News Release

FOR WIRE TRANSMISSION: 8:30 A.M. EDT, THURSDAY, JUNE 29, 2000
BEA 00-17

Gross Domestic Product, First Quarter 2000 "final" estimate




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Virginia H. Mannering:  (202) 606-5304   (GDP)                   BEA 00-17
Kenneth A. Petrick:           606-9738   (Profits) 
Recorded message:             606-5306

GROSS DOMESTIC PRODUCT: FIRST QUARTER 2000 (FINAL)
CORPORATE PROFITS: FIRST QUARTER 2000 (REVISED)

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 5.5 percent in the first quarter of 2000, according to revised estimates released by the Commerce Department's Bureau of Economic Analysis. In the fourth quarter, real GDP increased 7.3 percent.

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 5.4 percent (see "Revisions" on page 3).

The major contributors to the increase in real GDP in the first quarter were: Personal consumption expenditures (PCE) and nonresidential fixed investment. The contributions of these components were partially offset by the effects of imports, of inventory investment, and of defense spending.

 

Annual Revision of the National Income and Product Accounts

The annual revision of the national income and product accounts, covering the first quarter of 1997 through the first quarter of 2000, will be released along with the advance estimate of GDP for the second quarter of 2000 on July 28. An article describing the revision will appear in the August 2000 issue of the Survey of Current Business.

 


FOOTNOTE.--Quarterly estimates are expressed at seasonally adjusted annual rates, unless otherwise specified. Quarter-to-quarter dollar changes are differences between these published estimates. Percent changes are calculated from unrounded data and annualized. "Real" estimates are in chained (1996) dollars. Price indexes are chain-type measures.

The deceleration in real GDP in the first quarter primarily reflected downturns in inventory investment and in defense spending that more than offset accelerations in nonresidential fixed investment and in PCE.

The price index for gross domestic purchases, which measures prices paid by U.S. residents, increased 3.5 percent in the first quarter, 0.3 percentage point more than in the preliminary estimate; this index increased 2.3 percent in the fourth quarter. The upward revision primarily reflected upward revisions to prices of PCE for services. The fourth-to-first quarter acceleration in this price index also reflected the impact of a first-quarter pay raise for federal civilian and military personnel, which is treated as an increase in the price of employee services purchased by the federal government, and a sharp acceleration in energy prices. Excluding food and energy prices, as well as the federal pay raise, the price index for gross domestic purchases increased 2.1 percent in the first quarter, compared with an increase of 1.9 percent in the fourth.

Real personal consumption expenditures increased 7.7 percent in the first quarter, compared with an increase of 5.9 percent in the fourth. Real nonresidential fixed investment increased 23.7 percent, compared with an increase of 2.9 percent. Nonresidential structures increased 20.6 percent, in contrast to a decrease of 0.5 percent. Equipment and software increased 24.7 percent, compared with an increase of 4.0 percent. Real residential fixed investment increased 5.2 percent, compared with an increase of 1.8 percent.

Real exports of goods and services increased 6.2 percent in the first quarter, compared with an increase of 10.1 percent in the fourth. Real imports of goods and services increased 11.7 percent, compared with an increase of 8.7 percent.

Real federal government consumption expenditures and gross investment decreased 15.2 percent in the first quarter, in contrast to an increase of 14.7 percent in the fourth. National defense decreased 22.3 percent, in contrast to an increase of 17.2 percent. Nondefense decreased 1.2 percent, in contrast to an increase of 10.3 percent. Real state and local government consumption expenditures and gross investment increased 6.7 percent, compared with an increase of 6.4 percent.

The real change in private inventories subtracted 1.54 percentage points from the first-quarter change in real GDP, after adding 1.24 percentage points to the fourth-quarter change. Private businesses increased inventories $28.0 billion in the first quarter, following increases of $66.7 billion in the fourth quarter and $38.0 billion in the third.

Real final sales of domestic product -- GDP less change in private inventories -- increased 7.1 percent in the first quarter, compared with an increase of 6.0 percent in the fourth.

Gross domestic purchases

Real gross domestic purchases -- purchases by U.S. residents of goods and services wherever produced -- increased 6.2 percent in the first quarter, compared with an increase of 7.2 percent in the fourth.

Gross national product

Real gross national product -- the goods and services produced by the labor and property supplied by U.S. residents -- increased 5.8 percent in the first quarter, compared with an increase of 6.4 percent in the fourth. GNP includes, and GDP excludes, net receipts of 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 8.6 percent, or $199.1 billion, in the first quarter to a level of $9,707.0 billion. In the fourth quarter, current-dollar GDP increased 9.4 percent, or $210.1 billion.

Revisions

The final estimate of the first-quarter increase in real GDP is 0.1 percentage point, or $1.5 billion, higher than the preliminary estimate issued last month. The upward revision to the percentage change in real GDP primarily reflected an upward revision to PCE for durable goods ($3.5 billion), a downward revision to imports ($3.4 billion), and an upward revision to exports ($2.0 billion) that more than offset downward revisions to equipment and software ($4.1 billion) and to change in private inventories ($2.5 billion).


     
                                      Advance     Preliminary       Final
                                    (Percent change from preceding quarter)
                                
Real GDP............................... 5.4           5.4            5.5
Current-dollar GDP..................... 8.2           8.2            8.6
Gross domestic purchases price index... 3.2           3.2            3.5

 

Corporate Profits

Profits from current production (profits before tax with inventory valuation and capital consumption adjustments) increased $46.2 billion in the first quarter, according to revised estimates. In the fourth quarter, profits increased $35.3 billion. Current-production cash flow (net cash flow with inventory valuation and capital consumption adjustments) -- the internal funds available to corporations for investment -- increased $40.8 billion in the first quarter, compared with an increase of $20.9 billion in the fourth.

Domestic profits of financial corporations increased $1.7 billion in the first quarter, compared with an increase of $19.5 billion in the fourth.

Domestic profits of nonfinancial corporations increased $36.4 billion in the first quarter, compared with an increase of $26.3 billion in the fourth. In the first quarter, real gross corporate product increased and profits per unit of real product increased. The increase in unit profits reflected an increase in the prices corporations received and a small decrease in the unit labor costs they incurred.

The rest-of-the-world component of profits increased $8.3 billion in the first quarter, in contrast to a decrease of $10.6 billion in the fourth. This measure 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 first-quarter increase was accounted for by a larger increase in receipts than in payments.

The revised estimate of first-quarter corporate profits from current production is $11.7 billion higher than the preliminary estimate issued last month. The foreign component of profits (rest-of-the- world profits) was revised up $6.9 billion. Domestic profits of nonfinancial and financial corporations were revised up $3.8 billion and up $1.1 billion, respectively.

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 and nonfinancial corporations increased. Profit increases for nonfinancial corporations were widespread among major industry groups; the largest increase occurred in nondurable goods manufacturing and in retail trade.

Profits before tax increased $50.2 billion in the first quarter, compared with an increase of $32.5 billion in the fourth. 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 inventory withdrawals reported on an historical-cost basis to the replacement-cost measures used in the national income and product accounts. The capital consumption adjustment decreased $2.3 billion in the first quarter (from $58.0 billion to $55.7 billion), in contrast to an increase of $1.0 billion in the fourth. The inventory valuation adjustment decreased $1.8 billion (from -$24.9 billion to -$26.7 billion), in contrast to an increase of $1.8 billion.

Profits tax liability increased $15.1 billion in the first quarter, compared with an increase of $16.3 billion in the fourth. Profits after tax increased $35.2 billion, compared with an increase of $16.3 billion. Dividends increased $6.5 billion, compared with an increase of $6.2 billion; undistributed profits increased $28.7 billion, compared with an increase of $10.1 billion.

 

* * *

BEA's major national, international, regional, and industry estimates; the Survey of Current Business; and BEA news releases are available without charge on BEA's Web site:

 

<www.bea.doc.gov>

STAT-USA maintains an Internet site that contains BEA estimates, the Survey of Current Business, and BEA news releases. The information available through STAT-USA is often more detailed than that available from other sources. For information about STAT-USA, go to <www.stat-usa.gov>, or call (202) 482-1986. Subscriptions for single-user unlimited access to STAT-USA's Internet information are $50.00 for 3 months or $150.00 for 1 year.

Summary BEA estimates are available on recorded messages at the time of public release at the following telephone numbers:

              (202) 606-5306     Gross domestic product
                    606-5303     Personal income and outlays
                    606-5362     U.S. international transactions

Most of BEA's estimates and analyses appear in the Survey of Current Business, BEA's monthly journal. The printed Survey of Current Business is available from the Superintendent of Documents, U.S. Government Printing Office, Washington, DC 20402. First class mail: Annual subscription $120.00 domestic. Second class mail: Annual subscription $48.00 domestic, $60.00 foreign; single issue $17.25 domestic, $21.56 foreign.

 

* * *

 

Next release -- July 28, 2000, at 8:30 A.M. EDT for:
Annual revision (first quarter 1997 through first
quarter 2000) and advance estimate of gross
domestic product for the second quarter of 2000
                                    Table 1.--Real Gross Domestic Product and Related Measures: Percent Change From Preceding Period
                                                         [Percent; quarters seasonally adjusted at annual rates]
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                       1997   1998   1999  II 96 III 96  IV 96   I 97  II 97 III 97  IV 97   I 98  II 98 III 98  IV 98   I 99  II 99 III 99  IV 99   I 00r
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
       Gross domestic product (GDP).    4.2    4.3    4.2    6.8    2.0    4.6    4.5    4.9    3.8    3.0    6.9    2.2    3.8    5.9    3.7    1.9    5.7    7.3    5.5

Personal consumption expenditures...    3.4    4.9    5.3    4.3    1.9    2.9    4.4    1.5    6.4    3.3    5.8    6.1    4.0    4.6    6.5    5.1    4.9    5.9    7.7
  Durable goods.....................    6.6   11.3   11.5   13.0   -1.5    5.0   10.9   -1.5   20.2    5.0   16.9   11.2    4.1   20.4   12.4    9.1    7.7   13.0   24.3
  Nondurable goods..................    2.9    4.0    5.4    4.2    2.2    4.0    3.8    -.2    5.7     .3    5.8    6.7    2.4    5.0    8.9    3.3    3.6    7.6    5.8
  Services..........................    3.1    4.1    4.0    2.7    2.5    1.9    3.4    3.0    4.2    4.5    3.7    4.9    4.7    1.5    4.2    5.2    5.0    3.7    5.5

Gross private domestic investment...   11.5   11.7    5.8   22.5   16.5     .7   14.0   22.0    1.0    8.0   33.4   -4.7   10.4   11.5    3.6   -2.1   13.6   10.0    8.3
  Fixed investment..................    8.5   11.8    8.1   13.9    9.6    6.2    7.9    8.6   12.0    4.1   23.4   12.5    2.0   13.8    9.1    6.6    6.8    2.6   18.7
    Nonresidential..................   10.7   12.7    8.3   11.6   13.6   10.0    9.6    9.9   16.0    3.2   26.7   12.1     .0   15.3    7.8    7.0   10.9    2.9   23.7
      Structures....................    8.5    4.1   -2.4   10.5    7.5   23.0    8.0   -4.0   11.2    4.3    5.7    7.1   -6.6    5.8   -5.8   -5.3   -3.8    -.5   20.6
      Equipment and software........   11.5   15.8   12.0   12.0   15.7    5.9   10.1   15.2   17.7    2.8   34.7   13.8    2.4   18.6   12.5   11.2   15.7    4.0   24.7
    Residential.....................    2.3    9.2    7.4   20.6   -1.0   -4.1    3.0    4.7     .6    6.6   14.0   13.6    8.0    9.8   12.9    5.5   -3.8    1.8    5.2
  Change in private inventories.....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....

