEASE AT 10:00 A.M. EST, Thursday, December 23, 2021

BEA 21–69

Real gross domestic product (GDP) increased in 37 states and the District of Columbia in the third quarter of 2021, as real GDP for the nation increased at an annual rate of 2.3 percent, according to statistics released today by the U.S. Bureau of Economic Analysis (BEA). The percent change in real GDP in the third quarter ranged from 6.0 percent in Hawaii to –3.3 percent in New Hampshire and North Dakota (table 1).

Real GDP increased in 13 of the 21 industry groups for which BEA prepares quarterly state estimates (table 2). Professional, scientific, and technical services; finance and insurance; and government and government enterprises were the leading contributors to the increase in real GDP nationally.

Other highlights

  • Professional, scientific, and technical services increased 12.3 percent nationally and contributed to the increases in 49 states and the District of Columbia. This industry was the leading contributor to the increase in 18 states.
  • Finance and insurance increased 7.8 percent nationally and contributed to the increases in all 50 states and the District of Columbia. This industry was the leading contributor to the increase in 13 states.
  • Government and government enterprises increased 5.1 percent nationally and contributed to the increases in 47 states and the District of Columbia, primarily due to increases in state and local government.
  • Accommodation and food services was the leading contributor to the increase in Hawaii, the state with the largest increase.
  • Agriculture, forestry, fishing and hunting was the leading contributor to the decrease in North Dakota, while government and government enterprises, primarily military, was the leading contributor to the decrease in New Hampshire. These were the two states with the largest decreases.

Coronavirus (COVID-19) Impact on Third-Quarter 2021 GDP by State Estimates

The 2021 third-quarter estimates of GDP by state reflect the continued economic impacts related to the COVID-19 pandemic. A resurgence of COVID-19 cases resulted in new restrictions and delays in the reopening of establishments in some parts of the country. Government pandemic assistance payments to households and business decreased. The full economic effects of the COVID-19 pandemic cannot be quantified in the GDP by state estimates, because the impacts are generally embedded in source data and cannot be separately identified. For more information, see Federal Recovery Programs and BEA Statistics.

Next release: March 31, 2022, at 10:00 a.m. EDT
Gross Domestic Product by State, 4th Quarter 2021 and Year 2021 (Preliminary)

Personal Income and Outlays, November 2021

Source: US Bureau of Economic Analysis

Personal income increased $90.4 billion (0.4 percent) in November according to estimates released today by the Bureau of Economic Analysis (tables 3 and 5). Disposable personal income (DPI) increased $70.4 billion (0.4 percent) and personal consumption expenditures (PCE) increased $104.7 billion (0.6 percent).

Real DPI decreased 0.2 percent in November and Real PCE increased less than 0.1 percent; spending on services increased 0.5 percent and spending on goods decreased 0.8 percent (tables 5 and 7). The PCE price index increased 0.6 percent. Excluding food and energy, the PCE price index increased 0.5 percent (table 9).

  2021
July Aug. Sept. Oct. Nov.
Percent change from preceding month
Personal income:  
     Current dollars 1.2 0.3 -1.0 0.5 0.4
Disposable personal income:  
     Current dollars 1.2 0.3 -1.3 0.4 0.4
     Chained (2012) dollars 0.8 -0.1 -1.6 -0.3 -0.2
Personal consumption expenditures (PCE):  
     Current dollars 0.1 1.1 0.6 1.4 0.6
     Chained (2012) dollars -0.3 0.7 0.3 0.7 0.0
Price indexes:  
     PCE 0.4 0.4 0.3 0.7 0.6
     PCE, excluding food and energy 0.3 0.3 0.2 0.5 0.5
Price indexes: Percent change from month one year ago
     PCE 4.2 4.2 4.4 5.1 5.7
     PCE, excluding food and energy 3.6 3.6 3.7 4.2 4.7

COVID-19 Impact on November 2021 Personal Income and Outlays

The estimate for November personal income and outlays reflected the continued economic recovery and government response to the COVID-19 pandemic. Government social benefits increased in November, reflecting an increase in the Provider Relief Fund (extended by the American Rescue Plan) that was partly offset by declines in many other pandemic-assistance programs. The full economic effects of the COVID-19 pandemic cannot be quantified in the personal income and outlays estimate because the impacts are generally embedded in source data and cannot be separately identified. For more information, see Effects of Selected Federal Pandemic Response Programs on Personal Income.

