NATIONAL INCOME AND PRODUCT ACCOUNTS
GROSS DOMESTIC PRODUCT: SECOND QUARTER 2009 (ADVANCE ESTIMATE)
COMPREHENSIVE REVISION: 1929 THROUGH FIRST QUARTER 2009
Real gross domestic product -- the output of goods and services produced by labor and property
located in the United States -- decreased at an annual rate of 1.0 percent in the second quarter of 2009,
(that is, from the first quarter to the second), according to the "advance" estimate released by the Bureau
of Economic Analysis. In the first quarter, real GDP decreased 6.4 percent.
The Bureau emphasized that the second-quarter advance estimate released today is based on
source data that are incomplete or subject to further revision by the source agency (see the box on page
3). The "second" estimate for the second quarter, based on more complete data, will be released on
August 27, 2009.
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BOX.--
The estimates released today reflect the results of the comprehensive (or benchmark) revision
of the national income and product accounts (NIPAs). More information on the revision is available
on BEAs Web site at www.bea.gov/national/an1.htm, including links to an article in the March
2009 issue of the Survey of Current Business that discussed the changes in definitions and
presentation that have been implemented in the revision and to an article in the May Survey that
described the changes in statistical methods. The September Survey will contain an article that
describes the results of the revision in detail. The Web site also contains FAQs and other
information about the revision.
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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 (2005)
dollars. Price indexes are chain-type measures.
This news release is available on BEAs Web site along with the Technical Note and Highlights
related to this release.
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The decrease in real GDP in the second quarter primarily reflected negative contributions from
nonresidential fixed investment, personal consumption expenditures (PCE), residential fixed investment,
private inventory investment, and exports that were partly offset by positive contributions from federal
government spending and state and local government spending. Imports, which are a subtraction in the
calculation of GDP, decreased.
The much smaller decrease in real GDP in the second quarter than in the first primarily reflected
much smaller decreases in nonresidential fixed investment, in exports, and in private inventory
investment, upturns in federal government spending and in state and local government spending, and a
smaller decrease in residential fixed investment that were partly offset by a much smaller decrease in
imports and a downturn in PCE.
Motor vehicle output added 0.20 percentage point to the second-quarter change in real GDP after
subtracting 1.69 percentage points from the first-quarter change. Final sales of computers subtracted
0.04 percentage point from the second-quarter change in real GDP after adding 0.06 percentage point to
the first-quarter change.
The price index for gross domestic purchases, which measures prices paid by U.S. residents,
increased 0.7 percent in the second quarter, in contrast to a decrease of 1.4 percent in the first.
Excluding food and energy prices, the price index for gross domestic purchases increased 1.1 percent in
the second quarter, compared with an increase of 0.2 percent in the first.
Real personal consumption expenditures decreased 1.2 percent in the second quarter, in contrast
to an increase of 0.6 percent in the first. Durable goods decreased 7.1 percent, in contrast to an increase
of 3.9 percent. Nondurable goods decreased 2.5 percent, in contrast to an increase of 1.9 percent.
Services increased 0.1 percent, in contrast to a decrease of 0.3 percent.
Real nonresidential fixed investment decreased 8.9 percent in the second quarter, compared with
a decrease of 39.2 percent in the first. Nonresidential structures decreased 8.9 percent, compared with a
decrease of 43.6 percent. Equipment and software decreased 9.0 percent, compared with a decrease of
36.4 percent. Real residential fixed investment decreased 29.3 percent, compared with a decrease of
38.2 percent.
Real exports of goods and services decreased 7.0 percent in the second quarter, compared with a
decrease of 29.9 percent in the first. Real imports of goods and services decreased 15.1 percent,
compared with a decrease of 36.4 percent.
Real federal government consumption expenditures and gross investment increased 10.9 percent
in the second quarter, in contrast to a decrease of 4.3 percent in the first. National defense increased
13.3 percent, in contrast to a decrease of 5.1 percent. Nondefense increased 6.0 percent, in contrast to a
decrease of 2.5 percent. Real state and local government consumption expenditures and gross
investment increased 2.4 percent, in contrast to a decrease of 1.5 percent.
The change in real private inventories subtracted 0.83 percentage point from the second-quarter
change in real GDP after subtracting 2.36 percentage points from the first-quarter change. Private
businesses decreased inventories $141.1 billion in the second quarter, following decreases of $113.9
billion in the first quarter and of $37.4 billion in the fourth.
Real final sales of domestic product -- GDP less change in private inventories -- decreased 0.2
percent in the second quarter, compared with a decrease of 4.1 percent in the first.
Gross domestic purchases
Real gross domestic purchases -- purchases by U.S. residents of goods and services wherever
produced -- decreased 2.3 percent in the second quarter, compared with a decrease of 8.6 percent in the
first.
Disposition of personal income
Current-dollar personal income increased $8.0 billion (0.3 percent) in the second quarter, in
contrast to a decrease of $251.7 billion (8.0 percent) in the first.
Personal current taxes decreased $113.1 billion in the second quarter, compared with a decrease
of $241.7 billion in the first.
Disposable personal income increased $121.1 billion (4.6 percent) in the second quarter, in
contrast to a decrease of $9.9 billion (0.4 percent) in the first. Real disposable personal income
increased 3.2 percent, compared with an increase of 1.1 percent.
Personal outlays decreased $18.1 billion (0.7 percent) in the second quarter, compared with a
decrease of $27.6 billion (1.1 percent) in the first. Personal saving -- disposable personal income less
personal outlays -- was $566.0 billion in the second quarter, compared with $426.9 billion in the first.
The personal saving rate -- saving as a percentage of disposable personal income -- was 5.2 percent in
the second quarter, compared with 4.0 percent in the first. For a comparison of personal saving in
BEAs national income and product accounts with personal saving in the Federal Reserve Boards flow
of funds accounts and data on changes in net worth, go to /national/nipaweb/Nipa-
Frb.asp.
Current-dollar GDP
Current-dollar GDP -- the market value of the nation's output of goods and services -- decreased
0.8 percent, or $28.2 billion, in the second quarter to a level of $14,149.8 billion. In the first quarter,
current-dollar GDP decreased 4.6 percent, or $169.3 billion.
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BOX.--
Information on the assumptions used for unavailable source data is provided in a technical note
that is posted with the news release on BEA's Web site. Within a few days after the release, a detailed
"Key Source Data and Assumptions" file is posted on the Web site. In the middle of each month, an
analysis of the current quarterly estimate of GDP and related series is made available on the Web site;
click on Survey of Current Business, "GDP and the Economy."
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COMPREHENSIVE REVISION OF THE NATIONAL INCOME AND PRODUCT
ACCOUNTS: 1929 THROUGH FIRST QUARTER 2009
Today, BEA is releasing revised statistics of gross domestic product (GDP) and other national
income and product accounts (NIPAs) series from 1929 through the first quarter of 2009.
Comprehensive revisions, which are carried out about every 5 years, are an important part of BEAs
regular process for improving and modernizing its accounts to keep pace with the ever-changing U.S.
economy.
Most of the tables in this release present revised statistics beginning with 1998. Statistics
beginning with 1995 for selected NIPA tables are available on the BEA Web site (). In
addition, a limited number of revised historical statistics of total GDP and its components from 1929
forward are available on the BEA Web site. The complete historical time period for these selected
NIPA tables will be released later in August. An article describing the statistics will be published in the
September 2009 issue of BEAs monthly journal, the Survey of Current Business.
The picture of the economy shown in the revised estimates is very similar in broad outline to the
picture shown in the previously published estimates. The similarity and some of the differences in detail
can be seen in the following:
* For 1929-2008, the average annual growth rate of real GDP is 3.4 percent, 0.1 percentage point
higher than in the previously published estimates. For the more recent period, 1997-2008, the
growth rate is 2.8 percent, also 0.1 percentage point higher than in the previously published
estimates.
* For 1997-2008, the average rate of change in the prices paid by U.S. residents is the same as in
the previously published estimates (2.4 percent).
* In the revised estimates, real GDP increased 0.4 percent for 2008; in the previously published
estimates, real GDP had increased 1.1 percent.
* From the fourth quarter of 2007 to the first quarter of 2009, real GDP decreased 2.8 percent at an
average annual rate; in the previously published estimates, it had decreased 1.8 percent.
Improvements incorporated in this comprehensive revision
Comprehensive revisions incorporate three major types of improvements:
* Changes in definitions and classifications that update the accounts to more accurately portray the
evolving U.S. economy,
* Changes in presentation that make the NIPA tables more informative and easier to use, and
* Statistical changes that introduce new and improved methodologies and that bring in newly
available and revised source data.
The improvements incorporated in the revised estimates have been previewed in a series of
articles in the Survey and are available on BEAs Web site at /national/an1.htm.
Changes in definitions, classifications, and presentations. The changes in definitions,
classifications, and presentations introduced in this comprehensive revision include the following:
* A new classification system for personal consumption expenditures (PCE) is adopted that
reflects contemporary spending patterns and presents categories that are more useful for the
analysis of spending by households and nonprofit institutions. The new classification system for
PCE results in a redesign of a large number of NIPA tables.
* The treatment of disasters is changed to better reflect the distinctions between current
transactions, capital transactions, and events that directly affect balance sheets. Under the new
treatment, disaster-related damages to fixed assets are recorded as other changes in the volume
of assets, and disaster-related insurance payouts are recorded as capital transfers.
* The reference year for the chain-type quantity and price indexes and for the chained-dollar
estimates is updated from 2000 to 2005.
* The terminology used to describe the vintages of the current quarterly GDP estimates is changed.
The three vintages of quarterly GDP estimates are renamed advance (no change); second
(currently known as preliminary); and third (currently known as final).
Because the composition of the components of PCE (durable goods, nondurable goods, and
services) changed as part of the new classification system for PCE, comparisons of the revised estimates
for components of PCE with the previously published estimates are not meaningful and therefore are not
shown in this release.
Statistical changes. Several important statistical changes that introduce new and improved
methodologies and that bring in newly available source data include the following:
* The new estimates incorporate BEAs 2002 benchmark input-output (I-O) accounts, which
provide the most thorough and detailed information on the structure of the U.S. economy. These
accounts are used to benchmark the expenditure components of gross domestic product (GDP)
and some of the income components.
* The estimates of proprietors income and private wages and salaries are improved by updating
adjustments for the underreporting and nonreporting of income using more recent data from the
Internal Revenue Service (IRS) and the Census Bureau that were not available for the previous
benchmark.
* The estimates of wages and salaries are improved by incorporating new information on
employee cafeteria plans.
A table that summarizes the major sources of revisions to selected components of the NIPAs is available
on BEAs Web site at /national/an1.htm.
News release tables. This release includes the tables that will be regularly shown in future GDP
news releases; in addition, special tables have been included to highlight the effects of the
comprehensive revision. The special tables are:
* Tables 1A, 2A, and 4A, which compare revised and previously published estimates for percent
changes in real GDP, contributions to percent change in real GDP, and percent changes in chain-
type price indexes for GDP and related measures, respectively;
* Tables 7A, 7B, and 7C, which show annual levels, percent changes, and revisions to percent
changes for current-dollar GDP, for real (chained-dollar) GDP, and for chain-type price indexes
for GDP, respectively;
* Table 12C, which shows revisions to corporate profits by industry.
Most of the tables show annual estimates beginning with 1998; quarterly estimates (if shown)
begin with the first quarter of 2004. Three of the regular tables -- tables 3, 11, and 12 -- are split into A
and B segments in this release to accommodate this longer-than-usual time span.
Selected NIPA tables that show estimates beginning with 1995 forward are available on BEAs
Web site. In addition, a limited number of revised historical statistics for total GDP and its components
from 1929 forward (for tables 1.1.1 through 1.1.10; except table 1.1.6 A, B, C, and D) is also available
on BEAs Web site. The complete historical statistics for these selected tables will be available later in
August.
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BOX.--
New and revised source data
The revised estimates also reflect the incorporation of newly available and revised source
data. The most important source data that affect the estimates prior to 2006 are BEAs benchmark
2002 input-output (I-O) accounts. The revised estimates also incorporate data on inventories, on
receipts and expenses of business establishments and of governments, on sales by detailed
commodity and by product line, and on final industry and product shipments from the 2002
Economic Census, and on trade margins from both the 2002 Economic Census and the 2002 annual
surveys of merchant wholesale and retail trade. The new estimates also reflect data on housing
from the 2000 decennial Census of Housing and the 2001 Residential Finance Survey. In addition,
estimates that are based on BEAs international transactions accounts (ITAs) -- primarily net
exports of goods and services and rest-of-the-world income receipts and payments -- were revised
to reflect improvements to the ITAs that were introduced since 2003. Estimates of nonreported
income were updated using newly available data from the Census Bureaus 2003-2007 exact-match
studies, and estimates of underreported income were revised using data from the IRS National
Research Program data from 2001 and from the IRS Taxpayer Compliance Measurement Program reports
from 1988 and 1996. Other data that were incorporated include revised data on the expenditures
and receipts of state and local governments for fiscal years 2001-2005 from the Census Bureau,
and final data on employer pension and profit-sharing plans for 1996-2006 from the Department of Labor.
The revised estimates for 2006-2008 also reflect the incorporation of newly available and
revised source data that became available after the last annual NIPA revision in July 2008. The most
important of these data sources are Census Bureau annual surveys of state and local governments for
fiscal year 2006 (revised) and fiscal year 2007 (preliminary), of manufacturers for 2006 (revised),
of merchant wholesale trade and of retail trade for 2006 (revised) and 2007 (preliminary), and of
services and of construction spending (value put in place) for 2006 and 2007 (revised) and 2008
(preliminary); preliminary economic census advance summary statistics shipments and inventories
for 2007; federal government budget data for fiscal years 2008 and 2009; ITA data for 2006-2008 (revised);
Bureau of Labor Statistics (BLS) Quarterly Census of Employment and Wages (QCEW) for 2006-2008 (revised);
IRS tabulations of corporate tax returns for 2006 (revised) and 2007 (preliminary) and of sole
proprietorship and partnership tax returns for 2007; and U.S. Department of Agriculture (USDA) farm
statistics for 2006-2008 (revised).
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The revisions
For this comprehensive revision, the most notable revisions are generally limited to the period
from 1997 to the first quarter of 2009. The revisions for earlier periods tend to be small.
Real GDP growth. For 1929-2008, the average annual growth rate of real GDP is 3.4 percent,
0.1 percentage point higher than in the previously published estimates. For the more recent period,
1997-2008, the growth rate is 2.8 percent, also 0.1 percentage point higher than in the previously
published estimates. Beginning with 1997, nonresidential fixed investment, personal consumption
expenditures, and federal government consumption expenditures and gross investment grew at a
somewhat faster rate in the revised estimates, while exports and state and local government consumption
expenditures and gross investment grew at a somewhat slower rate, and residential fixed investment fell
at a faster rate.
For 1929-1997, the year-to-year real GDP growth rate is unrevised for 50 of 67 years. The
largest upward revision before 1998 is 0.2 percentage point for 1993; the largest downward revision
before 1998 is 0.2 percentage point for 1987.
For the 1997-2008 period, the revisions show a mixed pattern. The largest upward revision is
0.4 percentage point for 2000; upward revisions of 0.3 percentage point are recorded for 1999 and 2001;
and upward revisions of 0.2 percentage point are recorded for 1998, 2002, and 2005. For the 3 most
recent years, the growth rate is revised as follows:
* down from 2.8 percent to 2.7 percent for 2006
* up from 2.0 percent to 2.1 percent for 2007, and
* down from 1.1 percent to 0.4 percent for 2008.
Business cycles. From the fourth quarter of 2007 to the first quarter of 2009, real GDP
decreased at an average annual rate of 2.8 percent; in the previously published estimates, it had
decreased 1.8 percent. In the revised estimates, real GDP decreased in the first, third, and fourth
quarters of 2008, and in the first quarter of 2009. For the expansion from the third quarter of 2001 to the
fourth quarter of 2007, real GDP increased at an average annual rate of 2.7 percent; in the previously
published estimates, it had increased 2.6 percent.
For the contraction that lasted from the fourth quarter of 2000 to the third quarter of 2001, real
GDP increased at an average annual rate of 0.1 percent in the revised estimates; in the previously
published estimates, it had decreased by 0.2 percent. Earlier business cycles show little revision.
Price changes. For 1929-2008 and for 1997-2008, the average annual increases in the price
indexes for gross domestic purchases and for GDP are unrevised. For 1929-2008, the average annual
increase in the price index for gross domestic purchases is 3.0 percent; the average annual increase in the
price index for GDP is 3.0 percent. For 1997-2008, the average annual increase in the price index for
gross domestic purchases is 2.4 percent; the average annual increase in the price index for GDP is 2.3
percent.
Real disposable personal income (DPI) growth. For 1929-2008, the average annual increase
in real DPI is 3.3 percent, 0.1 percentage point higher than in the previously published estimates. For
1997-2008, the average annual increase in real DPI is 3.1 percent; also 0.1 percentage point higher than
in the previously published estimates.
Personal saving. Personal saving (DPI less personal outlays) is revised up for 1997-2008; the
upward revisions are more notable after 2001. Both DPI and personal outlays are revised up for 1997-
2008; personal saving is revised up because the magnitudes of the upward revisions to DPI are larger
than those to personal outlays. The personal saving rate (personal saving as a percentage of DPI) is also
revised up for 1997-2008. The pattern of revisions to the personal saving rate generally follows the
pattern of revisions to personal saving.
Revisions to current-dollar estimates
The revisions to current-dollar GDP, to personal income and its disposition, and to national
income are shown in table 1B. These tables show the revisions in level, that is, the revised estimates
less the previously published estimates; table 1B also shows the revisions as a percent of the previously
published estimates for selected years. The revised levels of annual GDP and its major components for
1959-2008, along with percent changes from the preceding year and revisions to the percent changes,
are shown in table 7A.
GDP. The revisions to current-dollar GDP are small through 1991; for 1992-1997, the revisions
are small and upward. The revisions for 1980-1997 generally follow the pattern of revisions to personal
consumption expenditures (PCE). For 1998-2007, the revisions are upward and grow over time. For
2008, the revision is also upward. The upward revisions to GDP for 1998-2008 reflect upward revisions
to PCE, to private fixed investment (for 1998 forward), to state and local government consumption
expenditures and gross investment (through 2007), and to federal government consumption expenditures
and gross investment (for 2008).
PCE. The new classification system does not, by itself, affect the overall level of current-dollar
PCE (see table on the next page). The revisions to total current-dollar PCE reflect only statistical
changes (the incorporation of new source data and methodologies). The new classification system,
however, does shift the composition of PCE, resulting in a substantial upward revision to PCE for
services, mainly reflecting the reclassification of purchased meals and beverages (restaurant meals)
from nondurable goods to services. The new classification system also results in an upward revision to
durable goods, reflecting the reclassification of luggage (from nondurable goods) and eye examinations
(from services to durable goods). These reclassifications are exactly offsetting, and, as a result, the new
classification system for PCE does not by itself revise the level of total current-dollar PCE.
As noted above, comparisons of the revised estimates for components of PCE (durable goods,
nondurable goods, and services) with the previously published estimates are not shown in the news
release tables because the composition of these components changed as part of the new classification
system.
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TABLE:--
Revision Analysis for PCE, 2005
(Billions of current dollars)
Total Revision 124.9
Due to classificational change
PCE by type of product 0.0
Goods -451.4
Durable goods 41.3
Nondurable goods -492.8
Services 451.4
Due to statistical change
PCE by type of product 124.9
Goods -9.5
Durable goods 43.4
Nondurable goods -52.9
Services 134.4
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Statistical changes result in notable revisions to total PCE for 1997-2008. PCE for housing and
utilities services is revised up, reflecting new data on owner-occupied nonfarm housing from the 2001
Residential Finance Survey and the 2000 Census of Housing. The incorporation of the 2002 benchmark
I-O accounts causes upward revisions to financial services, to air transportation services, and to services
from nonprofit higher education and religious organizations, and in downward revisions to health care
services and to food services and accommodations. The incorporation of the 2002 I-O accounts also
results in upward revisions to several categories of PCE durable goods and in downward revisions to
several categories of PCE nondurable goods. Statistical changes affecting the revisions for 2006-2008
also reflect Census Bureau data on retail trade for 2006 (revised) and 2007 (preliminary), and on
services for 2006 and 2007 (revised) and 2008 (preliminary).
Private fixed investment. Upward revisions to private fixed investment begin with 1998 and
grow larger over time. The upward revisions mainly reflect upward revisions to equipment and
software. The upward revisions to nonresidential structures for 1999 forward also start small and tend to
grow larger. Private fixed investment in residential structures is revised up for 1998-2006 and revised
down for 2007 and 2008.
Nonresidential structures. The upward revisions for 1999-2008 primarily reflect the
incorporation of data from the 2002 I-O accounts, revisions to Census Bureau estimates of construction
spending (value put in place), and upward revisions to petroleum structures for 2003-2008 that result
from the use of revised footage drilled and expenditure data from both the Census Bureau and a trade
source.
Equipment and software. The upward revisions to equipment and software are mainly accounted
for by software, transportation equipment, and other equipment. The upward revisions to software
reflect the incorporation of data from the 2002 I-O accounts, and, in later years, new and revised data
from the Census Bureau service annual survey. The upward revisions to transportation equipment
reflect the incorporation of revised data from the Census Bureau and BEAs 2002 I-O accounts, as well
as revised unit motor vehicle data and motor vehicle price data from trade sources. The upward
revisions to other equipment reflect the use of BEAs 2002 I-O accounts and updated data on shipments
from the Census Bureau.
Residential fixed investment. The revisions to residential fixed investment beginning with 1998
mainly reflect the revised estimates of improvements, based on the incorporation of data from the 2002
I-O accounts and from the Census Bureau estimates of construction spending (value put in place).
Change in private inventories. The revisions begin with 1997 and show a mixed pattern
dominated by revisions to nonfarm inventories. The revisions are downward for 1997-2001 and upward
for 2002 forward. The revisions to nonfarm inventories reflect data from a variety of sources, including
newly available and revised Census Bureau data on inventory book values; newly available and revised
IRS data for construction, mining, and utilities for 2006 and 2007; revised Census Bureau Quarterly
Financial Report data for mining industries for 2008; revised Census Bureau construction spending
(value put in place) data for 2008; preliminary Census Bureau Economic Census tabulations of data for
manufacturing industries for 2007; the incorporation of new commodity price weights from the 2002 I-O
accounts; revised BEA unit labor cost indexes; revised motor vehicle inventory data from trade sources;
and revised producer prices.
Exports and imports of goods and services. Revisions to net exports of goods and services
begin with 1986 and are small through 1997; the revisions are downward for 1998-2008 and become
large beginning with 2005. The revisions to net exports are dominated by revisions to exports for all
years except 2003. The estimates largely reflect the incorporation of revised data from BEAs
international transactions accounts.
Exports. Revisions to exports begin with 1986 and are downward, except for a small upward
revision for 2003. Through 2001, the revisions to exports are accounted for by services; after 2005, the
revisions to exports are mainly accounted for by goods. Revisions to services are downward except for
2007. Revisions to goods are upward for 2002 and 2003 and downward for 2004-2008.
Imports. The revisions to imports are generally small; the revisions are downward for 1986-
2002 and for 2007, and upward for 2003-2006 and for 2008. Through 2001, the revisions to imports are
dominated by services; for 2003-2006 and for 2008, the revisions are dominated by goods. Revisions to
services begin with 1986 and are small and downward. Small upward revisions to goods begin with
1997.
Government consumption expenditures and gross investment. The revisions are small prior
to 1998. The upward revisions from 1989 forward are primarily accounted for by state and local
government consumption expenditures. Beginning with 1986, estimates of state and local government
wages and salaries are revised up, reflecting the incorporation of new information on employee cafeteria
plans. Beginning with 2003 and growing larger after 2005, partly offsetting downward revisions to state
and local government intermediate purchases reflect the incorporation of the 2002 benchmark I-O
accounts and new government finances data from the Census Bureau. Downward revisions to state and
local government gross investment mainly reflect the incorporation of 2002 I-O accounts and of Census
Bureau revised and new data on government finances and of construction spending put in place. The
revisions to federal government consumption expenditures and gross investment are small until 2008;
the revisions reflect improved source data and methods, including revised federal budget data for 2007
and 2008.
Personal income. For 1998-2008, the upward revisions mainly reflect upward revisions to
rental income of persons and to nonfarm proprietors income. For 2001 and 2003, the upward revisions
also reflect upward revisions to employer contributions for employee pension and insurance funds. For
2001-2007, the upward revisions reflect upward revisions to wages and salaries. For 2007 and 2008, the
upward revisions reflect upward revisions to personal interest income. The upward revisions to personal
income are moderated by downward revisions to personal interest income for 1997-2005 and to personal
dividend income for 2005, 2007, and 2008. For the 5 most recent years, the upward revisions to
personal income can be summarized as follows:
* 2004: The revision is mainly accounted for by upward revisions to nonfarm proprietors income,
to rental income of persons, and to wage and salary disbursements; it is moderated by a
downward revision to personal interest income.
* 2005: The revision is mainly accounted for by upward revisions to rental income of persons, to
nonfarm proprietors income, and to wage and salary disbursements; it is moderated by
downward revisions to personal interest income and to personal dividend income.
* 2006: The revision is mainly accounted for by upward revisions to nonfarm proprietors income,
to rental income of persons, and to wage and salary disbursements.
* 2007: The revision is mainly accounted for by upward revisions to rental income of persons, to
personal interest income, to wage and salary disbursements, and to nonfarm proprietors income;
it is moderated by a downward revision to personal dividend income.
* 2008: The revision is mainly accounted for by upward revisions to rental income of persons, to
personal interest income, and to nonfarm and farm proprietors income; it is moderated by a
downward revision to personal dividend income.
The revisions to the components of personal income are discussed below.
Wage and salary disbursements. The revisions to wage and salary disbursements are small
and downward for 1998-2000; they are upward and larger for 2001-2007, and for 2008, the revision is
small and downward. The revisions reflect downward revisions to the adjustment for the underreporting
and nonreporting of income, resulting from the incorporation of new data from the Internal Revenue
Service (IRS) and the Census Bureau. The revisions also reflect the incorporation of new information
on employee cafeteria plans that increase wages and salaries. The estimate of income from tips is also
revised up, based on information from the IRS. The downward revision for 2008 also reflects the
incorporation of revised and newly available tabulations of wage and salary data from the BLS quarterly
census of employment and wages.
Supplements to wages and salaries. The revisions to supplements are upward for 1998-2006,
and are downward for 2007 and 2008. Estimates of employer contributions for health insurance are
revised up for 1998-2006 and revised down for 2007, reflecting the incorporation of data from the
Medical Expenditure Panel Survey (MEPS). Employer contributions for private pension and profit-
sharing plans are revised for 1998 forward (including the two notable upward revisions in 2001 and
2003), reflecting the incorporation of pension program data from the Department of Labor. Employer
contributions for private workers compensation are revised up for 1997-2007, reflecting the
incorporation of data from a trade source.
Proprietors income. The revisions to proprietors income are upward for 1998-2008 and
dominated by revisions to nonfarm proprietors income (except for 2008); the revisions to farm
proprietors income are smaller. The revisions to nonfarm proprietors income mainly reflect the
updated adjustments for the underreporting and nonreporting of income using data from the Internal
Revenue Service (IRS) and the Census Bureau that were not available for the previous comprehensive
revision. The new treatment of disasters results in revisions to nonfarm proprietors income for years
with catastrophic events (such as 2001, 2004, 2005, and 2008). The revised estimates for nonfarm
proprietors income also incorporate new IRS tabulations of tax return data for sole proprietorships and
partnerships for 2007. The revisions to farm proprietors income reflect a number of statistical
improvements, including the incorporation of revised U.S. Department of Agriculture (USDA) data for
2000-2007 and new data for 2008.
Rental income of persons. The notable upward revisions to the estimates of rental income of
persons for 1998-2008 mainly reflect upward revisions to the estimates of space rent, based on the
incorporation of data from the 2001 Residential Finance Survey and the 2000 Census of Housing. The
new treatment of disasters also results in revisions for years with catastrophic events (including the
upward revision for 2005).
Personal interest income. The revisions to personal interest income are downward for 1998-
2005 and upward for 2006-2008. The revisions reflect a number of statistical improvements and the
incorporation of revised and newly available source data for estimating net interest and miscellaneous
payments (see below) and the incorporation of new and revised data on consumer debt outstanding from
the Federal Reserve Board.
Personal dividend income. The revisions to personal dividend income are small through 2003
and larger for 2004-2008. The revisions reflect newly incorporated data from the ITAs on dividends
from the rest of the world, IRS tabulations of corporate tax returns for 2006 (revised) and 2007
(preliminary), and data from company financial statements.
Personal current transfer receipts. The revisions to personal current transfer receipts are
generally small; the revisions are downward for 1998-2005 and are upward for 2006-2008. Current
transfer receipts from business are revised down for several years, reflecting the new treatment of
disasters and statistical improvements. Government social benefits to persons are revised up for 2006-
2008, reflecting upward revisions to health insurance benefits.
Contributions for government social insurance. The revisions to contributions for
government social insurance (which is deducted in the calculation of personal income) are small for
1997-2008.
Personal current taxes. The revisions to personal current taxes are small for 1998-2007. The
larger downward revision for 2008 results from the incorporation of new tax collections data from the
Treasury Department and the Social Security Administration.
Disposable personal income. The pattern of revisions to disposable personal income, which is
equal to personal income less personal current taxes, is similar to that for personal income. The
magnitudes differ, especially for 2008, because of the large downward revision to personal current taxes.
Personal outlays. This series consists of PCE, personal interest payments, and personal current
transfer payments. The revisions to personal outlays primarily reflect the revisions to PCE that were
previously described.
National income. The revisions to national income are upward for 1997-2008. They mainly
reflect upward revisions to rental income of persons, to nonfarm proprietors income, to wage and salary
disbursements, and to employer contributions for employee pension and insurance funds that were
previously described. The revisions to national income also reflect upward revisions to net interest for
2006-2008. The upward revisions to national income are moderated by downward revisions to net
interest for 1997-2005, and downward revisions to corporate profits for 2006-2008.
Corporate profits with inventory valuation and capital consumption adjustments.
Revisions to corporate profits show a mixed pattern: the revisions are upward for 1998-2001, downward
for 2002 and 2003, upward again for 2004 and 2005, and downward for 2006-2008. An improved
treatment of expenses for nondeductible meals and entertainment contributes to upward revisions, while
improved estimates of capital gains and indirect commissions of securities contributes to offsetting
downward revisions. In addition, the new treatment of disasters contributes to upward revisions for
some years with catastrophic events (such as 1992, 1994, 2001, 2004, 2005, and 2008). The revisions to
corporate profits for more recent years also reflect revised IRS tabulations of corporate tax return data
for 2006, new IRS tabulations for 2007, and revised regulatory agency and public financial reports for
2008.
Net interest and miscellaneous payments. The revisions to net interest and miscellaneous
payments are downward for 1998-2005, and are upward for 2006-2008. The revisions reflect the
incorporation of a variety of statistical improvements and newly available source data from the Federal
Reserve Board on mortgage debt outstanding as well as data from BEAs international transactions
accounts, from revised 2006 and newly available 2007 IRS tabulations of business tax returns, and from
the Census Bureau tabulations of mortgage interest payments as reported in the Residential Finance
Survey.
Consumption of fixed capital (CFC). The revisions to the NIPA measure of depreciation are
generally small and show a mixed pattern, with some larger revisions after 2000. The new treatment of
disasters contributes to downward revisions for several years with catastrophic events (such as 2001,
2004, and 2005). The revisions also reflect revised investment estimates and other statistical
improvements.
Statistical discrepancy. The statistical discrepancy, which is the difference between GDP and
Gross Domestic Income (GDI), is revised down for 1997-2006, revised up for 2007, and revised down
for 2008. (In theory, GDP should equal GDI; in practice, they differ because their components are
estimated using largely independent and less-than-perfect source data.) For 1997-2006 and for 2008,
GDP and GDI are both revised up, but the magnitudes of the revisions to GDI are larger, so the
statistical discrepancy is revised down. For 2007, GDP and GDI are also revised up, but the magnitude
of the revision to GDP is larger, so the statistical discrepancy is revised up.
______________
BOX.--
Availability of Revised Estimates and Related Information
Revised estimates for selected NIPA tables are available on BEAs Web site at www.bea.gov.
The comprehensive revision was previewed in a series of articles in the Survey of Current Business;
the articles are also available on BEAs Web site at /national/an1.htm.
The release schedule for revised NIPA tables is available at
/national/tables_releaseschedule.htm.
______________
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 -- August 27, 2009, at 8:30 A.M. EDT for:
Gross Domestic Product: Second Quarter 2009 (Second Estimate)
Corporate Profits: Second Quarter 2009 (Preliminary Estimate)
* * *
Comparisons of Revisions to GDP
Quarterly estimates of GDP are released on the following schedule: the advance estimate, based on
source data that are incomplete or subject to further revision by the source agency, is released near the end of the
first month after the end of the quarter; as more detailed and more comprehensive data become available,
the second and third estimates are released near the end of the second and third months, respectively. The
latest estimate reflects the results of both annual and comprehensive revisions.
Annual revisions, which cover the quarters of the 3 most recent calendar years, are usually carried out
each summer and incorporate newly available major annual source data. Comprehensive (or benchmark)
revisions are carried out at about 5-year intervals and incorporate major periodic source data, as well as
improvements in concepts and methods that update the accounts to portray more accurately the evolving U.S.
economy.
The table below shows comparisons of the revisions between quarterly percent changes of current-dollar
and of real GDP for the different vintages of the estimates. From the advance estimate to the second estimate (one
month later), the average revision to real GDP without regard to sign is 0.5 percentage point, while from the
advance estimate to the third estimate (two months later), it is 0.6 percentage point. From the advance estimate to
the latest estimate, the average revision without regard to sign is 1.2 percentage points. The average revision
(with regard to sign) from the advance estimate to the latest estimate is 0.3 percentage point, which is larger than
the average revisions from the advance estimate to the second or to the third estimates. The larger average
revisions to the latest estimate reflect the fact that comprehensive revisions include major improvements, such as
the incorporation of BEAs latest benchmark input-output accounts. The quarterly estimates correctly indicate the
direction of change of real GDP 98 percent of the time, correctly indicate whether GDP is accelerating or
decelerating 74 percent of the time, and correctly indicate whether real GDP growth is above, near, or below trend
growth more than three-fifths of the time.
Revisions Between Quarterly Percent Changes of GDP: Vintage Comparisons
[Annual rates]
Vintages Average Average without Standard deviation of
compared regard to sign revisions without
regard to sign
____________________________________________________Current-dollar GDP_______________________________________________
Advance to second.................... 0.2 0.5 0.4
Advance to third..................... .2 .7 .4
Second to third...................... .0 .3 .2
Advance to latest.................... .4 1.1 .9
________________________________________________________Real GDP_____________________________________________________
Advance to second.................... 0.1 0.5 0.4
Advance to third..................... .1 .6 .4
Second to third...................... .0 .3 .2
Advance to latest.................... .3 1.2 1.0
NOTE.--These comparisons are based on the period from 1983 through 2005.
Table 1. Real Gross Domestic Product and Related Measures: Percent Change From Preceding Period--Continues
[Quarters seasonally adjusted at annual rates]
-----------------------------------------------------------------------------------------------------------------------------------------------------------
1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 I 04 II 04 III 04 IV 04 I 05 II 05
-----------------------------------------------------------------------------------------------------------------------------------------------------------
Gross domestic product (GDP). 4.4 4.8 4.1 1.1 1.8 2.5 3.6 3.1 2.7 2.1 .4 2.8 2.9 3.0 3.5 4.1 1.7
Personal consumption expenditures... 5.2 5.5 5.1 2.7 2.7 2.8 3.5 3.4 2.9 2.6 -.2 3.9 2.2 3.5 4.7 3.0 3.9
Goods............................. 6.8 8.0 5.3 3.1 4.1 4.6 4.4 4.0 3.3 3.1 -2.1 4.1 1.7 4.8 5.1 3.9 5.7
Durable goods................... 12.2 13.0 8.8 5.4 7.6 6.0 6.6 5.2 4.1 4.3 -4.5 4.5 2.8 8.1 6.7 2.7 11.7
Nondurable goods................ 3.8 5.1 3.2 1.8 2.0 3.7 3.2 3.4 2.8 2.5 -.8 3.8 1.1 3.0 4.2 4.7 2.5
Services.......................... 4.4 4.1 5.0 2.5 1.9 1.9 2.9 3.0 2.7 2.4 .7 3.8 2.4 2.8 4.5 2.5 2.9
Gross private domestic investment... 10.0 8.8 6.8 -7.0 -1.4 3.6 10.0 5.5 2.7 -3.8 -7.3 2.1 18.5 5.3 8.5 8.8 -7.0
Fixed investment.................. 10.9 9.3 7.4 -1.9 -4.2 3.2 7.3 6.5 2.3 -2.1 -5.1 -.8 12.9 8.8 7.0 5.0 7.3
Nonresidential.................. 12.0 10.4 9.8 -2.8 -7.9 .9 6.0 6.7 7.9 6.2 1.6 -3.1 11.2 11.4 9.1 3.7 6.0
Structures.................... 5.1 .1 7.8 -1.5 -17.7 -3.8 1.1 1.4 9.2 14.9 10.3 -2.3 4.7 4.1 .4 7.4 -1.5
Equipment and software........ 14.5 14.1 10.5 -3.2 -4.2 2.5 7.7 8.5 7.4 2.6 -2.6 -3.4 13.5 14.0 12.2 2.4 8.7
Residential..................... 7.7 6.3 1.0 .6 5.2 8.2 9.8 6.2 -7.3 -18.5 -22.9 3.6 15.9 4.1 3.2 7.5 9.6
Change in private inventories..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... .....
Net exports of goods and services... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... .....
Exports........................... 2.3 4.4 8.6 -5.6 -2.0 1.6 9.5 6.7 9.0 8.7 5.4 9.8 6.4 3.0 9.4 7.6 8.8
Goods........................... 2.2 3.8 11.1 -6.2 -3.6 1.8 8.5 7.5 9.4 7.4 5.9 6.6 6.8 5.1 6.4 8.4 13.8
Services........................ 2.4 5.7 2.7 -4.1 1.9 1.2 11.9 5.0 7.9 11.8 4.2 17.3 5.4 -1.7 16.5 5.9 -1.7
Imports........................... 11.7 11.5 13.0 -2.8 3.4 4.4 11.0 6.1 6.1 2.0 -3.2 10.6 17.0 5.9 10.5 2.3 4.5
Goods........................... 11.8 12.5 13.4 -3.2 3.7 4.9 11.0 6.8 5.9 1.7 -3.9 9.9 18.6 6.7 10.8 3.5 4.8
Services........................ 10.9 6.8 11.0 -.8 1.8 1.9 11.2 2.8 7.1 3.5 .7 14.2 9.4 2.4 9.4 -3.7 2.6
Government consumption expenditures
and gross investment............... 2.1 3.6 2.0 3.8 4.7 2.2 1.4 .3 1.4 1.7 3.1 1.9 1.5 1.5 -2.4 .4 .4
Federal........................... -1.1 1.9 .5 4.1 7.3 6.6 4.1 1.3 2.1 1.3 7.7 5.2 2.3 7.1 -4.8 1.7 .4
National defense................ -2.1 1.9 -.5 3.8 7.4 8.7 5.7 1.5 1.6 2.2 7.8 6.1 2.1 12.1 -9.6 3.6 3.1
Nondefense...................... .8 2.1 2.4 4.6 7.2 2.8 1.0 .9 3.2 -.6 7.3 3.5 2.6 -2.3 5.6 -2.1 -5.0
State and local................... 3.9 4.5 2.8 3.7 3.3 -.1 -.2 -.2 .9 2.0 .5 .1 1.0 -1.7 -1.0 -.4 .5
Addenda:
Final sales of domestic product... 4.4 4.9 4.2 2.0 1.3 2.4 3.2 3.2 2.6 2.5 .8 2.4 2.0 3.5 3.2 3.4 4.2
Gross domestic purchases.......... 5.5 5.7 4.8 1.2 2.4 2.8 4.0 3.2 2.6 1.4 -.7 3.2 4.4 3.4 4.0 3.5 1.5
Final sales to domestic
purchasers....................... 5.6 5.8 4.9 2.1 1.9 2.8 3.6 3.3 2.5 1.7 -.4 2.8 3.6 3.9 3.7 2.9 3.8
Gross national product (GNP)...... 4.3 4.9 4.2 1.2 1.8 2.6 3.7 3.1 2.4 2.4 .6 3.5 2.0 3.3 2.6 5.2 1.3
Disposable personal income........ 6.0 3.0 5.1 2.4 3.3 2.5 3.4 1.3 4.0 2.2 .5 1.8 4.0 2.7 5.7 -4.8 2.8
Current-dollar measures:
GDP............................. 5.5 6.4 6.4 3.4 3.5 4.7 6.5 6.5 6.0 5.1 2.6 6.5 6.4 6.0 6.7 8.0 4.5
Final sales of domestic product. 5.7 6.4 6.5 4.3 3.0 4.7 6.1 6.7 6.0 5.4 3.0 5.9 5.5 6.6 6.3 7.3 7.1
Gross domestic purchases........ 6.2 7.4 7.5 3.1 3.9 5.2 7.2 7.0 6.0 4.4 2.4 7.5 8.2 6.7 8.0 7.2 4.7
Final sales to domestic
purchasers..................... 6.3 7.5 7.6 4.1 3.4 5.2 6.8 7.2 6.0 4.7 2.8 7.0 7.4 7.2 7.7 6.6 7.1
GNP............................. 5.4 6.5 6.5 3.5 3.4 4.9 6.7 6.5 5.8 5.4 2.7 7.1 5.5 6.3 5.7 9.1 4.1
Disposable personal income...... 7.0 4.7 7.7 4.4 4.7 4.6 6.1 4.4 6.9 4.9 3.9 5.2 7.1 5.3 9.2 -2.5 5.4
-----------------------------------------------------------------------------------------------------------------------------------------------------------
See "Explanatory Note" at the end of the tables.
