News Release
Gross Domestic Product: Third Quarter 2006 "preliminary" estimates
Available for this release: Full Release (PDF - ) | Technical Note, Tables (XLS - ), Highlights (PDF - )
Sign up for e-mail subscriptions.
Virginia H. Mannering: (202) 606-5304 (GDP) BEA 06-51
Greg Key: (202) 606-9727 (Profits)
Recorded message: (202) 606-5306
GROSS DOMESTIC PRODUCT: THIRD QUARTER 2006 (PRELIMINARY)
CORPORATE PROFITS: THIRD 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 2.2 percent in the third quarter of 2006,
according to preliminary estimates released by the Bureau of Economic Analysis. In the second quarter,
real GDP increased 2.6 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 1.6
percent (see "Revisions" on page 3).
The increase in real GDP in the third quarter primarily reflected positive contributions from
personal consumption expenditures (PCE), exports, equipment and software, nonresidential structures,
and state and local government spending that were partly offset by a negative contribution from
residential fixed investment. Imports, which are a subtraction in the calculation of GDP, increased.
The deceleration in real GDP growth in the third quarter primarily reflected an acceleration in
imports, a larger decrease in residential fixed investment, and decelerations in private inventory
investment, in PCE for services, and in state and local government spending that were partly offset by
upturns in equipment and software, in PCE for durable goods, and in federal government spending.
Final sales of computers contributed 0.09 percentage point to the third-quarter growth in real GDP
after contributing 0.04 percentage point to the second-quarter growth. Motor vehicle output contributed
0.76 percentage point to the third-quarter growth in real GDP after subtracting 0.31 percentage point
from the second-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 2.1 percent in the third quarter, 0.1 percentage point more than in the advance estimate; this
index increased 4.0 percent in the second quarter. Excluding food and energy prices, the price index for
gross domestic purchases increased 2.0 percent in the third quarter, compared with 2.9 percent in the
second.
Real personal consumption expenditures increased 2.9 percent in the third quarter, compared
with an increase of 2.6 percent in the second. Real nonresidential fixed investment increased 10.0
percent, compared with an increase of 4.4 percent. Nonresidential structures increased 16.7 percent,
compared with an increase of 20.3 percent. Equipment and software increased 7.2 percent, in contrast to
a decrease of 1.4 percent. Real residential fixed investment decreased 18.0 percent, compared with a
decrease of 11.1 percent.
Real exports of goods and services increased 6.3 percent in the third quarter, compared with an
increase of 6.2 percent in the second. Real imports of goods and services increased 5.3 percent,
compared with an increase of 1.4 percent.
Real federal government consumption expenditures and gross investment increased 1.5 percent in
the third quarter, in contrast to a decrease of 4.5 percent in the second. National defense decreased 1.1
percent, compared with a decrease of 2.0 percent. Nondefense increased 6.8 percent, in contrast to a
decrease of 9.3 percent. Real state and local government consumption expenditures and gross
investment increased 2.6 percent, compared with an increase of 4.0 percent.
The real change in private inventories added 0.16 percentage point to the third-quarter change in
real GDP, after adding 0.44 percentage point to the second-quarter change. Private businesses increased
inventories $58.0 billion in the third quarter, following an increase of $53.7 billion in the second quarter
and an increase of $41.2 billion in the first.
Real final sales of domestic product -- GDP less change in private inventories -- increased 2.1
percent in the third quarter, the same increase as in the second.
Gross domestic purchases
Real gross domestic purchases -- purchases by U.S. residents of goods and services wherever
produced -- increased 2.3 percent in the third quarter, compared with an increase of 2.0 percent in the
second.
Gross national product
Real gross national product -- the goods and services produced by the labor and property supplied
by U.S. residents -- increased 1.9 percent in the third quarter, compared with an increase of 2.3 percent
in the second. GNP includes, and GDP excludes, net receipts of income from the rest of the world,
which decreased $7.4 billion in the third quarter after decreasing $5.6 billion in the second; in the third
quarter, receipts increased $10.3 billion, and payments increased $17.7 billion.
Current-dollar GDP
Current-dollar GDP -- the market value of the nation's output of goods and services -- increased
4.0 percent, or $129.8 billion, in the third quarter to a level of $13,327.1 billion. In the second quarter,
current-dollar GDP increased 5.9 percent, or $188.9 billion.
Revisions
The preliminary estimate of the third-quarter increase in real GDP is 0.6 percentage point, or
$17.6 billion, more than the advance estimate issued last month. The upward revision to the percent
change in real GDP primarily reflected a downward revision to imports of goods and upward revisions
to private inventory investment and to personal consumption expenditures (PCE) for services that were
partly offset by a downward revision to PCE for durable goods.
Advance Preliminary
(Percent change from preceding quarter)
Real GDP............................... 1.6 2.2
Current-dollar GDP..................... 3.4 4.0
Gross domestic purchases price index... 2.0 2.1
Corporate Profits
Profits from current production (corporate profits with inventory valuation and capital
consumption adjustments) increased $66.2 billion in the third quarter, compared with an increase of
$22.7 billion in the second quarter. Current-production cash flow (net cash flow with inventory
valuation and capital consumption adjustments) -- the internal funds available to corporations for
investment -- increased $34.5 billion in the third quarter, compared with an increase of $1.1 billion in
the second.
Taxes on corporate income increased $15.0 billion in the third quarter, compared with an increase
of $19.2 billion in the second. Profits after tax with inventory valuation and capital consumption
adjustments increased $51.1 billion in the third quarter, compared with an increase of $3.6 billion in the
second. Dividends increased $19.3 billion compared with an increase of $15.4 billion; current-
production undistributed profits increased $31.9 billion, in contrast to a decrease of $11.8 billion.
Domestic profits of financial corporations decreased $2.2 billion in the third quarter, in contrast to
an increase of $41.7 billion in the second. Domestic profits of nonfinancial corporations increased $71.1
billion in the third quarter, in contrast to a decrease of $32.8 billion in the second. In the third quarter,
real gross corporate value added and profits per unit of real value added increased. The increase in unit
profits reflected decreases in both the unit labor and nonlabor costs corporations incurred.
The rest-of-the-world component of profits decreased $2.8 billion in the third quarter, in contrast
to an increase of $13.8 billion in the second. 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 third-quarter decrease was
accounted for by a smaller increase in receipts than in payments.
Profits before tax increased $46.3 billion in the third quarter, compared with an increase of $70.9
billion in the second. 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 $1.8 billion in the third quarter (from -$160.8 billion to -$162.6 billion), compared
with a decrease of $12.2 billion in the second. The inventory valuation adjustment increased $21.7
billion (from -$58.9 billion to -$37.2 billion), in contrast to a decrease of $36.0 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.
* * *
Next release -- December 21, 2006, at 8:30 A.M. EST for:
Gross Domestic Product: Third Quarter 2006 (Final)
Corporate Profits: Third Quarter 2006 (Revised)
Release dates in 2007
Gross domestic product
2006: IV and 2006 annual 2007: I 2007: II 2007: III
Advance..... January 31 April 27 July 27 October 31
Preliminary. February 28 May 31 August 30 November 29
Final....... March 29 June 28 September 27 December 20
Corporate Profits
Preliminary. .... May 31 August 30 November 29
Final....... March 29 June 28 September 27 December 20
Table 1.--Real Gross Domestic Product and Related Measures: Percent Change From Preceding Period
[Quarters seasonally adjusted at annual rates]
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
2003 2004 2005 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 III06r
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
Gross domestic product (GDP). 2.5 3.9 3.2 .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 2.6 2.2
Personal consumption expenditures... 2.8 3.9 3.5 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 2.9
Durable goods..................... 5.8 6.4 5.5 -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 -.1 6.0
Nondurable goods.................. 3.2 3.6 4.5 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 1.4 1.1
Services.......................... 1.9 3.5 2.6 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 3.7 3.1
Gross private domestic investment... 3.6 9.8 5.4 -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 1.0 .0
Fixed investment.................. 3.4 7.3 7.5 -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 -1.6 -.9
Nonresidential.................. 1.0 5.9 6.8 -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 4.4 10.0
Structures.................... -4.1 2.2 1.1 -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 20.3 16.7
Equipment and software........ 2.8 7.3 8.9 -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 -1.4 7.2
Residential..................... 8.4 9.9 8.6 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 -11.1 -18.0
Change in private inventories..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... .....
