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Gross Domestic Product and Corporate Profits, 2nd quarter 2006 (preliminary)
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Virginia H. Mannering: (202) 606-5304 (GDP) BEA 06-36
Greg Key: (202) 606-9727 (Profits)
Recorded message: (202) 606-5306
GROSS DOMESTIC PRODUCT: SECOND QUARTER 2006 (PRELIMINARY)
CORPORATE PROFITS: SECOND QUARTER 2006 (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 2.9 percent in the second quarter of 2006,
according to preliminary estimates released by the Bureau of Economic Analysis. In the first quarter,
real GDP increased 5.6 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 2.5
percent (see "Revisions" on page 3).
The increase in real GDP in the second quarter primarily reflected positive contributions from
personal consumption expenditures (PCE) for services, private inventory investment, nonresidential
structures, exports, and state and local government spending that were partly offset by negative
contributions from residential fixed investment and federal 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 a deceleration in
PCE for durable goods, downturns in equipment and software and in federal government spending,
decelerations in exports and in PCE for nondurable goods, and a larger decrease in residential fixed
investment that were partly offset by a deceleration in imports, an acceleration in PCE for services, and
an upturn in private inventory investment.
Final sales of computers contributed 0.05 percentage point to the second-quarter growth in real
GDP after contributing 0.07 percentage point to the first-quarter growth. Motor vehicle output
subtracted 0.28 percentage point from the second-quarter growth in real GDP after contributing 0.12
percentage point to the first-quarter growth.
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 are annualized. "Real" estimates are in chained (2000)
dollars. Prices indexes are chain-type measures.
This news release is available on BEA's Web site at www.bea.gov/bea/rels.htm.
The price index for gross domestic purchases, which measures prices paid by U.S. residents,
increased 4.0 percent in the second quarter, the same as in the advance estimate; this index increased
2.7 percent in the first quarter. Excluding food and energy prices, the price index for gross domestic
purchases increased 2.9 percent in the second quarter, compared with an increase of 3.0 percent in the
first.
Real personal consumption expenditures increased 2.6 percent in the second quarter, compared
with an increase of 4.8 percent in the first. Real nonresidential fixed investment increased 4.7 percent,
compared with an increase of 13.7 percent. Nonresidential structures increased 22.2 percent, compared
with an increase of 8.7 percent. Equipment and software decreased 1.6 percent, in contrast to an
increase of 15.6 percent. Real residential fixed investment decreased 9.8 percent, compared with a
decrease of 0.3 percent.
Real exports of goods and services increased 5.1 percent in the second quarter, compared with an
increase of 14.0 percent in the first. Real imports of goods and services increased 0.6 percent, compared
with an increase of 9.1 percent.
Real federal government consumption expenditures and gross investment decreased 4.3 percent in
the second quarter, in contrast to an increase of 8.8 percent in the first. National defense decreased 1.8
percent, in contrast to an increase of 8.9 percent. Nondefense decreased 9.3 percent, in contrast to an
increase of 8.5 percent. Real state and local government consumption expenditures and gross
investment increased 4.2 percent, compared with an increase of 2.7 percent.
The real change in private inventories added 0.63 percentage point to the second-quarter change in
real GDP, after subtracting 0.03 percentage point from the first-quarter change. Private businesses
increased inventories $58.7 billion in the second quarter, following increases of $41.2 billion in the first
quarter and $43.5 billion in the fourth.
Real final sales of domestic product -- GDP less change in private inventories -- increased 2.3
percent in the second quarter, compared with an increase of 5.6 percent in the first.
Gross domestic purchases
Real gross domestic purchases -- purchases by U.S. residents of goods and services wherever
produced -- increased 2.3 percent in the second quarter, compared with an increase of 5.3 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 2.6 percent in the second quarter, compared with an increase of 6.1
percent in the first. GNP includes, and GDP excludes, net receipts of income from the rest of the world,
which decreased $8.6 billion in the second quarter after increasing $14.4 billion in the first; in the
second quarter, receipts increased $38.7 billion, and payments increased $47.3 billion.
Current-dollar GDP
Current-dollar GDP -- the market value of the nation's output of goods and services -- increased
6.3 percent, or $201.3 billion, in the second quarter to a level of $13,209.7 billion. In the first quarter,
current-dollar GDP increased 9.0 percent, or $277.9 billion.
Revisions
The preliminary estimate of the second-quarter increase in real GDP is 0.4 percentage point, or
$12.3 billion, more than the advance estimate issued last month. The upward revision to the percentage
change in real GDP primarily reflected upward revisions to exports of goods, to nonresidential
structures, to private inventory investment, and to state and local government spending that were partly
offset by a downward revision to residential fixed investment.
Advance Preliminary
(Percent change from preceding quarter)
Real GDP............................... 2.5 2.9
Current-dollar GDP..................... 5.8 6.3
Gross domestic purchases price index... 4.0 4.0
Corporate Profits
Profits from current production (corporate profits with inventory valuation and capital
consumption adjustments) increased $49.5 billion in the second quarter, compared with an increase of
$175.6 billion in the first quarter. Current-production cash flow (net cash flow with inventory valuation
and capital consumption adjustments) -- the internal funds available to corporations for investment --
increased $16.7 billion in the second quarter, compared with an increase of $125.3 billion in the first.
Taxes on corporate income increased $26.5 billion in the second quarter, compared with an
increase of $32.3 billion in the first. Profits after tax with inventory valuation and capital consumption
adjustments increased $23.1 billion in the second quarter, compared with an increase of $143.2 billion in
the first. Dividends increased $15.4 billion, compared with an increase of $14.7 billion; current-
production undistributed profits increased $7.6 billion, compared with an increase of $128.5 billion.
Domestic profits of financial corporations increased $34.7 billion in the second quarter, compared
with an increase of $51.4 billion in the first. Domestic profits of nonfinancial corporations increased
$5.6 billion in the second quarter, compared with an increase of $94.5 billion in the first. In the second
quarter, real gross nonfinancial corporate value added increased, and profits per unit of real value added
decreased. The decrease in unit profits reflected an increase in unit prices that was more than offset by
an increase in unit labor costs; unit nonlabor costs were unchanged.
The rest-of-the-world component of profits increased $9.1 billion in the second quarter, compared
with an increase of $29.8 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 increase was
accounted for by a larger increase in receipts than in payments.
Profits before tax increased $91.8 billion in the second quarter, compared with an increase of
$142.3 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 $8.4 billion in the second quarter (from -$148.6 billion to -$157.0
billion), in contrast to an increase of $17.0 billion in the first. The inventory valuation adjustment
decreased $33.9 billion (from -$22.9 billion to -$56.8 billion), in contrast to an increase of $16.3 billion.
BEA's national, international, regional, and industry estimates; the Survey of Current Business; and
BEA news releases are available without charge on BEA's Web site at www.bea.gov. By visiting the
site, you can also subscribe to receive free e-mail summaries of BEA releases and announcements.
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
* * *
Next release -- September 28, 2006, at 8:30 A.M. EDT for:
Gross Domestic Product: Second Quarter 2006 (Final)
Corporate Profits: Second Quarter 2006 (Final)
Table 1.--Real Gross Domestic Product and Related Measures: Percent Change From Preceding Period
[Quarters seasonally adjusted at annual rates]
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
2003 2004 2005 III 02 IV 02 I 03 II 03 III 03 IV 03 I 04 II 04 III 04 IV 04 I 05 II 05 III 05 IV 05 I 06r II 06r
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
Gross domestic product (GDP). 2.5 3.9 3.2 2.4 .2 1.2 3.5 7.5 2.7 3.9 4.0 3.1 2.6 3.4 3.3 4.2 1.8 5.6 2.9
Personal consumption expenditures... 2.8 3.9 3.5 2.3 1.4 2.1 3.6 5.8 2.3 4.7 2.9 3.9 4.3 2.7 4.2 3.9 .8 4.8 2.6
Durable goods..................... 5.8 6.4 5.5 11.5 -5.2 .4 16.8 16.7 .7 6.1 1.7 8.7 6.1 2.4 12.8 9.0 -12.3 19.8 .5
Nondurable goods.................. 3.2 3.6 4.5 .3 3.6 3.8 2.3 7.7 1.8 4.3 1.7 3.7 5.4 5.2 4.9 3.4 3.9 5.9 1.7
Services.......................... 1.9 3.5 2.6 1.3 1.8 1.5 1.8 2.9 2.8 4.6 3.8 3.1 3.4 1.6 2.3 3.2 2.0 1.6 3.5
Gross private domestic investment... 3.6 9.8 5.4 5.8 -1.0 -1.3 3.3 17.7 9.3 4.8 21.7 2.0 5.1 8.2 -3.6 5.2 16.2 7.8 2.8
Fixed investment.................. 3.4 7.3 7.5 -.7 -1.4 -.4 10.6 13.6 5.5 2.2 11.7 7.6 4.9 7.8 10.5 6.3 2.8 8.2 -.9
Nonresidential.................. 1.0 5.9 6.8 -2.0 -5.0 -2.6 10.7 9.4 2.8 1.7 7.2 10.3 8.3 6.0 5.2 5.9 5.2 13.7 4.7
Structures.................... -4.1 2.2 1.1 -15.5 -5.3 -6.9 14.7 -.8 -4.7 3.3 6.9 3.1 -2.0 5.3 -2.0 -7.0 12.0 8.7 22.2
Equipment and software........ 2.8 7.3 8.9 3.3 -4.9 -1.0 9.3 13.2 5.6 1.2 7.3 13.0 12.3 6.3 7.9 11.0 2.8 15.6 -1.6
Residential..................... 8.4 9.9 8.6 2.0 6.4 4.1 10.5 22.2 10.6 3.1 19.8 3.2 -.6 11.1 20.0 7.1 -.9 -.3 -9.8
Change in private inventories..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... .....
Net exports of goods and services... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... .....