Table 1. Real Gross Domestic Product and Related Measures: Percent Change From Preceding Period--Table Ends
[Quarters seasonally adjusted at annual rates]
----------------------------------------------------------------------------------------------------------------------------------------------------
III 05 IV 05 I 06 II 06 III 06 IV 06 I 07 II 07 III 07 IV 07 I 08 II 08 III 08 IV 08 I 09 II 09
----------------------------------------------------------------------------------------------------------------------------------------------------
Gross domestic product (GDP). 3.1 2.1 5.4 1.4 .1 3.0 1.2 3.2 3.6 2.1 -.7 1.5 -2.7 -5.4 -6.4 -1.0
Personal consumption expenditures... 2.9 1.0 4.5 2.2 2.5 4.1 3.7 1.1 1.9 1.2 -.6 .1 -3.5 -3.1 .6 -1.2
Goods............................. 3.1 -1.1 7.5 .7 3.3 5.9 3.9 .2 3.1 3.0 -5.1 -.5 -7.7 -10.0 2.5 -4.0
Durable goods................... 4.8 -9.7 17.0 -1.0 4.5 5.6 5.5 2.1 5.2 5.5 -8.9 -5.7 -11.7 -20.3 3.9 -7.1
Nondurable goods................ 2.1 3.9 2.6 1.6 2.6 6.1 3.1 -.8 2.1 1.8 -3.0 2.2 -5.6 -4.9 1.9 -2.5
Services.......................... 2.8 2.2 2.9 3.0 2.1 3.1 3.6 1.6 1.3 .3 1.8 .4 -1.3 .5 -.3 .1
Gross private domestic investment... 4.5 15.1 6.0 -.6 -5.5 -10.9 -6.0 5.7 .8 -7.7 -7.4 -10.4 -6.9 -24.2 -50.5 -20.4
Fixed investment.................. 5.2 1.5 9.5 -1.9 -5.0 -5.3 -2.6 3.6 -.4 -4.2 -6.3 -2.7 -8.3 -20.2 -39.0 -13.5
Nonresidential.................. 5.8 2.2 18.0 7.3 4.4 2.3 4.2 11.4 9.6 6.7 1.9 1.4 -6.1 -19.5 -39.2 -8.9
Structures.................... -8.1 2.5 18.9 22.4 10.3 1.5 15.6 22.7 26.6 11.2 6.8 14.5 -.1 -7.2 -43.6 -8.9
Equipment and software........ 11.2 2.3 17.8 2.1 2.2 2.8 -.5 6.5 2.2 4.5 -.5 -5.0 -9.4 -25.9 -36.4 -9.0
Residential..................... 4.2 .1 -4.2 -16.9 -21.2 -19.7 -16.2 -12.9 -22.4 -29.5 -28.2 -15.8 -15.9 -23.2 -38.2 -29.3
Change in private inventories..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... .....
Net exports of goods and services... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... .....
Exports........................... .1 10.5 16.5 6.9 .6 17.8 3.5 5.2 18.5 14.5 -.1 12.1 -3.6 -19.5 -29.9 -7.0
Goods........................... -1.1 11.8 17.8 7.4 .2 13.1 3.0 6.3 14.8 12.4 4.2 14.1 -1.8 -25.5 -36.9 -9.3
Services........................ 2.9 7.4 13.6 5.6 1.5 29.1 4.7 2.8 27.2 19.2 -9.0 7.8 -7.7 -4.3 -13.6 -2.3
Imports........................... 2.5 11.7 7.8 4.5 4.9 -.5 4.3 -.5 3.7 -3.6 -2.5 -5.0 -2.2 -16.7 -36.4 -15.1
Goods........................... 2.7 12.1 6.3 5.0 5.5 -2.3 5.0 -1.0 2.8 -3.8 -3.5 -4.6 -3.7 -19.6 -41.0 -15.9
Services........................ 1.2 9.5 16.1 1.8 1.3 10.0 .4 2.1 8.6 -2.9 3.0 -7.1 6.1 -.9 -11.5 -11.5
Government consumption expenditures
and gross investment............... 3.7 -1.8 4.1 .3 .6 1.1 .0 4.4 3.9 1.6 2.6 3.6 4.8 1.2 -2.6 5.6
Federal........................... 9.7 -6.5 11.9 -3.4 -.4 1.1 -5.1 7.4 9.3 2.7 8.1 7.8 13.2 6.5 -4.3 10.9
National defense................ 11.1 -14.3 10.5 1.1 -1.9 8.5 -7.6 8.6 10.0 .5 8.2 7.0 19.8 3.8 -5.1 13.3
Nondefense...................... 6.8 11.7 14.7 -11.6 2.9 -12.7 .3 5.0 7.9 7.6 8.1 9.6 .1 12.7 -2.5 6.0
State and local................... .3 1.1 -.3 2.6 1.2 1.1 3.1 2.7 .9 1.0 -.5 1.2 .1 -2.0 -1.5 2.4
Addenda:
Final sales of domestic product... 3.2 -.1 5.9 1.2 .2 4.1 1.8 2.9 3.4 2.8 -.5 2.7 -2.9 -4.7 -4.1 -.2
Gross domestic purchases.......... 3.3 2.7 4.7 1.4 .8 1.0 1.4 2.4 2.1 -.2 -1.1 -.9 -2.5 -5.5 -8.6 -2.3
Final sales to domestic
purchasers....................... 3.4 .6 5.2 1.2 .9 2.0 2.0 2.1 1.9 .4 -.9 .3 -2.7 -4.9 -6.4 -1.5
Gross national product (GNP)...... 3.4 1.1 5.4 1.3 -.3 3.2 .9 3.6 5.4 3.4 -1.1 .2 -1.8 -6.7 -6.6 .....
Disposable personal income........ 2.4 2.2 7.7 3.6 1.9 5.3 1.7 .5 1.7 .1 -2.4 9.8 -8.5 3.4 1.1 3.2
Current-dollar measures:
GDP............................. 7.4 5.6 8.6 5.1 3.2 4.8 5.5 6.0 5.3 4.5 1.0 3.5 1.4 -5.4 -4.6 -.8
Final sales of domestic product. 7.6 3.3 9.2 4.9 3.3 6.0 6.1 5.7 5.1 5.2 1.5 4.7 1.0 -5.2 -2.4 .0
Gross domestic purchases........ 8.4 7.0 7.6 5.0 3.7 1.9 5.7 5.5 4.3 4.4 2.1 3.2 1.8 -9.2 -9.8 -1.6
Final sales to domestic
purchasers..................... 8.6 4.8 8.2 4.8 3.8 3.0 6.3 5.2 4.1 5.0 2.6 4.3 1.5 -9.0 -7.7 -.8
GNP............................. 7.7 4.6 8.6 4.9 2.8 5.1 5.3 6.3 7.1 5.8 .6 2.3 2.2 -6.7 -4.8 .....
Disposable personal income...... 7.1 5.8 9.5 6.7 4.9 5.3 5.5 3.7 4.1 5.2 1.2 14.1 -4.2 -1.8 -.4 4.6
----------------------------------------------------------------------------------------------------------------------------------------------------
See "Explanatory Note" at the end of the tables.
Table 1A. Real Gross Domestic Product and Related Measures: Percent Change From Preceding Period--Continues
[Quarters seasonally adjusted at annual rates]
------------------------------------------------------------------------------------------------------------------------------------------------------------------
Average annual rate
-------------------
1929- 1959- 1997-
2008 1997 2008 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 I 04 II 04 III 04 IV 04
------------------------------------------------------------------------------------------------------------------------------------------------------------------
Gross domestic product (GDP). 3.4 3.4 2.8 4.4 4.8 4.1 1.1 1.8 2.5 3.6 3.1 2.7 2.1 .4 2.8 2.9 3.0 3.5
Previously published....... 3.3 3.4 2.7 4.2 4.5 3.7 .8 1.6 2.5 3.6 2.9 2.8 2.0 1.1 3.0 3.5 3.6 2.5
Personal consumption expenditures... 3.3 3.5 3.3 5.2 5.5 5.1 2.7 2.7 2.8 3.5 3.4 2.9 2.6 -.2 3.9 2.2 3.5 4.7
Previously published.............. 3.2 3.5 3.2 5.0 5.1 4.7 2.5 2.7 2.8 3.6 3.0 3.0 2.8 .2 4.4 2.4 3.5 4.2
Gross private domestic investment... 3.8 4.4 2.4 10.0 8.8 6.8 -7.0 -1.4 3.6 10.0 5.5 2.7 -3.8 -7.3 2.1 18.5 5.3 8.5
Previously published.............. 3.8 4.4 1.8 9.8 7.8 5.7 -7.9 -2.6 3.6 9.7 5.8 2.1 -5.4 -6.7 2.1 20.7 8.0 6.4
Fixed investment.................. 3.5 4.3 2.9 10.9 9.3 7.4 -1.9 -4.2 3.2 7.3 6.5 2.3 -2.1 -5.1 -.8 12.9 8.8 7.0
Previously published............ 3.4 4.3 2.4 10.2 8.3 6.5 -3.0 -5.2 3.4 7.3 6.8 1.9 -3.1 -5.0 -.2 12.9 9.3 7.3
Nonresidential.................. 4.0 5.3 4.5 12.0 10.4 9.8 -2.8 -7.9 .9 6.0 6.7 7.9 6.2 1.6 -3.1 11.2 11.4 9.1
Previously published.......... 3.9 5.3 3.8 11.1 9.2 8.7 -4.2 -9.2 1.0 5.8 7.2 7.5 4.9 1.6 -2.6 10.7 12.3 10.3
Structures.................... 1.8 2.4 2.1 5.1 .1 7.8 -1.5 -17.7 -3.8 1.1 1.4 9.2 14.9 10.3 -2.3 4.7 4.1 .4
Previously published........ 1.8 2.4 1.7 5.1 -.4 6.8 -2.3 -17.1 -4.1 1.3 1.3 8.2 12.7 11.2 -.3 6.1 3.6 -.2
Equipment and software........ 5.0 6.7 5.1 14.5 14.1 10.5 -3.2 -4.2 2.5 7.7 8.5 7.4 2.6 -2.6 -3.4 13.5 14.0 12.2
Previously published........ 4.9 6.7 4.3 13.3 12.7 9.4 -4.9 -6.2 2.8 7.4 9.3 7.2 1.7 -3.0 -3.4 12.4 15.5 14.3
Residential..................... 2.3 2.2 -1.0 7.7 6.3 1.0 .6 5.2 8.2 9.8 6.2 -7.3 -18.5 -22.9 3.6 15.9 4.1 3.2
Previously published.......... 2.3 2.2 -.7 7.6 6.0 .8 .4 4.8 8.4 10.0 6.3 -7.1 -17.9 -20.8 4.0 16.7 4.2 2.4
Change in private inventories..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... .....
Net exports of goods and services... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... .....
Exports........................... 4.9 6.8 4.3 2.3 4.4 8.6 -5.6 -2.0 1.6 9.5 6.7 9.0 8.7 5.4 9.8 6.4 3.0 9.4
Previously published............ 4.9 6.8 4.4 2.4 4.3 8.7 -5.4 -2.3 1.3 9.7 7.0 9.1 8.4 6.2 10.0 6.5 3.1 10.0
Goods........................... 4.8 7.1 4.2 2.2 3.8 11.1 -6.2 -3.6 1.8 8.5 7.5 9.4 7.4 5.9 6.6 6.8 5.1 6.4
Previously published.......... 4.8 7.1 4.3 2.2 3.8 11.2 -6.1 -4.0 1.8 9.0 7.7 9.9 7.5 6.0 7.4 7.2 6.2 7.2
Services........................ 5.5 6.0 4.5 2.4 5.7 2.7 -4.1 1.9 1.2 11.9 5.0 7.9 11.8 4.2 17.3 5.4 -1.7 16.5
Previously published.......... 5.5 6.0 4.5 2.9 5.6 2.9 -3.7 1.9 .0 11.5 5.6 7.2 10.5 6.6 16.2 5.1 -3.4 16.8
Imports........................... 4.9 6.3 5.6 11.7 11.5 13.0 -2.8 3.4 4.4 11.0 6.1 6.1 2.0 -3.2 10.6 17.0 5.9 10.5
Previously published............ 4.9 6.3 5.6 11.6 11.5 13.1 -2.7 3.4 4.1 11.3 5.9 6.0 2.2 -3.5 12.3 15.2 4.8 13.8
Goods........................... 5.0 7.0 5.7 11.8 12.5 13.4 -3.2 3.7 4.9 11.0 6.8 5.9 1.7 -3.9 9.9 18.6 6.7 10.8
Previously published.......... 4.9 7.0 5.7 11.7 12.4 13.5 -3.2 3.7 4.9 11.3 6.8 6.0 1.7 -4.1 11.5 16.6 5.5 14.5
Services........................ 4.5 4.2 5.1 10.9 6.8 11.0 -.8 1.8 1.9 11.2 2.8 7.1 3.5 .7 14.2 9.4 2.4 9.4
Previously published.......... 4.5 4.3 4.9 11.4 6.9 11.1 -.3 2.1 .0 11.5 1.4 6.0 4.4 .2 16.5 8.9 1.8 10.5
Government consumption expenditures
and gross investment............... 3.7 2.1 2.4 2.1 3.6 2.0 3.8 4.7 2.2 1.4 .3 1.4 1.7 3.1 1.9 1.5 1.5 -2.4
Previously published............. 3.7 2.1 2.4 1.9 3.9 2.1 3.4 4.4 2.5 1.4 .4 1.7 2.1 2.9 1.5 1.3 1.6 -1.8
Federal........................... 4.7 .9 3.2 -1.1 1.9 .5 4.1 7.3 6.6 4.1 1.3 2.1 1.3 7.7 5.2 2.3 7.1 -4.8
Previously published............ 4.7 .9 3.1 -1.1 2.2 .9 3.9 7.0 6.8 4.2 1.2 2.3 1.6 6.0 6.1 2.4 6.2 -4.6
National defense................ 5.1 .3 3.4 -2.1 1.9 -.5 3.8 7.4 8.7 5.7 1.5 1.6 2.2 7.8 6.1 2.1 12.1 -9.6
Previously published.......... 5.1 .3 3.4 -2.1 1.9 -.5 3.9 7.4 8.7 5.8 1.5 1.6 2.5 7.2 8.1 2.0 10.9 -9.7
Nondefense...................... 4.3 2.7 2.9 .8 2.1 2.4 4.6 7.2 2.8 1.0 .9 3.2 -.6 7.3 3.5 2.6 -2.3 5.6
Previously published.......... 4.2 2.7 2.7 .7 2.8 3.5 3.9 6.3 3.4 1.1 .6 3.6 -.2 3.6 2.3 3.2 -2.7 6.5
State and local................... 2.9 3.2 1.9 3.9 4.5 2.8 3.7 3.3 -.1 -.2 -.2 .9 2.0 .5 .1 1.0 -1.7 -1.0
Previously published............ 2.9 3.2 2.0 3.6 4.7 2.7 3.2 3.1 .2 -.2 -.1 1.3 2.3 1.1 -1.0 .7 -1.1 -.1
Addenda:
Final sales of domestic product... 3.4 3.4 2.9 4.4 4.9 4.2 2.0 1.3 2.4 3.2 3.2 2.6 2.5 .8 2.4 2.0 3.5 3.2
Previously published............ 3.3 3.4 2.8 4.2 4.5 3.8 1.6 1.2 2.5 3.3 3.1 2.8 2.4 1.4 2.6 2.4 3.8 2.7
Gross domestic purchases.......... 3.4 3.4 3.0 5.5 5.7 4.8 1.2 2.4 2.8 4.0 3.2 2.6 1.4 -.7 3.2 4.4 3.4 4.0
Previously published............ 3.4 3.4 2.9 5.3 5.3 4.4 .9 2.2 2.8 4.1 3.0 2.6 1.4 -.3 3.6 4.8 3.8 3.4
Final sales to domestic
purchasers....................... 3.4 3.4 3.1 5.6 5.8 4.9 2.1 1.9 2.8 3.6 3.3 2.5 1.7 -.4 2.8 3.6 3.9 3.7
Previously published........... 3.4 3.4 3.0 5.3 5.4 4.5 1.8 1.8 2.8 3.8 3.1 2.6 1.8 .0 3.2 3.7 4.0 3.6
Gross national product (GNP)...... 3.4 3.4 2.8 4.3 4.9 4.2 1.2 1.8 2.6 3.7 3.1 2.4 2.4 .6 3.5 2.0 3.3 2.6
Previously published............ 3.3 3.4 2.7 4.0 4.6 3.7 .8 1.5 2.7 3.8 3.0 2.6 2.2 1.3 3.6 2.6 3.9 1.5
Disposable personal income........ 3.3 3.5 3.1 6.0 3.0 5.1 2.4 3.3 2.5 3.4 1.3 4.0 2.2 .5 1.8 4.0 2.7 5.7
Previously published............ 3.2 3.5 3.0 5.8 3.0 4.8 1.9 3.1 2.2 3.6 1.4 3.5 2.8 1.3 3.7 2.4 2.9 7.5
Current-dollar measures:
GDP............................. 6.4 7.6 5.1 5.5 6.4 6.4 3.4 3.5 4.7 6.5 6.5 6.0 5.1 2.6 6.5 6.4 6.0 6.7
Previously published.......... 6.4 7.6 5.0 5.3 6.0 5.9 3.2 3.4 4.7 6.6 6.3 6.1 4.8 3.3 6.8 7.4 6.0 5.9
Final sales of domestic product. 6.5 7.6 5.2 5.7 6.4 6.5 4.3 3.0 4.7 6.1 6.7 6.0 5.4 3.0 5.9 5.5 6.6 6.3
Previously published.......... 6.5 7.6 5.2 5.4 6.1 6.1 4.1 2.9 4.7 6.2 6.5 6.1 5.2 3.6 6.4 6.2 6.1 6.0
Gross domestic purchases........ 6.5 7.7 5.5 6.2 7.4 7.5 3.1 3.9 5.2 7.2 7.0 6.0 4.4 2.4 7.5 8.2 6.7 8.0
Previously published.......... 6.5 7.7 5.4 6.0 7.0 7.0 2.9 3.8 5.2 7.3 6.8 6.1 4.2 2.9 8.0 9.2 6.7 7.2
Final sales to domestic
purchasers..................... 6.5 7.7 5.6 6.3 7.5 7.6 4.1 3.4 5.2 6.8 7.2 6.0 4.7 2.8 7.0 7.4 7.2 7.7
Previously published......... 6.5 7.7 5.5 6.0 7.1 7.2 3.8 3.4 5.2 7.0 6.9 6.1 4.6 3.2 7.6 8.0 6.8 7.3
GNP............................. 6.5 7.6 5.2 5.4 6.5 6.5 3.5 3.4 4.9 6.7 6.5 5.8 5.4 2.7 7.1 5.5 6.3 5.7
Previously published.......... 6.4 7.6 5.1 5.2 6.1 6.0 3.2 3.2 4.9 6.8 6.4 5.9 4.9 3.5 7.4 6.5 6.3 4.8
Disposable personal income...... 6.4 7.8 5.4 7.0 4.7 7.7 4.4 4.7 4.6 6.1 4.4 6.9 4.9 3.9 5.2 7.1 5.3 9.2
Previously published.......... 6.3 7.8 5.4 6.8 4.7 7.5 4.1 4.6 4.2 6.4 4.4 6.4 5.5 4.6 7.3 6.3 4.9 10.8
------------------------------------------------------------------------------------------------------------------------------------------------------------------
Note. Comparisons of the revised estimates for components of personal
consumption expenditures (PCE) with the previously published estimates
are not shown because the composition of these components changed as
part of the new classification system that was adopted for PCE. See text.
See "Explanatory Note" at the end of the tables.
Table 1A. Real Gross Domestic Product and Related Measures: Percent Change From Preceding Period--Table Ends
[Quarters seasonally adjusted at annual rates]
-----------------------------------------------------------------------------------------------------------------------------------------------------------
I 05 II 05 III 05 IV 05 I 06 II 06 III 06 IV 06 I 07 II 07 III 07 IV 07 I 08 II 08 III 08 IV 08 I 09
-----------------------------------------------------------------------------------------------------------------------------------------------------------
Gross domestic product (GDP). 4.1 1.7 3.1 2.1 5.4 1.4 .1 3.0 1.2 3.2 3.6 2.1 -.7 1.5 -2.7 -5.4 -6.4
Previously published....... 3.0 2.6 3.8 1.3 4.8 2.7 .8 1.5 .1 4.8 4.8 -.2 .9 2.8 -.5 -6.3 -5.5
Personal consumption expenditures... 3.0 3.9 2.9 1.0 4.5 2.2 2.5 4.1 3.7 1.1 1.9 1.2 -.6 .1 -3.5 -3.1 .6
Previously published.............. 1.7 3.6 3.7 1.4 4.3 2.8 2.2 3.7 3.9 2.0 2.0 1.0 .9 1.2 -3.8 -4.3 1.4
Gross private domestic investment... 8.8 -7.0 4.5 15.1 6.0 -.6 -5.5 -10.9 -6.0 5.7 .8 -7.7 -7.4 -10.4 -6.9 -24.2 -50.5
Previously published.............. 9.1 -5.1 4.0 12.2 6.2 -.4 -5.3 -15.0 -9.6 6.2 3.5 -11.9 -5.8 -11.5 .4 -23.0 -48.9
Fixed investment.................. 5.0 7.3 5.2 1.5 9.5 -1.9 -5.0 -5.3 -2.6 3.6 -.4 -4.2 -6.3 -2.7 -8.3 -20.2 -39.0
Previously published............ 5.3 7.6 5.3 2.3 8.3 -2.5 -4.8 -7.6 -3.4 3.0 -.9 -6.2 -5.6 -1.7 -5.3 -22.0 -37.6
Nonresidential.................. 3.7 6.0 5.8 2.2 18.0 7.3 4.4 2.3 4.2 11.4 9.6 6.7 1.9 1.4 -6.1 -19.5 -39.2
Previously published.......... 3.7 6.3 6.1 3.7 15.9 6.4 5.3 -1.0 3.4 10.3 8.7 3.4 2.4 2.5 -1.7 -21.7 -37.3
Structures.................... 7.4 -1.5 -8.1 2.5 18.9 22.4 10.3 1.5 15.6 22.7 26.6 11.2 6.8 14.5 -.1 -7.2 -43.6
Previously published........ 7.5 -1.3 -9.2 1.9 15.6 19.7 14.3 2.5 11.2 18.3 20.5 8.5 8.6 18.5 9.7 -9.4 -42.9
Equipment and software........ 2.4 8.7 11.2 2.3 17.8 2.1 2.2 2.8 -.5 6.5 2.2 4.5 -.5 -5.0 -9.4 -25.9 -36.4
Previously published........ 2.3 9.2 12.2 4.4 16.3 1.7 2.0 -2.4 .0 6.9 3.6 1.0 -.6 -5.0 -7.5 -28.1 -33.7
Residential..................... 7.5 9.6 4.2 .1 -4.2 -16.9 -21.2 -19.7 -16.2 -12.9 -22.4 -29.5 -28.2 -15.8 -15.9 -23.2 -38.2
Previously published.......... 8.1 9.7 4.0 .2 -3.6 -16.6 -21.4 -19.5 -16.2 -11.5 -20.6 -27.0 -25.1 -13.3 -16.0 -22.8 -38.8
Change in private inventories..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... .....
Net exports of goods and services... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... .....
Exports........................... 7.6 8.8 .1 10.5 16.5 6.9 .6 17.8 3.5 5.2 18.5 14.5 -.1 12.1 -3.6 -19.5 -29.9
Previously published............ 8.1 8.8 .4 10.9 16.7 5.5 3.5 15.6 .6 8.8 23.0 4.4 5.1 12.3 3.0 -23.6 -30.6
Goods........................... 8.4 13.8 -1.1 11.8 17.8 7.4 .2 13.1 3.0 6.3 14.8 12.4 4.2 14.1 -1.8 -25.5 -36.9
Previously published.......... 7.1 14.5 -.8 13.2 18.1 6.7 3.6 10.4 2.1 6.9 21.8 5.1 4.5 16.3 3.7 -32.0 -38.8
Services........................ 5.9 -1.7 2.9 7.4 13.6 5.6 1.5 29.1 4.7 2.8 27.2 19.2 -9.0 7.8 -7.7 -4.3 -13.6
Previously published.......... 10.2 -2.8 3.2 5.7 13.4 2.7 3.2 28.6 -2.7 13.3 25.9 2.7 6.4 3.8 1.4 -1.5 -11.5
Imports........................... 2.3 4.5 2.5 11.7 7.8 4.5 4.9 -.5 4.3 -.5 3.7 -3.6 -2.5 -5.0 -2.2 -16.7 -36.4
Previously published............ 3.2 .6 .8 15.3 10.3 .1 3.1 2.0 7.7 -3.7 3.0 -2.3 -.8 -7.3 -3.5 -17.5 -36.4
Goods........................... 3.5 4.8 2.7 12.1 6.3 5.0 5.5 -2.3 5.0 -1.0 2.8 -3.8 -3.5 -4.6 -3.7 -19.6 -41.0
Previously published.......... 5.0 .7 1.1 17.0 9.0 .5 3.8 -.8 8.4 -4.0 2.4 -2.6 -2.0 -7.1 -4.7 -19.6 -41.4
Services........................ -3.7 2.6 1.2 9.5 16.1 1.8 1.3 10.0 .4 2.1 8.6 -2.9 3.0 -7.1 6.1 -.9 -11.5
Previously published.......... -5.7 .0 -1.0 6.8 17.7 -2.0 -.3 18.4 4.2 -2.0 6.3 -.9 5.5 -8.0 3.3 -6.7 -10.2
Government consumption expenditures
and gross investment............... .4 .4 3.7 -1.8 4.1 .3 .6 1.1 .0 4.4 3.9 1.6 2.6 3.6 4.8 1.2 -2.6
Previously published............. -.2 .9 3.4 -1.7 3.9 1.2 1.7 1.6 .9 3.9 3.8 .8 1.9 3.9 5.8 1.3 -3.1
Federal........................... 1.7 .4 9.7 -6.5 11.9 -3.4 -.4 1.1 -5.1 7.4 9.3 2.7 8.1 7.8 13.2 6.5 -4.3
Previously published............ 1.1 1.1 9.7 -7.2 10.0 -1.5 1.9 1.8 -3.6 6.7 7.2 -.5 5.8 6.6 13.8 7.0 -4.5
National defense................ 3.6 3.1 11.1 -14.3 10.5 1.1 -1.9 8.5 -7.6 8.6 10.0 .5 8.2 7.0 19.8 3.8 -5.1
Previously published.......... 3.1 4.0 12.3 -14.2 8.8 1.9 -.9 7.0 -5.9 8.5 10.2 -.9 7.3 7.3 18.0 3.4 -6.8
Nondefense...................... -2.1 -5.0 6.8 11.7 14.7 -11.6 2.9 -12.7 .3 5.0 7.9 7.6 8.1 9.6 .1 12.7 -2.5
Previously published.......... -2.7 -4.5 4.4 8.9 12.4 -8.1 7.7 -8.1 1.2 3.1 1.2 .4 2.9 5.0 5.1 15.3 .6
State and local................... -.4 .5 .3 1.1 -.3 2.6 1.2 1.1 3.1 2.7 .9 1.0 -.5 1.2 .1 -2.0 -1.5
Previously published............ -1.0 .8 -.1 1.6 .5 2.9 1.6 1.5 3.6 2.4 1.9 1.6 -.3 2.5 1.3 -2.0 -2.2
Addenda:
Final sales of domestic product... 3.4 4.2 3.2 -.1 5.9 1.2 .2 4.1 1.8 2.9 3.4 2.8 -.5 2.7 -2.9 -4.7 -4.1
Previously published............ 2.3 4.8 4.1 -.3 5.1 2.3 .9 2.9 1.1 4.3 4.0 .8 .9 4.4 -1.3 -6.2 -3.3
Gross domestic purchases.......... 3.5 1.5 3.3 2.7 4.7 1.4 .8 1.0 1.4 2.4 2.1 -.2 -1.1 -.9 -2.5 -5.5 -8.6
Previously published............ 2.5 1.7 3.7 2.5 4.5 2.0 .9 .2 1.2 2.9 2.6 -1.0 .1 -.1 -1.5 -5.9 -7.5
Final sales to domestic
purchasers....................... 2.9 3.8 3.4 .6 5.2 1.2 .9 2.0 2.0 2.1 1.9 .4 -.9 .3 -2.7 -4.9 -6.4
Previously published........... 1.9 3.7 3.9 1.0 4.8 1.6 1.0 1.5 2.2 2.5 1.9 -.1 .1 1.3 -2.3 -5.8 -5.4
Gross national product (GNP)...... 5.2 1.3 3.4 1.1 5.4 1.3 -.3 3.2 .9 3.6 5.4 3.4 -1.1 .2 -1.8 -6.7 -6.6
Previously published............ 4.7 2.2 4.1 .4 4.9 2.8 .2 2.0 -.3 4.4 6.3 1.3 .1 2.1 -.2 -5.6 -5.6
Disposable personal income........ -4.8 2.8 2.4 2.2 7.7 3.6 1.9 5.3 1.7 .5 1.7 .1 -2.4 9.8 -8.5 3.4 1.1
Previously published............ -4.7 2.5 -1.3 7.5 5.1 1.3 2.3 5.8 4.4 -.6 3.1 .6 -.7 10.7 -8.5 2.9 6.0
Current-dollar measures:
GDP............................. 8.0 4.5 7.4 5.6 8.6 5.1 3.2 4.8 5.5 6.0 5.3 4.5 1.0 3.5 1.4 -5.4 -4.6
Previously published.......... 7.1 4.8 8.1 5.1 8.6 5.5 3.6 3.7 4.3 6.9 6.3 2.3 3.5 4.1 3.4 -5.8 -2.9
Final sales of domestic product. 7.3 7.1 7.6 3.3 9.2 4.9 3.3 6.0 6.1 5.7 5.1 5.2 1.5 4.7 1.0 -5.2 -2.4
Previously published.......... 6.5 7.0 8.4 3.5 8.8 5.1 3.7 5.2 5.3 6.4 5.6 3.6 3.6 5.6 2.6 -6.1 -.7
Gross domestic purchases........ 7.2 4.7 8.4 7.0 7.6 5.0 3.7 1.9 5.7 5.5 4.3 4.4 2.1 3.2 1.8 -9.2 -9.8
Previously published.......... 6.3 4.8 9.1 6.5 7.5 5.7 3.8 .7 5.0 6.4 4.9 2.6 3.5 4.3 2.9 -9.6 -8.4
Final sales to domestic
purchasers..................... 6.6 7.1 8.6 4.8 8.2 4.8 3.8 3.0 6.3 5.2 4.1 5.0 2.6 4.3 1.5 -9.0 -7.7
Previously published......... 5.7 6.9 9.4 5.0 7.8 5.3 3.9 2.1 5.9 5.9 4.2 3.9 3.7 5.7 2.2 -9.9 -6.4
GNP............................. 9.1 4.1 7.7 4.6 8.6 4.9 2.8 5.1 5.3 6.3 7.1 5.8 .6 2.3 2.2 -6.7 -4.8
Previously published.......... 8.8 4.4 8.4 4.2 8.7 5.6 3.0 4.1 4.0 6.4 7.9 3.9 2.6 3.4 3.7 -5.0 -3.0
Disposable personal income...... -2.5 5.4 7.1 5.8 9.5 6.7 4.9 5.3 5.5 3.7 4.1 5.2 1.2 14.1 -4.2 -1.8 -.4
Previously published.......... -2.4 5.1 3.4 11.1 6.9 4.6 5.4 5.3 7.9 3.0 5.7 4.9 2.9 15.4 -3.9 -2.1 5.0
-----------------------------------------------------------------------------------------------------------------------------------------------------------
Note. Comparisons of the revised estimates for components of personal
consumption expenditures (PCE) with the previously published estimates
are not shown because the composition of these components changed as
part of the new classification system that was adopted for PCE. See text.
See "Explanatory Note" at the end of the tables.
Table 1B. Revisions to Current-Dollar Gross Domestic Product, National Income, and Disposition of Personal Income
-------------------------------------------------------------------------------------------------------------------------------------------------
Billions of dollars Percent of
previously published
--------------------------------------------------------------------------------- --------------------
1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 1997 2002 2008
-------------------------------------------------------------------------------------------------------------------------------------------------
Gross domestic product (GDP)........ 28.1 46.5 85.1 134.5 158.2 172.7 181.3 181.9 216.5 220.5 270.1 176.8 .3 1.6 1.2
Personal consumption expenditures....... 23.2 39.0 60.3 91.0 93.8 88.5 100.4 89.2 124.9 115.5 116.2 72.0 .4 1.2 .7
Gross private domestic investment....... -1.1 1.7 15.8 36.7 47.6 64.9 65.6 80.0 86.1 106.8 158.1 142.6 -.1 4.1 7.2
Fixed investment...................... -.1 8.7 21.9 38.7 54.1 64.7 63.5 73.6 79.5 96.1 135.1 130.3 .0 4.1 6.4
Nonresidential...................... -.1 8.5 21.0 36.6 51.0 59.1 58.3 68.5 74.2 91.2 136.4 140.8 .0 5.5 9.1
Structures........................ .0 -.1 1.7 4.9 7.1 3.6 4.7 8.5 14.2 23.3 55.1 56.1 .0 1.3 10.1
Equipment and software............ .0 8.7 19.3 31.6 43.9 55.6 53.6 60.1 60.1 68.0 81.3 84.7 .0 7.1 8.5
Residential......................... .0 .1 .9 2.1 3.1 5.6 5.2 5.1 5.4 4.9 -1.2 -10.5 .0 1.1 -2.2
Change in private inventories......... -1.0 -7.1 -6.1 -2.0 -6.6 .1 2.1 6.3 6.7 10.7 23.0 12.2 ..... ..... .....
Net exports of goods and services....... .2 -1.9 -1.6 -2.6 -4.0 -2.8 -4.7 -3.3 -9.1 -12.0 -6.0 -38.6 ..... ..... .....
Exports............................... -.9 -2.0 -1.9 -3.1 -5.1 -2.9 .2 -2.2 -6.4 -9.8 -6.5 -28.3 -.1 -.3 -1.5
Goods............................... .0 .0 .0 .0 .0 2.7 2.4 -1.3 -2.3 -7.7 -9.8 -16.2 .0 .4 -1.3
Services............................ -.9 -2.1 -1.9 -3.0 -5.1 -5.7 -2.2 -.9 -4.1 -2.1 3.3 -12.1 -.3 -1.8 -2.1
Imports............................... -1.1 -.2 -.3 -.5 -1.1 -.1 4.9 1.1 2.7 2.2 -.5 10.3 -.1 .0 .4
Goods............................... .4 1.8 2.2 3.0 3.8 4.6 5.4 2.2 2.7 2.2 2.5 11.2 .0 .4 .5
Services............................ -1.4 -2.0 -2.6 -3.5 -4.9 -4.7 -.3 -1.0 .0 .0 -3.0 -1.0 -.8 -2.0 -.2
Government consumption expenditures
and gross investment................... 5.7 7.8 10.5 9.4 20.8 22.2 20.1 16.0 14.6 10.3 1.7 .8 .4 1.1 .0
Federal............................... .1 .6 -.9 -2.7 -1.2 .9 .1 -1.0 .8 -.5 -2.6 10.7 .0 .1 1.0
National defense.................... .2 .4 .5 .7 .4 .6 .7 .1 .9 .8 -.1 3.0 .1 .1 .4
Nondefense.......................... -.2 .2 -1.4 -3.5 -1.6 .4 -.7 -1.0 -.1 -1.2 -2.6 7.7 -.1 .2 2.3
State and local....................... 5.7 7.1 11.3 12.1 21.9 21.2 20.1 17.0 13.8 10.8 4.3 -9.8 .6 1.7 -.5
Relation of GDP and National Income
Gross domestic product.................. 28.1 46.5 85.1 134.5 158.2 172.7 181.3 181.9 216.5 220.5 270.1 176.8 .3 1.6 1.2
Plus: Income receipts
from the rest of the world............. -7.2 -.9 -1.3 -2.2 .6 7.8 16.5 11.1 -.5 -4.3 .1 10.9 -2.5 2.6 1.4
Less: Income payments to
the rest of the world.................. 2.4 3.1 4.7 -.9 -7.7 -10.6 4.6 -3.9 -4.6 1.5 -13.3 2.2 .9 -3.9 .3
Equals: Gross national product.......... 18.5 42.5 79.1 133.3 166.5 191.2 193.2 196.9 220.6 214.7 283.3 185.5 .2 1.8 1.3
Less: Consumption of fixed capital...... -10.6 -9.7 -6.9 -3.5 -25.3 13.0 17.6 -3.3 -70.6 36.8 39.5 14.8 -1.1 1.0 .8
Less: Statistical discrepancy........... -84.7 -70.7 -35.4 -6.8 -13.8 -1.1 -32.2 -26.9 -8.5 -57.6 66.6 -37.1 ..... ..... .....
Equals: National income................. 113.8 122.8 121.3 143.7 205.4 179.2 207.9 227.2 299.8 235.5 177.3 207.8 1.6 1.9 1.7
Compensation of employees............. 3.9 3.8 -3.2 6.1 37.2 19.6 57.2 37.0 34.2 43.2 44.2 -15.4 .1 .3 -.2
Wage and salary accruals............ -1.1 -1.8 -6.2 -1.5 9.4 16.4 26.9 31.2 29.3 41.6 46.9 -7.2 .0 .3 -.1
Supplements to wages and
salaries........................... 5.0 5.6 3.1 7.8 27.8 3.2 30.3 5.8 5.0 1.6 -2.8 -8.2 .6 .3 -.5
Proprietors' income with inventory
valuation and capital
consumption adjustments.............. 52.2 59.7 68.5 89.1 98.8 121.9 119.3 122.2 110.0 118.3 40.2 33.9 9.1 15.9 3.2
Rental income of persons with
capital consumption adjustment....... 47.7 54.0 60.9 65.0 65.0 65.8 71.2 80.0 137.3 102.2 104.9 146.0 37.0 43.0 226.7
Corporate profits with inventory
valuation and capital
consumption adjustments.............. 16.3 10.8 5.0 1.3 16.9 -14.1 -15.3 15.7 8.2 -60.2 -100.7 -116.1 1.9 -1.6 -7.9
Net interest and miscellaneous
payments............................. -8.0 -7.8 -14.0 -19.7 -21.9 -14.5 -20.6 -29.6 -26.1 21.0 74.8 132.4 -1.9 -2.8 19.4
Taxes on production and imports
less subsidies....................... -1.3 -1.3 -1.4 -1.9 -4.3 -3.0 -1.6 -2.2 .4 9.1 10.8 10.7 -.2 -.4 1.1
Business current transfer
payments (net)....................... 1.4 .5 1.6 -.1 8.5 -1.9 -7.7 -1.3 25.9 -2.4 2.0 15.2 2.8 -2.3 14.7
Current surplus of government
enterprises.......................... 1.5 3.0 4.0 3.8 5.4 5.4 5.3 5.4 9.9 4.4 1.3 1.2 ..... ..... .....
Disposition of personal income
Personal income......................... 85.6 102.4 108.4 129.7 159.2 178.2 214.5 210.0 216.1 274.2 230.9 138.2 1.2 2.0 1.1
Compensation of employees,
received............................. 4.0 3.8 -3.2 6.1 37.2 19.6 57.2 37.0 34.2 43.1 44.1 -10.4 .1 .3 -.1
Wage and salary disbursements....... -1.0 -1.8 -6.3 -1.5 9.4 16.4 26.9 31.2 29.3 41.7 46.9 -2.1 .0 .3 .0
Supplements to wages and
salaries........................... 5.0 5.6 3.1 7.8 27.8 3.2 30.3 5.8 5.0 1.6 -2.8 -8.2 .6 .3 -.5
Proprietors' income with
inventory valuation and capital
consumption adjustments.............. 52.2 59.7 68.5 89.1 98.8 121.9 119.3 122.2 110.0 118.3 40.2 33.9 9.1 15.9 3.2
Farm................................ -1.6 -.5 -.1 6.9 10.8 7.9 7.3 12.4 9.8 13.1 -4.6 14.1 -4.7 74.5 40.8
Nonfarm............................. 53.8 60.3 68.6 82.1 88.0 114.0 112.0 109.8 100.2 105.0 44.7 19.6 9.9 15.0 1.9
Rental income of persons with
capital consumption adjustment....... 47.7 54.0 60.9 65.0 65.0 65.8 71.2 80.0 137.3 102.2 104.9 146.0 37.0 43.0 226.7
Personal income receipts on assets.... -16.2 -14.0 -17.4 -26.3 -34.0 -23.6 -23.7 -23.6 -54.9 4.9 31.4 -43.3 -1.4 -1.8 -2.1
Personal interest income............ -12.9 -13.9 -17.7 -26.8 -34.5 -24.2 -24.3 -34.9 -35.0 2.1 52.1 99.5 -1.5 -2.6 8.2
Personal dividend income............ -3.3 -.1 .3 .4 .5 .5 .5 11.3 -19.9 2.8 -20.7 -142.7 -1.0 .1 -17.2
Personal current transfer
receipts............................. -2.0 -.7 -.5 -1.0 -5.8 -4.1 -9.3 -7.0 -12.1 2.0 4.7 6.8 -.2 -.3 .4
Less: Contributions for government
social insurance, domestic........... .0 .5 -.1 3.1 2.1 1.5 .3 -1.5 -1.6 -3.7 -5.8 -5.1 .0 .2 -.5
Less: Personal current taxes............ -.1 -.6 .0 -3.4 -2.5 -1.4 -.8 1.5 .8 -.8 -1.9 -24.9 .0 -.1 -1.7
Equals: Disposable personal income...... 85.8 103.0 108.3 133.2 161.7 179.6 215.3 208.5 215.3 275.0 232.6 163.1 1.4 2.3 1.5
Less: Personal outlays.................. 23.7 38.4 59.1 88.5 89.0 82.2 100.3 86.5 120.1 110.7 111.2 69.3 .4 1.1 .7
Equals: Personal saving................. 62.1 64.7 49.2 44.6 72.6 97.5 114.9 122.0 95.2 164.3 121.5 93.7 ..... ..... .....
Personal saving as a percentage
of disposable personal income........ 1.0 1.0 .7 .6 .9 1.1 1.4 1.3 1.0 1.7 1.1 .9 ..... ..... .....
Addenda:
Statistical discrepancy as a
percentage of GDP...................... -1.1 -.8 -.4 .0 -.1 .0 -.3 -.3 .0 -.4 .5 -.3 ..... ..... .....
