News Release
Gross Domestic Product, 4th quarter 1998 (final)
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GROSS DOMESTIC PRODUCT: FOURTH QUARTER 1998 (FINAL)
CORPORATE PROFITS: FOURTH QUARTER 1998
Real gross domestic product -- the output of goods and services produced by labor and property located in the United States -- increased at an annual rate of 6.0 percent in the fourth quarter of 1998, according to revised estimates released by the Commerce Department's Bureau of Economic Analysis. In the third quarter, real GDP increased 3.7 percent. Real GDP increased $111.2 billion in the fourth quarter, following an increase of $67.9 billion in the third.
The GDP estimates released today are based on more complete source data than were available for the preliminary estimates issued last month. In the preliminary estimates, the increase in real GDP was 6.1 percent (see "Revisions" on page 3).
The major contributors to the increase in real GDP in the fourth quarter were exports of goods and services, personal consumption expenditures (PCE) for durable goods, and producers' durable equipment (PDE). The contributions of these components were partially offset by the effects of an increase in imports of goods and services and a decrease in inventory investment.
The acceleration in real GDP in the fourth quarter primarily reflected upturns in exports and in PDE and an acceleration in PCE for durable goods. The acceleration in GDP was moderated primarily by a downturn in inventory investment, an acceleration in imports, and a deceleration in PCE for services.
The price index for gross domestic purchases, which measures prices paid by U.S. residents, increased 0.9 percent in the fourth quarter, 0.1 percentage point higher than the preliminary estimate; this index increased 0.7 percent in the third quarter.
Real personal consumption expenditures increased 5.0 percent in the fourth quarter, compared with an increase of 4.1 percent in the third. Real nonresidential fixed investment increased 14.6 percent, in contrast to a decrease of 0.7 percent. Nonresidential structures increased 6.0 percent, compared with an increase of 0.2 percent. Producers' durable equipment increased 17.8 percent, in contrast to a decrease of 1.0 percent. Real residential fixed investment increased 10.0 percent, compared with an increase of 9.9 percent.
Real exports of goods and services increased 19.7 percent in the fourth quarter, in contrast to a decrease of 2.8 percent in the third. Real imports of goods and services increased 12.0 percent, compared with an increase of 2.3 percent.
Real federal government consumption expenditures and gross investment increased 7.3 percent in the fourth quarter, in contrast to a decrease of 1.4 percent in the third. National defense increased 1.3 percent, compared with an increase of 4.3 percent. Nondefense increased 19.8 percent, in contrast to a decrease of 11.5 percent. Real state and local government consumption expenditures and gross investment increased 1.3 percent, compared with an increase of 3.1 percent.
The real change in business inventories subtracted 0.54 percentage point from the fourth-quarter change in real GDP, after adding 0.89 percentage point to the third-quarter change. Businesses increased inventories $44.2 billion in the fourth quarter, following increases of $55.7 billion in the third quarter and $38.2 billion in the second.
Real final sales of domestic product -- GDP less change in business inventories -- increased 6.6 percent in the fourth quarter, compared with an increase of 2.8 percent in the third.
Gross domestic purchases
Real gross domestic purchases -- purchases by U.S. residents of goods and services wherever produced -- increased 5.4 percent in the fourth quarter, compared with an increase of 4.2 percent in the third.
Gross national product
Real gross national product -- the goods and services produced by the labor and property supplied by U.S. residents -- increased 6.3 percent in the fourth quarter, compared with an increase of 3.3 percent in the third. GNP includes, and GDP excludes, net receipts of factor income from the rest of the world.
Current-dollar GDP
Current-dollar GDP -- the market value of the nation's output of goods and services -- increased 6.9 percent, or $143.3 billion, in the fourth quarter. In the third quarter, current-dollar GDP increased 4.7 percent, or $97.3 billion.
Revisions
The final estimate of the fourth-quarter increase in real GDP is 0.1 percentage point, or $0.8 billion, lower than the preliminary estimate issued last month. The downward revision to the percent change in real GDP reflected downward revisions to change in business inventories ($3.6 billion), to nonresidential fixed investment ($2.9 billion) and to state and local consumption expenditures and gross investment ($1.3 billion), that more than offset an upward revision to personal consumption expenditures for durable goods ($7.0 billion).
Advance Preliminary Final
(Percent change from preceding quarter)
Real GDP................................ 5.6 6.1 6.0
Current-dollar GDP...................... 6.5 6.8 6.9
Gross domestic purchases price index.... .9 .8 .9
Corporate Profits
Profits from current production (profits before tax with inventory valuation and capital consumption adjustments) decreased $5.3 billion in the fourth quarter. In the third quarter, profits increased $6.4 billion. Current-production cash flow (net cash flow with inventory valuation and capital consumption adjustments) -- the internal funds available to corporations for investment -- increased $4.9 billion in the fourth quarter, compared with an increase of $9.2 billion in the third.
Domestic profits of financial corporations increased $0.6 billion in the fourth quarter, in contrast to a decrease of $0.6 billion in the third.
Domestic profits of nonfinancial corporations decreased $12.7 billion in the fourth quarter, in contrast to an increase of $14.3 billion in the third. In the fourth quarter, real gross corporate product increased, and profits per unit of real product decreased. The decrease in unit profits reflected a decrease in the prices corporations received and increases in the unit labor and nonlabor costs corporations incurred.
The foreign component of profits increased $6.9 billion in the fourth quarter, in contrast to a decrease of $7.4 billion in the third. Profits from the rest of the world is calculated as (1) receipts by U.S. residents of earnings from their foreign affiliates plus dividends received by U.S. residents from unaffiliated foreign corporations minus (2) payments by U.S. affiliates of earnings to their foreign parents plus dividends paid by U.S. corporations to unaffiliated foreign residents. The fourth-quarter increase was accounted for by a larger increase in receipts than in payments.
Profits before tax with inventory valuation adjustment is the best available measure of industry profits because estimates of the capital consumption adjustment by industry do not exist. According to this measure, domestic profits of both financial corporations and nonfinancial corporations decreased. Profit decreases for nonfinancial corporations were widespread among major industry groups; the largest decreases occurred in nondurable goods manufacturing and in wholesale trade.
Profits before tax decreased $12.4 billion in the fourth quarter, compared with a decrease of $3.0 billion in the third. The before-tax measure of profits does not reflect, as does profits from current production, the capital consumption and inventory valuation adjustments; these adjustments convert depreciation and inventories reported by business to the measures used in the national income and product accounts. The capital consumption adjustment increased $5.4 billion in the fourth quarter (from $94.8 billion to $100.2 billion), the same increase as in the third quarter. The inventory valuation adjustment increased $1.7 billion (from $11.7 billion to $13.4 billion), compared with an increase of $3.9 billion.
Profits tax liability decreased $7.6 billion in the fourth quarter, in contrast to an increase of $1.6 billion in the third. Profits after tax decreased $4.8 billion, compared with a decrease of $4.5 billion. Dividends increased $3.3 billion, compared with an increase of $0.9 billion; undistributed profits decreased $8.1 billion, compared with a decrease of $5.4 billion.
Corporate profits in 1998
Profits from current production increased $6.7 billion in 1998 (that is, from the 1997 annual level to the 1998 level), compared with an increase of $67.5 billion in 1997. Domestic profits increased $10.1 billion, compared with an increase of $64.9 billion. The foreign component of profits decreased $3.3 billion, compared with an increase of $2.6 billion.
Profits before tax decreased $16.6 billion in 1998, compared with an increase of $54.2 billion in 1997. The before-tax measure of profits does not reflect, as does profits from current production, the capital consumption and inventory valuation adjustments. The increase in 1998 profits from current production, in contrast to the decrease in profits before tax, resulted from an increase in both the inventory valuation adjustment ($7.6 billion) and the capital consumption adjustment ($15.7 billion).
Profits tax liability decreased $6.0 billion in 1998, in contrast to an increase of $20.0 billion in 1997. Profits after tax decreased $10.6 billion, in contrast to an increase of $34.2 billion. Dividends increased $4.1 billion, compared with an increase of $13.2 billion; undistributed profits decreased $14.7 billion, in contrast to an increase of $20.9 billion.
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Next release -- April 30, 1999, at 8:30 A.M. EDT for:
Gross Domestic Product: First Quarter 1999 (Advance)
Table 1.--Real Gross Domestic Product and Related Measures: Percent Change From Preceding Period
[Percent; quarters seasonally adjusted at annual rates]
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1996 1997 1998r I 95 II 95 III 95 IV 95 I 96 II 96 III 96 IV 96 I 97 II 97 III 97 IV 97 I 98 II 98 III 98 IV 98r
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Gross domestic product (GDP). 3.4 3.9 3.9 1.7 .4 3.3 2.8 3.3 6.1 2.1 4.2 4.2 4.0 4.2 3.0 5.5 1.8 3.7 6.0
Personal consumption expenditures... 3.2 3.4 4.9 1.9 3.4 2.6 2.3 3.7 4.7 1.8 2.9 4.3 1.6 6.2 2.8 6.1 6.1 4.1 5.0
Durable goods..................... 6.3 6.8 10.2 -1.0 5.9 8.3 4.8 5.8 12.7 -1.9 7.2 12.3 -1.5 16.8 3.1 15.8 11.2 2.4 24.5
Nondurable goods.................. 2.4 2.4 3.9 2.3 1.6 .7 2.0 2.2 4.8 1.2 2.9 3.6 -.2 5.1 -.4 7.4 5.3 2.1 4.2
Services.......................... 3.0 3.2 4.3 2.3 3.8 2.4 1.9 4.0 3.0 3.0 2.0 3.1 3.2 4.7 4.3 3.5 5.4 5.4 1.7
Gross private domestic investment... 8.8 11.3 10.3 4.3 -11.9 .6 9.3 9.8 18.0 18.0 -.7 15.3 20.3 1.5 8.9 28.3 -4.5 7.9 9.0
Fixed investment.................. 8.8 8.3 11.4 8.2 .3 3.4 7.3 12.0 13.3 9.3 5.1 5.9 11.8 12.0 3.6 20.4 13.4 2.2 13.2
Nonresidential.................. 9.3 10.7 11.8 16.0 6.9 .9 6.1 13.1 11.0 14.2 8.8 7.0 14.0 17.0 1.8 22.2 12.8 -.7 14.6
Structures.................... 5.0 7.1 -.1 10.7 5.1 -.4 -3.8 6.4 7.4 8.9 24.5 3.9 -6.2 12.4 .9 -4.9 -2.3 .2 6.0
Producers' durable equipment.. 10.9 12.1 16.5 18.1 7.6 1.4 10.1 15.7 12.3 16.2 3.2 8.3 22.8 18.8 2.2 34.3 18.8 -1.0 17.8
Residential..................... 7.4 2.5 10.4 -8.8 -15.0 10.1 10.6 9.3 19.5 -1.7 -3.9 3.1 6.1 -.4 8.2 15.6 15.0 9.9 10.0
Change in business inventories
(CBI)............................ ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... .....
Net exports of goods and services... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... .....
