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Virginia H. Mannering: (202) 606-5304 (GDP) BEA 04-39
Kenneth A. Petrick: (202) 606-9738 (Profits)
Recorded message: (202) 606-5306
GROSS DOMESTIC PRODUCT: SECOND QUARTER 2004 (PRELIMINARY)
CORPORATE PROFITS: SECOND QUARTER 2004 (PRELIMINARY)
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 2.8 percent in the second quarter of 2004,
according to preliminary estimates released by the Bureau of Economic Analysis. In the first quarter,
real GDP increased 4.5 percent.
The GDP estimates released today are based on more complete source data than were available for
the advance estimates issued last month. In the advance estimates, the increase in real GDP was 3.0
percent (see "Revisions" on page 3).
The major contributors to the increase in real GDP in the second quarter were personal
consumption expenditures (PCE), equipment and software, residential fixed investment, private
inventory investment, and government spending. Imports, which are a subtraction in the calculation of
GDP, increased.
The deceleration in real GDP growth in the second quarter primarily reflected decelerations in
PCE and in private inventory investment and an acceleration in imports that were partly offset by
accelerations in residential fixed investment and in equipment and software and an upturn in
nonresidential structures.
Motor vehicle output subtracted 0.76 percentage point from the second-quarter change in real
GDP after contributing 0.30 percentage point to the first-quarter change.
The price index for gross domestic purchases, which measures prices paid by U.S. residents,
increased 3.5 percent in the second quarter, the same as the advance estimate; this index increased 3.4
percent in the first quarter. Excluding food and energy prices, the price index for gross domestic
purchases increased 2.5 percent in the second quarter, the same increase as in the first.
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 (2000)
dollars. Price indexes are chain-type measures.
This news release is available on BEA's Web site at <www.bea.gov/newsreleases/rels.htm>.
Real personal consumption expenditures increased 1.6 percent in the second quarter, compared
with an increase of 4.1 percent in the first. Real nonresidential fixed investment increased 12.1 percent,
compared with an increase of 4.2 percent. Nonresidential structures increased 7.1 percent, in contrast to
a decrease of 7.6 percent. Equipment and software increased 13.6 percent, compared with an increase of
8.0 percent. Real residential fixed investment increased 14.7 percent, compared with an increase of 5.0
percent.
Real exports of goods and services increased 6.1 percent in the second quarter, compared with an
increase of 7.3 percent in the first. Real imports of goods and services increased 14.1 percent, compared
with an increase of 10.6 percent.
Real federal government consumption expenditures and gross investment increased 2.7 percent in
the second quarter, compared with an increase of 7.1 percent in the first. National defense increased 1.9
percent, compared with an increase of 10.6 percent. Nondefense increased 4.5 percent, compared with
an increase of 0.2 percent. Real state and local government consumption expenditures and gross
investment increased 2.2 percent, compared with no change in the first.
The real change in private inventories added 0.66 percentage point to the second-quarter change in
real GDP, after adding 1.17 percentage points to the first-quarter change. Private businesses increased
inventories $57.7 billion in the second quarter, following increases of $40.0 billion in the first and $8.6
billion in the fourth quarter of 2003.
Real final sales of domestic product -- GDP less change in private inventories -- increased 2.1
percent in the second quarter, compared with an increase of 3.3 percent in the first.
Gross domestic purchases
Real gross domestic purchases -- purchases by U.S. residents of goods and services wherever
produced -- increased 4.0 percent in the second quarter, compared with an increase of 5.0 percent in the
first.
Gross national product
Real gross national product -- the goods and services produced by the labor and property supplied
by U.S. residents -- increased 1.4 percent in the second quarter, compared with an increase of 3.9 percent
in the first. GNP includes, and GDP excludes, net receipts of income from the rest of the world, which
decreased $37.6 billion in the second quarter after decreasing $13.4 billion in the first; in the second
quarter, receipts increased $3.0 billion, and payments increased $40.6 billion.
Current-dollar GDP
Current-dollar GDP -- the market value of the nation's output of goods and services -- increased
6.1 percent, or $170.5 billion, in the second quarter to a level of $11,643.1 billion. In the first quarter,
current-dollar GDP increased 7.4 percent, or $201.7 billion.
Revisions
The preliminary estimate of the second-quarter increase in real GDP is 0.2 percentage point, or
$6.6 billion, lower than the advance estimate issued last month. The downward revision to the percent
change in real GDP primarily reflected a downward revision to exports and an upward revision to
imports that were partly offset by upward revisions to PCE, to private inventory investment, and to
equipment and software.
Advance Preliminary
(Percent change from preceding quarter)
Real GDP............................... 3.0 2.8
Current-dollar GDP..................... 6.3 6.1
Gross domestic purchases price index... 3.5 3.5
Corporate Profits
Profits from current production (corporate profits with inventory valuation and capital
consumption adjustments) increased $1.6 billion in the second quarter. In the first quarter, profits
increased $36.5 billion. Current-production cash flow (net cash flow with inventory valuation and
capital consumption adjustments) -- the internal funds available to corporations for investment --
decreased $11.4 billion in the second quarter, in contrast to an increase of $5.9 billion in the first.
Taxes on corporate income increased $12.9 billion in the second quarter, compared with an
increase of $4.2 billion in the first. Profits after tax with inventory valuation and capital consumption
adjustments decreased $11.3 billion in the second quarter, after increasing $32.3 billion in the first.
Dividends increased $10.0 billion, compared with an increase of $7.0 billion; current-production
undistributed profits decreased $21.3 billion, in contrast to an increase of $25.3 billion.
Domestic profits increased $25.1 billion in the second quarter, compared with an increase of $47.0
billion in the first. Domestic profits of financial corporations decreased $3.6 billion in the second
quarter, in contrast to an increase of $19.8 billion in the first. Domestic profits of nonfinancial
corporations increased $28.7 billion in the second quarter, compared with an increase of $27.3 billion in
the first. In the second quarter, both real gross value added and profits per unit of real gross value added
increased. The second quarter increase in unit profits reflected a larger increase in the prices
corporations received than in the unit costs they incurred; unit labor costs increased while unit nonlabor
costs were unchanged.
The foreign component of profits (rest-of-the-world profits) decreased $23.5 billion in the second
quarter, compared with a decrease of $10.5 billion in the first. 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 second-quarter
decrease was accounted for by a large increase in payments and a small decrease in receipts.
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. This measure
reflects the depreciation-accounting practices used for federal income tax returns. According to this
measure, domestic profits of financial corporations decreased, and domestic profits of nonfinancial
corporations increased. Increases in profits of nonfinancial corporations were widespread among major
industry groups with the largest occurring in information and in durable goods manufacturing; only
utilities and retail trade decreased.
Profits before tax increased $18.0 billion in the second quarter, in contrast to a decrease of $3.8
billion in the first. 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 of fixed assets and inventory withdrawals reported on a tax-return, historical-cost basis to
the current-cost measures used in the national income and product accounts. The capital consumption
adjustment decreased $6.2 billion in the second quarter (from $240.2 billion to $234.0 billion), in
contrast to an increase of $53.0 billion in the first. The inventory valuation adjustment decreased $10.2
billion (from -$37.0 billion to -$47.2 billion), compared with a decrease of $12.7 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.gov>
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
(202) 606-5303 Personal income and outlays
(202) 606-5362 U.S. international transactions
Most of BEA's estimates and analyses are published in the Survey of Current Business, BEA's
monthly journal. Subscriptions and single copies of the printed Survey are for sale by the
Superintendent of Documents, U.S. Government Printing Office. Internet: <bookstore.gpo.gov>;
phone: 202-512-1800; fax: 202-512-2250; mail: Stop SSOP, Washington, DC 20402-0001.
* * *
Next release -- September 29, 2004, at 8:30 A.M. EDT for:
Gross Domestic Product: Second Quarter 2004 (Final)
Corporate Profits: Second Quarter 2004 (Revised)
Table 1.--Real Gross Domestic Product and Related Measures: Percent Change From Preceding Period
[Quarters seasonally adjusted at annual rates]
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
2001 2002 2003 III 00 IV 00 I 01 II 01 III 01 IV 01 I 02 II 02 III 02 IV 02 I 03 II 03 III 03 IV 03 I 04r II 04r
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
Gross domestic product (GDP). .8 1.9 3.0 -.5 2.1 -.5 1.2 -1.4 1.6 3.4 2.4 2.6 .7 1.9 4.1 7.4 4.2 4.5 2.8
Personal consumption expenditures... 2.5 3.1 3.3 3.9 3.4 1.7 1.0 1.8 7.0 1.8 2.8 2.9 2.5 2.7 3.9 5.0 3.6 4.1 1.6
Durable goods..................... 4.3 6.5 7.4 6.0 .7 6.7 -.3 3.1 37.4 -8.5 4.4 14.0 -2.4 -.1 20.6 16.5 3.9 2.2 .0
Nondurable goods.................. 2.0 2.6 3.7 2.3 3.7 .5 -.1 2.4 4.9 3.8 .8 -.6 5.3 5.0 1.6 6.9 5.1 6.7 .4
Services.......................... 2.4 2.6 2.2 4.3 3.9 1.1 1.8 1.2 2.3 3.3 3.5 2.4 2.2 2.1 1.8 1.9 2.8 3.3 2.5
Gross private domestic investment... -7.9 -2.4 4.4 -9.9 -2.3 -13.6 -7.6 -10.5 -22.7 16.8 .3 4.1 -.5 -.8 3.5 22.4 13.9 12.3 17.3
Fixed investment.................. -3.0 -4.9 5.1 -.6 .7 -2.6 -8.7 -4.5 -10.6 -4.3 -3.5 .2 -.8 2.4 10.9 18.0 10.5 4.5 13.0
Nonresidential.................. -4.2 -8.9 3.3 2.2 .9 -4.2 -13.6 -6.8 -13.3 -9.7 -9.6 -1.1 -3.2 -.1 11.8 15.7 11.0 4.2 12.1
Structures.................... -2.3 -17.8 -5.6 9.6 1.2 -8.3 -4.0 6.0 -33.2 -18.5 -22.6 -16.0 -6.6 -13.0 14.5 -1.3 7.9 -7.6 7.1
Equipment and software........ -4.9 -5.5 6.4 -.2 .8 -2.8 -16.9 -11.4 -4.2 -6.3 -4.5 4.6 -2.0 4.5 11.0 21.7 12.0 8.0 13.6
Residential..................... .4 4.8 8.8 -8.0 .4 2.2 5.6 1.8 -3.7 9.3 11.3 2.8 4.2 7.5 9.1 22.4 9.6 5.0 14.7
Change in private inventories..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... .....
Net exports of goods and services... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... .....