Gross domestic income................... 112.6 117.2 120.5 141.4 171.9 173.8 213.5 208.8 225.0 278.1 203.5 213.9 1.4 1.7 1.5
-------------------------------------------------------------------------------------------------------------------------------------------------
Table 2. Contributions to Percent Change in Real Gross Domestic Product--Continues
[Quarters seasonally adjusted at annual rates]
------------------------------------------------------------------------------------------------------------------------------------------------------------
1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 I 04 II 04 III 04 IV 04 I 05 II 05
------------------------------------------------------------------------------------------------------------------------------------------------------------
Percent change at annual rate:
Gross domestic product........... 4.4 4.8 4.1 1.1 1.8 2.5 3.6 3.1 2.7 2.1 .4 2.8 2.9 3.0 3.5 4.1 1.7
Percentage points at annual rates:
Personal consumption expenditures.. 3.50 3.68 3.44 1.85 1.85 1.97 2.42 2.34 2.01 1.84 -.17 2.68 1.53 2.40 3.23 2.11 2.68
Goods............................ 1.61 1.90 1.29 .77 .99 1.11 1.08 .97 .78 .75 -.50 .99 .42 1.15 1.23 .95 1.35
Durable goods.................. 1.03 1.13 .79 .49 .69 .55 .59 .45 .35 .36 -.36 .40 .26 .70 .58 .24 .98
Motor vehicles and parts..... .36 .33 .12 .18 .19 .10 .05 -.01 -.10 .04 -.38 -.01 -.06 .16 .13 -.24 .48
Furnishings and durable
household equipment......... .16 .23 .19 .10 .15 .13 .17 .12 .11 .04 -.06 .11 .11 .19 .08 .07 .13
Recreational goods and
vehicles.................... .40 .45 .38 .22 .27 .26 .31 .29 .30 .26 .13 .27 .21 .33 .28 .34 .27
Other durable goods.......... .10 .13 .10 -.02 .07 .05 .06 .06 .04 .01 -.05 .03 -.01 .02 .09 .06 .10
Nondurable goods............... .58 .77 .50 .28 .30 .56 .49 .52 .44 .39 -.13 .58 .17 .45 .64 .71 .38
Food and beverages purchased
for off-premises consumption .07 .21 .12 .06 .01 .12 .14 .21 .17 .11 .00 .38 .04 .12 .28 .30 .07
Clothing and footwear........ .18 .19 .14 .03 .08 .14 .12 .15 .12 .11 -.01 .27 -.12 .14 .21 .15 .23
Gasoline and other energy
goods....................... .06 .05 -.03 .01 .03 .05 .03 -.01 -.05 .02 -.12 -.03 .02 -.05 .02 .11 -.10
Other nondurable goods....... .27 .32 .27 .18 .18 .25 .20 .17 .20 .16 -.01 -.03 .23 .25 .14 .16 .18
Services......................... 1.90 1.78 2.15 1.09 .86 .86 1.34 1.37 1.22 1.09 .32 1.69 1.11 1.25 2.00 1.16 1.32
Household consumption
expenditures (for services)... 1.76 1.67 2.03 .96 .69 .77 1.35 1.40 1.06 1.02 .16 1.67 1.17 1.29 1.96 1.31 1.32
Housing and utilities........ .37 .38 .37 .33 .09 .16 .27 .57 .27 .12 .12 .27 .27 .27 .81 .62 .67
Health care.................. .31 .15 .32 .46 .57 .23 .33 .39 .19 .27 .31 .28 .45 .55 .36 .51 .21
Transportation services...... .11 .14 .12 -.02 -.07 .01 .06 .02 -.01 .03 -.11 .07 .08 .02 .05 .00 .03
Recreation services.......... .08 .12 .08 .00 .02 .08 .13 .05 .08 .10 .00 .18 .11 .05 .02 .10 .01
Food services and
accommodations.............. .11 .10 .19 -.01 .06 .14 .13 .14 .13 .05 -.02 .12 .00 .09 .16 .09 .25
Financial services and
insurance................... .33 .45 .54 -.04 -.02 .00 .28 .17 .18 .28 -.10 .46 .12 .13 .52 -.11 .24
Other services............... .45 .32 .42 .24 .04 .16 .15 .07 .21 .18 -.04 .30 .15 .17 .04 .10 -.10
Final consumption expenditures
of nonprofit institutions
serving households............ .13 .11 .12 .13 .17 .09 -.01 -.03 .17 .07 .16 .03 -.06 -.04 .04 -.15 .01
Gross output of nonprofit
institutions................ .31 .22 .25 .31 .39 .11 .14 .11 .21 .18 .24 .17 .16 .25 .21 .04 .02
Less: Receipts from sales of
goods and services by
nonprofit institutions...... .17 .11 .12 .18 .23 .02 .15 .15 .04 .11 .09 .14 .22 .29 .17 .19 .01
Gross private domestic investment.. 1.65 1.50 1.19 -1.24 -.22 .55 1.55 .92 .46 -.65 -1.18 .35 2.79 .88 1.40 1.47 -1.23
Fixed investment................. 1.70 1.52 1.24 -.32 -.70 .49 1.13 1.05 .39 -.35 -.81 -.12 1.93 1.36 1.10 .81 1.17
Nonresidential................. 1.38 1.24 1.20 -.35 -.94 .10 .61 .69 .84 .70 .19 -.31 1.09 1.12 .92 .38 .61
Structures................... .16 .00 .24 -.05 -.58 -.10 .03 .04 .27 .49 .39 -.06 .12 .10 .01 .19 -.04
Equipment and software....... 1.22 1.24 .96 -.30 -.36 .20 .58 .65 .58 .20 -.20 -.25 .97 1.02 .91 .19 .65
Information processing
equipment and software.... .86 .90 .78 -.02 -.12 .26 .35 .27 .31 .29 .22 .05 .26 .29 .31 .21 .30
Computers and peripheral
equipment............... .39 .37 .21 .02 .04 .06 .08 .07 .13 .11 .05 -.06 .07 .11 .14 -.05 .08
Software................. .26 .33 .23 .01 .00 .12 .17 .11 .07 .11 .11 .09 .05 .21 .20 .03 .17
Other.................... .21 .19 .35 -.06 -.15 .08 .11 .09 .10 .08 .06 .02 .14 -.04 -.03 .23 .04
Industrial equipment....... .07 .01 .14 -.12 -.10 .00 -.04 .10 .10 .06 -.05 -.20 .11 .15 .10 .12 -.06
Transportation equipment... .15 .29 -.04 -.15 -.14 -.12 .19 .16 .12 -.14 -.35 -.05 .48 .41 .40 -.22 .19
Other equipment............ .14 .04 .08 -.01 -.01 .06 .08 .12 .05 -.01 -.03 -.05 .12 .18 .11 .08 .23
Residential.................... .32 .28 .05 .03 .24 .40 .52 .36 -.45 -1.05 -1.00 .19 .83 .24 .18 .43 .56
Change in private inventories.... -.05 -.02 -.05 -.92 .48 .06 .42 -.13 .07 -.30 -.37 .46 .87 -.48 .30 .66 -2.39
Farm........................... -.02 -.05 .01 .02 -.02 .03 .07 -.07 -.03 .03 -.04 .20 .50 -.34 -.11 -.35 .23
Nonfarm........................ -.03 .03 -.07 -.93 .50 .03 .35 -.06 .10 -.33 -.33 .27 .37 -.14 .40 1.00 -2.63
Net exports of goods and services.. -1.18 -.99 -.85 -.20 -.65 -.45 -.66 -.27 -.05 .63 1.20 -.54 -1.73 -.59 -.65 .39 .19
Exports.......................... .26 .47 .91 -.61 -.20 .15 .89 .67 .93 .96 .64 .91 .61 .29 .90 .75 .87
Goods.......................... .18 .29 .82 -.48 -.25 .12 .55 .52 .68 .57 .48 .43 .45 .34 .43 .57 .92
Services....................... .08 .18 .08 -.13 .05 .03 .34 .15 .25 .39 .16 .48 .16 -.05 .47 .18 -.05
Imports.......................... -1.43 -1.45 -1.76 .41 -.46 -.60 -1.55 -.94 -.98 -.33 .56 -1.45 -2.34 -.88 -1.56 -.36 -.68
Goods.......................... -1.21 -1.31 -1.52 .39 -.42 -.55 -1.29 -.87 -.80 -.24 .58 -1.13 -2.12 -.82 -1.33 -.45 -.62
Services....................... -.22 -.14 -.24 .02 -.04 -.04 -.26 -.07 -.18 -.09 -.02 -.32 -.22 -.06 -.23 .10 -.06
Government consumption expenditures
and gross investment.............. .38 .63 .36 .67 .84 .42 .26 .06 .26 .32 .59 .36 .28 .28 -.46 .08 .08
Federal.......................... -.07 .12 .03 .24 .44 .43 .28 .09 .15 .09 .53 .35 .16 .48 -.34 .12 .02
National defense............... -.09 .07 -.02 .14 .28 .36 .26 .07 .07 .10 .37 .27 .09 .54 -.47 .17 .14
Consumption expenditures..... -.10 .05 -.03 .12 .22 .31 .21 .04 .03 .07 .27 .27 .05 .38 -.41 .21 .03
Gross investment............. .01 .02 .01 .02 .06 .05 .05 .03 .04 .04 .10 .00 .05 .16 -.06 -.05 .11
Nondefense..................... .02 .04 .05 .09 .15 .07 .02 .02 .07 -.01 .16 .08 .06 -.05 .13 -.05 -.12
Consumption expenditures..... -.02 .01 .08 .10 .13 .06 .03 .01 .05 -.02 .14 .10 .02 -.03 .13 -.05 -.12
Gross investment............. .03 .03 -.03 .00 .03 .00 .00 .01 .02 .00 .02 -.01 .04 -.02 -.01 .00 .00
State and local.................. .45 .51 .33 .43 .40 -.01 -.02 -.03 .11 .23 .06 .01 .12 -.20 -.11 -.04 .06
Consumption expenditures....... .38 .34 .21 .32 .32 -.03 .00 .04 .07 .17 .07 .06 .04 .00 .06 .04 .02
Gross investment............... .06 .17 .12 .11 .08 .02 -.02 -.07 .04 .06 -.01 -.05 .08 -.20 -.18 -.07 .04
Addenda:
Goods............................ 1.86 2.23 1.54 -.50 .51 .98 1.44 1.22 1.40 1.01 .11 .51 .71 1.40 1.58 1.85 .09
Services......................... 2.02 2.22 2.26 1.51 1.54 1.19 1.65 1.54 1.45 1.61 .94 2.28 1.15 1.49 2.03 1.64 1.14
Structures....................... .47 .38 .34 .07 -.24 .31 .49 .30 -.18 -.49 -.61 .06 1.00 .09 -.10 .57 .48
Motor vehicle output............. .31 .37 -.06 -.16 .39 .04 .14 .13 -.04 -.04 -.52 .11 -.21 .61 -.04 .04 .21
Final sales of computers......... .42 .41 .30 .13 .03 .12 .03 .11 .14 .13 .12 -.18 .00 .04 .18 .05 .18
------------------------------------------------------------------------------------------------------------------------------------------------------------
See "Explanatory Note" at the end of the tables.
Table 2. Contributions to Percent Change in Real Gross Domestic Product--Table Ends
[Quarters seasonally adjusted at annual rates]
-----------------------------------------------------------------------------------------------------------------------------------------------------
III 05 IV 05 I 06 II 06 III 06 IV 06 I 07 II 07 III 07 IV 07 I 08 II 08 III 08 IV 08 I 09 II 09
-----------------------------------------------------------------------------------------------------------------------------------------------------
Percent change at annual rate:
Gross domestic product........... 3.1 2.1 5.4 1.4 .1 3.0 1.2 3.2 3.6 2.1 -.7 1.5 -2.7 -5.4 -6.4 -1.0
Percentage points at annual rates:
Personal consumption expenditures.. 1.99 .71 3.08 1.48 1.70 2.79 2.54 .81 1.35 .86 -.39 .06 -2.49 -2.15 .44 -.88
Goods............................ .74 -.29 1.76 .15 .78 1.39 .93 .05 .75 .71 -1.24 -.12 -1.89 -2.41 .56 -.92
Durable goods.................. .41 -.89 1.35 -.09 .37 .46 .45 .18 .42 .44 -.75 -.46 -.95 -1.64 .28 -.52
Motor vehicles and parts..... .12 -1.53 .46 .00 .21 -.02 .08 .05 -.10 .06 -.50 -.63 -.64 -.84 .14 -.27
Furnishings and durable
household equipment......... .14 .21 .22 -.09 .04 .04 .15 -.08 .07 .06 -.13 .05 -.22 -.27 -.13 -.15
Recreational goods and
vehicles.................... .18 .35 .53 .06 .18 .44 .22 .16 .38 .33 -.04 .25 -.06 -.30 .20 -.09
Other durable goods.......... -.02 .09 .14 -.05 -.06 .01 .00 .05 .07 -.01 -.07 -.13 -.03 -.21 .07 -.02
Nondurable goods............... .33 .60 .41 .24 .40 .93 .48 -.13 .33 .27 -.49 .35 -.94 -.78 .29 -.40
Food and beverages purchased
for off-premises consumption .36 .15 .06 .23 .07 .33 .10 -.14 .09 .22 .05 .03 -.29 -.41 .03 .25
Clothing and footwear........ .01 .31 .14 -.07 .14 .17 .19 -.02 .11 .05 -.04 .16 -.27 -.21 -.04 -.16
Gasoline and other energy
goods....................... -.12 -.08 -.13 .03 .10 .00 .05 -.01 .01 -.10 -.23 -.11 -.42 .27 .17 -.03
Other nondurable goods....... .07 .22 .35 .06 .10 .43 .14 .03 .11 .10 -.27 .27 .04 -.43 .12 -.45
Services......................... 1.25 .99 1.32 1.33 .92 1.40 1.61 .76 .60 .15 .85 .17 -.60 .26 -.13 .04
Household consumption
expenditures (for services)... 1.27 .88 1.12 1.04 .59 1.38 1.69 .88 .34 -.14 .70 .13 -.79 .06 .34 .18
Housing and utilities........ .52 .26 -.13 .58 .30 -.16 .21 .03 .14 -.04 .33 .11 -.18 .46 .02 -.11
Health care.................. .33 .18 .32 .06 -.11 .37 .53 .20 .18 .30 .65 .28 -.06 .19 .37 .24
Transportation services...... .03 -.07 -.06 .05 -.01 .09 .05 .01 -.03 -.07 -.17 -.15 -.11 -.17 -.15 .00
Recreation services.......... .01 .06 .12 .05 .13 .22 .08 .04 .08 .00 -.01 .04 -.08 -.10 .05 -.02
Food services and
accommodations.............. .09 .18 .36 -.19 .00 .18 .03 .04 .05 .09 -.10 .11 -.11 -.35 -.07 -.09
Financial services and
insurance................... .21 .07 .21 .16 .13 .40 .43 .42 .08 -.25 -.13 -.07 -.16 -.24 .03 .16
Other services............... .09 .19 .28 .32 .15 .28 .36 .14 -.16 -.17 .13 -.18 -.09 .27 .10 .00
Final consumption expenditures
of nonprofit institutions
serving households............ -.03 .12 .20 .29 .34 .01 -.08 -.12 .26 .28 .15 .05 .18 .20 -.46 -.14
Gross output of nonprofit
institutions................ .07 .18 .35 .23 .15 .19 .30 .01 .13 .34 .44 .17 .07 .24 -.22 -.07
Less: Receipts from sales of
goods and services by
nonprofit institutions...... .10 .07 .15 -.05 -.19 .18 .37 .13 -.14 .06 .29 .12 -.11 .04 .24 .06
Gross private domestic investment.. .76 2.46 1.08 -.11 -.99 -1.99 -1.05 .92 .14 -1.29 -1.20 -1.66 -1.04 -3.91 -8.98 -2.64
Fixed investment................. .86 .25 1.57 -.32 -.86 -.91 -.43 .59 -.04 -.66 -.99 -.41 -1.30 -3.28 -6.62 -1.82
Nonresidential................. .61 .25 1.84 .80 .49 .27 .46 1.25 1.10 .78 .25 .19 -.73 -2.47 -5.29 -.94
Structures................... -.24 .07 .52 .63 .32 .05 .50 .75 .91 .42 .27 .56 .00 -.31 -2.28 -.34
Equipment and software....... .84 .18 1.32 .17 .17 .22 -.04 .51 .19 .36 -.02 -.38 -.73 -2.15 -3.01 -.59
Information processing
equipment and software.... .33 .15 .59 .10 .34 .11 .46 .19 .32 .53 .39 .26 -.17 -.70 -.79 -.16
Computers and peripheral
equipment............... .11 .18 .16 .09 .16 .01 .18 .02 .13 .20 .12 .03 -.19 -.19 -.08 .02
Software................. .04 .01 .07 .07 .11 .13 .07 .12 .11 .20 .22 .09 -.06 -.17 -.47 -.22
Other.................... .17 -.04 .36 -.07 .06 -.03 .22 .05 .08 .12 .05 .14 .07 -.34 -.24 .03
Industrial equipment....... .20 .20 -.06 .34 -.05 .03 -.10 .45 -.03 -.22 .02 -.02 -.15 -.20 -.82 -.18
Transportation equipment... .31 -.22 .62 -.26 -.01 .05 -.22 -.30 -.18 .00 -.27 -.58 -.54 -.87 -.92 .14
Other equipment............ .01 .04 .17 -.01 -.11 .03 -.18 .16 .08 .05 -.16 -.04 .13 -.38 -.48 -.39
Residential.................... .25 .01 -.27 -1.12 -1.36 -1.18 -.89 -.66 -1.14 -1.44 -1.24 -.60 -.57 -.81 -1.33 -.88
Change in private inventories.... -.09 2.21 -.49 .22 -.13 -1.08 -.61 .32 .19 -.63 -.21 -1.25 .26 -.64 -2.36 -.83
Farm........................... .14 -.06 .04 -.36 .06 .08 .27 -.31 .06 .03 -.29 .34 -.09 .10 .05 .07
Nonfarm........................ -.23 2.27 -.53 .58 -.19 -1.15 -.88 .64 .13 -.66 .08 -1.59 .35 -.74 -2.41 -.89
Net exports of goods and services.. -.36 -.74 .44 .02 -.71 1.94 -.29 .66 1.36 2.24 .36 2.35 -.10 .45 2.64 1.38
Exports.......................... .01 1.03 1.64 .72 .06 1.84 .39 .58 1.99 1.65 -.02 1.47 -.48 -2.67 -3.95 -.76
Goods.......................... -.08 .81 1.23 .54 .01 .96 .23 .48 1.11 .97 .34 1.17 -.17 -2.50 -3.41 -.68
Services....................... .09 .23 .41 .18 .05 .87 .16 .10 .88 .68 -.36 .30 -.31 -.17 -.54 -.09
Imports.......................... -.37 -1.78 -1.20 -.70 -.78 .10 -.68 .08 -.63 .60 .38 .88 .38 3.12 6.58 2.14
Goods.......................... -.34 -1.55 -.81 -.66 -.74 .35 -.67 .13 -.41 .51 .46 .67 .55 3.09 6.25 1.82
Services....................... -.03 -.23 -.39 -.05 -.04 -.25 -.01 -.05 -.22 .08 -.08 .21 -.17 .03 .34 .32
Government consumption expenditures
and gross investment.............. .68 -.34 .75 .06 .11 .21 .00 .82 .75 .31 .51 .71 .95 .24 -.52 1.12
Federal.......................... .65 -.47 .79 -.24 -.03 .08 -.36 .50 .63 .19 .56 .55 .93 .49 -.33 .82
National defense............... .50 -.72 .46 .05 -.09 .38 -.37 .39 .46 .03 .39 .34 .93 .20 -.27 .67
Consumption expenditures..... .42 -.65 .40 -.11 .02 .24 -.31 .24 .43 .03 .27 .10 .81 .15 -.22 .52
Gross investment............. .08 -.07 .06 .15 -.11 .14 -.06 .15 .03 .00 .11 .24 .13 .05 -.05 .15
Nondefense..................... .15 .25 .32 -.29 .06 -.30 .01 .11 .17 .16 .17 .21 .00 .29 -.06 .15
Consumption expenditures..... .06 .15 .30 -.23 .06 -.30 .02 .08 .14 .16 .18 .16 -.02 .16 .06 .15
Gross investment............. .08 .10 .02 -.07 .01 .00 -.01 .03 .03 .00 -.01 .05 .02 .13 -.11 .00
State and local.................. .04 .13 -.03 .30 .14 .14 .36 .32 .11 .12 -.05 .15 .01 -.25 -.19 .30
Consumption expenditures....... .10 -.01 .02 .08 .18 .24 .18 .21 .09 .07 .07 .02 .08 .04 -.04 -.01
Gross investment............... -.06 .14 -.05 .22 -.04 -.10 .18 .11 .02 .05 -.13 .14 -.06 -.28 -.15 .31
Addenda:
Goods............................ 1.22 1.41 3.17 .52 .03 1.94 -.22 1.64 1.88 1.95 -.55 .36 -1.91 -4.54 -2.19 -1.08
Services......................... 1.89 .49 2.07 1.20 1.19 2.19 1.65 1.34 1.92 1.17 .94 .96 -.22 .46 -.53 .94
Structures....................... -.03 .19 .11 -.27 -1.12 -1.18 -.23 .24 -.21 -1.00 -1.12 .13 -.55 -1.30 -3.70 -.88
Motor vehicle output............. .72 -1.03 .43 -.25 .12 -.33 -.03 .17 .10 -.30 -.64 -1.08 -.15 -1.41 -1.69 .20
Final sales of computers......... .10 .19 .18 .11 .07 .13 .02 .15 .29 .19 .06 .16 -.02 .02 .06 -.04
-----------------------------------------------------------------------------------------------------------------------------------------------------
See "Explanatory Note" at the end of the tables.
Table 2A. Contributions to Percent Change in Real Gross Domestic Product--Continues
[Quarters seasonally adjusted at annual rates]
-----------------------------------------------------------------------------------------------------------------------------------------------------------
1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 I 04 II 04 III 04 IV 04 I 05 II 05
-----------------------------------------------------------------------------------------------------------------------------------------------------------
Percent change at annual rate:
Gross domestic product.......... 4.4 4.8 4.1 1.1 1.8 2.5 3.6 3.1 2.7 2.1 .4 2.8 2.9 3.0 3.5 4.1 1.7
Previously published.......... 4.2 4.5 3.7 .8 1.6 2.5 3.6 2.9 2.8 2.0 1.1 3.0 3.5 3.6 2.5 3.0 2.6
Percentage points at annual rates:
Personal consumption expenditures. 3.50 3.68 3.44 1.85 1.85 1.97 2.42 2.34 2.01 1.84 -.17 2.68 1.53 2.40 3.23 2.11 2.68
Previously published............ 3.36 3.44 3.17 1.74 1.90 1.94 2.56 2.13 2.13 1.95 .16 3.12 1.73 2.46 2.93 1.25 2.50
Gross private domestic investment. 1.65 1.50 1.19 -1.24 -.22 .55 1.55 .92 .46 -.65 -1.18 .35 2.79 .88 1.40 1.47 -1.23
Previously published............ 1.63 1.33 .99 -1.39 -.41 .54 1.48 .95 .35 -.90 -1.02 .30 3.00 1.26 1.04 1.48 -.86
Fixed investment................ 1.70 1.52 1.24 -.32 -.70 .49 1.13 1.05 .39 -.35 -.81 -.12 1.93 1.36 1.10 .81 1.17
Previously published.......... 1.60 1.36 1.09 -.50 -.84 .51 1.10 1.08 .32 -.50 -.76 -.07 1.88 1.41 1.14 .85 1.21
Nonresidential................ 1.38 1.24 1.20 -.35 -.94 .10 .61 .69 .84 .70 .19 -.31 1.09 1.12 .92 .38 .61
Previously published........ 1.28 1.09 1.06 -.52 -1.06 .10 .56 .71 .77 .52 .17 -.28 1.00 1.16 1.00 .37 .64
Structures.................. .16 .00 .24 -.05 -.58 -.10 .03 .04 .27 .49 .39 -.06 .12 .10 .01 .19 -.04
Previously published...... .16 -.01 .21 -.07 -.55 -.11 .03 .03 .23 .40 .39 -.01 .15 .09 .00 .19 -.04
Equipment and software...... 1.22 1.24 .96 -.30 -.36 .20 .58 .65 .58 .20 -.20 -.25 .97 1.02 .91 .19 .65
Previously published...... 1.12 1.11 .85 -.44 -.51 .21 .53 .67 .54 .13 -.22 -.27 .85 1.07 1.01 .18 .68
Information processing
equipment and software... .86 .90 .78 -.02 -.12 .26 .35 .27 .31 .29 .22 .05 .26 .29 .31 .21 .30
Previously published... .83 .85 .75 -.08 -.20 .22 .33 .29 .32 .34 .18 .04 .15 .24 .41 .23 .31
Computers and peripheral
equipment.............. .39 .37 .21 .02 .04 .06 .08 .07 .13 .11 .05 -.06 .07 .11 .14 -.05 .08
Previously published. .38 .37 .20 .02 .04 .09 .08 .10 .15 .11 .05 -.16 .04 .19 .24 -.06 .12
Software................ .26 .33 .23 .01 .00 .12 .17 .11 .07 .11 .11 .09 .05 .21 .20 .03 .17
Previously published.. .24 .30 .20 -.02 -.04 .07 .14 .11 .06 .15 .08 .14 .00 .11 .17 .07 .16
Other................... .21 .19 .35 -.06 -.15 .08 .11 .09 .10 .08 .06 .02 .14 -.04 -.03 .23 .04
Previously published.. .21 .18 .35 -.08 -.19 .05 .12 .08 .11 .08 .05 .05 .12 -.06 .00 .22 .03
Industrial equipment...... .07 .01 .14 -.12 -.10 .00 -.04 .10 .10 .06 -.05 -.20 .11 .15 .10 .12 -.06
Previously published.... .06 .00 .12 -.14 -.11 .04 -.04 .10 .07 .02 -.06 -.14 .09 .19 .06 .12 -.04
Transportation equipment.. .15 .29 -.04 -.15 -.14 -.12 .19 .16 .12 -.14 -.35 -.05 .48 .41 .40 -.22 .19
Previously published.... .11 .25 -.07 -.18 -.16 -.12 .16 .17 .09 -.17 -.32 -.07 .52 .43 .40 -.20 .24
Other equipment........... .14 .04 .08 -.01 -.01 .06 .08 .12 .05 -.01 -.03 -.05 .12 .18 .11 .08 .23
Previously published.... .12 .01 .05 -.04 -.04 .07 .07 .11 .05 -.07 -.02 -.10 .09 .20 .13 .04 .17
Residential................... .32 .28 .05 .03 .24 .40 .52 .36 -.45 -1.05 -1.00 .19 .83 .24 .18 .43 .56
Previously published........ .32 .27 .03 .02 .22 .41 .53 .37 -.45 -1.02 -.93 .21 .89 .24 .14 .48 .57
Change in private inventories... -.05 -.02 -.05 -.92 .48 .06 .42 -.13 .07 -.30 -.37 .46 .87 -.48 .30 .66 -2.39
Previously published.......... .03 -.03 -.10 -.88 .43 .04 .39 -.13 .03 -.40 -.26 .37 1.12 -.14 -.11 .63 -2.07
Farm.......................... -.02 -.05 .01 .02 -.02 .03 .07 -.07 -.03 .03 -.04 .20 .50 -.34 -.11 -.35 .23
Previously published........ -.02 -.05 .02 .02 -.02 .03 .06 -.06 -.03 .04 .02 .28 .37 -.32 -.14 -.22 .14
Nonfarm....................... -.03 .03 -.07 -.93 .50 .03 .35 -.06 .10 -.33 -.33 .27 .37 -.14 .40 1.00 -2.63
Previously published........ .05 .02 -.12 -.90 .45 .00 .32 -.07 .06 -.44 -.28 .08 .75 .18 .03 .85 -2.20
Net exports of goods and services. -1.18 -.99 -.85 -.20 -.65 -.45 -.66 -.27 -.05 .63 1.20 -.54 -1.73 -.59 -.65 .39 .19
Previously published............ -1.16 -.99 -.86 -.20 -.69 -.44 -.68 -.21 -.02 .58 1.40 -.75 -1.50 -.42 -1.07 .28 .79
Exports......................... .26 .47 .91 -.61 -.20 .15 .89 .67 .93 .96 .64 .91 .61 .29 .90 .75 .87
Previously published.......... .27 .47 .93 -.60 -.23 .12 .93 .71 .96 .95 .76 .95 .64 .31 .97 .80 .89
Goods......................... .18 .29 .82 -.48 -.25 .12 .55 .52 .68 .57 .48 .43 .45 .34 .43 .57 .92
Previously published........ .18 .29 .84 -.48 -.28 .12 .60 .54 .73 .59 .51 .49 .48 .42 .49 .49 .98
Services...................... .08 .18 .08 -.13 .05 .03 .34 .15 .25 .39 .16 .48 .16 -.05 .47 .18 -.05
Previously published........ .09 .18 .09 -.12 .06 .00 .33 .17 .23 .36 .25 .46 .16 -.11 .49 .31 -.09
Imports......................... -1.43 -1.45 -1.76 .41 -.46 -.60 -1.55 -.94 -.98 -.33 .56 -1.45 -2.34 -.88 -1.56 -.36 -.68
Previously published.......... -1.43 -1.46 -1.79 .40 -.46 -.56 -1.61 -.93 -.98 -.37 .64 -1.70 -2.14 -.73 -2.04 -.52 -.10
Goods......................... -1.21 -1.31 -1.52 .39 -.42 -.55 -1.29 -.87 -.80 -.24 .58 -1.13 -2.12 -.82 -1.33 -.45 -.62
Previously published........ -1.20 -1.31 -1.55 .39 -.41 -.56 -1.33 -.89 -.82 -.25 .65 -1.32 -1.92 -.69 -1.78 -.67 -.10
Services...................... -.22 -.14 -.24 .02 -.04 -.04 -.26 -.07 -.18 -.09 -.02 -.32 -.22 -.06 -.23 .10 -.06
Previously published........ -.23 -.15 -.25 .01 -.05 .00 -.27 -.04 -.16 -.12 -.01 -.37 -.21 -.05 -.26 .15 .00
Government consumption expenditures
and gross investment............. .38 .63 .36 .67 .84 .42 .26 .06 .26 .32 .59 .36 .28 .28 -.46 .08 .08
Previously published........... .34 .67 .36 .60 .80 .47 .27 .07 .32 .40 .57 .29 .25 .30 -.35 -.04 .17
Federal......................... -.07 .12 .03 .24 .44 .43 .28 .09 .15 .09 .53 .35 .16 .48 -.34 .12 .02
Previously published.......... -.07 .14 .05 .23 .43 .44 .29 .09 .16 .11 .43 .41 .17 .43 -.33 .08 .08
National defense.............. -.09 .07 -.02 .14 .28 .36 .26 .07 .07 .10 .37 .27 .09 .54 -.47 .17 .14
Previously published........ -.09 .08 -.02 .15 .29 .37 .27 .07 .08 .12 .35 .36 .09 .49 -.48 .14 .18
Consumption expenditures.... -.10 .05 -.03 .12 .22 .31 .21 .04 .03 .07 .27 .27 .05 .38 -.41 .21 .03
Previously published...... -.09 .05 -.03 .13 .23 .32 .21 .04 .04 .11 .27 .35 .03 .34 -.45 .22 .06
Gross investment............ .01 .02 .01 .02 .06 .05 .05 .03 .04 .04 .10 .00 .05 .16 -.06 -.05 .11
Previously published...... .01 .02 .01 .02 .06 .05 .06 .03 .04 .01 .08 .01 .06 .15 -.04 -.08 .12
Nondefense.................... .02 .04 .05 .09 .15 .07 .02 .02 .07 -.01 .16 .08 .06 -.05 .13 -.05 -.12
Previously published........ .02 .06 .07 .08 .14 .08 .03 .01 .08 .00 .08 .06 .08 -.06 .15 -.07 -.11
Consumption expenditures..... -.02 .01 .08 .10 .13 .06 .03 .01 .05 -.02 .14 .10 .02 -.03 .13 -.05 -.12
Previously published....... -.02 .04 .10 .08 .12 .07 .02 .00 .05 .00 .06 .07 .03 -.04 .12 -.03 -.12
Gross investment............. .03 .03 -.03 .00 .03 .00 .00 .01 .02 .00 .02 -.01 .04 -.02 -.01 .00 .00
Previously published....... .04 .02 -.03 .00 .02 .01 .00 .01 .03 .00 .02 -.02 .05 -.03 .03 -.03 .01
State and local................. .45 .51 .33 .43 .40 -.01 -.02 -.03 .11 .23 .06 .01 .12 -.20 -.11 -.04 .06
Previously published.......... .41 .54 .31 .37 .37 .02 -.02 -.01 .16 .28 .14 -.12 .09 -.13 -.01 -.12 .10
Consumption expenditures.... .38 .34 .21 .32 .32 -.03 .00 .04 .07 .17 .07 .06 .04 .00 .06 .04 .02
Previously published...... .35 .36 .18 .24 .29 .00 .01 .01 .16 .20 .13 -.04 .02 .04 .11 -.13 .02
Gross investment............ .06 .17 .12 .11 .08 .02 -.02 -.07 .04 .06 -.01 -.05 .08 -.20 -.18 -.07 .04
Previously published...... .06 .18 .13 .13 .08 .02 -.03 -.03 .00 .09 .01 -.08 .07 -.17 -.12 .01 .08
Addenda:
Goods........................... 1.86 2.23 1.54 -.50 .51 .98 1.44 1.22 1.40 1.01 .11 .51 .71 1.40 1.58 1.85 .09
Previously published.......... 1.95 2.05 1.46 -.59 .41 1.00 1.50 1.35 1.67 .97 .31 .68 1.10 2.06 1.18 1.12 1.49
Services........................ 2.02 2.22 2.26 1.51 1.54 1.19 1.65 1.54 1.45 1.61 .94 2.28 1.15 1.49 2.03 1.64 1.14
Previously published.......... 1.75 2.04 1.90 1.30 1.43 1.20 1.62 1.25 1.35 1.61 1.32 2.17 1.27 1.40 1.41 1.24 .59
Structures...................... .47 .38 .34 .07 -.24 .31 .49 .30 -.18 -.49 -.61 .06 1.00 .09 -.10 .57 .48
Previously published.......... .47 .36 .30 .04 -.24 .31 .51 .34 -.24 -.55 -.52 .10 1.11 .14 -.03 .62 .54
Motor vehicle output............ .31 .37 -.06 -.16 .39 .04 .14 .13 -.04 -.04 -.52 .11 -.21 .61 -.04 .04 .21
Previously published.......... .29 .35 -.07 -.17 .39 .05 .14 .13 -.03 -.03 -.50 .29 -.21 .87 -.34 .15 .24
Final sales of computers........ .42 .41 .30 .13 .03 .12 .03 .11 .14 .13 .12 -.18 .00 .04 .18 .05 .18
Previously published.......... .43 .42 .31 .14 .03 .15 .04 .15 .15 .13 .12 -.28 -.04 .13 .29 .06 .22
-----------------------------------------------------------------------------------------------------------------------------------------------------------
Note. Comparisons of the revised estimates for components of personal
consumption expenditures (PCE) with the previously published estimates
are not shown because the composition of these components changed as
part of the new classification system that was adopted for PCE. See text.
See "Explanatory Note" at the end of the tables.
Table 2A. Contributions to Percent Change in Real Gross Domestic Product--Table Ends
[Quarters seasonally adjusted at annual rates]
---------------------------------------------------------------------------------------------------------------------------------------------
III 05 IV 05 I 06 II 06 III 06 IV 06 I 07 II 07 III 07 IV 07 I 08 II 08 III 08 IV 08 I 09
---------------------------------------------------------------------------------------------------------------------------------------------
Percent change at annual rate:
Gross domestic product.......... 3.1 2.1 5.4 1.4 .1 3.0 1.2 3.2 3.6 2.1 -.7 1.5 -2.7 -5.4 -6.4
Previously published.......... 3.8 1.3 4.8 2.7 .8 1.5 .1 4.8 4.8 -.2 .9 2.8 -.5 -6.3 -5.5
Percentage points at annual rates:
Personal consumption expenditures. 1.99 .71 3.08 1.48 1.70 2.79 2.54 .81 1.35 .86 -.39 .06 -2.49 -2.15 .44
Previously published............ 2.59 .94 2.86 1.88 1.52 2.55 2.71 1.42 1.44 .67 .61 .87 -2.75 -2.99 .95
Gross private domestic investment. .76 2.46 1.08 -.11 -.99 -1.99 -1.05 .92 .14 -1.29 -1.20 -1.66 -1.04 -3.91 -8.98
Previously published............ .69 1.98 1.15 -.02 -.92 -2.68 -1.63 .94 .54 -1.93 -.89 -1.74 .06 -3.47 -8.20
Fixed investment................ .86 .25 1.57 -.32 -.86 -.91 -.43 .59 -.04 -.66 -.99 -.41 -1.30 -3.28 -6.62
Previously published.......... .88 .41 1.39 -.40 -.81 -1.27 -.57 .47 -.15 -.97 -.86 -.25 -.79 -3.36 -5.99
Nonresidential................ .61 .25 1.84 .80 .49 .27 .46 1.25 1.10 .78 .25 .19 -.73 -2.47 -5.29
Previously published........ .64 .40 1.62 .71 .59 -.09 .33 1.07 .91 .36 .26 .27 -.19 -2.56 -4.59
Structures.................. -.24 .07 .52 .63 .32 .05 .50 .75 .91 .42 .27 .56 .00 -.31 -2.28
Previously published...... -.26 .05 .42 .54 .42 .08 .35 .57 .65 .29 .30 .64 .36 -.38 -2.05
Equipment and software...... .84 .18 1.32 .17 .17 .22 -.04 .51 .19 .36 -.02 -.38 -.73 -2.15 -3.01
Previously published...... .90 .35 1.20 .16 .17 -.18 -.02 .50 .26 .07 -.04 -.37 -.55 -2.18 -2.54
Information processing
equipment and software... .33 .15 .59 .10 .34 .11 .46 .19 .32 .53 .39 .26 -.17 -.70 -.79
Previously published... .36 .33 .61 .15 .34 .04 .57 .41 .31 .37 .27 .30 -.16 -.92 -.70
Computers and peripheral
equipment.............. .11 .18 .16 .09 .16 .01 .18 .02 .13 .20 .12 .03 -.19 -.19 -.08
Previously published. .09 .22 .16 .17 .13 .02 .17 .09 .12 .12 .10 .08 -.16 -.28 -.06
Software................ .04 .01 .07 .07 .11 .13 .07 .12 .11 .20 .22 .09 -.06 -.17 -.47
Previously published.. .04 .10 .03 .02 .07 .14 .21 .22 .10 .16 .16 .04 -.08 -.23 -.38
Other................... .17 -.04 .36 -.07 .06 -.03 .22 .05 .08 .12 .05 .14 .07 -.34 -.24
Previously published.. .23 .02 .41 -.04 .14 -.11 .19 .09 .09 .10 .00 .18 .08 -.42 -.26
Industrial equipment...... .20 .20 -.06 .34 -.05 .03 -.10 .45 -.03 -.22 .02 -.02 -.15 -.20 -.82
Previously published.... .19 .19 -.07 .25 -.12 -.02 -.10 .34 -.04 -.20 .01 -.05 -.12 -.19 -.72
Transportation equipment.. .31 -.22 .62 -.26 -.01 .05 -.22 -.30 -.18 .00 -.27 -.58 -.54 -.87 -.92
Previously published.... .31 -.24 .52 -.25 .06 -.15 -.21 -.32 -.07 -.18 -.16 -.58 -.47 -.75 -.66
Other equipment........... .01 .04 .17 -.01 -.11 .03 -.18 .16 .08 .05 -.16 -.04 .13 -.38 -.48
Previously published.... .04 .07 .15 .02 -.12 -.05 -.28 .07 .06 .08 -.16 -.04 .20 -.31 -.46
Residential................... .25 .01 -.27 -1.12 -1.36 -1.18 -.89 -.66 -1.14 -1.44 -1.24 -.60 -.57 -.81 -1.33
Previously published........ .25 .01 -.23 -1.11 -1.40 -1.18 -.91 -.60 -1.06 -1.33 -1.12 -.52 -.60 -.80 -1.40
Change in private inventories... -.09 2.21 -.49 .22 -.13 -1.08 -.61 .32 .19 -.63 -.21 -1.25 .26 -.64 -2.36
Previously published.......... -.19 1.56 -.24 .38 -.11 -1.41 -1.06 .47 .69 -.96 -.02 -1.50 .84 -.11 -2.20
Farm.......................... .14 -.06 .04 -.36 .06 .08 .27 -.31 .06 .03 -.29 .34 -.09 .10 .05
Previously published........ .19 -.15 .02 -.24 .00 .12 -.07 .14 -.08 .47 -.17 -.14 .01 .06 .05
Nonfarm....................... -.23 2.27 -.53 .58 -.19 -1.15 -.88 .64 .13 -.66 .08 -1.59 .35 -.74 -2.41
Previously published........ -.39 1.71 -.26 .62 -.12 -1.52 -.99 .33 .77 -1.43 .15 -1.36 .83 -.17 -2.25
Net exports of goods and services. -.36 -.74 .44 .02 -.71 1.94 -.29 .66 1.36 2.24 .36 2.35 -.10 .45 2.64
Previously published............ -.07 -1.26 .09 .59 -.12 1.33 -1.20 1.66 2.03 .94 .77 2.93 1.05 -.15 2.39
Exports......................... .01 1.03 1.64 .72 .06 1.84 .39 .58 1.99 1.65 -.02 1.47 -.48 -2.67 -3.95
Previously published.......... .04 1.09 1.70 .58 .39 1.66 .06 1.01 2.54 .53 .63 1.54 .40 -3.44 -4.16
Goods......................... -.08 .81 1.23 .54 .01 .96 .23 .48 1.11 .97 .34 1.17 -.17 -2.50 -3.41
Previously published........ -.06 .91 1.27 .49 .28 .78 .15 .55 1.66 .43 .39 1.39 .34 -3.38 -3.69
Services...................... .09 .23 .41 .18 .05 .87 .16 .10 .88 .68 -.36 .30 -.31 -.17 -.54
Previously published........ .10 .18 .42 .09 .11 .87 -.09 .46 .88 .10 .24 .15 .06 -.06 -.47
Imports......................... -.37 -1.78 -1.20 -.70 -.78 .10 -.68 .08 -.63 .60 .38 .88 .38 3.12 6.58
Previously published.......... -.11 -2.35 -1.61 .01 -.51 -.33 -1.25 .65 -.51 .40 .14 1.39 .65 3.29 6.55
Goods......................... -.34 -1.55 -.81 -.66 -.74 .35 -.67 .13 -.41 .51 .46 .67 .55 3.09 6.25
Previously published........ -.14 -2.18 -1.18 -.04 -.51 .13 -1.14 .59 -.34 .38 .29 1.14 .74 3.09 6.25
Services...................... -.03 -.23 -.39 -.05 -.04 -.25 -.01 -.05 -.22 .08 -.08 .21 -.17 .03 .34
Previously published........ .03 -.17 -.43 .05 .01 -.46 -.11 .06 -.17 .02 -.15 .25 -.09 .20 .29
Government consumption expenditures
and gross investment............. .68 -.34 .75 .06 .11 .21 .00 .82 .75 .31 .51 .71 .95 .24 -.52
Previously published........... .65 -.34 .72 .23 .32 .30 .17 .77 .75 .16 .38 .78 1.14 .26 -.63
Federal......................... .65 -.47 .79 -.24 -.03 .08 -.36 .50 .63 .19 .56 .55 .93 .49 -.33
Previously published.......... .66 -.53 .66 -.11 .13 .12 -.26 .47 .51 -.04 .41 .47 .97 .52 -.35
National defense.............. .50 -.72 .46 .05 -.09 .38 -.37 .39 .46 .03 .39 .34 .93 .20 -.27
Previously published........ .56 -.73 .39 .09 -.04 .32 -.29 .40 .48 -.04 .34 .36 .85 .18 -.37
Consumption expenditures.... .42 -.65 .40 -.11 .02 .24 -.31 .24 .43 .03 .27 .10 .81 .15 -.22
Previously published...... .45 -.70 .40 -.02 .00 .14 -.08 .28 .45 -.06 .31 .15 .72 .17 -.27
Gross investment............ .08 -.07 .06 .15 -.11 .14 -.06 .15 .03 .00 .11 .24 .13 .05 -.05
Previously published...... .11 -.02 -.01 .11 -.05 .18 -.21 .12 .03 .02 .04 .21 .14 .01 -.10
Nondefense.................... .15 .25 .32 -.29 .06 -.30 .01 .11 .17 .16 .17 .21 .00 .29 -.06
Previously published........ .10 .20 .27 -.20 .17 -.20 .03 .07 .03 .01 .06 .11 .12 .34 .02
Consumption expenditures..... .06 .15 .30 -.23 .06 -.30 .02 .08 .14 .16 .18 .16 -.02 .16 .06
Previously published....... .03 .10 .22 -.14 .15 -.20 .06 .02 .03 -.02 .06 .08 .11 .21 .12
Gross investment............. .08 .10 .02 -.07 .01 .00 -.01 .03 .03 .00 -.01 .05 .02 .13 -.11
Previously published....... .07 .10 .05 -.07 .03 .01 -.04 .05 -.01 .02 .01 .03 .00 .14 -.11
State and local................. .04 .13 -.03 .30 .14 .14 .36 .32 .11 .12 -.05 .15 .01 -.25 -.19
Previously published.......... -.01 .19 .06 .34 .19 .18 .43 .30 .24 .19 -.03 .31 .17 -.25 -.28
Consumption expenditures.... .10 -.01 .02 .08 .18 .24 .18 .21 .09 .07 .07 .02 .08 .04 -.04
Previously published...... .06 .09 .23 .16 .24 .23 .20 .17 .15 .15 .14 .12 .11 .00 -.06
Gross investment............ -.06 .14 -.05 .22 -.04 -.10 .18 .11 .02 .05 -.13 .14 -.06 -.28 -.15
Previously published...... -.07 .10 -.18 .18 -.05 -.06 .24 .13 .09 .04 -.18 .19 .06 -.25 -.22
Addenda:
Goods........................... 1.22 1.41 3.17 .52 .03 1.94 -.22 1.64 1.88 1.95 -.55 .36 -1.91 -4.54 -2.19
Previously published.......... 1.68 .65 3.40 1.84 .51 .42 -.80 3.08 2.71 .01 .29 1.49 -1.29 -6.16 -1.87
Services........................ 1.89 .49 2.07 1.20 1.19 2.19 1.65 1.34 1.92 1.17 .94 .96 -.22 .46 -.53
Previously published.......... 2.23 .52 1.48 1.26 1.29 2.19 1.26 1.61 2.35 .79 1.62 1.02 .87 1.17 .02
Structures...................... -.03 .19 .11 -.27 -1.12 -1.18 -.23 .24 -.21 -1.00 -1.12 .13 -.55 -1.30 -3.70
Previously published.......... -.06 .15 -.07 -.42 -1.00 -1.10 -.41 .09 -.30 -.97 -1.03 .32 -.09 -1.35 -3.64
Motor vehicle output............ .72 -1.03 .43 -.25 .12 -.33 -.03 .17 .10 -.30 -.64 -1.08 -.15 -1.41 -1.69
Previously published.......... .76 -1.22 .59 -.34 .40 -.65 .10 .13 .47 -.86 -.41 -1.01 .16 -2.01 -1.26
Final sales of computers........ .10 .19 .18 .11 .07 .13 .02 .15 .29 .19 .06 .16 -.02 .02 .06
Previously published.......... .07 .21 .16 .15 .04 .20 -.03 .21 .28 .14 .05 .17 -.01 -.02 .09
---------------------------------------------------------------------------------------------------------------------------------------------
Note. Comparisons of the revised estimates for components of personal
consumption expenditures (PCE) with the previously published estimates
are not shown because the composition of these components changed as
part of the new classification system that was adopted for PCE. See text.