Net exports of goods and services...  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....
  Exports...........................   12.5    2.2    3.8    6.7    3.3   28.7    8.3   15.9   11.3    1.7   -1.5   -3.9   -1.6   16.3   -5.5    4.0   11.5   10.1    6.2
    Goods...........................   14.5    2.1    4.0    4.3    7.9   24.3   14.4   18.3   13.0    3.5   -2.8   -8.8    1.6   19.4   -9.3    4.3   16.9   11.1    6.0
    Services........................    7.6    2.5    3.2   12.9   -7.4   39.8   -4.9   10.4    7.2   -2.7    1.6    9.0   -8.5    9.2    4.1    3.2     .0    7.6    6.8
  Imports...........................   13.7   11.6   11.7   13.3   14.4    6.3   15.5   19.1   17.6    5.2   14.4   13.0    5.2   10.8   12.5   14.4   14.9    8.7   11.7
    Goods...........................   14.2   11.7   12.7   15.2   14.9    7.5   14.6   21.2   17.0    5.2   14.0   13.6    4.9   12.8   12.6   15.5   17.3    9.7   11.3
    Services........................   11.2   10.8    6.9    4.1   11.8     .0   20.6    8.6   20.7    5.3   16.7    9.7    6.4    1.6   11.9    8.9    3.6    3.4   13.5

Government consumption expenditures
 and gross investment...............    2.2    1.7    3.7    7.5   -2.3    2.4    1.5    5.6    1.6    -.1   -1.0    6.0    1.3    2.9    5.1    1.3    4.5    9.3   -1.5
  Federal...........................    -.2    -.9    2.8    8.6   -7.7   -1.4   -2.9    9.8   -1.4   -4.2   -9.8   11.9   -2.3    3.9    -.5    2.1    4.1   14.7  -15.2
    National defense................   -2.5   -1.9    1.8    7.7   -8.1   -2.4  -11.3    9.6    -.2   -2.4  -17.0   11.1    7.0   -2.9   -4.0   -2.6   11.2   17.2  -22.3
    Nondefense......................    4.5     .9    4.7   10.7   -6.9     .7   15.8   10.2   -3.6   -7.7    5.4   13.2  -17.4   17.9    6.1   10.9   -7.1   10.3   -1.2
  State and local...................    3.7    3.2    4.2    6.8    1.0    4.8    4.1    3.3    3.4    2.3    4.1    3.0    3.3    2.4    8.2     .9    4.8    6.4    6.7

Addenda:
  Final sales of domestic product...    3.8    4.3    4.5    5.5    1.0    5.5    3.5    2.9    5.6    2.4    5.2    5.1    2.4    6.3    4.6    3.4    4.5    6.0    7.1
  Gross domestic purchases..........    4.5    5.4    5.1    7.5    3.3    2.5    5.4    5.4    4.6    3.4    8.8    4.2    4.6    5.5    5.8    3.2    6.2    7.2    6.2
  Final sales to domestic
   purchasers.......................    4.0    5.4    5.5    6.3    2.3    3.3    4.4    3.3    6.4    2.8    7.2    7.1    3.2    5.8    6.7    4.7    5.1    5.9    7.8
  Gross national product (GNP)......    4.1    4.1    4.0    6.2    1.7    4.9    3.9    5.2    3.5    2.9    7.0    2.0    2.6    6.3    3.8    1.9    5.6    6.4    5.8
  Disposable personal income........    3.3    4.1    4.0    2.0    4.3    1.4    3.9    3.9    3.4    4.3    4.2    3.8    4.5    4.8    4.1    3.2    2.9    4.7    1.5

  Current-dollar measures:
    GDP.............................    6.2    5.5    5.7    8.3    4.0    6.4    7.4    6.7    5.2    4.3    7.7    3.4    5.4    7.0    5.7    3.3    6.8    9.4    8.6
    Final sales of domestic product.    5.8    5.5    6.0    7.0    2.9    7.3    6.4    4.7    7.0    3.7    6.3    6.3    3.8    7.2    6.7    4.8    5.7    8.1   10.4
    Gross domestic purchases........    6.2    6.2    6.7    9.0    5.0    4.7    7.8    6.1    5.8    4.6    8.6    5.1    5.8    6.6    7.5    5.2    8.1    9.6   10.0
    Final sales to domestic
     purchasers.....................    5.7    6.2    7.1    7.7    4.0    5.6    6.8    4.2    7.6    4.0    7.2    8.0    4.3    6.8    8.5    6.7    7.0    8.4   11.7
    GNP.............................    6.0    5.4    5.6    7.7    3.6    6.6    6.8    7.0    4.8    4.2    7.8    3.3    4.1    7.4    5.8    3.3    6.8    8.4    8.9
    Disposable personal income......    5.4    5.1    5.6    4.6    6.0    4.3    6.6    5.1    4.7    5.6    4.5    4.9    5.7    6.0    5.6    5.5    4.8    7.3    5.0
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
r revised
See "Explanatory Note" at the end of the tables.

                                                Table 2.--Contributions to Percent Change in Real Gross Domestic Product
                                                             [Quarters seasonally adjusted at annual rates]
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                       1997   1998   1999  II 96 III 96  IV 96   I 97  II 97 III 97  IV 97   I 98  II 98 III 98  IV 98   I 99  II 99 III 99  IV 99   I 00r
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
Percent change at annual rate:

    Gross domestic product..........    4.2    4.3    4.2    6.8    2.0    4.6    4.5    4.9    3.8    3.0    6.9    2.2    3.8    5.9    3.7    1.9    5.7    7.3    5.5

Percentage points at annual rates:

  Personal consumption expenditures.   2.30   3.25   3.45   2.95   1.25   1.94   2.93   1.05   4.16   2.17   3.89   4.00   2.67   3.14   4.28   3.36   3.33   4.07   5.18
    Durable goods...................    .51    .86    .81    .99   -.12    .39    .81   -.11   1.42    .38   1.24    .84    .33   1.51    .96    .71    .62   1.03   1.84
    Nondurable goods................    .59    .79   1.05    .86    .44    .79    .77   -.03   1.11    .06   1.15   1.28    .49    .98   1.69    .64    .73   1.51   1.17
    Services........................   1.20   1.59   1.59   1.10    .94    .76   1.34   1.19   1.63   1.73   1.51   1.88   1.85    .66   1.63   2.00   1.98   1.53   2.17

  Gross private domestic investment.   1.82   1.93    .99   3.26   2.50    .15   2.12   3.32    .17   1.30   5.04   -.85   1.74   1.94    .64   -.36   2.26   1.72   1.44
    Fixed investment................   1.31   1.86    .97   2.04   1.43    .95   1.19   1.30   1.80    .63   3.45   1.95    .34   2.20   1.49   1.10   1.16    .48   2.98
      Nonresidential................   1.22   1.49    .83   1.28   1.47   1.12   1.07   1.12   1.77    .38   2.91   1.42    .01   1.79    .95    .86   1.33    .39   2.75
        Structures..................    .25    .13   -.14    .29    .21    .61    .24   -.12    .32    .13    .18    .22   -.21    .18   -.18   -.16   -.11   -.01    .56
        Equipment and software......    .97   1.37    .96    .99   1.27    .51    .83   1.24   1.45    .24   2.73   1.21    .22   1.61   1.13   1.02   1.44    .40   2.19
      Residential...................    .09    .37    .15    .76   -.04   -.17    .12    .19    .03    .26    .54    .53    .33    .41    .54    .24   -.17    .09    .23
    Change in private inventories...    .50    .07    .01   1.22   1.07   -.80    .94   2.02  -1.63    .66   1.59  -2.80   1.40   -.26   -.85  -1.46   1.09   1.24  -1.54

  Net exports of goods and services.   -.28  -1.18  -1.09   -.82  -1.31   2.10   -.85   -.47   -.79   -.45  -1.93  -2.01   -.82    .33  -2.13  -1.35   -.73   -.12   -.91
    Exports.........................   1.37    .25    .48    .75    .36   2.86    .92   1.73   1.27    .20   -.16   -.45   -.17   1.67   -.61    .42   1.19   1.08    .68
      Goods.........................   1.12    .17    .37    .35    .61   1.75   1.09   1.39   1.03    .29   -.22   -.73    .12   1.38   -.74    .32   1.19    .83    .46
      Services......................    .25    .08    .10    .40   -.25   1.12   -.17    .34    .24   -.09    .06    .29   -.29    .29    .13    .10    .00    .24    .22
    Imports.........................  -1.65  -1.43  -1.57  -1.57  -1.66   -.76  -1.78  -2.20  -2.07   -.65  -1.77  -1.56   -.65  -1.34  -1.53  -1.77  -1.92  -1.20  -1.59
      Goods.........................  -1.43  -1.21  -1.43  -1.49  -1.44   -.76  -1.40  -2.03  -1.68   -.54  -1.44  -1.37   -.52  -1.30  -1.28  -1.59  -1.84  -1.12  -1.30
      Services......................   -.22   -.22   -.14   -.08   -.22    .00   -.38   -.17   -.39   -.11   -.33   -.20   -.13   -.04   -.24   -.19   -.08   -.08   -.29

  Government consumption
   expenditures and gross investment    .41    .31    .80   1.36   -.43    .45    .28   1.00    .30   -.01   -.16   1.03    .24    .53    .88    .23    .81   1.61   -.24
    Federal.........................   -.01   -.06    .28    .59   -.54   -.09   -.19    .62   -.09   -.28   -.64    .69   -.14    .24   -.03    .13    .26    .87  -1.01
      National defense..............   -.11   -.08    .19    .36   -.38   -.10   -.52    .40   -.01   -.10   -.76    .42    .27   -.12   -.16   -.10    .42    .65   -.98
      Nondefense....................    .10    .02    .10    .23   -.16    .02    .33    .23   -.08   -.18    .12    .28   -.41    .36    .13    .23   -.16    .22   -.03
    State and local.................    .42    .37    .52    .77    .11    .54    .47    .38    .39    .27    .48    .34    .38    .29    .91    .10    .55    .75    .77
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
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
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                               Billions of current dollars                                      Billions of chained (1996) dollars
                                  ------------------------------------------------------  -------------------------------------------------------------------------------
                                                        Seasonally adjusted                                    Seasonally adjusted                Change from preceding
                                                          at annual rates                                        at annual rates                          period
                                            --------------------------------------------          --------------------------------------------  -------------------------
                                       1999     I 99    II 99   III 99    IV 99     I 00r    1999     I 99    II 99   III 99    IV 99     I 00r    1999    IV 99     I 00r
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
   Gross domestic product (GDP)...  9,256.1  9,072.7  9,146.2  9,297.8  9,507.9  9,707.0  8,848.2  8,717.6  8,758.3  8,879.8  9,037.2  9,158.2    352.5    157.4    121.0