Exports........................... 8.5 12.8 1.5 9.2 5.4 17.8 10.2 3.7 5.8 2.1 32.0 8.3 15.5 10.6 4.4 -2.8 -7.7 -2.8 19.7
Goods........................... 9.7 15.4 2.2 9.2 6.4 16.1 11.8 6.9 4.0 7.6 28.9 15.2 17.1 12.5 7.9 -3.4 -11.3 .6 24.6
Services........................ 5.6 6.6 -.2 9.1 2.9 21.7 6.4 -4.0 10.3 -9.9 39.8 -6.7 11.8 5.9 -4.0 -1.2 1.7 -10.4 8.3
Imports........................... 9.2 13.9 10.6 9.8 7.2 2.0 3.5 13.1 13.5 13.6 7.0 18.6 17.9 13.5 6.3 15.7 9.3 2.3 12.0
Goods........................... 10.0 14.7 11.5 7.9 9.3 1.8 3.1 13.8 15.4 14.3 8.7 18.8 19.4 13.1 6.4 17.0 11.4 2.9 14.1
Services........................ 5.4 9.9 5.8 20.5 -3.3 3.1 5.5 9.2 4.3 9.9 -1.1 17.8 10.6 15.8 5.8 9.3 -.6 -.6 2.0
Government consumption expenditures
and gross investment............... 1.1 1.3 .9 .1 1.2 -.8 -4.1 3.2 7.1 -1.6 .0 2.1 2.1 1.4 .1 -1.9 3.7 1.5 3.3
Federal........................... -1.1 -1.6 -1.0 -2.6 -2.0 -2.6 -14.7 8.0 8.1 -4.7 -6.3 -2.7 3.6 -1.2 -2.1 -8.8 7.3 -1.4 7.3
National defense................ -1.3 -3.2 -2.7 -1.6 .1 -5.4 -12.5 7.2 8.1 -6.3 -8.3 -9.9 9.1 -1.8 -2.0 -18.5 9.9 4.3 1.3
Nondefense...................... -.5 1.7 2.4 -4.6 -6.2 3.3 -19.2 9.9 8.1 -1.3 -2.0 13.3 -6.4 -.1 -2.3 13.1 2.6 -11.5 19.8
State and local................... 2.4 3.1 2.0 1.8 3.2 .4 2.8 .5 6.5 .3 3.8 4.9 1.3 2.9 1.3 2.1 1.8 3.1 1.3
Addenda:
Final sales of domestic product
(GDP less CBI)................... 3.4 3.5 4.0 2.2 2.3 3.7 2.5 3.6 5.4 .9 5.1 2.9 2.7 5.8 2.1 4.3 4.6 2.8 6.6
Gross domestic purchases.......... 3.6 4.2 5.0 1.9 .7 1.7 2.0 4.5 7.0 3.4 1.8 5.5 4.4 4.6 3.2 7.8 3.9 4.2 5.4
Final sales to domestic
purchasers....................... 3.6 3.7 5.1 2.4 2.6 2.1 1.8 4.7 6.3 2.2 2.7 4.1 3.1 6.2 2.4 6.6 6.7 3.3 6.0
Gross national product (GNP)...... 3.4 3.7 3.7 2.7 .6 2.6 3.5 3.3 5.7 1.6 4.5 3.6 4.1 3.8 2.4 5.8 1.7 3.3 6.3
Disposable personal income........ 2.8 2.8 3.2 2.6 -.6 2.7 3.9 2.9 2.1 4.4 1.3 3.3 2.9 2.4 2.9 4.0 2.6 3.2 4.3
Current-dollar measures:
GDP............................. 5.4 5.9 4.9 4.3 2.3 5.3 4.9 5.7 7.3 3.9 6.1 7.2 5.6 5.4 4.2 6.4 2.7 4.7 6.9
Final sales of domestic product
(GDP less CBI)................. 5.4 5.4 5.1 4.8 4.2 5.8 4.6 6.0 6.7 2.8 7.0 5.8 4.4 7.0 3.3 5.3 5.5 3.8 7.5
Gross domestic purchases........ 5.4 5.8 5.6 4.2 3.0 3.3 3.9 6.6 8.3 5.1 4.1 7.8 5.2 5.8 4.3 7.6 4.4 4.9 6.3
Final sales to domestic
purchasers..................... 5.4 5.4 5.7 4.6 4.9 3.8 3.7 7.0 7.6 3.9 5.0 6.5 4.0 7.3 3.5 6.5 7.2 4.1 6.9
GNP............................. 5.3 5.6 4.8 5.3 2.5 4.5 5.5 5.6 7.0 3.5 6.4 6.5 5.6 5.0 3.6 6.7 2.5 4.3 7.2
Disposable personal income...... 4.9 4.7 4.0 4.3 1.7 4.7 5.6 5.2 4.6 6.0 3.8 5.9 4.0 3.8 4.0 4.0 3.5 4.3 5.4
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r revised
See "Explanatory Note" at the end of the tables.
Table 2.--Contributions to Percent Change in Real Gross Domestic Product
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1996 1997 1998r I 95 II 95 III 95 IV 95 I 96 II 96 III 96 IV 96 I 97 II 97 III 97 IV 97 I 98 II 98 III 98 IV 98r
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Percent change at annual rate:
Gross domestic product.......... 3.4 3.9 3.9 1.7 .4 3.3 2.8 3.3 6.1 2.1 4.2 4.2 4.0 4.2 3.0 5.5 1.8 3.7 6.0
Percentage points at annual rates:
Personal consumption expenditures. 2.17 2.31 3.32 1.25 2.26 1.77 1.57 2.50 3.21 1.26 1.97 2.91 1.08 4.19 1.88 4.09 4.09 2.78 3.53
Durable goods................... .52 .56 .82 -.09 .47 .66 .39 .48 1.03 -.16 .58 .98 -.13 1.30 .26 1.23 .91 .20 1.90
Nondurable goods................ .48 .49 .77 .45 .31 .15 .41 .45 .96 .24 .57 .71 -.04 1.00 -.08 1.41 1.01 .42 .85
Services........................ 1.18 1.26 1.73 .88 1.46 .95 .77 1.57 1.20 1.18 .81 1.20 1.26 1.85 1.70 1.40 2.14 2.15 .79
Gross private domestic investment. 1.26 1.65 1.51 .63 -1.79 .09 1.26 1.33 2.45 2.48 -.12 2.17 2.92 .23 1.34 4.07 -.75 1.22 1.41
Fixed investment................ 1.21 1.18 1.58 1.09 .05 .47 1.00 1.65 1.83 1.29 .72 .83 1.63 1.66 .48 2.82 1.95 .33 1.95
Nonresidential................ .92 1.08 1.15 1.47 .67 .10 .61 1.29 1.09 1.37 .88 .71 1.39 1.67 .16 2.21 1.35 -.08 1.50
Structures.................. .14 .20 .00 .27 .14 -.01 -.11 .17 .20 .24 .64 .11 -.19 .35 .03 -.15 -.07 .01 .16
Producers' durable equipment .78 .88 1.15 1.19 .54 .11 .71 1.12 .89 1.12 .24 .59 1.58 1.32 .13 2.36 1.42 -.09 1.34
Residential................... .29 .10 .43 -.37 -.62 .37 .40 .36 .73 -.07 -.16 .12 .24 -.02 .32 .60 .60 .41 .44
Change in business inventories.. .04 .47 -.06 -.46 -1.84 -.39 .25 -.32 .61 1.17 -.83 1.33 1.27 -1.41 .85 1.22 -2.66 .89 -.54
Net exports of goods and services. -.19 -.27 -1.13 -.17 -.26 1.60 .70 -1.10 -.94 -1.33 2.35 -1.24 -.45 -.47 -.30 -2.24 -2.08 -.62 .52
Exports......................... .95 1.43 .19 .91 .54 1.81 1.10 .43 .65 .23 3.22 .95 1.76 1.22 .53 -.33 -.92 -.32 2.04
Goods......................... .76 1.21 .19 .64 .45 1.16 .89 .57 .33 .57 2.06 1.19 1.37 1.02 .67 -.29 -.98 .04 1.78
Services...................... .18 .22 -.01 .27 .09 .64 .21 -.14 .33 -.34 1.14 -.24 .38 .20 -.14 -.04 .06 -.36 .26
Imports......................... -1.13 -1.71 -1.32 -1.09 -.80 -.20 -.40 -1.54 -1.60 -1.58 -.85 -2.21 -2.21 -1.69 -.83 -1.94 -1.18 -.30 -1.53
Goods......................... -1.02 -1.51 -1.20 -.72 -.87 -.14 -.29 -1.36 -1.52 -1.38 -.88 -1.87 -1.99 -1.38 -.71 -1.75 -1.19 -.32 -1.48
Services...................... -.11 -.20 -.12 -.37 .07 -.06 -.11 -.18 -.09 -.19 .02 -.34 -.21 -.31 -.12 -.19 .01 .01 -.05
Government consumption
expenditures and gross investment .20 .24 .18 .02 .22 -.15 -.78 .59 1.28 -.30 .00 .37 .38 .25 .02 -.34 .64 .27 .56
Federal......................... -.08 -.11 -.06 -.18 -.14 -.19 -1.10 .53 .54 -.33 -.44 -.18 .23 -.08 -.14 -.57 .44 -.09 .47
National defense.............. -.06 -.15 -.10 -.08 .01 -.27 -.63 .32 .37 -.30 -.39 -.46 .38 -.08 -.09 -.84 .38 .17 .11
Nondefense.................... -.01 .04 .04 -.11 -.14 .08 -.48 .20 .17 -.03 -.05 .27 -.15 .00 -.05 .26 .06 -.26 .36
State and local................. .28 .35 .24 .21 .36 .05 .33 .06 .74 .04 .44 .55 .15 .33 .15 .24 .20 .35 .09
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r revised
See "Explanatory Note" at the end of the tables.