Exports........................... -5.4 -2.3 1.9 10.7 -2.7 -5.3 -12.7 -18.2 -10.8 4.7 11.0 3.1 -4.2 -1.5 -1.6 11.3 17.5 7.3 6.1
Goods........................... -6.1 -4.1 2.2 18.3 -5.4 -5.4 -17.1 -20.0 -8.8 -1.9 14.0 2.9 -10.2 4.0 -.8 10.1 16.1 9.1 5.0
Services........................ -3.7 1.8 1.4 -6.6 4.4 -5.0 -.7 -13.7 -15.3 21.7 4.5 3.5 10.5 -12.7 -3.4 14.1 20.6 3.4 8.7
Imports........................... -2.7 3.4 4.4 14.1 -1.6 -3.7 -12.6 -10.3 -3.4 12.5 11.4 5.4 9.6 -2.0 2.5 2.8 17.1 10.6 14.1
Goods........................... -3.2 3.7 4.7 14.1 -1.6 -3.4 -16.9 -8.6 -2.0 10.1 15.3 5.9 8.2 -1.8 5.1 .0 18.4 12.7 13.6
Services........................ -.3 1.9 3.1 14.1 -1.9 -5.0 12.8 -18.3 -10.4 24.7 -5.8 2.8 16.6 -2.6 -9.4 17.9 11.1 1.2 16.4
Government consumption expenditures
and gross investment............... 3.4 4.4 2.8 -2.1 1.3 5.3 7.9 -1.5 8.5 4.7 4.4 2.1 4.0 .2 7.2 .1 1.6 2.5 2.4
Federal........................... 3.9 7.5 6.6 -8.2 -1.0 8.1 9.1 .0 8.8 8.2 12.8 2.9 9.1 .3 22.1 -3.3 4.8 7.1 2.7
National defense................ 3.9 7.7 9.0 -7.4 1.7 7.0 4.3 2.4 12.5 5.8 11.5 3.4 13.5 -2.7 38.4 -7.7 11.6 10.6 1.9
Nondefense...................... 3.9 7.1 2.4 -9.7 -5.7 10.1 18.0 -3.9 2.3 12.6 15.0 1.9 1.6 6.2 -3.9 5.8 -7.5 .2 4.5
State and local................... 3.2 2.8 .7 1.3 2.5 4.0 7.2 -2.3 8.4 2.9 .3 1.7 1.4 .1 -.4 2.2 -.1 .0 2.2
Addenda:
Final sales of domestic product... 1.6 1.4 3.1 1.3 2.6 1.6 1.0 -.4 3.8 .3 1.8 2.0 .7 2.4 5.2 6.8 3.7 3.3 2.1
Gross domestic purchases.......... .9 2.5 3.3 .4 2.1 -.4 .7 -.8 2.2 4.4 2.8 2.9 2.4 1.7 4.4 6.4 4.7 5.0 4.0
Final sales to domestic
purchasers....................... 1.8 2.1 3.4 2.1 2.6 1.5 .5 .2 4.3 1.4 2.2 2.4 2.3 2.2 5.4 5.9 4.2 3.9 3.4
Gross national product (GNP)...... .8 1.7 3.3 -.7 3.0 -1.1 1.5 -2.5 3.9 1.4 2.1 3.0 1.4 1.7 4.4 7.6 5.5 3.9 1.4
Disposable personal income........ 1.9 3.1 2.3 5.2 .6 1.3 -1.7 11.5 -5.6 10.8 2.7 -1.7 .2 1.8 4.3 8.2 1.4 2.4 2.5
Current-dollar measures:
GDP............................. 3.2 3.5 4.9 1.6 3.8 2.8 4.4 .2 3.6 4.5 4.2 3.9 2.7 4.9 5.3 8.8 5.7 7.4 6.1
Final sales of domestic product. 4.1 3.1 5.1 3.2 4.5 4.9 4.2 1.2 5.5 1.7 3.3 3.7 2.7 5.3 6.3 8.4 5.4 6.1 5.4
Gross domestic purchases........ 2.9 4.0 5.4 2.9 3.7 2.2 3.0 .2 3.1 5.3 5.6 4.4 4.3 5.7 4.8 8.1 5.9 8.6 7.6
Final sales to domestic
purchasers..................... 3.8 3.6 5.5 4.5 4.4 4.3 2.8 1.2 4.9 2.6 4.7 4.2 4.3 6.0 5.8 7.7 5.7 7.4 7.0
GNP............................. 3.2 3.4 5.2 1.4 4.7 2.1 4.6 -.8 6.0 2.4 3.9 4.3 3.4 4.6 5.6 9.0 7.0 6.8 4.6
Disposable personal income...... 4.1 4.6 4.2 7.2 2.4 4.6 .8 12.1 -5.0 11.8 5.7 .2 1.5 5.1 5.0 9.9 2.6 5.8 5.7
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
r Revised. Revisions include changes to series affected by the
introduction of revised wage and salary estimates for the first
quarter of 2004.
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]
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
2001 2002 2003 III 00 IV 00 I 01 II 01 III 01 IV 01 I 02 II 02 III 02 IV 02 I 03 II 03 III 03 IV 03 I 04 II 04r
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
Percent change at annual rate:
Gross domestic product.......... .8 1.9 3.0 -.5 2.1 -.5 1.2 -1.4 1.6 3.4 2.4 2.6 .7 1.9 4.1 7.4 4.2 4.5 2.8
Percentage points at annual rates:
Personal consumption expenditures. 1.74 2.14 2.29 2.62 2.29 1.07 .67 1.20 4.71 1.32 1.98 2.02 1.74 1.84 2.72 3.58 2.50 2.90 1.11
Durable goods................... .37 .56 .63 .50 .06 .55 -.03 .26 2.81 -.79 .37 1.16 -.21 -.01 1.64 1.38 .33 .19 .00
Motor vehicles and parts...... .20 .22 .22 .28 .01 .36 -.17 .16 2.24 -1.34 .13 1.09 -.50 -.22 .86 .53 -.07 -.23 -.20
Furniture and household
equipment.................... .19 .26 .27 .19 .07 .23 .16 .15 .39 .41 .20 .04 .20 .07 .51 .62 .28 .32 .21
Other......................... -.01 .08 .15 .03 -.02 -.03 -.03 -.06 .18 .14 .04 .03 .08 .14 .27 .23 .12 .10 -.01
Nondurable goods................ .40 .51 .73 .44 .72 .09 -.03 .47 .95 .76 .15 -.12 1.03 .97 .31 1.38 1.01 1.33 .09
Food.......................... .15 .18 .37 .09 .14 .24 .05 .09 .18 .26 .29 -.02 .31 .62 .26 .57 .25 .77 .25
Clothing and shoes............ .06 .12 .12 .19 .04 -.06 .05 .04 .27 .25 -.01 -.12 .30 -.02 .23 .27 .11 .43 -.14
Gasoline, fuel oil, and other
energy goods................. .02 .02 .01 -.05 .25 .05 -.33 .11 .24 .00 -.14 -.01 .21 .01 -.29 .10 .33 -.04 -.29
Other......................... .17 .17 .23 .21 .29 -.14 .21 .23 .27 .24 .01 .03 .21 .37 .12 .43 .32 .17 .27
Services........................ .97 1.08 .93 1.67 1.51 .43 .73 .47 .95 1.36 1.46 .98 .93 .87 .77 .83 1.15 1.39 1.02
Housing....................... .28 .29 .15 .27 .28 .31 .28 .21 .26 .42 .33 .19 .13 .12 .11 .16 .09 .23 .21
Household operation........... .01 .03 .06 .16 .41 -.25 -.35 .03 -.15 .09 .24 .01 .16 .01 -.11 .08 .29 .13 -.17
Electricity and gas......... -.03 .04 .03 .07 .40 -.24 -.44 .00 -.07 .11 .19 .04 .19 -.04 -.19 .01 .25 .05 -.26
Other household operation... .03 -.01 .04 .08 .01 -.02 .09 .02 -.08 -.02 .05 -.03 -.03 .05 .08 .07 .04 .07 .09
Transportation................ -.03 -.08 -.02 -.01 .01 .05 -.06 -.22 -.17 .01 -.04 -.10 -.01 .05 -.07 -.02 -.01 .05 .07
Medical care.................. .50 .66 .46 .41 .42 .45 .49 .70 .67 .74 .63 .59 .55 .39 .40 .40 .36 .38 .57
Recreation.................... .07 .07 .09 .10 .04 .15 -.03 .02 .07 .13 .05 .04 .11 .08 .13 .07 .11 .17 .01
Other......................... .15 .11 .20 .75 .34 -.28 .39 -.25 .28 -.03 .24 .25 -.02 .23 .31 .15 .31 .43 .32
Gross private domestic investment. -1.39 -.37 .66 -1.84 -.36 -2.44 -1.28 -1.76 -3.95 2.34 .05 .61 -.06 -.10 .54 3.16 2.04 1.86 2.60
Fixed investment................ -.50 -.80 .76 -.10 .13 -.43 -1.51 -.75 -1.81 -.71 -.55 .02 -.13 .35 1.55 2.59 1.57 .69 1.95
Nonresidential................ -.52 -1.02 .33 .28 .11 -.52 -1.76 -.83 -1.63 -1.13 -1.06 -.12 -.33 -.01 1.10 1.50 1.07 .42 1.18
Structures.................. -.07 -.57 -.15 .29 .04 -.29 -.14 .19 -1.27 -.59 -.70 -.45 -.17 -.33 .32 -.03 .18 -.19 .16
Equipment and software...... -.44 -.45 .48 -.02 .07 -.24 -1.62 -1.02 -.35 -.53 -.36 .33 -.16 .32 .78 1.53 .89 .61 1.01
Information processing
equipment and software... -.08 -.18 .45 .33 .58 -.08 -.93 -.53 -.21 -.29 .04 .38 -.15 .59 .51 1.04 .61 .62 .53
Computers and peripheral
equipment.............. .02 .09 .24 .12 .06 .16 -.22 -.26 .19 .18 .03 .25 .08 .25 .30 .39 .25 .06 .22
Software................ -.02 -.10 .07 .02 .20 .01 -.30 -.07 -.19 -.14 -.03 .11 -.16 .12 .07 .28 .14 .24 .12
Other................... -.08 -.16 .14 .19 .32 -.25 -.42 -.20 -.21 -.33 .04 .02 -.08 .23 .14 .36 .22 .33 .18
Industrial equipment...... -.14 -.08 .00 .09 -.12 .01 -.48 -.27 -.21 .24 -.21 .02 -.05 .09 -.02 .04 -.06 .08 .03
Transportation equipment.. -.18 -.17 -.04 -.31 -.36 -.22 -.03 -.27 .26 -.39 -.38 -.09 .00 -.31 .25 .14 .14 -.20 .26
Other equipment........... -.04 -.02 .06 -.13 -.03 .05 -.19 .05 -.19 -.10 .18 .02 .04 -.06 .03 .31 .20 .10 .19
Residential................... .02 .22 .43 -.38 .02 .10 .25 .08 -.18 .42 .51 .13 .20 .36 .44 1.09 .50 .27 .77
Change in private inventories... -.88 .42 -.10 -1.74 -.49 -2.01 .23 -1.02 -2.14 3.05 .60 .59 .07 -.45 -1.01 .57 .47 1.17 .66
Farm.......................... .02 -.01 .02 -.36 .34 .00 -.28 .09 -.23 .37 -.47 .24 .02 .06 -.07 .06 .19 .06 -.10
Nonfarm....................... -.90 .44 -.12 -1.38 -.83 -2.01 .51 -1.11 -1.91 2.69 1.07 .36 .05 -.51 -.94 .52 .29 1.10 .75
Net exports of goods and services. -.20 -.70 -.43 -.87 -.07 -.04 .49 -.56 -.66 -1.10 -.46 -.43 -1.69 .14 -.50 .64 -.66 -.76 -1.37
Exports......................... -.60 -.24 .18 1.14 -.31 -.59 -1.45 -2.04 -1.11 .43 .99 .29 -.42 -.15 -.15 1.02 1.55 .70 .60
Goods......................... -.48 -.29 .14 1.36 -.45 -.43 -1.43 -1.60 -.63 -.13 .87 .19 -.72 .25 -.06 .64 1.00 .60 .34
Services...................... -.12 .05 .04 -.22 .14 -.16 -.02 -.44 -.48 .56 .13 .10 .30 -.40 -.10 .39 .56 .10 .25
Imports......................... .40 -.46 -.61 -2.01 .24 .56 1.94 1.48 .45 -1.53 -1.45 -.72 -1.27 .29 -.34 -.39 -2.22 -1.46 -1.96
Goods......................... .39 -.42 -.54 -1.70 .19 .43 2.23 1.02 .21 -1.04 -1.59 -.65 -.91 .22 -.58 .00 -1.96 -1.43 -1.58
Services...................... .01 -.04 -.07 -.32 .04 .12 -.28 .47 .25 -.49 .14 -.06 -.36 .06 .24 -.39 -.26 -.03 -.38
Government consumption expenditures
and gross investment............. .60 .79 .52 -.37 .22 .92 1.35 -.28 1.48 .85 .81 .40 .75 .05 1.35 .03 .31 .48 .45
Federal......................... .23 .46 .43 -.51 -.07 .46 .52 .00 .51 .49 .78 .19 .58 .04 1.40 -.23 .33 .48 .19
National defense.............. .15 .30 .38 -.29 .06 .25 .16 .09 .46 .23 .45 .14 .54 -.11 1.49 -.36 .50 .47 .09
Consumption expenditures.... .13 .25 .33 -.30 .11 .26 .06 .03 .45 .22 .29 .04 .63 -.16 1.39 -.40 .42 .29 .16
Gross investment............ .02 .06 .05 .01 -.05 -.01 .10 .06 .02 .00 .16 .11 -.09 .05 .10 .03 .09 .19 -.07
