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		Home Page US Govt Proposes Speedier GDP, Trade Stats In '04 Budget Monday February 2, 7:50 pm ET By Rebecca Christie, Of DOW JONES NEWSWIRE WASHINGTON (Dow Jones)--Speedier statistics are part of the Bush administration's 2005 budget proposal, particularly for several closely watched economic indicators from the Commerce Department's Bureau of Economic Analysis. As part of BEA's $82 million budget request, three statistics would be published two weeks earlier than they are now: gross domestic product, international trade in goods and services, and U.S. personal income. The GDP report is the broadest measure of economic output that the government offers, and the other two reports also move the markets regularly. "Much remains to be done to keep these measures of U.S. economic activity as timely, relevant and accurate as is demanded by our users," said BEA director Steven Landefeld. BEA said about $12 million of its budget request would directly fund the upgrade initiatives. BEA says it hopes to use part of its budget to develop data on current business investment, along with its impact on employment and compensation. In general, the agency wants to incorporate more real-time data into its statistics and improve its ability to gauge current trends. BEA also would speed up several other reports that are less closely monitored on Wall Street. The agency says it wants to release its gross state product data, on state economic output, a full 13 months earlier than it does now. In addition, data on county and metropolitan personal income would be released 7 and 8 months, respectively, ahead of the current schedule. Commerce Secretary Don Evans lauded BEA's goals in a statement, saying the agency helps provide policymakers and business leaders with the information they need. "We help them make informed decisions that affect jobs, income and economic growth," Evans said. Census Bureau, Labor Dept, Transportation All Seek Funds The Bush administration's 2005 request doesn't cut funding for any of the other government statistical agencies. The Commerce Department's Census Bureau would get a big cyclical increase under the budget, and the administration has requested stable funding for the Bureau of Labor Statistics and the Bureau of Transportation Statistics. The 2005 Census request is for $828.6 million, an increase of about $217 million from 2004 spending levels, the agency said. Much of this would fund the economic census and the census of governments, which are both conducted on five- year cycles. Also, Census said it wants to lay groundwork for the 2010 census, a broad population survey taken once a decade, to improve its data collection and make it more cost-effective. And it wants to continue work on new measures of services, cross-border trade, and other areas. "The Census bureau has carefully identified major segments of the economy and population that are not sufficiently measured at present. These data gaps force policy and other decisions to be made based on insufficient information," Census said in its budget summary. At the Labor Department, the Bureau of Labor Statistics is requesting funding of about $534 million in 2005, slightly up from its 2004 level of $518 million, said associate commissioner Daniel Lacey. Current BLS initiatives include a directed effort to improve coverage of the service sector, particularly as pertains to productivity. The department also is moving to a new system of industry categories that is being unrolled across the government, in an effort to help data gatherers collect a more accurate picture of the economy. "Our budget is essentially carrying forward what was in place in 2004," said Lacey. He said BLS took a small funding cut in 2004 that affected a survey it conducts on government pay that is used to set regional salary levels for federal workers. BLS produces key Labor Department indicators like the monthly unemployment report, the consumer price index and the producer price index. Another closely watched Labor Department indicator, the weekly jobless claims report, is produced by a separate branch of the Labor Department. Proposed funding for that area, the Employment and Training Administration, reflects a small raise from 2004 levels. This includes $2.9 million in funding for state unemployment insurance program, a small increase from the current funding. States are responsible for collecting the weekly data on new claims for unemployment insurance. The reports are collated and released every Thursday in Washington. The last piece of the administration's statistical budget goes to fund the Bureau of Transportation Statistics, which was set up in 1992. The administration has asked for about $32 million in 2005 funding, level with 2004 spending, spokesman David Smallen said. BTS is preparing to release a new monthly transportation index, which will roll out in March. The agency also is developing an air travel price index and it is studying productivity in the transportation system. -By Rebecca Christie; Dow Jones Newswires; 202 862 9249.   Back to Original Article: Mortgage News You Can Use   Continue with: Ford Motor's January U.S. Auto Sales Drop 5.2 Percent; Nissan Posts Gain Budget Plan Includes More For SEC, Mortgage Overseer Mortgage rates seen holding steady Don't overlook the tax breaks of home mortgage points Reserve Bank to make decision on interest rates tomorrow Bogus Budgeting Spending Outpaces Income Budget Plan Includes More For SEC, Mortgage Overseer Job Cuts Increase in January Treasuries Bounce, Wary of Moskow Factor Yields increase on Treasury bills Oil Falls as Speculators Take Profits Companies make lots of pink-slip plans in January Bush calls for revised savings plans Wages, factory hiring fall 2 engines of growth power economy Job cut announcements jump
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