See "Explanatory Note" at the end of the tables.
Table 3A. Gross Domestic Product and Related Measures--Continues
[Billions of dollars]
-----------------------------------------------------------------------------------------------------------------------------------------
1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008
-----------------------------------------------------------------------------------------------------------------------------------------
Gross domestic product......... 8,793.5 9,353.5 9,951.5 10,286.2 10,642.3 11,142.1 11,867.8 12,638.4 13,398.9 14,077.6 14,441.4
Personal consumption expenditures... 5,918.5 6,342.8 6,830.4 7,148.8 7,439.2 7,804.0 8,285.1 8,819.0 9,322.7 9,826.4 10,129.9
Goods............................. 2,110.0 2,290.0 2,459.1 2,534.0 2,610.0 2,727.4 2,892.3 3,073.9 3,221.7 3,365.0 3,403.2
Durable goods................... 780.0 857.4 915.8 946.3 992.1 1,014.8 1,061.6 1,105.5 1,133.0 1,160.5 1,095.2
Motor vehicles and parts...... 320.2 350.7 363.2 383.3 401.3 401.5 404.7 409.6 397.1 400.3 342.3
Furnishings and durable
household equipment.......... 173.6 191.2 208.1 214.9 225.9 233.3 249.2 263.9 276.5 279.8 270.1
Recreational goods and
vehicles..................... 192.1 212.7 234.1 239.8 251.5 262.6 284.3 303.4 323.4 337.7 339.9
Other durable goods........... 94.2 102.7 110.4 108.4 113.4 117.4 123.4 128.6 136.0 142.7 142.8
Nondurable goods................ 1,330.0 1,432.6 1,543.4 1,587.7 1,617.9 1,712.6 1,830.7 1,968.4 2,088.7 2,204.5 2,308.0
Food and beverages purchased
for off-premises consumption. 486.5 513.6 537.5 559.7 569.6 593.1 628.2 665.0 698.0 740.1 784.3
Clothing and footwear......... 257.8 271.1 280.8 277.9 278.8 287.0 300.0 315.5 330.1 341.2 337.5
Gasoline and other energy
goods........................ 133.4 148.8 188.8 183.6 174.6 209.6 249.9 304.8 336.9 368.0 413.0
Other nondurable goods........ 452.3 499.2 536.2 566.5 594.9 622.9 652.6 683.0 723.7 755.2 773.2
Services.......................... 3,808.5 4,052.8 4,371.2 4,614.8 4,829.2 5,076.6 5,392.8 5,745.1 6,100.9 6,461.4 6,726.8
Household consumption
expenditures (for services).... 3,677.5 3,907.4 4,205.9 4,428.6 4,624.2 4,864.8 5,182.8 5,531.0 5,860.6 6,207.9 6,448.0
Housing and utilities......... 1,065.2 1,125.0 1,198.6 1,287.7 1,334.8 1,393.8 1,462.2 1,582.8 1,686.0 1,763.1 1,843.7
Health care................... 832.0 863.6 918.4 996.6 1,082.9 1,149.3 1,229.7 1,316.0 1,380.7 1,469.6 1,554.2
Transportation services....... 227.2 243.3 262.3 262.7 256.7 263.1 273.2 285.9 297.0 307.4 307.8
Recreation services........... 220.6 238.8 255.5 263.6 272.8 289.5 312.0 326.8 348.8 371.7 383.1
Food services and
accommodations............... 363.0 381.6 410.1 421.2 438.2 462.8 492.9 525.3 559.7 587.9 608.7
Financial services and
insurance.................... 469.6 514.2 570.0 562.8 576.2 601.8 667.5 712.6 752.4 824.2 835.6
Other services................ 499.8 540.9 591.1 634.0 662.7 704.6 745.3 781.6 836.0 884.0 915.0
Final consumption expenditures
of nonprofit institutions
serving households............. 131.0 145.4 165.4 186.2 205.0 211.8 210.0 214.1 240.4 253.5 278.7
Gross output of nonprofit
institutions................. 550.5 585.3 632.0 688.0 749.7 785.8 827.7 874.6 933.6 987.5 1,049.4
Less: Receipts from sales of
goods and services by
nonprofit institutions....... 419.6 439.9 466.6 501.8 544.7 574.0 617.7 660.6 693.3 734.0 770.7
Gross private domestic investment... 1,510.8 1,641.5 1,772.2 1,661.9 1,647.0 1,729.7 1,968.6 2,172.2 2,327.2 2,288.5 2,136.1
Fixed investment.................. 1,447.1 1,580.7 1,717.7 1,700.2 1,634.9 1,713.3 1,903.6 2,122.3 2,267.2 2,269.1 2,170.8
Nonresidential.................. 1,061.1 1,154.9 1,268.7 1,227.8 1,125.4 1,135.7 1,223.0 1,347.3 1,505.3 1,640.2 1,693.6
Structures.................... 275.1 283.9 318.1 329.7 282.8 281.9 306.7 351.8 433.7 535.4 609.5
Equipment and software........ 786.0 871.0 950.5 898.1 842.7 853.8 916.4 995.6 1,071.7 1,104.8 1,084.1
Information processing
equipment and software..... 366.1 417.1 478.2 452.5 419.8 430.9 455.3 475.3 505.2 537.4 562.9
Computers and peripheral
equipment................ 87.9 97.2 103.2 87.6 79.7 77.6 80.2 78.9 84.9 89.2 86.7
Software.................. 126.0 157.3 184.5 186.6 183.0 191.3 205.7 218.0 229.8 245.6 264.1
Other..................... 152.2 162.5 190.6 178.4 157.0 162.0 169.4 178.4 190.6 202.5 212.1
Industrial equipment........ 147.4 149.1 162.9 151.9 141.7 142.6 142.0 159.6 178.4 193.2 193.8
Transportation equipment.... 147.1 174.4 170.8 154.2 141.6 132.9 161.1 181.7 198.2 181.7 132.3
Other equipment............. 125.4 130.4 138.6 139.5 139.6 147.5 157.9 178.9 189.8 192.6 195.1
Residential..................... 385.9 425.8 449.0 472.4 509.5 577.6 680.6 775.0 761.9 629.0 477.2
Change in private inventories..... 63.7 60.8 54.5 -38.3 12.0 16.4 64.9 50.0 60.0 19.4 -34.8
Farm............................ 1.3 -2.7 -1.4 .0 -2.5 .1 8.8 .1 -3.6 -.6 -7.1
Nonfarm......................... 62.5 63.5 55.9 -38.3 14.5 16.3 56.1 49.8 63.6 20.0 -27.7
Net exports of goods and services... -161.8 -262.1 -382.1 -371.0 -427.2 -504.1 -618.7 -722.7 -769.3 -713.8 -707.8
Exports........................... 953.9 989.3 1,093.2 1,027.7 1,003.0 1,041.0 1,180.2 1,305.1 1,471.0 1,655.9 1,831.1
Goods........................... 680.9 697.2 784.3 731.2 700.3 726.8 817.0 906.1 1,024.4 1,139.4 1,266.9
Services........................ 273.0 292.1 308.9 296.5 302.7 314.2 363.2 399.0 446.6 516.5 564.2
Imports........................... 1,115.7 1,251.4 1,475.3 1,398.7 1,430.2 1,545.1 1,798.9 2,027.8 2,240.3 2,369.7 2,538.9
Goods........................... 930.8 1,047.7 1,246.5 1,171.7 1,193.9 1,289.3 1,501.7 1,708.0 1,884.9 1,987.7 2,126.4
Services........................ 184.9 203.7 228.8 227.0 236.3 255.9 297.3 319.8 355.4 382.1 412.4
Government consumption expenditures
and gross investment............... 1,526.1 1,631.3 1,731.0 1,846.4 1,983.3 2,112.6 2,232.8 2,369.9 2,518.4 2,676.5 2,883.2
Federal........................... 531.0 554.9 576.1 611.7 680.6 756.5 824.6 876.3 931.7 976.7 1,082.6
National defense................ 346.1 361.1 371.0 393.0 437.7 497.9 550.8 589.0 624.9 662.1 737.9
Consumption expenditures...... 300.3 313.0 321.8 342.0 380.7 435.2 481.2 514.8 543.9 574.9 634.0
Gross investment.............. 45.8 48.2 49.2 50.9 57.0 62.8 69.6 74.2 81.0 87.3 103.9
Nondefense...................... 184.9 193.8 205.0 218.7 242.9 258.5 273.9 287.3 306.8 314.5 344.7
Consumption expenditures...... 154.3 160.3 174.2 188.1 209.8 225.1 240.2 251.0 267.1 273.9 300.4
Gross investment.............. 30.7 33.4 30.9 30.6 33.1 33.5 33.7 36.3 39.7 40.6 44.3
State and local................... 995.0 1,076.3 1,154.9 1,234.7 1,302.7 1,356.1 1,408.2 1,493.6 1,586.7 1,699.8 1,800.6
Consumption expenditures........ 808.6 870.6 930.6 994.2 1,049.4 1,096.5 1,139.1 1,212.0 1,282.3 1,366.1 1,452.4
Gross investment................ 186.4 205.7 224.3 240.5 253.3 259.6 269.1 281.6 304.4 333.7 348.2
Addenda:
Final sales of domestic product... 8,729.8 9,292.7 9,896.9 10,324.5 10,630.3 11,125.8 11,802.8 12,588.4 13,339.0 14,058.3 14,476.2
Gross domestic purchases.......... 8,955.3 9,615.6 10,333.5 10,657.2 11,069.5 11,646.3 12,486.4 13,361.1 14,168.2 14,791.4 15,149.2
Final sales to domestic purchasers 8,891.6 9,554.7 10,279.0 10,695.4 11,057.5 11,629.9 12,421.5 13,311.2 14,108.3 14,772.0 15,183.9
Gross domestic product............ 8,793.5 9,353.5 9,951.5 10,286.2 10,642.3 11,142.1 11,867.8 12,638.4 13,398.9 14,077.6 14,441.4
Plus: Income receipts
from the rest of the world....... 286.2 319.5 380.5 323.0 313.5 353.3 448.6 573.0 721.1 861.8 809.2
Less: Income payments to
the rest of the world............ 268.9 291.7 342.8 271.1 264.4 284.6 357.4 475.9 648.6 746.0 667.3
Equals: Gross national product.... 8,810.8 9,381.3 9,989.2 10,338.1 10,691.4 11,210.8 11,959.0 12,735.5 13,471.3 14,193.3 14,583.3
Net domestic product.............. 7,772.9 8,259.1 8,767.2 9,029.9 9,337.3 9,788.1 10,435.0 11,097.0 11,738.2 12,317.6 12,594.3
-----------------------------------------------------------------------------------------------------------------------------------------
See "Explanatory Note" at the end of the tables.
Table 3A. Gross Domestic Product and Related Measures--Continues
[Billions of dollars; quarters seasonally adjusted at annual rates]
--------------------------------------------------------------------------------------------------------------------------------------------------
I 04 II 04 III 04 IV 04 I 05 II 05 III 05 IV 05 I 06 II 06 III 06 IV 06
--------------------------------------------------------------------------------------------------------------------------------------------------
Gross domestic product......... 11,597.2 11,778.4 11,950.5 12,144.9 12,379.5 12,516.8 12,741.6 12,915.6 13,183.5 13,347.8 13,452.9 13,611.5
Personal consumption expenditures... 8,105.3 8,209.4 8,330.7 8,494.9 8,609.6 8,747.2 8,908.8 9,010.3 9,148.2 9,266.6 9,391.8 9,484.1
Goods............................. 2,835.0 2,862.8 2,899.4 2,971.8 2,997.4 3,047.3 3,124.5 3,126.6 3,180.8 3,206.5 3,250.5 3,249.1
Durable goods................... 1,045.9 1,052.3 1,065.0 1,083.1 1,089.2 1,117.9 1,122.5 1,092.3 1,132.5 1,125.1 1,132.4 1,142.2
Motor vehicles and parts...... 400.8 400.7 404.3 413.3 408.6 425.1 425.4 379.5 395.5 394.5 400.4 398.1
Furnishings and durable
household equipment.......... 244.1 246.9 251.0 254.7 257.4 262.5 264.7 271.0 278.1 275.0 276.0 277.0
Recreational goods and
vehicles..................... 278.2 281.7 286.7 290.6 296.7 302.3 304.2 310.1 322.7 320.3 320.9 329.9
Other durable goods........... 122.8 123.0 123.1 124.7 126.5 128.0 128.1 131.8 136.2 135.4 135.0 137.2
Nondurable goods................ 1,789.2 1,810.5 1,834.4 1,888.7 1,908.1 1,929.4 2,002.0 2,034.2 2,048.3 2,081.4 2,118.1 2,106.9
Food and beverages purchased
for off-premises consumption. 616.1 623.7 629.9 643.0 650.1 659.0 671.0 680.0 684.9 692.3 699.8 714.8
Clothing and footwear......... 298.7 296.6 299.6 305.2 309.7 315.6 313.9 323.0 326.3 327.2 330.7 336.0
Gasoline and other energy
goods........................ 234.9 241.1 247.9 275.8 276.9 275.8 332.0 334.6 324.5 343.3 363.3 316.7
Other nondurable goods........ 639.5 649.1 657.0 664.7 671.5 678.9 685.1 696.7 712.6 718.6 724.4 739.3
Services.......................... 5,270.3 5,346.6 5,431.3 5,523.1 5,612.3 5,699.9 5,784.4 5,883.7 5,967.4 6,060.1 6,141.3 6,235.0
Household consumption
expenditures (for services).... 5,060.8 5,136.8 5,220.9 5,312.7 5,402.8 5,489.2 5,569.6 5,662.4 5,740.2 5,822.9 5,893.1 5,986.2
Housing and utilities......... 1,429.7 1,448.7 1,468.8 1,501.7 1,532.2 1,566.1 1,598.4 1,634.7 1,645.8 1,677.0 1,705.7 1,715.3
Health care................... 1,195.6 1,218.6 1,242.8 1,261.9 1,289.8 1,305.7 1,324.7 1,343.6 1,360.6 1,374.4 1,383.6 1,404.4
Transportation services....... 269.9 271.3 274.0 277.7 280.4 283.8 288.2 291.2 292.5 296.6 297.8 301.0
Recreation services........... 305.6 310.8 314.3 317.1 322.2 324.0 327.6 333.3 339.5 344.2 351.4 360.2
Food services and
accommodations............... 483.3 488.5 495.7 504.2 511.6 522.8 527.8 539.0 555.9 555.0 558.9 569.2
Financial services and
insurance.................... 646.4 658.9 672.6 692.0 696.8 710.4 718.5 724.8 733.4 745.0 753.0 778.1
Other services................ 730.2 740.1 752.6 758.2 769.9 776.3 784.5 795.8 812.5 830.7 842.7 858.0
Final consumption expenditures
of nonprofit institutions
serving households............. 209.5 209.8 210.3 210.4 209.5 210.7 214.7 221.4 227.2 237.2 248.1 248.8
Gross output of nonprofit
institutions................. 807.8 821.2 836.0 845.8 858.2 865.2 878.8 896.4 912.8 928.6 940.5 952.5
Less: Receipts from sales of
goods and services by
nonprofit institutions....... 598.3 611.5 625.6 635.4 648.7 654.4 664.1 675.0 685.6 691.4 692.4 703.6
Gross private domestic investment... 1,853.6 1,956.0 2,001.3 2,063.2 2,130.7 2,115.2 2,166.6 2,276.3 2,336.5 2,352.1 2,333.5 2,286.5
Fixed investment.................. 1,802.2 1,880.0 1,940.6 1,991.8 2,040.0 2,099.4 2,155.6 2,194.1 2,270.6 2,279.7 2,264.4 2,254.2
Nonresidential.................. 1,164.6 1,204.4 1,244.0 1,279.1 1,305.2 1,334.9 1,362.9 1,386.3 1,457.2 1,495.3 1,522.7 1,546.1
Structures.................... 290.8 300.9 312.4 322.4 338.4 346.5 352.3 369.7 396.8 428.6 447.6 461.7
Equipment and software........ 873.8 903.5 931.5 956.7 966.8 988.4 1,010.6 1,016.5 1,060.5 1,066.7 1,075.1 1,084.4
Information processing
equipment and software..... 447.8 452.4 458.3 462.7 466.8 473.0 479.7 481.6 498.7 500.5 510.1 511.6
Computers and peripheral
equipment................ 78.5 79.3 80.5 82.5 77.9 77.8 78.5 81.3 84.0 84.1 86.7 84.8
Software.................. 201.1 201.8 208.0 211.8 213.5 218.8 219.7 220.0 223.3 227.5 232.1 236.2
Other..................... 168.2 171.3 169.8 168.4 175.4 176.3 181.6 180.3 191.4 188.9 191.4 190.5
Industrial equipment........ 134.9 139.4 144.8 149.0 154.3 154.2 161.2 168.9 168.0 180.7 181.4 183.7
Transportation equipment.... 141.2 156.6 167.4 179.3 174.8 181.1 188.1 182.8 203.8 195.5 195.3 198.2
Other equipment............. 149.9 155.2 161.0 165.6 170.9 180.1 181.5 183.3 190.0 190.0 188.2 191.0
Residential..................... 637.6 675.6 696.6 712.6 734.8 764.5 792.6 807.9 813.3 784.4 741.7 708.1
Change in private inventories..... 51.4 76.0 60.8 71.5 90.7 15.9 11.0 82.2 66.0 72.4 69.1 32.3
Farm............................ 4.4 18.4 7.7 4.7 -6.5 .3 4.4 2.3 3.7 -8.1 -6.3 -3.6
Nonfarm......................... 46.9 57.6 53.1 66.8 97.2 15.5 6.7 79.9 62.3 80.6 75.4 36.0
Net exports of goods and services... -546.3 -606.1 -635.9 -686.5 -677.4 -690.2 -734.0 -789.3 -775.8 -781.4 -805.7 -714.3
Exports........................... 1,138.8 1,170.8 1,185.4 1,225.9 1,262.4 1,298.5 1,308.2 1,351.3 1,414.0 1,456.0 1,476.0 1,538.2
Goods........................... 787.1 811.3 824.1 845.4 871.6 906.0 907.4 939.4 985.1 1,016.5 1,030.6 1,065.4
Services........................ 351.7 359.5 361.3 380.5 390.7 392.4 400.8 411.9 428.9 439.6 445.3 472.8
Imports........................... 1,685.1 1,776.9 1,821.3 1,912.4 1,939.8 1,988.7 2,042.1 2,140.6 2,189.8 2,237.4 2,281.7 2,252.5
Goods........................... 1,401.1 1,483.0 1,521.4 1,601.2 1,628.9 1,671.7 1,720.0 1,811.4 1,842.9 1,884.3 1,925.0 1,887.5
Services........................ 284.0 293.9 299.9 311.2 310.9 317.0 322.1 329.2 346.9 353.1 356.6 365.0
Government consumption expenditures
and gross investment............... 2,184.5 2,219.0 2,254.4 2,273.3 2,316.5 2,344.6 2,400.1 2,418.3 2,474.5 2,510.5 2,533.3 2,555.2
Federal........................... 805.1 819.9 839.1 834.5 862.0 867.2 894.1 881.9 928.5 930.3 932.2 935.9
National defense................ 535.9 545.6 565.4 556.2 578.5 586.1 606.1 585.5 615.5 624.1 623.3 636.6
Consumption expenditures...... 470.2 477.7 492.5 484.4 507.5 511.7 529.4 510.7 538.3 541.2 543.7 552.3
Gross investment.............. 65.8 67.9 72.9 71.8 71.0 74.3 76.7 74.8 77.2 82.8 79.6 84.3
Nondefense...................... 269.2 274.2 273.7 278.3 283.5 281.1 288.0 296.4 313.0 306.2 308.9 299.3
Consumption expenditures...... 236.2 240.0 239.9 244.5 249.4 247.1 251.1 256.4 272.1 267.2 269.4 259.8
Gross investment.............. 33.0 34.3 33.8 33.7 34.1 34.1 36.8 40.0 40.9 39.0 39.4 39.5
State and local................... 1,379.4 1,399.2 1,415.3 1,438.8 1,454.6 1,477.3 1,506.0 1,536.4 1,546.1 1,580.2 1,601.2 1,619.4
Consumption expenditures........ 1,116.8 1,129.1 1,144.0 1,166.3 1,182.0 1,198.4 1,222.9 1,244.8 1,254.5 1,274.6 1,292.7 1,307.6
Gross investment................ 262.6 270.0 271.3 272.5 272.6 278.9 283.1 291.6 291.6 305.6 308.5 311.8
Addenda:
Final sales of domestic product... 11,545.8 11,702.4 11,889.8 12,073.5 12,288.8 12,500.9 12,730.6 12,833.4 13,117.5 13,275.4 13,383.8 13,579.2
Gross domestic purchases.......... 12,143.4 12,384.5 12,586.5 12,831.4 13,056.9 13,207.0 13,475.6 13,704.9 13,959.3 14,129.2 14,258.6 14,325.8
Final sales to domestic purchasers 12,092.1 12,308.4 12,525.7 12,760.0 12,966.2 13,191.1 13,464.5 13,622.8 13,893.3 14,056.8 14,189.5 14,293.5
Gross domestic product............ 11,597.2 11,778.4 11,950.5 12,144.9 12,379.5 12,516.8 12,741.6 12,915.6 13,183.5 13,347.8 13,452.9 13,611.5
Plus: Income receipts
from the rest of the world....... 418.2 434.4 456.3 485.4 535.5 551.3 582.4 622.9 659.0 716.4 741.6 767.2
Less: Income payments to
the rest of the world............ 307.6 348.6 359.5 413.8 428.7 455.1 475.3 544.5 578.5 640.9 679.7 695.5
Equals: Gross national product.... 11,707.8 11,864.2 12,047.3 12,216.6 12,486.3 12,613.0 12,848.7 12,994.1 13,264.0 13,423.3 13,514.8 13,683.2
Net domestic product.............. 10,200.5 10,358.8 10,506.1 10,674.5 10,883.8 10,992.6 11,185.6 11,326.0 11,565.5 11,699.7 11,777.7 11,910.2
--------------------------------------------------------------------------------------------------------------------------------------------------
See "Explanatory Note" at the end of the tables.
Table 3A. Gross Domestic Product and Related Measures--Table Ends
[Billions of dollars; quarters seasonally adjusted at annual rates]
--------------------------------------------------------------------------------------------------------------------------------
I 07 II 07 III 07 IV 07 I 08 II 08 III 08 IV 08 I 09 II 09
--------------------------------------------------------------------------------------------------------------------------------
Gross domestic product......... 13,795.6 13,997.2 14,179.9 14,337.9 14,373.9 14,497.8 14,546.7 14,347.3 14,178.0 14,149.8
Personal consumption expenditures... 9,658.5 9,762.5 9,865.6 10,019.2 10,095.1 10,194.7 10,220.1 10,009.8 9,987.7 9,989.0
Goods............................. 3,306.3 3,338.2 3,366.6 3,448.9 3,447.2 3,474.9 3,463.0 3,227.5 3,197.7 3,185.8
Durable goods................... 1,153.0 1,154.9 1,161.4 1,172.7 1,145.8 1,126.5 1,088.5 1,019.9 1,025.2 1,007.4
Motor vehicles and parts...... 399.6 401.3 398.3 401.9 382.7 357.5 332.7 296.4 300.6 294.8
Furnishings and durable
household equipment.......... 281.7 279.0 279.3 279.3 275.8 276.2 269.4 259.1 255.7 251.3
Recreational goods and
vehicles..................... 331.8 333.0 339.5 346.5 342.6 347.5 342.0 327.3 329.6 321.8
Other durable goods........... 139.8 141.7 144.2 145.0 144.7 145.2 144.3 137.1 139.3 139.5
Nondurable goods................ 2,153.3 2,183.3 2,205.2 2,276.2 2,301.4 2,348.4 2,374.5 2,207.6 2,172.4 2,178.3
Food and beverages purchased
for off-premises consumption. 727.1 732.1 742.7 758.4 770.1 786.3 793.4 787.5 786.5 788.0
Clothing and footwear......... 342.7 338.8 340.1 343.3 341.3 344.2 338.0 326.5 327.9 322.7
Gasoline and other energy
goods........................ 335.2 362.4 365.4 408.8 427.8 441.9 461.4 321.2 271.0 277.6
Other nondurable goods........ 748.3 750.0 756.9 765.6 762.4 776.0 781.7 772.5 787.0 790.0
Services.......................... 6,352.2 6,424.3 6,499.0 6,570.3 6,647.9 6,719.8 6,757.1 6,782.3 6,790.0 6,803.2
Household consumption
expenditures (for services).... 6,103.7 6,179.5 6,242.8 6,305.8 6,377.5 6,446.1 6,474.5 6,494.1 6,522.0 6,539.9
Housing and utilities......... 1,741.4 1,755.8 1,770.4 1,784.8 1,811.9 1,838.6 1,852.2 1,872.1 1,878.8 1,873.0
Health care................... 1,442.9 1,458.4 1,475.2 1,501.7 1,531.6 1,551.0 1,559.3 1,574.9 1,598.0 1,616.5
Transportation services....... 304.7 306.4 308.7 309.9 308.0 308.3 309.1 305.7 301.6 300.2
Recreation services........... 365.4 369.9 373.7 377.9 380.7 384.9 385.9 380.9 383.4 382.2
Food services and
accommodations............... 575.9 583.4 592.3 600.0 601.8 610.8 614.7 607.3 607.3 606.4
Financial services and
insurance.................... 799.3 819.5 835.3 842.8 839.6 842.1 837.3 823.5 816.7 822.9
Other services................ 874.0 886.1 887.2 888.7 903.9 910.5 915.9 929.8 936.0 938.6
Final consumption expenditures
of nonprofit institutions
serving households............. 248.5 244.8 256.2 264.5 270.4 273.7 282.6 288.2 268.0 263.3
Gross output of nonprofit
institutions................. 971.7 978.2 990.1 1,010.0 1,031.3 1,044.9 1,055.2 1,066.1 1,060.8 1,064.2
Less: Receipts from sales of
goods and services by
nonprofit institutions....... 723.1 733.4 733.9 745.5 760.9 771.2 772.7 778.0 792.7 800.9
Gross private domestic investment... 2,267.2 2,302.0 2,311.9 2,272.9 2,214.8 2,164.6 2,142.7 2,022.1 1,689.9 1,585.5
Fixed investment.................. 2,254.1 2,278.6 2,280.8 2,263.0 2,223.0 2,214.0 2,179.7 2,066.6 1,817.2 1,741.6
Nonresidential.................. 1,574.1 1,623.5 1,665.2 1,697.9 1,705.0 1,719.7 1,711.0 1,638.7 1,442.6 1,395.9
Structures.................... 489.5 519.9 556.1 575.9 586.3 610.6 620.4 620.7 533.1 508.6
Equipment and software........ 1,084.6 1,103.5 1,109.1 1,122.0 1,118.7 1,109.2 1,090.6 1,018.0 909.5 887.4
Information processing
equipment and software..... 525.1 530.1 538.4 555.8 566.3 576.2 568.8 540.2 508.3 499.6
Computers and peripheral
equipment................ 88.8 86.9 88.2 93.1 93.7 92.9 84.3 75.8 71.1 70.1
Software.................. 238.3 242.6 246.7 254.8 263.2 268.0 266.4 258.7 240.5 231.7
Other..................... 197.9 200.6 203.6 208.0 209.5 215.3 218.1 205.6 196.7 197.8
Industrial equipment........ 182.1 198.8 199.0 192.9 195.3 197.3 194.8 187.9 157.8 151.3
Transportation equipment.... 192.3 183.0 176.5 175.1 164.3 143.8 125.9 95.3 65.4 72.5
Other equipment............. 185.2 191.6 195.2 198.2 192.7 192.0 201.1 194.7 178.0 163.9
Residential..................... 680.0 655.1 615.6 565.2 518.1 494.2 468.6 427.8 374.6 345.6
Change in private inventories..... 13.1 23.5 31.0 9.8 -8.2 -49.3 -37.0 -44.5 -127.4 -156.0
Farm............................ 6.2 -3.9 -2.4 -2.5 -13.9 -3.2 -7.5 -3.7 -1.3 1.2
Nonfarm......................... 6.8 27.4 33.4 12.4 5.7 -46.1 -29.4 -40.8 -126.1 -157.2
Net exports of goods and services... -729.4 -724.8 -698.4 -702.5 -744.4 -738.7 -757.5 -590.5 -378.5 -347.8
Exports........................... 1,564.9 1,602.1 1,685.2 1,771.6 1,803.6 1,901.5 1,913.1 1,706.2 1,509.3 1,483.7
Goods........................... 1,081.4 1,109.4 1,156.6 1,210.4 1,247.3 1,326.2 1,338.5 1,155.7 989.5 971.4
Services........................ 483.4 492.7 528.6 561.2 556.3 575.3 574.6 550.5 519.8 512.4
Imports........................... 2,294.3 2,326.9 2,383.6 2,474.0 2,548.1 2,640.2 2,670.5 2,296.7 1,887.9 1,831.5
Goods........................... 1,926.9 1,951.1 1,993.8 2,078.9 2,143.1 2,226.8 2,243.3 1,892.5 1,508.2 1,463.6
Services........................ 367.4 375.8 389.8 395.2 404.9 413.4 427.2 404.2 379.6 367.9
Government consumption expenditures
and gross investment............... 2,599.3 2,657.4 2,700.9 2,748.3 2,808.4 2,877.1 2,941.4 2,905.9 2,879.0 2,923.0
Federal........................... 942.8 968.1 991.4 1,004.3 1,038.3 1,069.5 1,108.3 1,114.3 1,106.7 1,137.4
National defense................ 636.7 656.6 674.4 680.8 703.6 725.6 763.6 758.9 750.7 775.4
Consumption expenditures...... 554.3 568.8 585.1 591.4 609.7 622.4 655.2 648.8 642.9 662.4
Gross investment.............. 82.5 87.8 89.3 89.4 93.9 103.2 108.4 110.1 107.8 113.0
Nondefense...................... 306.1 311.6 317.0 323.6 334.8 343.9 344.7 355.3 356.0 362.0
Consumption expenditures...... 266.8 271.2 275.6 282.1 293.5 300.8 300.7 306.6 311.3 317.4
Gross investment.............. 39.3 40.4 41.4 41.5 41.2 43.1 44.0 48.8 44.7 44.6
State and local................... 1,656.5 1,689.3 1,709.5 1,743.9 1,770.1 1,807.6 1,833.1 1,791.7 1,772.3 1,785.6
Consumption expenditures........ 1,331.2 1,357.3 1,373.6 1,402.5 1,429.3 1,458.3 1,480.4 1,441.7 1,424.4 1,429.3
Gross investment................ 325.4 332.0 335.9 341.4 340.8 349.2 352.7 350.0 347.9 356.3
Addenda:
Final sales of domestic product... 13,782.5 13,973.7 14,148.8 14,328.0 14,382.1 14,547.1 14,583.7 14,391.8 14,305.3 14,305.8
Gross domestic purchases.......... 14,525.0 14,722.0 14,878.3 15,040.3 15,118.3 15,236.4 15,304.2 14,937.8 14,556.5 14,497.5
Final sales to domestic purchasers 14,511.9 14,698.5 14,847.3 15,030.5 15,126.5 15,285.7 15,341.1 14,982.3 14,683.9 14,653.6
Gross domestic product............ 13,795.6 13,997.2 14,179.9 14,337.9 14,373.9 14,497.8 14,546.7 14,347.3 14,178.0 14,149.8
Plus: Income receipts
from the rest of the world....... 787.9 852.1 897.6 909.4 856.3 840.5 825.6 714.4 579.6 .....
Less: Income payments to
the rest of the world............ 724.0 776.0 759.1 725.1 685.3 711.6 664.8 607.4 479.7 .....
Equals: Gross national product.... 13,859.5 14,073.3 14,318.3 14,522.2 14,544.9 14,626.6 14,707.5 14,454.3 14,277.9 .....
Net domestic product.............. 12,068.8 12,247.9 12,408.7 12,545.1 12,560.2 12,662.2 12,688.5 12,466.4 12,294.4 12,275.7
--------------------------------------------------------------------------------------------------------------------------------
See "Explanatory Note" at the end of the tables.
Table 3B. Real Gross Domestic Product and Related Measures--Continues
[Billions of chained (2005) dollars]
-----------------------------------------------------------------------------------------------------------------------------------------
1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008
-----------------------------------------------------------------------------------------------------------------------------------------
Gross domestic product......... 10,283.5 10,779.8 11,226.0 11,347.2 11,553.0 11,840.7 12,263.8 12,638.4 12,976.2 13,254.1 13,312.2
Personal consumption expenditures... 6,865.5 7,240.9 7,608.1 7,813.9 8,021.9 8,247.6 8,532.7 8,819.0 9,073.5 9,313.9 9,290.9
Goods............................. 2,218.6 2,395.3 2,521.7 2,600.9 2,706.6 2,829.9 2,955.3 3,073.9 3,173.9 3,273.7 3,206.0
Durable goods................... 667.2 753.8 819.9 864.4 930.0 986.1 1,051.0 1,105.5 1,150.4 1,199.9 1,146.3
Motor vehicles and parts...... 316.1 345.1 356.1 374.3 394.0 405.3 411.3 409.6 396.6 402.4 347.5
Furnishings and durable
household equipment.......... 157.3 175.5 192.4 202.2 217.0 230.6 249.3 263.9 277.9 283.6 275.5
Recreational goods and
vehicles..................... 121.2 147.0 172.7 189.8 212.9 237.0 269.4 303.4 343.2 382.4 403.0
Other durable goods........... 86.4 96.7 105.3 103.0 109.8 115.5 121.7 128.6 133.4 134.5 128.0
Nondurable goods................ 1,580.3 1,660.9 1,714.7 1,745.6 1,780.2 1,845.6 1,904.6 1,968.4 2,023.6 2,074.8 2,057.3
Food and beverages purchased
for off-premises consumption. 565.5 587.4 600.6 607.6 609.0 622.4 639.2 665.0 686.2 700.7 700.7
Clothing and footwear......... 231.0 246.2 258.1 260.5 268.5 283.4 297.3 315.5 331.5 345.9 345.0
Gasoline and other energy
goods........................ 283.8 292.5 287.1 289.2 294.0 302.2 306.5 304.8 298.4 300.7 287.4
Other nondurable goods........ 514.4 546.3 574.2 592.9 612.5 640.1 662.6 683.0 708.4 729.4 728.7
Services.......................... 4,661.8 4,852.8 5,093.3 5,218.7 5,318.1 5,418.4 5,577.6 5,745.1 5,899.7 6,040.8 6,083.1
Household consumption
expenditures (for services).... 4,510.6 4,690.4 4,917.8 5,028.8 5,109.3 5,199.0 5,359.3 5,531.0 5,664.4 5,796.1 5,817.6
Housing and utilities......... 1,329.8 1,371.8 1,413.7 1,451.5 1,462.0 1,480.2 1,512.8 1,582.8 1,616.7 1,631.8 1,647.2
Health care................... 1,029.5 1,045.6 1,081.5 1,135.4 1,202.3 1,229.4 1,268.6 1,316.0 1,340.0 1,375.5 1,416.4
Transportation services....... 259.2 273.5 286.2 283.6 275.8 276.7 283.2 285.9 285.0 288.3 273.8
Recreation services........... 273.3 286.6 295.2 294.9 296.7 305.5 320.7 326.8 337.5 350.0 349.8
Food services and
accommodations............... 439.2 450.0 470.5 469.9 477.2 493.6 508.8 525.3 541.6 547.7 545.4
Financial services and
insurance.................... 558.6 605.6 665.4 660.7 658.3 657.8 691.8 712.6 735.4 772.3 759.8
Other services................ 621.7 656.7 704.2 732.6 737.0 755.7 773.5 781.6 808.3 831.0 825.7
Final consumption expenditures
of nonprofit institutions
serving households............. 153.9 165.0 177.8 191.4 209.0 219.3 218.3 214.1 235.4 244.9 266.6
Gross output of nonprofit
institutions................. 696.7 721.0 749.0 785.3 831.1 844.0 860.6 874.6 901.0 924.6 956.7
Less: Receipts from sales of
goods and services by
nonprofit institutions....... 546.0 558.6 573.0 595.2 622.5 624.5 642.3 660.6 665.8 680.0 691.0
Gross private domestic investment... 1,695.1 1,844.3 1,970.3 1,831.9 1,807.0 1,871.6 2,058.2 2,172.2 2,230.4 2,146.2 1,989.4
Fixed investment.................. 1,630.4 1,782.1 1,913.8 1,877.6 1,798.1 1,856.2 1,992.5 2,122.3 2,171.3 2,126.3 2,018.4
Nonresidential.................. 1,087.4 1,200.9 1,318.5 1,281.8 1,180.2 1,191.0 1,263.0 1,347.3 1,453.9 1,544.3 1,569.7
Structures.................... 407.7 408.2 440.0 433.3 356.6 343.0 346.7 351.8 384.0 441.4 486.8
Equipment and software........ 710.4 810.9 895.8 866.9 830.3 851.4 917.3 995.6 1,069.6 1,097.0 1,068.6
Information processing
equipment and software..... 271.1 332.0 391.9 390.2 379.3 405.0 443.1 475.3 514.8 555.7 588.8
Computers and peripheral
equipment................ ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... .....
Software.................. 122.8 151.5 172.4 173.7 173.4 185.6 204.6 218.0 227.1 241.5 257.0
Other..................... 125.5 139.9 168.4 163.2 148.4 156.4 168.1 178.4 191.2 202.3 211.1
Industrial equipment........ 160.8 161.8 175.8 162.8 151.9 151.6 147.4 159.6 172.9 180.9 174.7
Transportation equipment.... 162.0 190.3 186.2 169.6 154.2 140.4 162.3 181.7 196.5 177.4 128.9
Other equipment............. 138.8 142.4 150.4 149.3 148.2 155.0 164.4 178.9 185.5 184.1 180.3
Residential..................... 540.4 574.2 580.0 583.3 613.8 664.3 729.5 775.0 718.2 585.0 451.1
Change in private inventories..... 71.6 68.5 60.2 -41.8 12.8 17.3 66.3 50.0 59.4 19.5 -25.9
Farm............................ 1.6 -3.7 -1.8 .1 -3.1 .1 7.9 .1 -3.7 -.8 -5.3
Nonfarm......................... 69.5 70.8 61.2 -41.5 15.6 17.2 58.3 49.8 63.2 20.4 -20.4
Net exports of goods and services... -252.6 -356.6 -451.6 -472.1 -548.8 -603.9 -688.0 -722.7 -729.2 -647.7 -494.3
Exports........................... 1,048.5 1,094.3 1,188.3 1,121.6 1,099.2 1,116.8 1,222.8 1,305.1 1,422.0 1,546.1 1,629.3
Goods........................... 732.2 760.0 844.3 792.0 763.5 777.2 842.9 906.1 991.4 1,064.8 1,127.5
Services........................ 316.4 334.6 343.5 329.3 335.6 339.6 380.0 399.0 430.6 481.3 501.7
Imports........................... 1,301.1 1,450.9 1,639.9 1,593.8 1,648.0 1,720.7 1,910.8 2,027.8 2,151.2 2,193.8 2,123.5
Goods........................... 1,072.3 1,206.0 1,367.9 1,324.2 1,373.4 1,440.9 1,599.7 1,708.0 1,808.8 1,839.6 1,767.3
Services........................ 229.4 244.9 271.7 269.6 274.5 279.8 311.0 319.8 342.4 354.2 356.5
Government consumption expenditures
and gross investment............... 1,985.0 2,056.1 2,097.8 2,178.3 2,279.6 2,330.5 2,362.0 2,369.9 2,402.1 2,443.1 2,518.1
Federal........................... 681.4 694.6 698.1 726.5 779.5 831.1 865.0 876.3 894.9 906.4 975.9
National defense................ 447.5 455.8 453.5 470.7 505.3 549.2 580.4 589.0 598.4 611.5 659.4
Consumption expenditures...... 401.2 407.6 403.9 418.5 445.8 484.1 509.4 514.8 519.1 527.4 561.6
Gross investment.............. 47.5 49.3 50.3 52.7 59.6 65.3 71.1 74.2 79.4 84.3 98.4
Nondefense...................... 233.7 238.7 244.4 255.5 273.9 281.7 284.6 287.3 296.6 294.9 316.4
Consumption expenditures...... 201.2 202.9 212.4 224.2 239.7 247.1 250.2 251.0 257.5 255.2 273.5
Gross investment.............. 32.0 34.8 31.6 31.3 34.2 34.6 34.4 36.3 39.1 39.7 43.0
State and local................... 1,303.8 1,361.8 1,400.1 1,452.3 1,500.6 1,499.7 1,497.1 1,493.6 1,507.2 1,536.7 1,543.7
Consumption expenditures........ 1,070.8 1,109.5 1,133.7 1,172.6 1,211.3 1,207.5 1,207.4 1,212.0 1,220.7 1,242.6 1,251.5
Gross investment................ 233.7 252.7 266.6 279.7 289.4 292.2 289.8 281.6 286.4 294.0 292.3
Residual............................ -148.0 -89.6 -46.6 -46.8 -31.0 -18.1 -5.5 .2 -4.1 -8.7 -1.2
Addenda:
Final sales of domestic product... 10,217.1 10,715.7 11,167.5 11,391.7 11,543.5 11,824.8 12,198.2 12,588.4 12,917.1 13,234.3 13,341.2
Gross domestic purchases.......... 10,539.9 11,141.1 11,681.4 11,825.7 12,107.7 12,449.2 12,952.5 13,361.1 13,705.7 13,901.6 13,801.2
Final sales to domestic purchasers 10,473.5 11,077.0 11,623.1 11,870.8 12,098.4 12,433.4 12,886.8 13,311.2 13,646.5 13,881.9 13,829.8
Gross domestic product............ 10,283.5 10,779.8 11,226.0 11,347.2 11,553.0 11,840.7 12,263.8 12,638.4 12,976.2 13,254.1 13,312.2
Plus: Income receipts
from the rest of the world....... 337.6 371.0 431.1 358.8 343.1 377.7 465.1 573.0 697.8 811.9 739.3
Less: Income payments to
the rest of the world............ 317.5 339.1 388.7 301.5 289.4 304.3 370.5 475.9 628.0 703.2 609.1
Equals: Gross national product.... 10,304.0 10,812.1 11,268.8 11,404.6 11,606.9 11,914.2 12,358.5 12,735.5 13,046.1 13,362.8 13,442.6
Net domestic product.............. 9,168.7 9,584.7 9,946.3 9,996.9 10,153.2 10,399.4 10,775.5 11,097.0 11,377.8 11,593.9 11,597.1
-----------------------------------------------------------------------------------------------------------------------------------------
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 gross domestic product, use table 2.