Table 3.--Gross Domestic Product and Related Measures: Level and Change From Preceding Period
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Billions of current dollars Billions of chained (1992) dollars
------------------------------------------------ ----------------------------------------------------------------------
Seasonally adjusted Seasonally adjusted Change from preceding
at annual rates at annual rates period
--------------------------------------- --------------------------------------- ----------------------
1998r IV 97 I 98 II 98 III 98 IV 98r 1998r IV 97 I 98 II 98 III 98 IV 98r 1998r III 98 IV 98r
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Gross domestic product (GDP).... 8,511.0 8,254.5 8,384.2 8,440.6 8,537.9 8,681.2 7,551.9 7,364.6 7,464.7 7,498.6 7,566.5 7,677.7 282.1 67.9 111.2
Personal consumption expenditures.... 5,807.9 5,593.2 5,676.5 5,773.7 5,846.7 5,934.8 5,153.3 4,981.0 5,055.1 5,130.2 5,181.8 5,246.0 239.8 51.6 64.2
Durable goods...................... 724.7 682.2 705.1 720.1 718.9 754.5 737.1 684.8 710.3 729.4 733.7 775.0 68.5 4.3 41.3
Motor vehicles and parts......... 290.5 271.6 277.0 288.8 282.6 313.6 259.6 242.7 247.8 258.9 252.6 279.3 20.3 -6.3 26.7
Furniture and household
equipment....................... 292.2 276.0 288.5 288.9 294.1 297.3 347.3 318.1 335.8 339.3 352.0 362.1 39.6 12.7 10.1
Other............................ 141.9 134.6 139.6 142.3 142.2 143.6 138.5 130.8 135.1 138.6 139.1 141.0 10.8 .5 1.9
Nondurable goods................... 1,662.4 1,613.2 1,633.1 1,655.2 1,670.0 1,691.3 1,544.1 1,494.3 1,521.2 1,540.9 1,549.1 1,565.1 57.8 8.2 16.0
Food............................. 815.3 787.1 796.9 810.2 818.7 835.6 718.0 699.9 706.8 716.3 718.9 730.1 18.7 2.6 11.2
Clothing and shoes............... 293.8 280.7 291.0 295.3 293.7 295.1 310.3 292.3 307.4 311.4 309.8 312.5 21.9 -1.6 2.7
Gasoline and oil................. 112.1 125.9 116.2 111.6 111.7 109.0 119.9 118.1 118.5 118.4 121.1 121.5 2.0 2.7 .4
Fuel oil and coal................ 9.6 10.7 9.5 9.8 9.8 9.0 9.6 10.1 9.2 9.7 9.9 9.5 -.7 .2 -.4
Other............................ 431.6 408.8 419.4 428.3 436.2 442.7 390.3 376.8 383.5 389.2 393.4 395.2 17.3 4.2 1.8
Services........................... 3,420.8 3,297.8 3,338.2 3,398.4 3,457.7 3,488.9 2,879.5 2,804.8 2,829.3 2,866.8 2,904.8 2,917.2 118.0 38.0 12.4
Housing.......................... 877.9 847.0 859.1 871.9 883.8 896.7 735.0 723.9 728.7 732.7 737.1 741.5 17.6 4.4 4.4
Household operation.............. 338.6 337.0 327.6 339.2 348.4 339.0 316.8 311.1 306.3 316.5 326.3 318.2 15.5 9.8 -8.1
Electricity and gas............ 122.1 129.2 116.8 124.1 129.8 117.6 116.2 118.4 110.5 117.4 123.8 112.9 .2 6.4 -10.9
Other household operation...... 216.5 207.8 210.9 215.1 218.5 221.5 200.5 192.5 195.6 198.9 202.4 205.0 15.4 3.5 2.6
Transportation................... 252.7 246.3 249.5 253.2 253.4 254.8 220.4 215.9 217.9 221.4 220.5 221.8 8.2 -.9 1.3
Medical care..................... 888.2 857.9 871.5 884.2 893.0 904.0 723.2 709.4 714.9 721.6 725.3 730.8 21.5 3.7 5.5
Other............................ 1,063.5 1,009.5 1,030.5 1,049.8 1,079.1 1,094.4 886.0 846.6 862.9 876.7 898.2 906.3 55.5 21.5 8.1
Gross private domestic investment.... 1,367.1 1,292.0 1,366.6 1,345.0 1,364.4 1,392.4 1,330.1 1,241.9 1,321.8 1,306.5 1,331.6 1,360.6 123.7 25.1 29.0
Fixed investment................... 1,307.8 1,220.1 1,271.1 1,305.8 1,307.5 1,346.7 1,267.8 1,169.5 1,224.9 1,264.1 1,270.9 1,311.0 129.8 6.8 40.1
Nonresidential................... 938.2 882.8 921.3 941.9 931.6 957.9 960.7 886.2 931.9 960.4 958.7 991.9 101.3 -1.7 33.2
Structures..................... 246.9 246.4 245.0 245.4 246.2 250.9 203.0 205.7 203.1 201.9 202.0 205.0 -.2 .1 3.0
Nonresidential buildings,
including farm.............. 184.1 178.9 180.6 181.8 183.7 190.1 150.9 149.5 150.1 149.8 150.1 153.8 .4 .3 3.7
Utilities.................... 34.7 34.1 34.2 34.7 35.0 35.1 29.5 29.2 29.2 29.5 29.7 29.7 .8 .2 .0
Mining exploration, shafts,
and wells................... 21.3 24.3 23.5 22.4 20.7 18.7 16.7 18.9 17.9 17.0 16.4 15.3 -1.2 -.6 -1.1
Other structures............. 6.8 9.2 6.6 6.5 6.8 7.1 5.7 7.8 5.6 5.5 5.8 6.0 -.1 .3 .2
Producers' durable equipment... 691.3 636.4 676.3 696.6 685.4 706.9 770.2 686.4 738.8 771.3 769.3 801.5 109.3 -2.0 32.2
Information processing and
related equipment........... 233.3 213.6 226.5 231.6 235.2 239.9 388.1 320.7 353.4 376.8 399.6 422.5 90.1 22.8 22.9
Computers and peripheral
equipment................. 95.1 83.7 91.8 94.8 95.6 98.0 351.8 242.9 292.2 331.5 370.5 413.0 137.0 39.0 42.5
Other...................... 138.3 129.9 134.7 136.8 139.5 142.0 141.2 131.5 136.7 139.7 142.8 145.6 14.6 3.1 2.8
Industrial equipment......... 147.0 142.1 145.4 146.8 147.4 148.3 132.7 128.6 131.5 132.5 133.1 133.5 6.8 .6 .4
Transportation and related
equipment................... 175.1 155.9 172.4 181.2 164.0 182.8 162.0 143.8 159.6 167.9 151.7 168.7 21.7 -16.2 17.0
Other........................ 135.9 124.8 132.0 137.0 138.8 135.9 123.3 114.1 120.2 124.6 125.8 122.5 10.3 1.2 -3.3
-------------------------------------------------------------------------------------------------------------------------------------------------------------
See note at the end of the table.
Table 3.--Gross Domestic Product and Related Measures: Level and Change From Preceding Period--Continued
-------------------------------------------------------------------------------------------------------------------------------------------------------------
Billions of current dollars Billions of chained (1992) dollars
------------------------------------------------ ----------------------------------------------------------------------
Seasonally adjusted Seasonally adjusted Change from preceding
at annual rates at annual rates period
--------------------------------------- --------------------------------------- ----------------------
1998r IV 97 I 98 II 98 III 98 IV 98r 1998r IV 97 I 98 II 98 III 98 IV 98r 1998r III 98 IV 98r
-------------------------------------------------------------------------------------------------------------------------------------------------------------
Residential...................... 369.6 337.4 349.8 363.8 375.8 388.9 312.0 287.9 298.5 309.1 316.5 324.1 29.2 7.4 7.6
Structures..................... 361.1 329.4 341.5 355.4 367.3 380.3 303.9 280.1 290.5 300.9 308.3 315.7 28.8 7.4 7.4
Single family................ 187.3 168.7 175.8 183.8 190.9 198.7 153.0 139.0 145.2 151.3 155.6 159.7 15.8 4.3 4.1
Multifamily.................. 24.4 23.8 25.1 23.5 23.9 25.3 21.3 21.0 22.1 20.7 20.8 21.7 1.1 .1 .9
Other........................ 149.4 136.8 140.6 148.1 152.6 156.3 130.2 120.9 123.8 129.6 132.6 135.0 11.7 3.0 2.4
Producers' durable equipment... 8.5 8.0 8.3 8.5 8.5 8.6 8.2 7.8 8.0 8.2 8.2 8.3 .5 .0 .1
Change in business inventories
(CBI)............................. 59.3 71.9 95.5 39.2 57.0 45.7 57.4 66.5 91.4 38.2 55.7 44.2 -5.8 17.5 -11.5
Farm............................. 6.7 4.9 5.0 7.7 7.7 6.3 7.6 3.7 5.3 8.7 9.1 7.2 3.3 .4 -1.9
Nonfarm.......................... 52.7 66.9 90.5 31.5 49.3 39.3 50.1 62.7 85.9 29.9 47.0 37.5 -8.7 17.1 -9.5
Manufacturing.................. 20.9 18.7 31.8 25.1 20.1 6.5 19.9 17.7 30.2 23.9 19.2 6.2 -.2 -4.7 -13.0
Wholesale trade................ 20.1 21.5 28.1 7.9 30.5 14.1 19.5 20.2 27.0 7.6 29.6 13.7 -2.5 22.0 -15.9
Retail trade................... 3.0 17.8 18.3 -12.7 -5.5 11.7 2.8 16.9 17.3 -11.9 -5.3 10.9 -4.0 6.6 16.2
Other.......................... 8.7 8.9 12.3 11.2 4.3 7.0 8.1 8.1 11.5 10.4 4.0 6.6 -1.8 -6.4 2.6
Net exports of goods and services.... -151.2 -98.8 -123.7 -159.3 -165.5 -156.2 -238.2 -149.0 -198.5 -245.2 -259.0 -250.0 -102.1 -13.8 9.0
Exports............................ 959.0 988.6 973.3 949.6 936.2 976.8 984.7 998.8 991.9 972.1 965.3 1,009.6 14.7 -6.8 44.3
Goods............................ 680.8 708.9 694.5 668.8 663.3 696.6 742.6 754.9 748.5 726.3 727.3 768.4 16.1 1.0 41.1
Foods, feeds, and beverages.... 46.1 54.0 49.8 44.9 42.4 47.5 43.1 47.4 45.6 41.7 39.9 45.4 -.8 -1.8 5.5
Industrial supplies and
materials..................... 142.5 154.4 148.6 144.2 138.1 139.3 130.6 134.7 132.8 130.7 127.9 131.1 -1.8 -2.8 3.2
Capital goods, except
automotive.................... 301.2 306.5 302.0 288.4 299.2 315.0 408.4 408.7 405.5 389.7 407.6 430.6 19.8 17.9 23.0
Automotive vehicles, engines,
and parts..................... 72.3 76.6 77.7 72.2 65.3 73.9 68.7 72.9 73.9 68.7 62.1 70.0 -1.7 -6.6 7.9
Consumer goods, except
automotive.................... 79.6 78.8 78.3 80.1 80.3 79.7 75.8 74.8 74.4 76.3 76.6 76.1 2.1 .3 -.5
Other.......................... 39.1 38.5 38.1 39.1 37.9 41.1 39.7 38.3 38.3 39.5 38.7 42.3 2.5 -.8 3.6
Services......................... 278.2 279.7 278.8 280.8 272.9 280.2 246.4 248.6 247.8 248.8 242.1 247.0 -.6 -6.7 4.9
Imports............................ 1,110.2 1,087.4 1,097.1 1,108.9 1,101.7 1,133.0 1,222.9 1,147.8 1,190.4 1,217.3 1,224.3 1,259.6 116.8 7.0 35.3
Goods............................ 932.4 912.4 920.9 931.8 924.7 952.2 1,054.4 981.8 1,021.0 1,048.8 1,056.3 1,091.7 108.7 7.5 35.4
Foods, feeds, and beverages.... 41.3 40.3 41.7 41.8 40.5 41.1 38.1 36.3 38.2 38.3 37.8 38.2 2.6 -.5 .4
Industrial supplies and
materials, except petroleum
and products.................. 142.7 139.0 141.3 144.4 144.8 140.2 137.0 127.3 132.8 137.3 140.3 137.6 13.3 3.0 -2.7
Petroleum and products......... 51.2 68.6 54.9 53.9 49.2 46.6 71.8 66.9 68.3 74.5 73.4 70.8 5.1 -1.1 -2.6
Capital goods, except
automotive.................... 270.4 264.8 268.9 270.5 267.0 275.1 426.7 396.7 413.6 424.7 426.2 442.3 53.4 1.5 16.1
Automotive vehicles, engines,
and parts..................... 150.3 141.0 148.0 146.0 143.5 163.7 138.0 129.1 135.5 133.9 132.2 150.3 8.6 -1.7 18.1
Consumer goods, except
automotive.................... 215.6 202.3 209.3 217.5 217.2 218.3 213.7 198.6 206.3 215.5 216.1 216.8 24.9 .6 .7
Other.......................... 61.0 56.5 56.7 57.7 62.6 67.1 57.3 52.8 53.4 53.9 58.8 62.9 7.4 4.9 4.1
Services......................... 177.8 174.9 176.2 177.1 177.0 180.8 171.2 167.5 171.3 171.0 170.8 171.6 9.4 -.2 .8
-------------------------------------------------------------------------------------------------------------------------------------------------------------
See note at the end of the table.