Net exports of goods and services... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... .....
Exports........................... 1.3 9.2 6.8 -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 6.2 6.3
Goods........................... 1.8 9.0 7.5 -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 6.0 9.4
Services........................ .0 9.7 5.1 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 6.7 -1.0
Imports........................... 4.1 10.8 6.1 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 1.4 5.3
Goods........................... 4.9 10.9 6.7 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 6.9
Services........................ .0 10.0 2.8 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 9.9 -2.7
Government consumption expenditures
and gross investment............... 2.5 1.9 .9 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 .8 2.2
Federal........................... 6.8 4.3 1.5 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 -4.5 1.5
National defense................ 8.7 5.9 1.7 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 -2.0 -1.1
Nondefense...................... 3.4 1.2 1.1 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 6.8
State and local................... .2 .5 .5 2.0 -2.2 -.8 2.1 -.6 .5 2.1 -.9 .1 .6 1.5 -.1 1.0 2.7 4.0 2.6
Addenda:
Final sales of domestic product... 2.5 3.5 3.5 .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 2.1 2.1
Gross domestic purchases.......... 2.8 4.4 3.3 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 2.0 2.3
Final sales to domestic
purchasers....................... 2.8 4.0 3.6 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 1.6 2.1
Gross national product (GNP)...... 2.7 3.8 3.1 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 2.3 1.9
Disposable personal income........ 2.2 3.6 1.2 .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 3.7
Current-dollar measures:
GDP............................. 4.7 6.9 6.3 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 5.9 4.0
Final sales of domestic product. 4.7 6.5 6.7 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 5.5 3.9
Gross domestic purchases........ 5.2 7.6 6.9 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 6.1 4.4
Final sales to domestic
purchasers..................... 5.2 7.2 7.2 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 5.7 4.2
GNP............................. 4.9 6.7 6.2 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 5.7 3.7
Disposable personal income...... 4.2 6.4 4.1 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 2.5 6.2
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
r Revised. Revisions include changes to series affected by the
introduction of revised wage and salary estimates for the second
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 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 06 III 06r
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
Percent change at annual rate:
Gross domestic product.......... 2.5 3.9 3.2 .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 2.6 2.2
Percentage points at annual rates:
Personal consumption expenditures. 1.94 2.71 2.44 .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 1.81 1.99
Durable goods................... .50 .54 .45 -.47 .03 1.35 1.39 .06 .51 .14 .71 .50 .20 1.02 .74 -1.08 1.50 -.01 .47
Motor vehicles and parts...... .12 .07 .02 -.75 -.04 .65 .46 -.29 .09 -.14 .22 .17 -.29 .50 .38 -1.51 .60 -.04 .29
Furniture and household
equipment.................... .27 .35 .29 .21 .05 .49 .67 .27 .33 .28 .36 .21 .27 .28 .40 .33 .65 .10 .17
Other......................... .10 .11 .14 .07 .02 .21 .26 .08 .10 .01 .13 .12 .21 .24 -.03 .10 .26 -.06 .02
Nondurable goods................ .64 .73 .90 .70 .75 .45 1.53 .36 .86 .34 .74 1.07 1.04 .98 .70 .79 1.20 .30 .23
Food.......................... .23 .33 .51 .20 .39 .04 .61 .02 .54 .16 .28 .70 .53 .55 .61 .39 .64 .19 -.12
Clothing and shoes............ .14 .14 .17 .31 -.02 .29 .31 -.02 .32 -.14 .18 .19 .17 .25 .08 .27 .23 -.10 .14
Gasoline, fuel oil, and other
energy goods................. .01 .02 -.01 -.04 -.02 -.02 .10 .06 .00 .00 -.04 .01 .12 -.10 -.15 -.06 -.03 .02 .13
Other......................... .26 .24 .23 .23 .39 .14 .52 .30 .00 .32 .32 .16 .21 .28 .16 .19 .36 .19 .08
Services........................ .80 1.45 1.09 .74 .63 .73 1.21 1.18 1.92 1.59 1.30 1.39 .70 .94 1.32 .83 .67 1.52 1.29
Housing....................... .10 .40 .30 -.07 .11 .18 .35 .40 .49 .42 .37 .32 .29 .28 .24 .18 .24 .25 .27
Household operation........... .06 .10 .08 .19 .00 .00 .02 .17 .11 .10 .06 .25 .01 .04 .09 .01 -.58 .31 .39
Electricity and gas......... .03 .02 .04 .23 -.05 -.08 -.03 .12 .06 -.06 -.07 .25 .00 .00 .03 .03 -.58 .23 .33
Other household operation... .03 .08 .04 -.04 .05 .08 .05 .05 .05 .16 .13 .00 .01 .04 .06 -.02 .00 .08 .06
Transportation................ .00 .03 .00 -.01 .07 -.03 .03 .02 .05 .06 .00 .04 .02 -.03 -.04 .00 .10 .04 .03
Medical care.................. .45 .37 .43 .59 .47 .28 .28 .28 .33 .47 .53 .43 .32 .40 .53 .44 .52 .31 .35
Recreation.................... .10 .14 .08 .16 .02 .15 .13 .16 .18 .13 .09 .05 .13 .05 .05 .04 .09 .02 .09
Other......................... .09 .41 .20 -.12 -.04 .16 .40 .15 .76 .42 .24 .30 -.07 .20 .44 .16 .31 .58 .17
Gross private domestic investment. .54 1.49 .87 -.14 -.16 .51 2.56 1.39 .74 3.17 .32 .82 1.32 -.61 .84 2.51 1.31 .17 .01
Fixed investment................ .51 1.11 1.17 -.21 -.04 1.52 2.00 .83 .34 1.72 1.16 .77 1.22 1.62 1.02 .46 1.34 -.27 -.15
Nonresidential................ .10 .58 .67 -.52 -.24 1.01 .92 .29 .18 .69 .97 .81 .59 .51 .59 .52 1.36 .45 1.01
Structures.................. -.11 .06 .03 -.14 -.18 .35 -.02 -.12 .08 .17 .08 -.05 .14 -.06 -.20 .31 .25 .56 .49
Equipment and software...... .21 .52 .64 -.38 -.06 .66 .95 .41 .10 .52 .90 .86 .45 .56 .78 .21 1.11 -.10 .52
Information processing
equipment and software... .22 .36 .30 -.38 .31 .13 .82 .70 .30 .05 .21 .33 .43 .29 .26 .25 .74 -.04 .33
Computers and peripheral
equipment.............. .09 .10 .12 -.04 .12 .00 .26 .21 -.03 -.03 .21 .17 .10 .10 .06 .16 .15 .03 .15
Software................ .07 .15 .09 -.17 .06 .05 .32 .20 .17 .03 .12 .16 .03 .12 .07 .04 .18 .07 .05
Other................... .05 .11 .10 -.17 .12 .08 .23 .29 .16 .05 -.12 .00 .30 .06 .13 .04 .40 -.14 .13
Industrial equipment...... .04 -.05 .10 .01 .17 .14 -.14 -.22 -.09 -.05 .19 .05 .16 -.07 .23 .19 -.05 .16 .00
Transportation equipment.. -.12 .14 .15 -.02 -.57 .31 .01 -.13 -.08 .46 .39 .40 -.14 .11 .27 -.31 .31 -.32 .13
Other equipment........... .07 .07 .09 .02 .04 .08 .26 .07 -.04 .06 .10 .08 .01 .24 .03 .08 .11 .09 .05
Residential................... .41 .53 .50 .30 .20 .51 1.08 .55 .16 1.03 .18 -.04 .63 1.11 .43 -.06 -.02 -.72 -1.16