Exports........................... 1.3 9.2 6.8 2.9 -3.1 -5.3 -1.7 11.4 20.8 7.2 6.2 4.8 9.9 4.7 9.4 3.2 9.6 14.0 5.1
Goods........................... 1.8 9.0 7.5 2.2 -9.1 2.0 -1.2 8.8 19.8 7.1 6.4 8.3 6.1 5.5 12.8 3.7 11.5 17.3 5.5
Services........................ .0 9.7 5.1 4.6 11.7 -20.0 -2.8 17.5 23.1 7.5 5.6 -2.8 19.2 2.9 2.0 2.1 5.5 6.7 3.9
Imports........................... 4.1 10.8 6.1 5.7 9.0 -5.0 4.1 3.7 17.6 10.2 16.0 4.4 12.0 4.1 1.4 2.5 13.2 9.1 .6
Goods........................... 4.9 10.9 6.7 6.5 8.1 -3.9 8.6 .6 17.2 10.1 17.7 4.7 12.6 4.9 2.0 2.7 14.1 9.4 -.1
Services........................ .0 10.0 2.8 1.7 14.0 -10.6 -15.7 21.2 19.6 10.9 7.6 3.1 9.0 -.2 -1.5 1.2 8.3 7.4 4.5
Government consumption expenditures
and gross investment............... 2.5 1.9 .9 2.3 4.8 -1.4 6.1 1.5 .7 2.9 2.2 1.3 -1.9 1.6 1.1 3.4 -1.1 4.9 .9
Federal........................... 6.8 4.3 1.5 3.0 10.2 .1 19.7 .4 3.1 7.2 2.5 5.0 -5.2 3.4 .4 9.6 -4.6 8.8 -4.3
National defense................ 8.7 5.9 1.7 4.1 14.8 -4.4 36.3 -5.3 8.1 9.1 2.0 9.1 -9.1 4.5 2.9 11.2 -9.9 8.9 -1.8
Nondefense...................... 3.4 1.2 1.1 1.2 2.1 9.0 -6.4 12.4 -6.0 3.6 3.5 -2.9 3.4 1.2 -4.4 6.2 7.1 8.5 -9.3
State and local................... .2 .5 .5 1.9 2.0 -2.2 -.8 2.1 -.6 .5 2.1 -.9 .1 .6 1.5 -.1 1.0 2.7 4.2
Addenda:
Final sales of domestic product... 2.5 3.5 3.5 1.4 .1 1.3 4.5 6.9 2.1 3.4 2.6 4.0 2.6 3.3 5.6 4.4 -.3 5.6 2.3
Gross domestic purchases.......... 2.8 4.4 3.3 2.8 1.7 .9 4.0 6.6 3.0 4.4 5.5 3.1 3.3 3.4 2.4 4.0 2.7 5.3 2.3
Final sales to domestic
purchasers....................... 2.8 4.0 3.6 1.8 1.6 1.1 5.1 6.1 2.5 4.0 4.1 4.0 3.2 3.3 4.6 4.2 .7 5.4 1.7
Gross national product (GNP)...... 2.7 3.8 3.1 2.9 1.0 .8 4.1 7.3 3.5 3.5 2.9 3.3 2.0 3.6 3.0 4.9 .5 6.1 2.6
Disposable personal income........ 2.2 3.6 1.2 -1.6 .2 1.7 5.0 6.3 1.7 3.9 2.4 2.8 7.5 -4.0 .5 -.6 5.5 4.6 1.5
Current-dollar measures:
GDP............................. 4.7 6.9 6.3 3.9 2.4 4.4 4.8 9.7 4.9 7.8 7.9 5.3 5.9 7.0 5.8 7.6 5.1 9.0 6.3
Final sales of domestic product. 4.7 6.5 6.7 3.0 2.4 4.6 5.8 9.1 4.4 7.3 6.4 6.2 5.9 6.9 8.2 7.8 3.0 9.1 5.7
Gross domestic purchases........ 5.2 7.6 6.9 4.4 3.9 5.1 4.7 9.1 4.9 8.9 9.7 5.8 7.0 6.7 5.8 8.5 6.3 8.2 6.4
Final sales to domestic
purchasers..................... 5.2 7.2 7.2 3.6 3.8 5.3 5.7 8.5 4.4 8.5 8.3 6.7 7.0 6.7 8.1 8.8 4.3 8.2 5.8
GNP............................. 4.9 6.7 6.2 4.4 3.2 4.0 5.4 9.6 5.8 7.4 6.7 5.4 5.3 7.2 5.6 8.4 3.8 9.6 6.0
Disposable personal income...... 4.2 6.4 4.1 .2 1.9 4.8 5.7 8.9 3.2 7.7 6.0 4.7 10.7 -1.8 3.6 3.5 8.6 6.8 5.7
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
r Revised. Revisions include changes to series affected by the
introduction of revised wage and salary estimates for the first
quarter of 2006.
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]
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
2003 2004 2005 III 02 IV 02 I 03 II 03 III 03 IV 03 I 04 II 04 III 04 IV 04 I 05 II 05 III 05 IV 05 I 06 II 06r
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
Percent change at annual rate:
Gross domestic product.......... 2.5 3.9 3.2 2.4 .2 1.2 3.5 7.5 2.7 3.9 4.0 3.1 2.6 3.4 3.3 4.2 1.8 5.6 2.9
Percentage points at annual rates:
Personal consumption expenditures. 1.94 2.71 2.44 1.57 .97 1.41 2.53 4.13 1.59 3.30 2.07 2.74 2.97 1.94 2.94 2.76 .53 3.38 1.80
Durable goods................... .50 .54 .45 .98 -.47 .03 1.35 1.39 .06 .51 .14 .71 .50 .20 1.02 .74 -1.08 1.50 .04
Motor vehicles and parts...... .12 .07 .02 .89 -.75 -.04 .65 .46 -.29 .09 -.14 .22 .17 -.29 .50 .38 -1.51 .60 -.03
Furniture and household
equipment.................... .27 .35 .29 .06 .21 .05 .49 .67 .27 .33 .28 .36 .21 .27 .28 .40 .33 .65 .11
Other......................... .10 .11 .14 .02 .07 .02 .21 .26 .08 .10 .01 .13 .12 .21 .24 -.03 .10 .26 -.05
Nondurable goods................ .64 .73 .90 .06 .70 .75 .45 1.53 .36 .86 .34 .74 1.07 1.04 .98 .70 .79 1.20 .34
Food.......................... .23 .33 .51 .00 .20 .39 .04 .61 .02 .54 .16 .28 .70 .53 .55 .61 .39 .64 .22
Clothing and shoes............ .14 .14 .17 -.05 .31 -.02 .29 .31 -.02 .32 -.14 .18 .19 .17 .25 .08 .27 .23 -.10
Gasoline, fuel oil, and other
energy goods................. .01 .02 -.01 .04 -.04 -.02 -.02 .10 .06 .00 .00 -.04 .01 .12 -.10 -.15 -.06 -.03 .04
Other......................... .26 .24 .23 .07 .23 .39 .14 .52 .30 .00 .32 .32 .16 .21 .28 .16 .19 .36 .18
Services........................ .80 1.45 1.09 .54 .74 .63 .73 1.21 1.18 1.92 1.59 1.30 1.39 .70 .94 1.32 .83 .67 1.42
Housing....................... .10 .40 .30 -.11 -.07 .11 .18 .35 .40 .49 .42 .37 .32 .29 .28 .24 .18 .24 .25
Household operation........... .06 .10 .08 -.11 .19 .00 .00 .02 .17 .11 .10 .06 .25 .01 .04 .09 .01 -.58 .22
Electricity and gas......... .03 .02 .04 -.07 .23 -.05 -.08 -.03 .12 .06 -.06 -.07 .25 .00 .00 .03 .03 -.58 .22
Other household operation... .03 .08 .04 -.04 -.04 .05 .08 .05 .05 .05 .16 .13 .00 .01 .04 .06 -.02 .00 .00
Transportation................ .00 .03 .00 -.07 -.01 .07 -.03 .03 .02 .05 .06 .00 .04 .02 -.03 -.04 .00 .10 .04
Medical care.................. .45 .37 .43 .59 .59 .47 .28 .28 .28 .33 .47 .53 .43 .32 .40 .53 .44 .52 .40
Recreation.................... .10 .14 .08 .04 .16 .02 .15 .13 .16 .18 .13 .09 .05 .13 .05 .05 .04 .09 -.06
Other......................... .09 .41 .20 .20 -.12 -.04 .16 .40 .15 .76 .42 .24 .30 -.07 .20 .44 .16 .31 .57
Gross private domestic investment. .54 1.49 .87 .87 -.14 -.16 .51 2.56 1.39 .74 3.17 .32 .82 1.32 -.61 .84 2.51 1.31 .47
Fixed investment................ .51 1.11 1.17 -.12 -.21 -.04 1.52 2.00 .83 .34 1.72 1.16 .77 1.22 1.62 1.02 .46 1.34 -.15
Nonresidential................ .10 .58 .67 -.21 -.52 -.24 1.01 .92 .29 .18 .69 .97 .81 .59 .51 .59 .52 1.36 .48
Structures.................. -.11 .06 .03 -.44 -.14 -.18 .35 -.02 -.12 .08 .17 .08 -.05 .14 -.06 -.20 .31 .25 .60
Equipment and software...... .21 .52 .64 .23 -.38 -.06 .66 .95 .41 .10 .52 .90 .86 .45 .56 .78 .21 1.11 -.12
Information processing
equipment and software... .22 .36 .30 .23 -.38 .31 .13 .82 .70 .30 .05 .21 .33 .43 .29 .26 .25 .74 -.05
Computers and peripheral
equipment.............. .09 .10 .12 .16 -.04 .12 .00 .26 .21 -.03 -.03 .21 .17 .10 .10 .06 .16 .15 .03
Software................ .07 .15 .09 .12 -.17 .06 .05 .32 .20 .17 .03 .12 .16 .03 .12 .07 .04 .18 .05
Other................... .05 .11 .10 -.05 -.17 .12 .08 .23 .29 .16 .05 -.12 .00 .30 .06 .13 .04 .40 -.13
Industrial equipment...... .04 -.05 .10 .08 .01 .17 .14 -.14 -.22 -.09 -.05 .19 .05 .16 -.07 .23 .19 -.05 .16
Transportation equipment.. -.12 .14 .15 -.07 -.02 -.57 .31 .01 -.13 -.08 .46 .39 .40 -.14 .11 .27 -.31 .31 -.32
Other equipment........... .07 .07 .09 .00 .02 .04 .08 .26 .07 -.04 .06 .10 .08 .01 .24 .03 .08 .11 .09
Residential................... .41 .53 .50 .09 .30 .20 .51 1.08 .55 .16 1.03 .18 -.04 .63 1.11 .43 -.06 -.02 -.63