Table 3.--Gross Domestic Product and Related Measures: Level and Change From Preceding Period--Continued
-------------------------------------------------------------------------------------------------------------------------------------------------------------
Billions of current dollars Billions of chained (1992) dollars
------------------------------------------------ ----------------------------------------------------------------------
Seasonally adjusted Seasonally adjusted Change from preceding
at annual rates at annual rates period
--------------------------------------- --------------------------------------- ----------------------
1998r IV 97 I 98 II 98 III 98 IV 98r 1998r IV 97 I 98 II 98 III 98 IV 98r 1998r III 98 IV 98r
-------------------------------------------------------------------------------------------------------------------------------------------------------------
Government consumption expenditures
and gross investment................ 1,487.1 1,468.1 1,464.9 1,481.2 1,492.3 1,510.2 1,296.9 1,289.2 1,283.0 1,294.8 1,299.6 1,310.3 11.9 4.8 10.7
Federal............................ 520.6 520.1 511.6 520.7 519.4 530.7 453.3 456.5 446.1 454.1 452.5 460.6 -4.7 -1.6 8.1
National defense................. 340.4 346.5 331.6 339.8 343.7 346.4 300.4 308.7 293.3 300.3 303.5 304.6 -8.5 3.2 1.1
Consumption expenditures....... 301.5 304.8 293.3 303.0 302.9 306.7 264.1 270.0 257.9 266.1 265.1 267.3 -8.3 -1.0 2.2
Gross investment............... 38.9 41.7 38.3 36.8 40.9 39.7 36.3 38.7 35.4 34.1 38.5 37.2 -.2 4.4 -1.3
Nondefense....................... 180.2 173.6 180.0 180.9 175.7 184.3 152.1 147.3 151.9 152.9 148.4 155.2 3.5 -4.5 6.8
Consumption expenditures....... 159.6 155.3 157.6 160.9 155.8 164.0 131.5 129.0 130.0 132.9 128.4 134.6 2.8 -4.5 6.2
Gross investment............... 20.7 18.3 22.4 20.0 19.9 20.4 20.7 18.1 22.2 19.9 19.9 20.5 .9 .0 .6
State and local.................... 966.5 947.9 953.3 960.4 972.9 979.5 843.8 832.9 837.1 840.9 847.3 850.0 16.7 6.4 2.7
Consumption expenditures....... 789.1 771.5 776.7 784.7 793.9 801.2 689.3 678.5 682.8 687.3 691.6 695.6 17.0 4.3 4.0
Gross investment............... 177.4 176.4 176.6 175.7 179.0 178.3 154.4 154.3 154.2 153.5 155.6 154.3 -.4 2.1 -1.3
Residual............................. ..... ..... ..... ..... ..... ..... -162.5 -91.3 -124.7 -138.5 -175.7 -210.7 -87.0 -37.2 -35.0
Addenda:
Final sales of domestic product
(GDP less CBI).................... 8,451.6 8,182.6 8,288.7 8,401.3 8,480.9 8,635.5 7,491.3 7,294.8 7,372.5 7,456.4 7,507.6 7,628.9 287.6 51.2 121.3
Gross domestic purchases........... 8,662.2 8,353.3 8,508.0 8,599.9 8,703.4 8,837.4 7,765.9 7,502.1 7,644.9 7,718.6 7,798.8 7,901.3 369.4 80.2 102.5
Final sales to domestic purchasers. 8,602.8 8,281.4 8,412.5 8,560.6 8,646.4 8,791.7 7,705.2 7,432.1 7,552.2 7,676.4 7,739.8 7,852.5 375.0 63.4 112.7
Gross domestic product............. 8,511.0 8,254.5 8,384.2 8,440.6 8,537.9 8,681.2 7,551.9 7,364.6 7,464.7 7,498.6 7,566.5 7,677.7 282.1 67.9 111.2
Plus: Receipts of factor income
from the rest of the world........ 269.2 266.3 270.3 270.6 265.0 270.7 239.5 237.6 241.0 241.0 235.7 240.4 1.5 -5.3 4.7
Less: Payments of factor income to
the rest of the world............. 289.6 285.9 285.1 289.3 292.1 291.9 252.7 250.5 249.6 252.8 254.6 253.9 12.0 1.8 -.7
Equals: Gross national product..... 8,490.5 8,234.9 8,369.4 8,421.8 8,510.9 8,660.0 7,537.8 7,350.7 7,455.2 7,485.9 7,546.7 7,663.3 271.6 60.8 116.6
-------------------------------------------------------------------------------------------------------------------------------------------------------------
r revised
Note.--Users are cautioned that particularly for components
for which relative prices are changing rapidly, the use of
chained-dollar estimates to calculate component shares or component
contributions to real growth may be misleading even just a few years
from the base year. For accurate estimates of the contributions to
percent changes in real GDP, use table 2.
See "Explanatory Note" at the end of the tables.
Table 4.--Chain-Type Price Indexes for Gross Domestic Product and Related Measures: Percent Change From Preceding Period
[Percent; quarters seasonally adjusted at annual rates]
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
1996 1997 1998r I 95 II 95 III 95 IV 95 I 96 II 96 III 96 IV 96 I 97 II 97 III 97 IV 97 I 98 II 98 III 98 IV 98r
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
Gross domestic product (GDP). 1.9 1.9 1.0 2.5 2.0 1.9 2.0 2.2 1.4 1.8 1.6 2.8 1.7 1.2 1.1 .9 .9 1.0 .8
Personal consumption expenditures... 2.0 1.9 .8 1.7 2.4 1.8 1.6 2.2 2.5 1.5 2.5 2.5 1.1 1.3 1.1 .0 .9 1.0 1.1
Durable goods..................... -.9 -2.0 -2.3 .4 -.4 -1.3 -1.1 .6 -2.1 -1.5 -1.8 -.9 -3.4 -2.8 -2.4 -1.4 -2.2 -3.0 -2.5
Nondurable goods.................. 2.0 1.5 .0 -.6 1.6 .8 .9 3.0 3.6 .3 3.6 2.0 -.2 .8 .9 -2.2 .2 1.5 .9
Services.......................... 2.7 2.9 1.9 3.2 3.4 2.9 2.5 2.1 3.0 2.7 2.9 3.5 2.8 2.5 1.9 1.4 1.9 1.7 1.9
Gross private domestic investment... -.3 -.3 -1.3 1.7 1.9 -.1 -.2 -1.0 -.8 .7 -.5 -.7 -.5 .2 -.5 -2.3 -1.8 -1.9 -.6
Fixed investment.................. -.1 -.2 -1.2 1.6 1.9 -.1 .0 -.8 -.6 .8 -.2 -.6 -.5 .4 -.5 -2.1 -1.8 -1.6 -.6
Nonresidential.................. -.9 -1.3 -2.4 .2 2.0 -.7 -.8 -1.5 -1.5 -.5 -1.1 -1.7 -1.5 -1.0 -1.6 -3.0 -3.1 -3.6 -2.5
Structures.................... 2.6 3.4 2.8 4.7 2.9 2.8 2.4 2.1 2.2 4.1 3.1 3.3 3.3 4.3 3.3 2.7 3.1 1.2 1.8
Producers' durable equipment.. -2.2 -3.0 -4.3 -1.5 1.6 -2.0 -2.0 -2.9 -2.9 -2.2 -2.6 -3.6 -3.2 -2.9 -3.3 -5.0 -5.2 -5.3 -4.0
Residential..................... 1.9 2.6 2.1 5.1 1.8 1.5 2.0 1.1 1.6 4.3 1.9 2.3 1.9 4.0 2.4 .0 1.7 3.7 4.2
Change in business inventories
(CBI)............................ ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... .....
Net exports of goods and services... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... .....
Exports........................... -1.7 -2.0 -2.2 4.0 3.4 -1.8 -2.3 -1.2 -1.7 -3.2 -4.2 -1.0 -1.0 -1.6 -1.6 -3.4 -1.8 -2.8 -.9
Goods........................... -3.5 -3.5 -3.3 5.0 2.6 -3.1 -3.9 -3.4 -2.6 -5.6 -7.2 -1.7 -2.5 -1.8 -2.7 -4.7 -3.0 -3.8 -2.4
Services........................ 2.7 1.8 .6 1.6 5.4 1.5 1.8 4.6 .6 3.1 3.5 .9 2.7 -1.0 1.5 .0 1.1 -.4 2.6
Imports........................... -2.2 -3.7 -5.3 1.4 6.9 -3.9 -3.9 -1.8 -1.5 -5.2 -.3 -4.4 -7.1 -2.1 -2.3 -10.4 -4.5 -4.8 -.2
Goods........................... -2.9 -4.2 -6.0 2.8 5.7 -4.9 -4.2 -2.4 -2.1 -6.4 -.8 -4.6 -8.5 -1.9 -2.2 -11.3 -5.9 -5.8 -1.4
Services........................ 1.6 -.6 -1.4 -5.1 13.2 2.0 -2.5 1.5 1.4 1.9 2.0 -3.0 .3 -3.2 -2.6 -5.8 2.7 .4 6.7
Government consumption expenditures
and gross investment............... 2.5 2.2 1.3 4.8 2.9 2.2 3.9 4.3 -1.2 2.4 2.7 3.8 1.2 .8 2.2 1.1 .8 1.5 1.5
Federal........................... 2.9 2.0 1.1 5.8 1.4 2.5 8.2 4.2 -2.1 1.8 2.7 4.8 .9 -.2 1.4 2.7 .0 .4 1.5
National defense................ 3.3 1.8 1.1 4.3 2.1 2.7 4.3 6.7 -.3 1.9 2.7 4.0 .5 -.4 1.2 2.9 .3 .4 1.8
Nondefense...................... 2.2 2.4 1.0 9.0 -.2 2.1 16.5 -.7 -5.9 1.6 2.6 6.4 1.7 .4 1.8 2.2 -.6 .5 1.1
State and local................... 2.2 2.2 1.4 4.2 3.8 1.9 1.4 4.3 -.6 2.7 2.8 3.3 1.4 1.4 2.7 .2 1.2 2.1 1.5
Addenda:
Final sales of domestic product
(GDP less CBI)................... 1.9 1.9 1.1 2.5 2.0 1.9 2.0 2.3 1.4 1.9 1.7 2.8 1.8 1.2 1.2 .9 .9 1.0 .8
Gross domestic purchases.......... 1.8 1.6 .6 2.2 2.4 1.6 1.8 2.1 1.4 1.5 2.1 2.2 .9 1.1 1.0 -.2 .4 .7 .9
Final sales to domestic
purchasers....................... 1.8 1.6 .6 2.2 2.4 1.6 1.8 2.2 1.4 1.5 2.1 2.3 .9 1.1 1.0 -.1 .5 .7 .9
Gross national product (GNP)...... 1.9 1.8 1.0 2.6 2.0 1.9 2.0 2.2 1.4 1.8 1.6 2.7 1.7 1.2 1.1 .9 .8 1.0 .8
Implicit price deflators:
GDP............................. 1.9 1.9 1.0 2.5 1.8 1.9 2.0 2.3 1.2 1.8 1.8 2.8 1.6 1.2 1.2 .8 .9 1.0 .8
Gross domestic purchases........ 1.8 1.6 .6 2.3 2.3 1.6 1.8 2.1 1.2 1.6 2.2 2.2 .8 1.1 1.1 -.2 .5 .7 .9
GNP............................. 1.9 1.8 1.0 2.6 1.8 1.9 2.0 2.3 1.2 1.8 1.8 2.8 1.5 1.2 1.2 .8 .9 1.0 .8
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
r revised
See "Explanatory Note" at the end of the tables.