Change in private inventories... .04 .38 -.30 .08 -.12 -1.01 .56 .56 .40 1.44 -.84 .05 .09 -2.23 -.18 2.05 -.03 .44 .16
Farm.......................... .03 .07 -.06 .03 .19 -.16 -.06 -.05 .27 .61 -.48 -.38 .16 -.26 .28 .14 -.01 -.09 .01
Nonfarm....................... .00 .31 -.24 .04 -.31 -.85 .62 .60 .13 .84 -.35 .43 -.06 -1.97 -.46 1.90 -.02 .54 .14
Net exports of goods and services. -.44 -.65 -.26 -1.52 .21 -.73 .51 -.47 -.73 -1.62 -.20 -.81 -.16 .72 -.06 -1.07 -.04 .42 -.21
Exports......................... .12 .88 .68 -.31 -.53 -.16 1.02 1.81 .69 .60 .46 .96 .47 .94 .33 .97 1.41 .66 .68
Goods......................... .12 .60 .52 -.64 .13 -.08 .55 1.20 .47 .43 .55 .42 .38 .88 .27 .80 1.20 .45 .71
Services...................... .00 .28 .16 .33 -.65 -.08 .47 .61 .22 .17 -.09 .54 .09 .06 .06 .17 .21 .21 -.03
Imports......................... -.56 -1.53 -.94 -1.21 .74 -.57 -.51 -2.29 -1.42 -2.22 -.66 -1.77 -.63 -.22 -.39 -2.04 -1.46 -.24 -.89
Goods......................... -.56 -1.29 -.87 -.90 .47 -.97 -.07 -1.86 -1.17 -2.03 -.59 -1.55 -.64 -.26 -.36 -1.84 -1.27 .01 -.96
Services...................... .00 -.24 -.07 -.31 .27 .40 -.44 -.43 -.25 -.18 -.08 -.22 .01 .04 -.03 -.20 -.19 -.25 .07
Government consumption expenditures
and gross investment............. .47 .36 .17 .89 -.26 1.16 .29 .14 .55 .43 .24 -.37 .31 .21 .64 -.21 .94 .16 .42
Federal......................... .44 .30 .11 .64 .01 1.26 .03 .21 .49 .18 .34 -.38 .23 .03 .66 -.33 .61 -.32 .10
National defense.............. .37 .27 .08 .59 -.20 1.41 -.25 .35 .41 .09 .41 -.45 .21 .13 .52 -.49 .41 -.09 -.05
Consumption expenditures.... .32 .22 .05 .67 -.22 1.30 -.32 .31 .40 .00 .34 -.44 .25 .03 .45 -.47 .37 -.17 -.04
Gross investment............ .05 .05 .03 -.08 .02 .12 .07 .05 .00 .10 .08 -.01 -.04 .10 .07 -.02 .05 .08 -.01
Nondefense.................... .08 .03 .03 .05 .21 -.16 .28 -.14 .09 .08 -.07 .08 .03 -.11 .14 .16 .20 -.23 .15
Consumption expenditures..... .07 .03 .00 .07 .19 -.21 .27 -.12 .11 .03 -.06 .05 .01 -.09 .08 .05 .16 -.10 .14
Gross investment............. .01 .00 .02 -.02 .01 .06 .01 -.03 -.03 .05 -.01 .03 .01 -.02 .06 .11 .03 -.12 .01
State and local................. .02 .06 .06 .25 -.27 -.10 .26 -.07 .06 .25 -.10 .01 .08 .18 -.01 .13 .33 .48 .32
Consumption expenditures.... .00 .10 .08 .15 -.19 -.07 -.04 .07 .19 .15 .08 .15 .02 .05 .14 .09 .17 .20 .29
Gross investment............ .02 -.04 -.02 .10 -.09 -.02 .30 -.15 -.13 .11 -.18 -.14 .06 .13 -.15 .03 .16 .28 .03
Addenda:
Goods........................... 1.00 1.56 1.43 -1.74 1.27 .56 5.00 .81 1.20 .99 1.56 1.43 1.51 1.09 2.07 .97 3.86 1.12 1.15
Services........................ 1.20 1.84 1.31 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 1.40 1.73
Structures...................... .31 .51 .49 .29 -.09 .85 1.33 .22 .05 1.31 .06 -.29 .82 1.13 .09 .33 .33 .04 -.66
Motor vehicle output............ .05 .12 .20 .01 -.46 .36 .30 -.23 .33 -.24 .52 .06 .38 -.03 .70 -.71 .12 -.31 .76
Final sales of computers........ .15 .06 .16 .11 .12 -.02 .50 .15 -.13 -.14 .15 .26 .16 .20 .08 .20 .07 .04 .09
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
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 III 05 IV 05 I 06 II 06 III 06r 2005 III 05 IV 05 I 06 II 06 III 06r 2005 II 06 III 06r
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
Gross domestic product....... 12,455.8 12,573.5 12,730.5 13,008.4 13,197.3 13,327.1 11,048.6 11,115.1 11,163.8 11,316.4 11,388.1 11,450.5 345.1 71.7 62.4
Personal consumption expenditures. 8,742.4 8,847.3 8,927.8 9,079.2 9,228.1 9,349.1 7,841.2 7,895.3 7,910.2 8,003.8 8,055.0 8,112.0 264.1 51.2 57.0
Durable goods................... 1,033.1 1,057.3 1,019.6 1,064.1 1,061.8 1,074.4 1,145.3 1,175.9 1,137.9 1,190.5 1,190.3 1,207.6 59.6 -.2 17.3
Motor vehicles and parts...... 448.2 468.1 421.6 442.7 441.7 451.5 452.9 474.6 426.3 445.1 443.7 453.2 2.5 -1.4 9.5
Furniture and household
equipment.................... 377.2 380.0 386.0 402.3 401.3 402.2 490.6 497.7 511.5 538.5 542.9 550.4 44.6 4.4 7.5
Other......................... 207.7 209.2 212.0 219.1 218.8 220.7 212.6 213.1 216.3 224.6 222.5 223.0 17.0 -2.1 .5
Nondurable goods................ 2,539.3 2,584.9 2,613.5 2,658.2 2,721.4 2,744.9 2,276.8 2,287.6 2,309.6 2,342.8 2,351.1 2,357.7 97.6 8.3 6.6
Food.......................... 1,201.4 1,214.7 1,233.7 1,262.3 1,274.0 1,279.1 1,065.7 1,074.9 1,085.7 1,103.4 1,108.8 1,105.4 54.7 5.4 -3.4
Clothing and shoes............ 341.8 341.3 349.1 355.4 355.1 358.4 372.7 373.9 383.1 391.1 387.4 392.4 21.8 -3.7 5.0
Gasoline, fuel oil, and other
energy goods................. 302.1 331.0 322.1 316.2 359.1 369.3 199.5 197.8 196.6 196.0 196.3 198.7 -1.0 .3 2.4
Other......................... 694.0 698.0 708.6 724.2 733.3 738.0 643.9 646.7 652.4 662.6 668.3 670.7 25.4 5.7 2.4
Services........................ 5,170.0 5,205.1 5,294.7 5,356.8 5,444.9 5,529.8 4,436.6 4,454.5 4,476.7 4,494.5 4,535.4 4,570.7 112.7 40.9 35.3
Housing....................... 1,304.1 1,311.7 1,326.6 1,345.4 1,370.1 1,394.2 1,122.6 1,126.4 1,131.2 1,137.6 1,144.5 1,151.7 31.0 6.9 7.2
Household operation........... 483.0 484.3 506.1 494.8 499.1 513.5 418.0 419.4 419.8 404.3 412.5 423.1 8.7 8.2 10.6
Electricity and gas......... 199.8 199.4 219.9 206.2 206.9 217.0 153.8 154.0 154.7 141.7 147.0 154.7 4.0 5.3 7.7
Other household operation... 283.2 285.0 286.2 288.6 292.2 296.5 264.1 265.4 264.9 264.8 267.0 268.8 4.6 2.2 1.8
Transportation................ 320.4 322.3 325.9 330.4 335.9 339.3 284.4 283.6 283.5 286.3 287.5 288.3 .4 1.2 .8
Medical care.................. 1,493.4 1,505.0 1,534.0 1,557.2 1,578.2 1,600.7 1,260.9 1,267.5 1,279.0 1,292.6 1,300.9 1,310.3 43.6 8.3 9.4
Recreation.................... 360.6 362.6 367.7 372.4 377.2 382.7 313.1 313.9 315.1 317.5 318.1 320.5 8.3 .6 2.4
Other......................... 1,208.4 1,219.1 1,234.4 1,256.5 1,284.3 1,299.4 1,036.2 1,042.2 1,046.5 1,054.9 1,070.6 1,075.3 20.2 15.7 4.7
Gross private domestic investment. 2,057.4 2,052.6 2,154.5 2,214.8 2,237.1 2,239.4 1,866.3 1,855.9 1,927.0 1,963.6 1,968.5 1,968.7 95.7 4.9 .2
Fixed investment................ 2,036.2 2,067.9 2,105.8 2,167.7 2,174.8 2,172.2 1,842.0 1,864.2 1,877.3 1,914.6 1,906.8 1,902.5 128.1 -7.8 -4.3
Nonresidential................ 1,265.7 1,276.7 1,304.3 1,359.2 1,384.3 1,420.5 1,223.8 1,232.4 1,248.2 1,288.8 1,302.8 1,334.1 78.0 14.0 31.3
Structures.................. 338.6 336.3 359.7 378.2 406.3 427.7 251.5 247.1 254.2 259.6 271.9 282.6 2.8 12.3 10.7
Equipment and software...... 927.1 940.4 944.7 981.0 977.9 992.8 984.9 1,000.6 1,007.6 1,044.8 1,041.2 1,059.6 80.7 -3.6 18.4
Information processing
equipment and software... 454.3 456.6 461.3 482.4 479.9 489.0 552.6 557.7 567.3 595.9 594.3 608.0 43.3 -1.6 13.7
Computers and peripheral
equipment.............. 85.1 83.9 85.9 88.0 85.9 87.9 ..... ..... ..... ..... ..... ..... ..... ..... .....