See "Explanatory Note" at the end of the tables.
Table 3B. Real Gross Domestic Product and Related Measures--Continues
[Billions of chained (2005) dollars; quarters seasonally adjusted at annual rates]
--------------------------------------------------------------------------------------------------------------------------------------------------
I 04 II 04 III 04 IV 04 I 05 II 05 III 05 IV 05 I 06 II 06 III 06 IV 06
--------------------------------------------------------------------------------------------------------------------------------------------------
Gross domestic product......... 12,127.6 12,213.8 12,303.5 12,410.3 12,534.1 12,587.5 12,683.2 12,748.7 12,915.9 12,962.5 12,965.9 13,060.7
Personal consumption expenditures... 8,437.6 8,483.2 8,555.8 8,654.2 8,719.0 8,802.9 8,865.6 8,888.5 8,986.6 9,035.0 9,090.7 9,181.6
Goods............................. 2,919.4 2,931.8 2,966.4 3,003.6 3,032.6 3,075.1 3,098.4 3,089.5 3,145.7 3,150.8 3,176.4 3,222.5
Durable goods................... 1,031.0 1,038.3 1,058.7 1,076.1 1,083.3 1,113.6 1,126.7 1,098.4 1,142.3 1,139.4 1,152.1 1,167.9
Motor vehicles and parts...... 409.2 407.5 412.3 416.3 408.8 423.7 427.6 378.5 393.3 393.2 400.3 399.7
Furnishings and durable
household equipment.......... 243.4 246.7 252.3 254.8 257.0 261.0 265.4 272.2 279.3 276.2 277.6 278.8
Recreational goods and
vehicles..................... 258.7 264.3 273.4 281.4 291.6 299.8 305.3 316.7 334.5 336.6 343.0 358.8
Other durable goods........... 120.9 120.6 121.3 123.9 125.9 129.1 128.3 131.1 135.5 133.8 131.9 132.2
Nondurable goods................ 1,888.9 1,894.0 1,907.8 1,927.6 1,949.6 1,961.5 1,971.8 1,990.7 2,003.7 2,011.6 2,024.5 2,054.7
Food and beverages purchased
for off-premises consumption. 634.5 635.7 639.1 647.6 656.6 658.6 669.9 674.9 676.7 684.2 686.6 697.5
Clothing and footwear......... 296.4 292.9 296.9 303.0 307.4 314.7 315.1 325.0 329.5 327.2 331.7 337.5
Gasoline and other energy
goods........................ 306.9 307.5 305.6 306.1 309.8 306.4 302.7 300.3 296.4 297.2 300.0 299.9
Other nondurable goods........ 652.7 659.5 667.0 671.2 676.1 681.6 683.8 690.7 701.9 703.7 706.9 721.1
Services.......................... 5,518.3 5,551.7 5,589.6 5,650.8 5,686.4 5,727.9 5,767.1 5,798.9 5,841.0 5,884.2 5,914.3 5,959.4
Household consumption
expenditures (for services).... 5,298.3 5,333.6 5,372.6 5,432.7 5,473.0 5,514.2 5,554.4 5,582.5 5,618.2 5,652.1 5,671.4 5,716.0
Housing and utilities......... 1,496.4 1,504.5 1,512.7 1,537.4 1,556.6 1,577.7 1,594.3 1,602.8 1,598.9 1,617.8 1,627.6 1,622.5
Health care................... 1,247.4 1,260.9 1,277.6 1,288.7 1,304.4 1,311.1 1,321.3 1,327.0 1,337.3 1,339.2 1,335.8 1,347.7
Transportation services....... 280.8 283.2 283.7 285.2 285.2 286.1 287.2 285.1 283.2 284.7 284.5 287.5
Recreation services........... 317.3 320.6 322.2 322.8 326.0 326.2 326.5 328.4 332.4 334.0 338.1 345.2
Food services and
accommodations............... 506.1 506.2 509.0 513.8 516.5 524.5 527.2 533.0 544.7 538.7 538.7 544.4
Financial services and
insurance.................... 683.1 686.7 690.6 706.6 703.2 710.8 717.2 719.3 726.0 731.3 735.6 748.8
Other services................ 767.2 771.7 776.9 778.1 781.0 777.9 780.7 786.8 795.8 806.3 811.0 820.1
Final consumption expenditures
of nonprofit institutions
serving households............. 220.0 218.1 217.0 218.2 213.4 213.7 212.8 216.4 222.8 232.1 243.1 243.6
Gross output of nonprofit
institutions................. 851.5 856.3 864.1 870.5 871.6 872.2 874.5 880.3 891.5 899.0 903.7 909.8
Less: Receipts from sales of
goods and services by
nonprofit institutions....... 631.4 638.3 647.1 652.3 658.2 658.5 661.7 663.8 668.7 667.0 660.9 666.5
Gross private domestic investment... 1,970.0 2,055.6 2,082.2 2,125.2 2,170.3 2,131.5 2,154.9 2,232.2 2,264.7 2,261.2 2,229.6 2,166.0
Fixed investment.................. 1,918.6 1,977.7 2,019.7 2,053.9 2,079.2 2,116.0 2,143.0 2,151.0 2,200.2 2,189.9 2,162.2 2,132.9
Nonresidential.................. 1,214.3 1,247.0 1,281.2 1,309.6 1,321.5 1,340.8 1,359.7 1,367.3 1,424.9 1,450.3 1,466.0 1,474.5
Structures.................... 341.9 345.9 349.4 349.7 356.0 354.6 347.2 349.3 364.8 383.7 393.2 394.6
Equipment and software........ 874.4 902.5 932.5 959.8 965.6 986.0 1,012.5 1,018.2 1,060.7 1,066.3 1,072.0 1,079.3
Information processing
equipment and software..... 431.4 438.6 446.7 455.6 462.0 471.2 481.5 486.4 505.7 508.9 520.4 524.1
Computers and peripheral
equipment................ ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... .....
Software.................. 199.1 200.4 206.6 212.5 213.4 218.6 219.9 220.1 222.4 224.8 228.5 232.8
Other..................... 166.0 169.9 168.7 167.8 174.9 176.3 181.7 180.6 192.2 189.8 191.9 191.0
Industrial equipment........ 141.9 145.2 149.7 152.7 156.2 154.4 160.7 167.2 165.1 176.2 174.7 175.6
Transportation equipment.... 142.5 156.8 169.0 181.1 174.3 180.1 189.7 182.7 202.6 194.1 193.7 195.5
Other equipment............. 158.2 161.7 167.2 170.6 173.2 180.3 180.5 181.7 187.3 187.0 183.4 184.3
Residential..................... 704.5 731.0 738.4 744.2 757.7 775.3 783.3 783.5 775.2 740.1 697.4 660.2
Change in private inventories..... 52.4 78.7 62.7 71.6 91.4 15.5 11.8 81.0 65.8 72.5 67.5 31.8
Farm............................ 3.2 17.7 7.0 3.7 -6.9 .2 4.6 2.6 3.8 -8.2 -6.3 -4.1
Nonfarm......................... 49.4 60.2 55.7 68.1 98.4 15.3 7.2 78.4 62.3 80.4 73.9 36.2
Net exports of goods and services... -632.5 -687.1 -705.7 -726.7 -714.8 -709.4 -721.4 -745.3 -732.6 -732.8 -756.5 -694.9
Exports........................... 1,197.3 1,216.0 1,225.0 1,252.9 1,276.2 1,303.5 1,303.9 1,336.7 1,388.8 1,412.1 1,414.1 1,473.2
Goods........................... 824.0 837.7 848.3 861.6 879.2 908.1 905.7 931.3 970.3 987.8 988.3 1,019.2
Services........................ 373.4 378.3 376.8 391.4 397.0 395.4 398.2 405.4 418.5 424.3 425.8 453.9
Imports........................... 1,829.8 1,903.1 1,930.7 1,979.7 1,991.0 2,012.9 2,025.2 2,082.0 2,121.3 2,144.9 2,170.5 2,168.1
Goods........................... 1,526.4 1,592.9 1,618.8 1,660.7 1,675.0 1,694.9 1,706.3 1,755.7 1,782.7 1,804.7 1,829.3 1,818.6
Services........................ 303.1 310.1 311.9 319.0 316.0 318.0 318.9 326.2 338.6 340.1 341.3 349.5
Government consumption expenditures
and gross investment............... 2,354.9 2,363.5 2,372.1 2,357.6 2,359.9 2,362.4 2,383.9 2,373.4 2,397.1 2,399.1 2,402.7 2,409.4
Federal........................... 856.6 861.4 876.4 865.6 869.2 870.0 890.4 875.6 900.5 892.8 892.0 894.4
National defense................ 573.5 576.5 593.2 578.4 583.6 588.0 603.7 580.9 595.6 597.2 594.3 606.5
Consumption expenditures...... 505.6 507.0 518.9 505.9 512.5 513.6 526.9 506.4 519.2 515.9 516.7 524.5
Gross investment.............. 68.0 69.6 74.3 72.5 71.1 74.5 76.8 74.5 76.4 81.4 77.6 82.1
Nondefense...................... 283.1 284.9 283.2 287.1 285.6 282.0 286.7 294.7 305.0 295.7 297.7 287.8
Consumption expenditures...... 249.1 249.8 248.8 253.0 251.4 247.9 249.9 254.8 264.4 257.3 259.0 249.2
Gross investment.............. 34.0 35.1 34.5 34.2 34.2 34.1 36.8 39.9 40.5 38.4 38.7 38.7
State and local................... 1,498.4 1,502.2 1,495.7 1,492.0 1,490.7 1,492.4 1,493.5 1,497.7 1,496.6 1,506.3 1,510.8 1,515.0
Consumption expenditures........ 1,206.0 1,207.2 1,207.2 1,209.1 1,210.2 1,210.7 1,213.7 1,213.5 1,214.1 1,216.5 1,222.3 1,230.0
Gross investment................ 292.5 295.1 288.5 282.9 280.5 281.7 279.8 284.2 282.5 289.7 288.4 285.1
Residual............................ -10.2 -7.0 -3.9 -1.4 -1.4 .2 .7 .4 -4.0 -2.8 -3.8 -6.3
Addenda:
Final sales of domestic product... 12,076.2 12,136.3 12,241.1 12,339.2 12,443.2 12,572.0 12,671.2 12,667.2 12,851.3 12,891.0 12,898.3 13,027.8
Gross domestic purchases.......... 12,762.3 12,901.4 13,009.5 13,136.8 13,249.0 13,296.8 13,404.4 13,494.2 13,648.7 13,695.5 13,722.8 13,755.7
Final sales to domestic purchasers 12,710.9 12,823.8 12,947.0 13,065.6 13,158.0 13,281.4 13,392.4 13,412.9 13,584.1 13,624.1 13,655.2 13,722.8
Gross domestic product............ 12,127.6 12,213.8 12,303.5 12,410.3 12,534.1 12,587.5 12,683.2 12,748.7 12,915.9 12,962.5 12,965.9 13,060.7
Plus: Income receipts
from the rest of the world....... 439.6 452.0 471.6 497.3 543.7 555.5 579.4 613.6 644.6 694.7 714.0 737.8
Less: Income payments to
the rest of the world............ 323.4 362.8 371.6 424.0 435.3 458.5 473.0 536.7 566.4 621.9 654.9 668.9
Equals: Gross national product.... 12,243.7 12,303.0 12,403.5 12,483.7 12,642.6 12,684.5 12,789.5 12,825.6 12,994.2 13,035.4 13,025.1 13,129.5
Net domestic product.............. 10,657.8 10,731.7 10,809.1 10,903.5 11,014.9 11,054.5 11,134.9 11,183.7 11,338.6 11,371.5 11,360.6 11,440.3
--------------------------------------------------------------------------------------------------------------------------------------------------
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 gross domestic product, use table 2.
See "Explanatory Note" at the end of the tables.
Table 3B. Real Gross Domestic Product and Related Measures--Table Ends
[Billions of chained (2005) dollars; quarters seasonally adjusted at annual rates]
--------------------------------------------------------------------------------------------------------------------------------
I 07 II 07 III 07 IV 07 I 08 II 08 III 08 IV 08 I 09 II 09
--------------------------------------------------------------------------------------------------------------------------------
Gross domestic product......... 13,099.9 13,204.0 13,321.1 13,391.2 13,366.9 13,415.3 13,324.6 13,141.9 12,925.4 12,892.4
Personal consumption expenditures... 9,265.1 9,291.5 9,335.6 9,363.6 9,349.6 9,351.0 9,267.7 9,195.3 9,209.2 9,180.5
Goods............................. 3,253.9 3,255.4 3,280.6 3,304.8 3,262.1 3,257.8 3,193.6 3,110.4 3,129.8 3,097.9
Durable goods................... 1,183.7 1,189.9 1,205.0 1,221.2 1,193.2 1,175.7 1,139.6 1,076.8 1,087.2 1,067.5
Motor vehicles and parts...... 402.4 404.1 400.5 402.6 384.4 361.4 337.8 306.2 311.2 301.5
Furnishings and durable
household equipment.......... 284.1 281.2 283.6 285.6 280.9 282.6 274.4 264.2 259.4 254.1
Recreational goods and
vehicles..................... 366.9 373.1 388.1 401.6 399.8 410.3 407.6 394.3 403.1 399.0
Other durable goods........... 132.3 133.8 136.1 135.8 133.3 129.2 128.3 121.4 123.5 123.0
Nondurable goods................ 2,070.3 2,066.1 2,076.8 2,086.0 2,070.1 2,081.4 2,051.5 2,026.1 2,035.5 2,022.4
Food and beverages purchased
for off-premises consumption. 700.8 696.2 699.2 706.6 708.0 708.9 699.6 686.4 687.4 695.1
Clothing and footwear......... 343.9 343.3 347.3 349.2 347.8 353.6 343.3 335.4 334.0 328.1
Gasoline and other energy
goods........................ 301.5 301.3 301.5 298.5 292.6 289.9 280.1 287.2 293.2 292.2
Other nondurable goods........ 725.8 726.9 730.7 734.2 724.8 733.9 735.4 720.8 724.7 710.0
Services.......................... 6,011.7 6,036.2 6,055.5 6,059.7 6,087.1 6,092.5 6,072.4 6,080.4 6,076.0 6,077.3
Household consumption
expenditures (for services).... 5,770.8 5,799.2 5,809.8 5,804.8 5,827.3 5,831.2 5,805.2 5,806.6 5,817.2 5,822.8
Housing and utilities......... 1,629.3 1,630.1 1,634.6 1,633.1 1,643.8 1,647.3 1,641.6 1,656.3 1,656.9 1,653.4
Health care................... 1,365.1 1,371.7 1,377.6 1,387.6 1,409.0 1,418.2 1,416.1 1,422.4 1,434.3 1,442.1
Transportation services....... 289.0 289.4 288.6 286.3 280.7 275.7 272.1 266.7 261.9 261.9
Recreation services........... 347.7 349.0 351.6 351.6 351.1 352.4 349.6 346.1 347.7 347.0
Food services and
accommodations............... 545.3 546.5 548.0 550.8 547.5 550.9 547.3 535.9 533.7 530.9
Financial services and
insurance.................... 762.8 776.7 779.1 770.5 766.1 763.8 758.5 750.6 751.4 756.5
Other services................ 831.8 836.2 830.9 825.2 829.6 823.4 820.6 829.2 832.2 832.1
Final consumption expenditures
of nonprofit institutions
serving households............. 241.0 237.0 245.9 255.5 260.6 262.2 268.4 275.4 259.4 254.6
Gross output of nonprofit
institutions................. 919.5 919.8 923.9 935.1 949.5 955.0 957.2 965.1 957.8 955.5
Less: Receipts from sales of
goods and services by
nonprofit institutions....... 678.6 682.8 678.3 680.1 689.7 693.5 689.8 691.0 698.7 700.7
Gross private domestic investment... 2,132.6 2,162.2 2,166.5 2,123.4 2,082.9 2,026.5 1,990.7 1,857.7 1,558.5 1,471.9
Fixed investment.................. 2,118.8 2,137.7 2,135.6 2,113.0 2,079.2 2,064.8 2,020.4 1,909.3 1,687.5 1,627.5
Nonresidential.................. 1,489.6 1,530.3 1,565.8 1,591.3 1,598.9 1,604.4 1,579.2 1,496.1 1,321.2 1,290.6
Structures.................... 409.2 430.7 456.8 469.1 476.8 493.2 493.1 484.0 419.4 409.8
Equipment and software........ 1,078.1 1,095.2 1,101.3 1,113.3 1,111.9 1,097.7 1,071.0 993.7 887.5 866.9
Information processing
equipment and software..... 540.2 546.9 558.2 577.5 591.7 601.3 594.5 567.6 537.5 531.3
Computers and peripheral
equipment................ ..... ..... ..... ..... ..... ..... ..... ..... ..... .....
Software.................. 235.0 238.9 242.6 249.6 257.3 260.3 258.3 252.2 235.5 227.7
Other..................... 198.4 200.3 203.1 207.4 209.2 214.2 216.7 204.3 195.8 197.1
Industrial equipment........ 172.4 186.9 185.9 178.6 179.3 178.6 173.7 167.2 140.8 135.0
Transportation equipment.... 188.2 178.1 171.8 171.5 161.9 141.0 121.7 90.9 59.8 64.3
Other equipment............. 178.3 183.7 186.4 188.0 182.3 180.9 185.4 172.6 157.3 145.1
Residential..................... 631.7 610.4 572.9 525.0 483.2 462.9 443.3 415.0 367.9 337.4
Change in private inventories..... 14.5 23.3 29.8 10.3 .6 -37.1 -29.7 -37.4 -113.9 -141.1
Farm............................ 5.9 -4.4 -2.6 -2.0 -12.6 -1.6 -5.0 -1.9 .3 2.7
Nonfarm......................... 8.3 27.9 32.7 12.5 14.5 -35.8 -24.5 -35.7 -114.9 -144.4
Net exports of goods and services... -705.0 -683.4 -638.4 -564.0 -550.9 -476.0 -479.2 -470.9 -386.5 -339.3
Exports........................... 1,485.9 1,504.8 1,569.9 1,624.0 1,623.4 1,670.4 1,655.2 1,568.0 1,434.5 1,408.9
Goods........................... 1,026.7 1,042.4 1,078.9 1,111.0 1,122.4 1,159.9 1,154.8 1,072.9 956.1 933.0
Services........................ 459.2 462.3 490.9 512.9 501.1 510.5 500.4 494.9 477.2 474.4
Imports........................... 2,190.8 2,188.1 2,208.3 2,188.0 2,174.3 2,146.5 2,134.4 2,038.9 1,821.0 1,748.2
Goods........................... 1,841.1 1,836.5 1,849.4 1,831.6 1,815.4 1,794.0 1,777.1 1,682.6 1,474.4 1,411.8
Services........................ 349.8 351.6 359.0 356.4 359.0 352.5 357.7 356.9 346.2 335.7
Government consumption expenditures
and gross investment............... 2,409.5 2,435.4 2,458.9 2,468.7 2,484.7 2,506.9 2,536.6 2,544.0 2,527.2 2,562.1
Federal........................... 882.8 898.7 919.0 925.1 943.4 961.3 991.6 1,007.3 996.3 1,022.4
National defense................ 594.7 607.1 621.7 622.4 634.8 645.6 675.4 681.7 672.8 694.1
Consumption expenditures...... 514.6 522.2 535.9 536.7 545.4 548.4 574.0 578.7 571.5 587.8
Gross investment.............. 80.1 85.1 86.0 85.9 89.7 97.9 102.1 103.8 102.0 107.2
Nondefense...................... 288.1 291.6 297.2 302.7 308.6 315.8 315.9 325.4 323.4 328.1
Consumption expenditures...... 249.7 252.1 256.8 262.2 268.4 273.8 273.3 278.4 280.1 284.9
Gross investment.............. 38.4 39.5 40.5 40.5 40.2 41.9 42.6 47.2 43.3 43.2
State and local................... 1,526.5 1,536.5 1,540.0 1,543.7 1,541.9 1,546.6 1,547.0 1,539.3 1,533.3 1,542.6
Consumption expenditures........ 1,235.6 1,242.3 1,245.1 1,247.4 1,249.6 1,250.1 1,252.5 1,253.6 1,252.3 1,252.1
Gross investment................ 290.8 294.2 294.9 296.2 292.3 296.4 294.4 285.9 281.5 290.4
Residual............................ -9.8 -6.4 -7.1 -11.9 -9.0 -5.5 1.0 8.4 -1.1 1.7
Addenda:
Final sales of domestic product... 13,086.4 13,179.6 13,290.3 13,381.1 13,363.5 13,453.5 13,354.3 13,193.5 13,055.8 13,049.5
Gross domestic purchases.......... 13,805.0 13,887.6 13,959.7 13,954.2 13,916.4 13,885.5 13,798.8 13,604.0 13,303.1 13,225.4
Final sales to domestic purchasers 13,791.5 13,863.2 13,928.9 13,944.0 13,912.9 13,923.2 13,828.0 13,654.9 13,432.7 13,381.6
Gross domestic product............ 13,099.9 13,204.0 13,321.1 13,391.2 13,366.9 13,415.3 13,324.6 13,141.9 12,925.4 12,892.4
Plus: Income receipts
from the rest of the world....... 750.9 805.6 844.0 846.9 790.6 768.0 746.0 652.7 530.9 .....
Less: Income payments to
the rest of the world............ 690.4 733.7 713.7 675.0 632.3 649.5 600.3 554.2 438.5 .....
Equals: Gross national product.... 13,160.5 13,275.9 13,451.5 13,563.3 13,525.4 13,533.7 13,470.7 13,240.5 13,018.1 .....
Net domestic product.............. 11,463.7 11,551.9 11,653.0 11,707.0 11,666.4 11,702.4 11,603.3 11,416.0 11,193.2 11,157.9
--------------------------------------------------------------------------------------------------------------------------------
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 gross domestic product, 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--Continues
[Quarters seasonally adjusted at annual rates]
-----------------------------------------------------------------------------------------------------------------------------------------------------------
1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 I 04 II 04 III 04 IV 04 I 05 II 05
-----------------------------------------------------------------------------------------------------------------------------------------------------------
Gross domestic product (GDP). 1.1 1.5 2.2 2.3 1.6 2.2 2.8 3.3 3.3 2.9 2.1 3.5 3.5 3.0 3.0 3.8 2.7
Personal consumption expenditures... 1.0 1.6 2.5 1.9 1.4 2.0 2.6 3.0 2.7 2.7 3.3 3.4 3.0 2.5 3.3 2.4 2.5
Goods............................. -1.5 .5 2.0 -.1 -1.0 -.1 1.5 2.2 1.5 1.3 3.3 3.6 2.3 .4 5.0 -.4 1.0
Durable goods................... -2.8 -2.7 -1.8 -2.0 -2.6 -3.5 -1.8 -1.0 -1.5 -1.8 -1.2 -.2 -.3 -2.9 .2 -.4 -.6
Nondurable goods................ -.7 2.5 4.3 1.1 -.1 2.1 3.6 4.0 3.2 2.9 5.6 5.8 3.8 2.4 7.9 -.4 2.0
Services.......................... 2.4 2.2 2.8 3.0 2.7 3.2 3.2 3.4 3.4 3.4 3.4 3.2 3.4 3.6 2.4 4.0 3.3
Gross private domestic investment... -1.1 -.1 1.1 .9 .4 1.4 3.5 4.6 4.4 2.2 .6 4.1 4.9 4.3 3.8 4.7 4.3
Fixed investment.................. -.9 -.1 1.2 .9 .4 1.5 3.5 4.7 4.4 2.2 .8 4.1 4.9 4.4 3.8 4.8 4.5
Nonresidential.................. -2.2 -1.4 .0 -.4 -.4 .0 1.6 3.3 3.5 2.6 1.6 1.2 2.8 2.1 2.4 4.5 3.2
Structures.................... 4.6 3.1 3.9 5.2 4.2 3.6 7.6 13.1 12.9 7.4 3.2 8.6 9.4 11.6 12.9 12.9 11.5
Equipment and software........ -4.4 -2.9 -1.2 -2.4 -2.0 -1.2 -.4 .1 .2 .5 .7 -1.1 .7 -.9 -.9 1.8 .5
Residential..................... 2.7 3.8 4.4 4.6 2.5 4.8 7.3 7.2 6.1 1.3 -1.6 9.7 8.8 8.5 6.2 5.2 6.8
Change in private inventories..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... .....
Net exports of goods and services... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... .....
Exports........................... -2.3 -.6 1.8 -.4 -.4 2.2 3.5 3.6 3.4 3.5 4.9 5.2 5.0 2.0 4.5 4.5 2.9
Goods........................... -3.2 -1.4 1.3 -.6 -.7 2.0 3.6 3.2 3.3 3.6 5.0 5.6 5.7 1.3 4.0 4.2 2.6
Services........................ -.1 1.2 3.0 .1 .2 2.6 3.3 4.6 3.7 3.5 4.8 4.2 3.6 3.7 5.6 5.0 3.5
Imports........................... -5.4 .6 4.3 -2.4 -1.1 3.5 4.8 6.2 4.1 3.7 10.7 9.2 5.7 4.2 10.0 3.4 5.7
Goods........................... -6.0 .1 4.9 -2.9 -1.8 2.9 4.9 6.5 4.2 3.7 11.4 10.1 5.9 3.9 10.8 3.4 5.8
Services........................ -2.0 3.2 1.2 .0 2.2 6.3 4.5 4.6 3.8 3.9 7.2 5.0 4.8 5.9 6.0 3.4 5.3
Government consumption expenditures
and gross investment............... 1.4 3.2 4.0 2.7 2.6 4.2 4.3 5.8 4.8 4.5 4.5 6.7 4.9 5.0 6.0 7.4 4.5
Federal........................... 1.1 2.5 3.3 2.0 3.7 4.2 4.7 4.9 4.1 3.5 3.0 11.6 5.1 2.4 2.8 12.0 2.1
National defense................ 1.1 2.5 3.3 2.0 3.8 4.7 4.7 5.4 4.4 3.7 3.3 10.4 5.2 2.8 3.6 13.0 2.2
Nondefense...................... 1.3 2.6 3.3 2.0 3.6 3.5 4.9 3.9 3.5 3.1 2.1 14.0 5.0 1.6 1.1 10.0 1.8
State and local................... 1.5 3.6 4.4 3.1 2.1 4.2 4.0 6.3 5.3 5.1 5.4 4.0 4.8 6.5 7.9 4.8 5.9
Addenda:
Final sales of domestic product... 1.2 1.5 2.2 2.3 1.6 2.2 2.8 3.3 3.3 2.9 2.1 3.5 3.5 3.0 3.0 3.8 2.8
Gross domestic purchases.......... .7 1.6 2.5 1.9 1.4 2.3 3.0 3.7 3.4 2.9 3.2 4.1 3.6 3.2 3.8 3.7 3.2
Final sales to domestic
purchasers....................... .7 1.6 2.5 1.9 1.4 2.3 3.0 3.7 3.4 2.9 3.2 4.1 3.6 3.2 3.8 3.7 3.2
Gross national product (GNP)...... 1.1 1.5 2.2 2.3 1.6 2.2 2.8 3.3 3.3 2.9 2.1 3.5 3.5 3.0 3.0 3.8 2.7
Implicit price deflators:
GDP............................. 1.1 1.5 2.2 2.3 1.6 2.2 2.8 3.3 3.3 2.9 2.1 3.5 3.4 2.9 3.0 3.7 2.7
Gross domestic purchases........ .7 1.6 2.5 1.9 1.5 2.3 3.0 3.7 3.4 2.9 3.2 4.1 3.6 3.2 3.9 3.6 3.2
GNP............................. 1.1 1.5 2.2 2.3 1.6 2.2 2.8 3.3 3.3 2.9 2.1 3.5 3.4 2.9 3.0 3.7 2.8
-----------------------------------------------------------------------------------------------------------------------------------------------------------
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--Table Ends
[Quarters seasonally adjusted at annual rates]
----------------------------------------------------------------------------------------------------------------------------------------------------
III 05 IV 05 I 06 II 06 III 06 IV 06 I 07 II 07 III 07 IV 07 I 08 II 08 III 08 IV 08 I 09 II 09
----------------------------------------------------------------------------------------------------------------------------------------------------
Gross domestic product (GDP). 4.2 3.4 3.0 3.6 3.1 1.8 4.2 2.7 1.6 2.3 1.9 1.8 4.0 .1 1.9 .2
Personal consumption expenditures... 4.6 3.6 1.7 3.0 3.0 -.1 3.7 3.2 2.3 5.1 3.7 3.9 4.7 -5.0 -1.5 1.3
Goods............................. 7.2 1.4 -.3 2.6 2.2 -5.8 3.2 3.7 .3 7.0 5.2 3.8 6.8 -16.1 -6.0 2.6
Durable goods................... -3.0 -.7 -1.2 -1.6 -1.9 -2.0 -1.6 -1.4 -2.8 -1.4 .0 -.9 -1.2 -3.3 -1.7 .3
Nondurable goods................ 13.5 2.6 .1 5.0 4.5 -7.7 5.9 6.6 1.9 11.5 7.8 6.1 10.8 -21.5 -7.9 3.7
Services.......................... 3.2 4.7 2.8 3.3 3.3 3.1 4.0 2.9 3.4 4.2 2.9 4.0 3.6 1.0 .7 .7
Gross private domestic investment... 5.4 5.7 4.7 3.5 2.5 3.8 2.8 .6 .8 1.0 -1.6 .6 2.3 5.3 -1.8 -2.5
Fixed investment.................. 5.6 5.7 4.7 3.5 2.4 3.7 2.7 .8 .8 1.1 -.7 1.1 2.5 1.3 -2.0 -2.5
Nonresidential.................. 2.7 4.7 3.5 3.3 3.0 3.9 3.2 1.6 .9 1.3 -.3 2.1 4.4 4.4 -1.3 -3.7
Structures.................... 16.4 18.5 11.8 11.4 8.0 11.5 9.2 3.7 3.3 3.4 .6 2.7 6.7 7.9 -3.5 -9.1
Equipment and software........ -1.7 .1 .6 .3 1.0 .7 .6 .6 -.2 .2 -.7 1.7 3.1 2.5 .1 -.5
Residential..................... 10.9 7.7 7.1 4.1 1.3 3.4 1.5 -1.1 .6 .9 -1.5 -1.6 -3.8 -9.5 -4.9 2.5
Change in private inventories..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... .....
Net exports of goods and services... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... .....
Exports........................... 2.9 3.1 2.9 5.2 5.0 .2 3.6 4.5 3.3 6.7 7.6 10.2 6.3 -21.4 -12.6 .4
Goods........................... 1.7 2.7 2.7 5.5 5.5 .9 3.1 4.2 3.0 6.8 8.3 12.1 5.6 -25.4 -14.8 2.4
Services........................ 5.8 3.8 3.4 4.4 3.9 -1.6 4.5 5.1 4.2 6.5 6.0 6.0 7.8 -11.9 -8.1 -3.3
Imports........................... 8.5 8.1 1.6 4.2 3.1 -4.6 3.2 6.3 6.2 20.5 15.5 21.4 7.1 -34.3 -28.3 4.3
Goods........................... 9.1 9.7 .8 4.0 3.2 -5.4 3.4 6.2 6.1 22.9 17.2 22.4 7.1 -37.0 -31.6 5.5
Services........................ 5.4 -.4 6.2 5.5 2.7 -.2 2.3 7.2 6.6 8.7 7.0 16.9 7.5 -19.1 -12.1 -.3
Government consumption expenditures
and gross investment............... 5.9 4.9 5.3 5.6 3.1 2.4 7.1 4.7 2.7 5.5 6.3 6.3 4.2 -5.8 -1.1 .6
Federal........................... 3.0 1.2 9.8 4.3 1.2 .5 8.6 3.5 .6 2.5 5.6 4.4 1.9 -4.1 1.7 .6
National defense................ 3.0 1.6 10.5 4.6 1.5 .3 8.3 4.1 1.2 3.3 5.5 5.7 2.4 -6.0 .9 .5
Nondefense...................... 3.1 .4 8.4 3.7 .7 .9 9.0 2.3 -.7 .9 6.0 1.7 .8 .2 3.3 .9
State and local................... 7.7 7.1 2.8 6.4 4.2 3.4 6.3 5.3 3.9 7.3 6.6 7.4 5.6 -6.9 -2.8 .6
Addenda:
Final sales of domestic product... 4.2 3.4 3.0 3.6 3.1 1.8 4.2 2.7 1.6 2.3 2.0 1.9 4.0 -.5 1.8 .2
Gross domestic purchases.......... 5.0 4.1 2.8 3.6 2.9 1.0 4.2 3.1 2.2 4.6 3.4 3.9 4.3 -3.8 -1.4 .7
Final sales to domestic
purchasers....................... 5.0 4.1 2.8 3.6 2.9 1.0 4.2 3.1 2.2 4.6 3.5 4.0 4.3 -4.3 -1.5 .7
Gross national product (GNP)...... 4.2 3.4 3.0 3.6 3.1 1.8 4.3 2.7 1.6 2.3 1.9 1.8 4.0 .0 1.8 .....
Implicit price deflators:
GDP............................. 4.2 3.4 3.0 3.6 3.1 1.8 4.3 2.7 1.7 2.4 1.7 2.0 4.1 .0 1.9 .2
Gross domestic purchases........ 5.0 4.2 2.8 3.5 2.9 .9 4.2 3.0 2.2 4.6 3.2 4.1 4.4 -3.9 -1.4 .7
GNP............................. 4.2 3.4 3.0 3.6 3.1 1.8 4.3 2.7 1.7 2.4 1.8 2.0 4.2 -.1 1.9 .....
----------------------------------------------------------------------------------------------------------------------------------------------------
See "Explanatory Note" at the end of the tables.
Table 4A. Price Indexes for Gross Domestic Product and Related Measures: Percent Change From Preceding Period--Continues
[Quarters seasonally adjusted at annual rates]
-----------------------------------------------------------------------------------------------------------------------------------------------------------
1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 I 04 II 04 III 04 IV 04 I 05 II 05
-----------------------------------------------------------------------------------------------------------------------------------------------------------
Gross domestic product (GDP). 1.1 1.5 2.2 2.3 1.6 2.2 2.8 3.3 3.3 2.9 2.1 3.5 3.5 3.0 3.0 3.8 2.7
Previously published....... 1.1 1.4 2.2 2.4 1.7 2.1 2.9 3.3 3.2 2.7 2.2 3.7 3.8 2.3 3.2 4.0 2.1
Personal consumption expenditures... 1.0 1.6 2.5 1.9 1.4 2.0 2.6 3.0 2.7 2.7 3.3 3.4 3.0 2.5 3.3 2.4 2.5
Previously published.............. .9 1.7 2.5 2.1 1.4 2.0 2.6 2.9 2.8 2.6 3.3 3.5 3.8 2.0 3.0 2.5 2.5
Gross private domestic investment... -1.1 -.1 1.1 .9 .4 1.4 3.5 4.6 4.4 2.2 .6 4.1 4.9 4.3 3.8 4.7 4.3
Previously published.............. -1.1 -.1 1.0 1.0 .6 1.5 3.4 4.4 4.2 1.4 .7 4.1 4.7 3.9 3.9 4.7 4.0
Fixed investment.................. -.9 -.1 1.2 .9 .4 1.5 3.5 4.7 4.4 2.2 .8 4.1 4.9 4.4 3.8 4.8 4.5
Previously published............ -.9 .0 1.1 1.0 .6 1.6 3.4 4.5 4.2 1.4 .6 4.1 4.7 3.9 3.9 4.7 4.2
Nonresidential.................. -2.2 -1.4 .0 -.4 -.4 .0 1.6 3.3 3.5 2.6 1.6 1.2 2.8 2.1 2.4 4.5 3.2
Previously published.......... -2.2 -1.3 -.1 -.3 -.2 .1 1.3 2.9 3.3 1.4 1.6 1.1 2.4 1.3 2.5 4.4 2.7
Structures.................... 4.6 3.1 3.9 5.2 4.2 3.6 7.6 13.1 12.9 7.4 3.2 8.6 9.4 11.6 12.9 12.9 11.5
Previously published........ 4.6 3.0 3.9 5.4 4.4 3.5 6.2 11.8 12.3 3.8 3.6 6.8 7.6 10.1 12.0 11.9 10.1
Equipment and software........ -4.4 -2.9 -1.2 -2.4 -2.0 -1.2 -.4 .1 .2 .5 .7 -1.1 .7 -.9 -.9 1.8 .5
Previously published........ -4.5 -2.8 -1.3 -2.3 -1.8 -1.1 -.3 -.1 .1 .3 .6 -.8 .7 -1.7 -.6 1.8 .1
Residential..................... 2.7 3.8 4.4 4.6 2.5 4.8 7.3 7.2 6.1 1.3 -1.6 9.7 8.8 8.5 6.2 5.2 6.8
Previously published.......... 2.7 3.8 4.4 4.6 2.5 4.8 7.3 7.2 5.9 1.5 -2.4 9.8 8.8 8.5 6.2 5.2 6.8
Change in private inventories..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... .....
Net exports of goods and services... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... .....
Exports........................... -2.3 -.6 1.8 -.4 -.4 2.2 3.5 3.6 3.4 3.5 4.9 5.2 5.0 2.0 4.5 4.5 2.9
Previously published............ -2.3 -.6 1.7 -.4 -.4 2.2 3.5 3.6 3.5 3.5 5.3 5.5 4.8 1.9 4.2 4.6 3.5
Goods........................... -3.2 -1.4 1.3 -.6 -.7 2.0 3.6 3.2 3.3 3.6 5.0 5.6 5.7 1.3 4.0 4.2 2.6
Previously published.......... -3.2 -1.4 1.1 -.7 -.7 2.0 3.7 3.1 3.3 3.5 5.3 6.3 5.2 1.0 3.6 4.3 3.0
Services........................ -.1 1.2 3.0 .1 .2 2.6 3.3 4.6 3.7 3.5 4.8 4.2 3.6 3.7 5.6 5.0 3.5
Previously published.......... -.1 1.3 3.1 .4 .4 2.6 3.2 4.9 3.8 3.5 5.4 3.9 3.8 3.8 5.5 5.2 4.6
Imports........................... -5.4 .6 4.3 -2.4 -1.1 3.5 4.8 6.2 4.1 3.7 10.7 9.2 5.7 4.2 10.0 3.4 5.7
Previously published............ -5.4 .6 4.2 -2.5 -1.2 3.5 4.9 6.3 4.3 3.7 10.4 9.2 7.3 5.3 6.9 2.3 9.7
Goods........................... -6.0 .1 4.9 -2.9 -1.8 2.9 4.9 6.5 4.2 3.7 11.4 10.1 5.9 3.9 10.8 3.4 5.8
Previously published.......... -6.0 .1 4.8 -3.0 -1.8 2.9 4.9 6.5 4.2 3.6 11.1 10.0 7.9 5.0 7.0 2.1 10.0
Services........................ -2.0 3.2 1.2 .0 2.2 6.3 4.5 4.6 3.8 3.9 7.2 5.0 4.8 5.9 6.0 3.4 5.3
Previously published.......... -2.2 3.2 1.4 .1 1.7 6.3 4.4 5.7 4.8 3.7 7.1 4.9 4.7 6.7 6.0 3.5 7.9
Government consumption expenditures
and gross investment............... 1.4 3.2 4.0 2.7 2.6 4.2 4.3 5.8 4.8 4.5 4.5 6.7 4.9 5.0 6.0 7.4 4.5
Previously published............. 1.4 2.8 4.1 2.5 2.9 4.1 4.5 5.9 4.7 4.5 4.7 7.2 5.0 4.8 5.7 7.7 4.1
Federal........................... 1.1 2.5 3.3 2.0 3.7 4.2 4.7 4.9 4.1 3.5 3.0 11.6 5.1 2.4 2.8 12.0 2.1
Previously published............ 1.0 2.5 3.2 1.9 3.7 4.2 4.7 4.8 4.1 3.4 3.2 11.6 5.5 2.5 2.6 11.8 1.7
National defense................ 1.1 2.5 3.3 2.0 3.8 4.7 4.7 5.4 4.4 3.7 3.3 10.4 5.2 2.8 3.6 13.0 2.2
Previously published.......... 1.0 2.4 3.2 2.0 3.7 4.7 4.7 5.2 4.5 3.5 3.6 10.6 5.6 2.9 3.1 12.6 1.8
Nondefense...................... 1.3 2.6 3.3 2.0 3.6 3.5 4.9 3.9 3.5 3.1 2.1 14.0 5.0 1.6 1.1 10.0 1.8
Previously published.......... 1.2 2.8 3.2 1.7 3.5 3.4 4.9 4.0 3.4 3.1 2.6 13.8 5.2 1.4 1.7 10.2 1.6
State and local................... 1.5 3.6 4.4 3.1 2.1 4.2 4.0 6.3 5.3 5.1 5.4 4.0 4.8 6.5 7.9 4.8 5.9
Previously published............ 1.7 2.9 4.5 2.9 2.5 4.1 4.3 6.5 5.1 5.1 5.6 4.6 4.7 6.2 7.6 5.3 5.6
Addenda:
Final sales of domestic product... 1.2 1.5 2.2 2.3 1.6 2.2 2.8 3.3 3.3 2.9 2.1 3.5 3.5 3.0 3.0 3.8 2.8
Previously published............ 1.2 1.5 2.2 2.4 1.7 2.1 2.9 3.3 3.2 2.7 2.2 3.7 3.8 2.3 3.2 4.0 2.1
Gross domestic purchases.......... .7 1.6 2.5 1.9 1.4 2.3 3.0 3.7 3.4 2.9 3.2 4.1 3.6 3.2 3.8 3.7 3.2
Previously published............ .6 1.6 2.5 2.0 1.6 2.3 3.1 3.7 3.4 2.8 3.2 4.3 4.2 2.8 3.6 3.7 3.1
Final sales to domestic
purchasers....................... .7 1.6 2.5 1.9 1.4 2.3 3.0 3.7 3.4 2.9 3.2 4.1 3.6 3.2 3.8 3.7 3.2
Previously published........... .7 1.6 2.5 2.0 1.6 2.3 3.1 3.7 3.4 2.8 3.2 4.3 4.2 2.7 3.6 3.7 3.1
Gross national product (GNP)...... 1.1 1.5 2.2 2.3 1.6 2.2 2.8 3.3 3.3 2.9 2.1 3.5 3.5 3.0 3.0 3.8 2.7
Previously published............ 1.1 1.4 2.2 2.4 1.7 2.1 2.9 3.3 3.2 2.7 2.2 3.7 3.8 2.3 3.2 4.0 2.1
Implicit price deflators:
GDP............................. 1.1 1.5 2.2 2.3 1.6 2.2 2.8 3.3 3.3 2.9 2.1 3.5 3.4 2.9 3.0 3.7 2.7
Previously published.......... 1.1 1.4 2.2 2.4 1.7 2.1 2.9 3.3 3.2 2.7 2.2 3.7 3.8 2.3 3.2 4.0 2.1
Gross domestic purchases........ .7 1.6 2.5 1.9 1.5 2.3 3.0 3.7 3.4 2.9 3.2 4.1 3.6 3.2 3.9 3.6 3.2
Previously published.......... .6 1.6 2.5 2.0 1.6 2.3 3.1 3.7 3.4 2.8 3.2 4.3 4.2 2.7 3.7 3.7 3.1
GNP............................. 1.1 1.5 2.2 2.3 1.6 2.2 2.8 3.3 3.3 2.9 2.1 3.5 3.4 2.9 3.0 3.7 2.8
Previously published.......... 1.1 1.4 2.2 2.4 1.7 2.1 2.9 3.3 3.2 2.7 2.2 3.7 3.8 2.3 3.2 4.0 2.1
-----------------------------------------------------------------------------------------------------------------------------------------------------------
Note. Comparisons of the revised estimates for components of personal
consumption expenditures (PCE) with the previously published estimates
are not shown because the composition of these components changed as
part of the new classification system that was adopted for PCE. See text.