The increase in personal income in November primarily reflected increases in compensation of employees and government social benefits (table 3). Within compensation, the increase reflected increases in both private and government wages and salaries. Within government social benefits, an increase in “other” benefits (notably, an increase in the Provider Relief Fund to health care nonprofits) was partly offset by a decrease in unemployment insurance.

The $104.7 billion increase in current-dollar PCE in November reflected an increase of $97.4 billion in spending for services and a $7.4 billion increase in spending for goods (table 3). The increase in services was widespread, led by housing and utilities. Within goods, an increase in nondurable goods (mainly gasoline and other energy goods) was partly offset by a decrease in durable goods (led by recreational goods and vehicles as well as motor vehicles and parts). Detailed information on monthly PCE spending can be found on Table 2.3.5U.

Personal outlays increased $106.3 billion in November (table 3). Personal saving was $1.25 trillion in November and the personal saving rate—personal saving as a percentage of disposable personal income—was 6.9 percent (table 1).

The PCE price index for November increased 5.7 percent from one year ago, reflecting increases in both goods and services (table 11). Energy prices increased 34.0 percent while food prices increased 5.6 percent. Excluding food and energy, the PCE price index for November increased 4.7 percent from one year ago.

Updates to Personal Income and Outlays

Estimates have been updated for July through October. Revised and previously published changes from the preceding month for current-dollar personal income, and for current-dollar and chained (2012) dollar DPI and PCE, are provided below.

  Change from preceding month
September October
Previous Revised Previous Revised Previous Revised Previous Revised
(Billions of dollars) (Percent) (Billions of dollars) (Percent)
Personal income:  
     Current dollars -203.7 -205.3 -1.0 -1.0 93.4 93.2 0.5 0.5
Disposable personal income:  
     Current dollars -232.4 -233.6 -1.3 -1.3 63.0 63.3 0.3 0.4
     Chained (2012) dollars -254.4 -254.3 -1.6 -1.6 -43.5 -50.3 -0.3 -0.3
Personal consumption expenditures:  
     Current dollars 100.6 97.8 0.6 0.6 214.3 229.7 1.3 1.4
     Chained (2012) dollars 38.0 36.5 0.3 0.3 96.0 102.5 0.7 0.7

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Next release: January 28, 2022 at 8:30 A.M. EST
Personal Income and Outlays, December 2021

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Personal Income and Outlays
Release Dates for 2022
Estimate Release Date

December 2021

January 28, 2022

January 2022

February 25, 2022

February 2022

March 31, 2022

March 2022

April 29, 2022

April 2022

May 27, 2022

May 2022

June 30, 2022

June 2022

July 29, 2022

July 2022

August 26, 2022

August 2022

September 30, 2022

September 2022

October 28, 2022

October 2022

December 1, 2022

November 2022

December 23, 2022

CPSC Launches New Online Tool to Make it Easier for Businesses to Report Hazards and to Protect Consumers; Mandatory for Fast Track Program in January 2022

Source: US Consumer Product Safety Commission

WASHINGTON, D.C. –Firms are required to report to the U.S. Consumer Product Safety Commission (CPSC) potentially hazardous products that they manufacture, distribute, import or sell. To encourage more online reporting of these potential hazards, CPSC will require firms to use a new, upgraded online reporting system for Fast Track recalls. 
“Our goal is to protect consumers, by identifying and removing hazardous products from the marketplace more quickly, and by streamlining the recall process,” said CPSC Chair Alex Hoehn-Saric.  “We are extremely proud of the hard work that CPSC staff put into creating this new tool to facilitate online reporting.”
CPSC’s Fast Track program helps consumers by removing hazardous products from the marketplace quickly, and it rewards businesses that act swiftly to implement corrective action. 
The updated Section 15(b) reporting system for companies, now available at www.saferproducts.gov/business, has a user-friendly interface that includes hover-over features and guidance for firms to navigate the submission process.  Firms using the new site will also receive an emailed copy of all information submitted to CPSC through the system, along with emailed case updates, deadline reminders and contact information for the CPSC staff handling their report.
This system is also mobile-friendly, so users can now submit reports and provide attachments via their smart phones or tablets.  Businesses that participate in the Fast Track program will also be able to review and approve a system-generated draft recall press release before submitting their report, to help expedite the overall recall process.  
Effective January 31, 2022, businesses that want to participate in the Fast Track program will be required to submit their Section 15(b) reports exclusively online through the portal.  Reports received via email, fax, or mail for participation in a Fast Track recall will be rejected after this date, and the firms will be directed to resubmit their reports via the online system.
Although many of the new system features, and its mandatory use, apply specifically to Fast Track recalls, non-Fast Track filers are strongly encouraged to use the updated online system, as well. Users can easily file an initial report and can submit additional information and documents, if desired, using the system. 
Visit the Fast Track information page to see how the new system can benefit companies  considering a recall. 
The new online business portal for the Fast Track Program can be found at www.saferproducts.gov/business 

