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 Bureau of Economic Analysis (BEA) ’s mission is to “promote a better understanding of the U.S. economy by providing the most timely, relevant, and accurate economic account data in an objective and cost-effective manner.” BEA

Economists and policymakers use BEA data to assess the economy’s health, determine whether the economy is growing or in a recession, and make better-informed decisions. The most widely viewed figure provided by the BEA is the gross domestic product (GDP). The BEA also compiles production, income, and trade figures essential for calculating the United States’ GDP. For example, businesses may proceed with capital investments after learning that GDP grew more than expected. At the same time, the Federal Reserve might delay increasing the federal funds rate if GDP growth is lower than anticipated. The BEA’s Economy at a Glance provides an excellent summary of the economy.  

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