Change in private inventories... .04 .38 -.30 .98 .08 -.12 -1.01 .56 .56 .40 1.44 -.84 .05 .09 -2.23 -.18 2.05 -.03 .63
Farm.......................... .03 .07 -.06 .31 .03 .19 -.16 -.06 -.05 .27 .61 -.48 -.38 .16 -.26 .28 .14 -.01 -.01
Nonfarm....................... .00 .31 -.24 .67 .04 -.31 -.85 .62 .60 .13 .84 -.35 .43 -.06 -1.97 -.46 1.90 -.02 .63
Net exports of goods and services. -.44 -.65 -.26 -.49 -1.52 .21 -.73 .51 -.47 -.73 -1.62 -.20 -.81 -.16 .72 -.06 -1.07 -.04 .44
Exports......................... .12 .88 .68 .27 -.31 -.53 -.16 1.02 1.81 .69 .60 .46 .96 .47 .94 .33 .97 1.41 .54
Goods......................... .12 .60 .52 .14 -.64 .13 -.08 .55 1.20 .47 .43 .55 .42 .38 .88 .27 .80 1.20 .42
Services...................... .00 .28 .16 .13 .33 -.65 -.08 .47 .61 .22 .17 -.09 .54 .09 .06 .06 .17 .21 .13
Imports......................... -.56 -1.53 -.94 -.76 -1.21 .74 -.57 -.51 -2.29 -1.42 -2.22 -.66 -1.77 -.63 -.22 -.39 -2.04 -1.46 -.10
Goods......................... -.56 -1.29 -.87 -.72 -.90 .47 -.97 -.07 -1.86 -1.17 -2.03 -.59 -1.55 -.64 -.26 -.36 -1.84 -1.27 .02
Services...................... .00 -.24 -.07 -.04 -.31 .27 .40 -.44 -.43 -.25 -.18 -.08 -.22 .01 .04 -.03 -.20 -.19 -.12
Government consumption expenditures
and gross investment............. .47 .36 .17 .43 .89 -.26 1.16 .29 .14 .55 .43 .24 -.37 .31 .21 .64 -.21 .94 .18
Federal......................... .44 .30 .11 .20 .64 .01 1.26 .03 .21 .49 .18 .34 -.38 .23 .03 .66 -.33 .61 -.31
National defense.............. .37 .27 .08 .17 .59 -.20 1.41 -.25 .35 .41 .09 .41 -.45 .21 .13 .52 -.49 .41 -.08
Consumption expenditures.... .32 .22 .05 .07 .67 -.22 1.30 -.32 .31 .40 .00 .34 -.44 .25 .03 .45 -.47 .37 -.16
Gross investment............ .05 .05 .03 .10 -.08 .02 .12 .07 .05 .00 .10 .08 -.01 -.04 .10 .07 -.02 .05 .08
Nondefense.................... .08 .03 .03 .03 .05 .21 -.16 .28 -.14 .09 .08 -.07 .08 .03 -.11 .14 .16 .20 -.23
Consumption expenditures..... .07 .03 .00 .11 .07 .19 -.21 .27 -.12 .11 .03 -.06 .05 .01 -.09 .08 .05 .16 -.10
Gross investment............. .01 .00 .02 -.08 -.02 .01 .06 .01 -.03 -.03 .05 -.01 .03 .01 -.02 .06 .11 .03 -.13
State and local................. .02 .06 .06 .23 .25 -.27 -.10 .26 -.07 .06 .25 -.10 .01 .08 .18 -.01 .13 .33 .49
Consumption expenditures.... .00 .10 .08 .17 .15 -.19 -.07 -.04 .07 .19 .15 .08 .15 .02 .05 .14 .09 .17 .19
Gross investment............ .02 -.04 -.02 .06 .10 -.09 -.02 .30 -.15 -.13 .11 -.18 -.14 .06 .13 -.15 .03 .16 .30
Addenda:
Goods........................... 1.00 1.56 1.43 1.69 -1.74 1.27 .56 5.00 .81 1.20 .99 1.56 1.43 1.51 1.09 2.07 .97 3.86 1.35
Services........................ 1.20 1.84 1.31 .98 1.65 .03 2.06 1.15 1.63 2.59 1.74 1.48 1.47 1.07 1.04 2.02 .46 1.39 1.36
Structures...................... .31 .51 .49 -.29 .29 -.09 .85 1.33 .22 .05 1.31 .06 -.29 .82 1.13 .09 .33 .33 .19
Motor vehicle output............ .05 .12 .20 .40 .01 -.46 .36 .30 -.23 .33 -.24 .52 .06 .38 -.03 .70 -.71 .12 -.28
Final sales of computers........ .15 .06 .16 .20 .11 .12 -.02 .50 .15 -.13 -.14 .15 .26 .16 .20 .08 .20 .07 .05
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
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
-------------------------------------------- -------------------------------------------- -------------------------
2005 II 05 III 05 IV 05 I 06 II 06r 2005 II 05 III 05 IV 05 I 06 II 06r 2005 I 06 II 06r
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
Gross domestic product....... 12,455.8 12,346.1 12,573.5 12,730.5 13,008.4 13,209.7 11,048.6 11,001.8 11,115.1 11,163.8 11,316.4 11,397.6 345.1 152.6 81.2
Personal consumption expenditures. 8,742.4 8,674.6 8,847.3 8,927.8 9,079.2 9,229.6 7,841.2 7,819.8 7,895.3 7,910.2 8,003.8 8,054.8 264.1 93.6 51.0
Durable goods................... 1,033.1 1,042.3 1,057.3 1,019.6 1,064.1 1,063.2 1,145.3 1,150.8 1,175.9 1,137.9 1,190.5 1,191.8 59.6 52.6 1.3
Motor vehicles and parts...... 448.2 459.6 468.1 421.6 442.7 442.1 452.9 463.0 474.6 426.3 445.1 444.2 2.5 18.8 -.9
Furniture and household
equipment.................... 377.2 374.4 380.0 386.0 402.3 401.8 490.6 482.0 497.7 511.5 538.5 543.5 44.6 27.0 5.0
Other......................... 207.7 208.3 209.2 212.0 219.1 219.3 212.6 214.2 213.1 216.3 224.6 223.0 17.0 8.3 -1.6
Nondurable goods................ 2,539.3 2,508.6 2,584.9 2,613.5 2,658.2 2,723.0 2,276.8 2,268.4 2,287.6 2,309.6 2,342.8 2,352.4 97.6 33.2 9.6
Food.......................... 1,201.4 1,191.9 1,214.7 1,233.7 1,262.3 1,274.8 1,065.7 1,058.5 1,074.9 1,085.7 1,103.4 1,109.5 54.7 17.7 6.1
Clothing and shoes............ 341.8 341.5 341.3 349.1 355.4 355.3 372.7 371.1 373.9 383.1 391.1 387.6 21.8 8.0 -3.5
Gasoline, fuel oil, and other
energy goods................. 302.1 285.5 331.0 322.1 316.2 359.9 199.5 200.7 197.8 196.6 196.0 196.8 -1.0 -.6 .8
Other......................... 694.0 689.7 698.0 708.6 724.2 733.0 643.9 642.2 646.7 652.4 662.6 668.0 25.4 10.2 5.4
Services........................ 5,170.0 5,123.7 5,205.1 5,294.7 5,356.8 5,443.5 4,436.6 4,420.0 4,454.5 4,476.7 4,494.5 4,532.9 112.7 17.8 38.4
Housing....................... 1,304.1 1,297.2 1,311.7 1,326.6 1,345.4 1,370.1 1,122.6 1,120.0 1,126.4 1,131.2 1,137.6 1,144.5 31.0 6.4 6.9
Household operation........... 483.0 474.3 484.3 506.1 494.8 496.2 418.0 416.9 419.4 419.8 404.3 410.1 8.7 -15.5 5.8
Electricity and gas......... 199.8 192.1 199.4 219.9 206.2 206.5 153.8 153.2 154.0 154.7 141.7 146.7 4.0 -13.0 5.0
Other household operation... 283.2 282.2 285.0 286.2 288.6 289.7 264.1 263.7 265.4 264.9 264.8 264.7 4.6 -.1 -.1
Transportation................ 320.4 318.8 322.3 325.9 330.4 335.7 284.4 284.8 283.6 283.5 286.3 287.3 .4 2.8 1.0
Medical care.................. 1,493.4 1,478.3 1,505.0 1,534.0 1,557.2 1,581.2 1,260.9 1,253.8 1,267.5 1,279.0 1,292.6 1,303.4 43.6 13.6 10.8
Recreation.................... 360.6 357.9 362.6 367.7 372.4 374.5 313.1 312.5 313.9 315.1 317.5 315.9 8.3 2.4 -1.6
Other......................... 1,208.4 1,197.1 1,219.1 1,234.4 1,256.5 1,285.7 1,036.2 1,030.6 1,042.2 1,046.5 1,054.9 1,070.2 20.2 8.4 15.3
Gross private domestic investment. 2,057.4 2,009.1 2,052.6 2,154.5 2,214.8 2,245.7 1,866.3 1,832.6 1,855.9 1,927.0 1,963.6 1,977.0 95.7 36.6 13.4
Fixed investment................ 2,036.2 2,016.7 2,067.9 2,105.8 2,167.7 2,177.6 1,842.0 1,835.8 1,864.2 1,877.3 1,914.6 1,910.2 128.1 37.3 -4.4
Nonresidential................ 1,265.7 1,251.8 1,276.7 1,304.3 1,359.2 1,384.9 1,223.8 1,214.8 1,232.4 1,248.2 1,288.8 1,303.7 78.0 40.6 14.9
Structures.................. 338.6 332.0 336.3 359.7 378.2 407.8 251.5 251.7 247.1 254.2 259.6 272.9 2.8 5.4 13.3
Equipment and software...... 927.1 919.8 940.4 944.7 981.0 977.1 984.9 974.8 1,000.6 1,007.6 1,044.8 1,040.6 80.7 37.2 -4.2
Information processing
equipment and software... 454.3 452.3 456.6 461.3 482.4 479.4 552.6 547.9 557.7 567.3 595.9 593.9 43.3 28.6 -2.0
Computers and peripheral
equipment.............. 85.1 85.3 83.9 85.9 88.0 85.9 ..... ..... ..... ..... ..... ..... ..... ..... .....