See "Explanatory Note" at the end of the tables.
Table 4A. Price Indexes for Gross Domestic Product and Related Measures: Percent Change From Preceding Period--Table Ends
[Quarters seasonally adjusted at annual rates]
---------------------------------------------------------------------------------------------------------------------------------------------
III 05 IV 05 I 06 II 06 III 06 IV 06 I 07 II 07 III 07 IV 07 I 08 II 08 III 08 IV 08 I 09
---------------------------------------------------------------------------------------------------------------------------------------------
Gross domestic product (GDP). 4.2 3.4 3.0 3.6 3.1 1.8 4.2 2.7 1.6 2.3 1.9 1.8 4.0 .1 1.9
Previously published....... 4.1 3.7 3.5 2.7 2.8 2.2 4.1 2.0 1.5 2.8 2.6 1.1 3.9 .5 2.8
Personal consumption expenditures... 4.6 3.6 1.7 3.0 3.0 -.1 3.7 3.2 2.3 5.1 3.7 3.9 4.7 -5.0 -1.5
Previously published.............. 4.7 3.3 1.8 3.3 3.1 -.5 3.4 3.6 2.5 4.3 3.6 4.3 5.0 -4.9 -.9
Gross private domestic investment... 5.4 5.7 4.7 3.5 2.5 3.8 2.8 .6 .8 1.0 -1.6 .6 2.3 5.3 -1.8
Previously published.............. 5.0 5.4 5.2 3.5 1.6 3.3 1.6 -.3 -.3 1.3 -.5 .4 2.0 4.4 -2.2
Fixed investment.................. 5.6 5.7 4.7 3.5 2.4 3.7 2.7 .8 .8 1.1 -.7 1.1 2.5 1.3 -2.0
Previously published............ 5.3 5.7 5.0 3.4 1.5 3.2 1.6 -.2 -.4 1.2 -.2 .8 2.3 1.2 -2.3
Nonresidential.................. 2.7 4.7 3.5 3.3 3.0 3.9 3.2 1.6 .9 1.3 -.3 2.1 4.4 4.4 -1.3
Previously published.......... 2.0 4.4 4.3 3.3 1.7 2.9 1.3 .3 -.6 1.7 .6 2.3 4.2 4.6 -1.5
Structures.................... 16.4 18.5 11.8 11.4 8.0 11.5 9.2 3.7 3.3 3.4 .6 2.7 6.7 7.9 -3.5
Previously published........ 14.8 17.0 14.1 12.0 4.6 6.7 3.4 .7 .5 4.5 2.7 3.3 7.1 7.4 -4.4
Equipment and software........ -1.7 .1 .6 .3 1.0 .7 .6 .6 -.2 .2 -.7 1.7 3.1 2.5 .1
Previously published........ -2.3 .2 .7 -.1 .5 1.2 .4 .1 -1.2 .4 -.4 1.7 2.6 3.0 .2
Residential..................... 10.9 7.7 7.1 4.1 1.3 3.4 1.5 -1.1 .6 .9 -1.5 -1.6 -3.8 -9.5 -4.9
Previously published.......... 11.0 7.8 6.4 3.7 1.2 3.9 2.2 -1.3 .3 .0 -2.6 -3.5 -3.3 -9.4 -4.9
Change in private inventories..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... .....
Net exports of goods and services... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... .....
Exports........................... 2.9 3.1 2.9 5.2 5.0 .2 3.6 4.5 3.3 6.7 7.6 10.2 6.3 -21.4 -12.6
Previously published............ 2.5 3.2 2.9 5.8 4.7 -.8 3.6 5.3 3.5 6.2 9.1 10.8 6.7 -23.0 -10.8
Goods........................... 1.7 2.7 2.7 5.5 5.5 .9 3.1 4.2 3.0 6.8 8.3 12.1 5.6 -25.4 -14.8
Previously published.......... 1.3 2.2 3.0 6.2 5.2 .0 3.3 5.1 2.8 6.0 10.0 12.3 5.6 -26.0 -11.6
Services........................ 5.8 3.8 3.4 4.4 3.9 -1.6 4.5 5.1 4.2 6.5 6.0 6.0 7.8 -11.9 -8.1
Previously published.......... 5.3 5.5 2.7 4.9 3.7 -2.6 4.3 5.9 5.2 6.6 6.9 7.5 9.3 -16.1 -9.3
Imports........................... 8.5 8.1 1.6 4.2 3.1 -4.6 3.2 6.3 6.2 20.5 15.5 21.4 7.1 -34.3 -28.3
Previously published............ 10.3 4.5 -1.1 10.3 5.0 -9.1 .9 12.8 7.4 12.8 12.8 28.8 9.2 -37.3 -29.6
Goods........................... 9.1 9.7 .8 4.0 3.2 -5.4 3.4 6.2 6.1 22.9 17.2 22.4 7.1 -37.0 -31.6
Previously published.......... 10.8 5.0 -2.0 10.4 5.4 -10.1 .8 13.0 7.7 14.5 13.8 31.2 9.8 -41.3 -32.9
Services........................ 5.4 -.4 6.2 5.5 2.7 -.2 2.3 7.2 6.6 8.7 7.0 16.9 7.5 -19.1 -12.1
Previously published.......... 7.8 2.0 4.1 9.9 3.2 -3.8 1.1 11.7 6.1 4.5 7.8 16.8 6.2 -13.3 -13.4
Government consumption expenditures
and gross investment............... 5.9 4.9 5.3 5.6 3.1 2.4 7.1 4.7 2.7 5.5 6.3 6.3 4.2 -5.8 -1.1
Previously published............. 7.0 4.8 4.9 4.9 3.3 2.3 6.4 5.2 3.4 5.1 6.2 7.0 4.4 -5.8 -.4
Federal........................... 3.0 1.2 9.8 4.3 1.2 .5 8.6 3.5 .6 2.5 5.6 4.4 1.9 -4.1 1.7
Previously published............ 3.1 .8 10.2 4.1 1.2 .9 7.6 3.7 .9 2.3 5.6 5.1 2.7 -3.4 2.7
National defense................ 3.0 1.6 10.5 4.6 1.5 .3 8.3 4.1 1.2 3.3 5.5 5.7 2.4 -6.0 .9
Previously published.......... 3.2 1.3 10.9 4.4 1.5 .7 7.0 4.3 1.6 3.1 5.1 6.3 3.1 -4.5 2.7
Nondefense...................... 3.1 .4 8.4 3.7 .7 .9 9.0 2.3 -.7 .9 6.0 1.7 .8 .2 3.3
Previously published.......... 3.0 -.1 8.9 3.5 .5 1.2 8.8 2.6 -.5 .5 6.8 2.8 1.9 -.9 2.6
State and local................... 7.7 7.1 2.8 6.4 4.2 3.4 6.3 5.3 3.9 7.3 6.6 7.4 5.6 -6.9 -2.8
Previously published............ 9.4 7.3 2.0 5.4 4.6 3.2 5.7 6.1 4.9 6.8 6.6 8.1 5.5 -7.3 -2.3
Addenda:
Final sales of domestic product... 4.2 3.4 3.0 3.6 3.1 1.8 4.2 2.7 1.6 2.3 2.0 1.9 4.0 -.5 1.8
Previously published............ 4.1 3.8 3.5 2.7 2.7 2.2 4.1 2.0 1.5 2.8 2.7 1.2 4.0 .1 2.8
Gross domestic purchases.......... 5.0 4.1 2.8 3.6 2.9 1.0 4.2 3.1 2.2 4.6 3.4 3.9 4.3 -3.8 -1.4
Previously published............ 5.2 3.9 2.9 3.6 2.9 .6 3.6 3.3 2.2 4.0 3.5 4.2 4.5 -3.9 -1.0
Final sales to domestic
purchasers....................... 5.0 4.1 2.8 3.6 2.9 1.0 4.2 3.1 2.2 4.6 3.5 4.0 4.3 -4.3 -1.5
Previously published........... 5.2 4.0 2.8 3.6 2.9 .6 3.7 3.3 2.2 4.0 3.5 4.3 4.5 -4.3 -1.0
Gross national product (GNP)...... 4.2 3.4 3.0 3.6 3.1 1.8 4.3 2.7 1.6 2.3 1.9 1.8 4.0 .0 1.8
Previously published............ 4.1 3.7 3.5 2.7 2.8 2.2 4.1 2.0 1.5 2.8 2.6 1.1 3.9 .6 2.8
Implicit price deflators:
GDP............................. 4.2 3.4 3.0 3.6 3.1 1.8 4.3 2.7 1.7 2.4 1.7 2.0 4.1 .0 1.9
Previously published.......... 4.1 3.8 3.6 2.7 2.7 2.2 4.2 2.0 1.5 2.5 2.6 1.3 3.9 .6 2.8
Gross domestic purchases........ 5.0 4.2 2.8 3.5 2.9 .9 4.2 3.0 2.2 4.6 3.2 4.1 4.4 -3.9 -1.4
Previously published.......... 5.2 4.0 2.9 3.6 2.9 .6 3.7 3.3 2.2 3.7 3.4 4.4 4.4 -3.8 -1.0
GNP............................. 4.2 3.4 3.0 3.6 3.1 1.8 4.3 2.7 1.7 2.4 1.8 2.0 4.2 -.1 1.9
Previously published.......... 4.1 3.8 3.6 2.7 2.8 2.1 4.2 2.0 1.5 2.5 2.5 1.3 3.9 .6 2.7
---------------------------------------------------------------------------------------------------------------------------------------------
Note. Comparisons of the revised estimates for components of personal
consumption expenditures (PCE) with the previously published estimates
are not shown because the composition of these components changed as
part of the new classification system that was adopted for PCE. See text.
See "Explanatory Note" at the end of the tables.
Table 5. Real Gross Domestic Product, Quantity Indexes--Continues
[Index numbers, 2005=100]
-----------------------------------------------------------------------------------------------------------------------------------
1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008
-----------------------------------------------------------------------------------------------------------------------------------
Gross domestic product............. 81.367 85.295 88.825 89.783 91.412 93.688 97.036 100.000 102.673 104.872 105.331
Personal consumption expenditures.......... 77.849 82.106 86.270 88.603 90.962 93.520 96.754 100.000 102.886 105.612 105.351
Goods.................................... 72.175 77.924 82.034 84.611 88.050 92.060 96.141 100.000 103.251 106.499 104.296
Durable goods.......................... 60.352 68.185 74.167 78.193 84.130 89.203 95.073 100.000 104.064 108.543 103.692
Nondurable goods....................... 80.285 84.375 87.111 88.681 90.440 93.763 96.756 100.000 102.805 105.405 104.513
Services................................. 81.145 84.469 88.654 90.837 92.568 94.314 97.084 100.000 102.692 105.147 105.883
Gross private domestic investment.......... 78.034 84.903 90.704 84.333 83.185 86.162 94.753 100.000 102.678 98.801 91.585
Fixed investment......................... 76.822 83.969 90.178 88.470 84.726 87.464 93.884 100.000 102.309 100.189 95.106
Nonresidential......................... 80.707 89.129 97.864 95.137 87.593 88.398 93.743 100.000 107.913 114.617 116.502
Structures........................... 115.911 116.049 125.101 123.191 101.377 97.514 98.571 100.000 109.180 125.495 138.392
Equipment and software............... 71.358 81.451 89.976 87.073 83.397 85.516 92.141 100.000 107.434 110.184 107.332
Residential............................ 69.737 74.098 74.839 75.263 79.210 85.724 94.136 100.000 92.679 75.490 58.213
Change in private inventories............ ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... .....
Exports of goods and services.............. 80.343 83.849 91.054 85.946 84.224 85.574 93.698 100.000 108.962 118.472 124.842
Imports of goods and services.............. 64.165 71.550 80.871 78.596 81.270 84.857 94.231 100.000 106.086 108.188 104.721
Government consumption expenditures and
gross investment.......................... 83.759 86.761 88.519 91.917 96.192 98.336 99.668 100.000 101.359 103.090 106.252
Federal.................................. 77.758 79.270 79.661 82.901 88.953 94.839 98.710 100.000 102.127 103.434 111.362
State and local.......................... 87.291 91.179 93.744 97.236 100.473 100.408 100.234 100.000 100.910 102.886 103.355
Addenda:
Final sales of domestic product.......... 81.162 85.123 88.713 90.494 91.699 93.934 96.900 100.000 102.611 105.131 105.980
Gross domestic purchases................. 78.885 83.385 87.428 88.508 90.619 93.175 96.942 100.000 102.579 104.046 103.294
Final sales to domestic purchasers....... 78.682 83.216 87.318 89.180 90.889 93.406 96.812 100.000 102.520 104.288 103.896
Gross national product................... 80.907 84.897 88.483 89.550 91.138 93.551 97.039 100.000 102.438 104.925 105.552
-----------------------------------------------------------------------------------------------------------------------------------
See "Explanatory Note" at the end of the tables.
Table 5. Real Gross Domestic Product, Quantity Indexes--Continues
[Index numbers, 2005=100; quarters seasonally adjusted]
-------------------------------------------------------------------------------------------------------------------------------------------
I 04 II 04 III 04 IV 04 I 05 II 05 III 05 IV 05 I 06 II 06 III 06 IV 06
-------------------------------------------------------------------------------------------------------------------------------------------
Gross domestic product............. 95.959 96.641 97.351 98.195 99.175 99.598 100.354 100.873 102.196 102.564 102.592 103.341
Personal consumption expenditures.......... 95.676 96.193 97.016 98.132 98.866 99.818 100.528 100.788 101.901 102.450 103.081 104.112
Goods.................................... 94.975 95.375 96.502 97.711 98.657 100.038 100.797 100.508 102.335 102.501 103.334 104.835
Durable goods.......................... 93.265 93.919 95.768 97.340 97.992 100.733 101.917 99.359 103.327 103.064 104.216 105.647
Nondurable goods....................... 95.962 96.217 96.921 97.925 99.045 99.650 100.174 101.132 101.793 102.191 102.851 104.383
Services................................. 96.052 96.633 97.294 98.359 98.978 99.700 100.384 100.937 101.670 102.421 102.945 103.731
Gross private domestic investment.......... 90.691 94.630 95.857 97.833 99.911 98.124 99.205 102.761 104.258 104.098 102.643 99.712
Fixed investment......................... 90.404 93.189 95.166 96.779 97.968 99.704 100.975 101.352 103.670 103.186 101.880 100.499
Nonresidential......................... 90.124 92.555 95.095 97.197 98.086 99.516 100.919 101.479 105.759 107.643 108.811 109.440
Structures........................... 97.210 98.337 99.325 99.414 101.195 100.812 98.696 99.297 103.696 109.068 111.771 112.185
Equipment and software............... 87.831 90.653 93.669 96.410 96.994 99.041 101.697 102.268 106.542 107.101 107.681 108.414
Residential............................ 90.904 94.324 95.284 96.032 97.773 100.049 101.073 101.105 100.031 95.502 89.988 85.194
Change in private inventories............ ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... .....
Exports of goods and services.............. 91.743 93.175 93.869 96.006 97.788 99.880 99.908 102.424 106.415 108.200 108.353 112.882
Imports of goods and services.............. 90.235 93.849 95.213 97.626 98.187 99.266 99.874 102.673 104.613 105.774 107.040 106.917
Government consumption expenditures and
gross investment.......................... 99.366 99.730 100.094 99.482 99.577 99.685 100.590 100.147 101.147 101.232 101.386 101.670
Federal.................................. 97.749 98.304 100.010 98.778 99.190 99.286 101.608 99.915 102.763 101.887 101.792 102.066
State and local.......................... 100.325 100.575 100.140 99.895 99.806 99.922 99.995 100.277 100.205 100.851 101.149 101.437
Addenda:
Final sales of domestic product.......... 95.931 96.408 97.241 98.020 98.847 99.870 100.657 100.626 102.088 102.403 102.462 103.490
Gross domestic purchases................. 95.518 96.559 97.368 98.321 99.161 99.519 100.324 100.996 102.153 102.503 102.707 102.953
Final sales to domestic purchasers....... 95.491 96.338 97.264 98.156 98.849 99.776 100.611 100.764 102.051 102.351 102.585 103.092
Gross national product................... 96.138 96.604 97.393 98.023 99.270 99.599 100.424 100.707 102.032 102.354 102.274 103.094
-------------------------------------------------------------------------------------------------------------------------------------------
See "Explanatory Note" at the end of the tables.
Table 5. Real Gross Domestic Product, Quantity Indexes--Table Ends
[Index numbers, 2005=100; quarters seasonally adjusted]
---------------------------------------------------------------------------------------------------------------------------
I 07 II 07 III 07 IV 07 I 08 II 08 III 08 IV 08 I 09 II 09
---------------------------------------------------------------------------------------------------------------------------
Gross domestic product............. 103.652 104.475 105.402 105.957 105.764 106.147 105.430 103.984 102.271 102.010
Personal consumption expenditures.......... 105.059 105.358 105.858 106.175 106.016 106.032 105.088 104.267 104.425 104.099
Goods.................................... 105.854 105.904 106.724 107.513 106.121 105.983 103.895 101.186 101.817 100.780
Durable goods.......................... 107.074 107.634 109.001 110.464 107.931 106.354 103.083 97.401 98.345 96.560
Nondurable goods....................... 105.177 104.961 105.507 105.973 105.165 105.738 104.219 102.929 103.405 102.740
Services................................. 104.641 105.068 105.403 105.477 105.953 106.047 105.697 105.837 105.761 105.783
Gross private domestic investment.......... 98.176 99.539 99.736 97.753 95.887 93.292 91.643 85.519 71.746 67.760
Fixed investment......................... 99.838 100.726 100.626 99.564 97.969 97.291 95.199 89.964 79.514 76.687
Nonresidential......................... 110.561 113.579 116.219 118.109 118.674 119.083 117.210 111.040 98.061 95.791
Structures........................... 116.327 122.437 129.869 133.348 135.559 140.215 140.191 137.603 119.243 116.495
Equipment and software............... 108.285 110.007 110.615 111.829 111.685 110.258 107.577 99.808 89.143 87.076
Residential............................ 81.521 78.764 73.932 67.745 62.355 59.738 57.208 53.549 47.478 43.541
Change in private inventories............ ..... ..... ..... ..... ..... ..... ..... ..... ..... .....
Exports of goods and services.............. 113.856 115.302 120.293 124.436 124.395 127.997 126.828 120.149 109.922 107.954
Imports of goods and services.............. 108.041 107.907 108.904 107.901 107.225 105.853 105.259 100.547 89.804 86.210
Government consumption expenditures and
gross investment.......................... 101.671 102.764 103.757 104.169 104.845 105.782 107.036 107.346 106.639 108.110
Federal.................................. 100.738 102.558 104.871 105.570 107.654 109.698 113.152 114.946 113.693 116.672
State and local.......................... 102.203 102.875 103.110 103.356 103.234 103.549 103.576 103.061 102.660 103.281
Addenda:
Final sales of domestic product.......... 103.956 104.696 105.576 106.297 106.157 106.872 106.084 104.806 103.713 103.662
Gross domestic purchases................. 103.322 103.941 104.480 104.439 104.156 103.925 103.276 101.818 99.566 98.984
Final sales to domestic purchasers....... 103.608 104.147 104.641 104.754 104.521 104.598 103.883 102.583 100.913 100.529
Gross national product................... 103.337 104.243 105.622 106.500 106.202 106.267 105.773 103.965 102.219 .....
---------------------------------------------------------------------------------------------------------------------------
See "Explanatory Note" at the end of the tables.
Table 6. Price Indexes for Gross Domestic Product--Continues
[Index numbers, 2005=100]
-----------------------------------------------------------------------------------------------------------------------------------
1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008
-----------------------------------------------------------------------------------------------------------------------------------
Gross domestic product............. 85.507 86.766 88.648 90.654 92.113 94.099 96.769 100.000 103.263 106.221 108.481
Personal consumption expenditures
(PCE)..................................... 86.207 87.596 89.777 91.488 92.736 94.622 97.098 100.000 102.746 105.502 109.031
Goods.................................... 95.106 95.603 97.520 97.429 96.430 96.380 97.867 100.000 101.508 102.789 106.150
Durable goods.......................... 116.909 113.741 111.693 109.479 106.672 102.907 101.005 100.000 98.488 96.714 95.537
Nondurable goods....................... 84.160 86.259 90.006 90.952 90.878 92.791 96.120 100.000 103.215 106.250 112.188
Services................................. 81.695 83.515 85.824 88.428 90.807 93.692 96.687 100.000 103.411 106.964 110.582
Gross private domestic investment.......... 89.109 88.989 89.954 90.748 91.118 92.411 95.632 100.000 104.371 106.677 107.355
Fixed investment......................... 88.756 88.700 89.751 90.553 90.924 92.301 95.541 100.000 104.419 106.718 107.551
Nonresidential......................... 97.587 96.173 96.219 95.788 95.363 95.355 96.834 100.000 103.534 106.209 107.897
Structures........................... 67.480 69.559 72.298 76.087 79.292 82.174 88.441 100.000 112.922 121.275 125.207
Equipment and software............... 110.641 107.406 106.114 103.603 101.494 100.287 99.897 100.000 100.194 100.715 101.455
Residential............................ 71.412 74.151 77.415 80.994 83.002 86.953 93.296 100.000 106.081 107.513 105.779
Change in private inventories............ ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... .....
Exports of goods and services.............. 90.972 90.408 91.999 91.627 91.253 93.216 96.517 100.000 103.447 107.103 112.389
Imports of goods and services.............. 85.748 86.250 89.963 87.762 86.784 89.796 94.144 100.000 104.144 108.017 119.559
Government consumption expenditures and
gross investment.......................... 76.879 79.337 82.513 84.764 87.003 90.650 94.531 100.000 104.842 109.552 114.502
Federal.................................. 77.931 79.886 82.524 84.201 87.318 91.024 95.335 100.000 104.107 107.754 110.938
State and local.......................... 76.320 79.036 82.482 85.019 86.810 90.425 94.062 100.000 105.276 110.615 116.642
Addenda:
PCE excluding food and energy\1\......... 88.242 89.555 91.111 92.739 94.345 95.784 97.788 100.000 102.292 104.699 107.207
Market-based PCE\2\...................... 87.074 88.306 90.421 92.139 93.157 94.983 97.246 100.000 102.762 105.334 108.954
Market-based PCE excluding food
and energy\2\........................... 89.611 90.722 92.092 93.715 95.110 96.403 98.078 100.000 102.234 104.368 106.811
Final sales of domestic product.......... 85.443 86.720 88.623 90.631 92.089 94.089 96.759 100.000 103.266 106.226 108.507
Gross domestic purchases................. 84.962 86.304 88.463 90.123 91.422 93.550 96.400 100.000 103.380 106.408 109.765
Final sales to domestic purchasers....... 84.896 86.257 88.436 90.098 91.396 93.537 96.389 100.000 103.384 106.412 109.792
Gross national product................... 85.505 86.764 88.646 90.652 92.108 94.095 96.765 100.000 103.265 106.223 108.484
Implicit price deflators:
Gross domestic product................. 85.511 86.768 88.647 90.650 92.118 94.100 96.770 100.000 103.257 106.214 108.483
Final sales of domestic product........ 85.443 86.720 88.623 90.631 92.089 94.089 96.759 100.000 103.266 106.226 108.507
Gross domestic purchases............... 84.966 86.307 88.461 90.119 91.426 93.550 96.402 100.000 103.375 106.400 109.767
Final sales to domestic purchasers..... 84.896 86.257 88.436 90.098 91.396 93.537 96.389 100.000 103.384 106.412 109.792
Gross national product................. 85.509 86.766 88.645 90.648 92.113 94.096 96.767 100.000 103.260 106.215 108.486
-----------------------------------------------------------------------------------------------------------------------------------
1. Food excludes personal consumption expenditures for purchased
meals and beverages, which are classified in food services.
2. 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, financial services
furnished without payment) and the expenses of nonprofit institutions
serving households. Percent 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 6. Price Indexes for Gross Domestic Product--Continues
[Index numbers, 2005=100; quarters seasonally adjusted]
-------------------------------------------------------------------------------------------------------------------------------------------
I 04 II 04 III 04 IV 04 I 05 II 05 III 05 IV 05 I 06 II 06 III 06 IV 06
-------------------------------------------------------------------------------------------------------------------------------------------
Gross domestic product............. 95.624 96.441 97.146 97.864 98.774 99.445 100.470 101.312 102.071 102.980 103.763 104.237
Personal consumption expenditures
(PCE)..................................... 96.068 96.779 97.376 98.167 98.754 99.374 100.495 101.377 101.803 102.567 103.316 103.298
Goods.................................... 97.110 97.654 97.751 98.953 98.847 99.103 100.846 101.203 101.116 101.765 102.329 100.822
Durable goods.......................... 101.419 101.344 100.598 100.657 100.548 100.385 99.623 99.444 99.141 98.742 98.281 97.789
Nondurable goods....................... 94.724 95.601 96.160 97.994 97.886 98.375 101.542 102.197 102.229 103.472 104.621 102.539
Services................................. 95.513 96.314 97.175 97.748 98.704 99.520 100.306 101.470 102.171 102.998 103.844 104.630
Gross private domestic investment.......... 94.059 95.181 96.194 97.092 98.208 99.258 100.570 101.964 103.139 104.026 104.666 105.653
Fixed investment......................... 93.957 95.088 96.113 97.006 98.146 99.237 100.605 102.012 103.195 104.089 104.713 105.677
Nonresidential......................... 95.927 96.603 97.111 97.696 98.780 99.572 100.248 101.401 102.279 103.112 103.878 104.868
Structures........................... 85.083 87.025 89.449 92.209 95.042 97.673 101.447 105.838 108.823 111.791 113.962 117.111
Equipment and software............... 99.926 100.106 99.887 99.669 100.114 100.234 99.812 99.840 99.977 100.042 100.285 100.472
Residential............................ 90.544 92.463 94.377 95.802 97.026 98.640 101.224 103.110 104.890 105.940 106.295 107.199
Change in private inventories............ ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... .....
Exports of goods and services.............. 95.130 96.300 96.781 97.857 98.929 99.627 100.342 101.102 101.828 103.125 104.395 104.438
Imports of goods and services.............. 92.123 93.415 94.385 96.654 97.470 98.831 100.863 102.836 103.243 104.322 105.121 103.889
Government consumption expenditures and
gross investment.......................... 92.767 93.889 95.041 96.425 98.167 99.248 100.686 101.898 103.232 104.644 105.437 106.055
Federal.................................. 93.996 95.180 95.755 96.408 99.173 99.680 100.420 100.728 103.101 104.187 104.502 104.637
State and local.......................... 92.053 93.139 94.624 96.432 97.578 98.993 100.842 102.588 103.307 104.916 105.990 106.892
Addenda:
PCE excluding food and energy\1\......... 96.957 97.592 98.078 98.527 99.229 99.768 100.172 100.831 101.325 102.057 102.630 103.154
Market-based PCE\2\...................... 96.321 96.941 97.439 98.285 98.773 99.329 100.505 101.393 101.845 102.612 103.387 103.202
Market-based PCE excluding food
and energy\2\........................... 97.403 97.918 98.268 98.724 99.330 99.779 100.131 100.760 101.295 102.024 102.599 103.018
Final sales of domestic product.......... 95.614 96.431 97.137 97.854 98.766 99.442 100.475 101.318 102.075 102.985 103.767 104.237
Gross domestic purchases................. 95.151 96.002 96.766 97.681 98.561 99.333 100.541 101.565 102.275 103.173 103.910 104.162
Final sales to domestic purchasers....... 95.140 95.991 96.756 97.671 98.552 99.330 100.546 101.571 102.280 103.179 103.914 104.161
Gross national product................... 95.621 96.438 97.142 97.861 98.771 99.442 100.471 101.316 102.075 102.983 103.766 104.237
Implicit price deflators:
Gross domestic product................. 95.626 96.435 97.131 97.862 98.766 99.438 100.461 101.309 102.071 102.973 103.756 104.218
Final sales of domestic product........ 95.608 96.425 97.130 97.847 98.758 99.434 100.469 101.312 102.071 102.982 103.764 104.233
Gross domestic purchases............... 95.151 95.993 96.748 97.675 98.550 99.324 100.531 101.562 102.275 103.167 103.904 104.145
Final sales to domestic purchasers..... 95.131 95.981 96.746 97.660 98.542 99.321 100.538 101.565 102.276 103.177 103.913 104.159
Gross national product................. 95.623 96.433 97.128 97.860 98.764 99.437 100.463 101.314 102.076 102.976 103.760 104.217
-------------------------------------------------------------------------------------------------------------------------------------------
1. Food excludes personal consumption expenditures for purchased
meals and beverages, which are classified in food services.
2. 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, financial services
furnished without payment) and the expenses of nonprofit institutions
serving households. Percent 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 6. Price Indexes for Gross Domestic Product--Table Ends
[Index numbers, 2005=100; quarters seasonally adjusted]
---------------------------------------------------------------------------------------------------------------------------
I 07 II 07 III 07 IV 07 I 08 II 08 III 08 IV 08 I 09 II 09
---------------------------------------------------------------------------------------------------------------------------
Gross domestic product............. 105.327 106.026 106.460 107.072 107.577 108.061 109.130 109.155 109.661 109.726
Personal consumption expenditures
(PCE)..................................... 104.250 105.074 105.681 107.005 107.974 109.021 110.273 108.855 108.449 108.804
Goods.................................... 101.612 102.548 102.627 104.370 105.689 106.678 108.451 103.784 102.186 102.853
Durable goods.......................... 97.395 97.052 96.375 96.034 96.037 95.832 95.537 94.743 94.326 94.399
Nondurable goods....................... 104.010 105.678 106.187 109.126 111.185 112.838 115.759 108.971 106.739 107.723
Services................................. 105.668 106.433 107.327 108.427 109.213 110.296 111.275 111.542 111.749 111.943
Gross private domestic investment.......... 106.375 106.547 106.761 107.024 106.586 106.745 107.350 108.738 108.245 107.566
Fixed investment......................... 106.380 106.591 106.803 107.096 106.909 107.210 107.866 108.217 107.668 106.987
Nonresidential......................... 105.686 106.104 106.354 106.693 106.617 107.161 108.314 109.498 109.154 108.121
Structures........................... 119.716 120.794 121.786 122.804 122.976 123.800 125.814 128.238 127.092 124.100
Equipment and software............... 100.611 100.766 100.712 100.769 100.590 101.019 101.797 102.415 102.450 102.325
Residential............................ 107.604 107.307 107.455 107.686 107.271 106.838 105.807 103.198 101.915 102.539
Change in private inventories............ ..... ..... ..... ..... ..... ..... ..... ..... ..... .....
Exports of goods and services.............. 105.355 106.516 107.396 109.144 111.156 113.890 115.638 108.871 105.265 105.368
Imports of goods and services.............. 104.711 106.332 107.937 113.088 117.234 123.069 125.203 112.730 103.746 104.845
Government consumption expenditures and
gross investment.......................... 107.888 109.129 109.854 111.336 113.038 114.772 115.963 114.233 113.924 114.093
Federal.................................. 106.808 107.737 107.896 108.577 110.077 111.265 111.784 110.628 111.084 111.256
State and local.......................... 108.527 109.949 111.009 112.975 114.803 116.877 118.493 116.396 115.587 115.755
Addenda:
PCE excluding food and energy\1\......... 103.862 104.318 104.904 105.714 106.333 106.976 107.652 107.866 108.173 108.702
Market-based PCE\2\...................... 104.131 104.977 105.448 106.781 107.843 108.912 110.280 108.781 108.452 108.860
Market-based PCE excluding food
and energy\2\........................... 103.659 104.078 104.502 105.235 105.904 106.504 107.219 107.616 108.133 108.754
Final sales of domestic product.......... 105.325 106.032 106.465 107.080 107.623 108.127 109.202 109.078 109.566 109.623
Gross domestic purchases................. 105.229 106.024 106.592 107.786 108.678 109.722 110.871 109.790 109.395 109.596
Final sales to domestic purchasers....... 105.228 106.030 106.598 107.795 108.723 109.785 110.940 109.718 109.311 109.502
Gross national product................... 105.329 106.028 106.460 107.075 107.581 108.067 109.138 109.149 109.647 .....
Implicit price deflators:
Gross domestic product................. 105.310 106.008 106.447 107.069 107.534 108.069 109.172 109.172 109.691 109.753
Final sales of domestic product........ 105.319 106.026 106.460 107.077 107.622 108.129 109.206 109.083 109.571 109.628
Gross domestic purchases............... 105.215 106.008 106.581 107.783 108.637 109.729 110.910 109.805 109.422 109.619
Final sales to domestic purchasers..... 105.224 106.025 106.594 107.792 108.723 109.787 110.942 109.721 109.314 109.505
Gross national product................. 105.311 106.007 106.444 107.070 107.538 108.076 109.181 109.167 109.678 .....
---------------------------------------------------------------------------------------------------------------------------
1. Food excludes personal consumption expenditures for purchased
meals and beverages, which are classified in food services.
2. 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, financial services
furnished without payment) and the expenses of nonprofit institutions
serving households. Percent 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--Continues
-------------------------------------------------------------------------------------------------------------------------------------------------------
1960 1961 1962 1963 1964 1965 1966 1967 1968 1969 1970 1971 1972 1973 1974 1975
-------------------------------------------------------------------------------------------------------------------------------------------------------
Gross domestic product (GDP).... 2.5 2.3 6.1 4.4 5.8 6.4 6.5 2.5 4.8 3.1 .2 3.4 5.3 5.8 -.6 -.2
Personal consumption expenditures...... 2.7 2.1 4.9 4.1 6.0 6.3 5.7 3.0 5.8 3.7 2.3 3.8 6.2 5.0 -.8 2.3
Goods................................ 1.8 .6 5.1 4.0 6.0 7.1 6.3 2.0 6.2 3.1 .8 4.2 6.5 5.2 -3.6 .7
Durable goods...................... 2.0 -3.4 11.4 9.2 9.3 12.4 8.3 1.5 11.1 3.7 -2.6 10.0 12.4 10.5 -6.4 .2
Nondurable goods................... 1.7 2.0 3.1 2.2 4.7 5.0 5.6 2.1 4.2 2.8 2.2 1.9 4.0 2.9 -2.4 .9
Services............................. 3.9 3.7 4.7 4.2 6.0 5.5 5.0 4.1 5.3 4.5 3.9 3.5 5.8 4.7 1.9 3.8
Gross private domestic investment...... .0 -.7 12.7 6.7 8.2 14.0 8.8 -4.6 5.8 5.8 -6.6 11.4 11.8 11.7 -7.4 -17.7
Fixed investment..................... .9 -.3 9.0 7.7 9.7 10.2 5.7 -1.8 7.0 6.2 -2.1 7.6 12.0 9.1 -6.3 -10.7
Nonresidential..................... 5.7 -.6 8.7 5.6 11.9 17.4 12.5 -1.3 4.5 7.6 -.5 .0 9.2 14.6 .8 -9.9
Structures....................... 8.0 1.4 4.6 1.2 10.4 15.9 6.8 -2.5 1.4 5.4 .3 -1.6 3.1 8.2 -2.2 -10.5
Equipment and software........... 4.2 -1.9 11.6 8.4 12.8 18.3 16.0 -.7 6.2 8.8 -1.0 1.0 12.9 18.3 2.6 -9.5
Residential........................ -7.1 .3 9.6 11.8 5.8 -2.9 -8.9 -3.1 13.6 3.0 -6.0 27.4 17.8 -.6 -20.6 -13.0
Change in private inventories........ ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... .....
Net exports of goods and services...... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... .....
Exports.............................. 17.4 .5 5.0 7.2 11.8 2.8 6.9 2.3 7.9 4.8 10.7 1.7 7.5 18.9 7.9 -.6
Goods.............................. 23.4 .5 4.4 7.9 13.7 .5 6.9 .5 7.9 5.2 11.4 -.4 10.8 23.0 7.9 -2.3
Services........................... 1.6 .6 6.9 5.1 6.0 10.2 6.9 7.9 7.7 3.7 8.9 7.7 -.6 7.1 7.8 6.1
Imports.............................. 1.3 -.7 11.4 2.7 5.3 10.6 14.9 7.3 14.9 5.7 4.3 5.3 11.3 4.6 -2.3 -11.1
Goods.............................. -1.7 -.1 14.8 4.0 6.6 14.1 15.8 5.3 20.6 5.5 3.9 8.4 13.6 7.1 -2.8 -12.6
Services........................... 7.8 -1.7 4.7 -.1 2.6 2.9 12.7 12.2 1.8 6.3 5.2 -2.8 4.2 -3.4 -.1 -4.3
Government consumption expenditures
and gross investment.................. .2 5.0 6.2 2.6 2.2 3.0 8.8 7.7 3.1 -.2 -2.4 -2.2 -.7 -.4 2.5 2.3
Federal.............................. -2.7 4.2 8.5 .1 -1.3 .0 11.1 10.0 .8 -3.4 -7.4 -7.7 -4.1 -4.2 .9 .3
National defense................... -1.6 4.4 6.0 -2.4 -4.0 -2.1 14.3 13.1 1.6 -4.9 -9.1 -11.3 -7.8 -5.5 -.8 -.9
Nondefense......................... -7.9 3.0 20.7 10.7 8.7 6.8 1.0 -.9 -2.4 2.7 -1.1 4.7 7.1 -.6 5.2 3.4
State and local...................... 4.4 6.2 3.1 6.0 6.8 6.7 6.3 5.1 5.9 3.4 2.8 3.1 2.2 2.9 3.8 3.7
Addenda:
Final sales of domestic product...... 2.6 2.4 5.5 4.5 6.0 5.8 6.0 3.1 5.0 3.1 .9 2.8 5.3 5.3 -.3 1.1
Gross domestic purchases............. 1.8 2.3 6.3 4.2 5.5 6.8 6.9 2.8 5.2 3.1 -.2 3.6 5.5 5.0 -1.3 -1.1
Final sales to domestic purchasers... 1.9 2.4 5.8 4.3 5.6 6.2 6.4 3.3 5.3 3.2 .6 3.0 5.5 4.5 -1.0 .2
Gross national product............... 2.5 2.4 6.1 4.4 5.8 6.4 6.4 2.5 4.9 3.1 .2 3.4 5.3 6.0 -.4 -.5
Real disposable personal income...... 2.6 3.4 4.9 3.8 7.2 6.2 5.3 4.4 4.5 3.2 4.3 4.5 4.8 6.8 -.8 2.2
Price indexes:
Gross domestic purchases........... 1.4 1.1 1.3 1.2 1.6 1.7 2.8 2.9 4.2 4.9 5.4 5.1 4.4 5.8 10.3 9.3
Gross domestic purchases excluding
food and energy\1\................ ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... .....
GDP................................ 1.4 1.1 1.4 1.1 1.6 1.8 2.8 3.1 4.3 4.9 5.3 5.0 4.3 5.5 9.0 9.5
GDP excluding food and energy\1\... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... .....
Personal consumption expenditures.. 1.6 1.0 1.2 1.2 1.5 1.4 2.5 2.5 3.9 4.5 4.7 4.2 3.4 5.4 10.4 8.4
-------------------------------------------------------------------------------------------------------------------------------------------------------
1. Food excludes personal consumption expenditures for purchased
meals and beverages, which are classified in food services.
Table 7. Real Gross Domestic Product: Percent Change From Preceding Year--Continues
-------------------------------------------------------------------------------------------------------------------------------------------------------
1976 1977 1978 1979 1980 1981 1982 1983 1984 1985 1986 1987 1988 1989 1990 1991
-------------------------------------------------------------------------------------------------------------------------------------------------------
Gross domestic product (GDP).... 5.4 4.6 5.6 3.1 -.3 2.5 -1.9 4.5 7.2 4.1 3.5 3.2 4.1 3.6 1.9 -.2
Personal consumption expenditures...... 5.6 4.2 4.4 2.4 -.4 1.5 1.4 5.7 5.3 5.2 4.1 3.1 4.0 2.8 2.0 .1
Goods................................ 7.0 4.3 4.1 1.6 -2.5 1.2 .7 6.4 7.2 5.3 5.6 1.8 3.7 2.5 .6 -2.0
Durable goods...................... 12.5 8.8 5.2 -.5 -8.0 1.0 -.2 14.3 14.3 10.0 9.6 2.0 5.7 2.2 -.4 -5.4
Nondurable goods................... 4.8 2.3 3.6 2.6 -.2 1.3 1.0 3.3 4.1 3.0 3.6 1.7 2.6 2.7 1.2 -.3
Services............................. 4.3 4.1 4.7 3.1 1.5 1.8 1.9 5.2 3.9 5.2 3.0 4.0 4.2 3.0 3.0 1.5
Gross private domestic investment...... 20.2 15.1 12.1 3.2 -11.0 9.0 -14.0 9.3 29.5 -.9 -.7 3.1 2.4 4.0 -3.4 -8.1
Fixed investment..................... 9.9 14.4 12.1 5.6 -6.5 2.2 -7.0 7.3 16.9 5.3 1.2 .5 3.3 3.0 -2.1 -6.5
Nonresidential..................... 4.9 11.3 15.0 10.1 -.3 5.7 -3.8 -1.3 17.6 6.6 -2.9 -.1 5.2 5.6 .5 -5.4
Structures....................... 2.4 4.1 14.4 12.7 5.9 8.0 -1.6 -10.8 13.9 7.1 -11.0 -2.9 .7 2.0 1.5 -11.1
Equipment and software........... 6.3 15.1 15.2 8.7 -3.6 4.3 -5.2 5.4 19.8 6.4 1.9 1.4 7.5 7.3 .0 -2.6
Residential........................ 23.5 21.5 6.3 -3.7 -21.2 -8.0 -18.2 41.4 14.8 1.6 12.3 2.0 -1.0 -3.0 -8.6 -9.6
Change in private inventories........ ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... .....