Nondefense.................... .08 .16 .06 -.22 -.13 .20 .36 -.09 .05 .27 .33 .05 .04 .15 -.09 .13 -.18 .00 .10
Consumption expenditures..... .08 .14 .05 -.13 -.06 .15 .26 .01 .04 .19 .23 .12 .07 .14 -.23 .23 -.18 -.01 -.02
Gross investment............. .00 .02 .01 -.09 -.07 .05 .10 -.10 .01 .07 .10 -.07 -.03 .00 .13 -.10 .01 .01 .12
State and local................. .37 .33 .09 .15 .29 .46 .83 -.28 .97 .36 .03 .21 .17 .02 -.05 .26 -.02 .00 .26
Consumption expenditures.... .24 .21 .07 .10 .21 .24 .24 .39 .38 .10 .16 .11 .14 .02 .04 .01 .08 .02 .00
Gross investment............ .13 .12 .02 .05 .08 .22 .59 -.67 .59 .26 -.13 .09 .02 .00 -.09 .25 -.10 -.02 .26
Addenda:
Goods........................... -.59 .41 1.41 -1.19 .10 -1.57 -.41 -1.89 .88 1.38 .31 1.54 -1.05 1.39 1.32 5.45 1.90 2.65 .61
Services........................ 1.30 1.69 1.35 .80 1.95 1.04 .98 .93 1.58 1.94 2.39 1.29 1.71 .54 2.11 .67 1.77 1.76 1.03
Structures...................... .04 -.24 .29 -.07 .03 .03 .66 -.44 -.87 .09 -.32 -.23 .08 .00 .67 1.29 .52 .07 1.15
Motor vehicle output............ -.17 .39 .19 -.73 -.47 -.69 1.03 -.20 .69 .25 .35 .62 .22 -.46 .11 .84 .11 .30 -.76
Final sales of computers........ .14 .08 .31 .10 .19 .42 -.13 -.21 .19 -.02 .10 .31 .23 .25 .28 .64 .26 .00 -.01
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
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 (2000) dollars
------------------------------------------------------ -------------------------------------------------------------------------------
Seasonally adjusted Seasonally adjusted Change from preceding
at annual rates at annual rates period
-------------------------------------------- -------------------------------------------- -------------------------
2003 II 03 III 03 IV 03 I 04 II 04r 2003 II 03 III 03 IV 03 I 04 II 04r 2003 I 04 II 04r
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
Gross domestic product....... 11,004.0 10,884.0 11,116.7 11,270.9 11,472.6 11,643.1 10,381.3 10,287.4 10,472.8 10,580.7 10,697.5 10,771.4 306.5 116.8 73.9
Personal consumption expenditures. 7,760.9 7,696.3 7,822.5 7,914.9 8,060.2 8,154.9 7,355.6 7,311.4 7,401.7 7,466.8 7,543.0 7,572.7 232.2 76.2 29.7
Durable goods................... 950.7 946.8 972.7 971.1 976.3 976.2 1,030.6 1,020.0 1,059.6 1,069.7 1,075.5 1,075.4 71.0 5.8 -.1
Motor vehicles and parts...... 440.1 442.4 452.5 444.1 438.4 433.4 452.1 451.3 465.6 463.5 456.7 450.5 23.4 -6.8 -6.2
Furniture and household
equipment.................... 328.0 323.9 333.3 338.0 345.0 348.4 393.5 385.2 405.0 414.6 425.6 433.1 32.8 11.0 7.5
Other......................... 182.6 180.5 186.9 189.0 193.0 194.3 186.5 184.4 190.5 194.0 196.9 196.7 15.6 2.9 -.2
Nondurable goods................ 2,200.1 2,163.6 2,219.2 2,250.1 2,316.6 2,356.4 2,112.4 2,090.1 2,125.3 2,152.0 2,187.3 2,189.8 75.0 35.3 2.5
Food.......................... 1,064.5 1,052.2 1,074.6 1,091.8 1,120.3 1,138.3 995.1 988.0 1,002.2 1,008.6 1,028.4 1,035.0 36.7 19.8 6.6
Clothing and shoes............ 307.2 303.6 311.0 314.4 325.0 323.2 330.2 327.1 334.9 338.2 351.2 346.8 13.5 13.0 -4.4
Gasoline, fuel oil, and other
energy goods................. 208.2 195.6 207.6 210.7 229.7 243.3 197.3 192.1 194.6 203.3 202.1 195.1 1.3 -1.2 -7.0
Other......................... 620.1 612.3 626.0 633.1 641.5 651.7 589.6 582.8 593.6 602.1 606.6 614.0 23.3 4.5 7.4
Services........................ 4,610.1 4,585.9 4,630.6 4,693.6 4,767.3 4,822.3 4,220.3 4,207.7 4,227.9 4,256.7 4,291.7 4,317.9 91.7 35.0 26.2
Housing....................... 1,188.4 1,182.7 1,193.4 1,202.8 1,215.4 1,232.7 1,076.1 1,074.3 1,078.1 1,080.3 1,086.0 1,091.5 14.1 5.7 5.5
Household operation........... 431.3 428.9 431.8 438.1 445.6 443.6 400.2 396.8 398.7 406.0 409.3 404.7 6.1 3.3 -4.6
Electricity and gas......... 167.3 166.3 166.7 171.2 175.7 170.3 147.2 144.5 144.7 150.6 151.9 145.4 2.5 1.3 -6.5
Other household operation... 264.0 262.6 265.0 266.8 270.0 273.3 253.0 252.3 254.2 255.2 257.1 259.7 3.6 1.9 2.6
Transportation................ 294.0 293.0 295.1 296.5 297.8 300.4 277.7 277.7 277.1 276.7 278.1 280.0 -2.2 1.4 1.9
Medical care.................. 1,301.1 1,290.5 1,312.1 1,334.0 1,356.8 1,380.2 1,184.3 1,179.7 1,189.3 1,198.3 1,207.9 1,222.5 45.0 9.6 14.6
Recreation.................... 317.2 315.5 319.0 323.4 330.8 333.0 290.3 289.6 291.2 294.1 298.3 298.5 8.8 4.2 .2
Other......................... 1,078.1 1,075.3 1,079.1 1,098.8 1,120.9 1,132.5 990.7 988.8 992.5 1,000.3 1,011.2 1,019.6 19.6 10.9 8.4
Gross private domestic investment. 1,665.8 1,611.1 1,696.6 1,758.8 1,819.7 1,913.1 1,628.8 1,577.6 1,659.4 1,714.1 1,764.5 1,836.2 68.1 50.4 71.7
Fixed investment................ 1,667.0 1,626.4 1,700.2 1,755.2 1,783.5 1,857.7 1,627.3 1,593.4 1,660.6 1,702.7 1,721.4 1,775.0 78.4 18.7 53.6
Nonresidential................ 1,094.7 1,072.7 1,113.3 1,146.3 1,158.8 1,197.7 1,110.8 1,090.6 1,131.1 1,161.0 1,173.0 1,207.0 35.2 12.0 34.0
Structures.................. 261.6 262.3 262.3 268.2 266.0 274.9 237.4 238.7 237.9 242.4 237.7 241.8 -14.2 -4.7 4.1
Equipment and software...... 833.1 810.4 851.1 878.1 892.8 922.8 879.2 856.7 899.7 925.6 943.7 974.4 52.7 18.1 30.7
Information processing
equipment and software... 431.2 419.3 442.8 454.7 468.5 481.2 492.4 475.7 507.1 526.6 547.0 564.8 52.8 20.4 17.8
Computers and peripheral
equipment.............. 95.3 91.5 99.7 104.5 104.4 108.8 ..... ..... ..... ..... ..... ..... ..... ..... .....
Software................ 165.8 162.8 169.1 170.5 176.8 180.1 171.2 166.8 174.6 178.5 185.6 189.3 7.6 7.1 3.7
Other................... 170.0 165.0 174.0 179.7 187.4 192.3 179.4 173.7 183.9 190.4 200.2 205.8 15.1 9.8 5.6
Industrial equipment...... 139.8 139.3 140.8 139.5 143.1 145.1 137.6 137.3 138.4 136.8 139.0 139.9 .2 2.2 .9
Transportation equipment.. 126.6 121.4 128.8 140.0 134.5 142.7 121.6 120.5 124.3 127.8 122.7 129.5 -4.0 -5.1 6.8
Other equipment........... 135.5 130.3 138.7 144.0 146.6 153.8 131.2 126.1 134.0 139.3 142.1 147.4 6.7 2.8 5.3
Residential................... 572.3 553.8 586.9 609.0 624.6 660.0 511.2 497.9 523.8 535.9 542.5 561.5 41.2 6.6 19.0
Change in private inventories... -1.2 -15.3 -3.7 3.5 36.2 55.4 -.8 -17.6 -3.5 8.6 40.0 57.7 -12.5 31.4 17.7
Farm.......................... .3 .9 -.9 -.9 1.0 -2.4 .3 -1.8 -.7 3.5 5.1 3.0 1.9 1.6 -2.1
Nonfarm....................... -1.5 -16.2 -2.8 4.5 35.2 57.7 -1.1 -15.7 -2.7 4.6 34.5 55.3 -14.6 29.9 20.8
Net exports of goods and services. -498.1 -497.6 -488.8 -502.8 -546.8 -599.6 -518.5 -525.2 -508.7 -528.3 -550.1 -588.7 -46.4 -21.8 -38.6
Exports......................... 1,046.2 1,018.1 1,047.7 1,099.2 1,134.3 1,164.5 1,031.8 1,006.5 1,033.8 1,076.2 1,095.4 1,111.9 19.5 19.2 16.5
Goods......................... 726.4 709.8 725.9 761.3 790.3 810.5 721.7 705.9 723.1 750.6 767.2 776.6 15.3 16.6 9.4
Services...................... 319.8 308.3 321.7 337.9 344.1 354.0 309.9 300.4 310.5 325.4 328.1 335.0 4.2 2.7 6.9
Imports......................... 1,544.3 1,515.7 1,536.4 1,602.0 1,681.2 1,764.1 1,550.3 1,531.7 1,542.5 1,604.5 1,645.5 1,700.6 65.9 41.0 55.1
Goods......................... 1,282.0 1,262.6 1,270.3 1,326.4 1,399.2 1,472.2 1,307.3 1,297.3 1,297.3 1,353.2 1,394.1 1,439.3 58.8 40.9 45.2
Services...................... 262.3 253.1 266.1 275.6 282.0 291.9 243.3 235.3 245.2 251.7 252.4 262.2 7.4 .7 9.8
Government consumption expenditures
and gross investment............. 2,075.5 2,074.2 2,086.4 2,100.0 2,139.5 2,174.6 1,909.4 1,915.3 1,916.0 1,923.7 1,935.8 1,947.4 51.5 12.1 11.6
Federal......................... 752.2 761.1 756.7 767.5 793.3 804.4 689.6 699.0 693.1 701.2 713.3 718.1 43.0 12.1 4.8
National defense.............. 496.4 506.7 498.1 513.6 534.1 541.3 451.8 462.3 453.1 465.7 477.6 479.9 37.2 11.9 2.3
Consumption expenditures.... 436.1 446.7 437.1 450.2 465.2 473.5 390.3 401.0 391.1 401.4 408.5 412.4 32.1 7.1 3.9
Gross investment............ 60.4 59.9 61.0 63.4 69.0 67.8 61.6 61.2 62.1 64.6 69.9 67.9 5.0 5.3 -2.0
Nondefense.................... 255.7 254.4 258.7 253.9 259.1 263.1 237.6 236.5 239.9 235.2 235.4 238.0 5.6 .2 2.6
Consumption expenditures.... 222.5 219.0 225.9 221.1 225.9 226.4 204.0 200.9 206.7 202.0 201.8 201.3 5.0 -.2 -.5
Gross investment............ 33.2 35.4 32.8 32.8 33.2 36.7 33.5 35.7 33.1 33.2 33.6 37.0 .6 .4 3.4
State and local................. 1,323.3 1,313.1 1,329.7 1,332.6 1,346.3 1,370.2 1,219.8 1,216.3 1,222.9 1,222.5 1,222.4 1,229.2 8.4 -.1 6.8
Consumption expenditures.... 1,058.5 1,051.8 1,061.0 1,066.3 1,079.8 1,091.6 969.0 968.6 968.8 970.9 971.5 971.4 6.8 .6 -.1
Gross investment............ 264.9 261.4 268.7 266.2 266.4 278.7 250.9 247.7 254.3 251.6 251.0 258.0 1.7 -.6 7.0
Residual.......................... ..... ..... ..... ..... ..... ..... -14.9 -8.2 -23.5 -26.7 -31.3 -35.7 ..... ..... .....