Table 5.--Quantity and Price Indexes for Gross Domestic Product
[Index numbers, 1992=100]
-----------------------------------------------------------------------------------------------------------------------------------
Seasonally adjusted at annual rates
---------------------------------------------------
1996 1997 1998r IV 97 I 98 II 98 III 98 IV 98r
-----------------------------------------------------------------------------------------------------------------------------------
Gross domestic product:
Chain-type quantity index........ 112.02 116.42 120.94 117.94 119.54 120.09 121.17 122.95
Chain-type price index........... 109.54 111.57 112.71 112.09 112.33 112.57 112.85 113.08
Implicit price deflator.......... 109.53 111.57 112.70 112.08 112.32 112.56 112.84 113.07
Personal consumption expenditures:
Chain-type quantity index................ 112.62 116.44 122.12 118.04 119.79 121.58 122.80 124.32
Chain-type price index................... 109.75 111.81 112.70 112.30 112.30 112.55 112.84 113.14
Durable goods:
Chain-type quantity index.............. 128.16 136.86 150.87 140.17 145.39 149.30 150.18 158.64
Chain-type price index................. 102.75 100.66 98.33 99.62 99.27 98.72 97.98 97.35
Nondurable goods:
Chain-type quantity index.............. 109.77 112.44 116.81 113.05 115.09 116.57 117.19 118.41
Chain-type price index................. 106.08 107.69 107.66 107.95 107.35 107.41 107.80 108.06
Services:
Chain-type quantity index.............. 111.09 114.61 119.51 116.41 117.42 118.98 120.56 121.07
Chain-type price index................. 113.32 116.61 118.80 117.59 118.00 118.55 119.05 119.61
Gross private domestic fixed investment:
Chain-type quantity index................ 134.10 145.25 161.82 149.28 156.36 161.36 162.23 167.35
Chain-type price index................... 104.68 104.45 103.20 104.37 103.81 103.33 102.91 102.76
Nonresidential:
Chain-type quantity index.............. 139.21 154.04 172.21 158.86 167.04 172.15 171.84 177.79
Chain-type price index................. 101.46 100.15 97.71 99.64 98.90 98.12 97.21 96.61
Residential:
Chain-type quantity index.............. 122.32 125.36 138.34 127.64 132.34 137.05 140.31 143.68
Chain-type price index................. 113.03 115.96 118.42 117.20 117.21 117.71 118.77 120.00
Exports of goods and services:
Chain-type quantity index................ 134.50 151.70 154.00 156.21 155.12 152.03 150.96 157.89
Chain-type price index................... 101.60 99.53 97.39 98.97 98.13 97.68 96.98 96.75
Imports of goods and services:
Chain-type quantity index................ 145.19 165.35 182.81 171.59 177.95 181.97 183.02 188.30
Chain-type price index................... 99.36 95.72 90.69 94.62 92.05 90.98 89.87 89.84
Government consumption expenditures
and gross investment:
Chain-type quantity index................ 100.35 101.68 102.63 102.01 101.53 102.45 102.84 103.69
Chain-type price index................... 110.80 113.20 114.66 113.87 114.17 114.39 114.82 115.25
Federal:
Chain-type quantity index.............. 88.19 86.75 85.86 86.46 84.50 86.00 85.71 87.24
Chain-type price index................. 111.35 113.58 114.83 113.91 114.66 114.66 114.77 115.21
State and local:
Chain-type quantity index.............. 109.09 112.42 114.68 113.19 113.77 114.28 115.16 115.52
Chain-type price index................. 110.48 112.96 114.55 113.83 113.89 114.23 114.83 115.25
Addenda:
Final sales of domestic product:
Chain-type quantity index.............. 111.61 115.49 120.10 116.95 118.20 119.54 120.36 122.31
Chain-type price index................. 109.59 111.66 112.84 112.19 112.45 112.69 112.99 113.22
Implicit price deflator................ 109.59 111.66 112.82 112.17 112.43 112.67 112.97 113.20
Gross domestic purchases:
Chain-type quantity index.............. 113.18 117.89 123.78 119.57 121.85 123.03 124.30 125.94
Chain-type price index................. 109.18 110.92 111.54 111.34 111.29 111.42 111.60 111.84
Implicit price deflator................ 109.18 110.92 111.54 111.35 111.29 111.42 111.60 111.85
Final sales to domestic purchasers:
Chain-type quantity index.............. 112.78 116.97 122.95 118.59 120.51 122.49 123.50 125.30
Chain-type price index................. 109.24 111.00 111.66 111.44 111.40 111.53 111.72 111.97
Implicit price deflator................ 109.23 111.00 111.65 111.43 111.39 111.52 111.71 111.96
Gross national product:
Chain-type quantity index.............. 112.04 116.16 120.50 117.51 119.18 119.67 120.64 122.51
Chain-type price index................. 109.51 111.51 112.65 112.04 112.28 112.51 112.79 113.01
Implicit price deflator................ 109.50 111.52 112.64 112.03 112.26 112.50 112.78 113.01
-----------------------------------------------------------------------------------------------------------------------------------
r revised
See "Explanatory Note" at the end of the tables.
Table 6.--Real Gross Domestic Product: Historical Perspective
[Percent change from preceding year]
-----------------------------------------------------------------------------------------------------------------------------------------------------------------------
1983 1984 1985 1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998r
-----------------------------------------------------------------------------------------------------------------------------------------------------------------------
Gross domestic product (GDP).... 4.0 7.0 3.6 3.1 2.9 3.8 3.4 1.2 -.9 2.7 2.3 3.5 2.3 3.4 3.9 3.9
Personal consumption expenditures...... 5.2 5.2 4.7 4.0 3.1 3.9 2.3 1.7 -.6 2.8 2.9 3.3 2.7 3.2 3.4 4.9
Durable goods........................ 14.7 14.5 9.7 9.0 1.5 6.3 2.6 -.6 -6.4 5.8 7.2 7.1 5.0 6.3 6.8 10.2
Nondurable goods..................... 2.9 3.5 2.3 3.2 1.9 2.8 2.3 1.0 -1.0 1.5 2.2 2.9 2.0 2.4 2.4 3.9
Services............................. 4.7 4.1 5.0 3.2 4.2 4.0 2.3 2.6 .8 2.9 2.5 2.7 2.5 3.0 3.2 4.3
Gross private domestic investment...... 9.4 29.8 -1.1 -1.5 1.2 .8 4.3 -5.6 -9.4 7.1 9.3 13.0 2.1 8.8 11.3 10.3
Fixed investment..................... 7.2 16.5 4.8 .7 -.7 2.4 1.7 -3.1 -8.0 5.7 7.6 8.6 5.5 8.8 8.3 11.4
Nonresidential..................... -1.7 17.3 6.2 -3.5 -1.1 4.4 4.0 -.6 -6.4 1.9 7.6 8.0 9.6 9.3 10.7 11.8
Structures....................... -10.4 14.3 7.3 -10.8 -3.6 .5 2.2 1.1 -10.7 -6.8 1.0 1.0 4.8 5.0 7.1 -.1
Producers' durable equipment..... 4.6 19.2 5.5 1.0 .3 6.4 5.0 -1.5 -4.1 6.2 10.5 11.0 11.5 10.9 12.1 16.5
Residential........................ 41.1 14.6 1.4 12.0 .2 -2.0 -3.7 -9.3 -12.3 16.6 7.6 10.1 -3.8 7.4 2.5 10.4
Change in business inventories
(CBI)............................... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... .....
Net exports of goods and services...... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... .....
Exports.............................. -2.6 8.3 2.7 7.4 11.0 15.9 11.7 8.5 6.3 6.6 2.9 8.2 11.3 8.5 12.8 1.5
Goods.............................. -2.9 7.9 3.6 5.1 11.0 18.8 12.5 8.3 7.0 7.0 3.4 9.9 12.5 9.7 15.4 2.2
Services........................... -1.7 9.3 .3 13.3 10.9 8.7 9.4 9.1 4.4 5.5 2.0 4.3 8.2 5.6 6.6 -.2
Imports.............................. 12.6 24.3 6.5 8.4 6.1 3.9 3.9 3.9 -.7 7.5 8.9 12.2 8.8 9.2 13.9 10.6
Goods.............................. 13.6 24.2 6.3 10.3 4.6 4.0 4.2 3.0 .0 9.6 10.5 13.6 9.6 10.0 14.7 11.5
Services........................... 8.1 24.8 7.4 .4 12.9 3.6 2.6 7.6 -3.2 -1.0 1.9 5.3 4.9 5.4 9.9 5.8
Government consumption expenditures
and gross investment.................. 2.8 3.1 6.1 5.1 2.7 1.3 2.8 3.0 .6 .5 -.9 .0 .2 1.1 1.3 .9
Federal.............................. 5.4 2.4 6.9 4.6 3.1 -1.8 1.3 2.0 -.5 -2.1 -4.2 -3.8 -3.3 -1.1 -1.6 -1.0
National defense................... 5.7 4.0 7.5 5.2 4.0 -.9 -1.0 .0 -1.0 -5.5 -5.7 -4.9 -4.0 -1.3 -3.2 -2.7
Nondefense......................... 4.6 -2.2 5.1 2.8 .1 -4.9 9.2 8.0 1.1 7.2 -.7 -1.1 -1.8 -.5 1.7 2.4
State and local...................... .7 3.8 5.3 5.5 2.4 3.9 4.0 3.8 1.4 2.4 1.5 2.6 2.4 2.4 3.1 2.0
Addenda:
Final sales of domestic product
(GDP less CBI)...................... 3.7 5.0 4.6 3.5 2.6 4.1 3.0 1.6 -.7 2.5 2.1 2.9 2.8 3.4 3.5 4.0
Gross domestic purchases price
index............................... 3.8 3.5 3.2 2.6 3.4 3.6 4.2 4.5 3.7 2.8 2.5 2.3 2.3 1.8 1.6 .6
GDP price index...................... 4.2 3.8 3.4 2.6 3.1 3.7 4.2 4.4 3.9 2.8 2.6 2.4 2.3 1.9 1.9 1.0
Real disposable personal income...... 2.7 7.4 2.9 2.9 1.9 4.1 2.0 1.8 -.1 2.7 1.3 2.3 2.8 2.8 2.8 3.2
-----------------------------------------------------------------------------------------------------------------------------------------------------------------------
r revised
Table 7.--Real Gross Domestic Product: Percent Change From Quarter One Year Ago
-----------------------------------------------------------------------------------------------------------------------------------------------------------------------
I 95 II 95 III 95 IV 95 I 96 II 96 III 96 IV 96 I 97 II 97 III 97 IV 97 I 98 II 98 III 98 IV 98r
-----------------------------------------------------------------------------------------------------------------------------------------------------------------------
Gross domestic product (GDP).... 3.0 1.9 2.3 2.1 2.4 3.9 3.5 3.9 4.1 3.6 4.1 3.8 4.2 3.6 3.5 4.3
Personal consumption expenditures...... 2.6 2.7 2.8 2.6 3.0 3.3 3.1 3.3 3.4 2.7 3.7 3.7 4.2 5.3 4.7 5.3
Durable goods........................ 4.5 5.0 6.0 4.5 6.2 7.9 5.2 5.8 7.4 3.9 8.5 7.4 8.2 11.6 8.0 13.2
Nondurable goods..................... 2.3 2.2 1.8 1.7 1.6 2.4 2.6 2.8 3.1 1.8 2.8 2.0 2.9 4.3 3.6 4.7
Services............................. 2.4 2.5 2.6 2.6 3.0 2.8 3.0 3.0 2.8 2.8 3.2 3.8 3.9 4.5 4.7 4.0
Gross private domestic investment...... 7.8 -.6 1.2 .2 1.6 9.2 13.7 11.0 12.4 12.9 8.7 11.3 14.3 7.9 9.5 9.6
Fixed investment..................... 7.8 4.9 4.7 4.8 5.7 8.9 10.5 9.9 8.4 8.0 8.6 8.2 11.8 12.2 9.6 12.1
Nonresidential..................... 11.5 10.8 9.0 7.3 6.6 7.6 11.0 11.7 10.2 11.0 11.6 9.8 13.5 13.2 8.7 11.9
Structures....................... 7.9 4.2 4.3 2.7 1.7 2.3 4.6 11.6 10.9 7.2 8.1 2.5 .3 1.3 -1.5 -.3
Producers' durable equipment..... 13.0 13.4 10.8 9.1 8.6 9.8 13.6 11.8 9.9 12.4 13.0 12.7 19.0 18.0 12.7 16.8
Residential........................ -.5 -8.1 -5.1 -1.4 3.1 12.3 9.2 5.4 3.9 .8 1.2 4.2 7.2 9.4 12.1 12.6
Change in business inventories
(CBI)............................... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... .....