Personal consumption expenditures.  6,257.3  6,090.8  6,200.8  6,303.7  6,434.1  6,612.0  5,983.6  5,871.3  5,944.5  6,015.7  6,102.9  6,217.8    301.8     87.2    114.9

  Durable goods...................    758.6    739.0    751.6    761.8    782.1    821.8    815.7    788.8    806.1    821.2    846.7    894.1     84.2     25.5     47.4
    Motor vehicles and parts......    316.1    306.8    313.8    318.1    325.5    345.1    318.2    310.4    317.2    319.6    325.7    347.0     26.3      6.1     21.3
    Furniture and household
     equipment....................    290.5    283.8    287.3    292.0    298.9    309.8    341.9    326.7    335.5    346.0    359.4    375.6     44.5     13.4     16.2
    Other.........................    152.1    148.3    150.5    151.8    157.7    166.8    157.3    152.9    154.7    157.6    164.1    173.5     14.6      6.5      9.4

  Nondurable goods................  1,843.1  1,787.8  1,824.8  1,853.9  1,905.8  1,958.4  1,776.1  1,749.5  1,763.7  1,779.3  1,812.0  1,837.9     90.8     32.7     25.9
    Food..........................    904.1    885.4    893.4    903.9    933.8    946.7    851.8    839.5    844.6    850.0    873.1    879.9     31.2     23.1      6.8
    Clothing and shoes............    306.3    301.8    306.7    308.1    308.6    319.1    317.8    314.7    316.8    321.6    318.1    332.9     25.6     -3.5     14.8
    Gasoline, fuel oil, and
     other energy goods...........    138.7    120.1    136.3    144.6    153.6    169.8    144.3    142.9    143.9    144.5    146.0    141.7      2.2      1.5     -4.3
      Gasoline and oil............    123.8    106.5    121.7    129.3    137.7    150.7    128.3    127.1    127.5    128.2    130.4    126.4       .6      2.2     -4.0
      Fuel oil and coal...........     14.9     13.7     14.6     15.4     15.9     19.2     16.0     15.8     16.4     16.3     15.6     15.2      1.5      -.7      -.4
    Other.........................    494.0    480.5    488.4    497.3    509.8    522.7    462.2    452.6    458.6    463.5    474.1    484.1     31.6     10.6     10.0

  Services........................  3,655.6  3,564.0  3,624.3  3,688.0  3,746.2  3,831.8  3,400.1  3,339.8  3,382.3  3,423.4  3,454.7  3,501.2    132.1     31.3     46.5
    Housing.......................    902.5    885.6    897.3    907.6    919.6    932.9    826.0    818.4    823.1    828.5    834.1    839.2     20.4      5.6      5.1
    Household operation...........    362.2    356.2    360.3    366.8    365.3    371.6    359.5    354.0    358.8    364.4    361.0    366.6     15.2     -3.4      5.6
      Electricity and gas.........    130.2    128.3    129.4    133.8    129.3    132.6    132.3    131.1    132.2    135.4    130.2    133.1      2.7     -5.2      2.9
      Other household operation...    231.9    227.9    230.9    233.0    236.0    238.9    227.1    222.8    226.4    228.9    230.5    233.3     12.4      1.6      2.8
    Transportation................    255.0    250.3    254.0    256.5    259.1    263.4    241.0    237.7    239.9    242.4    243.9    245.7      6.8      1.5      1.8
    Medical care..................    941.3    922.5    933.0    948.1    961.7    978.1    876.9    865.6    872.0    880.9    889.1    896.2     22.5      8.2      7.1
    Recreation....................    246.2    233.1    241.0    252.1    258.7    269.3    228.0    218.4    225.0    232.4    236.3    243.3     19.2      3.9      7.0
    Other.........................    948.4    916.4    938.8    956.8    981.8  1,016.5    868.1    845.3    863.1    874.6    889.4    909.2     47.8     14.8     19.8

Gross private domestic investment.  1,622.7  1,594.3  1,585.4  1,635.0  1,675.8  1,715.1  1,637.7  1,608.2  1,599.8  1,651.6  1,691.4  1,725.6     90.3     39.8     34.2

  Fixed investment................  1,578.0  1,543.3  1,567.8  1,594.2  1,606.8  1,683.6  1,590.5  1,555.9  1,581.0  1,607.3  1,617.8  1,688.7    118.7     10.5     70.9
    Nonresidential................  1,166.7  1,139.9  1,155.4  1,181.6  1,190.0  1,257.1  1,215.8  1,182.7  1,202.9  1,234.3  1,243.2  1,311.3     93.3      8.9     68.1
      Structures..................    273.4    274.7    272.5    272.1    274.1    290.4    248.1    251.9    248.5    246.1    245.8    257.5     -6.0      -.3     11.7
        Nonresidential buildings,
         including farm...........    199.9    204.0    199.8    197.5    198.2    211.3    180.4    186.6    181.2    177.2    176.5    186.3     -4.2      -.7      9.8
        Utilities.................     39.5     39.2     39.1     39.9     39.6     40.9     38.2     38.1     38.0     38.5     38.0     38.8       .2      -.5       .8
        Mining exploration,
         shafts, and wells........     27.1     25.2     26.0     28.0     29.4     31.3     23.4     21.6     22.6     24.3     25.3     26.3     -2.0      1.0      1.0
        Other structures..........      6.9      6.4      7.6      6.8      6.8      6.9      6.4      6.0      7.1      6.3      6.2      6.3       .2      -.1       .1
      Equipment and software......    893.4    865.2    882.9    909.5    916.0    966.7    974.9    935.7    960.9    996.6  1,006.4  1,063.6    104.3      9.8     57.2
        Information processing
         equipment and software...    406.9    382.3    401.7    416.8    426.8    456.6    509.8    470.4    501.0    526.0    541.7    582.5     91.3     15.7     40.8
          Computers and
           peripheral equipment...     97.8     92.3     96.4    100.8    101.6    108.2    220.8    193.4    212.9    233.5    243.3    266.9     66.6      9.8     23.6
          Software................    143.5    135.5    140.7    145.8    152.0    159.9    149.3    141.6    147.0    152.0    156.6    163.4     20.1      4.6      6.8
          Other...................    165.6    154.5    164.6    170.2    173.2    188.6    169.9    157.8    168.4    174.7    178.6    194.8     22.8      3.9     16.2
        Industrial equipment......    152.0    147.9    149.3    153.0    157.9    164.2    149.0    145.0    146.6    150.0    154.3    160.3       .9      4.3      6.0
        Transportation equipment..    197.1    193.1    193.6    204.9    196.9    205.6    195.7    190.8    191.6    204.0    196.4    204.1     20.4     -7.6      7.7
        Other.....................    137.3    142.0    138.3    134.7    134.3    140.3    132.6    137.0    133.3    130.1    129.9    135.8       .3      -.2      5.9
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
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 (1996) dollars
                                  ------------------------------------------------------  -------------------------------------------------------------------------------
                                                        Seasonally adjusted                                    Seasonally adjusted                Change from preceding
                                                          at annual rates                                        at annual rates                          period
                                            --------------------------------------------          --------------------------------------------  -------------------------
                                       1999     I 99    II 99   III 99    IV 99     I 00r    1999     I 99    II 99   III 99    IV 99     I 00r    1999    IV 99     I 00r
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
    Residential...................    411.3    403.4    412.4    412.7    416.7    426.5    376.1    373.7    378.8    375.1    376.8    381.6     25.9      1.7      4.8
      Structures..................    402.4    394.6    403.6    403.6    407.7    417.1    367.0    364.8    369.7    365.9    367.5    372.1     25.2      1.6      4.6
        Single family.............    213.9    211.8    213.7    211.7    218.3    230.2    195.0    195.8    195.8    191.7    196.5    205.2     14.7      4.8      8.7
        Multifamily...............     27.7     27.7     27.5     27.8     27.6     29.0     22.9     23.3     22.9     22.9     22.6     23.6      1.1      -.3      1.0
        Other.....................    160.8    155.1    162.4    164.1    161.8    157.9    149.2    145.7    151.1    151.5    148.4    143.3      9.4     -3.1     -5.1
      Equipment...................      8.9      8.7      8.9      9.0      9.1      9.3      9.1      8.9      9.1      9.2      9.3      9.6       .7       .1       .3
  Change in private inventories...     44.6     51.0     17.6     40.8     69.1     31.5     42.2     50.1     14.0     38.0     66.7     28.0    -32.1     28.7    -38.7
    Farm..........................      3.4     10.1      4.8       .7     -2.2     -2.1      -.6      7.4       .9     -3.8     -6.7     -6.5     -1.5     -2.9       .2
    Nonfarm.......................     41.3     40.9     12.8     40.1     71.3     33.5     42.4     43.1     13.1     41.2     72.3     34.0    -30.8     31.1    -38.3
      Manufacturing...............       .4       .0     -7.8      1.6      7.8     11.2       .4       .0     -8.3      1.7      8.2     11.6    -24.7      6.5      3.4
      Wholesale trade.............     14.6      8.8     10.7     24.2     14.7     19.8     15.2      9.5     11.1     25.1     15.0     20.2     -8.2    -10.1      5.2
      Retail trade................     20.7     17.5      5.9     14.3     45.2     -2.5     20.5     17.5      5.9     14.1     44.4     -2.4      9.4     30.3    -46.8
      Other.......................      5.6     14.7      4.0       .0      3.6      5.0      5.9     15.7      4.1       .1      3.6      4.9     -8.0      3.5      1.3

Net exports of goods and services.   -253.9   -201.6   -245.8   -278.2   -290.1   -326.1   -323.0   -286.6   -321.1   -340.4   -344.1   -367.5   -105.4     -3.7    -23.4

  Exports.........................    998.3    966.9    978.2  1,008.5  1,039.5  1,060.5  1,042.3  1,014.3  1,024.3  1,052.6  1,078.2  1,094.6     37.7     25.6     16.4
    Goods.........................    699.0    674.3    680.5    708.8    732.3    745.3    751.9    726.4    734.1    763.3    783.7    795.2     29.1     20.4     11.5
      Foods, feeds, and beverages.     45.5     43.2     45.3     47.1     46.5     47.3     56.7     52.9     56.1     59.1     58.8     59.7      1.6      -.3       .9
      Industrial supplies and
       materials..................    142.0    133.6    137.0    142.6    154.8    159.3    153.0    147.1    150.1    152.7    162.1    163.5      1.5      9.4      1.4
      Capital goods, except
       automotive.................    311.2    301.7    299.5    319.3    324.2    325.3    341.7    329.6    328.4    352.1    356.7    359.5     17.2      4.6      2.8
      Automotive vehicles,
       engines, and parts.........     74.8     71.4     75.0     76.0     76.8     79.6     73.7     70.5     74.0     74.8     75.3     77.9      1.2       .5      2.6
      Consumer goods, except
       automotive.................     80.8     79.6     79.1     80.6     83.7     87.4     80.4     79.3     78.9     80.3     83.2     86.7      1.7      2.9      3.5
      Other.......................     44.7     44.8     44.5     43.2     46.3     46.5     46.8     46.9     46.8     45.3     48.1     48.2      5.9      2.8       .1
    Services......................    299.3    292.6    297.7    299.7    307.2    315.2    290.9    287.9    290.1    290.2    295.5    300.4      8.9      5.3      4.9