Addenda:
Final sales of domestic product. 11,005.3 10,899.3 11,120.4 11,267.4 11,436.4 11,587.7 10,379.9 10,302.5 10,473.9 10,569.6 10,655.8 10,712.3 316.7 86.2 56.5
Gross domestic purchases........ 11,502.2 11,381.6 11,605.5 11,773.7 12,019.4 12,242.7 10,895.7 10,808.1 10,978.3 11,104.3 11,241.9 11,352.7 351.1 137.6 110.8
Final sales to domestic
purchasers..................... 11,503.4 11,397.0 11,609.2 11,770.1 11,983.2 12,187.3 10,894.2 10,823.3 10,979.4 11,093.2 11,200.1 11,293.5 361.2 106.9 93.4
Gross domestic product.......... 11,004.0 10,884.0 11,116.7 11,270.9 11,472.6 11,643.1 10,381.3 10,287.4 10,472.8 10,580.7 10,697.5 10,771.4 306.5 116.8 73.9
Plus: Income receipts from
the rest of the world.......... 329.0 309.8 329.8 371.8 373.8 380.2 311.9 294.5 312.1 350.7 349.6 352.6 20.2 -1.1 3.0
Less: Income payments to
the rest of the world.......... 273.9 264.7 278.2 284.6 300.3 346.6 259.2 251.2 263.2 268.0 280.3 320.9 -5.7 12.3 40.6
Equals: Gross national product.. 11,059.2 10,929.0 11,168.3 11,358.1 11,546.1 11,676.6 10,433.9 10,330.8 10,521.7 10,663.3 10,766.7 10,803.0 332.2 103.4 36.3
Net domestic product............ 9,650.1 9,537.0 9,756.2 9,896.7 10,117.6 10,269.0 9,045.8 8,957.6 9,132.0 9,228.4 9,344.1 9,410.9 267.9 115.7 66.8
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
r Revised.
Note.--Users are cautioned that particularly for components that
exhibit rapid change in prices relative to other prices in the
economy, the chained-dollar estimates should not be used to measure
the component's relative importance or its contribution to the
growth rate of more aggregate series. 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.--Price Indexes for Gross Domestic Product and Related Measures: Percent Change From Preceding Period
[Quarters seasonally adjusted at annual rates]
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
2001 2002 2003 III 00 IV 00 I 01 II 01 III 01 IV 01 I 02 II 02 III 02 IV 02 I 03 II 03 III 03 IV 03 I 04 II 04r
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
Gross domestic product (GDP). 2.4 1.7 1.8 1.9 1.8 3.3 3.1 1.6 1.7 1.4 1.5 1.7 2.0 2.7 1.1 1.4 1.6 2.8 3.2
Personal consumption expenditures... 2.1 1.4 1.9 1.9 1.8 3.3 2.6 .6 .6 .9 2.9 2.0 1.4 3.2 .7 1.6 1.2 3.3 3.2
Durable goods..................... -1.9 -2.7 -3.4 -2.5 -1.0 -1.4 -3.1 -2.8 -1.6 -3.8 -2.5 -2.1 -2.8 -3.7 -3.8 -4.4 -4.3 .0 -.1
Nondurable goods.................. 1.5 .6 2.0 3.4 1.4 1.4 3.5 -.9 -4.0 .0 5.4 1.3 1.2 5.1 -2.2 3.5 .5 5.3 6.6
Services.......................... 3.3 2.7 3.0 2.1 2.6 5.3 3.4 2.0 3.3 2.3 2.8 3.2 2.4 3.8 3.1 2.0 2.7 3.0 2.2
Gross private domestic investment... 1.0 .2 1.1 1.9 .8 .0 1.5 2.1 .2 -1.0 -.1 -.5 2.6 1.4 -.1 1.2 2.7 2.1 4.3
Fixed investment.................. 1.0 .2 1.2 1.9 .9 -.3 1.8 2.2 .1 -1.1 -.1 -.4 2.7 1.9 -.3 1.2 2.8 2.0 4.2
Nonresidential.................. -.3 -.8 -.4 1.4 .0 -2.3 .6 .3 -1.0 -1.3 -1.1 -1.3 .6 -.5 -1.3 .3 1.2 .3 1.8
Structures.................... 5.4 2.4 2.1 4.5 5.0 6.0 6.5 6.6 2.1 .0 2.1 1.6 3.0 3.9 .0 1.3 1.4 4.8 6.6
Equipment and software........ -2.3 -1.9 -1.2 .4 -1.7 -5.1 -1.5 -2.0 -2.2 -1.7 -2.2 -2.2 -.1 -1.9 -1.7 .0 1.2 -1.1 .4
Residential..................... 4.6 2.5 4.4 3.2 3.4 5.5 5.0 6.9 2.8 -.8 2.1 1.6 7.1 6.8 1.7 3.1 5.8 5.4 8.6
Change in private inventories..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... .....
Net exports of goods and services... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... .....
Exports........................... -.4 -.4 2.1 .9 .4 .1 -1.3 -2.0 -3.5 -1.2 3.0 3.0 .4 4.1 1.0 .8 3.2 5.7 4.6
Goods........................... -.7 -.7 2.0 .3 .4 -.1 -1.6 -2.6 -3.8 -1.4 2.2 3.3 .5 3.5 1.6 -.6 4.2 6.4 5.4
Services........................ .4 .4 2.4 2.5 .6 .6 -.7 -.6 -2.8 -.6 4.8 2.4 .3 5.4 -.6 4.0 .9 4.0 3.0
Imports........................... -2.5 -1.2 3.4 4.2 .7 -3.0 -5.9 -5.3 -10.0 -1.9 10.5 3.4 .5 11.3 -4.3 2.6 .9 9.6 6.3
Goods........................... -3.0 -1.8 2.9 4.5 .8 -3.8 -6.6 -6.5 -11.3 -2.0 10.8 2.6 .4 12.0 -6.7 2.4 .4 9.9 7.9
Services........................ .1 1.7 5.9 2.5 .3 1.5 -2.2 1.2 -3.3 -1.2 8.8 7.7 .9 7.9 8.4 3.6 3.5 8.3 -1.3
Government consumption expenditures
and gross investment............... 2.5 2.7 3.2 4.5 2.7 3.1 1.8 1.6 1.1 4.2 3.1 2.7 3.3 7.4 -.5 2.2 1.0 5.1 4.2
Federal........................... 1.9 3.3 3.6 5.0 1.6 1.9 1.1 2.2 1.8 7.4 1.4 1.8 5.1 8.5 .3 1.1 1.0 6.6 2.9
National defense................ 2.0 3.4 4.2 3.6 .9 3.5 .7 2.5 .8 7.1 1.6 2.9 7.7 8.6 -.3 1.1 1.3 5.7 3.5
Nondefense...................... 1.7 3.1 2.6 7.5 2.7 -1.0 1.8 1.6 3.4 8.0 1.1 -.2 .5 8.2 1.4 1.0 .3 8.3 1.8
State and local................... 2.9 2.4 3.0 4.2 3.2 3.8 2.1 1.3 .8 2.5 4.0 3.2 2.4 6.8 -1.0 2.9 1.0 4.2 5.0
Addenda:
Final sales of domestic product... 2.4 1.7 1.8 1.9 1.8 3.3 3.2 1.6 1.7 1.3 1.5 1.7 2.0 2.8 1.1 1.4 1.6 2.7 3.2
Gross domestic purchases.......... 2.0 1.5 2.0 2.3 1.8 2.7 2.3 1.0 .6 1.2 2.5 1.8 1.9 3.7 .4 1.7 1.4 3.4 3.5
Final sales to domestic
purchasers....................... 2.0 1.5 2.0 2.3 1.8 2.7 2.3 1.0 .6 1.1 2.5 1.8 1.9 3.8 .3 1.7 1.4 3.4 3.5
Gross national product (GNP)...... 2.4 1.6 1.8 1.9 1.8 3.3 3.1 1.6 1.7 1.3 1.5 1.7 2.0 2.7 1.1 1.5 1.6 2.8 3.2
Implicit price deflators:
GDP............................. 2.4 1.7 1.8 2.1 1.6 3.3 3.1 1.7 2.0 1.0 1.8 1.3 2.0 2.9 1.1 1.3 1.4 2.7 3.2
Gross domestic purchases........ 2.0 1.5 2.0 2.5 1.6 2.7 2.2 1.1 .9 .8 2.8 1.4 1.9 3.9 .4 1.6 1.2 3.4 3.5
GNP............................. 2.4 1.6 1.8 2.1 1.6 3.2 3.1 1.7 2.0 1.0 1.8 1.3 2.0 2.9 1.1 1.3 1.4 2.7 3.2
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
r Revised.
See "Explanatory Note" at the end of the tables.
Table 5.--Real Gross Domestic Product, Quantity Indexes
[Index numbers, 2000=100]
-----------------------------------------------------------------------------------------------------------------------------------
Seasonally adjusted
---------------------------------------------------
2001 2002 2003 II 03 III 03 IV 03 I 04 II 04r
-----------------------------------------------------------------------------------------------------------------------------------
Gross domestic product............. 100.751 102.626 105.749 104.792 106.681 107.780 108.969 109.722
Personal consumption expenditures.......... 102.537 105.698 109.143 108.488 109.828 110.794 111.925 112.365
Durable goods............................ 104.327 111.150 119.378 118.146 122.733 123.902 124.572 124.569
Nondurable goods......................... 102.027 104.630 108.481 107.338 109.145 110.517 112.331 112.457
Services................................. 102.403 105.085 107.418 107.099 107.613 108.346 109.237 109.904
Gross private domestic investment.......... 92.103 89.928 93.852 90.902 95.616 98.771 101.672 105.802
Fixed investment......................... 97.047 92.253 96.924 94.902 98.904 101.412 102.529 105.718
Nonresidential......................... 95.817 87.302 90.157 88.518 91.802 94.235 95.204 97.965
Structures........................... 97.737 80.346 75.810 76.203 75.955 77.406 75.886 77.203
Equipment and software............... 95.136 89.947 95.679 93.235 97.917 100.735 102.699 106.036
Residential............................ 100.357 105.178 114.392 111.420 117.201 119.916 121.400 125.644
Change in private inventories............ ..... ..... ..... ..... ..... ..... ..... .....