Net exports of goods and services...... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... .....
Exports.............................. 4.4 2.4 10.5 9.9 10.8 1.2 -7.6 -2.6 8.2 3.0 7.7 10.8 16.0 11.5 9.0 6.6
Goods.............................. 4.7 1.3 11.2 11.8 11.9 -1.1 -9.0 -2.9 7.9 3.7 5.1 11.1 18.8 11.9 8.4 6.9
Services........................... 3.0 6.5 8.4 3.1 6.2 10.7 -2.8 -1.7 8.9 1.2 14.5 10.0 9.0 10.3 10.5 6.0
Imports.............................. 19.6 10.9 8.7 1.7 -6.6 2.6 -1.3 12.6 24.3 6.5 8.5 5.9 3.9 4.4 3.6 -.1
Goods.............................. 22.6 12.2 9.0 1.7 -7.4 2.1 -2.5 13.6 24.2 6.3 10.2 4.6 4.0 4.3 2.9 .5
Services........................... 6.9 5.0 7.1 1.4 -2.2 5.8 5.3 8.1 25.1 7.6 1.1 11.8 3.4 4.8 6.5 -2.6
Government consumption expenditures
and gross investment.................. .4 1.1 2.9 1.9 1.9 .9 1.8 3.7 3.4 7.0 6.1 2.4 1.3 2.7 3.2 1.1
Federal.............................. .0 2.1 2.5 2.4 4.7 4.8 3.9 6.6 3.1 7.8 5.7 3.6 -1.6 1.6 2.0 -.2
National defense................... -.3 1.2 .9 3.0 4.4 6.3 7.6 7.2 4.9 8.5 6.4 4.7 -.5 -.5 .0 -1.1
Nondefense......................... 1.0 4.3 6.2 1.1 5.6 1.3 -4.8 5.2 -1.9 5.9 3.4 -.1 -5.3 8.3 8.2 2.3
State and local...................... .7 .4 3.3 1.5 -.1 -2.0 .0 1.2 3.6 6.2 6.4 1.4 3.7 3.7 4.1 2.1
Addenda:
Final sales of domestic product...... 3.9 4.4 5.5 3.6 .6 1.4 -.6 4.2 5.2 5.3 3.8 2.8 4.3 3.4 2.1 .0
Gross domestic purchases............. 6.5 5.3 5.5 2.4 -1.9 2.7 -1.3 5.8 8.7 4.4 3.7 2.9 3.2 3.0 1.4 -.9
Final sales to domestic purchasers... 5.1 5.1 5.4 2.9 -1.0 1.5 .0 5.5 6.7 5.6 4.0 2.5 3.3 2.8 1.6 -.6
Gross national product............... 5.5 4.7 5.5 3.4 -.3 2.4 -1.9 4.4 7.1 3.8 3.2 3.2 4.2 3.6 2.0 -.3
Real disposable personal income...... 4.0 3.4 4.7 2.3 1.0 2.7 2.2 3.3 7.2 3.1 3.3 1.6 4.3 2.7 1.9 .8
Price indexes:
Gross domestic purchases........... 5.7 6.8 7.1 8.8 10.5 9.2 5.7 3.5 3.5 2.8 2.3 3.1 3.4 3.8 4.1 3.3
Gross domestic purchases excluding
food and energy\1\................ ..... ..... ..... ..... ..... ..... ..... 3.9 3.7 3.1 3.1 3.2 3.7 3.6 3.8 3.4
GDP................................ 5.7 6.4 7.0 8.3 9.1 9.4 6.1 3.9 3.8 3.0 2.2 2.8 3.4 3.8 3.9 3.5
GDP excluding food and energy\1\... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... 2.4 2.9 3.4 3.7 3.8 3.5
Personal consumption expenditures.. 5.5 6.5 7.0 8.9 10.7 8.9 5.5 4.3 3.8 3.3 2.4 3.6 4.0 4.3 4.6 3.6
-------------------------------------------------------------------------------------------------------------------------------------------------------
1. Food excludes personal consumption expenditures for purchased
meals and beverages, which are classified in food services.
Table 7. Real Gross Domestic Product: Percent Change From Preceding Year--Table Ends
--------------------------------------------------------------------------------------------------------------------------------------------------------------
1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008
--------------------------------------------------------------------------------------------------------------------------------------------------------------
Gross domestic product (GDP).... 3.4 2.9 4.1 2.5 3.7 4.5 4.4 4.8 4.1 1.1 1.8 2.5 3.6 3.1 2.7 2.1 .4
Personal consumption expenditures...... 3.4 3.6 3.8 2.7 3.5 3.7 5.2 5.5 5.1 2.7 2.7 2.8 3.5 3.4 2.9 2.6 -.2
Goods................................ 3.2 4.2 5.3 3.0 4.5 4.8 6.8 8.0 5.3 3.1 4.1 4.6 4.4 4.0 3.3 3.1 -2.1
Durable goods...................... 5.7 7.5 8.0 3.9 7.5 8.2 12.2 13.0 8.8 5.4 7.6 6.0 6.6 5.2 4.1 4.3 -4.5
Nondurable goods................... 1.9 2.5 3.9 2.5 2.9 2.9 3.8 5.1 3.2 1.8 2.0 3.7 3.2 3.4 2.8 2.5 -.8
Services............................. 3.6 3.2 3.0 2.5 2.9 3.1 4.4 4.1 5.0 2.5 1.9 1.9 2.9 3.0 2.7 2.4 .7
Gross private domestic investment...... 8.1 8.9 13.6 3.1 8.8 12.4 10.0 8.8 6.8 -7.0 -1.4 3.6 10.0 5.5 2.7 -3.8 -7.3
Fixed investment..................... 5.9 8.6 9.4 6.4 9.0 9.2 10.9 9.3 7.4 -1.9 -4.2 3.2 7.3 6.5 2.3 -2.1 -5.1
Nonresidential..................... 3.2 8.7 9.2 10.5 9.3 12.1 12.0 10.4 9.8 -2.8 -7.9 .9 6.0 6.7 7.9 6.2 1.6
Structures....................... -6.0 -.6 1.8 6.4 5.7 7.3 5.1 .1 7.8 -1.5 -17.7 -3.8 1.1 1.4 9.2 14.9 10.3
Equipment and software........... 7.3 12.5 11.9 12.0 10.6 13.8 14.5 14.1 10.5 -3.2 -4.2 2.5 7.7 8.5 7.4 2.6 -2.6
Residential........................ 13.8 8.2 9.7 -3.3 8.0 1.9 7.7 6.3 1.0 .6 5.2 8.2 9.8 6.2 -7.3 -18.5 -22.9
Change in private inventories........ ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... .....
Net exports of goods and services...... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... .....
Exports.............................. 6.9 3.3 8.7 10.1 8.3 11.9 2.3 4.4 8.6 -5.6 -2.0 1.6 9.5 6.7 9.0 8.7 5.4
Goods.............................. 7.5 3.3 9.7 11.7 8.8 14.4 2.2 3.8 11.1 -6.2 -3.6 1.8 8.5 7.5 9.4 7.4 5.9
Services........................... 5.4 3.3 6.4 6.3 7.0 5.9 2.4 5.7 2.7 -4.1 1.9 1.2 11.9 5.0 7.9 11.8 4.2
Imports.............................. 7.0 8.6 11.9 8.0 8.7 13.5 11.7 11.5 13.0 -2.8 3.4 4.4 11.0 6.1 6.1 2.0 -3.2
Goods.............................. 9.4 10.0 13.4 9.0 9.4 14.4 11.8 12.5 13.4 -3.2 3.7 4.9 11.0 6.8 5.9 1.7 -3.9
Services........................... -2.7 2.7 5.3 3.0 5.2 8.7 10.9 6.8 11.0 -.8 1.8 1.9 11.2 2.8 7.1 3.5 .7
Government consumption expenditures
and gross investment.................. .5 -.8 .0 .6 1.0 1.9 2.1 3.6 2.0 3.8 4.7 2.2 1.4 .3 1.4 1.7 3.1
Federal.............................. -1.8 -3.9 -3.8 -2.7 -1.2 -1.0 -1.1 1.9 .5 4.1 7.3 6.6 4.1 1.3 2.1 1.3 7.7
National defense................... -5.0 -5.3 -4.9 -3.7 -1.3 -2.8 -2.1 1.9 -.5 3.8 7.4 8.7 5.7 1.5 1.6 2.2 7.8
Nondefense......................... 6.6 -.7 -1.4 -.4 -.8 2.7 .8 2.1 2.4 4.6 7.2 2.8 1.0 .9 3.2 -.6 7.3
State and local...................... 2.2 1.5 2.6 2.7 2.3 3.6 3.9 4.5 2.8 3.7 3.3 -.1 -.2 -.2 .9 2.0 .5
Addenda:
Final sales of domestic product...... 3.1 2.8 3.5 3.0 3.7 3.9 4.4 4.9 4.2 2.0 1.3 2.4 3.2 3.2 2.6 2.5 .8
Gross domestic purchases............. 3.4 3.4 4.5 2.4 3.8 4.7 5.5 5.7 4.8 1.2 2.4 2.8 4.0 3.2 2.6 1.4 -.7
Final sales to domestic purchasers... 3.1 3.3 3.8 2.8 3.8 4.2 5.6 5.8 4.9 2.1 1.9 2.8 3.6 3.3 2.5 1.7 -.4
Gross national product............... 3.4 2.8 3.9 2.6 3.7 4.3 4.3 4.9 4.2 1.2 1.8 2.6 3.7 3.1 2.4 2.4 .6
Real disposable personal income...... 3.5 1.7 3.2 3.0 3.3 3.5 6.0 3.0 5.1 2.4 3.3 2.5 3.4 1.3 4.0 2.2 .5
Price indexes:
Gross domestic purchases........... 2.4 2.1 2.1 2.1 1.8 1.5 .7 1.6 2.5 1.9 1.4 2.3 3.0 3.7 3.4 2.9 3.2
Gross domestic purchases excluding
food and energy\1\................ 2.6 2.2 2.2 2.2 1.6 1.5 1.0 1.5 2.0 1.8 1.7 2.0 2.7 3.3 3.2 2.7 2.6
GDP................................ 2.4 2.2 2.1 2.1 1.9 1.8 1.1 1.5 2.2 2.3 1.6 2.2 2.8 3.3 3.3 2.9 2.1
GDP excluding food and energy\1\... 2.5 2.2 2.1 2.1 1.8 1.8 1.2 1.6 2.2 2.0 1.8 2.1 2.8 3.5 3.3 2.8 2.3
Personal consumption expenditures.. 2.9 2.2 2.1 2.2 2.2 1.9 1.0 1.6 2.5 1.9 1.4 2.0 2.6 3.0 2.7 2.7 3.3
--------------------------------------------------------------------------------------------------------------------------------------------------------------
1. Food excludes personal consumption expenditures for purchased
meals and beverages, which are classified in food services.
Table 7A. Gross Domestic Product: Levels, Percent Change from Preceding Year, and Revision to Percent Change
---------------------------------------------------------------------------------------------------------------------------------------------------------
Billions of dollars Percent change from preceding year Revision to percent
change from preceding year\2\
---------------------------------------------- ---------------------------------------------- ----------------------------------------------
GDP PCE Gross Exports Imports Govern- GDP PCE Gross Exports Imports Govern- GDP PCE Gross Exports Imports Govern-
private of of ment\1\ private of of ment\1\ private of of ment\1\
domes- goods goods domes- goods goods domes- goods goods
tic in- and and tic in- and and tic in- and and
vest- serv- serv- vest- serv- serv- vest- serv- serv-
ment ices ices ment ices ices ment ices ices
---------------------------------------------------------------------------------------------------------------------------------------------------------
1959... 506.6 317.7 78.5 22.7 22.3 110.0 8.4 7.3 21.8 10.5 11.5 3.8 .0 .1 .0 .0 .0 .0
1960... 526.4 331.8 78.9 27.0 22.8 111.5 3.9 4.4 .5 19.0 2.3 1.4 .0 .0 .0 .0 .0 .0
1961... 544.8 342.2 78.2 27.6 22.7 119.5 3.5 3.1 -.9 2.1 -.7 7.1 .0 .0 .0 .0 .0 .0
1962... 585.7 363.3 88.1 29.1 25.0 130.1 7.5 6.2 12.8 5.3 10.0 8.9 .0 .0 .0 .0 .0 .0
1963... 617.8 382.7 93.8 31.1 26.1 136.4 5.5 5.3 6.4 6.9 4.7 4.8 .0 .0 .0 .0 .0 .0
1964... 663.6 411.5 102.1 35.0 28.1 143.2 7.4 7.5 8.9 12.7 7.5 5.0 .0 .0 .0 .0 .0 .0
1965... 719.1 443.8 118.2 37.1 31.5 151.4 8.4 7.9 15.9 6.1 12.2 5.7 .0 .0 .0 .0 .0 -.1
1966... 787.7 480.9 131.3 40.9 37.1 171.6 9.5 8.4 11.0 10.2 17.5 13.3 .0 .0 .0 .0 .0 -.1
1967... 832.4 507.8 128.6 43.5 39.9 192.5 5.7 5.6 -2.1 6.2 7.7 12.2 .0 .0 .0 .0 .0 .0
1968... 909.8 558.0 141.2 47.9 46.6 209.3 9.3 9.9 9.8 10.2 16.6 8.7 .0 .0 .0 .0 .0 .0
1969... 984.4 605.1 156.4 51.9 50.5 221.4 8.2 8.4 10.8 8.4 8.5 5.8 .0 -.1 .0 .0 .0 .0
1970... 1,038.3 648.3 152.4 59.7 55.8 233.7 5.5 7.1 -2.6 15.0 10.4 5.5 .0 .0 .0 .0 .0 .0
1971... 1,126.8 701.6 178.2 63.0 62.3 246.4 8.5 8.2 16.9 5.4 11.8 5.4 .0 .0 .0 .0 .0 .0
1972... 1,237.9 770.2 207.6 70.8 74.2 263.4 9.9 9.8 16.5 12.5 19.0 6.9 .0 .0 .0 .0 .0 .0
1973... 1,382.3 852.0 244.5 95.3 91.2 281.7 11.7 10.6 17.8 34.5 22.8 6.9 .0 .0 .0 .0 .0 .0
1974... 1,499.5 932.9 249.4 126.7 127.5 317.9 8.5 9.5 2.0 32.9 39.8 12.9 .0 .0 .0 .0 .0 .0
1975... 1,637.7 1,033.8 230.2 138.7 122.7 357.7 9.2 10.8 -7.7 9.5 -3.7 12.5 .0 .0 .0 .0 .0 .0
1976... 1,824.6 1,151.3 292.0 149.5 151.1 383.0 11.4 11.4 26.8 7.8 23.2 7.1 .0 .0 .0 .0 .0 .0
1977... 2,030.1 1,277.8 361.3 159.4 182.4 414.1 11.3 11.0 23.8 6.6 20.7 8.1 .0 .0 .0 .0 .0 .0
1978... 2,293.8 1,427.6 438.0 186.9 212.3 453.6 13.0 11.7 21.2 17.3 16.3 9.5 .0 .0 .0 .0 .0 .0
1979... 2,562.2 1,591.2 492.9 230.1 252.7 500.7 11.7 11.5 12.5 23.1 19.0 10.4 .0 .0 .0 .0 .0 .0
1980... 2,788.1 1,755.8 479.3 280.8 293.8 566.1 8.8 10.3 -2.8 22.0 16.3 13.1 .0 -.1 .0 .0 .0 .0
1981... 3,126.8 1,939.5 572.4 305.2 317.8 627.5 12.1 10.5 19.4 8.7 8.1 10.8 -.1 .0 .0 .0 .0 .0
1982... 3,253.2 2,075.5 517.2 283.2 303.2 680.4 4.0 7.0 -9.6 -7.2 -4.6 8.4 .0 .0 .0 .0 .0 .0
1983... 3,534.6 2,288.6 564.3 277.0 328.6 733.4 8.7 10.3 9.1 -2.2 8.4 7.8 .0 .0 .0 .0 .0 .0
1984... 3,930.9 2,501.1 735.6 302.4 405.1 796.9 11.2 9.3 30.4 9.2 23.3 8.7 .0 .0 .0 .0 .0 .0
1985... 4,217.5 2,717.6 736.2 302.0 417.2 878.9 7.3 8.7 .1 -.1 3.0 10.3 .0 .0 .0 .0 .0 .0
1986... 4,460.1 2,896.7 746.5 320.3 452.9 949.3 5.8 6.6 1.4 6.1 8.5 8.0 .1 .0 .0 .0 -.1 .0
1987... 4,736.4 3,097.0 785.0 363.8 508.7 999.4 6.2 6.9 5.1 13.6 12.3 5.3 .0 .0 .0 .1 .0 .0
1988... 5,100.4 3,350.1 821.6 443.9 554.0 1,038.9 7.7 8.2 4.7 22.0 8.9 4.0 .0 .0 .0 .0 .0 .0
1989... 5,482.1 3,594.5 874.9 503.1 591.0 1,100.6 7.5 7.3 6.5 13.4 6.7 5.9 .0 .0 .0 .1 .0 .1
1990... 5,800.5 3,835.5 861.0 552.1 629.7 1,181.7 5.8 6.7 -1.6 9.7 6.5 7.4 .0 .0 .0 .0 -.1 .0
1991... 5,992.1 3,980.1 802.9 596.6 623.5 1,236.1 3.3 3.8 -6.7 8.1 -1.0 4.6 .0 .0 .0 .0 .0 .0
1992... 6,342.3 4,236.9 864.8 635.0 667.8 1,273.5 5.8 6.5 7.7 6.4 7.1 3.0 .1 .2 .0 .0 .0 .0
1993... 6,667.4 4,483.6 953.3 655.6 720.0 1,294.8 5.1 5.8 10.2 3.2 7.8 1.7 .1 .1 .0 .0 .0 .1
1994... 7,085.2 4,750.8 1,097.3 720.7 813.4 1,329.8 6.3 6.0 15.1 9.9 13.0 2.7 .1 .1 .0 .0 .0 .0
1995... 7,414.7 4,987.3 1,144.0 811.9 902.6 1,374.0 4.7 5.0 4.3 12.7 11.0 3.3 .1 .1 .0 .0 .1 .0
1996... 7,838.5 5,273.6 1,240.2 867.7 964.0 1,421.0 5.7 5.7 8.4 6.9 6.8 3.4 .0 .1 .0 .0 .0 .0
1997... 8,332.4 5,570.6 1,388.7 954.4 1,055.8 1,474.4 6.3 5.6 12.0 10.0 9.5 3.8 .1 .1 -.1 .0 .0 .1
1998... 8,793.5 5,918.5 1,510.8 953.9 1,115.7 1,526.1 5.5 6.2 8.8 -.1 5.7 3.5 .2 .2 .2 -.2 .1 .1
1999... 9,353.5 6,342.8 1,641.5 989.3 1,251.4 1,631.3 6.4 7.2 8.7 3.7 12.2 6.9 .4 .3 1.0 .0 .0 .2
2000... 9,951.5 6,830.4 1,772.2 1,093.2 1,475.3 1,731.0 6.4 7.7 8.0 10.5 17.9 6.1 .5 .4 1.2 -.1 .0 -.1
2001... 10,286.2 7,148.8 1,661.9 1,027.7 1,398.7 1,846.4 3.4 4.7 -6.2 -6.0 -5.2 6.7 .2 .0 .8 -.2 -.1 .7
2002... 10,642.3 7,439.2 1,647.0 1,003.0 1,430.2 1,983.3 3.5 4.1 -.9 -2.4 2.3 7.4 .1 -.1 1.1 .2 .1 .0
2003... 11,142.1 7,804.0 1,729.7 1,041.0 1,545.1 2,112.6 4.7 4.9 5.0 3.8 8.0 6.5 .0 .1 -.2 .3 .3 -.2
2004... 11,867.8 8,285.1 1,968.6 1,180.2 1,798.9 2,232.8 6.5 6.2 13.8 13.4 16.4 5.7 -.1 -.2 .3 -.2 -.3 -.2
2005... 12,638.4 8,819.0 2,172.2 1,305.1 2,027.8 2,369.9 6.5 6.4 10.3 10.6 12.7 6.1 .2 .3 -.2 -.3 .1 -.1
2006... 13,398.9 9,322.7 2,327.2 1,471.0 2,240.3 2,518.4 6.0 5.7 7.1 12.7 10.5 6.3 -.1 -.2 .7 -.2 .0 -.2
2007... 14,077.6 9,826.4 2,288.5 1,655.9 2,369.7 2,676.5 5.1 5.4 -1.7 12.6 5.8 6.3 .3 -.1 2.4 .3 -.1 -.3
2008... 14,441.4 10,129.9 2,136.1 1,831.1 2,538.9 2,883.2 2.6 3.1 -6.7 10.6 7.1 7.7 -.7 -.5 -.3 -1.2 .4 -.1
---------------------------------------------------------------------------------------------------------------------------------------------------------
GDP Gross domestic product.
PCE Personal consumption expenditures.
1. Government consumption expenditures and gross investment.
2. Revised percent change less the previously published percent change.
Table 7B.--Real Gross Domestic Product: Levels, Percent Change from Preceding Year, and Revision to Percent Change
----------------------------------------------------------------------------------------------------------------------------------------------------------------
Billions of chained (2005) dollars Percent change from preceding year Revision to percent
change from preceding year\2\
------------------------------------------------------ ---------------------------------------------- ----------------------------------------------
GDP PCE Gross Exports Imports Govern- Resid- GDP PCE Gross Exports Imports Govern- GDP PCE Gross Exports Imports Govern-
private of of ment\1\ ual private of of ment\1\ private of of ment\1\
domes- goods goods domes- goods goods domes- goods goods
tic in- and and tic in- and and tic in- and and
vest- serv- serv- vest- serv- serv- vest- serv- serv-
ment ices ices ment ices ices ment ices ices
----------------------------------------------------------------------------------------------------------------------------------------------------------------
1959... 2,762.5 1,736.7 296.6 83.9 113.0 869.5 -111.2 7.2 5.7 20.2 10.3 10.5 3.4 .1 .1 -.1 .0 .0 .0
1960... 2,830.9 1,784.4 296.5 98.5 114.5 871.0 -105.0 2.5 2.7 .0 17.4 1.3 .2 .0 -.1 .0 .0 .0 .0
1961... 2,896.9 1,821.2 294.6 99.0 113.8 914.8 -118.9 2.3 2.1 -.7 .5 -.7 5.0 .0 .0 .0 .0 .0 .0
1962... 3,072.4 1,911.2 332.0 104.0 126.7 971.1 -119.2 6.1 4.9 12.7 5.0 11.4 6.2 .0 -.1 .0 -.1 .1 .0
1963... 3,206.7 1,989.9 354.3 111.5 130.1 996.1 -115.0 4.4 4.1 6.7 7.2 2.7 2.6 .0 .0 .0 .1 .0 .0
1964... 3,392.3 2,108.4 383.5 124.6 137.0 1,018.0 -105.2 5.8 6.0 8.2 11.8 5.3 2.2 .0 .0 .0 .0 .0 .0
1965... 3,610.1 2,241.8 437.3 128.1 151.6 1,048.7 -94.2 6.4 6.3 14.0 2.8 10.6 3.0 .0 .0 .0 .0 .0 .0
1966... 3,845.3 2,369.0 475.8 137.0 174.1 1,141.1 -103.5 6.5 5.7 8.8 6.9 14.9 8.8 .0 .0 .0 .0 .0 .0
1967... 3,942.5 2,440.0 454.1 140.1 186.8 1,228.7 -133.6 2.5 3.0 -4.6 2.3 7.3 7.7 .0 .0 .0 .0 .0 .0
1968... 4,133.4 2,580.7 480.5 151.1 214.7 1,267.2 -131.4 4.8 5.8 5.8 7.9 14.9 3.1 .0 .1 .0 .0 .0 .0
1969... 4,261.8 2,677.4 508.5 158.4 226.9 1,264.3 -119.9 3.1 3.7 5.8 4.8 5.7 -.2 .0 .0 .0 .0 .0 .0
1970... 4,269.9 2,740.2 475.1 175.5 236.6 1,233.7 -118.0 .2 2.3 -6.6 10.7 4.3 -2.4 .0 .0 .0 .0 .0 .0
1971... 4,413.3 2,844.6 529.3 178.4 249.2 1,206.9 -96.7 3.4 3.8 11.4 1.7 5.3 -2.2 .0 .0 .0 .0 .0 .0
1972... 4,647.7 3,019.5 591.9 191.8 277.2 1,198.1 -76.4 5.3 6.2 11.8 7.5 11.3 -.7 .0 .1 .0 .0 .0 .0
1973... 4,917.0 3,169.1 661.3 228.0 290.1 1,193.9 -45.2 5.8 5.0 11.7 18.9 4.6 -.4 .0 .1 .0 .0 .0 .0
1974... 4,889.9 3,142.8 612.6 246.0 283.5 1,224.0 -52.0 -.6 -.8 -7.4 7.9 -2.3 2.5 -.1 .0 .0 .0 .0 .0
1975... 4,879.5 3,214.1 504.1 244.5 252.0 1,251.6 -82.8 -.2 2.3 -17.7 -.6 -11.1 2.3 .0 .0 .0 .0 .0 .0
1976... 5,141.3 3,393.1 605.9 255.1 301.3 1,257.2 -68.7 5.4 5.6 20.2 4.4 19.6 .4 .1 .1 .0 .0 .1 .0
1977... 5,377.7 3,535.9 697.4 261.3 334.2 1,271.0 -53.7 4.6 4.2 15.1 2.4 10.9 1.1 .0 .0 .0 .0 .0 .0
1978... 5,677.6 3,691.8 781.5 288.8 363.2 1,308.4 -29.7 5.6 4.4 12.1 10.5 8.7 2.9 .0 .0 .0 .0 .0 .0
1979... 5,855.0 3,779.5 806.4 317.5 369.2 1,332.8 -12.0 3.1 2.4 3.2 9.9 1.7 1.9 -.1 .0 .0 .0 .0 .0
1980... 5,839.0 3,766.2 717.9 351.7 344.7 1,358.8 -10.9 -.3 -.4 -11.0 10.8 -6.6 1.9 -.1 -.1 .0 .0 .0 -.1
1981... 5,987.2 3,823.3 782.4 356.0 353.8 1,371.2 8.1 2.5 1.5 9.0 1.2 2.6 .9 .0 .1 -.2 .0 .0 .0
1982... 5,870.9 3,876.7 672.8 328.8 349.3 1,395.3 -53.4 -1.9 1.4 -14.0 -7.6 -1.3 1.8 .0 .0 .0 .0 .0 .0
1983... 6,136.2 4,098.3 735.5 320.3 393.4 1,446.3 -70.8 4.5 5.7 9.3 -2.6 12.6 3.7 .0 .0 .0 .0 .0 .0
1984... 6,577.1 4,315.6 952.1 346.4 489.1 1,494.9 -42.8 7.2 5.3 29.5 8.2 24.3 3.4 .0 .0 .0 .0 .0 .1
1985... 6,849.3 4,540.4 943.3 357.0 520.9 1,599.0 -69.5 4.1 5.2 -.9 3.0 6.5 7.0 .0 .0 .0 .0 .0 .0
1986... 7,086.5 4,724.5 936.9 384.4 565.4 1,696.2 -90.1 3.5 4.1 -.7 7.7 8.5 6.1 .0 .0 .0 .0 -.1 .0
1987... 7,313.3 4,870.3 965.7 425.7 598.9 1,737.1 -86.6 3.2 3.1 3.1 10.8 5.9 2.4 -.2 -.2 .0 .0 .0 -.1
1988... 7,613.9 5,066.6 988.5 493.9 622.4 1,758.9 -71.6 4.1 4.0 2.4 16.0 3.9 1.3 .0 -.1 .0 .0 .0 .0
1989... 7,885.9 5,209.9 1,028.1 550.6 649.8 1,806.8 -59.7 3.6 2.8 4.0 11.5 4.4 2.7 .1 .0 .0 .0 .0 .1
1990... 8,033.9 5,316.2 993.5 600.2 673.0 1,864.0 -67.0 1.9 2.0 -3.4 9.0 3.6 3.2 .0 .0 .0 .0 .0 .0
1991... 8,015.1 5,324.2 912.7 640.0 672.0 1,884.4 -74.2 -.2 .1 -8.1 6.6 -.1 1.1 .0 -.1 .0 .0 .5 .0
1992... 8,287.1 5,505.7 986.7 684.0 719.2 1,893.2 -63.3 3.4 3.4 8.1 6.9 7.0 .5 .1 .1 .0 .0 .0 .0
1993... 8,523.4 5,701.2 1,074.8 706.4 781.4 1,878.2 -55.8 2.9 3.6 8.9 3.3 8.6 -.8 .2 .3 .0 .1 -.2 .1
1994... 8,870.7 5,918.9 1,220.9 768.0 874.6 1,878.0 -40.5 4.1 3.8 13.6 8.7 11.9 .0 .1 .1 .0 .0 .0 .0
1995... 9,093.7 6,079.0 1,258.9 845.7 944.5 1,888.9 -34.3 2.5 2.7 3.1 10.1 8.0 .6 .0 .0 .0 .0 .0 .1
1996... 9,433.9 6,291.2 1,370.3 916.0 1,026.7 1,907.9 -24.8 3.7 3.5 8.8 8.3 8.7 1.0 .0 .1 -.1 -.1 .0 .0
1997... 9,854.3 6,523.4 1,540.8 1,025.1 1,165.0 1,943.8 -13.8 4.5 3.7 12.4 11.9 13.5 1.9 .0 -.1 .0 .0 -.1 .0
1998... 10,283.5 6,865.5 1,695.1 1,048.5 1,301.1 1,985.0 -9.5 4.4 5.2 10.0 2.3 11.7 2.1 .2 .2 .2 -.1 .1 .2
1999... 10,779.8 7,240.9 1,844.3 1,094.3 1,450.9 2,056.1 -4.9 4.8 5.5 8.8 4.4 11.5 3.6 .3 .4 1.0 .1 .0 -.3
2000... 11,226.0 7,608.1 1,970.3 1,188.3 1,639.9 2,097.8 1.4 4.1 5.1 6.8 8.6 13.0 2.0 .4 .4 1.1 -.1 -.1 -.1
2001... 11,347.2 7,813.9 1,831.9 1,121.6 1,593.8 2,178.3 -4.7 1.1 2.7 -7.0 -5.6 -2.8 3.8 .3 .2 .9 -.2 -.1 .4
2002... 11,553.0 8,021.9 1,807.0 1,099.2 1,648.0 2,279.6 -6.7 1.8 2.7 -1.4 -2.0 3.4 4.7 .2 .0 1.2 .3 .0 .3
2003... 11,840.7 8,247.6 1,871.6 1,116.8 1,720.7 2,330.5 -5.1 2.5 2.8 3.6 1.6 4.4 2.2 .0 .0 .0 .3 .3 -.3
2004... 12,263.8 8,532.7 2,058.2 1,222.8 1,910.8 2,362.0 -1.1 3.6 3.5 10.0 9.5 11.0 1.4 .0 -.1 .3 -.2 -.3 .0
2005... 12,638.4 8,819.0 2,172.2 1,305.1 2,027.8 2,369.9 .0 3.1 3.4 5.5 6.7 6.1 .3 .2 .4 -.3 -.3 .2 -.1
2006... 12,976.2 9,073.5 2,230.4 1,422.0 2,151.2 2,402.1 -.6 2.7 2.9 2.7 9.0 6.1 1.4 -.1 -.1 .6 -.1 .1 -.3
2007... 13,254.1 9,313.9 2,146.2 1,546.1 2,193.8 2,443.1 -1.4 2.1 2.6 -3.8 8.7 2.0 1.7 .1 -.2 1.6 .3 -.2 -.4
2008... 13,312.2 9,290.9 1,989.4 1,629.3 2,123.5 2,518.1 8.0 .4 -.2 -7.3 5.4 -3.2 3.1 -.7 -.4 -.6 -.8 .3 .2
----------------------------------------------------------------------------------------------------------------------------------------------------------------
GDP Gross domestic product.
PCE Personal consumption expenditures.
1. Government consumption expenditures and gross investment.
2. Revised percent change less the previously published percent change.
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 7C.--Chain-Type Price Indexes for Gross Domestic Product, Percent Change from Preceding Year, and Revision to Percent Change
--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
Chain-type price indexes, 2005=100 Percent change from preceding year Revision to percent change from preceding year\2\
------------------------------------------------------ ------------------------------------------------------ ------------------------------------------------------
GDP PCE Gross Exports Imports Govern- Gross GDP PCE Gross Exports Imports Govern- Gross GDP PCE Gross Exports Imports Govern- Gross
private of of ment\1\ domes- private of of ment\1\ domes- private of of ment\1\ domes-
domes- goods goods tic domes- goods goods tic domes- goods goods tic
tic in- and and pur- tic in- and and pur- tic in- and and pur-
vest- serv- serv- chases vest- serv- serv- chases vest- serv- serv- chases
ment ices ices ment ices ices ment ices ices
--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
1959... 18.348 18.305 26.477 27.073 19.752 12.653 17.972 1.1 1.5 .9 .2 .9 .4 1.2 -.1 -.1 .0 .0 .0 .0 .0
1960... 18.604 18.606 26.607 27.453 19.941 12.809 18.220 1.4 1.6 .5 1.4 1.0 1.2 1.4 .0 .0 .0 .0 .0 -.1 .0
1961... 18.814 18.801 26.533 27.871 19.941 13.065 18.412 1.1 1.0 -.3 1.5 .0 2.0 1.1 .0 .0 .0 .0 .0 .0 .0
1962... 19.071 19.023 26.548 27.940 19.706 13.398 18.654 1.4 1.2 .1 .2 -1.2 2.5 1.3 .0 .0 .0 .0 .0 .0 .0
1963... 19.273 19.245 26.463 27.877 20.088 13.690 18.871 1.1 1.2 -.3 -.2 1.9 2.2 1.2 .0 .0 .0 .0 .0 .0 .0
1964... 19.572 19.527 26.613 28.107 20.512 14.070 19.175 1.6 1.5 .6 .8 2.1 2.8 1.6 .1 .1 .0 .0 .0 .0 .0
1965... 19.928 19.810 27.037 29.001 20.797 14.444 19.507 1.8 1.4 1.6 3.2 1.4 2.7 1.7 .0 -.1 .0 .0 .0 .0 .0
1966... 20.493 20.313 27.592 29.877 21.281 15.044 20.054 2.8 2.5 2.1 3.0 2.3 4.2 2.8 .0 .0 .0 .0 .0 .0 .0
1967... 21.124 20.824 28.320 31.022 21.364 15.671 20.637 3.1 2.5 2.6 3.8 .4 4.2 2.9 .0 .0 .0 .0 .0 .0 .0
1968... 22.022 21.636 29.378 31.698 21.689 16.520 21.508 4.3 3.9 3.7 2.2 1.5 5.4 4.2 .0 .0 .0 .0 .0 .0 .0
1969... 23.110 22.616 30.770 32.771 22.254 17.517 22.563 4.9 4.5 4.7 3.4 2.6 6.0 4.9 -.1 -.1 .0 .0 .0 .0 .0
1970... 24.328 23.674 32.072 34.027 23.570 18.945 23.778 5.3 4.7 4.2 3.8 5.9 8.2 5.4 .0 .0 .0 .0 .0 .1 .0
1971... 25.545 24.680 33.671 35.283 25.017 20.421 25.000 5.0 4.2 5.0 3.7 6.1 7.8 5.1 .0 -.1 .0 .0 .0 .0 .0
1972... 26.647 25.525 35.077 36.928 26.770 21.989 26.112 4.3 3.4 4.2 4.7 7.0 7.7 4.4 .0 -.1 .0 .0 .0 .0 -.1
1973... 28.124 26.901 36.972 41.784 31.423 23.594 27.623 5.5 5.4 5.4 13.1 17.4 7.3 5.8 -.1 .0 .0 .0 .0 .0 .0
1974... 30.669 29.703 40.648 51.478 44.957 25.977 30.459 9.0 10.4 9.9 23.2 43.1 10.1 10.3 .0 .1 .0 .0 .0 .0 .1
1975... 33.577 32.184 45.666 56.738 48.699 28.586 33.300 9.5 8.4 12.3 10.2 8.3 10.0 9.3 .0 .1 .0 .0 .0 .0 .0
1976... 35.505 33.950 48.190 58.600 50.165 30.469 35.208 5.7 5.5 5.5 3.3 3.0 6.6 5.7 -.1 .0 .0 .0 .0 .0 -.1
1977... 37.764 36.155 51.805 60.987 54.586 32.583 37.586 6.4 6.5 7.5 4.1 8.8 6.9 6.8 .0 .0 .0 .0 .0 .0 .0
1978... 40.413 38.687 56.030 64.703 58.440 34.670 40.252 7.0 7.0 8.2 6.1 7.1 6.4 7.1 .0 .0 .0 .0 .0 .0 .0
1979... 43.773 42.118 61.099 72.490 68.434 37.575 43.797 8.3 8.9 9.0 12.0 17.1 8.4 8.8 .0 .1 -.1 .0 .0 .0 .0
1980... 47.776 46.641 66.836 79.843 85.240 41.669 48.408 9.1 10.7 9.4 10.1 24.6 10.9 10.5 .0 .0 .0 .0 .0 .0 .0
1981... 52.281 50.810 73.154 85.744 89.822 45.768 52.864 9.4 8.9 9.5 7.4 5.4 9.8 9.2 .0 .0 .3 .0 .0 .0 .1
1982... 55.467 53.615 76.899 86.138 86.794 48.775 55.859 6.1 5.5 5.1 .5 -3.4 6.6 5.7 .0 .0 .0 .0 .0 .0 .0
1983... 57.655 55.923 76.706 86.478 83.541 50.717 57.817 3.9 4.3 -.3 .4 -3.7 4.0 3.5 .0 .0 .0 .0 .0 .0 .0
1984... 59.823 58.038 77.256 87.280 82.820 53.319 59.854 3.8 3.8 .7 .9 -.9 5.1 3.5 .0 .0 .0 .0 .0 .0 .0
1985... 61.633 59.938 78.047 84.609 80.100 54.974 61.553 3.0 3.3 1.0 -3.1 -3.3 3.1 2.8 .0 .0 .0 .0 .0 .0 -.1
1986... 63.003 61.399 79.737 83.342 80.097 55.977 62.948 2.2 2.4 2.2 -1.5 .0 1.8 2.3 .0 .0 .0 .0 -.1 .0 .0
1987... 64.763 63.589 81.263 85.451 84.948 57.541 64.923 2.8 3.6 1.9 2.5 6.1 2.8 3.1 .1 .1 .0 .0 .0 .0 .0
1988... 66.990 66.121 83.120 89.876 89.011 59.074 67.159 3.4 4.0 2.3 5.2 4.8 2.7 3.4 .0 .0 .0 .0 .0 .1 .0
1989... 69.520 68.994 85.107 91.373 90.956 60.924 69.706 3.8 4.3 2.4 1.7 2.2 3.1 3.8 .0 -.1 .0 .0 .0 .0 .0
1990... 72.213 72.147 86.747 91.993 93.563 63.405 72.540 3.9 4.6 1.9 .7 2.9 4.1 4.1 .0 .0 .0 .0 .0 .1 .0
1991... 74.762 74.755 87.981 93.212 92.783 65.606 74.917 3.5 3.6 1.4 1.3 -.8 3.5 3.3 .0 .0 .0 .0 -.4 .1 .0
1992... 76.537 76.954 87.672 92.833 92.856 67.276 76.724 2.4 2.9 -.4 -.4 .1 2.5 2.4 .1 .0 .0 .0 .0 .1 .1
1993... 78.222 78.643 88.673 92.808 92.144 68.949 78.339 2.2 2.2 1.1 .0 -.8 2.5 2.1 -.1 -.1 -.1 .0 .1 .0 -.1
1994... 79.867 80.265 89.828 93.842 93.009 70.819 79.962 2.1 2.1 1.3 1.1 .9 2.7 2.1 .0 .0 .0 .0 .0 .1 .0
1995... 81.533 82.041 90.840 95.997 95.557 72.753 81.674 2.1 2.2 1.1 2.3 2.7 2.7 2.1 .1 .1 .0 .0 .0 .0 .0
1996... 83.083 83.826 90.455 94.727 93.891 74.488 83.150 1.9 2.2 -.4 -1.3 -1.7 2.4 1.8 .0 .0 .0 .0 .1 .0 .0
1997... 84.554 85.395 90.120 93.103 90.627 75.854 84.397 1.8 1.9 -.4 -1.7 -3.5 1.8 1.5 .1 .2 .0 .0 .1 .0 .1
1998... 85.507 86.207 89.109 90.972 85.748 76.879 84.962 1.1 1.0 -1.1 -2.3 -5.4 1.4 .7 .0 .1 .0 .0 .0 .0 .1
1999... 86.766 87.596 88.989 90.408 86.250 79.337 86.304 1.5 1.6 -.1 -.6 .6 3.2 1.6 .1 -.1 .0 .0 .0 .4 .0
2000... 88.648 89.777 89.954 91.999 89.963 82.513 88.463 2.2 2.5 1.1 1.8 4.3 4.0 2.5 .0 .0 .1 .1 .1 -.1 .0
2001... 90.654 91.488 90.748 91.627 87.762 84.764 90.123 2.3 1.9 .9 -.4 -2.4 2.7 1.9 -.1 -.2 -.1 .0 .1 .2 -.1
2002... 92.113 92.736 91.118 91.253 86.784 87.003 91.422 1.6 1.4 .4 -.4 -1.1 2.6 1.4 -.1 .0 -.2 .0 .1 -.3 -.2
2003... 94.099 94.622 92.411 93.216 89.796 90.650 93.550 2.2 2.0 1.4 2.2 3.5 4.2 2.3 .1 .0 -.1 .0 .0 .1 .0
2004... 96.769 97.098 95.632 96.517 94.144 94.531 96.400 2.8 2.6 3.5 3.5 4.8 4.3 3.0 -.1 .0 .1 .0 -.1 -.2 -.1
2005... 100.000 100.000 100.000 100.000 100.000 100.000 100.000 3.3 3.0 4.6 3.6 6.2 5.8 3.7 .0 .1 .2 .0 -.1 -.1 .0
2006... 103.263 102.746 104.371 103.447 104.144 104.842 103.380 3.3 2.7 4.4 3.4 4.1 4.8 3.4 .1 -.1 .2 -.1 -.2 .1 .0
2007... 106.221 105.502 106.677 107.103 108.017 109.552 106.408 2.9 2.7 2.2 3.5 3.7 4.5 2.9 .2 .1 .8 .0 .0 .0 .1
2008... 108.481 109.031 107.355 112.389 119.559 114.502 109.765 2.1 3.3 .6 4.9 10.7 4.5 3.2 -.1 .0 -.1 -.4 .3 -.2 .0
--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
GDP Gross domestic product.
PCE Personal consumption expenditures.