Software................ 194.0 193.8 195.6 196.9 203.6 206.3 206.2 205.7 208.0 209.5 215.6 217.2 11.2 6.1 1.6
Other................... 175.2 173.3 177.2 178.4 190.8 187.2 193.6 191.5 196.0 197.5 211.6 206.8 12.9 14.1 -4.8
Industrial equipment...... 155.1 149.5 157.0 163.9 163.4 170.1 143.5 138.4 144.9 150.4 149.0 153.8 10.8 -1.4 4.8
Transportation equipment.. 158.3 158.0 165.0 154.6 165.7 155.7 145.4 144.6 152.3 143.2 152.2 142.6 16.6 9.0 -9.6
Other equipment........... 159.4 159.9 161.8 164.9 169.4 172.0 147.3 148.0 148.8 151.2 154.3 157.0 9.7 3.1 2.7
Residential................... 770.4 764.9 791.2 801.5 808.5 792.7 608.0 609.9 620.4 618.9 618.5 602.7 48.1 -.4 -15.8
Change in private inventories... 21.3 -7.6 -15.3 48.6 47.2 68.1 19.6 -7.4 -12.7 43.5 41.2 58.7 -33.8 -2.3 17.5
Farm.......................... .3 -6.7 1.3 5.8 5.4 5.2 .2 -5.8 1.1 4.8 4.3 4.0 -5.9 -.5 -.3
Nonfarm....................... 21.0 -.9 -16.6 42.8 41.8 62.9 19.6 -1.0 -14.0 38.6 36.8 54.8 -27.4 -1.8 18.0
Net exports of goods and services. -716.7 -686.4 -728.8 -775.4 -765.2 -780.4 -619.2 -606.1 -607.6 -636.6 -636.6 -623.6 -28.3 .0 13.0
Exports......................... 1,303.1 1,293.8 1,312.4 1,352.4 1,405.4 1,444.0 1,196.1 1,191.0 1,200.5 1,228.4 1,269.3 1,285.1 75.7 40.9 15.8
Goods......................... 907.5 902.6 913.9 944.3 989.3 1,017.6 843.2 839.7 847.5 870.8 906.2 918.5 58.8 35.4 12.3
Services...................... 395.6 391.2 398.5 408.1 416.0 426.4 352.9 351.2 353.0 357.8 363.6 367.1 17.0 5.8 3.5
Imports......................... 2,019.9 1,980.2 2,041.2 2,127.8 2,170.6 2,224.4 1,815.3 1,797.1 1,808.1 1,865.0 1,905.9 1,908.7 104.0 40.9 2.8
Goods......................... 1,699.0 1,662.4 1,719.1 1,799.3 1,832.6 1,878.8 1,549.9 1,533.6 1,543.9 1,595.8 1,631.9 1,631.4 97.7 36.1 -.5
Services...................... 320.9 317.8 322.1 328.5 338.1 345.6 267.5 265.5 266.3 271.7 276.6 279.6 7.2 4.9 3.0
Government consumption expenditures
and gross investment............. 2,372.8 2,348.9 2,402.4 2,423.6 2,479.6 2,514.7 1,958.0 1,952.6 1,968.8 1,963.5 1,987.1 1,991.8 17.4 23.6 4.7
Federal......................... 878.3 868.4 895.8 886.2 921.7 919.9 727.5 721.6 738.2 729.6 745.1 736.9 10.9 15.5 -8.2
National defense.............. 589.3 584.3 605.0 590.9 613.5 616.7 483.6 481.1 494.1 481.4 491.8 489.6 8.2 10.4 -2.2
Consumption expenditures.... 516.9 512.1 530.9 516.9 537.7 537.9 413.3 410.9 421.9 410.0 419.0 414.9 5.0 9.0 -4.1
Gross investment............ 72.4 72.2 74.2 74.1 75.8 78.8 71.2 71.2 73.2 72.6 74.0 76.5 3.7 1.4 2.5
Nondefense.................... 289.0 284.1 290.7 295.3 308.2 303.1 243.7 240.1 243.8 248.0 253.1 247.0 2.7 5.1 -6.1
Consumption expenditures.... 251.7 248.7 253.4 254.2 265.9 264.7 207.3 205.4 207.5 208.7 212.8 210.2 .3 4.1 -2.6
Gross investment............ 37.4 35.4 37.4 41.1 42.4 38.4 36.7 34.8 36.6 40.1 41.1 37.1 2.8 1.0 -4.0
State and local................. 1,494.4 1,480.5 1,506.6 1,537.4 1,557.9 1,594.8 1,230.4 1,230.9 1,230.5 1,233.7 1,242.0 1,254.8 6.5 8.3 12.8
Consumption expenditures.... 1,207.2 1,192.8 1,217.8 1,243.4 1,256.2 1,280.7 988.0 986.0 989.5 991.9 996.1 1,001.0 8.4 4.2 4.9
Gross investment............ 287.3 287.7 288.7 294.0 301.7 314.2 242.1 244.7 240.7 241.6 245.7 253.7 -2.0 4.1 8.0
Residual.......................... ..... ..... ..... ..... ..... ..... -42.6 -39.1 -47.1 -53.7 -78.7 -76.3 ..... ..... .....
Addenda:
Final sales of domestic product. 12,434.6 12,353.7 12,588.8 12,681.9 12,961.2 13,141.6 11,025.2 11,005.3 11,123.5 11,115.5 11,269.0 11,332.5 376.9 153.5 63.5
Gross domestic purchases........ 13,172.5 13,032.6 13,302.3 13,505.9 13,773.6 13,990.1 11,659.7 11,599.9 11,714.6 11,792.9 11,946.3 12,014.8 373.2 153.4 68.5
Final sales to domestic
purchasers..................... 13,151.3 13,040.2 13,317.6 13,457.3 13,726.4 13,922.0 11,636.1 11,603.2 11,722.8 11,744.6 11,898.7 11,949.7 405.0 154.1 51.0
Gross domestic product.......... 12,455.8 12,346.1 12,573.5 12,730.5 13,008.4 13,209.7 11,048.6 11,001.8 11,115.1 11,163.8 11,316.4 11,397.6 345.1 152.6 81.2
Plus: Income receipts from
the rest of the world.......... 513.3 489.0 527.2 564.9 603.3 654.0 456.9 438.0 467.2 496.1 526.4 565.1 80.2 30.3 38.7
Less: Income payments to
the rest of the world.......... 481.5 460.6 475.0 552.4 574.3 634.8 427.2 411.3 419.9 483.8 499.7 547.0 93.9 15.9 47.3
Equals: Gross national product.. 12,487.7 12,374.6 12,625.7 12,743.0 13,037.4 13,228.9 11,077.9 11,028.2 11,162.0 11,175.6 11,342.7 11,415.1 331.1 167.1 72.4
Net domestic product............ 10,851.0 10,855.1 10,675.5 11,168.0 11,460.3 11,643.1 9,557.2 9,603.5 9,371.6 9,727.9 9,896.5 9,969.2 237.4 168.6 72.7
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
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]
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
2003 2004 2005 III 02 IV 02 I 03 II 03 III 03 IV 03 I 04 II 04 III 04 IV 04 I 05 II 05 III 05 IV 05 I 06 II 06r
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
Gross domestic product (GDP). 2.1 2.8 3.0 1.6 2.2 3.1 1.3 2.1 2.2 3.7 3.7 2.1 3.2 3.5 2.4 3.3 3.3 3.3 3.3
Personal consumption expenditures... 2.0 2.6 2.9 1.8 1.7 3.1 .7 2.4 1.5 3.7 3.6 1.9 3.0 2.3 3.1 4.1 2.9 2.0 4.1
Durable goods..................... -3.6 -1.6 -.7 -1.8 -2.7 -4.8 -4.2 -4.0 -3.5 .0 .3 -2.3 .3 .3 -.6 -2.9 -1.3 -1.0 -.8
Nondurable goods.................. 2.0 3.3 3.6 .9 1.2 5.6 -2.9 3.9 .5 5.7 6.0 1.1 4.4 1.1 4.8 9.0 .6 1.1 8.3
Services.......................... 3.2 3.2 3.2 3.0 2.8 3.6 3.5 3.0 3.0 3.5 3.2 3.1 3.0 3.2 3.1 3.2 5.0 3.1 3.1
Gross private domestic investment... 1.5 3.3 3.4 .2 2.9 2.8 -.7 1.3 3.5 4.2 4.5 3.6 3.7 3.0 2.7 3.7 4.3 3.7 2.9
Fixed investment.................. 1.6 3.4 3.5 .2 3.0 3.1 -.8 1.3 3.5 4.3 4.6 3.6 3.7 3.1 2.7 4.0 4.6 3.8 2.8
Nonresidential.................. .1 1.2 2.6 -.4 1.1 .1 -1.3 .7 1.4 1.0 2.1 1.4 2.6 3.6 2.0 2.2 3.5 3.7 3.0
Structures.................... 3.5 6.2 11.3 4.3 5.1 4.8 -.2 2.3 4.2 6.7 7.8 10.2 12.0 11.6 9.2 13.2 16.8 12.4 10.6
Equipment and software........ -1.1 -.4 -.4 -2.0 -.3 -1.5 -1.7 .1 .4 -.9 .2 -1.5 -.5 .9 -.4 -1.5 -1.0 .6 .0
Residential..................... 4.8 7.3 5.1 1.5 7.0 9.4 .2 2.6 7.7 10.5 9.0 7.4 5.6 2.3 3.8 6.9 6.3 3.8 2.5
Change in private inventories..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... .....
Net exports of goods and services... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... .....
Exports........................... 2.2 3.7 3.6 3.0 .6 4.1 1.1 .9 3.0 6.1 5.0 1.8 4.0 4.6 3.6 2.6 2.8 2.3 6.1
Goods........................... 2.0 3.7 3.1 3.3 .5 3.6 1.6 -.7 4.1 6.5 5.2 1.1 3.6 4.4 3.0 1.3 2.3 2.8 6.0
Services........................ 2.6 3.5 4.8 2.1 .7 5.3 -.2 4.7 .7 5.0 4.5 3.5 5.0 5.1 4.9 5.6 4.2 1.2 6.2
Imports........................... 3.5 5.0 6.3 3.5 .6 11.3 -3.9 2.6 .4 9.7 7.3 5.5 6.7 2.6 9.2 10.2 4.3 -.7 9.6
Goods........................... 2.9 5.0 6.5 2.6 .4 11.9 -6.7 2.5 .5 10.1 7.9 5.4 6.8 1.8 10.1 11.3 5.1 -1.6 10.6
Services........................ 6.3 5.1 5.4 8.1 1.4 8.1 11.8 3.1 .0 8.0 4.4 6.2 6.3 6.8 5.1 4.3 -.1 4.5 4.5
Government consumption expenditures
and gross investment............... 4.1 4.4 5.6 2.6 3.6 9.2 1.3 2.5 2.2 6.8 5.3 4.6 5.7 7.0 4.6 5.9 4.7 4.4 4.8
Federal........................... 4.2 4.7 4.8 1.0 4.6 11.3 1.5 1.0 1.1 11.5 5.3 2.2 2.9 11.3 2.2 3.3 .4 7.6 3.7
National defense................ 4.7 4.7 5.1 2.4 6.9 10.3 1.4 1.2 1.3 10.5 5.8 2.8 3.2 11.6 2.4 3.4 1.0 6.7 4.0
Nondefense...................... 3.4 4.7 4.1 -1.4 .5 12.9 1.6 .6 .6 13.7 4.3 .9 2.3 10.6 1.8 3.2 -.7 9.5 3.1
State and local................... 4.1 4.3 6.2 3.4 3.0 8.1 1.1 3.3 2.9 4.1 5.3 6.1 7.4 4.6 6.1 7.4 7.3 2.6 5.4
Addenda:
Final sales of domestic product... 2.1 2.8 3.0 1.6 2.3 3.2 1.3 2.1 2.2 3.7 3.7 2.1 3.2 3.5 2.4 3.3 3.3 3.3 3.3
Gross domestic purchases.......... 2.3 3.1 3.5 1.7 2.2 4.1 .6 2.2 1.9 4.3 4.1 2.6 3.6 3.2 3.3 4.4 3.5 2.7 4.0
Final sales to domestic
purchasers....................... 2.3 3.1 3.5 1.7 2.2 4.2 .6 2.2 1.9 4.3 4.1 2.6 3.6 3.2 3.3 4.4 3.5 2.7 4.0
Gross national product (GNP)...... 2.1 2.8 3.0 1.6 2.2 3.2 1.3 2.1 2.2 3.7 3.7 2.1 3.2 3.5 2.4 3.3 3.2 3.3 3.3
Implicit price deflators:
GDP............................. 2.1 2.8 3.0 1.5 2.2 3.2 1.3 2.1 2.2 3.8 3.7 2.1 3.2 3.4 2.5 3.3 3.3 3.3 3.3
Gross domestic purchases........ 2.3 3.1 3.5 1.6 2.2 4.1 .6 2.3 1.9 4.3 4.0 2.6 3.6 3.2 3.4 4.3 3.5 2.7 4.0
GNP............................. 2.1 2.8 3.0 1.5 2.3 3.1 1.3 2.1 2.2 3.8 3.7 2.1 3.2 3.4 2.5 3.3 3.3 3.3 3.3
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
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
---------------------------------------------------
2003 2004 2005 II 05 III 05 IV 05 I 06 II 06r
-----------------------------------------------------------------------------------------------------------------------------------
Gross domestic product............. 104.931 109.031 112.546 112.069 113.223 113.719 115.274 116.101
Personal consumption expenditures.......... 108.249 112.430 116.349 116.031 117.152 117.373 118.761 119.519
Durable goods............................ 118.214 125.753 132.666 133.299 136.207 131.799 137.893 138.048
Nondurable goods......................... 108.002 111.913 116.924 116.496 117.481 118.608 120.313 120.809
Services................................. 106.363 110.055 112.925 112.501 113.379 113.945 114.398 115.375
Gross private domestic investment.......... 92.949 102.026 107.537 105.595 106.938 111.034 113.143 113.920
Fixed investment......................... 95.110 102.080 109.708 109.339 111.032 111.811 114.033 113.770
Nonresidential......................... 87.804 92.995 99.326 98.601 100.025 101.308 104.606 105.810
Structures........................... 77.735 79.418 80.302 80.356 78.903 81.174 82.893 87.148
Equipment and software............... 91.747 98.400 107.180 106.087 108.889 109.653 113.704 113.245
Residential............................ 113.977 125.281 136.050 136.476 138.821 138.495 138.391 134.855
Change in private inventories............ ..... ..... ..... ..... ..... ..... ..... .....