Net exports of goods and services...... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... .....
Exports.............................. 13.0 9.9 11.7 10.5 9.1 9.2 5.4 10.3 11.5 14.0 16.3 9.6 6.7 .9 -2.3 1.1
Goods.............................. 15.3 11.9 12.4 10.8 10.2 9.6 7.5 11.4 13.5 16.9 18.2 13.1 8.3 1.0 -1.8 1.8
Services........................... 7.7 5.2 10.0 9.8 6.4 8.2 .4 7.5 6.7 7.1 11.5 1.5 2.9 .5 -3.6 -.6
Imports.............................. 12.9 10.0 7.2 5.6 6.4 7.9 10.8 11.8 13.1 14.2 14.2 14.0 13.3 11.1 8.3 9.7
Goods.............................. 14.5 11.3 7.7 5.5 6.9 8.4 11.6 13.0 14.2 15.2 14.9 14.3 13.9 11.9 9.3 11.2
Services........................... 5.5 3.6 4.5 6.1 3.5 5.5 7.2 5.5 7.5 9.1 10.5 12.4 10.3 7.4 3.4 2.4
Government consumption expenditures
and gross investment.................. 1.1 1.3 -.8 -.9 -.1 1.3 1.1 2.1 1.8 .6 1.4 1.4 .4 .8 .8 1.6
Federal.............................. -1.8 -1.0 -4.7 -5.6 -3.2 -.8 -1.3 1.1 -1.5 -2.6 -1.7 -.6 -2.2 -1.4 -1.4 .9
National defense................... -2.0 -2.3 -6.7 -5.0 -2.9 -1.0 -1.3 -.1 -4.3 -4.1 -3.0 -1.4 -3.8 -3.6 -2.2 -1.3
Nondefense......................... -1.2 1.7 -.4 -7.0 -3.7 -.2 -1.3 3.5 4.3 .6 .9 .9 .8 3.2 .1 5.3
State and local...................... 3.0 2.8 1.7 2.1 1.7 2.5 2.5 2.8 3.8 2.6 3.2 2.6 1.9 2.0 2.1 2.1
Addenda:
Final sales of domestic product
(GDP less CBI)...................... 2.9 2.7 2.8 2.7 3.0 3.8 3.1 3.7 3.6 2.9 4.1 3.4 3.7 4.2 3.5 4.6
Gross domestic purchases price
index............................... 2.6 2.5 2.2 2.0 2.0 1.7 1.7 1.8 1.8 1.7 1.6 1.3 .7 .6 .5 .4
GDP price index...................... 2.5 2.4 2.2 2.1 2.0 1.9 1.9 1.8 1.9 2.0 1.8 1.7 1.2 1.0 1.0 .9
Real disposable personal income...... 4.3 2.4 2.4 2.1 2.2 2.9 3.3 2.7 2.8 3.0 2.5 2.9 3.0 3.0 3.2 3.5
-----------------------------------------------------------------------------------------------------------------------------------------------------------------------
r revised
Table 8.--Relation of Gross Domestic Product, Gross National Product, and National Income
[Billions of dollars]
-----------------------------------------------------------------------------------------------------------------------------------
Seasonally adjusted at annual rates
---------------------------------------------------
1996 1997 1998r IV 97 I 98 II 98 III 98 IV 98r
-----------------------------------------------------------------------------------------------------------------------------------
Gross domestic product..................... 7,661.6 8,110.9 8,511.0 8,254.5 8,384.2 8,440.6 8,537.9 8,681.2
Plus: Receipts of factor income from
the rest of the world..................... 235.5 265.5 269.2 266.3 270.3 270.6 265.0 270.7
Less: Payments of factor income to
the rest of the world..................... 223.1 273.5 289.6 285.9 285.1 289.3 292.1 291.9
Equals: Gross national product............. 7,674.0 8,102.9 8,490.5 8,234.9 8,369.4 8,421.8 8,510.9 8,660.0
Less: Consumption of fixed capital......... 832.0 871.8 908.0 887.6 894.5 902.3 912.3 923.0
Less: Indirect business tax and
nontax liability.......................... 606.4 627.2 655.3 634.5 641.9 647.7 656.5 675.1
Less: Business transfer payments........... 33.8 35.1 36.1 35.6 35.6 36.0 36.3 36.4
Less: Statistical discrepancy.............. -32.2 -55.8 -76.5 -67.3 -54.1 -85.7 -102.0 -64.2
Plus: Subsidies less current
surplus of government enterprises......... 22.0 21.9 27.1 23.4 23.5 23.9 24.6 36.3
Equals: National income.................... 6,256.0 6,646.5 6,994.7 6,767.9 6,875.0 6,945.5 7,032.3 7,126.0
Compensation of employees................ 4,409.0 4,687.2 4,981.0 4,798.0 4,882.8 4,945.2 5,011.6 5,084.3
Wage and salary accruals............... 3,640.4 3,893.6 4,153.9 3,993.6 4,065.9 4,121.6 4,181.1 4,246.8
Supplements to wages and salaries...... 768.6 793.7 827.1 804.4 816.8 823.5 830.5 837.5
Proprietors' income with inventory
valuation and capital consumption
adjustments............................. 527.7 551.2 577.2 558.0 564.2 571.7 576.1 596.9
Rental income of persons with
capital consumption adjustment.......... 150.2 158.2 162.6 158.8 158.3 161.0 163.6 167.5
Corporate profits with inventory
valuation and capital consumption
adjustments............................. 750.4 817.9 824.6 820.8 829.2 820.6 827.0 821.7
Net interest............................. 418.6 432.0 449.3 432.4 440.5 447.1 454.0 455.6
Addendum:
Gross domestic income.................... 7,693.8 8,166.7 8,587.5 8,321.8 8,438.4 8,526.3 8,639.9 8,745.4
-----------------------------------------------------------------------------------------------------------------------------------
r revised
Table 9.--Personal Income and Its Disposition
[Billions of dollars]
-----------------------------------------------------------------------------------------------------------------------------------
Seasonally adjusted at annual rates
---------------------------------------------------
1996 1997 1998r IV 97 I 98 II 98 III 98 IV 98r
-----------------------------------------------------------------------------------------------------------------------------------
Personal income\1\......................... 6,425.2 6,784.0 7,126.1 6,904.9 7,003.9 7,081.9 7,160.8 7,257.9
Wage and salary disbursements............ 3,631.1 3,889.8 4,149.9 3,989.9 4,061.9 4,117.6 4,177.1 4,242.8
Other labor income....................... 387.0 392.9 406.9 397.0 402.8 405.7 408.4 411.0
Proprietors' income with
inventory valuation and capital
consumption adjustments................. 527.7 551.2 577.2 558.0 564.2 571.7 576.1 596.9
Farm................................... 38.9 35.5 28.7 31.4 27.4 27.7 25.2 34.7
Nonfarm................................ 488.8 515.8 548.5 526.6 536.8 544.0 550.9 562.2
Rental income of persons with
capital consumption adjustment.......... 150.2 158.2 162.6 158.8 158.3 161.0 163.6 167.5
Personal dividend income................. 248.2 260.3 263.1 261.3 261.6 262.1 263.0 265.7
Personal interest income................. 719.4 747.3 764.8 753.0 757.0 763.0 769.2 769.9
Transfer payments to persons............. 1,068.0 1,110.4 1,149.0 1,120.5 1,139.0 1,145.8 1,152.9 1,158.3
Less: Personal contributions for
social insurance........................ 306.3 326.2 347.4 333.6 340.9 345.1 349.5 354.1
Less: Personal tax and nontax payments..... 890.5 989.0 1,098.3 1,025.5 1,066.8 1,092.9 1,108.4 1,124.9
Equals: Disposable personal income......... 5,534.7 5,795.1 6,027.9 5,879.4 5,937.1 5,988.9 6,052.4 6,133.1
Less: Personal outlays..................... 5,376.2 5,674.1 6,000.2 5,781.2 5,864.0 5,963.3 6,039.8 6,133.6
Equals: Personal saving.................... 158.5 121.0 27.7 98.2 73.0 25.6 12.6 -.6
Addenda:
Disposable personal income,
billions of chained (1992) dollars\2\... 5,043.0 5,183.1 5,348.5 5,235.8 5,287.1 5,321.5 5,364.1 5,421.2
Personal saving as a percentage of
disposable personal income.............. 2.9 2.1 .5 1.7 1.2 .4 .2 .0
-----------------------------------------------------------------------------------------------------------------------------------
r revised
1. Personal income is also equal to national income less corporate
profits with inventory valuation and capital consumption adjustments,
net interest, contributions for social insurance, and wage accruals
less disbursements, plus personal interest income, personal dividend
income, government transfer payments to persons, and business
transfer payments to persons.
2. Equals disposable personal income deflated by the implicit price
deflator for personal consumption expenditures.