  Imports.........................  1,252.2  1,168.5  1,224.0  1,286.6  1,329.6  1,386.7  1,365.4  1,300.9  1,345.4  1,393.0  1,422.3  1,462.1    143.2     29.3     39.8
    Goods.........................  1,049.1    974.3  1,022.3  1,079.3  1,120.5  1,169.4  1,162.5  1,102.0  1,142.5  1,188.9  1,216.8  1,249.8    130.9     27.9     33.0
      Foods, feeds, and beverages.     43.6     41.7     43.8     44.2     44.8     44.8     46.1     43.7     46.0     47.2     47.6     47.5      3.9       .4      -.1
      Industrial supplies and
       materials, except
       petroleum and products.....    148.7    140.0    143.8    151.6    159.4    165.4    157.3    151.1    154.5    159.0    164.7    166.8      7.1      5.7      2.1
      Petroleum and products......     67.5     42.4     63.7     78.3     85.6    107.9     81.3     80.6     85.3     82.7     76.6     81.8      -.1     -6.1      5.2
      Capital goods, except
       automotive.................    296.8    279.1    291.7    302.2    314.2    323.8    378.7    347.5    370.5    390.0    406.9    420.9     50.4     16.9     14.0
      Automotive vehicles,
       engines, and parts.........    180.1    171.6    175.1    186.2    187.5    192.8    178.3    170.4    173.4    184.1    185.2    190.1     29.7      1.1      4.9
      Consumer goods, except
       automotive.................    239.9    229.2    232.8    243.0    254.3    261.9    247.8    235.7    240.8    251.6    263.1    271.8     25.5     11.5      8.7
      Other.......................     72.5     70.3     71.4     73.7     74.7     72.9     73.1     70.7     72.2     74.3     75.1     73.3     12.7       .8     -1.8
    Services......................    203.1    194.2    201.7    207.4    209.0    217.2    203.9    199.4    203.7    205.5    207.2    213.9     13.2      1.7      6.7
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
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 (1996) dollars
                                  ------------------------------------------------------  -------------------------------------------------------------------------------
                                                        Seasonally adjusted                                    Seasonally adjusted                Change from preceding
                                                          at annual rates                                        at annual rates                          period
                                            --------------------------------------------          --------------------------------------------  -------------------------
                                       1999     I 99    II 99   III 99    IV 99     I 00r    1999     I 99    II 99   III 99    IV 99     I 00r    1999    IV 99     I 00r
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
Government consumption
 expenditures and
 gross investment.................  1,630.1  1,589.1  1,605.9  1,637.2  1,688.0  1,706.1  1,534.1  1,513.4  1,518.3  1,535.3  1,569.6  1,563.8     55.3     34.3     -5.8

  Federal.........................    570.6    557.4    561.6    569.8    593.6    579.8    540.8    531.2    534.1    539.5    558.3    535.7     14.9     18.8    -22.6
    National defense..............    364.5    355.8    354.3    365.4    382.6    364.8    347.8    341.4    339.2    348.3    362.4    340.2      6.1     14.1    -22.2
      Consumption expenditures....    310.7    304.6    300.8    312.1    325.5    310.4    293.3    289.5    284.9    294.0    304.9    285.5      1.9     10.9    -19.4
      Gross investment............     53.8     51.2     53.5     53.4     57.1     54.3     54.7     52.1     54.6     54.5     57.8     55.1      4.4      3.3     -2.7
    Nondefense....................    206.1    201.6    207.3    204.4    211.1    215.0    192.9    189.7    194.7    191.1    195.9    195.3      8.7      4.8      -.6
      Consumption expenditures....    164.1    162.4    164.4    162.9    166.5    172.6    151.0    150.6    151.9    149.7    152.0    153.7      3.9      2.3      1.7
      Gross investment............     42.0     39.2     42.9     41.5     44.6     42.4     42.2     39.4     43.2     41.9     44.5     41.9      5.0      2.6     -2.6

  State and local.................  1,059.4  1,031.8  1,044.3  1,067.4  1,094.4  1,126.3    993.1    981.8    984.0    995.5  1,011.1  1,027.6     40.4     15.6     16.5
      Consumption expenditures....    857.4    832.4    848.4    866.5    882.4    902.7    800.0    789.3    796.2    803.8    810.7    817.6     26.1      6.9      6.9
      Gross investment............    202.0    199.4    195.8    200.8    212.0    223.6    193.2    192.7    187.8    191.7    200.7    210.5     14.4      9.0      9.8

Residual..........................    .....    .....    .....    .....    .....    .....    -39.1    -31.8    -32.6    -44.9    -47.1    -63.0    -24.7     -2.2    -15.9

Addenda:
  Final sales of domestic product.  9,211.5  9,021.6  9,128.6  9,257.0  9,438.8  9,675.6  8,800.5  8,665.0  8,737.5  8,835.0  8,964.6  9,120.1    379.7    129.6    155.5
  Gross domestic purchases........  9,510.0  9,274.2  9,392.0  9,575.9  9,798.0 10,033.2  9,151.2  8,988.8  9,059.5  9,197.8  9,358.6  9,500.6    446.4    160.8    142.0
  Final sales to domestic
   purchasers.....................  9,465.4  9,223.2  9,374.4  9,535.1  9,728.9 10,001.7  9,103.6  8,936.2  9,039.0  9,153.1  9,286.0  9,462.6    473.8    132.9    176.6

  Gross domestic product..........  9,256.1  9,072.7  9,146.2  9,297.8  9,507.9  9,707.0  8,848.2  8,717.6  8,758.3  8,879.8  9,037.2  9,158.2    352.5    157.4    121.0

  Plus: Income receipts from
   the rest of the world..........    302.3    283.8    296.1    307.7    321.7    341.3    291.8    276.0    286.6    296.5    308.2    324.4     12.6     11.7     16.2
  Less: Income payments to
   the rest of the world..........    322.3    298.2    310.4    323.2    357.3    371.3    309.2    288.5    298.8    309.4    340.1    350.0     22.3     30.7      9.9

  Equals: Gross national product..  9,236.2  9,058.2  9,131.9  9,282.3  9,472.3  9,677.0  8,830.8  8,705.1  8,746.0  8,866.8  9,005.2  9,132.4    343.0    138.4    127.2

  Net domestic product............  8,120.4  7,968.8  8,024.9  8,141.8  8,346.1  8,521.4  7,698.6  7,604.1  7,623.9  7,716.0  7,850.2  7,944.6    275.0    134.2     93.0
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
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]
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                       1997   1998   1999  II 96 III 96  IV 96   I 97  II 97 III 97  IV 97   I 98  II 98 III 98  IV 98   I 99  II 99 III 99  IV 99   I 00r
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
       Gross domestic product (GDP).    1.9    1.2    1.4    1.4    2.0    1.6    2.8    1.8    1.3    1.3     .9    1.1    1.3     .8    2.0    1.3    1.1    2.0    3.0

Personal consumption expenditures...    2.0     .9    1.6    2.6    1.6    2.8    2.6    1.1    1.3    1.2     .3    1.1    1.1    1.1    1.5    2.2    1.8    2.5    3.5
  Durable goods.....................   -2.2   -2.4   -2.6   -2.5   -1.4   -1.8   -1.1   -3.7   -3.3   -2.5   -1.5   -2.0   -2.3   -3.9   -2.8   -1.9   -2.0   -1.7   -1.9
  Nondurable goods..................    1.3     .0    2.3    3.6     .2    3.6    1.7    -.6     .6     .9   -1.4    -.2    1.2    1.3    1.6    5.1    2.8    3.8    5.4
  Services..........................    3.2    2.1    2.1    3.1    3.0    3.3    3.9    3.0    2.5    2.2    1.5    2.4    1.8    2.1    2.3    1.7    2.1    2.7    3.8

Gross private domestic investment...    -.2    -.9    -.2    -.8    1.1    -.3    -.3    -.6     .4    -.6   -2.2   -1.0    -.2    -.2     .1    -.4    -.3     .4    1.3
  Fixed investment..................    -.1    -.8     .0    -.8    1.0    -.1    -.2    -.3     .5    -.7   -1.9    -.9     .1    -.2     .3    -.1     .1     .5    1.5
    Nonresidential..................   -1.0   -1.8   -1.3   -1.7    -.2    -.8   -1.0   -1.1    -.7   -1.7   -2.6   -2.2   -1.4   -1.8    -.9   -1.4   -1.3     .0     .6
      Structures....................    4.1    3.1    2.6    2.2    4.2    3.4    4.3    4.6    5.3    3.9    1.0    2.8    3.6    3.5    1.3    2.2    3.4    3.5    4.6
      Equipment and software........   -2.6   -3.4   -2.5   -3.0   -1.7   -2.2   -2.8   -3.0   -2.7   -3.6   -3.8   -3.8   -2.9   -3.5   -1.6   -2.5   -2.7   -1.1    -.5
    Residential.....................    2.7    2.6    3.9    1.8    4.4    2.0    2.3    2.1    4.2    2.4     .3    3.0    4.4    4.5    4.0    3.6    4.1    2.2    4.2
  Change in private inventories.....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....