Exports of goods and services.............. 93.599 102.201 109.105 108.637 109.503 112.054 115.783 117.222
Imports of goods and services.............. 104.693 115.962 123.007 121.775 122.520 126.377 129.146 129.338
Government consumption expenditures and
gross investment.......................... 110.644 112.720 113.731 113.417 114.358 114.048 115.423 115.696
Federal.................................. 118.712 123.813 125.701 124.668 127.545 126.053 128.728 127.313
State and local.......................... 106.557 107.094 107.660 107.709 107.674 107.954 108.682 109.795
Addenda:
Final sales of domestic product.......... 105.375 109.096 112.958 112.754 113.965 113.883 115.455 116.106
Gross domestic purchases................. 106.071 110.691 114.351 113.764 114.889 115.657 117.161 117.833
Final sales to domestic purchasers....... 106.504 110.761 114.755 114.430 115.610 115.825 117.345 117.848
Gross national product................... 105.067 109.039 112.399 111.894 113.252 113.390 115.085 115.820
-----------------------------------------------------------------------------------------------------------------------------------
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
---------------------------------------------------
2003 2004 2005 II 05 III 05 IV 05 I 06 II 06r
-----------------------------------------------------------------------------------------------------------------------------------
Gross domestic product............. 106.409 109.429 112.744 112.229 113.139 114.048 114.967 115.916
Personal consumption expenditures
(PCE)..................................... 105.597 108.373 111.493 110.940 112.067 112.873 113.445 114.594
Durable goods............................ 92.366 90.845 90.198 90.570 89.908 89.606 89.385 89.204
Nondurable goods......................... 104.145 107.617 111.530 110.604 113.016 113.177 113.484 115.771
Services................................. 109.379 112.863 116.529 115.929 116.858 118.281 119.194 120.097
Gross private domestic investment.......... 103.191 106.645 110.284 109.664 110.675 111.853 112.860 113.660
Fixed investment......................... 103.313 106.811 110.542 109.875 110.946 112.194 113.238 114.021
Nonresidential......................... 99.591 100.834 103.428 103.055 103.607 104.510 105.471 106.241
Structures........................... 113.872 120.951 134.647 131.941 136.089 141.476 145.684 149.397
Equipment and software............... 94.912 94.503 94.134 94.347 93.983 93.754 93.887 93.897
Residential............................ 112.372 120.618 126.714 125.450 127.573 129.536 130.765 131.581
Change in private inventories............ ..... ..... ..... ..... ..... ..... ..... .....
Exports of goods and services.............. 101.429 105.151 108.949 108.648 109.341 110.108 110.737 112.385
Imports of goods and services.............. 99.685 104.678 111.268 110.222 112.919 114.117 113.918 116.565
Government consumption expenditures and
gross investment.......................... 109.849 114.718 121.183 120.302 122.029 123.444 124.791 126.260
Federal.................................. 110.094 115.249 120.726 120.361 121.353 121.479 123.721 124.845
State and local.......................... 109.712 114.417 121.463 120.276 122.438 124.620 125.434 127.108
Addenda:
PCE excluding food and energy............ 105.175 107.314 109.559 109.298 109.732 110.418 110.983 111.764
Market-based PCE\1\...................... 104.995 107.393 110.339 109.801 110.952 111.647 112.116 113.276
Market-based PCE excluding food
and energy\1\........................... 104.330 105.865 107.713 107.530 107.854 108.375 108.810 109.528
Final sales of domestic product.......... 106.430 109.455 112.783 112.261 113.181 114.101 115.025 115.972
Gross domestic purchases................. 105.966 109.210 112.981 112.362 113.572 114.541 115.313 116.459
Final sales to domestic purchasers....... 105.986 109.235 113.021 112.395 113.614 114.594 115.371 116.516
Gross national product................... 106.401 109.419 112.733 112.218 113.131 114.038 114.958 115.906
Implicit price deflators:
Gross domestic product................. 106.404 109.426 112.737 112.219 113.121 114.034 114.951 115.899
Final sales of domestic product........ 106.430 109.455 112.783 112.252 113.173 114.092 115.017 115.964
Gross domestic purchases............... 105.961 109.207 112.975 112.351 113.553 114.526 115.296 116.441
Final sales to domestic purchasers..... 105.985 109.235 113.021 112.385 113.604 114.583 115.360 116.505
Gross national product................. 106.396 109.416 112.726 112.209 113.113 114.025 114.942 115.889
-----------------------------------------------------------------------------------------------------------------------------------
r Revised
1. This index is a supplemental measure that is based on household
expenditures for which there are observable price measures. It
excludes most implicit prices (for example, the services furnished
without payment by financial intermediaries) and the expenses of
nonprofit institutions. Percentage changes for these series are
included in the addenda to table 8 and in appendix table A.
See "Explanatory Note" at the end of the tables.
Table 7.--Real Gross Domestic Product: Percent Change from Preceding Year
-----------------------------------------------------------------------------------------------------------------------------------------------------------------------
1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005
-----------------------------------------------------------------------------------------------------------------------------------------------------------------------
Gross domestic product (GDP).... 1.9 -.2 3.3 2.7 4.0 2.5 3.7 4.5 4.2 4.5 3.7 .8 1.6 2.5 3.9 3.2
Personal consumption expenditures...... 2.0 .2 3.3 3.3 3.7 2.7 3.4 3.8 5.0 5.1 4.7 2.5 2.7 2.8 3.9 3.5
Durable goods........................ -.3 -5.6 5.9 7.8 8.4 4.4 7.8 8.6 11.3 11.7 7.3 4.3 7.1 5.8 6.4 5.5
Nondurable goods..................... 1.6 -.2 2.0 2.7 3.5 2.2 2.6 2.7 4.0 4.6 3.8 2.0 2.5 3.2 3.6 4.5
Services............................. 2.9 1.7 3.5 2.8 2.9 2.6 2.9 3.3 4.2 4.0 4.5 2.4 1.9 1.9 3.5 2.6
Gross private domestic investment...... -3.4 -8.1 8.1 8.9 13.6 3.1 8.9 12.4 9.8 7.8 5.7 -7.9 -2.6 3.6 9.8 5.4
Fixed investment..................... -2.1 -6.5 5.9 8.6 9.3 6.5 9.0 9.2 10.2 8.3 6.5 -3.0 -5.2 3.4 7.3 7.5
Nonresidential..................... .5 -5.4 3.2 8.7 9.2 10.5 9.3 12.1 11.1 9.2 8.7 -4.2 -9.2 1.0 5.9 6.8
Structures....................... 1.5 -11.1 -6.0 -.7 1.8 6.4 5.6 7.3 5.1 -.4 6.8 -2.3 -17.1 -4.1 2.2 1.1
Equipment and software........... .0 -2.6 7.3 12.5 11.9 12.0 10.6 13.8 13.3 12.7 9.4 -4.9 -6.2 2.8 7.3 8.9
Residential........................ -8.6 -9.6 13.8 8.2 9.6 -3.2 8.0 1.9 7.6 6.0 .8 .4 4.8 8.4 9.9 8.6
Change in private inventories........ ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... .....
Net exports of goods and services...... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... .....
