U.S. Bureau of Economic Analysis

The Bureau of Economic Analysis (BEA) is an agency in the Economics and Statistics Administration of the U.S. Department of Commerce. Although established in its current form in January, 1972, the BEA actually traces its functional origin back to February 1820, when the Department of the Treasury was directed to provide annual statistics on U.S. foreign commerce. The contemporary mission of the BEA is to promote understanding of the U.S. economy through the provision of the most timely, relevant, and accurate economics account data in an objective and cost-effective manner. The BEA accomplishes its mission through the [Page 2152]collection and research of source data, the development and implementation of estimation methodologies, and the dissemination of its reports to the public.

The BEA produces more than 15,000 economic data series each month. It is the source for the National Income and Product Accounts. These accounts feature several widely followed measures of economic activity: gross domestic product, input-output accounts, balance of payments, direct investment estimates, and state personal income. These and other economic statistics are used by businesses, governments, and individuals to understand the U.S. economy. The White House and Congress use the GDP and national account reports in the process of determining budget estimations and projections. The Federal Reserve Board uses information from these accounts when setting interest rates. Businesses, households, and individuals use these statistics to guide financial and investment decisions. International trade officials and businesses use BEA statistics to inform negotiations on trade agreements; to assess international markets for size, direction, and share; and to measure the economic impact of trade policy. State governments and development officials use BEA statistics to better understand state spending, state revenue projections, and business growth.

The BEA follows five core values: integrity, quality, excellence, responsiveness, and innovation. The BEA strives to be the premier trusted source for reliable and consistent information about the performance of the U.S. economy. The BEA also promotes staff excellence and values providing its constituents with the programs and services they need. The BEA is committed to using cutting-edge technology and generating better methodologies to meet the considerable challenge of timely, relevant, and accurate economic measures.

In its FY 2005 to FY 2009 Strategic Plan, the BEA identified three significant challenges. First, it is challenged to understand the structural changes in the U.S. economy and its international interactions. To meet this challenge, the BEA will have to adapt its measures to characterize the structural changes in the economy and to locate quality sources to fill gaps in the BEA accounts. Second, the growing demand for economic analysis requires that the BEA and other agencies (BLS, the Federal Reserve, and the Census Bureau) provide consistent and integrated statistical foundations for account reporting. To meet this integration challenge, the BEA will have to agree on guidelines and timetables with the other agencies to create consistency. Third, the BEA is challenged to build a human capital strategy. To meet this challenge, the BEA will have to focus on its workforce recruitment, selection, training, development, and retention.

...