US National Income

Empirical Investigation from the Top Down

Mike Aguilar

www.linkedin.com/in/mike-aguilar-econ/

Introduction

Data

  • Source: BEA and FRED
  • History: Most of the series are available from 1947-2023, with some starting later and a few not available for 2023.
  • Frequency: Annual
  • Data Last Updated: 20Aug2024

Adjustments and conventions

  • Most of the series are provided by the BEA as seasonally adjusted, nominal values.
  • Due to data conventions from the BEA, the my analysis required some minor cleaning. Specifically, the pivot date around which some of the series were indexed differed over time. I reindexed all of the series for internal consistency. Note that data earlier in the dataset wasn’t as high quality as recent years. As such, some subcomponents to add to the total. I made no attempt to augment the data. The result might be instances where “shares” of a total add to something other than 100 percent.
  • During this analysis we draw connections between standard terms in financial accounting (e.g. COGS, CapEx) with concepts provided by the BEA (e.g. Value of Intermediate Inputs, Investment in Private Fixed Assets). Those connections are my own, not those of the BEA.

Revenue

COGS

OpEx

We will focus on Employee Compensation as the main driver of OpEx

Profit

There are various ways to measure “Profit”.

We will explore a few and connect to our macro analogues