Exports.............................. 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 1.3 9.2 6.8
Goods.............................. 8.4 6.9 7.5 3.3 9.7 11.7 8.8 14.3 2.2 3.8 11.2 -6.1 -4.0 1.8 9.0 7.5
Services........................... 10.5 6.0 5.5 3.2 6.3 6.3 7.2 5.9 2.9 5.6 2.9 -3.7 1.9 .0 9.7 5.1
Imports.............................. 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 4.1 10.8 6.1
Goods.............................. 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 4.9 10.9 6.7
Services........................... 6.5 -2.6 -2.6 2.9 5.7 3.3 5.5 9.4 11.4 6.9 11.1 -.3 2.1 .0 10.0 2.8
Government consumption expenditures
and gross investment.................. 3.2 1.1 .5 -.9 .0 .5 1.0 1.9 1.9 3.9 2.1 3.4 4.4 2.5 1.9 .9
Federal.............................. 2.0 -.2 -1.7 -4.2 -3.7 -2.7 -1.2 -1.0 -1.1 2.2 .9 3.9 7.0 6.8 4.3 1.5
National defense................... .0 -1.1 -5.0 -5.6 -4.9 -3.8 -1.4 -2.8 -2.1 1.9 -.5 3.9 7.4 8.7 5.9 1.7
Nondefense......................... 8.3 2.4 6.9 -.7 -1.2 -.4 -.7 2.6 .7 2.8 3.5 3.9 6.3 3.4 1.2 1.1
State and local...................... 4.1 2.1 2.2 1.4 2.6 2.6 2.3 3.6 3.6 4.7 2.7 3.2 3.1 .2 .5 .5
Addenda:
Final sales of domestic product...... 2.1 .1 3.0 2.6 3.4 3.0 3.7 4.0 4.2 4.5 3.8 1.6 1.2 2.5 3.5 3.5
Gross domestic purchases............. 1.4 -.8 3.3 3.2 4.4 2.4 3.8 4.8 5.3 5.3 4.4 .9 2.2 2.8 4.4 3.3
Final sales to domestic purchasers... 1.6 -.6 3.1 3.2 3.8 2.8 3.8 4.3 5.3 5.4 4.5 1.8 1.8 2.8 4.0 3.6
Gross national product............... 2.0 -.3 3.3 2.7 3.9 2.6 3.7 4.4 4.0 4.6 3.7 .8 1.5 2.7 3.8 3.1
Real disposable personal income...... 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 2.2 3.6 1.2
Price indexes:
Gross domestic purchases........... 4.1 3.3 2.3 2.2 2.1 2.1 1.8 1.4 .6 1.6 2.5 2.0 1.6 2.3 3.1 3.5
Gross domestic purchases excluding
food and energy................... 3.7 3.5 2.6 2.3 2.2 2.2 1.5 1.3 1.0 1.4 1.9 1.9 1.9 1.9 2.7 2.8
GDP................................ 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 2.1 2.8 3.0
GDP excluding food and energy...... 3.7 3.6 2.5 2.4 2.2 2.1 1.7 1.7 1.2 1.5 2.0 2.1 2.1 1.9 2.7 3.0
Personal consumption expenditures.. 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 2.0 2.6 2.9
-----------------------------------------------------------------------------------------------------------------------------------------------------------------------
Table 8.--Real Gross Domestic Product: Percent Change From Quarter One Year Ago
-----------------------------------------------------------------------------------------------------------------------------------------------------------------------
III 02 IV 02 I 03 II 03 III 03 IV 03 I 04 II 04 III 04 IV 04 I 05 II 05 III 05 IV 05 I 06r II 06r
-----------------------------------------------------------------------------------------------------------------------------------------------------------------------
Gross domestic product (GDP).... 2.2 1.9 1.5 1.8 3.1 3.7 4.3 4.5 3.4 3.4 3.3 3.1 3.4 3.1 3.7 3.6
Personal consumption expenditures
(PCE)................................. 3.2 1.9 2.0 2.3 3.2 3.4 4.1 3.9 3.5 4.0 3.5 3.8 3.8 2.9 3.4 3.0
Durable goods........................ 11.0 1.2 2.4 5.5 6.7 8.3 9.8 6.1 4.2 5.6 4.7 7.4 7.5 2.5 6.6 3.6
Nondurable goods..................... 2.4 2.1 2.3 2.5 4.3 3.9 4.0 3.8 2.9 3.8 4.0 4.8 4.7 4.4 4.5 3.7
Services............................. 2.0 1.9 1.8 1.6 2.0 2.2 3.0 3.5 3.6 3.7 3.0 2.6 2.6 2.3 2.3 2.6
Gross private domestic investment...... -1.4 4.9 1.3 1.6 4.4 7.0 8.6 13.2 9.2 8.2 9.0 2.8 3.6 6.3 6.2 7.9
Fixed investment..................... -4.9 -2.5 -1.0 1.9 5.4 7.2 7.9 8.2 6.7 6.6 8.0 7.7 7.4 6.8 6.9 4.1
Nonresidential..................... -8.7 -6.5 -3.9 .1 2.9 4.9 6.1 5.2 5.5 6.9 8.0 7.4 6.3 5.6 7.4 7.3
Structures....................... -22.0 -14.9 -11.9 -3.9 .1 .2 2.9 1.1 2.0 2.7 3.2 1.0 -1.6 1.8 2.6 8.5
Equipment and software........... -3.2 -3.4 -.9 1.5 3.9 6.6 7.2 6.7 6.7 8.3 9.7 9.8 9.3 7.0 9.2 6.7
Residential........................ 4.4 7.0 5.5 5.7 10.6 11.7 11.4 13.7 9.0 6.1 8.1 8.1 9.1 9.0 6.1 -1.2
Change in private inventories........ ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... .....
Net exports of goods and services...... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... .....
Exports.............................. 1.6 3.8 1.1 -1.9 .1 5.8 9.1 11.2 9.6 7.0 6.4 7.2 6.8 6.7 9.0 7.9
Goods.............................. 1.1 1.1 2.0 -1.6 -.1 7.1 8.4 10.4 10.3 7.0 6.6 8.1 7.0 8.3 11.2 9.4
Services........................... 2.8 10.2 -1.0 -2.4 .5 3.0 10.9 13.2 7.9 7.1 5.9 5.0 6.3 3.1 4.0 4.5
Imports.............................. 6.4 9.7 5.3 3.3 2.8 4.8 8.8 11.7 11.9 10.6 9.0 5.4 4.9 5.2 6.4 6.2
Goods.............................. 7.2 9.9 6.4 4.7 3.2 5.3 9.0 11.2 12.3 11.2 9.8 6.0 5.5 5.8 6.9 6.4
Services........................... 2.4 8.8 .1 -3.3 1.0 2.2 7.9 14.7 10.1 7.6 4.8 2.5 2.0 1.9 3.7 5.3
Government consumption expenditures
and gross investment.................. 4.9 4.0 2.6 2.9 2.7 1.7 2.8 1.8 1.8 1.1 .8 .5 1.0 1.2 2.1 2.0
Federal.............................. 7.5 7.8 6.3 8.0 7.3 5.5 7.4 3.3 4.4 2.3 1.3 .8 1.9 2.1 3.4 2.1
National defense................... 7.9 8.4 6.3 11.7 9.1 7.5 11.1 3.3 7.0 2.5 1.4 1.6 2.1 1.9 2.9 1.8
Nondefense......................... 6.8 6.8 6.5 1.3 4.0 1.9 .6 3.2 -.5 1.8 1.2 -.7 1.5 2.4 4.2 2.9
State and local...................... 3.6 2.1 .7 .2 .3 -.4 .3 1.0 .3 .4 .5 .3 .5 .8 1.3 1.9
Addenda:
Final sales of domestic product...... 1.7 .8 1.1 1.8 3.2 3.7 4.2 3.7 3.0 3.1 3.1 3.9 4.0 3.2 3.8 3.0
Gross domestic purchases............. 2.8 2.7 2.0 2.3 3.3 3.6 4.5 4.9 4.0 4.1 3.8 3.0 3.3 3.1 3.6 3.6
Final sales to domestic purchasers... 2.3 1.6 1.7 2.4 3.4 3.7 4.4 4.2 3.6 3.8 3.6 3.8 3.8 3.2 3.7 3.0
Gross national product............... 2.3 1.6 1.6 2.2 3.3 3.9 4.6 4.3 3.3 2.9 3.0 3.0 3.4 3.0 3.6 3.5
Real disposable personal income...... 1.4 2.9 .6 1.3 3.3 3.7 4.2 3.6 2.7 4.1 2.1 1.6 .8 .3 2.5 2.8
Price indexes:
Gross domestic purchases........... 1.6 1.9 2.6 2.1 2.3 2.2 2.2 3.1 3.2 3.7 3.4 3.2 3.6 3.6 3.5 3.6
Gross domestic purchases excluding
food and energy................... 1.9 1.7 1.9 1.8 1.9 1.9 2.1 2.6 2.8 3.0 3.0 2.8 2.8 2.8 2.7 2.9
GDP................................ 1.6 1.7 2.1 2.1 2.2 2.2 2.3 2.9 2.9 3.2 3.1 2.8 3.1 3.1 3.1 3.3
GDP excluding food and energy...... 2.0 1.9 2.0 1.9 1.9 1.9 2.1 2.6 2.9 3.1 3.1 2.9 2.9 3.0 2.9 3.1
PCE................................ 1.5 1.8 2.3 1.8 1.9 1.9 2.0 2.8 2.7 3.0 2.7 2.6 3.1 3.1 3.0 3.3
PCE excluding food and energy...... 1.9 1.6 1.5 1.4 1.3 1.4 1.8 2.1 2.1 2.2 2.2 2.0 2.0 2.1 2.0 2.3
Market-based PCE\1\................ 1.1 1.7 2.3 1.7 1.8 1.6 1.7 2.4 2.3 2.7 2.5 2.4 3.1 3.0 2.9 3.2
Market-based PCE excluding food
and energy\1\..................... 1.5 1.4 1.3 1.2 1.1 1.0 1.3 1.5 1.4 1.7 1.8 1.7 1.7 1.8 1.6 1.9
-----------------------------------------------------------------------------------------------------------------------------------------------------------------------
r Revised. Revisions include changes to series affected by the
introduction of revised wage and salary estimates for the first
quarter of 2006.
1. This index is a supplemental measure that is based on household
expenditures for which there are observable price measures. It
excludes most implicit prices (for example, the services furnished
without payment by financial intermediaries) and the expenses of
nonprofit institutions.
Table 9.--Relation of Gross Domestic Product, Gross National Product, and National Income
[Billions of dollars]
-----------------------------------------------------------------------------------------------------------------------------------
Seasonally adjusted at annual rates
---------------------------------------------------
2003 2004 2005 II 05 III 05 IV 05 I 06r II 06r
-----------------------------------------------------------------------------------------------------------------------------------
Gross domestic product..................... 10,960.8 11,712.5 12,455.8 12,346.1 12,573.5 12,730.5 13,008.4 13,209.7
Plus: Income receipts from the rest of the
world..................................... 336.8 410.2 513.3 489.0 527.2 564.9 603.3 654.0
Less: Income payments to the rest of the
world..................................... 280.0 363.9 481.5 460.6 475.0 552.4 574.3 634.8
Equals: Gross national product............. 11,017.6 11,758.7 12,487.7 12,374.6 12,625.7 12,743.0 13,037.4 13,228.9
Less: Consumption of fixed capital......... 1,336.5 1,436.2 1,604.8 1,491.1 1,898.0 1,562.5 1,548.0 1,566.6
Less: Statistical discrepancy.............. 48.8 66.7 71.0 88.1 84.5 74.3 -61.9 -76.5
Equals: National income.................... 9,632.3 10,255.9 10,811.8 10,795.4 10,643.2 11,106.2 11,551.3 11,738.8
Compensation of employees................ 6,325.4 6,650.3 7,030.3 6,953.7 7,093.6 7,184.4 7,400.3 7,532.4
Wage and salary accruals............... 5,127.7 5,377.1 5,664.8 5,601.3 5,715.2 5,787.0 5,970.1 6,080.4
Supplements to wages and salaries...... 1,197.7 1,273.2 1,365.5 1,352.4 1,378.4 1,397.4 1,430.3 1,451.9
Proprietors' income with inventory
valuation and capital consumption
adjustments............................. 811.3 911.1 970.7 965.8 967.3 996.8 1,008.3 1,014.5
Rental income of persons with capital
consumption adjustment.................. 133.0 127.0 72.8 102.8 -11.5 81.5 76.8 67.0
Corporate profits with inventory
valuation and capital consumption
adjustments............................. 993.1 1,182.6 1,330.7 1,342.9 1,266.3 1,393.5 1,569.1 1,618.6
Net interest and miscellaneous payments.. 524.7 485.1 483.4 477.1 482.9 490.0 514.8 510.0
Taxes on production and imports less
subsidies............................... 759.3 819.4 865.1 864.7 872.1 874.2 897.4 911.2
Business current transfer payments....... 83.8 85.5 74.2 99.9 .2 99.1 93.8 94.5
Current surplus of government
enterprises............................. 1.7 -5.0 -15.4 -11.3 -27.7 -13.3 -9.2 -9.5
Addendum:
Gross domestic income.................... 10,912.0 11,645.8 12,384.8 12,258.1 12,489.0 12,656.2 13,070.3 13,286.2
-----------------------------------------------------------------------------------------------------------------------------------
r Revised. Revisions include changes to series affected by the
introduction of revised wage and salary estimates for the first
quarter of 2006.