Exports of goods and services.............. 94.565 92.343 94.116 91.813 94.300 98.170 99.924 101.424
Imports of goods and services.............. 97.291 100.585 105.048 103.792 104.522 108.725 111.504 115.233
Government consumption expenditures and
gross investment.......................... 103.412 107.918 110.906 111.251 111.290 111.738 112.443 113.115
Federal.................................. 103.908 111.725 119.140 120.765 119.751 121.154 123.249 124.078
State and local.......................... 103.162 105.999 106.739 106.432 107.006 106.968 106.965 107.556
Addenda:
Final sales of domestic product.......... 101.644 103.102 106.346 105.553 107.309 108.290 109.173 109.752
Gross domestic purchases................. 100.918 103.414 106.858 105.999 107.668 108.904 110.253 111.340
Final sales to domestic purchasers....... 101.781 103.876 107.438 106.739 108.279 109.401 110.455 111.376
Gross national product................... 100.788 102.494 105.865 104.818 106.755 108.192 109.241 109.609
-----------------------------------------------------------------------------------------------------------------------------------
r Revised.
See "Explanatory Note" at the end of the tables.
Table 6.--Price Indexes for Gross Domestic Product
[Index numbers, 2000=100]
-----------------------------------------------------------------------------------------------------------------------------------
Seasonally adjusted
---------------------------------------------------
2001 2002 2003 II 03 III 03 IV 03 I 04 II 04r
-----------------------------------------------------------------------------------------------------------------------------------
Gross domestic product............. 102.402 104.097 106.003 105.780 106.158 106.586 107.314 108.169
Personal consumption expenditures.......... 102.094 103.548 105.511 105.269 105.689 106.005 106.860 107.693
Durable goods............................ 98.114 95.475 92.244 92.787 91.757 90.747 90.741 90.726
Nondurable goods......................... 101.531 102.097 104.154 103.520 104.423 104.564 105.914 107.615
Services................................. 103.257 106.083 109.237 108.993 109.529 110.266 111.085 111.685
Gross private domestic investment.......... 101.013 101.221 102.304 101.969 102.276 102.968 103.514 104.615
Fixed investment......................... 101.023 101.232 102.435 102.085 102.401 103.101 103.618 104.679
Nonresidential......................... 99.683 98.909 98.546 98.354 98.431 98.729 98.793 99.234
Structures........................... 105.403 107.908 110.176 109.906 110.255 110.633 111.926 113.718
Equipment and software............... 97.708 95.868 94.754 94.585 94.588 94.862 94.611 94.709
Residential............................ 104.633 107.246 111.951 111.253 112.097 113.675 115.179 117.588
Change in private inventories............ ..... ..... ..... ..... ..... ..... ..... .....
Exports of goods and services.............. 99.624 99.275 101.395 101.160 101.355 102.146 103.565 104.745
Imports of goods and services.............. 97.497 96.326 99.615 98.959 99.606 99.837 102.163 103.733
Government consumption expenditures and
gross investment.......................... 102.544 105.313 108.702 108.299 108.898 109.167 110.522 111.670
Federal.................................. 101.907 105.288 109.081 108.892 109.181 109.447 111.203 112.013
State and local.......................... 102.868 105.317 108.485 107.959 108.736 109.007 110.131 111.476
Addenda:
Final sales of domestic product.......... 102.406 104.100 106.025 105.799 106.179 106.608 107.332 108.179
Gross domestic purchases................. 101.994 103.489 105.571 105.287 105.721 106.086 106.980 107.909
Final sales to domestic purchasers....... 101.998 103.491 105.592 105.305 105.741 106.107 106.997 107.919
Gross national product................... 102.399 104.087 105.997 105.772 106.156 106.579 107.308 108.164
Implicit price deflators:
Gross domestic product................. 102.399 104.092 105.998 105.799 106.148 106.523 107.246 108.093
Final sales of domestic product........ 102.407 104.100 106.025 105.793 106.173 106.601 107.325 108.172
Gross domestic purchases............... 101.992 103.484 105.566 105.306 105.713 106.028 106.916 107.839
Final sales to domestic purchasers..... 101.998 103.491 105.592 105.300 105.735 106.102 106.992 107.914
Gross national product................. 102.396 104.082 105.992 105.791 106.146 106.516 107.240 108.087
-----------------------------------------------------------------------------------------------------------------------------------
r Revised.
See "Explanatory Note" at the end of the tables.
Table 7.--Real Gross Domestic Product: Percent Change from Preceding Year
-----------------------------------------------------------------------------------------------------------------------------------------------------------------------
1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003
-----------------------------------------------------------------------------------------------------------------------------------------------------------------------
Gross domestic product (GDP).... 4.1 3.5 1.9 -.2 3.3 2.7 4.0 2.5 3.7 4.5 4.2 4.5 3.7 .8 1.9 3.0
Personal consumption expenditures...... 4.1 2.8 2.0 .2 3.3 3.3 3.7 2.7 3.4 3.8 5.0 5.1 4.7 2.5 3.1 3.3
Durable goods........................ 6.0 2.2 -.3 -5.6 5.9 7.8 8.4 4.4 7.8 8.6 11.3 11.7 7.3 4.3 6.5 7.4
Nondurable goods..................... 3.3 2.8 1.6 -.2 2.0 2.7 3.5 2.2 2.6 2.7 4.0 4.6 3.8 2.0 2.6 3.7
Services............................. 4.0 3.0 2.9 1.7 3.5 2.8 2.9 2.6 2.9 3.3 4.2 4.0 4.5 2.4 2.6 2.2
Gross private domestic investment...... 2.4 4.0 -3.4 -8.1 8.1 8.9 13.6 3.1 8.9 12.4 9.8 7.8 5.7 -7.9 -2.4 4.4
Fixed investment..................... 3.3 3.0 -2.1 -6.5 5.9 8.6 9.3 6.5 9.0 9.2 10.2 8.3 6.5 -3.0 -4.9 5.1
Nonresidential..................... 5.2 5.6 .5 -5.4 3.2 8.7 9.2 10.5 9.3 12.1 11.1 9.2 8.7 -4.2 -8.9 3.3
Structures....................... .6 2.0 1.5 -11.1 -6.0 -.7 1.8 6.4 5.6 7.3 5.1 -.4 6.8 -2.3 -17.8 -5.6
Equipment and software........... 7.5 7.3 .0 -2.6 7.3 12.5 11.9 12.0 10.6 13.8 13.3 12.7 9.4 -4.9 -5.5 6.4
Residential........................ -1.0 -3.0 -8.6 -9.6 13.8 8.2 9.6 -3.2 8.0 1.9 7.6 6.0 .8 .4 4.8 8.8
Change in private inventories........ ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... .....
Net exports of goods and services...... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... .....
Exports.............................. 16.0 11.5 9.0 6.6 6.9 3.2 8.7 10.1 8.4 11.9 2.4 4.3 8.7 -5.4 -2.3 1.9
Goods.............................. 18.8 11.9 8.4 6.9 7.5 3.3 9.7 11.7 8.8 14.3 2.2 3.8 11.2 -6.1 -4.1 2.2
Services........................... 9.0 10.3 10.5 6.0 5.5 3.2 6.3 6.3 7.2 5.9 2.9 5.6 2.9 -3.7 1.8 1.4
Imports.............................. 3.9 4.4 3.6 -.6 7.0 8.8 11.9 8.0 8.7 13.6 11.6 11.5 13.1 -2.7 3.4 4.4
Goods.............................. 4.0 4.3 3.0 -.1 9.3 10.1 13.3 9.0 9.3 14.4 11.7 12.4 13.5 -3.2 3.7 4.7
Services........................... 3.4 4.9 6.5 -2.6 -2.6 2.9 5.7 3.3 5.5 9.4 11.4 6.9 11.1 -.3 1.9 3.1
Government consumption expenditures
and gross investment.................. 1.3 2.6 3.2 1.1 .5 -.9 .0 .5 1.0 1.9 1.9 3.9 2.1 3.4 4.4 2.8
Federal.............................. -1.6 1.5 2.0 -.2 -1.7 -4.2 -3.7 -2.7 -1.2 -1.0 -1.1 2.2 .9 3.9 7.5 6.6
National defense................... -.5 -.5 .0 -1.1 -5.0 -5.6 -4.9 -3.8 -1.4 -2.8 -2.1 1.9 -.5 3.9 7.7 9.0
Nondefense......................... -5.1 8.3 8.3 2.4 6.9 -.7 -1.2 -.4 -.7 2.6 .7 2.8 3.5 3.9 7.1 2.4
State and local...................... 3.7 3.4 4.1 2.1 2.2 1.4 2.6 2.6 2.3 3.6 3.6 4.7 2.7 3.2 2.8 .7
Addenda:
Final sales of domestic product...... 4.3 3.4 2.1 .1 3.0 2.6 3.4 3.0 3.7 4.0 4.2 4.5 3.8 1.6 1.4 3.1
Gross domestic purchases............. 3.2 3.0 1.4 -.8 3.3 3.2 4.4 2.4 3.8 4.8 5.3 5.3 4.4 .9 2.5 3.3
Final sales to domestic purchasers... 3.4 2.8 1.6 -.6 3.1 3.2 3.8 2.8 3.8 4.3 5.3 5.4 4.5 1.8 2.1 3.4
Gross national product............... 4.2 3.5 2.0 -.3 3.3 2.7 3.9 2.6 3.7 4.4 4.0 4.6 3.7 .8 1.7 3.3
Real disposable personal income...... 4.3 2.8 1.9 .5 3.4 1.0 2.7 2.8 3.0 3.5 5.8 3.0 4.8 1.9 3.1 2.3
Price indexes:
Gross domestic purchases........... 3.4 3.8 4.1 3.3 2.3 2.2 2.1 2.1 1.8 1.4 .6 1.6 2.5 2.0 1.5 2.0
Gross domestic purchases excluding
food and energy................... 3.7 3.6 3.7 3.5 2.6 2.3 2.2 2.2 1.5 1.3 1.0 1.4 1.9 1.9 1.8 1.6
GDP................................ 3.4 3.8 3.9 3.5 2.3 2.3 2.1 2.0 1.9 1.7 1.1 1.4 2.2 2.4 1.7 1.8
GDP excluding food and energy...... 3.4 3.6 3.7 3.6 2.5 2.4 2.2 2.1 1.7 1.7 1.2 1.5 2.0 2.1 2.0 1.6
Personal consumption expenditures.. 4.0 4.4 4.6 3.6 2.9 2.3 2.1 2.1 2.2 1.7 .9 1.7 2.5 2.1 1.4 1.9
-----------------------------------------------------------------------------------------------------------------------------------------------------------------------
Table 8.--Real Gross Domestic Product: Percent Change From Quarter One Year Ago
-----------------------------------------------------------------------------------------------------------------------------------------------------------------------
III 00 IV 00 I 01 II 01 III 01 IV 01 I 02 II 02 III 02 IV 02 I 03 II 03 III 03 IV 03 I 04r II 04r
-----------------------------------------------------------------------------------------------------------------------------------------------------------------------
Gross domestic product (GDP).... 3.5 2.2 1.9 .6 .4 .2 1.2 1.5 2.5 2.3 1.9 2.3 3.5 4.4 5.0 4.7
Personal consumption expenditures...... 4.5 4.1 2.9 2.5 2.0 2.8 2.9 3.3 3.6 2.5 2.7 3.0 3.5 3.8 4.2 3.6
Durable goods........................ 5.2 4.7 .8 3.2 2.5 10.8 6.6 7.8 10.6 1.5 3.8 7.6 8.2 9.9 10.5 5.4
Nondurable goods..................... 4.3 3.0 3.0 1.6 1.6 1.9 2.7 3.0 2.2 2.3 2.6 2.8 4.7 4.6 5.1 4.8
Services............................. 4.4 4.5 3.3 2.8 2.0 1.6 2.2 2.6 2.9 2.9 2.6 2.1 2.0 2.2 2.5 2.6
Gross private domestic investment...... 5.8 1.4 -.5 -8.5 -8.6 -13.8 -7.1 -5.1 -1.5 5.0 .7 1.5 5.7 9.4 12.8 16.4
Fixed investment..................... 5.5 5.1 1.6 -2.9 -3.8 -6.7 -7.1 -5.8 -4.6 -2.1 -.4 3.1 7.4 10.3 10.9 11.4
Nonresidential..................... 7.9 7.8 3.2 -3.9 -6.1 -9.6 -10.9 -9.9 -8.5 -6.0 -3.6 1.7 5.8 9.4 10.6 10.7
Structures....................... 9.6 8.8 4.6 -.6 -1.4 -11.1 -13.7 -18.3 -22.9 -16.1 -14.8 -6.0 -2.1 1.5 3.0 1.3
Equipment and software........... 7.3 7.5 2.7 -5.1 -7.8 -9.0 -9.8 -6.7 -2.7 -2.2 .5 4.4 8.4 12.1 13.1 13.7
Residential........................ -.7 -1.9 -2.3 -.1 2.5 1.4 3.1 4.5 4.7 6.9 6.4 5.9 10.6 12.0 11.3 12.8
Change in private inventories........ ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... .....