Software................ 194.0 195.6 196.9 203.6 207.0 209.3 206.2 208.0 209.5 215.6 217.8 219.5 11.2 2.2 1.7
Other................... 175.2 177.2 178.4 190.8 187.1 191.8 193.6 196.0 197.5 211.6 206.7 211.4 12.9 -4.9 4.7
Industrial equipment...... 155.1 157.0 163.9 163.4 170.1 172.0 143.5 144.9 150.4 149.0 153.9 154.0 10.8 4.9 .1
Transportation equipment.. 158.3 165.0 154.6 165.7 155.9 156.8 145.4 152.3 143.2 152.2 142.7 146.7 16.6 -9.5 4.0
Other equipment........... 159.4 161.8 164.9 169.4 172.1 175.0 147.3 148.8 151.2 154.3 157.1 158.7 9.7 2.8 1.6
Residential................... 770.4 791.2 801.5 808.5 790.6 751.6 608.0 620.4 618.9 618.5 600.5 571.4 48.1 -18.0 -29.1
Change in private inventories... 21.3 -15.3 48.6 47.2 62.3 67.2 19.6 -12.7 43.5 41.2 53.7 58.0 -33.8 12.5 4.3
Farm.......................... .3 1.3 5.8 5.4 2.3 2.4 .2 1.1 4.8 4.3 1.9 2.4 -5.9 -2.4 .5
Nonfarm....................... 21.0 -16.6 42.8 41.8 59.9 64.8 19.6 -14.0 38.6 36.8 52.2 56.0 -27.4 15.4 3.8
Net exports of goods and services. -716.7 -728.8 -775.4 -765.2 -781.8 -802.2 -619.2 -607.6 -636.6 -636.6 -624.2 -629.4 -28.3 12.4 -5.2
Exports......................... 1,303.1 1,312.4 1,352.4 1,405.4 1,448.1 1,486.7 1,196.1 1,200.5 1,228.4 1,269.3 1,288.5 1,308.3 75.7 19.2 19.8
Goods......................... 907.5 913.9 944.3 989.3 1,019.1 1,055.9 843.2 847.5 870.8 906.2 919.5 940.4 58.8 13.3 20.9
Services...................... 395.6 398.5 408.1 416.0 429.0 430.7 352.9 353.0 357.8 363.6 369.5 368.6 17.0 5.9 -.9
Imports......................... 2,019.9 2,041.2 2,127.8 2,170.6 2,229.8 2,288.9 1,815.3 1,808.1 1,865.0 1,905.9 1,912.7 1,937.7 104.0 6.8 25.0
Goods......................... 1,699.0 1,719.1 1,799.3 1,832.6 1,879.0 1,938.2 1,549.9 1,543.9 1,595.8 1,631.9 1,631.7 1,659.0 97.7 -.2 27.3
Services...................... 320.9 322.1 328.5 338.1 350.8 350.7 267.5 266.3 271.7 276.6 283.2 281.2 7.2 6.6 -2.0
Government consumption expenditures
and gross investment............. 2,372.8 2,402.4 2,423.6 2,479.6 2,513.9 2,540.8 1,958.0 1,968.8 1,963.5 1,987.1 1,991.2 2,002.1 17.4 4.1 10.9
Federal......................... 878.3 895.8 886.2 921.7 919.7 926.7 727.5 738.2 729.6 745.1 736.6 739.3 10.9 -8.5 2.7
National defense.............. 589.3 605.0 590.9 613.5 616.5 618.0 483.6 494.1 481.4 491.8 489.3 488.0 8.2 -2.5 -1.3
Consumption expenditures.... 516.9 530.9 516.9 537.7 537.7 539.0 413.3 421.9 410.0 419.0 414.7 413.6 5.0 -4.3 -1.1
Gross investment............ 72.4 74.2 74.1 75.8 78.8 79.0 71.2 73.2 72.6 74.0 76.5 76.1 3.7 2.5 -.4
Nondefense.................... 289.0 290.7 295.3 308.2 303.2 308.7 243.7 243.8 248.0 253.1 247.0 251.1 2.7 -6.1 4.1
Consumption expenditures.... 251.7 253.4 254.2 265.9 264.6 269.8 207.3 207.5 208.7 212.8 210.1 213.8 .3 -2.7 3.7
Gross investment............ 37.4 37.4 41.1 42.4 38.6 38.9 36.7 36.6 40.1 41.1 37.2 37.5 2.8 -3.9 .3
State and local................. 1,494.4 1,506.6 1,537.4 1,557.9 1,594.2 1,614.1 1,230.4 1,230.5 1,233.7 1,242.0 1,254.4 1,262.6 6.5 12.4 8.2
Consumption expenditures.... 1,207.2 1,217.8 1,243.4 1,256.2 1,280.7 1,298.0 988.0 989.5 991.9 996.1 1,001.2 1,008.7 8.4 5.1 7.5
Gross investment............ 287.3 288.7 294.0 301.7 313.5 316.1 242.1 240.7 241.6 245.7 253.1 253.8 -2.0 7.4 .7
Residual.......................... ..... ..... ..... ..... ..... ..... -42.6 -47.1 -53.7 -78.7 -77.6 -87.9 ..... ..... .....