Table 10.--Personal Income and Its Disposition
[Billions of dollars]
-----------------------------------------------------------------------------------------------------------------------------------
Seasonally adjusted at annual rates
---------------------------------------------------
2003 2004 2005 II 05 III 05 IV 05 I 06r II 06r
-----------------------------------------------------------------------------------------------------------------------------------
Personal income\1\......................... 9,163.6 9,731.4 10,239.2 10,161.5 10,262.7 10,483.7 10,721.4 10,900.8
Compensation of employees, received...... 6,310.4 6,665.3 7,030.3 6,953.7 7,093.6 7,184.4 7,400.3 7,532.4
Wage and salary disbursements.......... 5,112.7 5,392.1 5,664.8 5,601.3 5,715.2 5,787.0 5,970.1 6,080.4
Supplements to wages and salaries...... 1,197.7 1,273.2 1,365.5 1,352.4 1,378.4 1,397.4 1,430.3 1,451.9
Proprietors' income with inventory
valuation and capital consumption
adjustments............................. 811.3 911.1 970.7 965.8 967.3 996.8 1,008.3 1,014.5
Farm................................... 29.2 36.2 30.2 28.7 29.7 28.7 23.9 19.0
Nonfarm................................ 782.1 874.9 940.4 937.1 937.7 968.1 984.4 995.5
Rental income of persons with capital
consumption adjustment.................. 133.0 127.0 72.8 102.8 -11.5 81.5 76.8 67.0
Personal income receipts on assets....... 1,336.6 1,427.9 1,519.4 1,500.5 1,532.7 1,580.2 1,602.3 1,649.9
Personal interest income............... 914.1 890.8 945.0 934.8 951.2 981.7 989.1 1,021.4
Personal dividend income............... 422.6 537.1 574.4 565.7 581.5 598.5 613.2 628.5
Personal current transfer receipts....... 1,351.0 1,426.5 1,526.6 1,510.1 1,569.0 1,539.8 1,570.4 1,589.8
Less: Contributions for government
social insurance........................ 778.6 826.4 880.6 871.5 888.5 898.9 936.7 952.8
Less: Personal current taxes............... 1,001.1 1,049.8 1,203.1 1,191.8 1,215.0 1,247.6 1,332.6 1,380.5
Equals: Disposable personal income......... 8,162.5 8,681.6 9,036.1 8,969.7 9,047.7 9,236.1 9,388.8 9,520.3
Less: Personal outlays..................... 7,987.7 8,507.2 9,070.9 9,000.4 9,180.3 9,264.5 9,418.5 9,582.6
Equals: Personal saving.................... 174.9 174.3 -34.8 -30.8 -132.6 -28.5 -29.7 -62.2
Personal saving as a percentage of
disposable personal income.............. 2.1 2.0 -.4 -.3 -1.5 -.3 -.3 -.7
Addendum:
Disposable personal income, billions of
chained (2000) dollars\2\............... 7,729.9 8,010.8 8,104.6 8,085.8 8,074.1 8,183.3 8,276.8 8,308.5
-----------------------------------------------------------------------------------------------------------------------------------
r Revised. Revisions include changes to series affected by the
introduction of revised wage and salary estimates for the first
quarter of 2006.
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
--------------------------------------- ------------------------------- -------
2003 2004 2005 II 05 III 05 IV 05 I 06 II 06 2004 2005 III 05 IV 05 I 06 II 06 II 06
-------------------------------------------------------------------------------------------------------------------------------------------------------------
Corporate profits with inventory
valuation and capital consumption
adjustments......................... 993.1 1,182.6 1,330.7 1,342.9 1,266.3 1,393.5 1,569.1 1,618.6 19.1 12.5 -5.7 10.0 12.6 3.2 20.5
Less: Taxes on corporate income...... 243.3 300.1 399.3 392.8 378.9 424.6 456.9 483.4 23.3 33.1 -3.5 12.1 7.6 5.8 23.1
Equals: Profits after tax with
inventory valuation and capital
consumption adjustments............. 749.9 882.5 931.4 950.1 887.5 968.9 1,112.1 1,135.2 17.7 5.5 -6.6 9.2 14.8 2.1 19.5
Net dividends...................... 424.7 539.5 576.9 568.2 584.0 601.0 615.7 631.1 27.0 6.9 2.8 2.9 2.5 2.5 11.1
Undistributed profits with
inventory valuation and capital
consumption adjustments........... 325.1 343.0 354.5 381.9 303.5 367.9 496.4 504.0 5.5 3.4 -20.5 21.2 34.9 1.5 32.0
Cash flow:
Net cash flow with inventory
valuation and capital consumption
adjustments....................... 1,084.9 1,139.2 1,211.3 1,209.8 1,230.7 1,223.9 1,349.2 1,365.9 5.0 6.3 1.7 -.5 10.2 1.2 12.9
Undistributed profits with
inventory valuation and capital
consumption adjustments......... 325.1 343.0 354.5 381.9 303.5 367.9 496.4 504.0 5.5 3.4 -20.5 21.2 34.9 1.5 32.0
Consumption of fixed capital..... 759.8 796.2 856.8 827.9 927.2 856.0 852.8 861.8 4.8 7.6 12.0 -7.7 -.4 1.1 4.1
Less: Inventory valuation
adjustment........................ -13.6 -39.8 -32.6 -21.0 -30.9 -39.2 -22.9 -56.8 ..... ..... ..... ..... ..... ..... .....
Equals: Net cash flow.............. 1,098.5 1,178.9 1,243.9 1,230.8 1,261.5 1,263.2 1,372.1 1,422.7 7.3 5.5 2.5 .1 8.6 3.7 15.6
Addenda:
Profits before tax (without
inventory valuation and capital
consumption adjustments).......... 908.1 1,144.3 1,518.7 1,508.3 1,475.8 1,598.3 1,740.6 1,832.4 26.0 32.7 -2.2 8.3 8.9 5.3 21.5
Profits after tax (without
inventory valuation and capital
consumption adjustments).......... 664.8 844.2 1,119.4 1,115.5 1,096.9 1,173.7 1,283.7 1,349.0 27.0 32.6 -1.7 7.0 9.4 5.1 20.9
Inventory valuation adjustment..... -13.6 -39.8 -32.6 -21.0 -30.9 -39.2 -22.9 -56.8 ..... ..... ..... ..... ..... ..... .....
Capital consumption adjustment..... 98.7 78.1 -155.5 -144.5 -178.6 -165.6 -148.6 -157.0 ..... ..... ..... ..... ..... ..... .....
-------------------------------------------------------------------------------------------------------------------------------------------------------------
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
--------------------------------------- ----------------------------------------------
2003 2004 2005 II 05 III 05 IV 05 I 06 II 06 2004 2005 III 05 IV 05 I 06 II 06
-------------------------------------------------------------------------------------------------------------------------------------------------------------
Corporate profits with inventory
valuation and capital consumption
adjustments............................. 993.1 1,182.6 1,330.7 1,342.9 1,266.3 1,393.5 1,569.1 1,618.6 189.5 148.1 -76.6 127.2 175.6 49.5
Domestic industries.......................... 827.7 1,006.3 1,133.7 1,157.7 1,042.9 1,197.2 1,343.0 1,383.4 178.6 127.4 -114.8 154.3 145.8 40.4
Financial.................................. 335.6 353.7 369.4 373.3 296.1 390.8 442.2 476.9 18.1 15.7 -77.2 94.7 51.4 34.7
Nonfinancial............................... 492.1 652.6 764.2 784.3 746.8 806.4 900.9 906.5 160.5 111.6 -37.5 59.6 94.5 5.6
Rest of the world............................ 165.5 176.3 197.0 185.2 223.4 196.3 226.1 235.2 10.8 20.7 38.2 -27.1 29.8 9.1
Receipts from the rest of the world........ 249.1 302.0 338.0 327.4 344.0 360.6 376.3 398.7 52.9 36.0 16.6 16.6 15.7 22.4
Less: Payments to the rest of the world.... 83.6 125.8 141.0 142.2 120.5 164.2 150.2 163.5 42.2 15.2 -21.7 43.7 -14.0 13.3
Corporate profits with inventory
valuation adjustment.................... 894.5 1,104.5 1,486.1 1,487.4 1,444.9 1,559.1 1,717.7 1,775.5 210.0 381.6 -42.5 114.2 158.6 57.8
Domestic industries.......................... 729.0 928.2 1,289.1 1,302.2 1,221.5 1,362.8 1,491.6 1,540.3 199.2 360.9 -80.7 141.3 128.8 48.7
Financial.................................. 317.3 344.2 389.0 391.7 317.4 413.3 463.9 500.6 26.9 44.8 -74.3 95.9 50.6 36.7
Federal Reserve banks.................... 20.1 20.0 26.6 25.9 26.9 30.4 30.9 33.7 -.1 6.6 1.0 3.5 .5 2.8
Other financial.......................... 297.2 324.1 362.5 365.7 290.6 382.9 433.0 466.9 26.9 38.4 -75.1 92.3 50.1 33.9
Nonfinancial............................... 411.8 584.0 900.1 910.5 904.1 949.4 1,027.7 1,039.7 172.2 316.1 -6.4 45.3 78.3 12.0
Utilities................................ 11.6 16.2 30.3 30.9 22.4 38.3 39.7 ..... 4.6 14.1 -8.5 15.9 1.4 .....
Manufacturing............................ 76.0 150.2 254.8 264.0 260.7 258.9 300.7 ..... 74.2 104.6 -3.3 -1.8 41.8 .....
Durable goods.......................... -5.9 31.3 73.8 86.2 75.4 72.9 102.2 ..... 37.2 42.5 -10.8 -2.5 29.3 .....
Fabricated metal products............ 7.9 12.3 20.6 21.2 22.8 21.2 25.7 ..... 4.4 8.3 1.6 -1.6 4.5 .....
Machinery............................ 1.5 7.0 13.8 13.7 14.5 15.0 19.1 ..... 5.5 6.8 .8 .5 4.1 .....
Computer and electronic products..... -15.6 -6.7 3.9 2.8 6.7 8.0 12.3 ..... 8.9 10.6 3.9 1.3 4.3 .....
Electrical equipment, appliances,
and components...................... 2.1 .2 5.7 7.2 6.7 5.6 8.4 ..... -1.9 5.5 -.5 -1.1 2.8 .....
Motor vehicles, bodies and trailers,
and parts........................... -12.3 -11.2 -17.9 -10.8 -19.8 -25.3 -18.2 ..... 1.1 -6.7 -9.0 -5.5 7.1 .....
Other durable goods.................. 10.5 29.7 47.7 52.2 44.5 48.5 54.9 ..... 19.2 18.0 -7.7 4.0 6.4 .....
Nondurable goods....................... 81.9 118.9 181.0 177.8 185.2 186.0 198.5 ..... 37.0 62.1 7.4 .8 12.5 .....
Food and beverage and tobacco
products............................ 23.6 22.4 28.5 26.7 29.3 28.6 29.6 ..... -1.2 6.1 2.6 -.7 1.0 .....
Petroleum and coal products.......... 23.3 49.3 70.4 66.4 74.2 76.0 74.5 ..... 26.0 21.1 7.8 1.8 -1.5 .....
Chemical products.................... 19.5 23.8 45.3 46.4 43.3 44.4 54.1 ..... 4.3 21.5 -3.1 1.1 9.7 .....
Other nondurable goods............... 15.5 23.4 36.8 38.3 38.4 37.0 40.1 ..... 7.9 13.4 .1 -1.4 3.1 .....