Net exports of goods and services...... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... .....
Exports.............................. 10.1 6.5 3.4 -2.9 -9.9 -11.9 -9.6 -4.0 1.7 3.5 1.9 -1.1 .8 6.1 8.4 10.5
Goods.............................. 13.7 8.5 4.8 -3.2 -12.2 -13.0 -12.2 -5.0 1.2 .8 2.3 -1.2 .5 7.1 8.5 10.0
Services........................... 1.6 1.8 .1 -2.0 -4.0 -8.9 -3.1 -1.8 2.7 9.8 1.0 -.9 1.5 3.8 8.3 11.5
Imports.............................. 13.8 11.2 5.9 -1.4 -7.2 -7.6 -3.9 2.1 6.3 9.7 6.0 3.8 3.2 4.9 8.1 11.0
Goods.............................. 14.1 11.3 6.3 -2.6 -7.8 -7.9 -4.8 3.3 7.1 9.8 6.7 4.3 2.8 5.1 8.8 10.9
Services........................... 12.4 10.6 4.2 4.7 -3.7 -5.9 .7 -3.7 2.0 8.9 2.4 1.4 5.0 3.7 4.7 11.4
Government consumption expenditures
and gross investment.................. 1.7 .4 2.5 3.0 3.2 5.0 4.8 4.0 4.9 3.8 2.7 3.3 2.8 2.2 2.8 1.7
Federal.............................. .3 -2.2 3.6 1.7 4.0 6.4 6.4 7.3 8.1 8.2 6.1 8.3 6.6 5.5 7.3 2.7
National defense................... -1.6 -3.5 4.2 1.3 3.8 6.5 6.2 8.0 8.2 8.5 6.2 12.1 9.0 8.5 12.1 3.8
Nondefense......................... 3.9 .3 2.5 2.6 4.2 6.3 6.9 6.2 7.8 7.6 6.1 1.4 2.4 .0 -1.5 .6
State and local...................... 2.4 1.7 1.9 3.7 2.8 4.2 4.0 2.2 3.3 1.6 .9 .7 .8 .4 .4 1.1
Addenda:
Final sales of domestic product...... 3.5 2.9 2.2 1.6 1.2 1.5 1.2 1.4 2.0 1.2 1.7 2.6 3.8 4.5 4.7 4.0
Gross domestic purchases............. 4.2 3.0 2.3 .7 .4 .4 1.6 2.1 3.1 3.1 2.4 2.8 3.7 4.3 5.1 5.0
Final sales to domestic purchasers... 4.2 3.6 2.6 1.7 1.2 1.6 1.6 2.0 2.6 2.1 2.3 3.1 3.9 4.4 4.9 4.3
Gross national product............... 3.5 2.4 1.9 .7 .2 .4 1.0 1.2 2.6 2.0 2.0 2.6 3.7 4.8 5.3 4.6
Real disposable personal income...... 5.7 4.4 2.4 1.3 2.8 1.2 3.5 4.6 1.4 2.9 .7 1.1 3.5 3.9 4.0 3.6
Price indexes:
Gross domestic purchases........... 2.5 2.4 2.1 2.3 1.9 1.6 1.3 1.3 1.5 1.8 2.5 1.9 1.9 1.8 1.7 2.5
Gross domestic purchases excluding
food and energy................... 1.9 1.8 1.7 1.8 1.9 2.1 1.9 1.8 1.8 1.6 1.8 1.6 1.5 1.4 1.5 1.9
GDP................................ 2.3 2.2 2.2 2.5 2.4 2.4 1.9 1.5 1.5 1.6 2.0 1.9 1.8 1.7 1.7 2.3
GDP excluding food and energy...... 2.1 2.0 1.8 2.0 2.1 2.3 2.2 2.0 1.9 1.7 1.9 1.6 1.5 1.4 1.4 1.9
Personal consumption expenditures.. 2.4 2.3 2.2 2.4 2.0 1.7 1.1 1.2 1.6 1.8 2.4 1.8 1.7 1.7 1.7 2.3
-----------------------------------------------------------------------------------------------------------------------------------------------------------------------
r Revised. Revisions include changes to series affected by the
introduction of revised wage and salary estimates for the first
quarter of 2004.
Table 9.--Relation of Gross Domestic Product, Gross National Product, and National Income
[Billions of dollars]
-----------------------------------------------------------------------------------------------------------------------------------
Seasonally adjusted at annual rates
---------------------------------------------------
2001 2002 2003 II 03 III 03 IV 03 I 04r II 04r
-----------------------------------------------------------------------------------------------------------------------------------
Gross domestic product..................... 10,128.0 10,487.0 11,004.0 10,884.0 11,116.7 11,270.9 11,472.6 11,643.1
Plus: Income receipts from the rest of the
world..................................... 322.4 301.8 329.0 309.8 329.8 371.8 373.8 380.2
Less: Income payments to the rest of the
world..................................... 278.8 274.7 273.9 264.7 278.2 284.6 300.3 346.6
Equals: Gross national product............. 10,171.6 10,514.1 11,059.2 10,929.0 11,168.3 11,358.1 11,546.1 11,676.6
Less: Consumption of fixed capital......... 1,281.5 1,303.9 1,353.9 1,347.0 1,360.6 1,374.2 1,355.0 1,374.1
Less: Statistical discrepancy.............. -89.6 -15.3 25.6 13.2 36.6 12.8 63.0 59.8
Equals: National income.................... 8,979.8 9,225.4 9,679.6 9,568.8 9,771.1 9,971.1 10,128.1 10,242.8
Compensation of employees................ 5,942.1 6,069.5 6,289.0 6,245.6 6,324.7 6,406.7 6,489.4 6,570.6
Wage and salary accruals............... 4,942.8 4,976.3 5,103.6 5,072.0 5,128.6 5,188.9 5,240.7 5,301.1
Supplements to wages and salaries...... 999.3 1,093.2 1,185.5 1,173.7 1,196.1 1,217.8 1,248.8 1,269.5
Proprietors' income with inventory
valuation and capital consumption
adjustments............................. 771.9 769.6 834.1 825.7 852.0 864.7 872.1 901.4
Rental income of persons with capital
consumption adjustment.................. 167.4 170.9 153.8 144.1 148.8 167.1 172.8 172.4
Corporate profits with inventory
valuation and capital consumption
adjustments............................. 767.3 874.6 1,021.1 986.2 1,057.1 1,129.1 1,165.6 1,167.2
Net interest and miscellaneous payments.. 566.3 532.9 543.0 542.8 542.8 545.3 554.5 546.3
Taxes on production and imports less
subsidies............................... 673.3 724.4 751.3 737.7 757.4 769.4 782.9 793.9
Business current transfer payments....... 92.8 80.9 77.7 76.9 78.9 80.1 82.7 83.5
Current surplus of government
enterprises............................. -1.4 2.8 9.5 9.8 9.3 8.7 8.1 7.5
Addendum:
Gross domestic income.................... 10,217.6 10,502.3 10,978.5 10,870.8 11,080.1 11,258.1 11,409.6 11,583.3
-----------------------------------------------------------------------------------------------------------------------------------
r Revised. Revisions include changes to series affected by the
introduction of revised wage and salary estimates for the first
quarter of 2004.
Table 10.--Personal Income and Its Disposition
[Billions of dollars]
-----------------------------------------------------------------------------------------------------------------------------------
Seasonally adjusted at annual rates
---------------------------------------------------
2001 2002 2003 II 03 III 03 IV 03 I 04r II 04r
-----------------------------------------------------------------------------------------------------------------------------------
Personal income\1\......................... 8,724.1 8,878.9 9,161.8 9,105.7 9,209.3 9,330.0 9,445.0 9,585.3
Compensation of employees, received...... 5,942.1 6,069.5 6,289.0 6,247.0 6,324.7 6,406.7 6,487.9 6,572.1
Wage and salary disbursements.......... 4,942.8 4,976.3 5,103.6 5,073.3 5,128.6 5,188.9 5,239.2 5,302.6
Supplements to wages and salaries...... 999.3 1,093.2 1,185.5 1,173.7 1,196.1 1,217.8 1,248.8 1,269.5
Proprietors' income with inventory
valuation and capital consumption
adjustments............................. 771.9 769.6 834.1 825.7 852.0 864.7 872.1 901.4
Farm................................... 19.7 9.7 21.8 24.1 24.8 24.7 17.9 18.9
Nonfarm................................ 752.2 759.9 812.3 801.6 827.2 840.0 854.2 882.5
Rental income of persons with capital
consumption adjustment.................. 167.4 170.9 153.8 144.1 148.8 167.1 172.8 172.4
Personal income receipts on assets....... 1,380.0 1,334.6 1,322.7 1,324.7 1,314.4 1,325.8 1,337.1 1,351.9
Personal interest income............... 1,011.0 946.7 929.9 932.4 922.8 932.0 936.2 941.2
Personal dividend income............... 369.0 387.9 392.8 392.3 391.6 393.8 400.9 410.6
Personal current transfer receipts....... 1,193.9 1,282.7 1,335.4 1,333.1 1,346.2 1,350.7 1,379.0 1,400.2
Less: Contributions for government
social insurance........................ 731.1 748.3 773.2 768.9 776.7 785.0 803.9 812.6
Less: Personal current taxes............... 1,237.3 1,051.2 1,001.9 1,030.7 941.7 1,009.4 1,006.6 1,029.4
Equals: Disposable personal income......... 7,486.8 7,827.7 8,159.9 8,075.0 8,267.6 8,320.5 8,438.4 8,555.9
Less: Personal outlays..................... 7,354.5 7,668.5 8,049.3 7,982.9 8,107.8 8,209.4 8,351.6 8,451.8
Equals: Personal saving.................... 132.3 159.2 110.6 92.1 159.8 111.1 86.8 104.1
Personal saving as a percentage of
disposable personal income.............. 1.8 2.0 1.4 1.1 1.9 1.3 1.0 1.2
Addendum:
Disposable personal income, billions of
chained (2000) dollars\2\............... 7,333.3 7,559.5 7,733.8 7,671.1 7,822.9 7,849.6 7,897.0 7,945.1
-----------------------------------------------------------------------------------------------------------------------------------
r Revised. Revisions include changes to series affected by the
introduction of revised wage and salary estimates for the first
quarter of 2004.