Net exports of goods and services...  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....
  Exports...........................   -1.5   -2.3    -.5   -1.2   -2.8   -3.8    -.8     .3   -1.2   -1.7   -4.2   -1.9   -3.0   -1.5    -.5     .7    1.3    2.6    2.0
    Goods...........................   -2.7   -3.1   -1.4   -1.9   -4.9   -6.5    -.8   -1.1   -1.3   -2.7   -4.6   -3.0   -4.2   -2.3   -1.4    -.6     .7    2.6    1.2
    Services........................    1.4    -.3    1.7     .3    2.6    3.0    -.6    3.8    -.9    1.0   -3.1     .8     .0     .6    1.5    3.8    2.7    2.6    3.8
  Imports...........................   -3.6   -5.3     .4   -1.8   -4.4     .6   -4.6   -7.3   -2.4   -2.5  -10.7   -4.0   -4.6    -.3   -3.0    5.2    6.2    4.9    6.0
    Goods...........................   -4.1   -5.9     .0   -2.4   -5.5     .2   -4.9   -8.7   -2.1   -2.6  -11.1   -5.6   -5.4   -1.2   -2.9    4.9    5.9    5.9    6.6
    Services........................    -.5   -2.2    2.4    1.4    1.5    2.5   -2.8     .6   -4.2   -2.0   -8.9    4.4    -.6    4.4   -3.3    6.7    8.0    -.2    2.8

Government consumption expenditures
 and gross investment...............    1.9    1.5    2.7   -1.4    2.5    1.9    3.2     .7    1.5    2.6     .9    1.4    1.9    1.3    3.8    2.9    3.3    3.4    5.9
  Federal...........................    1.3    1.1    3.0   -3.2    1.9    1.7    3.5     .2    -.2    1.5    2.0     .9     .4    1.4    8.6     .9    1.8    2.7    7.3
    National defense................    1.2     .8    2.7   -1.6    2.2    1.7    2.9    -.1    -.4    1.5    1.6    -.1     .9    1.0    7.6    1.0    1.8    2.5    6.4
    Nondefense......................    1.6    1.6    3.6   -6.4    1.4    1.6    4.9     .8     .2    1.6    2.7    2.6    -.4    2.1   10.4     .7    1.8    3.1    9.0
  State and local...................    2.2    1.8    2.5    -.3    2.8    2.1    3.1    1.0    2.5    3.2     .3    1.7    2.7    1.2    1.4    4.0    4.2    3.8    5.2

Addenda:
  Final sales of domestic product...    1.9    1.2    1.4    1.4    1.9    1.7    2.8    1.8    1.4    1.3    1.0    1.1    1.4     .8    2.1    1.4    1.1    2.0    3.1
  Gross domestic purchases..........    1.6     .7    1.5    1.3    1.7    2.1    2.3     .8    1.2    1.2    -.1     .8    1.0     .9    1.6    1.9    1.7    2.3    3.5
  Final sales to domestic
   purchasers.......................    1.6     .8    1.5    1.3    1.7    2.2    2.3     .8    1.2    1.2     .0     .8    1.1     .9    1.7    2.0    1.8    2.3    3.6
  Gross national product (GNP)......    1.9    1.2    1.4    1.4    1.9    1.6    2.7    1.7    1.3    1.3     .9    1.1    1.3     .9    2.0    1.3    1.1    1.9    3.0

  Implicit price deflators:
    GDP.............................    1.9    1.2    1.5    1.4    1.9    1.7    2.8    1.7    1.3    1.2     .8    1.2    1.5    1.0    2.0    1.4    1.1    1.9    3.0
    Gross domestic purchases........    1.6     .7    1.5    1.3    1.7    2.1    2.3     .7    1.1    1.1    -.2     .9    1.2    1.1    1.6    1.9    1.7    2.3    3.5
    GNP.............................    1.9    1.2    1.5    1.4    1.9    1.6    2.8    1.7    1.3    1.2     .8    1.2    1.5    1.0    2.0    1.4    1.1    1.9    3.0
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
r revised
See "Explanatory Note" at the end of the tables.

                                  Table 5.--Quantity and Price Indexes for Gross Domestic Product
                                                     [Index numbers, 1996=100]
-----------------------------------------------------------------------------------------------------------------------------------
                                                                                         Seasonally adjusted at annual rates
                                                                                ---------------------------------------------------
                                                  1997       1998       1999       I 99      II 99     III 99      IV 99       I 00r
-----------------------------------------------------------------------------------------------------------------------------------
        Gross domestic product:
          Chain-type quantity index........     104.25     108.74     113.25     111.58     112.10     113.65     115.67     117.22
          Chain-type price index...........     101.91     103.11     104.55     104.03     104.37     104.65     105.16     105.95
          Implicit price deflator..........     101.91     103.11     104.61     104.07     104.43     104.71     105.21     105.99

Personal consumption expenditures:
  Chain-type quantity index................     103.43     108.48     114.25     112.10     113.50     114.86     116.52     118.72
  Chain-type price index...................     101.98     102.93     104.57     103.74     104.32     104.79     105.43     106.34

  Durable goods:
    Chain-type quantity index..............     106.63     118.66     132.32     127.95     130.76     133.21     137.35     145.03
    Chain-type price index.................      97.79      95.45      93.00      93.67      93.22      92.75      92.35      91.90
  Nondurable goods:
    Chain-type quantity index..............     102.92     107.07     112.84     111.15     112.05     113.04     115.12     116.76
    Chain-type price index.................     101.35     101.40     103.76     102.19     103.47     104.20     105.18     106.56
  Services:
    Chain-type quantity index..............     103.06     107.26     111.59     109.61     111.01     112.36     113.38     114.91
    Chain-type price index.................     103.17     105.31     107.51     106.72     107.16     107.73     108.45     109.45

Private fixed investment:
  Chain-type quantity index................     108.52     121.37     131.15     128.30     130.37     132.54     133.40     139.25
  Chain-type price index...................      99.95      99.20      99.22      99.19      99.17      99.19      99.32      99.70

  Nonresidential:
    Chain-type quantity index..............     110.71     124.80     135.17     131.49     133.74     137.23     138.23     145.79
    Chain-type price index.................      99.04      97.22      95.97      96.38      96.04      95.72      95.71      95.87
  Residential:
    Chain-type quantity index..............     102.35     111.78     120.06     119.30     120.91     119.75     120.27     121.81
    Chain-type price index.................     102.68     105.30     109.40     107.97     108.93     110.04     110.65     111.80

Exports of goods and services:
  Chain-type quantity index................     112.46     114.92     119.24     116.03     117.17     120.42     123.34     125.22
  Chain-type price index...................      98.47      96.19      95.76      95.33      95.49      95.80      96.41      96.89
Imports of goods and services:
  Chain-type quantity index................     113.72     126.89     141.77     135.07     139.69     144.63     147.68     151.80
  Chain-type price index...................      96.45      91.31      91.64      89.81      90.96      92.35      93.46      94.83

Government consumption expenditures
 and gross investment:
  Chain-type quantity index................     102.24     104.00     107.89     106.43     106.78     107.97     110.39     109.98
  Chain-type price index...................     101.87     103.44     106.24     105.01     105.77     106.64     107.55     109.10

  Federal:
    Chain-type quantity index..............      99.84      98.94     101.73      99.94     100.46     101.49     105.02     100.77
    Chain-type price index.................     101.33     102.42     105.51     104.93     105.16     105.63     106.34     108.23
  State and local:
    Chain-type quantity index..............     103.66     107.00     111.54     110.27     110.51     111.81     113.56     115.42
    Chain-type price index.................     102.19     104.03     106.67     105.09     106.14     107.23     108.24     109.61

Addenda:

  Final sales of domestic product:
    Chain-type quantity index..............     103.76     108.19     113.07     111.33     112.26     113.51     115.18     117.18
    Chain-type price index.................     101.94     103.18     104.67     104.12     104.48     104.78     105.29     106.10
    Implicit price deflator................     101.94     103.18     104.67     104.12     104.48     104.78     105.29     106.09
  Gross domestic purchases:
    Chain-type quantity index..............     104.48     110.16     115.81     113.75     114.65     116.40     118.43     120.23
    Chain-type price index.................     101.61     102.35     103.86     103.13     103.62     104.06     104.65     105.56
    Implicit price deflator................     101.61     102.35     103.92     103.18     103.67     104.11     104.70     105.61
  Final sales to domestic purchasers:
    Chain-type quantity index..............     103.99     109.62     115.64     113.52     114.82     116.27     117.96     120.20
    Chain-type price index.................     101.64     102.42     103.97     103.22     103.72     104.18     104.78     105.70
    Implicit price deflator................     101.64     102.42     103.97     103.21     103.71     104.17     104.77     105.70
  Gross national product:
    Chain-type quantity index..............     104.08     108.38     112.76     111.16     111.68     113.22     114.99     116.62
    Chain-type price index.................     101.89     103.09     104.53     104.01     104.36     104.63     105.14     105.92
    Implicit price deflator................     101.89     103.09     104.59     104.06     104.41     104.69     105.19     105.96
-----------------------------------------------------------------------------------------------------------------------------------
r revised
See "Explanatory Note" at the end of the tables.

                                                     Table 6.--Real Gross Domestic Product: Historical Perspective
                                                                 [Percent change from preceding year]
-----------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                           1984    1985    1986    1987    1988    1989    1990    1991    1992    1993    1994    1995    1996    1997    1998    1999
-----------------------------------------------------------------------------------------------------------------------------------------------------------------------
       Gross domestic product (GDP)....     7.3     3.8     3.4     3.4     4.2     3.5     1.8     -.5     3.0     2.7     4.0     2.7     3.6     4.2     4.3     4.2

Personal consumption expenditures......     5.4     5.0     4.2     3.3     4.0     2.7     1.8     -.2     2.9     3.4     3.8     3.0     3.2     3.4     4.9     5.3
  Durable goods........................    14.6     9.9     9.1     1.7     5.8     2.1     -.9    -6.6     5.3     8.2     7.6     4.6     5.6     6.6    11.3    11.5
  Nondurable goods.....................     4.0     2.7     3.6     2.4     3.2     2.7     1.4     -.4     1.9     2.9     3.8     3.0     2.9     2.9     4.0     5.4
  Services.............................     4.2     5.2     3.3     4.3     4.1     2.8     2.8     1.4     2.9     2.7     3.0     2.7     2.8     3.1     4.1     4.0

Gross private domestic investment......    29.3     -.9     -.7     2.5     2.7     3.7    -3.1    -8.6     8.5     8.7    13.2     3.0     9.0    11.5    11.7     5.8
  Fixed investment.....................    16.8     5.3     1.2      .0     3.6     2.7    -1.8    -6.9     6.5     8.1     9.1     6.0     9.3     8.5    11.8     8.1
    Nonresidential.....................    17.6     6.7    -2.7     -.1     5.4     5.5      .7    -4.9     3.4     8.4     8.9     9.8    10.0    10.7    12.7     8.3
      Structures.......................    14.3     7.3   -10.8    -3.6     1.3     2.5     1.5   -11.0    -6.1      .8      .8     4.8     7.1     8.5     4.1    -2.4
      Equipment and software...........    19.5     6.4     2.0     1.7     7.5     7.0      .4    -2.0     7.4    11.3    11.9    11.5    11.0    11.5    15.8    12.0
    Residential........................    14.6     1.4    12.0      .2     -.5    -4.1    -8.6   -12.8    16.3     7.3     9.7    -3.6     7.4     2.3     9.2     7.4
  Change in private inventories........   .....   .....   .....   .....   .....   .....   .....   .....   .....   .....   .....   .....   .....   .....   .....   .....