Table 10.--Corporate Profits: Level and Percent Change
[Billions of dollars]
-------------------------------------------------------------------------------------------------------------------------------------------------------------
Billions of dollars Percent change from preceding period
---------------------------------------------------------------- ------------------------------------------------------
Seasonally adjusted Quarterly Quarter one
at annual rates rates year ago
--------------------------------------- ------------------------------- -------
1996 1997 1998 IV 97 I 98 II 98 III 98 IV 98 1997 1998 I 98 II 98 III 98 IV 98 IV 98
-------------------------------------------------------------------------------------------------------------------------------------------------------------
Corporate profits with inventory
valuation and capital consumption
adjustments......................... 750.4 817.9 824.6 820.8 829.2 820.6 827.0 821.7 9.0 .8 1.0 -1.0 .8 -.6 .1
Profits before tax................. 680.2 734.4 717.8 736.4 719.1 723.5 720.5 708.1 8.0 -2.3 -2.4 .6 -.4 -1.7 -3.8
Profits tax liability............ 226.1 246.1 240.1 249.3 239.9 241.6 243.2 235.6 8.8 -2.4 -3.8 .7 .6 -3.1 -5.5
Profits after tax................ 454.1 488.3 477.7 487.1 479.2 481.8 477.3 472.5 7.5 -2.2 -1.6 .6 -1.0 -1.0 -3.0
Dividends...................... 261.9 275.1 279.2 276.4 277.3 278.1 279.0 282.3 5.0 1.5 .3 .3 .3 1.2 2.1
Undistributed profits.......... 192.3 213.2 198.5 210.6 201.8 203.7 198.3 190.2 10.9 -6.9 -4.2 .9 -2.7 -4.1 -9.7
Inventory valuation adjustment..... -1.2 6.9 14.5 4.3 25.3 7.8 11.7 13.4 ..... ..... ..... ..... ..... ..... .....
Capital consumption adjustment..... 71.4 76.6 92.3 80.1 84.9 89.4 94.8 100.2 7.3 20.4 6.0 5.3 6.1 5.7 25.2
Addenda:
Corporate profits after tax with
inventory valuation and capital
consumption adjustments........... 524.3 571.8 584.5 571.4 589.3 579.0 583.7 586.2 9.1 2.2 3.1 -1.8 .8 .4 2.6
Net cash flow with inventory
valuation and capital
consumption adjustments........... 714.4 774.1 806.0 782.6 804.5 798.7 807.9 812.8 8.3 4.1 2.8 -.7 1.2 .6 3.8
Undistributed profits with
inventory valuation and capital
consumption adjustments......... 262.4 296.7 305.4 295.0 312.0 300.9 304.8 303.9 13.1 2.9 5.8 -3.6 1.3 -.3 3.0
Consumption of fixed capital..... 452.0 477.3 500.6 487.7 492.5 497.8 503.1 508.9 5.6 4.9 1.0 1.1 1.1 1.1 4.3
Less: Inventory valuation
adjustment........................ -1.2 6.9 14.5 4.3 25.3 7.8 11.7 13.4 ..... ..... ..... ..... ..... ..... .....
Equals: Net cash flow.............. 715.7 767.2 791.4 778.4 779.2 790.9 796.2 799.3 7.2 3.2 .1 1.5 .7 .4 2.7
-------------------------------------------------------------------------------------------------------------------------------------------------------------
Table 11.--Corporate Profits by Industry: Level and Change From Preceding Period
[Billions of dollars]
-------------------------------------------------------------------------------------------------------------------------------------------------------------
Level Change from preceding period
---------------------------------------------------------------- ----------------------------------------------
Seasonally adjusted at annual rates
--------------------------------------- ----------------------------------------------
1996 1997 1998 IV 97 I 98 II 98 III 98 IV 98 1997 1998 I 98 II 98 III 98 IV 98
-------------------------------------------------------------------------------------------------------------------------------------------------------------
Corporate profits with IVA and CCAdj..... 750.4 817.9 824.6 820.8 829.2 820.6 827.0 821.7 67.5 6.7 8.4 -8.6 6.4 -5.3
Domestic industries.......................... 654.0 718.9 729.0 728.8 730.6 723.3 737.0 724.9 64.9 10.1 1.8 -7.3 13.7 -12.1
Financial.................................. 105.5 124.7 130.3 129.5 131.3 130.1 129.5 130.1 19.2 5.6 1.8 -1.2 -.6 .6
Nonfinancial............................... 548.5 594.2 598.7 599.3 599.3 593.2 607.5 594.8 45.7 4.5 .0 -6.1 14.3 -12.7
Rest of the world............................ 96.4 99.0 95.7 92.0 98.6 97.3 89.9 96.8 2.6 -3.3 6.6 -1.3 -7.4 6.9
Receipts from the rest of the world........ 134.5 149.5 145.8 142.5 146.1 146.0 140.5 150.6 15.0 -3.7 3.6 -.1 -5.5 10.1
Less: Payments to the rest of the world.... 38.1 50.4 50.1 50.6 47.5 48.7 50.5 53.8 12.3 -.3 -3.1 1.2 1.8 3.3
Corporate profits with IVA............... 679.0 741.2 732.3 740.7 744.3 731.3 732.1 721.5 62.2 -8.9 3.6 -13.0 .8 -10.6
Domestic industries.......................... 582.6 642.2 636.6 648.7 645.8 633.9 642.2 624.7 59.6 -5.6 -2.9 -11.9 8.3 -17.5
Financial.................................. 110.7 130.0 134.2 134.7 136.3 134.4 133.2 133.0 19.3 4.2 1.6 -1.9 -1.2 -.2
Federal Reserve banks.................... 21.8 23.3 24.6 24.1 24.5 24.4 24.7 24.6 1.5 1.3 .4 -.1 .3 -.1
Other.................................... 88.9 106.6 109.7 110.6 111.8 110.0 108.5 108.4 17.7 3.1 1.2 -1.8 -1.5 -.1
Nonfinancial............................... 471.8 512.3 502.4 514.0 509.4 499.5 509.0 491.7 40.5 -9.9 -4.6 -9.9 9.5 -17.3
Manufacturing............................ 195.6 214.4 192.8 212.3 197.1 194.6 195.0 184.5 18.8 -21.6 -15.2 -2.5 .4 -10.5
Durable goods.......................... 97.2 107.3 108.3 107.5 100.8 104.5 109.4 118.7 10.1 1.0 -6.7 3.7 4.9 9.3
Primary metal industries............. 5.4 5.6 5.4 5.8 6.3 5.7 4.9 4.8 .2 -.2 .5 -.6 -.8 -.1
Fabricated metal products............ 14.2 15.5 15.0 15.7 12.6 15.5 17.5 14.6 1.3 -.5 -3.1 2.9 2.0 -2.9
Industrial machinery and equipment... 26.1 27.6 29.2 30.1 23.2 28.5 30.4 34.5 1.5 1.6 -6.9 5.3 1.9 4.1
Electronic and other electric
equipment........................... 20.1 24.8 21.8 24.0 21.9 19.8 20.5 25.0 4.7 -3.0 -2.1 -2.1 .7 4.5
Motor vehicles and equipment......... 2.4 3.8 5.8 2.1 6.2 4.9 4.6 7.3 1.4 2.0 4.1 -1.3 -.3 2.7
Other................................ 29.0 30.0 31.2 29.8 30.7 30.1 31.5 32.4 1.0 1.2 .9 -.6 1.4 .9
Nondurable goods....................... 98.5 107.1 84.5 104.8 96.2 90.2 85.6 65.8 8.6 -22.6 -8.6 -6.0 -4.6 -19.8
Food and kindred products............ 22.0 22.7 17.9 25.9 20.6 21.4 22.0 7.5 .7 -4.8 -5.3 .8 .6 -14.5
Chemicals and allied products........ 28.8 28.1 21.1 28.4 27.0 18.9 18.4 20.0 -.7 -7.0 -1.4 -8.1 -.5 1.6
Petroleum and coal products.......... 10.9 18.0 8.4 14.9 10.9 10.0 7.2 5.4 7.1 -9.6 -4.0 -.9 -2.8 -1.8
Other................................ 36.7 38.3 37.1 35.7 37.8 39.8 38.0 32.9 1.6 -1.2 2.1 2.0 -1.8 -5.1
Transportation and public utilities...... 92.7 88.4 90.4 88.6 91.7 87.5 92.7 89.7 -4.3 2.0 3.1 -4.2 5.2 -3.0
Transportation......................... 14.8 17.6 17.7 17.0 17.3 17.5 18.5 17.7 2.8 .1 .3 .2 1.0 -.8
Communications......................... 35.8 31.2 33.3 31.3 34.1 32.5 34.8 31.9 -4.6 2.1 2.8 -1.6 2.3 -2.9
Electric, gas, and sanitary services... 42.1 39.7 39.3 40.3 40.3 37.5 39.5 40.0 -2.4 -.4 .0 -2.8 2.0 .5
Wholesale trade.......................... 37.9 49.8 51.3 47.6 51.5 53.5 53.9 46.3 11.9 1.5 3.9 2.0 .4 -7.6
Retail trade............................. 51.8 61.2 67.2 62.2 67.4 67.4 67.1 66.8 9.4 6.0 5.2 .0 -.3 -.3
Other.................................... 93.8 98.5 100.7 103.4 101.8 96.5 100.2 104.4 4.7 2.2 -1.6 -5.3 3.7 4.2
Rest of the world............................ 96.4 99.0 95.7 92.0 98.6 97.3 89.9 96.8 2.6 -3.3 6.6 -1.3 -7.4 6.9
-------------------------------------------------------------------------------------------------------------------------------------------------------------
IVA Inventory valuation adjustment
CCAdj. Capital consumption adjustment
Table 12.--Gross Domestic Product of Nonfinancial Corporate Business
[Billions of dollars]
-----------------------------------------------------------------------------------------------------------------------------------
Seasonally adjusted at annual rates
---------------------------------------------------
1996 1997 1998 IV 97 I 98 II 98 III 98 IV 98
-----------------------------------------------------------------------------------------------------------------------------------
Billions of dollars
----------------------------------------------------------------------------------------
Gross domestic product of
nonfinancial corporate business....... 4,134.4 4,414.5 4,657.4 4,513.2 4,574.2 4,618.8 4,688.9 4,747.8
Consumption of fixed capital............... 393.4 415.4 435.3 424.4 428.5 433.1 437.4 442.3
Net domestic product....................... 3,741.0 3,999.1 4,222.1 4,088.8 4,145.7 4,185.7 4,251.4 4,305.5
Indirect business tax and nontax
liability plus business transfer
payments less subsidies................. 411.6 436.8 461.3 445.0 450.5 454.2 461.1 479.2
Domestic income.......................... 3,329.4 3,562.3 3,760.8 3,643.8 3,695.2 3,731.4 3,790.3 3,826.4
Compensation of employees.............. 2,679.7 2,871.2 3,066.6 2,952.6 3,002.3 3,043.1 3,086.3 3,134.6
Wage and salary accruals............. 2,240.7 2,416.6 2,592.9 2,494.2 2,534.5 2,571.4 2,610.7 2,654.9
Supplements to wages and salaries.... 439.0 454.6 473.7 458.4 467.8 471.7 475.6 479.7
Corporate profits with IVA and CCAdj... 548.5 594.2 598.7 599.3 599.3 593.2 607.5 594.8
Profits before tax................... 473.1 505.4 487.9 509.8 484.2 491.8 497.3 478.2
Profits tax liability.............. 151.5 169.8 160.4 170.1 159.7 162.1 163.8 156.1
Profits after tax.................. 321.5 335.6 327.4 339.6 324.5 329.6 333.5 322.1
Dividends........................ 217.1 229.3 249.6 239.6 237.3 254.3 247.3 259.3
Undistributed profits............ 104.4 106.3 77.9 100.1 87.2 75.3 86.2 62.8
Inventory valuation adjustment....... -1.2 6.9 14.5 4.3 25.3 7.8 11.7 13.4
Capital consumption adjustment....... 76.7 81.9 96.3 85.3 89.8 93.7 98.5 103.2
Net interest........................... 101.2 96.9 95.6 91.9 93.6 95.2 96.5 96.9
----------------------------------------------------------------------------------------
Billions of chained (1992) dollars
----------------------------------------------------------------------------------------
Gross domestic product of
nonfinancial corporate business\1\.... 3,914.8 4,154.4 4,388.8 4,247.5 4,309.2 4,352.0 4,417.2 4,477.0
Consumption of fixed capital\2\............ 374.3 394.6 422.4 402.1 409.3 417.7 426.6 436.0
Net domestic product\3\.................... 3,540.5 3,759.8 3,966.4 3,845.5 3,899.9 3,934.3 3,990.6 4,040.9
----------------------------------------------------------------------------------------
Dollars
----------------------------------------------------------------------------------------
Price, costs, and profits per unit
of real gross domestic product of
nonfinancial corporate business:
Price per unit of real gross
domestic product\4\..................... 1.056 1.063 1.061 1.063 1.061 1.061 1.062 1.060
Compensation of employees
(unit labor cost)....................... .685 .691 .699 .695 .697 .699 .699 .700
Unit nonlabor cost....................... .231 .228 .226 .227 .226 .226 .225 .228
Consumption of fixed capital........... .100 .100 .099 .100 .099 .100 .099 .099
Indirect business tax and nontax
liability plus business transfer
payments less subsidies............... .105 .105 .105 .105 .105 .104 .104 .107
Net interest........................... .026 .023 .022 .022 .022 .022 .022 .022
Corporate profits with IVA and CCADj.