1. Personal income is also equal to national income less corporate
profits with inventory valuation and capital consumption adjustments,
taxes on production and imports less subsidies, contributions for
government social insurance, net interest and miscellaneous payments,
business current transfer payments, current surplus of government
enterprises, and wage accruals less disbursements, plus personal
income receipts on assets, and personal current transfer receipts.
2. Equals disposable personal income deflated by the implicit price
deflator for personal consumption expenditures.
Table 11.--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
--------------------------------------- ------------------------------- -------
2001 2002 2003 II 03 III 03 IV 03 I 04 II 04 2002 2003 III 03 IV 03 I 04 II 04 II 04
-------------------------------------------------------------------------------------------------------------------------------------------------------------
Corporate profits with inventory
valuation and capital consumption
adjustments......................... 767.3 874.6 1,021.1 986.2 1,057.1 1,129.1 1,165.6 1,167.2 14.0 16.8 7.2 6.8 3.2 .1 18.3
Less: Taxes on corporate income...... 204.1 183.8 234.9 224.6 238.7 252.3 256.5 269.4 -9.9 27.8 6.3 5.7 1.6 5.0 20.0
Equals: Profits after tax with
inventory valuation and capital
consumption adjustments............. 563.2 690.7 786.2 761.7 818.4 876.8 909.1 897.8 22.6 13.8 7.4 7.1 3.7 -1.2 17.9
Net dividends...................... 370.9 390.0 395.3 394.7 394.1 396.4 403.4 413.4 5.2 1.4 -.1 .6 1.8 2.5 4.7
Undistributed profits with
inventory valuation and capital
consumption adjustments........... 192.3 300.7 390.9 367.0 424.2 480.4 505.7 484.4 56.4 30.0 15.6 13.2 5.3 -4.2 32.0
Cash flow:
Net cash flow with inventory
valuation and capital consumption
adjustments....................... 944.8 1,058.5 1,173.4 1,146.0 1,210.0 1,273.2 1,279.1 1,267.7 12.0 10.9 5.6 5.2 .5 -.9 10.6
Undistributed profits with
inventory valuation and capital
consumption adjustments......... 192.3 300.7 390.9 367.0 424.2 480.4 505.7 484.4 56.4 30.0 15.6 13.2 5.3 -4.2 32.0
Consumption of fixed capital..... 752.5 757.8 782.5 779.0 785.8 792.9 773.4 783.3 .7 3.3 .9 .9 -2.5 1.3 .6
Less: Inventory valuation
adjustment........................ 11.3 -1.2 -14.1 -1.0 -3.8 -24.3 -37.0 -47.2 ..... ..... ..... ..... ..... ..... .....
Equals: Net cash flow.............. 933.5 1,059.8 1,187.5 1,147.0 1,213.8 1,297.6 1,316.1 1,314.9 13.5 12.1 5.8 6.9 1.4 -.1 14.6
Addenda:
Profits before tax (without
inventory valuation and capital
consumption adjustments).......... 707.9 758.0 874.5 824.5 881.0 966.2 962.4 980.4 7.1 15.4 6.8 9.7 -.4 1.9 18.9
Profits after tax (without
inventory valuation and capital
consumption adjustments).......... 503.8 574.2 639.6 600.0 642.3 713.9 705.9 711.0 14.0 11.4 7.1 11.2 -1.1 .7 18.5
Inventory valuation adjustment..... 11.3 -1.2 -14.1 -1.0 -3.8 -24.3 -37.0 -47.2 ..... ..... ..... ..... ..... ..... .....
Capital consumption adjustment..... 48.1 117.8 160.8 162.7 179.9 187.2 240.2 234.0 144.9 36.5 10.6 4.1 28.3 -2.6 43.8
-------------------------------------------------------------------------------------------------------------------------------------------------------------
Table 12.--Corporate Profits by Industry: Level and Change From Preceding Period
[Billions of dollars]
-------------------------------------------------------------------------------------------------------------------------------------------------------------
Level Change from preceding period
---------------------------------------------------------------- ----------------------------------------------
Seasonally adjusted at annual rates
--------------------------------------- ----------------------------------------------
2001 2002 2003 II 03 III 03 IV 03 I 04 II 04 2002 2003 III 03 IV 03 I 04 II 04
-------------------------------------------------------------------------------------------------------------------------------------------------------------
Corporate profits with inventory
valuation and capital consumption
adjustments............................. 767.3 874.6 1,021.1 986.2 1,057.1 1,129.1 1,165.6 1,167.2 107.3 146.5 70.9 72.0 36.5 1.6
Domestic industries.......................... 597.6 716.8 844.2 824.9 883.7 913.3 960.3 985.4 119.2 127.4 58.8 29.6 47.0 25.1
Financial.................................. 240.4 298.4 327.8 323.8 336.4 335.9 355.7 352.1 58.0 29.4 12.6 -.5 19.8 -3.6
Nonfinancial............................... 357.2 418.4 516.4 501.1 547.3 577.3 604.6 633.3 61.2 98.0 46.2 30.0 27.3 28.7
Rest of the world............................ 169.7 157.8 176.9 161.4 173.4 215.8 205.3 181.8 -11.9 19.1 12.0 42.4 -10.5 -23.5
Receipts from the rest of the world........ 182.6 206.0 250.7 230.5 253.1 293.4 299.0 297.3 23.4 44.7 22.6 40.3 5.6 -1.7
Less: Payments to the rest of the world.... 12.9 48.2 73.8 69.1 79.7 77.5 93.7 115.5 35.3 25.6 10.6 -2.2 16.2 21.8
Corporate profits with inventory
valuation adjustment.................... 719.2 756.8 860.4 823.5 877.2 941.9 925.4 933.2 37.6 103.6 53.7 64.7 -16.5 7.8
Domestic industries.......................... 549.5 599.0 683.4 662.2 703.8 726.1 720.0 751.5 49.5 84.4 41.6 22.3 -6.1 31.5
Financial.................................. 227.6 276.2 299.8 295.4 306.1 305.3 313.7 310.7 48.6 23.6 10.7 -.8 8.4 -3.0
Federal Reserve banks.................... 28.3 22.9 19.2 19.9 18.5 17.6 18.2 18.1 -5.4 -3.7 -1.4 -.9 .6 -.1
Other financial.......................... 199.3 253.3 280.6 275.5 287.6 287.8 295.5 292.6 54.0 27.3 12.1 .2 7.7 -2.9
Nonfinancial............................... 322.0 322.8 383.6 366.8 397.6 420.7 406.4 440.7 .8 60.8 30.8 23.1 -14.3 34.3
Utilities................................ 24.7 11.4 18.8 15.3 18.6 24.3 23.2 ..... -13.3 7.4 3.3 5.7 -1.1 .....
Manufacturing............................ 52.6 50.7 67.3 54.1 66.8 93.4 81.5 ..... -1.9 16.6 12.7 26.6 -11.9 .....
Durable goods.......................... -25.4 -8.3 -3.5 -8.5 -7.5 9.3 2.8 ..... 17.1 4.8 1.0 16.8 -6.5 .....
Fabricated metal products............ 9.9 9.3 10.1 10.6 10.1 13.2 11.8 ..... -.6 .8 -.5 3.1 -1.4 .....
Machinery............................ 2.7 1.6 -.5 -.9 1.1 1.1 2.2 ..... -1.1 -2.1 2.0 0.0 1.1 .....
Computer and electronic products..... -48.5 -32.9 -15.4 -14.8 -15.2 -14.0 -17.2 ..... 15.6 17.5 -.4 1.2 -3.2 .....
Electrical equipment, appliances,
and components...................... 1.9 -.2 -3.2 -2.7 -4.3 -4.4 -8.1 ..... -2.1 -3.0 -1.6 -.1 -3.7 .....
Motor vehicles, bodies and trailers,
and parts........................... -9.2 -6.0 -6.2 -9.0 -11.4 -5.0 -.5 ..... 3.2 -.2 -2.4 6.4 4.5 .....
Other durable goods.................. 17.8 19.8 11.8 8.4 12.2 18.4 14.6 ..... 2.0 -8.0 3.8 6.2 -3.8 .....
Nondurable goods....................... 78.0 58.9 70.7 62.6 74.2 84.1 78.6 ..... -19.1 11.8 11.6 9.9 -5.5 .....
Food and beverage and tobacco
products............................ 28.0 24.1 27.7 25.4 28.6 34.2 31.1 ..... -3.9 3.6 3.2 5.6 -3.1 .....
Petroleum and coal products.......... 29.6 4.0 14.8 12.5 12.6 18.7 24.5 ..... -25.6 10.8 .1 6.1 5.8 .....
Chemical products.................... 12.6 17.1 21.2 18.9 24.5 21.3 14.1 ..... 4.5 4.1 5.6 -3.2 -7.2 .....
Other nondurable goods............... 7.8 13.6 7.1 5.8 8.5 9.8 8.9 ..... 5.8 -6.5 2.7 1.3 -.9 .....
Wholesale trade.......................... 52.1 51.0 47.9 45.1 53.1 50.1 46.0 ..... -1.1 -3.1 8.0 -3.0 -4.1 .....
Retail trade............................. 71.0 78.1 77.7 82.6 78.9 74.7 80.0 ..... 7.1 -.4 -3.7 -4.2 5.3 .....
Transportation and warehousing........... 1.3 -1.3 10.5 12.4 11.9 12.4 11.7 ..... -2.6 11.8 -.5 .5 -.7 .....
Information.............................. -25.6 -11.2 -.7 -1.8 6.7 -1.0 -6.6 ..... 14.4 10.5 8.5 -7.7 -5.6 .....
Other nonfinancial....................... 145.9 144.2 162.1 159.1 161.7 166.8 170.7 ..... -1.7 17.9 2.6 5.1 3.9 .....
Rest of the world............................ 169.7 157.8 176.9 161.4 173.4 215.8 205.3 181.8 -11.9 19.1 12.0 42.4 -10.5 -23.5
-------------------------------------------------------------------------------------------------------------------------------------------------------------
Note.--Estimates in this table are based on the 1997 North
American Industry Classification System (NAICS).
