Bureau of Economic Analysis (BEA)
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Definition of the Bureau of Economic Analysis (BEA):
The
Bureau of Economic Analysis (BEA) is an agency in the US Department of Commerce responsible for providing economic statistics and analysis of economic policies.
Detailed Explanation:
The BEA’s mission is: “The Bureau of Economic Analysis (BEA) promotes a better understanding of the U.S. economy by providing the most timely, relevant, and accurate economic accounts data in an objective and cost-effective manner.”
BEA
Economists and policymakers use its collected data to assess the economy’s health, to see if the economy is growing or in a recession, and assist policymakers and business leaders in making better-informed decisions. Gross domestic product is the most widely viewed figure provided. The BEA also compiles production, income, and trade figures that are needed to calculate the United States’ GDP. Businesses may proceed with capital investments after learning that the GDP grew more than expected. The Federal Reserve may wait to increase the federal funds rate upon learning that the economy’s GDP did not grow. The BEA’s
Economy at a Glance provides an excellent summary of the economy.
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