Net exports of goods and services......   .....   .....   .....   .....   .....   .....   .....   .....   .....   .....   .....   .....   .....   .....   .....   .....
  Exports..............................     8.4     2.7     7.4    11.2    16.1    11.8     8.7     6.5     6.2     3.3     8.9    10.3     8.2    12.5     2.2     3.8
    Goods..............................     7.9     3.4     5.1    11.1    18.8    12.6     8.2     7.1     6.8     3.0     9.7    11.9     8.7    14.5     2.1     4.0
    Services...........................     9.7      .9    13.3    11.6     9.3     9.6    10.0     5.1     4.6     4.1     7.2     6.4     6.8     7.6     2.5     3.2
  Imports..............................    24.3     6.5     8.4     6.1     3.8     3.9     3.8     -.5     6.6     9.1    12.0     8.2     8.6    13.7    11.6    11.7
    Goods..............................    24.2     6.2    10.3     4.6     4.1     4.2     3.0     -.1     9.3    10.1    13.3     9.0     9.4    14.2    11.7    12.7
    Services...........................    25.1     7.6      .3    12.6     2.7     2.8     7.6    -2.3    -4.0     4.7     5.8     4.1     4.8    11.2    10.8     6.9

Government consumption expenditures
 and gross investment..................     3.5     6.5     5.4     3.0     1.2     2.8     3.3     1.2      .5     -.8      .1      .5     1.1     2.2     1.7     3.7
  Federal..............................     3.1     7.6     5.5     3.7    -1.8     1.3     2.0     -.3    -1.6    -3.9    -3.6    -2.7     -.9     -.2     -.9     2.8
    National defense...................     4.8     8.4     6.3     4.7     -.8     -.8      .0    -1.1    -4.9    -5.4    -4.8    -3.7    -1.3    -2.5    -1.9     1.8
    Nondefense.........................    -1.6     5.4     3.1      .5    -5.2     8.4     8.3     1.8     7.1     -.3    -1.0     -.5      .0     4.5      .9     4.7
  State and local......................     3.8     5.4     5.4     2.3     3.7     3.9     4.2     2.3     2.0     1.4     2.6     2.5     2.3     3.7     3.2     4.2

Addenda:
  Final sales of domestic product......     5.3     5.0     3.8     3.0     4.3     3.3     2.0     -.2     2.8     2.6     3.4     3.1     3.6     3.8     4.3     4.5
  Gross domestic purchases.............     8.7     4.2     3.6     3.1     3.2     2.9     1.4    -1.1     3.1     3.3     4.4     2.5     3.7     4.5     5.4     5.1
  Final sales to domestic purchasers...     6.8     5.3     3.9     2.7     3.4     2.7     1.6     -.9     2.8     3.2     3.8     3.0     3.7     4.0     5.4     5.5
  Gross national product...............     7.1     3.5     3.2     3.3     4.2     3.5     1.9     -.5     3.0     2.6     3.9     2.7     3.5     4.1     4.1     4.0
  Real disposable personal income......     7.7     3.3     3.2     2.1     4.4     2.6     2.2      .4     3.1     1.4     2.6     2.6     2.5     3.3     4.1     4.0
  Gross domestic purchases price
   index...............................     3.5     2.9     2.3     3.3     3.4     3.8     4.1     3.4     2.5     2.3     2.0     2.2     1.8     1.6      .7     1.5
  GDP price index......................     3.7     3.2     2.2     3.0     3.4     3.8     3.9     3.6     2.4     2.4     2.1     2.2     1.9     1.9     1.2     1.4
  Personal consumption expenditures
   price index.........................     3.7     3.5     2.4     3.8     3.9     4.4     4.6     3.8     3.1     2.4     2.0     2.3     2.1     2.0      .9     1.6
-----------------------------------------------------------------------------------------------------------------------------------------------------------------------

                                            Table 7.--Real Gross Domestic Product: Percent Change From Quarter One Year Ago
-----------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                          II 96  III 96   IV 96    I 97   II 97  III 97   IV 97    I 98   II 98  III 98   IV 98    I 99   II 99  III 99   IV 99    I 00r
-----------------------------------------------------------------------------------------------------------------------------------------------------------------------
       Gross domestic product (GDP)....     4.0     3.7     4.1     4.5     4.0     4.5     4.1     4.6     4.0     3.9     4.7     3.9     3.8     4.3     4.6     5.1

Personal consumption expenditures......     3.4     3.0     3.1     3.4     2.7     3.8     3.9     4.2     5.4     4.8     5.1     5.3     5.0     5.3     5.6     5.9
  Durable goods........................     7.5     4.6     5.0     6.7     3.1     8.4     8.4     9.8    13.2     9.2    13.0    11.9    11.4    12.3    10.5    13.3
  Nondurable goods.....................     2.9     3.1     3.2     3.6     2.4     3.3     2.4     2.8     4.6     3.8     5.0     5.7     4.9     5.2     5.8     5.1
  Services.............................     2.8     2.7     2.7     2.6     2.7     3.1     3.8     3.8     4.3     4.4     3.7     3.8     3.9     4.0     4.5     4.8

Gross private domestic investment......     9.3    14.5    11.4    13.2    13.0     9.1    11.0    15.4     8.5    11.0    11.9     5.0     5.7     6.5     6.1     7.3
  Fixed investment.....................     9.9    11.2    10.4     9.3     8.1     8.6     8.1    11.8    12.8    10.2    12.7     9.2     7.8     9.0     6.3     8.5
    Nonresidential.....................     9.1    11.9    12.1    11.2    10.8    11.3     9.6    13.6    14.2    10.1    13.1     8.6     7.4    10.2     7.1    10.9
      Structures.......................     4.9     6.9    12.8    12.1     8.2     9.1     4.7     4.2     7.1     2.5     2.9     -.1    -3.1    -2.4    -3.9     2.2
      Equipment and software...........    10.6    13.7    11.8    10.8    11.6    12.1    11.3    17.1    16.7    12.7    16.8    11.7    11.0    14.5    10.8    13.7
    Residential........................    12.2     9.3     5.6     4.2      .6     1.0     3.7     6.4     8.6    10.5    11.3    11.0     9.0     5.9     3.9     2.1
  Change in private inventories........   .....   .....   .....   .....   .....   .....   .....   .....   .....   .....   .....   .....   .....   .....   .....   .....

Net exports of goods and services......   .....   .....   .....   .....   .....   .....   .....   .....   .....   .....   .....   .....   .....   .....   .....   .....
  Exports..............................     9.0     5.5     9.8    11.3    13.7    15.8     9.2     6.6     1.7    -1.4     2.0     1.0     3.0     6.3     4.8     7.9
    Goods..............................     8.8     7.0    10.1    12.5    16.1    17.4    12.2     7.7      .9    -1.8     1.8      .1     3.5     7.2     5.3     9.5
    Services...........................     9.5     1.8     8.9     8.6     8.0    12.0     2.3     4.0     3.7     -.3     2.6     3.2     1.8     4.1     3.7     4.4
  Imports..............................     7.2    10.5    11.2    12.3    13.7    14.5    14.2    13.9    12.5     9.4    10.8    10.3    10.7    13.2    12.6    12.4
    Goods..............................     7.7    11.2    12.3    13.0    14.4    15.0    14.3    14.2    12.4     9.4    11.3    11.0    11.4    14.5    13.8    13.4
    Services...........................     4.7     6.9     5.3     8.9    10.0    12.1    13.6    12.7    12.9     9.4     8.5     7.3     7.1     6.4     6.9     7.3

Government consumption expenditures
 and gross investment..................     1.2      .8     2.7     2.2     1.8     2.8     2.2     1.5     1.6     1.5     2.3     3.8     2.6     3.5     5.0     3.3
  Federal..............................     -.8    -2.0     2.0    -1.0     -.7      .9      .2    -1.6    -1.2    -1.4      .6     3.1      .8     2.4     5.0      .8
    National defense...................    -1.1    -2.2      .8    -3.8    -3.3    -1.3    -1.3    -3.0    -2.6     -.9    -1.1     2.6     -.7      .2     5.1     -.4
    Nondefense.........................     -.1    -1.7     4.5     4.7     4.6     5.5     3.2      .8     1.5    -2.3     3.8     4.0     3.5     6.6     4.8     2.9
  State and local......................     2.4     2.5     3.0     4.2     3.3     3.9     3.3     3.3     3.2     3.2     3.2     4.2     3.7     4.0     5.0     4.7

Addenda:
  Final sales of domestic product......     4.1     3.2     3.9     3.9     3.2     4.4     3.6     4.0     4.6     3.8     4.7     4.6     4.1     4.7     4.6     5.3
  Gross domestic purchases.............     3.8     4.3     4.3     4.7     4.1     4.4     4.7     5.5     5.2     5.2     5.7     5.0     4.8     5.2     5.6     5.7
  Final sales to domestic purchasers...     3.9     3.8     4.1     4.1     3.3     4.4     4.2     4.9     5.9     5.1     5.8     5.7     5.1     5.6     5.6     5.9
  Gross national product...............     3.9     3.7     4.0     4.2     3.9     4.4     3.9     4.6     3.8     3.6     4.5     3.7     3.6     4.4     4.4     4.9
  Real disposable personal income......     2.5     2.9     2.6     2.9     3.4     3.2     3.9     3.9     3.9     4.2     4.3     4.3     4.1     3.7     3.7     3.1
  Gross domestic purchases price
   index...............................     1.7     1.8     1.9     1.8     1.7     1.6     1.3      .8      .8      .7      .7     1.1     1.4     1.5     1.9     2.4
  GDP price index......................     1.9     2.0     1.9     1.9     2.0     1.9     1.8     1.3     1.2     1.2     1.0     1.3     1.4     1.3     1.6     1.8
  Personal consumption expenditures
   price index.........................     2.1     2.1     2.3     2.4     2.0     1.9     1.6     1.0     1.0      .9      .9     1.2     1.5     1.7     2.0     2.4
-----------------------------------------------------------------------------------------------------------------------------------------------------------------------
r revised

                     Table 8.--Relation of Gross Domestic Product, Gross National Product, and National Income
                                                       [Billions of dollars]
-----------------------------------------------------------------------------------------------------------------------------------
                                                                                         Seasonally adjusted at annual rates
                                                                                ---------------------------------------------------
                                                  1997       1998       1999       I 99      II 99     III 99      IV 99       I 00r
-----------------------------------------------------------------------------------------------------------------------------------
Gross domestic product.....................    8,300.8    8,759.9    9,256.1    9,072.7    9,146.2    9,297.8    9,507.9    9,707.0

Plus: Income receipts from
 the rest of the world.....................      282.6      285.3      302.3      283.8      296.1      307.7      321.7      341.3
Less: Income payments to
 the rest of the world.....................      278.4      295.2      322.3      298.2      310.4      323.2      357.3      371.3

Equals: Gross national product.............    8,305.0    8,750.0    9,236.2    9,058.2    9,131.9    9,282.3    9,472.3    9,677.0

Less: Consumption of fixed capital.........    1,009.1    1,064.6    1,135.8    1,103.9    1,121.3    1,156.0    1,161.8    1,185.6
Less: Indirect business tax and
 nontax liability..........................      645.8      677.0      716.3      696.6      706.7      718.3      743.7      753.4
Less: Business transfer payments...........       36.9       38.1       39.4       38.8       39.3       39.5       40.0       40.6
Less: Statistical discrepancy..............       -3.2      -47.6     -125.1      -99.4     -135.5     -141.2     -124.5     -128.2
Plus: Subsidies less current
 surplus of government enterprises.........       19.0       20.8       26.5       21.0       27.9       17.3       39.7       22.7

Equals: National income....................    6,635.5    7,038.8    7,496.3    7,339.4    7,428.1    7,527.0    7,690.9    7,848.4