Table 13.--Gross Value Added of Nonfinancial Domestic Corporate Business
-----------------------------------------------------------------------------------------------------------------------------------
Seasonally adjusted at annual rates
---------------------------------------------------
2001 2002 2003 II 03 III 03 IV 03 I 04r II 04r
-----------------------------------------------------------------------------------------------------------------------------------
Billions of dollars
----------------------------------------------------------------------------------------
Gross value added of nonfinancial
corporate business.................... 5,293.5 5,377.7 5,606.8 5,547.8 5,669.0 5,767.5 5,839.4 5,939.6
Consumption of fixed capital............... 646.8 655.7 676.4 673.7 679.0 684.3 671.8 680.3
Net value added............................ 4,646.7 4,722.0 4,930.5 4,874.1 4,990.0 5,083.3 5,167.6 5,259.2
Compensation of employees................ 3,595.9 3,601.3 3,696.2 3,668.5 3,717.9 3,771.0 3,818.1 3,872.8
Wage and salary accruals............... 3,016.5 2,971.0 3,006.9 2,985.5 3,022.4 3,062.8 3,089.9 3,130.9
Supplements to wages and salaries...... 579.3 630.3 689.3 683.1 695.4 708.3 728.1 742.0
Taxes on production and imports less
subsidies............................... 439.1 465.1 483.4 472.6 489.0 495.0 501.1 506.9
Net operating surplus.................... 611.8 655.5 750.8 733.0 783.2 817.2 848.5 879.5
Net interest and miscellaneous
payments.............................. 204.0 181.7 170.8 169.6 170.2 172.1 174.8 176.6
Business current transfer payments..... 50.6 55.5 63.5 62.3 65.7 67.8 69.0 69.6
Corporate profits with inventory
valuation and capital consumption
adjustments........................... 357.2 418.4 516.4 501.1 547.3 577.3 604.6 633.3
Taxes on corporate income............ 111.7 89.0 130.0 120.5 132.2 146.8 147.7 161.8
Profits after tax with inventory
valuation and capital consumption
adjustments......................... 245.5 329.4 386.4 380.6 415.1 430.5 456.9 471.5
Net dividends...................... 245.4 254.9 275.4 307.0 265.6 273.6 270.6 271.4
Undistributed profits with
inventory valuation and capital
consumption adjustments........... .1 74.5 111.0 73.6 149.5 156.9 186.2 200.1
Addenda:
Profits before tax (without inventory
valuation and capital consumption
adjustments)............................ 310.6 324.1 397.7 367.8 401.4 445.0 443.4 487.9
Profits after tax (without inventory
valuation and capital consumption
adjustments)............................ 198.9 235.1 267.7 247.3 269.2 298.2 295.6 326.1
Inventory valuation adjustment........... 11.3 -1.2 -14.1 -1.0 -3.8 -24.3 -37.0 -47.2
Capital consumption adjustment........... 35.2 95.6 132.9 134.3 149.7 156.6 198.3 192.5
----------------------------------------------------------------------------------------
Billions of chained (2000) dollars
----------------------------------------------------------------------------------------
Gross value added of nonfinancial
corporate business\1\................. 5,229.7 5,306.6 5,520.2 5,463.8 5,579.6 5,670.7 5,711.5 5,756.5
Consumption of fixed capital\2\............ 615.8 628.0 647.2 644.5 649.5 655.1 654.1 657.2
Net value added\3\......................... 4,613.8 4,678.6 4,873.0 4,819.3 4,930.1 5,015.6 5,057.4 5,099.3
----------------------------------------------------------------------------------------
Dollars
----------------------------------------------------------------------------------------
Price, costs, and profits per unit of real
gross value added of nonfinancial
corporate business:
Price per unit of real gross value added
of nonfinancial corporate business\4\... 1.012 1.013 1.016 1.015 1.016 1.017 1.022 1.032
Compensation of employees (unit labor
cost)................................... .688 .679 .670 .671 .666 .665 .668 .673
Unit nonlabor cost....................... .257 .256 .253 .252 .252 .250 .249 .249
Consumption of fixed capital........... .124 .124 .123 .123 .122 .121 .118 .118
Taxes on production and imports less
subsidies plus business current
transfer payments..................... .094 .098 .099 .098 .099 .099 .100 .100
Net interest and miscellaneous payments .039 .034 .031 .031 .031 .030 .031 .031
Corporate profits with inventory valuation
and capital consumption adjustments (unit
profits from current production)........ .068 .079 .094 .092 .098 .102 .106 .110
Taxes on corporate income.............. .021 .017 .024 .022 .024 .026 .026 .028
Profits after tax with inventory
valuation and capital consumption
adjustments........................... .047 .062 .070 .070 .074 .076 .080 .082
-----------------------------------------------------------------------------------------------------------------------------------
r Revised. Revisions include changes to series affected by the
introduction of revised wage and salary estimates for the first
quarter of 2004.
1. Effective with the estimates scheduled for release on November 30,
2004, chained-dollar gross value added of nonfinancial corporate
business for 1929 to 2004 will be revised. The current-dollar value
added will be deflated by a revised chain-type price index calculated
using the gross value added chain-type price index for nonfinancial
industries from the comprehensive revision to the GDP-by-industry
accounts.
2. Chained-dollar consumption of fixed capital of nonfinancial
corporate business is calculated as the product of the chain-type
quantity index and the 2000 current-dollar value of the corresponding
series, divided by 100.
3. Chained-dollar net value added of nonfinancial corporate
business is the difference between the gross value added and the
consumption of fixed capital.
4. The deflator for gross value added of nonfinancial corporate
business divided by 100.
Note.--Estimates in this table are based on the 1997 North
American Industry Classification System (NAICS).
Appendix Table A.--Real Gross Domestic Product and Related Aggregates and Price Indexes: Percent Change From Preceding Period
[Quarters seasonally adjusted at annual rates]
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
2001 2002 2003 III 00 IV 00 I 01 II 01 III 01 IV 01 I 02 II 02 III 02 IV 02 I 03 II 03 III 03 IV 03 I 04 II 04r
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
Gross domestic product (GDP) and
related aggregates:
GDP............................... .8 1.9 3.0 -.5 2.1 -.5 1.2 -1.4 1.6 3.4 2.4 2.6 .7 1.9 4.1 7.4 4.2 4.5 2.8
Goods............................. -1.7 1.2 4.3 -3.3 .2 -4.5 -1.3 -5.5 2.6 4.1 .9 4.7 -3.2 4.3 4.1 17.7 5.8 8.2 1.8
Services.......................... 2.4 3.0 2.3 1.5 3.6 1.9 1.8 1.7 2.8 3.4 4.2 2.2 3.0 .9 3.6 1.1 3.1 3.0 1.8
Structures........................ .4 -2.4 3.0 -.7 .4 .4 7.0 -4.3 -8.5 .9 -3.3 -2.4 .9 .0 7.3 13.9 5.4 .7 12.3
Motor vehicle output.............. -4.7 11.6 4.2 -18.1 -12.6 -18.5 36.3 -5.7 22.0 7.3 10.3 18.4 6.0 -12.4 3.0 26.3 2.9 8.8 -19.6
GDP excluding motor vehicle
output........................... 1.0 1.5 3.0 .3 2.7 .2 .2 -1.2 .9 3.3 2.1 2.1 .5 2.5 4.1 6.8 4.2 4.3 3.7
Final sales of computers\1\....... 13.8 8.8 41.0 9.2 18.6 48.2 -11.2 -19.4 23.7 -3.7 12.2 46.0 30.9 35.1 37.8 93.7 29.0 .1 -1.1
GDP excluding final sales of
computers........................ .6 1.8 2.8 -.6 1.9 -.9 1.4 -1.2 1.4 3.4 2.3 2.3 .5 1.7 3.8 6.8 4.0 4.5 2.8
Farm gross value added\2\......... -8.3 6.5 4.0 4.8 -18.2 -1.3 -31.0 -20.4 94.2 -39.2 69.9 26.1 -19.5 -13.9 52.3 .5 -30.6 -31.3 -21.3
Nonfarm business gross value
added\3\......................... .4 1.8 3.8 -.8 2.2 -1.1 1.2 -2.9 1.2 4.0 1.7 3.6 1.4 2.4 5.3 9.3 4.6 5.7 3.5
Price indexes:
GDP............................... 2.4 1.7 1.8 1.9 1.8 3.3 3.1 1.6 1.7 1.4 1.5 1.7 2.0 2.7 1.1 1.4 1.6 2.8 3.2
GDP excluding food and energy..... 2.1 2.0 1.6 1.7 1.7 2.4 2.3 2.1 2.6 1.7 1.8 1.6 1.7 2.3 .8 1.1 1.5 2.3 2.7
GDP excluding final sales of
computers........................ 2.7 1.9 2.0 2.1 1.9 3.8 3.3 1.8 1.9 1.6 1.7 1.9 2.2 2.9 1.2 1.6 1.7 2.9 3.3
Gross domestic purchases.......... 2.0 1.5 2.0 2.3 1.8 2.7 2.3 1.0 .6 1.2 2.5 1.8 1.9 3.7 .4 1.7 1.4 3.4 3.5
Gross domestic purchases excluding
food and energy.................. 1.9 1.8 1.6 1.6 1.4 2.3 2.0 1.8 2.3 1.5 1.7 1.6 1.6 2.2 1.0 1.2 1.5 2.5 2.5
Gross domestic purchases excluding
final sales of computers to
domestic purchasers.............. 2.3 1.7 2.2 2.5 2.0 3.3 2.6 1.3 .9 1.4 2.6 2.0 2.1 4.0 .5 1.9 1.5 3.6 3.7
Personal consumption expenditures. 2.1 1.4 1.9 1.9 1.8 3.3 2.6 .6 .6 .9 2.9 2.0 1.4 3.2 .7 1.6 1.2 3.3 3.2
Personal consumption expenditures
excluding food and energy........ 1.9 1.8 1.3 .9 1.5 2.8 2.1 1.4 2.6 1.2 2.0 2.0 .9 1.5 1.1 .9 1.3 2.1 1.7
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
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 value added of farm, of
households and institutions, and of general government.
See "Explanatory Note" at the end of the tables.
Explanatory Note: NIPA Measures of Quantities and Prices
Current-dollar GDP is a measure of the market value of goods, services, and structures produced in
the economy in a particular period. Changes in current-dollar GDP can be decomposed into quantity and
price components. Quantities, or "real" measures, and prices are expressed as index numbers with the
reference year -- at present, the year 2000 -- equal to 100.
Annual changes in quantities and prices are calculated using a Fisher formula that incorporates
weights from two adjacent years. (Quarterly changes in quantities and prices are calculated using a
Fisher formula that incorporates weights from two adjacent quarters; quarterly indexes are adjusted for
consistency to the annual indexes before percent changes are calculated.) For example, the 2002-03
annual percent change in real GDP uses prices for 2002 and 2003 as weights, and the 2002-03 annual
percent change in GDP prices uses quantities for 2002 and 2003 as weights. These annual changes are
"chained" (multiplied) together to form time series of quantity and price indexes. Percent changes in
Fisher indexes are not affected by the choice of reference year. (BEA also publishes a measure of the
price level known as the implicit price deflator (IPD), which is calculated as the ratio of the
current-dollar value to the corresponding chained-dollar value, multiplied by 100. The values of the IPD
are very close to the values of the corresponding "chain-type" price index.)
Index numbers of quantity and price indexes for GDP and its major components are presented in this
release in tables 5 and 6. Percent changes from the preceding period are presented in tables 1, 4, 7, and 8.
Contributions by major components to changes in real GDP are presented in table 2.
Measures of real GDP and its major components are also presented in dollar-denominated form,
designated "chained (2000) dollar estimates." For most series, these estimates, which are presented in
table 3, are computed by multiplying the current-dollar value in 2000 by a corresponding quantity index
number and then dividing by 100. For example, if a current-dollar GDP component equaled $100 in
2000 and if real output for this component increased 10 percent in 2001, then the chained (2000) dollar
value of this component in 2001 would be $110 (= $100 x 110 / 100). Percent changes calculated from
chained-dollar estimates and from chain-type quantity indexes are the same; any differences will be small
and due to rounding.
Chained-dollar values for the detailed GDP components will not necessarily sum to the chained-dollar
estimate of GDP (or to any intermediate aggregate). This is because the relative prices used as weights
for any period other than the reference year differ from those of the reference year. A measure of the
extent of such differences is provided by a "residual" line, which indicates the difference between GDP
(or other major aggregate) and the sum of the most detailed components in the table. For periods close to
the reference year, when there usually has not been much change in the relative prices that are used as
weights, the residuals tend to be small, and the chained-dollar estimates can be used to approximate the
contributions to growth and to aggregate the detailed estimates. For periods further from the reference
year, the residuals tend to be larger, and the chained-dollar estimates are less useful for analyses of
contributions to growth. Thus, the contributions to percent change shown in table 2 provide a better
measure of the composition of GDP growth. In particular, for components for which relative prices are
changing rapidly, calculation of contributions using chained-dollar estimates may be misleading even just
a few years from the reference year.
Reference: "Chained-Dollar Indexes: Issues, Tips on Their Use, and Upcoming Changes," November
2003 Survey, pp. 8-16.
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