Wholesale trade.......................... 55.2 69.9 97.6 102.1 94.1 105.9 107.2 ..... 14.7 27.7 -8.0 11.8 1.3 .....
Retail trade............................. 86.8 89.3 113.7 107.3 115.9 129.1 123.0 ..... 2.5 24.4 8.6 13.2 -6.1 .....
Transportation and warehousing........... 7.3 11.8 21.0 22.0 23.1 19.0 27.3 ..... 4.5 9.2 1.1 -4.1 8.3 .....
Information.............................. 3.2 37.7 77.5 79.9 77.8 83.6 89.8 ..... 34.5 39.8 -2.1 5.8 6.2 .....
Other nonfinancial....................... 171.7 208.8 305.2 304.3 310.1 314.6 340.1 ..... 37.1 96.4 5.8 4.5 25.5 .....
Rest of the world............................ 165.5 176.3 197.0 185.2 223.4 196.3 226.1 235.2 10.8 20.7 38.2 -27.1 29.8 9.1
-------------------------------------------------------------------------------------------------------------------------------------------------------------
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
---------------------------------------------------
2003 2004 2005 II 05 III 05 IV 05 I 06r II 06
-----------------------------------------------------------------------------------------------------------------------------------
Billions of dollars
----------------------------------------------------------------------------------------
Gross value added of nonfinancial
corporate business.................... 5,558.4 5,932.9 6,369.7 6,324.4 6,425.7 6,534.8 6,788.2 6,899.2
Consumption of fixed capital............... 657.5 686.2 739.7 713.2 804.9 737.2 733.7 741.1
Net value added............................ 4,900.9 5,246.7 5,630.1 5,611.3 5,620.8 5,797.6 6,054.5 6,158.0
Compensation of employees................ 3,703.2 3,873.4 4,099.7 4,049.9 4,140.7 4,198.0 4,341.0 4,427.1
Wage and salary accruals............... 3,019.4 3,158.4 3,335.1 3,292.7 3,369.0 3,414.5 3,537.5 3,610.5
Supplements to wages and salaries...... 683.8 714.9 764.6 757.1 771.7 783.5 803.5 816.6
Taxes on production and imports less
subsidies............................... 488.5 522.9 558.1 556.8 562.9 567.2 576.7 583.8
Net operating surplus.................... 709.2 850.4 972.2 1,004.6 917.3 1,032.4 1,136.8 1,147.1
Net interest and miscellaneous
payments.............................. 152.6 137.8 156.6 152.9 159.3 165.1 175.1 178.9
Business current transfer payments..... 64.4 60.0 51.4 67.3 11.1 60.9 60.9 61.7
Corporate profits with inventory
valuation and capital consumption
adjustments........................... 492.1 652.6 764.2 784.3 746.8 806.4 900.9 906.5
Taxes on corporate income............ 135.7 185.3 251.4 244.9 255.8 266.4 280.9 293.2
Profits after tax with inventory
valuation and capital consumption
adjustments......................... 356.4 467.4 512.9 539.4 491.0 540.0 620.0 613.2
Net dividends...................... 292.7 366.9 228.5 303.0 126.3 120.1 377.7 386.4
Undistributed profits with
inventory valuation and capital
consumption adjustments........... 63.8 100.5 284.4 236.5 364.7 419.9 242.3 226.9
Addenda:
Profits before tax (without inventory
valuation and capital consumption
adjustments)............................ 425.4 623.8 932.6 931.4 935.0 988.7 1,050.6 1,096.5
Profits after tax (without inventory
valuation and capital consumption
adjustments)............................ 289.7 438.6 681.3 686.5 679.2 722.3 769.7 803.3
Inventory valuation adjustment........... -13.6 -39.8 -32.6 -21.0 -30.9 -39.2 -22.9 -56.8
Capital consumption adjustment........... 80.3 68.6 -135.8 -126.2 -157.3 -143.0 -126.8 -133.2
----------------------------------------------------------------------------------------
Billions of chained (2000) dollars
----------------------------------------------------------------------------------------
Gross value added of nonfinancial
corporate business\1\................. 5,382.1 5,654.5 5,959.9 5,935.2 5,994.7 6,079.8 6,268.0 6,326.7
Consumption of fixed capital\2\............ 630.5 650.9 681.6 660.5 738.9 670.5 666.1 669.3
Net value added\3\......................... 4,751.6 5,003.6 5,278.3 5,274.7 5,255.8 5,409.3 5,601.8 5,657.4
----------------------------------------------------------------------------------------
Dollars; quarters seasonally adjusted
----------------------------------------------------------------------------------------
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\... 1.033 1.049 1.069 1.066 1.072 1.075 1.083 1.090
Compensation of employees (unit labor
cost)................................... .688 .685 .688 .682 .691 .690 .693 .700
Unit nonlabor cost....................... .253 .248 .252 .251 .257 .251 .247 .247
Consumption of fixed capital........... .122 .121 .124 .120 .134 .121 .117 .117
Taxes on production and imports less
subsidies plus business current
transfer payments..................... .103 .103 .102 .105 .096 .103 .102 .102
Net interest and miscellaneous payments .028 .024 .026 .026 .027 .027 .028 .028
Corporate profits with inventory valuation
and capital consumption adjustments (unit
profits from current production)........ .091 .115 .128 .132 .125 .133 .144 .143
Taxes on corporate income.............. .025 .033 .042 .041 .043 .044 .045 .046
Profits after tax with inventory
valuation and capital consumption
adjustments........................... .066 .083 .086 .091 .082 .089 .099 .097
-----------------------------------------------------------------------------------------------------------------------------------
r Revised. Revisions include changes to series affected by the
introduction of revised wage and salary estimates for the first
quarter of 2006.
1. The current-dollar gross value added is deflated using the
gross value added chain-type price index for nonfinancial industries
from the GDP-by-industry accounts. For periods when this price index
is not available, the chain-type price index for GDP goods and
structures is used.
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]
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
2003 2004 2005 III 02 IV 02 I 03 II 03 III 03 IV 03 I 04 II 04 III 04 IV 04 I 05 II 05 III 05 IV 05 I 06 II 06r
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
Gross domestic product (GDP) and
related aggregates:
GDP............................... 2.5 3.9 3.2 2.4 .2 1.2 3.5 7.5 2.7 3.9 4.0 3.1 2.6 3.4 3.3 4.2 1.8 5.6 2.9
Goods............................. 3.1 4.9 4.6 5.2 -5.2 3.9 1.6 16.2 2.5 3.7 3.0 5.0 4.6 4.9 3.5 6.7 3.1 12.8 4.3
Services.......................... 2.1 3.2 2.3 1.7 2.9 .1 3.6 1.9 2.8 4.5 3.0 2.5 2.5 1.8 1.8 3.5 .8 2.4 2.3
Structures........................ 3.3 5.2 4.6 -3.0 3.1 -1.0 9.2 14.1 2.2 .5 13.6 .6 -2.7 8.0 11.1 .7 3.1 2.9 1.7
Motor vehicle output.............. 1.3 3.5 5.9 11.6 .5 -11.8 10.9 8.9 -6.5 9.9 -7.1 16.6 1.9 12.0 -.7 22.6 -19.1 3.8 -8.5
GDP excuding motor vehicle
output........................... 2.6 3.9 3.1 2.0 .2 1.7 3.2 7.4 3.0 3.6 4.5 2.7 2.6 3.1 3.4 3.6 2.6 5.6 3.3
Final sales of computers\1\....... 20.8 8.2 24.5 29.3 15.3 16.9 -2.5 90.4 20.0 -16.0 -17.4 23.0 42.8 24.3 31.5 11.6 33.8 9.5 7.4
GDP excluding final sales of
computers........................ 2.4 3.9 3.1 2.2 .1 1.1 3.5 7.0 2.5 4.0 4.2 3.0 2.4 3.3 3.1 4.1 1.6 5.6 2.9
Farm gross value added\2\......... 8.4 7.4 1.0 63.9 34.2 -16.1 26.6 -34.7 -36.1 120.0 -17.4 19.4 23.7 -2.0 -24.6 11.3 8.1 14.1 12.7
Nonfarm business gross value
added\3\......................... 3.1 4.3 3.8 3.1 .1 1.2 4.3 11.0 1.6 3.6 5.2 3.2 2.4 4.2 4.4 4.9 1.8 6.7 3.1
Price indexes:
GDP............................... 2.1 2.8 3.0 1.6 2.2 3.1 1.3 2.1 2.2 3.7 3.7 2.1 3.2 3.5 2.4 3.3 3.3 3.3 3.3
GDP excluding food and energy..... 1.9 2.7 3.0 1.6 2.0 2.7 1.1 1.7 2.1 3.4 3.4 2.6 3.1 3.4 2.4 2.8 3.3 3.1 3.1
GDP excluding final sales of
computers........................ 2.3 2.9 3.2 1.7 2.4 3.3 1.4 2.2 2.3 3.8 3.7 2.2 3.4 3.7 2.6 3.4 3.4 3.4 3.5
Gross domestic purchases.......... 2.3 3.1 3.5 1.7 2.2 4.1 .6 2.2 1.9 4.3 4.1 2.6 3.6 3.2 3.3 4.4 3.5 2.7 4.0
Gross domestic purchases excluding
food and energy.................. 1.9 2.7 2.8 1.6 1.8 2.6 1.3 1.8 2.0 3.5 3.3 2.5 2.9 3.4 2.3 2.5 3.0 3.0 2.9
Gross domestic purchases excluding
final sales of computers to
domestic purchasers.............. 2.5 3.2 3.7 1.9 2.4 4.4 .7 2.4 2.0 4.4 4.2 2.8 3.8 3.4 3.5 4.6 3.7 2.9 4.3
Personal consumption expenditures
(PCE)............................ 2.0 2.6 2.9 1.8 1.7 3.1 .7 2.4 1.5 3.7 3.6 1.9 3.0 2.3 3.1 4.1 2.9 2.0 4.1
Personal consumption expenditures
excluding food and energy........ 1.4 2.0 2.1 1.9 1.2 1.1 1.3 1.8 1.6 2.5 2.5 1.7 2.3 2.4 1.9 1.6 2.5 2.1 2.8
Market-based PCE\4\............... 1.9 2.3 2.7 1.7 1.7 3.1 .3 2.2 .9 3.3 3.4 1.5 2.9 2.1 3.1 4.3 2.5 1.7 4.2
Market-based PCE excluding food
and energy\4\.................... 1.1 1.5 1.7 1.7 1.2 .7 1.0 1.4 .9 1.7 1.9 1.2 1.8 2.2 1.7 1.2 1.9 1.6 2.7
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
r Revised
1. Some components of final sales of computers include
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.
4. This index is a supplemental measure that is based on household
expenditures for which there are observable price measures. It
excludes most implicit prices (for example, the services furnished
without payment by financial intermediaries) and the expenses of
nonprofit institutions.
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 2004-05
annual percent change in real GDP uses prices for 2004 and 2005 as weights, and the 2004-05 annual
percent change in GDP prices uses quantities for 2004 and 2005 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.