  Compensation of employees................    4,675.7    5,011.2    5,331.7    5,217.7    5,287.1    5,373.6    5,448.3    5,543.9
    Wage and salary accruals...............    3,884.7    4,189.5    4,472.3    4,371.5    4,432.6    4,509.4    4,575.6    4,657.9
    Supplements to wages and salaries......      791.0      821.7      859.4      846.2      854.5      864.2      872.7      886.1
  Proprietors' income with inventory
   valuation and capital consumption
   adjustments.............................      578.6      606.1      658.5      639.9      655.3      654.0      685.0      687.1
  Rental income of persons with
   capital consumption adjustment..........      130.2      137.4      145.9      148.6      148.8      139.0      147.3      146.1
  Corporate profits with inventory
   valuation and capital consumption
   adjustments.............................      838.5      848.4      892.7      886.9      880.5      884.1      919.4      965.6
  Net interest.............................      412.5      435.7      467.5      446.3      456.4      476.3      491.0      505.7

Addendum:
  Gross domestic income....................    8,303.9    8,807.5    9,381.3    9,172.0    9,281.7    9,439.0    9,632.4    9,835.3
-----------------------------------------------------------------------------------------------------------------------------------
r revised

                                           Table 9.--Personal Income and Its Disposition
                                                       [Billions of dollars]
-----------------------------------------------------------------------------------------------------------------------------------
                                                                                         Seasonally adjusted at annual rates
                                                                                ---------------------------------------------------
                                                  1997       1998       1999       I 99      II 99     III 99      IV 99       I 00r
-----------------------------------------------------------------------------------------------------------------------------------

Personal income\1\.........................    6,951.1    7,358.9    7,791.8    7,630.2    7,732.6    7,831.4    7,972.9    8,100.5

  Wage and salary disbursements............    3,888.9    4,186.0    4,472.3    4,371.5    4,432.6    4,509.4    4,575.6    4,657.9
  Other labor income.......................      500.9      515.7      535.8      528.0      533.0      538.5      543.7      550.3
  Proprietors' income with
   inventory valuation and capital
   consumption adjustments.................      578.6      606.1      658.5      639.9      655.3      654.0      685.0      687.1
    Farm...................................       29.5       25.1       31.3       32.5       34.1       21.0       37.6       23.9
    Nonfarm................................      549.1      581.0      627.3      607.5      621.2      633.0      647.4      663.2
  Rental income of persons with
   capital consumption adjustment..........      130.2      137.4      145.9      148.6      148.8      139.0      147.3      146.1
  Personal dividend income.................      333.4      348.3      364.3      356.1      361.2      367.0      373.1      379.6
  Personal interest income.................      854.9      897.8      931.3      907.4      920.5      938.8      958.5      979.4
  Transfer payments to persons.............      962.4      983.6    1,018.2    1,007.8    1,013.6    1,021.3    1,030.2    1,047.5

  Less: Personal contributions for
   social insurance........................      298.1      315.9      334.6      328.9      332.3      336.7      340.4      347.4

Less: Personal tax and nontax payments.....      968.3    1,072.6    1,152.1    1,124.8    1,139.4    1,160.4    1,183.8    1,227.6

Equals: Disposable personal income.........    5,982.8    6,286.2    6,639.7    6,505.4    6,593.2    6,671.0    6,789.1    6,872.9

Less: Personal outlays.....................    5,711.7    6,056.6    6,483.3    6,310.3    6,425.2    6,531.5    6,666.3    6,849.4

Equals: Personal saving....................      271.1      229.7      156.3      195.1      168.0      139.5      122.8       23.5

Addenda:
  Disposable personal income,
   billions of chained (1996) dollars\2\...    5,866.7    6,107.1    6,349.4    6,271.0    6,320.7    6,366.2    6,439.6    6,463.1
  Personal saving as a percentage of
   disposable personal income..............        4.5        3.7        2.4        3.0        2.5        2.1        1.8         .3
-----------------------------------------------------------------------------------------------------------------------------------
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                                 Percent change from preceding period
                                     ----------------------------------------------------------------  ------------------------------------------------------
                                                                       Seasonally adjusted                                       Quarterly        Quarter one
                                                                         at annual rates                                           rates             year ago
                                                              ---------------------------------------                 ------------------------------- -------
                                         1997    1998    1999    I 99   II 99  III 99   IV 99    I 00r   1998    1999   II 99  III 99   IV 99    I 00r   I 00r
-------------------------------------------------------------------------------------------------------------------------------------------------------------
Corporate profits with inventory
 valuation and capital consumption
 adjustments.........................   838.5   848.4   892.7   886.9   880.5   884.1   919.4   965.6     1.2     5.2     -.7      .4     4.0     5.0     8.9
  Profits before tax.................   795.9   781.9   848.5   818.1   835.8   853.8   886.3   936.5    -1.8     8.5     2.2     2.1     3.8     5.7    14.5
    Profits tax liability............   238.3   240.2   259.4   248.0   254.4   259.4   275.7   290.8      .8     8.0     2.6     2.0     6.3     5.5    17.2
    Profits after tax................   557.6   541.7   589.1   570.1   581.4   594.3   610.6   645.8    -2.9     8.8     2.0     2.2     2.7     5.8    13.3
      Dividends......................   333.7   348.6   364.7   356.4   361.5   367.3   373.5   380.0     4.5     4.6     1.4     1.6     1.7     1.7     6.6
      Undistributed profits..........   223.9   193.1   224.4   213.7   219.9   227.0   237.1   265.8   -13.8    16.2     2.9     3.2     4.4    12.1    24.4

  Inventory valuation adjustment.....     7.4    20.9   -13.0    13.3   -13.6   -26.7   -24.9   -26.7   .....   .....   .....   .....   .....   .....   .....

  Capital consumption adjustment.....    35.3    45.6    57.2    55.5    58.2    57.0    58.0    55.7    29.3    25.4     5.0    -2.1     1.7    -4.0      .4

Addenda:
  Corporate profits after tax with
   inventory valuation and capital
   consumption adjustments...........   600.2   608.2   633.3   638.9   626.0   624.7   643.6   674.8     1.3     4.1    -2.0     -.2     3.0     4.8     5.6

  Net cash flow with inventory
   valuation and capital
   consumption adjustments...........   845.3   876.5   929.7   923.4   916.7   929.0   949.9   990.7     3.7     6.1     -.7     1.3     2.2     4.3     7.3
    Undistributed profits with
     inventory valuation and capital
     consumption adjustments.........   266.6   259.6   268.6   282.5   264.5   257.4   270.1   294.8    -2.6     3.5    -6.4    -2.7     5.0     9.1     4.4
    Consumption of fixed capital.....   578.8   616.9   661.1   640.9   652.2   671.6   679.7   695.8     6.6     7.2     1.8     3.0     1.2     2.4     8.6

  Less: Inventory valuation
   adjustment........................     7.4    20.9   -13.0    13.3   -13.6   -26.7   -24.9   -26.7   .....   .....   .....   .....   .....   .....   .....

  Equals: Net cash flow..............   838.0   855.5   942.7   910.1   930.3   955.6   974.8 1,017.3     2.1    10.2     2.2     2.7     2.0     4.4    11.8
-------------------------------------------------------------------------------------------------------------------------------------------------------------
r revised

                                      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
                                                                      ---------------------------------------  ----------------------------------------------
                                                 1997    1998    1999    I 99   II 99  III 99   IV 99    I 00r   1998    1999   II 99  III 99   IV 99    I 00r
-------------------------------------------------------------------------------------------------------------------------------------------------------------
    Corporate profits with IVA and CCAdj.....   838.5   848.4   892.7   886.9   880.5   884.1   919.4   965.6     9.9    44.3    -6.4     3.6    35.3    46.2

Domestic industries..........................   730.4   748.4   789.4   782.6   777.1   776.0   821.9   859.8    18.0    41.0    -5.5    -1.1    45.9    37.9

  Financial..................................   167.3   171.7   186.6   185.4   177.6   182.0   201.5   203.2     4.4    14.9    -7.8     4.4    19.5     1.7
  Nonfinancial...............................   563.1   576.7   602.8   597.2   599.5   594.0   620.3   656.7    13.6    26.1     2.3    -5.5    26.3    36.4

Rest of the world............................   108.1   100.0   103.3   104.3   103.3   108.1    97.5   105.8    -8.1     3.3    -1.0     4.8   -10.6     8.3

  Receipts from the rest of the world........   159.7   148.4   166.2   157.0   164.1   169.5   174.0   187.0   -11.3    17.8     7.1     5.4     4.5    13.0
  Less: Payments to the rest of the world....    51.6    48.4    62.8    52.7    60.8    61.4    76.5    81.3    -3.2    14.4     8.1      .6    15.1     4.8

    Corporate profits with IVA...............   803.2   802.8   835.6   831.4   822.2   827.1   861.4   909.9     -.4    32.8    -9.2     4.9    34.3    48.5

Domestic industries..........................   695.1   702.8   732.2   727.1   718.9   719.0   763.9   804.1     7.7    29.4    -8.2      .1    44.9    40.2
  Financial..................................   184.2   191.3   208.1   205.3   198.3   203.9   224.9   228.4     7.1    16.8    -7.0     5.6    21.0     3.5
    Federal Reserve banks....................    23.3    24.6    25.6    24.3    24.5    25.5    28.1    29.3     1.3     1.0      .2     1.0     2.6     1.2
    Other....................................   160.9   166.7   182.5   180.9   173.7   178.4   196.8   199.1     5.8    15.8    -7.2     4.7    18.4     2.3

  Nonfinancial...............................   510.9   511.5   524.2   521.9   520.6   515.1   539.0   575.8      .6    12.7    -1.3    -5.5    23.9    36.8
    Manufacturing............................   185.6   168.4   165.6   171.0   167.8   163.1   160.3   179.6   -17.2    -2.8    -3.2    -4.7    -2.8    19.3
      Durable goods..........................    93.3    95.1    98.6   100.5   100.7    94.4    99.0    99.9     1.8     3.5      .2    -6.3     4.6      .9
        Primary metal industries.............     5.1     5.4      .9     1.7     1.2      .4      .5     2.0      .3    -4.5     -.5     -.8      .1     1.5
        Fabricated metal products............    16.7    17.3    18.9    19.4    19.0    19.4    17.6    19.1      .6     1.6     -.4      .4    -1.8     1.5
        Industrial machinery and equipment...    13.5    14.6    17.9    16.6    18.6    17.1    19.3    16.1     1.1     3.3     2.0    -1.5     2.2    -3.2
        Electronic and other electric
         equipment...........................    22.1    18.2    20.7    20.5    19.6    20.8    21.9    24.0    -3.9     2.5     -.9     1.2     1.1     2.1
        Motor vehicles and equipment.........     4.9     7.5    10.2    10.7    10.4     9.5    10.1    10.4     2.6     2.7     -.3     -.9      .6      .3
        Other................................    30.9    32.2    30.1    31.6    32.0    27.2    29.5    28.4     1.3    -2.1      .4    -4.8     2.3    -1.1