Addenda:
Final sales of domestic product. 12,434.6 12,588.8 12,681.9 12,961.2 13,135.1 13,259.8 11,025.2 11,123.5 11,115.5 11,269.0 11,328.0 11,386.0 376.9 59.0 58.0
Gross domestic purchases........ 13,172.5 13,302.3 13,505.9 13,773.6 13,979.1 14,129.3 11,659.7 11,714.6 11,792.9 11,946.3 12,005.9 12,074.0 373.2 59.6 68.1
Final sales to domestic
purchasers..................... 13,151.3 13,317.6 13,457.3 13,726.4 13,916.8 14,062.1 11,636.1 11,722.8 11,744.6 11,898.7 11,945.9 12,009.5 405.0 47.2 63.6
Gross domestic product.......... 12,455.8 12,573.5 12,730.5 13,008.4 13,197.3 13,327.1 11,048.6 11,115.1 11,163.8 11,316.4 11,388.1 11,450.5 345.1 71.7 62.4
Plus: Income receipts from
the rest of the world.......... 513.3 527.2 564.9 603.3 661.4 676.6 456.9 467.2 496.1 526.4 571.4 581.7 80.2 45.0 10.3
Less: Income payments to
the rest of the world.......... 481.5 475.0 552.4 574.3 638.6 662.4 427.2 419.9 483.8 499.7 550.3 568.0 93.9 50.6 17.7
Equals: Gross national product.. 12,487.7 12,625.7 12,743.0 13,037.4 13,220.1 13,341.2 11,077.9 11,162.0 11,175.6 11,342.7 11,408.5 11,463.5 331.1 65.8 55.0
Net domestic product............ 10,851.0 10,675.5 11,168.0 11,460.3 11,624.6 11,746.1 9,557.2 9,371.6 9,727.9 9,896.5 9,959.8 10,014.2 237.4 63.3 54.4
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
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 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 06 III 06r
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
Gross domestic product (GDP). 2.1 2.8 3.0 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 1.8
Personal consumption expenditures... 2.0 2.6 2.9 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 4.0 2.4
Durable goods..................... -3.6 -1.6 -.7 -2.7 -4.8 -4.2 -4.0 -3.5 .0 .3 -2.3 .3 .3 -.6 -2.9 -1.3 -1.0 -.8 -1.1
Nondurable goods.................. 2.0 3.3 3.6 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 2.3
Services.......................... 3.2 3.2 3.2 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 2.9 3.1
Gross private domestic investment... 1.5 3.3 3.4 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 3.1 .5
Fixed investment.................. 1.6 3.4 3.5 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 3.0 .4
Nonresidential.................. .1 1.2 2.6 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 .8
Structures.................... 3.5 6.2 11.3 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 10.7 5.2
Equipment and software........ -1.1 -.4 -.4 -.3 -1.5 -1.7 .1 .4 -.9 .2 -1.5 -.5 .9 -.4 -1.5 -1.0 .6 .1 -1.0
Residential..................... 4.8 7.3 5.1 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 2.9 -.3
Change in private inventories..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... .....
Net exports of goods and services... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... .....
Exports........................... 2.2 3.7 3.6 .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 4.5
Goods........................... 2.0 3.7 3.1 .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 6.2 5.3
Services........................ 2.6 3.5 4.8 .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 6.0 2.7
Imports........................... 3.5 5.0 6.3 .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 9.8 5.4
Goods........................... 2.9 5.0 6.5 .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 5.9
Services........................ 6.3 5.1 5.4 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 5.5 2.7
Government consumption expenditures
and gross investment............... 4.1 4.4 5.6 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 2.1
Federal........................... 4.2 4.7 4.8 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 3.8 1.6
National defense................ 4.7 4.7 5.1 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 4.1 2.1
Nondefense...................... 3.4 4.7 4.1 .5 12.9 1.6 .6 .6 13.7 4.3 .9 2.3 10.6 1.8 3.2 -.7 9.5 3.2 .6
State and local................... 4.1 4.3 6.2 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 2.4
Addenda:
Final sales of domestic product... 2.1 2.8 3.0 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 1.8
Gross domestic purchases.......... 2.3 3.1 3.5 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 2.1
Final sales to domestic
purchasers....................... 2.3 3.1 3.5 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 2.0
Gross national product (GNP)...... 2.1 2.8 3.0 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 1.8
Implicit price deflators:
GDP............................. 2.1 2.8 3.0 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 1.7
Gross domestic purchases........ 2.3 3.1 3.5 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 2.0
GNP............................. 2.1 2.8 3.0 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 1.7
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
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 III 05 IV 05 I 06 II 06 III 06r
-----------------------------------------------------------------------------------------------------------------------------------
Gross domestic product............. 104.931 109.031 112.546 113.223 113.719 115.274 116.004 116.640
Personal consumption expenditures.......... 108.249 112.430 116.349 117.152 117.373 118.761 119.521 120.367
Durable goods............................ 118.214 125.753 132.666 136.207 131.799 137.893 137.868 139.879
Nondurable goods......................... 108.002 111.913 116.924 117.481 118.608 120.313 120.742 121.078
Services................................. 106.363 110.055 112.925 113.379 113.945 114.398 115.440 116.336
Gross private domestic investment.......... 92.949 102.026 107.537 106.938 111.034 113.143 113.429 113.438
Fixed investment......................... 95.110 102.080 109.708 111.032 111.811 114.033 113.570 113.312
Nonresidential......................... 87.804 92.995 99.326 100.025 101.308 104.606 105.738 108.284
Structures........................... 77.735 79.418 80.302 78.903 81.174 82.893 86.819 90.245
Equipment and software............... 91.747 98.400 107.180 108.889 109.653 113.704 113.313 115.312
Residential............................ 113.977 125.281 136.050 138.821 138.495 138.391 134.368 127.852
Change in private inventories............ ..... ..... ..... ..... ..... ..... ..... .....
Exports of goods and services.............. 93.599 102.201 109.105 109.503 112.054 115.783 117.536 119.337
Imports of goods and services.............. 104.693 115.962 123.007 122.520 126.377 129.146 129.608 131.300
Government consumption expenditures and
gross investment.......................... 110.644 112.720 113.731 114.358 114.048 115.423 115.657 116.291
Federal.................................. 118.712 123.813 125.701 127.545 126.053 128.728 127.262 127.726
State and local.......................... 106.557 107.094 107.660 107.674 107.954 108.682 109.762 110.480
Addenda:
Final sales of domestic product.......... 105.375 109.096 112.958 113.965 113.883 115.455 116.060 116.654
Gross domestic purchases................. 106.071 110.691 114.351 114.889 115.657 117.161 117.746 118.414
Final sales to domestic purchasers....... 106.504 110.761 114.755 115.610 115.825 117.345 117.810 118.437
Gross national product................... 105.067 109.039 112.399 113.252 113.390 115.085 115.753 116.311
-----------------------------------------------------------------------------------------------------------------------------------
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 III 05 IV 05 I 06 II 06 III 06r
-----------------------------------------------------------------------------------------------------------------------------------
Gross domestic product............. 106.409 109.429 112.744 113.139 114.048 114.967 115.905 116.414
Personal consumption expenditures
(PCE)..................................... 105.597 108.373 111.493 112.067 112.873 113.445 114.573 115.259
Durable goods............................ 92.366 90.845 90.198 89.908 89.606 89.385 89.206 88.968
Nondurable goods......................... 104.145 107.617 111.530 113.016 113.177 113.484 115.769 116.442
Services................................. 109.379 112.863 116.529 116.858 118.281 119.194 120.059 120.992
Gross private domestic investment.......... 103.191 106.645 110.284 110.675 111.853 112.860 113.717 113.866
Fixed investment......................... 103.313 106.811 110.542 110.946 112.194 113.238 114.074 114.195
Nonresidential......................... 99.591 100.834 103.428 103.607 104.510 105.471 106.266 106.487
Structures........................... 113.872 120.951 134.647 136.089 141.476 145.684 149.432 151.338
Equipment and software............... 94.912 94.503 94.134 93.983 93.754 93.887 93.920 93.695
Residential............................ 112.372 120.618 126.714 127.573 129.536 130.765 131.696 131.592
Change in private inventories............ ..... ..... ..... ..... ..... ..... ..... .....