The U.S. Consumer Product Safety Commission (CPSC) is charged with protecting the public from unreasonable risks of injury or death associated with the use of thousands of types of consumer products. Deaths, injuries, and property damage from consumer product incidents cost the nation more than $1 trillion annually. CPSC’s work to ensure the safety of consumer products has contributed to a decline in the rate of deaths and injuries associated with consumer products over the past 40 years.
Federal law bars any person from selling products subject to a publicly-announced voluntary recall by a manufacturer or a mandatory recall ordered by the Commission.
For lifesaving information:

Gross Domestic Product, (Third Estimate), GDP by Industry, and Corporate Profits (Revised), 3rd Quarter 2021

Source: US Bureau of Economic Analysis

Real gross domestic product (GDP) increased at an annual rate of 2.3 percent in the third quarter of 2021 (table 1), according to the “third” estimate released by the Bureau of Economic Analysis. In the second quarter, real GDP increased 6.7 percent.

The “third” estimate of GDP released today is based on more complete source data than were available for the “second” estimate issued last month. In the second estimate, the increase in real GDP was 2.1 percent. The update primarily reflects upward revisions to personal consumption expenditures (PCE) and private inventory investment that were partly offset by a downward revision to exports. Imports, which are a subtraction in the calculation of GDP, were revised down (refer to “Updates to GDP”).

COVID-19 Impact on the Third-Quarter 2021 GDP Estimate

The increase in third quarter GDP reflected the continued economic impact of the COVID-19 pandemic. A resurgence of COVID-19 cases resulted in new restrictions and delays in the reopening of establishments in some parts of the country. Government assistance payments in the form of forgivable loans to businesses, grants to state and local governments, and social benefits to households all decreased. The full economic effects of the COVID-19 pandemic cannot be quantified in the GDP estimate for the third quarter because the impacts are generally embedded in source data and cannot be separately identified. For more information, refer to the Technical Note and Federal Recovery Programs and BEA Statistics.

The increase in real GDP in the third quarter reflected increases in private inventory investment, PCE, state and local government spending, and nonresidential fixed investment that were partly offset by decreases in exports, residential fixed investment, and federal government spending. Imports increased (table 2).

The increase in private inventory investment reflected increases in wholesale trade (led by nondurable goods industries) and in retail trade (led by motor vehicles and parts dealers). The increase in PCE reflected an increase in services that was partly offset by a decrease in goods. Within services, increases were widespread with the largest contributions coming from “other” services (mainly international travel) and transportation services. The decrease in goods primarily reflected a decrease in spending on motor vehicles and parts. The increase in state and local government spending was led by employee compensation (notably, education). The increase in nonresidential fixed investment reflected an increase in intellectual property products (led by software and research and development) that was partly offset by decreases in equipment and structures.

The decrease in residential fixed investment primarily reflected decreases in improvements and in new single-family structures. The decrease in federal government spending primarily reflected a decrease in nondefense spending on intermediate goods and services after the processing and administration of Paycheck Protection Program loan applications by banks on behalf of the federal government ended in the second quarter. The decrease in exports reflected decreases in both goods and services. The increase in imports primarily reflected an increase in services (led by travel and transport).

The deceleration in real GDP in the third quarter was more than accounted for by a slowdown in PCE. From the second quarter to the third quarter, spending for goods turned down (led by motor vehicles and parts) and services decelerated (led by food services and accommodations).

Current dollar GDP increased 8.4 percent at an annual rate, or $461.3 billion, in the third quarter to a level of $23.20 trillion. In the second quarter, GDP increased 13.4 percent, or $702.8 billion (table 1 and table 3). More information on the source data that underlie the estimates is available in the “Key Source Data and Assumptions” file on BEA’s website.

