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Annual revision of NIPAs to be released this month.

The regular annual revision of BEA's national income and product accounts (NIPAs) is scheduled to be released July 28, 2006. The revision will incorporate source data that are more complete, more detailed, and otherwise more appropriate than those previously available.

The annual revision will also incorporate various methodological refinements, including the following:

* The valuation of unit sales of light trucks and utility vehicles will be based on retail-transactions-price data from J.D. Power (the same data source that BEA currently uses to derive estimates of automobile sales). Currently, the valuation is based on suggested retail prices by manufacturers. The new approach is part of BEA's initiative to acquire and incorporate real-time data into the economic accounts to provide more accurate and timely estimates.

* Quarterly estimates of personal consumption expenditures for hospitals and nursing homes will reflect data from the Census Bureau's expanded quarterly services survey. Currently, the quarterly estimates for hospitals and nursing homes are extrapolated from proxy data.

* Quarterly estimates of investment in computers will be derived from a weighted average of the Federal Reserve Board's Industrial Production Index (IPI) for computers and peripherals (weighted at 75 percent) and the Census Bureau's Manufacturing Shipments (M3) for computers (weighted at 25 percent). The IPI will be converted to current dollars using a BEA price index. Currently, only the M3 series is used for the extrapolation.

The annual revision will be detailed in an article in next month's SURVEY OF CURRENT BUSINESS. The article will also be available on BEA's Web site.
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Title Annotation:Taking Account ...; national income and product account
Publication:Survey of Current Business
Article Type:Brief article
Geographic Code:1USA
Date:Jul 1, 2006
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