Exports of goods and services.............. 101.429 105.151 108.949 109.341 110.108 110.737 112.400 113.655
Imports of goods and services.............. 99.685 104.678 111.268 112.919 114.117 113.918 116.608 118.156
Government consumption expenditures and
gross investment.......................... 109.849 114.718 121.183 122.029 123.444 124.791 126.262 126.918
Federal.................................. 110.094 115.249 120.726 121.353 121.479 123.721 124.871 125.365
State and local.......................... 109.712 114.417 121.463 122.438 124.620 125.434 127.095 127.847
Addenda:
PCE excluding food and energy............ 105.175 107.314 109.559 109.732 110.418 110.983 111.738 112.359
Market-based PCE\1\...................... 104.995 107.393 110.339 110.952 111.647 112.116 113.272 113.887
Market-based PCE excluding food
and energy\1\........................... 104.330 105.865 107.713 107.854 108.375 108.810 109.524 110.043
Final sales of domestic product.......... 106.430 109.455 112.783 113.181 114.101 115.025 115.961 116.466
Gross domestic purchases................. 105.966 109.210 112.981 113.572 114.541 115.313 116.455 117.049
Final sales to domestic purchasers....... 105.986 109.235 113.021 113.614 114.594 115.371 116.510 117.102
Gross national product................... 106.401 109.419 112.733 113.131 114.038 114.958 115.897 116.405
Implicit price deflators:
Gross domestic product................. 106.404 109.426 112.737 113.121 114.034 114.951 115.887 116.388
Final sales of domestic product........ 106.430 109.455 112.783 113.173 114.092 115.017 115.952 116.457
Gross domestic purchases............... 105.961 109.207 112.975 113.553 114.526 115.296 116.435 117.022
Final sales to domestic purchasers..... 105.985 109.235 113.021 113.604 114.583 115.360 116.499 117.092
Gross national product................. 106.396 109.416 112.726 113.113 114.025 114.942 115.879 116.380
-----------------------------------------------------------------------------------------------------------------------------------
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
-----------------------------------------------------------------------------------------------------------------------------------------------------------------------
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 III 06r
-----------------------------------------------------------------------------------------------------------------------------------------------------------------------
Gross domestic product (GDP).... 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 3.5 3.0
Personal consumption expenditures
(PCE)................................. 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 2.7
Durable goods........................ 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 3.4 2.7
Nondurable goods..................... 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 3.6 3.1
Services............................. 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 2.6
Gross private domestic investment...... 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 7.4 6.1
Fixed investment..................... -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 3.9 2.1
Nonresidential..................... -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 7.2 8.3
Structures....................... -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 8.0 14.4
Equipment and software........... -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 6.8 5.9
Residential........................ 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 -1.5 -7.9
Change in private inventories........ ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... .....
Net exports of goods and services...... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... .....
Exports.............................. 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 8.2 9.0
Goods.............................. 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 9.5 11.0
Services........................... 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 5.2 4.4
Imports.............................. 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 6.4 7.2
Goods.............................. 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 7.5
Services........................... 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 6.6 5.6
Government consumption expenditures
and gross investment.................. 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 1.7
Federal.............................. 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 .1
National defense................... 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 1.7 -1.2
Nondefense......................... 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 3.0
State and local...................... 2.1 .7 .2 .3 -.4 .3 1.0 .3 .4 .5 .3 .5 .8 1.3 1.9 2.6
Addenda:
Final sales of domestic product...... .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 2.9 2.4
Gross domestic purchases............. 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 3.5 3.1
Final sales to domestic purchasers... 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 2.4
Gross national product............... 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 3.4 2.7
Real disposable personal income...... 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 2.0 3.0
Price indexes:
Gross domestic purchases........... 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 3.1
Gross domestic purchases excluding
food and energy................... 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 2.7
GDP................................ 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 2.9
GDP excluding food and energy...... 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 2.9
PCE................................ 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 2.8
PCE excluding food and energy...... 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 2.2 2.4
Market-based PCE\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 2.6
Market-based PCE excluding food
and energy\1\..................... 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 2.0
-----------------------------------------------------------------------------------------------------------------------------------------------------------------------
r Revised. Revisions include changes to series affected by the
introduction of revised wage and salary estimates for the second
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 III 05 IV 05 I 06 II 06r III 06r
-----------------------------------------------------------------------------------------------------------------------------------
Gross domestic product..................... 10,960.8 11,712.5 12,455.8 12,573.5 12,730.5 13,008.4 13,197.3 13,327.1
Plus: Income receipts from the rest of the
world..................................... 336.8 410.2 513.3 527.2 564.9 603.3 661.4 676.6
Less: Income payments to the rest of the
world..................................... 280.0 363.9 481.5 475.0 552.4 574.3 638.6 662.4
Equals: Gross national product............. 11,017.6 11,758.7 12,487.7 12,625.7 12,743.0 13,037.4 13,220.1 13,341.2
Less: Consumption of fixed capital......... 1,336.5 1,436.2 1,604.8 1,898.0 1,562.5 1,548.0 1,572.8 1,581.0
Less: Statistical discrepancy.............. 48.8 66.7 71.0 84.5 74.3 -61.9 35.8 -4.5
Equals: National income.................... 9,632.3 10,255.9 10,811.8 10,643.2 11,106.2 11,551.3 11,611.5 11,764.8
Compensation of employees................ 6,325.4 6,650.3 7,030.3 7,093.6 7,184.4 7,400.3 7,425.5 7,510.9
Wage and salary accruals............... 5,127.7 5,377.1 5,664.8 5,715.2 5,787.0 5,970.1 5,980.9 6,047.8
Supplements to wages and salaries...... 1,197.7 1,273.2 1,365.5 1,378.4 1,397.4 1,430.3 1,444.5 1,463.1
Proprietors' income with inventory
valuation and capital consumption
adjustments............................. 811.3 911.1 970.7 967.3 996.8 1,008.3 1,011.9 1,013.9
Rental income of persons with capital
consumption adjustment.................. 133.0 127.0 72.8 -11.5 81.5 76.8 71.4 73.4
Corporate profits with inventory
valuation and capital consumption
adjustments............................. 993.1 1,182.6 1,330.7 1,266.3 1,393.5 1,569.1 1,591.8 1,658.0
Net interest and miscellaneous payments.. 524.7 485.1 483.4 482.9 490.0 514.8 513.2 503.8
Taxes on production and imports less
subsidies............................... 759.3 819.4 865.1 872.1 874.2 897.4 914.0 921.3
Business current transfer payments....... 83.8 85.5 74.2 .2 99.1 93.8 93.1 93.4
Current surplus of government
enterprises............................. 1.7 -5.0 -15.4 -27.7 -13.3 -9.2 -9.4 -10.0
Addendum:
Gross domestic income.................... 10,912.0 11,645.8 12,384.8 12,489.0 12,656.2 13,070.3 13,161.6 13,331.6