The price index for gross domestic purchases increased 5.6 percent in the third quarter, compared with an increase of 5.8 percent in the second quarter (table 4). The PCE price index increased 5.3 percent, compared with an increase of 6.5 percent. Excluding food and energy prices, the PCE price index increased 4.6 percent, compared with an increase of 6.1 percent.

Gross Domestic Income and Corporate Profits

Real gross domestic income (GDI) increased 5.8 percent in the third quarter, compared with an increase of 4.3 percent in the second quarter. The average of real GDP and real GDI, a supplemental measure of U.S. economic activity that equally weights GDP and GDI, increased 4.1 percent in the third quarter, compared with an increase of 5.5 percent in the second quarter (table 1).

Profits from current production (corporate profits with inventory valuation and capital consumption adjustments) increased $96.9 billion in the third quarter, compared with an increase of $267.8 billion in the second quarter (table 10).

Profits of domestic financial corporations increased $14.2 billion in the third quarter, compared with an increase of $52.8 billion in the second quarter. Profits of domestic nonfinancial corporations increased $31.6 billion, compared with an increase of $221.3 billion. Rest-of-the-world profits increased $51.1 billion, in contrast to a decrease of $6.2 billion. In the third quarter, receipts increased $65.2 billion, and payments increased $14.1 billion.

Updates to GDP

In the third estimate of the third quarter, real GDP increased 2.3 percent, 0.2 percentage point higher than in the second estimate. Upward revisions to PCE (specifically, an upward revision to services), private inventory investment (both farm and nonfarm), residential fixed investment, state and local government spending, and nonresidential fixed investment were partly offset by downward revisions to exports and federal government spending. Imports were revised down. For more information, refer to the Technical Note and the “Additional Information” section that follows.

 
Advance Estimate Second Estimate Third Estimate
(Percent change from preceding quarter)
Real GDP 2.0 2.1 2.3
Current-dollar GDP 7.8 8.1 8.4
Real GDI 6.7 5.8
Average of Real GDP and Real GDI 4.4 4.1
Gross domestic purchases price index 5.4 5.5 5.6
PCE price index 5.3 5.3 5.3
PCE price index excluding food and energy 4.5 4.5 4.6

Real GDP by Industry

Today’s release includes estimates of GDP by industry, or value added—a measure of an industry’s contribution to GDP. In the third quarter, private services-producing industries increased 3.9 percent, government increased 5.1 percent, and private goods-producing industries decreased 5.5 percent (table 12). Overall, 14 of 22 industry groups contributed to the third-quarter increase in real GDP.

The increase in private services-producing industries primarily reflected increases in professional, scientific, and technical services; finance and insurance (led by securities, commodity contracts, and investments); accommodation and food services; administrative and waste management services (led by administrative and support services); and information (led by motion picture and sound recording industries). These increases were partly offset by decreases in retail trade (led by motor vehicle and parts dealers) and wholesale trade.

The decrease in private goods-producing industries was widespread, led by construction.

The increase in government primarily reflected an increase in state and local government.

Gross Output by Industry

Real gross output—principally a measure of an industry’s sales or receipts, adjusted for price change, which includes sales to final users in the economy (GDP) and sales to other industries (intermediate inputs)—increased 4.4 percent in the third quarter. Private services-producing industries increased 7.6 percent, government increased 0.3 percent, and private goods-producing industries decreased 2.5 percent (table 16). Overall, 14 of 22 industry groups contributed to the increase in real gross output.

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Next release, January 27, 2022 at 8:30 A.M. EST
Gross Domestic Product, Fourth Quarter 2021 (Advance Estimate) and Year 2021

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Release Dates in 2022
Estimate  2021 Q4 and
Year 2021
2022 Q1 2022 Q2 2022 Q3
Gross Domestic Product        
Advance Estimate January 27, 2022 April 28, 2022 July 28, 2022 October 27, 2022
Second Estimate February 24, 2022 May 26, 2022 August 25, 2022 November 30, 2022
Third Estimate March 30, 2022 June 29, 2022 September 29, 2022 December 22, 2022
         

Gross Domestic Product by Industry

March 30, 2022 June 29, 2022 September 29, 2022 December 22, 2022
         
Corporate Profits        
Preliminary Estimate May 26, 2022 August 25, 2022 November 30, 2022
Revised Estimate March 30, 2022 June 29, 2022 September 29, 2022 December 22, 2022