      Nondurable goods.......................    92.3    73.3    66.9    70.5    67.0    68.7    61.4    79.6   -19.0    -6.4    -3.5     1.7    -7.3    18.2
        Food and kindred products............    22.1    17.0    16.0    17.2    18.6    18.7     9.2    17.5    -5.1    -1.0     1.4      .1    -9.5     8.3
        Chemicals and allied products........    26.0    20.6    19.9    25.1    20.8    17.4    16.2    23.5    -5.4     -.7    -4.3    -3.4    -1.2     7.3
        Petroleum and coal products..........    16.0     8.3     1.5     -.9     -.3     3.6     3.7     6.3    -7.7    -6.8      .6     3.9      .1     2.6
        Other................................    28.2    27.3    29.6    29.0    28.0    29.0    32.2    32.3     -.9     2.3    -1.0     1.0     3.2      .1

    Transportation and public utilities......   104.7   109.0   116.3   111.9   107.9   117.3   128.0   132.1     4.3     7.3    -4.0     9.4    10.7     4.1
      Transportation.........................    18.5    19.4    18.1    18.3    17.2    17.7    19.3    18.1      .9    -1.3    -1.1      .5     1.6    -1.2
      Communications.........................    47.4    49.3    55.4    52.2    52.5    56.4    60.7    63.4     1.9     6.1      .3     3.9     4.3     2.7
      Electric, gas, and sanitary services...    38.8    40.2    42.7    41.5    38.2    43.2    48.0    50.6     1.4     2.5    -3.3     5.0     4.8     2.6

    Wholesale trade..........................    46.8    47.2    42.4    43.4    44.3    39.1    42.8    45.3      .4    -4.8      .9    -5.2     3.7     2.5
    Retail trade.............................    63.7    69.8    72.9    75.7    75.4    67.7    72.6    82.5     6.1     3.1     -.3    -7.7     4.9     9.9
    Other....................................   110.1   117.1   127.1   119.8   125.2   127.9   135.3   136.3     7.0    10.0     5.4     2.7     7.4     1.0

Rest of the world............................   108.1   100.0   103.3   104.3   103.3   108.1    97.5   105.8    -8.1     3.3    -1.0     4.8   -10.6     8.3
-------------------------------------------------------------------------------------------------------------------------------------------------------------
r revised
IVA    Inventory valuation adjustment
CCAdj. Capital consumption adjustment

                                    Table 12.--Gross Product of Nonfinancial Corporate Business
-----------------------------------------------------------------------------------------------------------------------------------
                                                                                         Seasonally adjusted at annual rates
                                                                                ---------------------------------------------------
                                                  1997       1998       1999       I 99      II 99     III 99      IV 99       I 00r
-----------------------------------------------------------------------------------------------------------------------------------
                                                                             Billions of dollars
                                           ----------------------------------------------------------------------------------------
    Gross product of nonfinancial
     corporate business....................    4,464.4    4,766.4    5,072.5    4,956.7    5,022.8    5,102.5    5,207.9    5,325.0

Consumption of fixed capital...............      490.9      520.6      554.7      539.0      547.5      563.8      568.5      580.8

Net product................................    3,973.5    4,245.9    4,517.8    4,417.6    4,475.3    4,538.8    4,639.4    4,744.2
  Indirect business tax and nontax
   liability plus business transfer
   payments less subsidies.................      430.7      455.3      484.4      470.5      477.6      484.5      504.9      512.1
  Domestic income..........................    3,542.8    3,790.6    4,033.4    3,947.2    3,997.7    4,054.3    4,134.5    4,232.1
    Compensation of employees..............    2,860.1    3,090.4    3,298.7    3,223.8    3,270.0    3,326.3    3,374.7    3,432.1
      Wage and salary accruals.............    2,408.4    2,618.7    2,805.2    2,737.9    2,779.4    2,830.1    2,873.6    2,923.3
      Supplements to wages and salaries....      451.7      471.7      493.5      486.0      490.7      496.2      501.1      508.8
    Corporate profits with IVA and CCAdj...      563.1      576.7      602.8      597.2      599.5      594.0      620.3      656.7
      Profits before tax...................      503.6      490.6      537.1      508.6      534.2      541.8      563.9      602.4
        Profits tax liability..............      158.8      152.5      167.6      157.9      166.9      169.3      176.1      189.1
        Profits after tax..................      344.7      338.1      369.6      350.6      367.3      372.5      387.8      413.3
          Dividends........................      219.8      245.4      259.7      241.5      267.9      264.6      264.8      269.7
          Undistributed profits............      124.9       92.7      109.9      109.1       99.4      108.0      123.1      143.6
      Inventory valuation adjustment.......        7.4       20.9      -13.0       13.3      -13.6      -26.7      -24.9      -26.7
      Capital consumption adjustment.......       52.2       65.2       78.6       75.4       78.8       78.8       81.3       80.9
    Net interest...........................      119.6      123.5      131.9      126.1      128.1      134.0      139.4      143.3
                                           ----------------------------------------------------------------------------------------
                                                                      Billions of chained (1996) dollars
                                           ----------------------------------------------------------------------------------------
    Gross product of nonfinancial
     corporate business....................    4,439.6    4,736.6    5,013.9    4,911.0    4,964.2    5,044.0    5,136.5    5,230.3
Consumption of fixed capital\1\............      493.7      530.0      577.1      554.1      566.9      587.3      600.0      616.2
Net product\2\.............................    3,945.8    4,206.6    4,436.9    4,356.9    4,397.4    4,456.7    4,536.5    4,614.1
                                           ----------------------------------------------------------------------------------------
                                                                                   Dollars
                                           ----------------------------------------------------------------------------------------
Price, costs, and profits per unit of
 real gross product of nonfinancial
 corporate business:

  Price per unit of real gross product
   of nonfinancial corporate business\3\...      1.006      1.006      1.012      1.009      1.012      1.012      1.014      1.018

  Compensation of employees
   (unit labor cost).......................       .644       .652       .658       .656       .659       .659       .657       .656

  Unit nonlabor cost.......................       .235       .232       .234       .232       .232       .235       .236       .236
    Consumption of fixed capital...........       .111       .110       .111       .110       .110       .112       .111       .111
    Indirect business tax and nontax
     liability plus business transfer
     payments less subsidies...............       .097       .096       .097       .096       .096       .096       .098       .098
    Net interest...........................       .027       .026       .026       .026       .026       .027       .027       .027

  Corporate profits with IVA and CCADj.
   (unit profits from current production)..       .127       .122       .120       .122       .121       .118       .121       .126
    Profits tax liability..................       .036       .032       .033       .032       .034       .034       .034       .036
    Profits after tax with IVA and CCAdj...       .091       .090       .087       .089       .087       .084       .086       .089
-----------------------------------------------------------------------------------------------------------------------------------
r revised
  1. Chained-dollar consumption of fixed capital of nonfinancial corporate
business is calculated as the product of the chain-type quantity index and the
1996 current-dollar value of the corresponding series, divided by 100.
  2. Chained-dollar net product of nonfinancial corporate business is the
difference between the gross product and the consumption of fixed capital.
  3. The deflator for gross 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]
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                       1997   1998   1999  II 96 III 96  IV 96   I 97  II 97 III 97  IV 97   I 98  II 98 III 98  IV 98   I 99  II 99 III 99  IV 99   I 00r
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
GDP and related aggregates:
  GDP...............................    4.2    4.3    4.2    6.8    2.0    4.6    4.5    4.9    3.8    3.0    6.9    2.2    3.8    5.9    3.7    1.9    5.7    7.3    5.5

  Goods.............................    6.4    6.0    5.4    9.0    4.7    4.2    8.8    7.9    4.9    3.7   14.0   -3.0    5.7   11.7    2.9     .5    9.5   11.5    7.8
  Services..........................    2.7    2.9    3.4    3.9     .4    4.6    1.3    3.6    3.0    2.6    1.6    5.1    2.7    2.2    3.1    3.7    4.4    4.8    2.7
  Structures........................    4.4    5.5    3.7   15.1     .6    6.7    5.6     .1    4.8    2.5    9.7    7.6    2.7    5.0   10.2   -2.8   -2.0    4.7   12.5

  Motor vehicle output..............    6.6    7.5    9.3   69.6   -2.4  -19.2   11.4    4.0   28.7   13.7   -4.4   -8.2    6.3   69.2  -20.7    8.4   26.2    5.1   -4.1
  GDP less motor vehicle output.....    4.2    4.2    4.0    5.0    2.2    5.6    4.2    4.9    3.0    2.6    7.3    2.6    3.7    4.1    4.7    1.6    5.0    7.4    5.8

  Final sales of computers\1\.......   45.4   53.9   44.1   36.6   45.4   33.0   56.1   51.2   53.6   19.9   66.8   62.2   77.5   44.4   31.6   44.2   53.2   15.4   87.0
  GDP less final sales of computers.    3.9    3.9    3.8    6.5    1.6    4.4    4.0    4.5    3.4    2.8    6.3    1.7    3.2    5.6    3.4    1.5    5.2    7.2    4.8

  Farm product\2\...................   12.0   -2.5   -1.2   14.5    -.1    4.3   28.2   11.0   18.6   -8.6   -9.1  -11.5    7.2    3.4   -4.8    5.9  -21.1   21.2    4.0

  Nonfarm business less housing
   product\3\.......................    5.1    5.3    4.8    7.7    2.4    5.8    5.1    5.9    4.6    4.1    8.7    2.4    4.5    7.4    4.1    1.9    6.9    8.6    6.3

Price indexes:
  GDP...............................    1.9    1.2    1.4    1.4    2.0    1.6    2.8    1.8    1.3    1.3     .9    1.1    1.3     .8    2.0    1.3    1.1    2.0    3.0
  GDP less food and energy..........    2.0    1.3    1.5     .8    2.1    2.0    2.7    1.9    1.2    1.4    1.0    1.3    1.4    1.0    1.9    1.4    1.2    2.2    2.5
  GDP less final sales of computers.    2.3    1.6    1.8    1.8    2.3    2.0    3.2    2.1    1.7    1.6    1.3    1.5    1.9    1.2    2.4    1.5    1.3    2.2    3.3

  Gross domestic purchases..........    1.6     .7    1.5    1.3    1.7    2.1    2.3     .8    1.2    1.2    -.1     .8    1.0     .9    1.6    1.9    1.7    2.3    3.5
  Gross domestic purchases less
   food and energy..................    1.6    1.0    1.3     .5    1.7    1.7    2.2    1.6    1.0    1.1     .6    1.1    1.2    1.1    1.7    1.2    1.2    1.9    2.5
  Gross domestic purchases less
   final sales of computers.........    2.0    1.2    1.9    1.8    2.0    2.5    2.7    1.1    1.6    1.5     .4    1.3    1.6    1.5    2.0    2.2    2.1    2.6    3.8

  Personal consumption expenditures.    2.0     .9    1.6    2.6    1.6    2.8    2.6    1.1    1.3    1.2     .3    1.1    1.1    1.1    1.5    2.2    1.8    2.5    3.5
  Personal consumption expenditures
   less food and energy.............    2.0    1.3    1.4    1.7    1.6    2.2    2.5    2.3    1.0    1.1    1.1    1.6    1.3    1.3    1.5    1.3    1.2    2.0    2.2
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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.