-----------------------------------------------------------------------------------------------------------------------------------
r Revised. Revisions include changes to series affected by the
introduction of revised wage and salary estimates for the second
quarter of 2006.
Table 10.--Personal Income and Its Disposition
[Billions of dollars]
-----------------------------------------------------------------------------------------------------------------------------------
Seasonally adjusted at annual rates
---------------------------------------------------
2003 2004 2005 III 05 IV 05 I 06 II 06r III 06r
-----------------------------------------------------------------------------------------------------------------------------------
Personal income\1\......................... 9,163.6 9,731.4 10,239.2 10,262.7 10,483.7 10,721.4 10,807.3 10,954.0
Compensation of employees, received...... 6,310.4 6,665.3 7,030.3 7,093.6 7,184.4 7,400.3 7,425.5 7,510.9
Wage and salary disbursements.......... 5,112.7 5,392.1 5,664.8 5,715.2 5,787.0 5,970.1 5,980.9 6,047.8
Supplements to wages and salaries...... 1,197.7 1,273.2 1,365.5 1,378.4 1,397.4 1,430.3 1,444.5 1,463.1
Proprietors' income with inventory
valuation and capital consumption
adjustments............................. 811.3 911.1 970.7 967.3 996.8 1,008.3 1,011.9 1,013.9
Farm................................... 29.2 36.2 30.2 29.7 28.7 23.9 17.5 20.8
Nonfarm................................ 782.1 874.9 940.4 937.7 968.1 984.4 994.3 993.1
Rental income of persons with capital
consumption adjustment.................. 133.0 127.0 72.8 -11.5 81.5 76.8 71.4 73.4
Personal income receipts on assets....... 1,336.6 1,427.9 1,519.4 1,532.7 1,580.2 1,602.3 1,647.7 1,685.0
Personal interest income............... 914.1 890.8 945.0 951.2 981.7 989.1 1,019.2 1,037.2
Personal dividend income............... 422.6 537.1 574.4 581.5 598.5 613.2 628.5 647.8
Personal current transfer receipts....... 1,351.0 1,426.5 1,526.6 1,569.0 1,539.8 1,570.4 1,589.7 1,618.8
Less: Contributions for government
social insurance........................ 778.6 826.4 880.6 888.5 898.9 936.7 938.8 948.0
Less: Personal current taxes............... 1,001.1 1,049.8 1,203.1 1,215.0 1,247.6 1,332.6 1,361.0 1,365.6
Equals: Disposable personal income......... 8,162.5 8,681.6 9,036.1 9,047.7 9,236.1 9,388.8 9,446.2 9,588.4
Less: Personal outlays..................... 7,987.7 8,507.2 9,070.9 9,180.3 9,264.5 9,418.5 9,577.0 9,709.7
Equals: Personal saving.................... 174.9 174.3 -34.8 -132.6 -28.5 -29.7 -130.8 -121.3
Personal saving as a percentage of
disposable personal income.............. 2.1 2.0 -.4 -1.5 -.3 -.3 -1.4 -1.3
Addendum:
Disposable personal income, billions of
chained (2000) dollars\2\............... 7,729.9 8,010.8 8,104.6 8,074.1 8,183.3 8,276.8 8,245.4 8,319.7
-----------------------------------------------------------------------------------------------------------------------------------
r Revised. Revisions include changes to series affected by the
introduction of revised wage and salary estimates for the second
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 III 05 IV 05 I 06 II 06 III 06 2004 2005 IV 05 I 06 II 06 III 06 III 06
-------------------------------------------------------------------------------------------------------------------------------------------------------------
Corporate profits with inventory
valuation and capital consumption
adjustments......................... 993.1 1,182.6 1,330.7 1,266.3 1,393.5 1,569.1 1,591.8 1,658.0 19.1 12.5 10.0 12.6 1.4 4.2 30.9
Less: Taxes on corporate income...... 243.3 300.1 399.3 378.9 424.6 456.9 476.1 491.1 23.3 33.1 12.1 7.6 4.2 3.2 29.6
Equals: Profits after tax with
inventory valuation and capital
consumption adjustments............. 749.9 882.5 931.4 887.5 968.9 1,112.1 1,115.7 1,166.8 17.7 5.5 9.2 14.8 .3 4.6 31.5
Net dividends...................... 424.7 539.5 576.9 584.0 601.0 615.7 631.1 650.4 27.0 6.9 2.9 2.5 2.5 3.0 11.4
Undistributed profits with
inventory valuation and capital
consumption adjustments........... 325.1 343.0 354.5 303.5 367.9 496.4 484.6 516.5 5.5 3.4 21.2 34.9 -2.4 6.6 70.2
Cash flow:
Net cash flow with inventory
valuation and capital consumption
adjustments....................... 1,084.9 1,139.2 1,211.3 1,230.7 1,223.9 1,349.2 1,350.3 1,384.8 5.0 6.3 -.5 10.2 .1 2.6 12.5
Undistributed profits with
inventory valuation and capital
consumption adjustments......... 325.1 343.0 354.5 303.5 367.9 496.4 484.6 516.5 5.5 3.4 21.2 34.9 -2.4 6.6 70.2
Consumption of fixed capital..... 759.8 796.2 856.8 927.2 856.0 852.8 865.6 868.3 4.8 7.6 -7.7 -.4 1.5 .3 -6.3
Less: Inventory valuation
adjustment........................ -13.6 -39.8 -32.6 -30.9 -39.2 -22.9 -58.9 -37.2 ..... ..... ..... ..... ..... ..... .....
Equals: Net cash flow.............. 1,098.5 1,178.9 1,243.9 1,261.5 1,263.2 1,372.1 1,409.2 1,422.0 7.3 5.5 .1 8.6 2.7 .9 12.7
Addenda:
Profits before tax (without
inventory valuation and capital
consumption adjustments).......... 908.1 1,144.3 1,518.7 1,475.8 1,598.3 1,740.6 1,811.5 1,857.8 26.0 32.7 8.3 8.9 4.1 2.6 25.9
Profits after tax (without
inventory valuation and capital
consumption adjustments).......... 664.8 844.2 1,119.4 1,096.9 1,173.7 1,283.7 1,335.4 1,366.6 27.0 32.6 7.0 9.4 4.0 2.3 24.6
Inventory valuation adjustment..... -13.6 -39.8 -32.6 -30.9 -39.2 -22.9 -58.9 -37.2 ..... ..... ..... ..... ..... ..... .....
Capital consumption adjustment..... 98.7 78.1 -155.5 -178.6 -165.6 -148.6 -160.8 -162.6 ..... ..... ..... ..... ..... ..... .....
-------------------------------------------------------------------------------------------------------------------------------------------------------------
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 III 05 IV 05 I 06 II 06 III 06 2004 2005 IV 05 I 06 II 06 III 06
-------------------------------------------------------------------------------------------------------------------------------------------------------------
Corporate profits with inventory
valuation and capital consumption
adjustments............................. 993.1 1,182.6 1,330.7 1,266.3 1,393.5 1,569.1 1,591.8 1,658.0 189.5 148.1 127.2 175.6 22.7 66.2
Domestic industries.......................... 827.7 1,006.3 1,133.7 1,042.9 1,197.2 1,343.0 1,351.9 1,420.9 178.6 127.4 154.3 145.8 8.9 69.0
Financial.................................. 335.6 353.7 369.4 296.1 390.8 442.2 483.9 481.7 18.1 15.7 94.7 51.4 41.7 -2.2
Nonfinancial............................... 492.1 652.6 764.2 746.8 806.4 900.9 868.1 939.2 160.5 111.6 59.6 94.5 -32.8 71.1
Rest of the world............................ 165.5 176.3 197.0 223.4 196.3 226.1 239.9 237.1 10.8 20.7 -27.1 29.8 13.8 -2.8
Receipts from the rest of the world........ 249.1 302.0 338.0 344.0 360.6 376.3 402.0 407.5 52.9 36.0 16.6 15.7 25.7 5.5
Less: Payments to the rest of the world.... 83.6 125.8 141.0 120.5 164.2 150.2 162.1 170.5 42.2 15.2 43.7 -14.0 11.9 8.4
Corporate profits with inventory
valuation adjustment.................... 894.5 1,104.5 1,486.1 1,444.9 1,559.1 1,717.7 1,752.6 1,820.5 210.0 381.6 114.2 158.6 34.9 67.9
Domestic industries.......................... 729.0 928.2 1,289.1 1,221.5 1,362.8 1,491.6 1,512.7 1,583.5 199.2 360.9 141.3 128.8 21.1 70.8
Financial.................................. 317.3 344.2 389.0 317.4 413.3 463.9 508.2 507.1 26.9 44.8 95.9 50.6 44.3 -1.1
Federal Reserve banks.................... 20.1 20.0 26.6 26.9 30.4 30.9 33.7 35.8 -.1 6.6 3.5 .5 2.8 2.1
Other financial.......................... 297.2 324.1 362.5 290.6 382.9 433.0 474.4 471.2 26.9 38.4 92.3 50.1 41.4 -3.2
Nonfinancial............................... 411.8 584.0 900.1 904.1 949.4 1,027.7 1,004.5 1,076.4 172.2 316.1 45.3 78.3 -23.2 71.9
Utilities................................ 11.6 16.2 30.3 22.4 38.3 39.7 46.8 ..... 4.6 14.1 15.9 1.4 7.1 .....
Manufacturing............................ 76.0 150.2 254.8 260.7 258.9 300.7 289.9 ..... 74.2 104.6 -1.8 41.8 -10.8 .....
Durable goods.......................... -5.9 31.3 73.8 75.4 72.9 102.2 78.7 ..... 37.2 42.5 -2.5 29.3 -23.5 .....
Fabricated metal products............ 7.9 12.3 20.6 22.8 21.2 25.7 24.1 ..... 4.4 8.3 -1.6 4.5 -1.6 .....
Machinery............................ 1.5 7.0 13.8 14.5 15.0 19.1 18.3 ..... 5.5 6.8 .5 4.1 -.8 .....
Computer and electronic products..... -15.6 -6.7 3.9 6.7 8.0 12.3 13.1 ..... 8.9 10.6 1.3 4.3 .8 .....
Electrical equipment, appliances,
and components...................... 2.1 .2 5.7 6.7 5.6 8.4 6.8 ..... -1.9 5.5 -1.1 2.8 -1.6 .....
Motor vehicles, bodies and trailers,
and parts........................... -12.3 -11.2 -17.9 -19.8 -25.3 -18.2 -25.4 ..... 1.1 -6.7 -5.5 7.1 -7.2 .....
Other durable goods.................. 10.5 29.7 47.7 44.5 48.5 54.9 41.9 ..... 19.2 18.0 4.0 6.4 -13.0 .....