(unit profits from current production).. .140 .143 .136 .141 .139 .136 .138 .133
Profits tax liability.................. .039 .041 .037 .040 .037 .037 .037 .035
Profits after tax with IVA and CCAdj... .101 .102 .100 .101 .102 .099 .100 .098
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1. Chained-dollar gross domestic product of nonfinancial corporate
business equals the current-dollar product deflated by the implicit
price deflator for goods and structures in gross domestic product.
2. Chained-dollar consumption of fixed capital of nonfinancial
corporate business is calculated as the product of the chain-type
quantity index and the 1992 current-dollar value of the corresponding
series, divided by 100.
3. Chained-dollar net domestic product of nonfinancial corporate
business is the difference between the gross product and the
consumption of fixed capital.
4. The deflator for gross domestic product of nonfinancial corporate
business divided by 100.
IVA Inventory valuation adjustment
CCAdj. Capital consumption adjustment
Appendix Table A.--Real Gross Domestic Product and Related Aggregates and Price Indexes: Percent Change From Preceding Period
[Percent; quarters seasonally adjusted at annual rates]
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1996 1997 1998r I 95 II 95 III 95 IV 95 I 96 II 96 III 96 IV 96 I 97 II 97 III 97 IV 97 I 98 II 98 III 98 IV 98r
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GDP and related aggregates:
GDP............................... 3.4 3.9 3.9 1.7 .4 3.3 2.8 3.3 6.1 2.1 4.2 4.2 4.0 4.2 3.0 5.5 1.8 3.7 6.0
Goods............................. 4.5 5.9 5.0 2.8 -3.0 4.9 5.9 3.7 7.1 4.3 3.8 8.7 6.0 5.4 3.8 12.0 -4.1 3.4 12.0
Services.......................... 2.4 2.6 3.1 1.4 3.6 2.4 .5 2.5 4.2 .9 3.9 1.1 3.5 3.4 2.6 1.4 5.6 3.4 2.4
Structures........................ 5.6 4.1 4.0 -.9 -4.6 3.0 3.9 7.1 13.4 .5 8.1 5.5 -1.6 4.5 1.7 5.3 4.5 6.2 4.8
Motor vehicle output.............. -.4 5.9 3.4 8.6 -13.3 -9.3 27.4 -31.6 54.8 -7.7 -9.1 13.2 -6.3 27.2 15.2 -8.6 -11.2 -11.2 87.7
GDP less motor vehicle output..... 3.6 3.9 3.9 1.5 1.0 3.8 1.9 5.0 4.6 2.5 4.8 3.9 4.4 3.4 2.5 6.1 2.3 4.2 3.8
Final sales of computers\1\....... 63.1 55.3 62.5 61.1 58.3 61.2 82.2 71.6 44.7 73.9 34.0 43.1 85.9 74.4 27.7 68.3 65.3 91.3 46.6
GDP less final sales of computers. 2.9 3.4 3.3 1.3 -.1 2.9 2.1 2.7 5.6 1.5 3.9 3.8 3.2 3.6 2.7 5.0 1.2 2.9 5.6
Farm product\2\................... 9.1 14.9 2.4 -27.5 -11.1 -27.0 21.6 30.7 10.8 1.9 14.9 36.4 13.6 13.6 -19.1 10.8 1.0 10.1 .5
Nonfarm business less housing
product\3\....................... 4.1 4.5 4.7 2.2 .4 5.2 3.2 4.2 6.6 2.2 5.0 4.5 4.5 4.9 4.1 7.1 1.7 4.0 7.5
Price indexes:
GDP............................... 1.9 1.9 1.0 2.5 2.0 1.9 2.0 2.2 1.4 1.8 1.6 2.8 1.7 1.2 1.1 .9 .9 1.0 .8
GDP less food and energy.......... 1.7 1.9 1.1 2.9 2.1 1.5 2.1 2.0 .8 1.9 2.0 2.7 1.8 1.0 1.2 1.2 .9 1.0 1.0
Gross domestic purchases.......... 1.8 1.6 .6 2.2 2.4 1.6 1.8 2.1 1.4 1.5 2.1 2.2 .9 1.1 1.0 -.2 .4 .7 .9
Gross domestic purchases less
food and energy.................. 1.5 1.6 .9 2.5 2.5 1.7 1.9 1.7 .6 1.5 1.6 2.2 1.7 .9 1.0 .7 .7 .7 1.1
Gross domestic purchases less
computers........................ 2.2 2.0 1.1 2.5 2.6 2.0 2.2 2.6 1.8 1.9 2.5 2.7 1.3 1.5 1.4 .4 1.0 1.3 1.4
Personal consumption expenditures. 2.0 1.9 .8 1.7 2.4 1.8 1.6 2.2 2.5 1.5 2.5 2.5 1.1 1.3 1.1 .0 .9 1.0 1.1
Personal consumption expenditures
less food and energy............. 1.8 1.8 1.2 2.0 2.5 2.0 1.8 1.6 1.7 1.3 1.9 2.4 2.2 1.0 1.0 1.1 1.3 1.1 1.3
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r revised
1. For some components of final sales of computers, includes
computer parts.
2. Farm output less intermediate goods and services purchased.
3. Consists of GDP less gross product of farm, of housing,
of households and institutions, and of general government.
See "Explanatory Note" at the end of the tables.
Explanatory Note: Measures of Output and Prices
This note describes the chain-type quantity and price indexes that, in combination with the current-dollar estimates, provide users with the basic data series from which all other analytical tables and presentations of GDP are derived.
Changes in current-dollar GDP measure changes in the market value of goods, services, and structures produced in the economy in a particular period. For many purposes, it is necessary to decompose these changes into quantity and price components. Prices are expressed as index numbers with the base period at present, the year 1992--equal to 100. Quantities, or "real" measures, are expressed as index numbers with the base period (1992) equal to 100. (The current-dollar values and price indexes for most GDP components are determined largely using data from federal government surveys. The real values (expressed with 1992 as the base period) of these components are calculated by deflation at the most detailed level for which all the required data are available by dividing the current-dollar value of the component by its price index, where the price index uses 1992 as the base period.)
The annual changes in quantities and prices are calculated using a Fisher formula that incorporates weights from two adjacent years. (Similar formulas are used to calculate the quarterly indexes for the most recent quarters, called the "tail" period and for the indexes for the other quarters, called the "historical period.") For example, the 1996-97 annual percent change in real GDP uses prices for 1996 and 1997 as weights, and the 1996-97 annual percent change in price uses quantities for 1996 and 1997 as weights. These annual changes are "chained" (multiplied) together to form time series of quantity and price. Because the Fisher formula allows for the effects of changes in relative prices and in the composition of output over time, the resulting quantity or price changes are not affected by the substitution bias associated with changes in quantities and prices calculated using a fixed-weighted formula. The Fisher formula also produces changes in quantities and prices that are not affected by the choice of base periods. In addition, because the changes in quantities and prices calculated in this way are symmetric, in general, the product of a quantity index and the corresponding price index equals the current-dollar index. (BEA also publishes a measure of the price level, known as the "implicit price deflator (IPD)," which is calculated as the ratio of current-dollar value to the corresponding chained-dollar value, multiplied by 100. The values of the IPD are very close to the values of the corresponding "chain-type" price index for all periods.)
Chain-type quantity and price indexes for GDP and its major components are presented in this release as index numbers in table 5 and in the form of percentage changes from the preceding period in tables 1, 4, 6A, and 6B. Contributions by major components to changes in real GDP are presented in table 2. BEA also prepares measures of real GDP and its components in a dollar-denominated form, designated "chained (1992) dollar estimates." For GDP and most other series, these estimates, which are presented in table 3, are computed by multiplying the 1992 current-dollar value by a corresponding quantity index number and then dividing by 100. For example, if a current-dollar GDP component equaled $100 in 1992 and if real output for this component increased 10 percent in 1993, then the chained (1992) dollar value of this component in 1993 would be $110 ($100 x 1.10).
For analyses of changes over time in an aggregate or in a component, the percentage changes calculated from the chained-dollar estimates and from the chain-type quantity indexes are the same; any differences will be small and due to rounding. However, because the relative prices used as weights for any period other than the base period differ from those used for the base period, the chained-dollar values for the detailed GDP components will not necessarily sum to the chained-dollar estimate of GDP or to any intermediate aggregate. A measure of the extent of such differences is provided by a "residual" line, which indicates the difference between GDP (or an other major aggregate) and the sum of the most detailed components in the table. For periods close to the base year, when there usually has not been much change in the relative prices that are used as weights for the chain-type index, the residuals tend to be small, and the chained (1992) dollar estimates can be used to approximate the contributions to growth and to aggregate the detailed estimates. As one moves further from the base period, the residual tends to become larger, and the chained-dollar estimates become less useful for analyses of contributions to growth. In particular, for components for which relative prices are changing rapidly, these calculations may be misleading even just a few years from the base year. In such cases, table 2 on contributions provides a better basis for determining the composition of GDP growth than the chained-dollar estimates.
References: "A Guide to the NIPA's," March 1998 Survey of Current Business (SCB) pp. 36-40. "BEA's Chain Indexes, Time Series, and Measures of Long-Term Economic Growth," May 1997 SCB, pp. 58-68.