Nondurable goods....................... 81.9 118.9 181.0 185.2 186.0 198.5 211.2 ..... 37.0 62.1 .8 12.5 12.7 .....
Food and beverage and tobacco
products............................ 23.6 22.4 28.5 29.3 28.6 29.6 29.5 ..... -1.2 6.1 -.7 1.0 -.1 .....
Petroleum and coal products.......... 23.3 49.3 70.4 74.2 76.0 74.5 92.4 ..... 26.0 21.1 1.8 -1.5 17.9 .....
Chemical products.................... 19.5 23.8 45.3 43.3 44.4 54.1 53.6 ..... 4.3 21.5 1.1 9.7 -.5 .....
Other nondurable goods............... 15.5 23.4 36.8 38.4 37.0 40.1 35.7 ..... 7.9 13.4 -1.4 3.1 -4.4 .....
Wholesale trade.......................... 55.2 69.9 97.6 94.1 105.9 107.2 98.3 ..... 14.7 27.7 11.8 1.3 -8.9 .....
Retail trade............................. 86.8 89.3 113.7 115.9 129.1 123.0 121.2 ..... 2.5 24.4 13.2 -6.1 -1.8 .....
Transportation and warehousing........... 7.3 11.8 21.0 23.1 19.0 27.3 38.6 ..... 4.5 9.2 -4.1 8.3 11.3 .....
Information.............................. 3.2 37.7 77.5 77.8 83.6 89.8 85.9 ..... 34.5 39.8 5.8 6.2 -3.9 .....
Other nonfinancial....................... 171.7 208.8 305.2 310.1 314.6 340.1 323.9 ..... 37.1 96.4 4.5 25.5 -16.2 .....
Rest of the world............................ 165.5 176.3 197.0 223.4 196.3 226.1 239.9 237.1 10.8 20.7 -27.1 29.8 13.8 -2.8
-------------------------------------------------------------------------------------------------------------------------------------------------------------
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 III 05 IV 05 I 06 II 06r III 06
-----------------------------------------------------------------------------------------------------------------------------------
Billions of dollars
----------------------------------------------------------------------------------------
Gross value added of nonfinancial
corporate business.................... 5,558.4 5,932.9 6,369.7 6,425.7 6,534.8 6,788.2 6,790.0 6,915.3
Consumption of fixed capital............... 657.5 686.2 739.7 804.9 737.2 733.7 744.4 746.4
Net value added............................ 4,900.9 5,246.7 5,630.1 5,620.8 5,797.6 6,054.5 6,045.7 6,168.9
Compensation of employees................ 3,703.2 3,873.4 4,099.7 4,140.7 4,198.0 4,341.0 4,350.6 4,398.3
Wage and salary accruals............... 3,019.4 3,158.4 3,335.1 3,369.0 3,414.5 3,537.5 3,539.7 3,577.1
Supplements to wages and salaries...... 683.8 714.9 764.6 771.7 783.5 803.5 811.0 821.2
Taxes on production and imports less
subsidies............................... 488.5 522.9 558.1 562.9 567.2 576.7 585.3 589.3
Net operating surplus.................... 709.2 850.4 972.2 917.3 1,032.4 1,136.8 1,109.7 1,181.3
Net interest and miscellaneous
payments.............................. 152.6 137.8 156.6 159.3 165.1 175.1 180.0 179.6
Business current transfer payments..... 64.4 60.0 51.4 11.1 60.9 60.9 61.7 62.5
Corporate profits with inventory
valuation and capital consumption
adjustments........................... 492.1 652.6 764.2 746.8 806.4 900.9 868.1 939.2
Taxes on corporate income............ 135.7 185.3 251.4 255.8 266.4 280.9 283.3 297.8
Profits after tax with inventory
valuation and capital consumption
adjustments......................... 356.4 467.4 512.9 491.0 540.0 620.0 584.8 641.4
Net dividends...................... 292.7 366.9 228.5 126.3 120.1 377.7 392.8 398.5
Undistributed profits with
inventory valuation and capital
consumption adjustments........... 63.8 100.5 284.4 364.7 419.9 242.3 192.0 242.9
Addenda:
Profits before tax (without inventory
valuation and capital consumption
adjustments)............................ 425.4 623.8 932.6 935.0 988.7 1,050.6 1,063.5 1,113.6
Profits after tax (without inventory
valuation and capital consumption
adjustments)............................ 289.7 438.6 681.3 679.2 722.3 769.7 780.2 815.8
Inventory valuation adjustment........... -13.6 -39.8 -32.6 -30.9 -39.2 -22.9 -58.9 -37.2
Capital consumption adjustment........... 80.3 68.6 -135.8 -157.3 -143.0 -126.8 -136.5 -137.2
----------------------------------------------------------------------------------------
Billions of chained (2000) dollars
----------------------------------------------------------------------------------------
Gross value added of nonfinancial
corporate business\1\................. 5,382.1 5,654.5 5,959.9 5,994.7 6,079.8 6,268.0 6,224.7 6,335.8
Consumption of fixed capital\2\............ 630.5 650.9 681.6 738.9 670.5 666.1 669.2 672.0
Net value added\3\......................... 4,751.6 5,003.6 5,278.3 5,255.8 5,409.3 5,601.8 5,555.6 5,663.8
----------------------------------------------------------------------------------------
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 1.072 1.075 1.083 1.091 1.091
Compensation of employees (unit labor
cost)................................... .688 .685 .688 .691 .690 .693 .699 .694
Unit nonlabor cost....................... .253 .248 .252 .257 .251 .247 .253 .249
Consumption of fixed capital........... .122 .121 .124 .134 .121 .117 .120 .118
Taxes on production and imports less
subsidies plus business current
transfer payments..................... .103 .103 .102 .096 .103 .102 .104 .103
Net interest and miscellaneous payments .028 .024 .026 .027 .027 .028 .029 .028
Corporate profits with inventory valuation
and capital consumption adjustments (unit
profits from current production)........ .091 .115 .128 .125 .133 .144 .139 .148
Taxes on corporate income.............. .025 .033 .042 .043 .044 .045 .046 .047
Profits after tax with inventory
valuation and capital consumption
adjustments........................... .066 .083 .086 .082 .089 .099 .094 .101
-----------------------------------------------------------------------------------------------------------------------------------
r Revised. Revisions include changes to series affected by the
introduction of revised wage and salary estimates for the second
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 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 06 III 06r
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
Gross domestic product (GDP) and
related aggregates:
GDP............................... 2.5 3.9 3.2 .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 2.6 2.2
Goods............................. 3.1 4.9 4.6 -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 3.6 3.7
Services.......................... 2.1 3.2 2.3 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 2.4 3.0
Structures........................ 3.3 5.2 4.6 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 .3 -5.9
Motor vehicle output.............. 1.3 3.5 5.9 .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 -9.4 27.2
GDP excuding motor vehicle
output........................... 2.6 3.9 3.1 .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 3.0 1.5
Final sales of computers\1\....... 20.8 8.2 24.5 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 6.7 15.8
GDP excluding final sales of
computers........................ 2.4 3.9 3.1 .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 2.5 2.1
Farm gross value added\2\......... 8.4 7.4 1.0 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 3.9 -8.3
Nonfarm business gross value
added\3\......................... 3.1 4.3 3.8 .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 2.7 2.3
Price indexes:
GDP............................... 2.1 2.8 3.0 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 1.8
GDP excluding food and energy..... 1.9 2.7 3.0 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 3.0 2.1
GDP excluding final sales of
computers........................ 2.3 2.9 3.2 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 1.9
Gross domestic purchases.......... 2.3 3.1 3.5 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 2.1
Gross domestic purchases excluding
food and energy.................. 1.9 2.7 2.8 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 2.0
Gross domestic purchases excluding
final sales of computers to
domestic purchasers.............. 2.5 3.2 3.7 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 4.2 2.2
Personal consumption expenditures
(PCE)............................ 2.0 2.6 2.9 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 4.0 2.4
Personal consumption expenditures
excluding food and energy........ 1.4 2.0 2.1 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 2.7 2.2
Market-based PCE\4\............... 1.9 2.3 2.7 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 2.2
Market-based PCE excluding food
and energy\4\.................... 1.1 1.5 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 1.9
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
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.