1. Government consumption expenditures and gross investment.
2. Revised percent change less the previously published percent change.
Table 8. Real Gross Domestic Product: Percent Change From Quarter One Year Ago--Continues
---------------------------------------------------------------------------------------------------------------------------
I 04 II 04 III 04 IV 04 I 05 II 05 III 05 IV 05 I 06 II 06 III 06 IV 06
---------------------------------------------------------------------------------------------------------------------------
Gross domestic product (GDP).... 4.1 4.0 3.1 3.1 3.4 3.1 3.1 2.7 3.0 3.0 2.2 2.4
Personal consumption expenditures
(PCE)................................. 3.9 3.5 2.9 3.5 3.3 3.8 3.6 2.7 3.1 2.6 2.5 3.3
Goods................................ 6.1 4.7 3.1 3.9 3.9 4.9 4.5 2.9 3.7 2.5 2.5 4.3
Durable goods...................... 10.0 6.6 4.5 5.5 5.1 7.3 6.4 2.1 5.4 2.3 2.3 6.3
Nondurable goods................... 3.8 3.6 2.4 3.0 3.2 3.6 3.4 3.3 2.8 2.6 2.7 3.2
Services............................. 2.7 2.8 2.8 3.4 3.0 3.2 3.2 2.6 2.7 2.7 2.6 2.8
Gross private domestic investment...... 8.7 12.7 10.2 8.4 10.2 3.7 3.5 5.0 4.4 6.1 3.5 -3.0
Fixed investment..................... 7.5 8.1 6.9 6.8 8.4 7.0 6.1 4.7 5.8 3.5 .9 -.8
Nonresidential..................... 5.6 5.6 6.0 7.0 8.8 7.5 6.1 4.4 7.8 8.2 7.8 7.8
Structures....................... 1.7 -.1 1.1 1.7 4.1 2.5 -.6 -.1 2.5 8.2 13.2 13.0
Equipment and software........... 6.9 7.5 7.7 8.8 10.4 9.3 8.6 6.1 9.8 8.1 5.9 6.0
Residential........................ 11.4 13.0 8.6 6.6 7.6 6.1 6.1 5.3 2.3 -4.5 -11.0 -15.7
Change in private inventories........ ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... .....
Net exports of goods and services...... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... .....
Exports.............................. 9.7 11.7 9.6 7.1 6.6 7.2 6.4 6.7 8.8 8.3 8.5 10.2
Goods.............................. 8.2 10.1 9.4 6.2 6.7 8.4 6.8 8.1 10.4 8.8 9.1 9.4
Services........................... 13.1 15.6 10.2 9.1 6.3 4.5 5.7 3.6 5.4 7.3 6.9 12.0
Imports.............................. 9.1 11.9 12.2 10.9 8.8 5.8 4.9 5.2 6.5 6.6 7.2 4.1
Goods.............................. 9.2 11.0 12.4 11.4 9.7 6.4 5.4 5.7 6.4 6.5 7.2 3.6
Services........................... 8.7 16.3 11.3 8.8 4.3 2.6 2.3 2.3 7.2 7.0 7.0 7.1
Government consumption expenditures
and gross investment.................. 2.3 1.2 1.3 .6 .2 .0 .5 .7 1.6 1.6 .8 1.5
Federal.............................. 7.0 2.7 4.4 2.3 1.5 1.0 1.6 1.2 3.6 2.6 .2 2.2
National defense................... 10.9 2.8 7.1 2.4 1.8 2.0 1.8 .4 2.1 1.6 -1.6 4.4
Nondefense......................... .1 2.5 -.8 2.3 .9 -1.0 1.2 2.6 6.8 4.8 3.9 -2.3
State and local...................... -.2 .4 -.5 -.4 -.5 -.6 -.1 .4 .4 .9 1.2 1.2
Addenda:
Final sales of domestic product...... 4.0 3.3 2.6 2.8 3.0 3.6 3.5 2.7 3.3 2.5 1.8 2.8
Gross domestic purchases............. 4.3 4.4 3.7 3.8 3.8 3.1 3.0 2.7 3.0 3.0 2.4 1.9
Final sales to domestic purchasers... 4.1 3.7 3.2 3.5 3.5 3.6 3.4 2.7 3.2 2.6 2.0 2.3
Gross national product............... 4.6 4.2 3.3 2.8 3.3 3.1 3.1 2.7 2.8 2.8 1.8 2.4
Real disposable personal income...... 4.0 3.4 2.7 3.5 1.8 1.5 1.4 .6 3.7 3.9 3.8 4.6
Price indexes:
Gross domestic purchases........... 2.2 3.0 3.3 3.7 3.6 3.5 3.9 4.0 3.8 3.9 3.4 2.6
Gross domestic purchases excluding
food and energy\1\................ 2.1 2.7 3.0 3.2 3.4 3.3 3.3 3.5 3.2 3.4 3.2 2.9
GDP................................ 2.3 2.8 3.0 3.2 3.3 3.1 3.4 3.5 3.3 3.6 3.3 2.9
GDP excluding food and energy\1\... 2.0 2.7 3.1 3.3 3.5 3.4 3.5 3.7 3.4 3.6 3.3 3.0
PCE................................ 2.0 2.7 2.7 3.0 2.8 2.7 3.2 3.3 3.1 3.2 2.8 1.9
PCE excluding food and energy\1\... 1.8 2.1 2.2 2.2 2.3 2.2 2.1 2.3 2.1 2.3 2.5 2.3
Market-based PCE\2\................ 1.8 2.5 2.4 2.8 2.5 2.5 3.1 3.2 3.1 3.3 2.9 1.8
Market-based PCE excluding food
and energy\2\..................... 1.5 1.8 1.7 1.9 2.0 1.9 1.9 2.1 2.0 2.2 2.5 2.2
---------------------------------------------------------------------------------------------------------------------------
1. Food excludes personal consumption expenditures for purchased
meals and beverages, which are classified in food services.
2. 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, financial services
furnished without payment) and the expenses of nonprofit institutions.
Table 8. Real Gross Domestic Product: Percent Change From Quarter One Year Ago--Table Ends
-----------------------------------------------------------------------------------------------------------------------
I 07 II 07 III 07 IV 07 I 08 II 08 III 08 IV 08 I 09 II 09
-----------------------------------------------------------------------------------------------------------------------
Gross domestic product (GDP).... 1.4 1.9 2.7 2.5 2.0 1.6 .0 -1.9 -3.3 -3.9
Personal consumption expenditures
(PCE)................................. 3.1 2.8 2.7 2.0 .9 .6 -.7 -1.8 -1.5 -1.8
Goods................................ 3.4 3.3 3.3 2.6 .3 .1 -2.7 -5.9 -4.1 -4.9
Durable goods...................... 3.6 4.4 4.6 4.6 .8 -1.2 -5.4 -11.8 -8.9 -9.2
Nondurable goods................... 3.3 2.7 2.6 1.5 .0 .7 -1.2 -2.9 -1.7 -2.8
Services............................. 2.9 2.6 2.4 1.7 1.3 .9 .3 .3 -.2 -.2
Gross private domestic investment...... -5.8 -4.4 -2.8 -2.0 -2.3 -6.3 -8.1 -12.5 -25.2 -27.4
Fixed investment..................... -3.7 -2.4 -1.2 -.9 -1.9 -3.4 -5.4 -9.6 -18.8 -21.2
Nonresidential..................... 4.5 5.5 6.8 7.9 7.3 4.8 .9 -6.0 -17.4 -19.6
Structures....................... 12.2 12.3 16.2 18.9 16.5 14.5 7.9 3.2 -12.0 -16.9
Equipment and software........... 1.6 2.7 2.7 3.2 3.1 .2 -2.7 -10.7 -20.2 -21.0
Residential........................ -18.5 -17.5 -17.8 -20.5 -23.5 -24.2 -22.6 -21.0 -23.9 -27.1
Change in private inventories........ ..... ..... ..... ..... ..... ..... ..... ..... ..... .....
Net exports of goods and services...... ..... ..... ..... ..... ..... ..... ..... ..... ..... .....
Exports.............................. 7.0 6.6 11.0 10.2 9.3 11.0 5.4 -3.4 -11.6 -15.7
Goods.............................. 5.8 5.5 9.2 9.0 9.3 11.3 7.0 -3.4 -14.8 -19.6
Services........................... 9.7 9.0 15.3 13.0 9.1 10.4 1.9 -3.5 -4.8 -7.1
Imports.............................. 3.3 2.0 1.7 .9 -.8 -1.9 -3.3 -6.8 -16.2 -18.6
Goods.............................. 3.3 1.8 1.1 .7 -1.4 -2.3 -3.9 -8.1 -18.8 -21.3
Services........................... 3.3 3.4 5.2 2.0 2.6 .2 -.4 .2 -3.6 -4.8
Government consumption expenditures
and gross investment.................. .5 1.5 2.3 2.5 3.1 2.9 3.2 3.0 1.7 2.2
Federal.............................. -2.0 .7 3.0 3.4 6.9 7.0 7.9 8.9 5.6 6.4
National defense................... -.2 1.7 4.6 2.6 6.7 6.3 8.6 9.5 6.0 7.5
Nondefense......................... -5.5 -1.4 -.2 5.2 7.1 8.3 6.3 7.5 4.8 3.9
State and local...................... 2.0 2.0 1.9 1.9 1.0 .7 .5 -.3 -.6 -.3
Addenda:
Final sales of domestic product...... 1.8 2.2 3.0 2.7 2.1 2.1 .5 -1.4 -2.3 -3.0
Gross domestic purchases............. 1.1 1.4 1.7 1.4 .8 .0 -1.2 -2.5 -4.4 -4.8
Final sales to domestic purchasers... 1.5 1.8 2.0 1.6 .9 .4 -.7 -2.1 -3.5 -3.9
Gross national product............... 1.3 1.8 3.3 3.3 2.8 1.9 .1 -2.4 -3.8 .....
Real disposable personal income...... 3.1 2.3 2.3 1.0 .0 2.2 -.5 .3 1.2 -.3
Price indexes:
Gross domestic purchases........... 2.9 2.8 2.6 3.5 3.3 3.5 4.0 1.9 .7 -.1
Gross domestic purchases excluding
food and energy\1\................ 3.0 2.6 2.6 2.8 2.5 2.8 2.9 2.0 1.4 .9
GDP................................ 3.2 3.0 2.6 2.7 2.1 1.9 2.5 1.9 1.9 1.5
GDP excluding food and energy\1\... 3.1 2.7 2.6 2.8 2.4 2.4 2.7 1.7 1.2 .9
PCE................................ 2.4 2.4 2.3 3.6 3.6 3.8 4.3 1.7 .4 -.2
PCE excluding food and energy\1\... 2.5 2.2 2.2 2.5 2.4 2.5 2.6 2.0 1.7 1.6
Market-based PCE\2\................ 2.2 2.3 2.0 3.5 3.6 3.7 4.6 1.9 .6 .0
Market-based PCE excluding food
and energy\2\..................... 2.3 2.0 1.9 2.2 2.2 2.3 2.6 2.3 2.1 2.1
-----------------------------------------------------------------------------------------------------------------------
1. Food excludes personal consumption expenditures for purchased
meals and beverages, which are classified in food services.
2. 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, financial services
furnished without payment) and the expenses of nonprofit institutions.
Table 9. Relation of Gross Domestic Product, Gross National Product, and National Income--Continues
[Billions of dollars]
----------------------------------------------------------------------------------------------------------------------------------------------
1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008
----------------------------------------------------------------------------------------------------------------------------------------------
Gross domestic product..................... 8,793.5 9,353.5 9,951.5 10,286.2 10,642.3 11,142.1 11,867.8 12,638.4 13,398.9 14,077.6 14,441.4
Plus: Income receipts from the rest of the
world..................................... 286.2 319.5 380.5 323.0 313.5 353.3 448.6 573.0 721.1 861.8 809.2
Less: Income payments to the rest of the
world..................................... 268.9 291.7 342.8 271.1 264.4 284.6 357.4 475.9 648.6 746.0 667.3
Equals: Gross national product............. 8,810.8 9,381.3 9,989.2 10,338.1 10,691.4 11,210.8 11,959.0 12,735.5 13,471.3 14,193.3 14,583.3
Less: Consumption of fixed capital......... 1,020.5 1,094.4 1,184.3 1,256.2 1,305.0 1,354.1 1,432.8 1,541.4 1,660.7 1,760.0 1,847.1
Less: Statistical discrepancy.............. -85.3 -71.1 -134.0 -103.4 -22.1 16.6 -7.8 -79.7 -220.6 -14.8 101.0
Equals: National income.................... 7,875.6 8,358.0 8,938.9 9,185.2 9,408.5 9,840.2 10,534.0 11,273.8 12,031.2 12,448.2 12,635.2
Compensation of employees................ 5,023.2 5,353.9 5,788.8 5,979.3 6,110.8 6,382.6 6,693.4 7,065.0 7,477.0 7,856.5 8,037.4
Wage and salary accruals............... 4,180.9 4,465.2 4,827.7 4,952.2 4,997.3 5,154.6 5,410.7 5,706.0 6,070.1 6,402.6 6,540.8
Supplements to wages and salaries...... 842.3 888.8 961.2 1,027.1 1,113.5 1,228.0 1,282.7 1,359.1 1,406.9 1,453.8 1,496.6
Proprietors' income with inventory
valuation and capital consumption
adjustments............................. 687.5 746.8 817.5 870.7 890.3 930.6 1,033.8 1,069.8 1,133.0 1,096.4 1,106.3
Rental income of persons with capital
consumption adjustment.................. 191.5 208.2 215.3 232.4 218.7 204.2 198.4 178.2 146.5 144.9 210.4
Corporate profits with inventory
valuation and capital consumption
adjustments............................. 812.4 856.3 819.2 784.2 872.2 977.8 1,246.9 1,456.1 1,608.3 1,541.7 1,360.4
Net interest and miscellaneous payments.. 479.3 481.4 539.3 544.4 506.4 504.1 461.6 543.0 652.2 739.2 815.1
Taxes on production and imports less
subsidies............................... 603.1 628.4 662.7 669.0 721.4 757.7 817.0 869.3 935.5 974.0 993.8
Business current transfer payments (net). 65.2 69.0 87.0 101.3 82.4 76.1 81.7 95.9 83.0 102.2 118.8
Current surplus of government
enterprises............................. 13.3 14.1 9.1 4.0 6.3 7.0 1.2 -3.5 -4.2 -6.6 -6.9
Addendum:
Gross domestic income.................... 8,878.8 9,424.6 10,085.5 10,389.5 10,664.4 11,125.5 11,875.6 12,718.0 13,619.5 14,092.5 14,340.4
----------------------------------------------------------------------------------------------------------------------------------------------
Table 9. Relation of Gross Domestic Product, Gross National Product, and National Income--Continues
[Billions of dollars; quarters seasonally adjusted at annual rates]
-------------------------------------------------------------------------------------------------------------------------------------------------------
I 04 II 04 III 04 IV 04 I 05 II 05 III 05 IV 05 I 06 II 06 III 06 IV 06
-------------------------------------------------------------------------------------------------------------------------------------------------------
Gross domestic product..................... 11,597.2 11,778.4 11,950.5 12,144.9 12,379.5 12,516.8 12,741.6 12,915.6 13,183.5 13,347.8 13,452.9 13,611.5
Plus: Income receipts from the rest of the
world..................................... 418.2 434.4 456.3 485.4 535.5 551.3 582.4 622.9 659.0 716.4 741.6 767.2
Less: Income payments to the rest of the
world..................................... 307.6 348.6 359.5 413.8 428.7 455.1 475.3 544.5 578.5 640.9 679.7 695.5
Equals: Gross national product............. 11,707.8 11,864.2 12,047.3 12,216.6 12,486.3 12,613.0 12,848.7 12,994.1 13,264.0 13,423.3 13,514.8 13,683.2
Less: Consumption of fixed capital......... 1,396.7 1,419.5 1,444.4 1,470.4 1,495.7 1,524.2 1,556.0 1,589.6 1,618.0 1,648.2 1,675.2 1,701.3
Less: Statistical discrepancy.............. 29.9 .0 -38.7 -22.6 -29.0 -67.7 -67.5 -154.5 -192.2 -190.7 -253.4 -246.0
Equals: National income.................... 10,281.2 10,444.7 10,641.6 10,768.7 11,019.6 11,156.6 11,360.2 11,559.0 11,838.2 11,965.9 12,093.0 12,227.9
Compensation of employees................ 6,539.8 6,636.4 6,756.3 6,841.2 6,921.1 7,003.6 7,128.4 7,207.1 7,353.7 7,419.9 7,484.1 7,650.3
Wage and salary accruals............... 5,275.9 5,363.6 5,468.9 5,534.4 5,584.2 5,651.7 5,758.3 5,829.7 5,958.9 6,018.6 6,075.4 6,227.6
Supplements to wages and salaries...... 1,263.9 1,272.8 1,287.4 1,306.8 1,336.9 1,351.9 1,370.1 1,377.4 1,394.8 1,401.3 1,408.7 1,422.6
Proprietors' income with inventory
valuation and capital consumption
adjustments............................. 1,002.1 1,029.8 1,040.1 1,063.1 1,046.8 1,054.0 1,082.6 1,095.8 1,126.9 1,133.2 1,131.2 1,140.6
Rental income of persons with capital
consumption adjustment.................. 204.2 197.1 196.8 195.4 190.7 181.5 168.4 172.3 161.3 153.2 140.3 131.2
Corporate profits with inventory
valuation and capital consumption
adjustments............................. 1,187.2 1,226.9 1,292.2 1,281.4 1,408.2 1,429.0 1,454.7 1,532.5 1,590.9 1,597.7 1,655.1 1,589.6
Net interest and miscellaneous payments.. 467.7 460.6 454.0 464.2 509.4 528.0 558.0 576.9 608.9 654.4 661.6 684.0
Taxes on production and imports less
subsidies............................... 798.7 812.1 822.9 834.3 848.7 864.2 877.5 886.6 916.0 931.9 941.9 952.1
Business current transfer payments (net). 77.8 80.0 79.0 89.9 96.5 99.6 95.2 92.3 82.8 79.3 83.6 86.1
Current surplus of government
enterprises............................. 3.7 1.9 .3 -.9 -1.8 -3.1 -4.5 -4.5 -2.4 -3.8 -4.7 -6.0
Addendum:
Gross domestic income.................... 11,567.3 11,778.4 11,989.3 12,167.5 12,408.4 12,584.5 12,809.1 13,070.2 13,375.7 13,538.5 13,706.3 13,857.5
-------------------------------------------------------------------------------------------------------------------------------------------------------
Table 9. Relation of Gross Domestic Product, Gross National Product, and National Income--Table Ends
[Billions of dollars; quarters seasonally adjusted at annual rates]
-------------------------------------------------------------------------------------------------------------------------------------
I 07 II 07 III 07 IV 07 I 08 II 08 III 08 IV 08 I 09 II 09
-------------------------------------------------------------------------------------------------------------------------------------
Gross domestic product..................... 13,795.6 13,997.2 14,179.9 14,337.9 14,373.9 14,497.8 14,546.7 14,347.3 14,178.0 14,149.8
Plus: Income receipts from the rest of the
world..................................... 787.9 852.1 897.6 909.4 856.3 840.5 825.6 714.4 579.6 .....
Less: Income payments to the rest of the
world..................................... 724.0 776.0 759.1 725.1 685.3 711.6 664.8 607.4 479.7 .....
Equals: Gross national product............. 13,859.5 14,073.3 14,318.3 14,522.2 14,544.9 14,626.6 14,707.5 14,454.3 14,277.9 .....
Less: Consumption of fixed capital......... 1,726.7 1,749.4 1,771.2 1,792.8 1,813.6 1,835.6 1,858.2 1,881.0 1,883.6 1,874.1
Less: Statistical discrepancy.............. -121.1 -97.1 64.9 94.0 69.8 126.7 68.3 139.4 152.1 .....
Equals: National income.................... 12,253.9 12,421.1 12,482.2 12,635.4 12,661.5 12,664.4 12,781.0 12,433.9 12,242.2 .....
Compensation of employees................ 7,757.2 7,819.7 7,869.6 7,979.3 8,017.5 8,032.8 8,069.1 8,030.3 7,859.1 7,756.4
Wage and salary accruals............... 6,318.6 6,372.2 6,412.5 6,507.3 6,533.0 6,539.2 6,567.7 6,523.5 6,358.9 6,258.1
Supplements to wages and salaries...... 1,438.6 1,447.5 1,457.1 1,472.1 1,484.5 1,493.5 1,501.4 1,506.8 1,500.2 1,498.4
Proprietors' income with inventory
valuation and capital consumption
adjustments............................. 1,094.2 1,096.0 1,093.2 1,102.1 1,115.2 1,111.9 1,114.4 1,083.6 1,037.8 1,023.4
Rental income of persons with capital
consumption adjustment.................. 121.1 140.3 150.2 168.0 179.9 202.8 222.2 236.7 245.9 255.2
Corporate profits with inventory
valuation and capital consumption
adjustments............................. 1,535.4 1,594.9 1,537.1 1,499.4 1,459.7 1,403.7 1,454.6 1,123.6 1,182.7 .....
Net interest and miscellaneous payments.. 690.6 711.3 756.0 798.9 790.7 809.0 806.1 854.7 826.2 805.2
Taxes on production and imports less
subsidies............................... 966.0 966.9 976.1 986.8 989.3 997.9 1,005.7 982.1 963.2 971.3
Business current transfer payments (net). 97.8 99.0 105.0 107.0 114.8 112.6 116.0 131.8 137.9 145.2
Current surplus of government
enterprises............................. -8.4 -6.9 -4.9 -6.0 -5.6 -6.3 -6.9 -8.9 -10.7 -8.9
Addendum:
Gross domestic income.................... 13,916.7 14,094.3 14,114.9 14,243.9 14,304.1 14,371.1 14,478.4 14,207.9 14,025.8 .....
-------------------------------------------------------------------------------------------------------------------------------------
Table 10. Personal Income and Its Disposition--Continues
[Billions of dollars]
----------------------------------------------------------------------------------------------------------------------------------------------
1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008
----------------------------------------------------------------------------------------------------------------------------------------------
Personal income\1\......................... 7,525.4 7,910.8 8,559.4 8,883.3 9,060.1 9,378.1 9,937.2 10,485.9 11,268.1 11,894.1 12,238.8
Compensation of employees, received...... 5,023.9 5,348.8 5,788.8 5,979.3 6,110.8 6,367.6 6,708.4 7,060.0 7,475.7 7,862.7 8,042.4
Wage and salary disbursements.......... 4,181.6 4,460.0 4,827.7 4,952.2 4,997.3 5,139.6 5,425.7 5,701.0 6,068.9 6,408.9 6,545.9
Supplements to wages and salaries...... 842.3 888.8 961.2 1,027.1 1,113.5 1,228.0 1,282.7 1,359.1 1,406.9 1,453.8 1,496.6
Proprietors' income with inventory
valuation and capital consumption
adjustments............................. 687.5 746.8 817.5 870.7 890.3 930.6 1,033.8 1,069.8 1,133.0 1,096.4 1,106.3
Farm................................... 28.9 28.5 29.6 30.5 18.5 36.5 49.7 43.9 29.3 39.4 48.7
Nonfarm................................ 658.7 718.3 787.8 840.2 871.8 894.1 984.1 1,025.9 1,103.6 1,056.9 1,057.5
Rental income of persons with capital
consumption adjustment.................. 191.5 208.2 215.3 232.4 218.7 204.2 198.4 178.2 146.5 144.9 210.4
Personal income receipts on assets....... 1,269.2 1,246.8 1,360.7 1,346.0 1,309.6 1,312.9 1,408.5 1,542.0 1,829.7 2,031.5 1,994.4
Personal interest income............... 919.3 910.9 984.2 976.5 911.9 889.8 860.2 987.0 1,127.5 1,266.4 1,308.0
Personal dividend income............... 349.8 335.9 376.5 369.5 397.7 423.1 548.3 555.0 702.2 765.1 686.4
Personal current transfer receipts....... 977.9 1,021.6 1,083.0 1,188.1 1,282.1 1,341.7 1,415.5 1,508.6 1,605.0 1,718.0 1,875.9
Less: Contributions for government
social insurance (domestic)............. 624.7 661.3 705.8 733.2 751.5 778.9 827.3 872.7 921.8 959.3 990.6
Less: Personal current taxes............... 1,026.4 1,107.5 1,232.3 1,234.8 1,050.4 1,000.3 1,047.8 1,208.6 1,352.4 1,490.9 1,432.4
Equals: Disposable personal income......... 6,498.9 6,803.3 7,327.2 7,648.5 8,009.7 8,377.8 8,889.4 9,277.3 9,915.7 10,403.1 10,806.4
Less: Personal outlays..................... 6,157.5 6,595.5 7,114.1 7,443.5 7,727.5 8,088.0 8,585.7 9,149.6 9,680.7 10,224.3 10,520.0
Equals: Personal saving.................... 341.5 207.8 213.1 204.9 282.2 289.8 303.7 127.7 235.0 178.9 286.4
Personal saving as a percentage of
disposable personal income.............. 5.3 3.1 2.9 2.7 3.5 3.5 3.4 1.4 2.4 1.7 2.7
Addenda:
Personal income excluding current
transfer receipts, billions of
chained (2005) dollars\2\............... 7,595.0 7,864.8 8,327.8 8,411.1 8,387.2 8,493.1 8,776.4 8,977.3 9,404.8 9,645.4 9,504.6
Disposable personal income, billions of
chained (2005) dollars\2\............... 7,538.8 7,766.7 8,161.5 8,360.1 8,637.1 8,853.9 9,155.1 9,277.3 9,650.7 9,860.6 9,911.3
----------------------------------------------------------------------------------------------------------------------------------------------
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 (net), current surplus of
government enterprises, and wage accruals less disbursements, plus
personal income receipts on assets, and personal current transfer
receipts.
2. The current-dollar measure is deflated by the implicit price
deflator for personal consumption expenditures.
Table 10. Personal Income and Its Disposition--Continues
[Billions of dollars; quarters seasonally adjusted at annual rates]
-------------------------------------------------------------------------------------------------------------------------------------------------------
I 04 II 04 III 04 IV 04 I 05 II 05 III 05 IV 05 I 06 II 06 III 06 IV 06
-------------------------------------------------------------------------------------------------------------------------------------------------------
Personal income\1\......................... 9,679.8 9,847.1 9,999.1 10,223.1 10,238.6 10,386.7 10,577.5 10,740.8 11,026.7 11,204.0 11,336.9 11,504.8
Compensation of employees, received...... 6,543.3 6,657.9 6,781.3 6,851.2 6,921.1 7,003.6 7,128.4 7,187.1 7,373.7 7,419.9 7,484.1 7,625.3
Wage and salary disbursements.......... 5,279.4 5,385.1 5,493.9 5,544.4 5,584.2 5,651.7 5,758.3 5,809.7 5,978.9 6,018.6 6,075.4 6,202.6
Supplements to wages and salaries...... 1,263.9 1,272.8 1,287.4 1,306.8 1,336.9 1,351.9 1,370.1 1,377.4 1,394.8 1,401.3 1,408.7 1,422.6
Proprietors' income with inventory
valuation and capital consumption
adjustments............................. 1,002.1 1,029.8 1,040.1 1,063.1 1,046.8 1,054.0 1,082.6 1,095.8 1,126.9 1,133.2 1,131.2 1,140.6
Farm................................... 54.2 52.0 44.0 48.5 43.7 46.4 45.6 39.9 28.4 28.4 28.4 32.2
Nonfarm................................ 947.9 977.8 996.1 1,014.6 1,003.1 1,007.6 1,037.0 1,055.9 1,098.5 1,104.8 1,102.8 1,108.4
Rental income of persons with capital
consumption adjustment.................. 204.2 197.1 196.8 195.4 190.7 181.5 168.4 172.3 161.3 153.2 140.3 131.2
Personal income receipts on assets....... 1,350.0 1,372.9 1,395.5 1,515.5 1,459.7 1,507.1 1,560.4 1,640.8 1,711.1 1,817.2 1,881.3 1,909.0
Personal interest income............... 855.6 850.3 858.0 877.0 927.8 970.6 1,003.1 1,046.5 1,067.2 1,128.7 1,156.8 1,157.2
Personal dividend income............... 494.4 522.6 537.5 638.5 531.9 536.5 557.3 594.3 643.9 688.5 724.5 751.9
Personal current transfer receipts....... 1,392.5 1,411.0 1,418.5 1,440.1 1,481.3 1,506.4 1,516.7 1,529.8 1,569.0 1,597.9 1,620.7 1,632.4
Less: Contributions for government
social insurance (domestic)............. 812.3 821.6 833.1 842.2 861.0 865.8 879.0 885.0 915.4 917.4 920.8 933.8
Less: Personal current taxes............... 1,009.3 1,026.4 1,064.7 1,090.9 1,164.2 1,192.3 1,224.0 1,253.8 1,321.5 1,340.2 1,354.3 1,393.5
Equals: Disposable personal income......... 8,670.5 8,820.7 8,934.4 9,132.1 9,074.3 9,194.4 9,353.5 9,487.1 9,705.2 9,863.8 9,982.5 10,111.2
Less: Personal outlays..................... 8,394.9 8,505.4 8,635.3 8,807.1 8,932.5 9,077.4 9,243.2 9,345.2 9,493.5 9,618.2 9,754.9 9,856.4
Equals: Personal saving.................... 275.5 315.4 299.1 325.0 141.8 117.0 110.2 141.8 211.7 245.6 227.7 254.8
Personal saving as a percentage of
disposable personal income.............. 3.2 3.6 3.3 3.6 1.6 1.3 1.2 1.5 2.2 2.5 2.3 2.5
Addenda:
Personal income excluding current
transfer receipts, billions of
chained (2005) dollars\2\............... 8,627.1 8,717.5 8,812.5 8,947.7 8,868.4 8,936.9 9,016.7 9,086.4 9,290.6 9,366.1 9,404.7 9,557.5
Disposable personal income, billions of
chained (2005) dollars\2\............... 9,025.9 9,115.0 9,175.9 9,303.4 9,189.6 9,253.0 9,308.0 9,358.7 9,533.8 9,617.3 9,662.5 9,788.8
-------------------------------------------------------------------------------------------------------------------------------------------------------
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 (net), current surplus of
government enterprises, and wage accruals less disbursements, plus
personal income receipts on assets, and personal current transfer
receipts.
2. The current-dollar measure is deflated by the implicit price
deflator for personal consumption expenditures.
Table 10. Personal Income and Its Disposition--Table Ends
[Billions of dollars; quarters seasonally adjusted at annual rates]
-------------------------------------------------------------------------------------------------------------------------------------
I 07 II 07 III 07 IV 07 I 08 II 08 III 08 IV 08 I 09 II 09
-------------------------------------------------------------------------------------------------------------------------------------
Personal income\1\......................... 11,706.9 11,823.4 11,945.6 12,100.3 12,142.2 12,292.9 12,286.6 12,233.5 11,981.8 11,989.8
Compensation of employees, received...... 7,782.2 7,819.7 7,869.6 7,979.3 8,017.5 8,032.8 8,069.1 8,050.3 7,839.1 7,756.4
Wage and salary disbursements.......... 6,343.6 6,372.2 6,412.5 6,507.3 6,533.0 6,539.2 6,567.7 6,543.5 6,338.9 6,258.1
Supplements to wages and salaries...... 1,438.6 1,447.5 1,457.1 1,472.1 1,484.5 1,493.5 1,501.4 1,506.8 1,500.2 1,498.4
Proprietors' income with inventory
valuation and capital consumption
adjustments............................. 1,094.2 1,096.0 1,093.2 1,102.1 1,115.2 1,111.9 1,114.4 1,083.6 1,037.8 1,023.4
Farm................................... 36.7 35.7 37.5 47.9 57.2 49.4 49.3 39.0 27.3 27.2
Nonfarm................................ 1,057.5 1,060.3 1,055.7 1,054.2 1,057.9 1,062.5 1,065.1 1,044.5 1,010.5 996.2
Rental income of persons with capital
consumption adjustment.................. 121.1 140.3 150.2 168.0 179.9 202.8 222.2 236.7 245.9 255.2
Personal income receipts on assets....... 1,968.2 2,022.0 2,065.8 2,069.8 2,020.8 1,997.3 2,001.4 1,958.1 1,845.5 1,782.5
Personal interest income............... 1,198.3 1,246.5 1,297.9 1,322.8 1,304.6 1,306.6 1,327.8 1,292.9 1,243.4 1,247.5
Personal dividend income............... 769.9 775.5 767.9 747.0 716.2 690.7 673.7 665.2 602.1 534.9
Personal current transfer receipts....... 1,693.8 1,699.1 1,725.5 1,753.7 1,794.1 1,937.0 1,874.3 1,898.0 1,987.3 2,135.2
Less: Contributions for government
social insurance (domestic)............. 952.5 953.7 958.6 972.6 985.3 988.9 994.9 993.3 973.9 963.0
Less: Personal current taxes............... 1,459.5 1,481.8 1,500.7 1,521.9 1,531.8 1,326.2 1,437.3 1,434.3 1,192.6 1,079.5
Equals: Disposable personal income......... 10,247.4 10,341.7 10,445.0 10,578.4 10,610.4 10,966.7 10,849.3 10,799.1 10,789.2 10,910.3
Less: Personal outlays..................... 10,038.3 10,158.2 10,275.6 10,425.0 10,484.1 10,592.2 10,613.6 10,389.9 10,362.3 10,344.2
Equals: Personal saving.................... 209.1 183.5 169.4 153.5 126.3 374.4 235.7 409.2 426.9 566.0
Personal saving as a percentage of
disposable personal income.............. 2.0 1.8 1.6 1.5 1.2 3.4 2.2 3.8 4.0 5.2
Addenda:
Personal income excluding current
transfer receipts, billions of
chained (2005) dollars\2\............... 9,605.4 9,635.9 9,671.1 9,669.6 9,583.9 9,498.8 9,442.0 9,494.4 9,215.5 9,056.9
Disposable personal income, billions of
chained (2005) dollars\2\............... 9,830.2 9,842.7 9,883.9 9,886.2 9,826.8 10,059.0 9,838.3 9,920.4 9,948.3 10,027.2
-------------------------------------------------------------------------------------------------------------------------------------
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 (net), current surplus of
government enterprises, and wage accruals less disbursements, plus
personal income receipts on assets, and personal current transfer
receipts.
2. The current-dollar measure is deflated by the implicit price
deflator for personal consumption expenditures.
Table 11A. Corporate Profits--Continues
[Billions of dollars]
----------------------------------------------------------------------------------------------------------------------------------------
1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008
----------------------------------------------------------------------------------------------------------------------------------------
Corporate profits with inventory
valuation and capital consumption
adjustments......................... 812.4 856.3 819.2 784.2 872.2 977.8 1,246.9 1,456.1 1,608.3 1,541.7 1,360.4
Less: Taxes on corporate income...... 248.4 258.8 265.1 203.3 192.3 243.8 306.1 412.4 473.3 451.5 292.2
Equals: Profits after tax with
inventory valuation and capital
consumption adjustments............. 564.1 597.5 554.1 580.9 679.9 734.0 940.8 1,043.7 1,135.0 1,090.2 1,068.2
Net dividends...................... 351.5 337.4 377.9 370.9 399.3 424.9 550.3 557.3 704.8 767.8 689.9
Undistributed profits with
inventory valuation and
capital consumption
adjustments....................... 212.6 260.1 176.3 210.0 280.6 309.2 390.5 486.4 430.3 322.4 378.3
Addenda for corporate cash flow:
Net cash flow with inventory
valuation adjustment.............. 790.9 885.1 861.3 945.0 1,036.5 1,084.8 1,190.1 1,337.0 1,356.1 1,303.4 1,478.4
Undistributed profits with
inventory valuation and
capital consumption
adjustments..................... 212.6 260.1 176.3 210.0 280.6 309.2 390.5 486.4 430.3 322.4 378.3
Consumption of fixed capital..... 578.3 625.8 685.1 730.3 755.9 775.5 809.2 862.9 925.9 981.0 1,036.8
Less: Capital transfers
paid (net)...................... ..... .9 .0 -4.8 .0 -.1 9.5 12.2 .0 .0 -63.3
Addenda:
Profits before tax (without
inventory valuation and capital
consumption adjustments).......... 722.9 780.5 772.5 712.7 765.3 903.5 1,229.4 1,640.2 1,822.7 1,774.4 1,462.7
Profits after tax (without
inventory valuation and capital
consumption adjustments).......... 474.5 521.7 507.4 509.4 573.0 659.7 923.3 1,227.8 1,349.5 1,322.8 1,170.6
Inventory valuation adjustment..... 15.7 -4.0 -16.8 8.0 -2.6 -11.3 -34.3 -30.7 -38.0 -44.0 -38.2
Capital consumption adjustment..... 73.8 79.7 63.6 63.4 109.4 85.6 51.8 -153.4 -176.4 -188.7 -64.1
----------------------------------------------------------------------------------------------------------------------------------------
Table 11A. Corporate Profits--Continues
[Billions of dollars; quarters seasonally adjusted at annual rates]
-------------------------------------------------------------------------------------------------------------------------------------------------
I 04 II 04 III 04 IV 04 I 05 II 05 III 05 IV 05 I 06 II 06 III 06 IV 06
-------------------------------------------------------------------------------------------------------------------------------------------------
Corporate profits with inventory
valuation and capital consumption
adjustments......................... 1,187.2 1,226.9 1,292.2 1,281.4 1,408.2 1,429.0 1,454.7 1,532.5 1,590.9 1,597.7 1,655.1 1,589.6
Less: Taxes on corporate income...... 277.6 298.2 320.4 328.1 405.1 395.6 403.1 445.7 460.7 475.1 496.6 460.7
Equals: Profits after tax with
inventory valuation and capital
consumption adjustments............. 909.6 928.7 971.8 953.3 1,003.1 1,033.3 1,051.6 1,086.8 1,130.2 1,122.6 1,158.5 1,128.8
Net dividends...................... 496.1 524.4 539.5 641.3 534.1 538.8 559.7 596.7 646.4 691.1 727.1 754.5
Undistributed profits with
inventory valuation and
capital consumption
adjustments....................... 413.5 404.3 432.3 312.0 469.0 494.5 492.0 490.0 483.9 431.5 431.4 374.3
Addenda for corporate cash flow:
Net cash flow with inventory
valuation adjustment.............. 1,207.3 1,207.6 1,207.8 1,137.9 1,307.9 1,348.2 1,308.8 1,383.2 1,388.0 1,350.5 1,364.6 1,321.5
Undistributed profits with
inventory valuation and
capital consumption
adjustments..................... 413.5 404.3 432.3 312.0 469.0 494.5 492.0 490.0 483.9 431.5 431.4 374.3
Consumption of fixed capital..... 793.7 803.2 813.9 825.8 838.8 853.6 870.3 888.7 904.1 918.9 933.3 947.1
Less: Capital transfers
paid (net)...................... -.1 -.1 38.5 -.1 -.1 -.1 53.4 -4.4 .0 .0 .0 .0
Addenda:
Profits before tax (without
inventory valuation and capital
consumption adjustments).......... 1,137.3 1,209.7 1,281.0 1,289.7 1,581.1 1,591.6 1,641.4 1,746.5 1,815.3 1,819.8 1,865.1 1,790.7
Profits after tax (without
inventory valuation and capital
consumption adjustments).......... 859.7 911.5 960.5 961.5 1,176.0 1,196.0 1,238.3 1,300.8 1,354.6 1,344.7 1,368.5 1,330.0
Inventory valuation adjustment..... -16.9 -38.4 -34.9 -46.9 -38.2 -18.2 -28.4 -38.0 -33.4 -48.4 -42.3 -28.0
Capital consumption adjustment..... 66.7 55.6 46.2 38.6 -134.7 -144.5 -158.3 -176.0 -191.0 -173.7 -167.7 -173.2
-------------------------------------------------------------------------------------------------------------------------------------------------
Table 11A. Corporate Profits--Table Ends
[Billions of dollars; quarters seasonally adjusted at annual rates]
----------------------------------------------------------------------------------------------------------------------
I 07 II 07 III 07 IV 07 I 08 II 08 III 08 IV 08 I 09
----------------------------------------------------------------------------------------------------------------------
Corporate profits with inventory
valuation and capital consumption
adjustments......................... 1,535.4 1,594.9 1,537.1 1,499.4 1,459.7 1,403.7 1,454.6 1,123.6 1,182.7
Less: Taxes on corporate income...... 469.5 466.5 440.0 430.1 323.2 317.5 304.8 223.3 270.3
Equals: Profits after tax with
inventory valuation and capital
consumption adjustments............. 1,065.9 1,128.4 1,097.1 1,069.3 1,136.4 1,086.3 1,149.8 900.4 912.4
Net dividends...................... 772.6 778.1 770.6 749.9 719.4 693.7 676.6 669.9 618.1
Undistributed profits with
inventory valuation and
capital consumption
adjustments....................... 293.3 350.3 326.5 319.4 417.1 392.6 473.2 230.5 294.2
Addenda for corporate cash flow:
Net cash flow with inventory
valuation adjustment.............. 1,253.8 1,324.3 1,314.3 1,321.0 1,432.8 1,422.4 1,499.4 1,559.2 1,575.4
Undistributed profits with
inventory valuation and
capital consumption
adjustments..................... 293.3 350.3 326.5 319.4 417.1 392.6 473.2 230.5 294.2
Consumption of fixed capital..... 960.5 974.0 987.7 1,001.6 1,015.7 1,029.7 1,043.9 1,058.1 1,058.2
Less: Capital transfers
paid (net)...................... .0 .0 .0 .0 .0 .0 17.7 -270.7 -223.0
Addenda:
Profits before tax (without
inventory valuation and capital
consumption adjustments).......... 1,747.6 1,808.6 1,758.2 1,783.1 1,620.8 1,593.5 1,576.6 1,060.1 1,246.5
Profits after tax (without
inventory valuation and capital
consumption adjustments).......... 1,278.1 1,342.1 1,318.2 1,353.0 1,297.6 1,276.0 1,271.9 836.8 976.1
Inventory valuation adjustment..... -42.2 -29.5 -25.3 -79.0 -107.9 -129.6 -54.5 139.2 81.1
Capital consumption adjustment..... -170.0 -184.2 -195.8 -204.7 -53.2 -60.1 -67.6 -75.6 -144.9
----------------------------------------------------------------------------------------------------------------------
Table 11B. Corporate Profits: Percent Change From Preceding Period--Continues
----------------------------------------------------------------------------------------------------------------------------------------
1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008
----------------------------------------------------------------------------------------------------------------------------------------
Corporate profits with inventory
valuation and capital consumption
adjustments......................... -8.2 5.4 -4.3 -4.3 11.2 12.1 27.5 16.8 10.5 -4.1 -11.8
Less: Taxes on corporate income...... 1.2 4.2 2.4 -23.3 -5.4 26.7 25.6 34.7 14.8 -4.6 -35.3
Equals: Profits after tax with
inventory valuation and capital
consumption adjustments............. -11.8 5.9 -7.3 4.8 17.0 8.0 28.2 10.9 8.8 -4.0 -2.0
Net dividends...................... 6.1 -4.0 12.0 -1.8 7.6 6.4 29.5 1.3 26.5 8.9 -10.1
Undistributed profits with
inventory valuation and
capital consumption
adjustments....................... -31.0 22.3 -32.2 19.1 33.6 10.2 26.3 24.6 -11.5 -25.1 17.4
Addenda for corporate cash flow:
Net cash flow with inventory
valuation adjustment.............. -6.8 11.9 -2.7 9.7 9.7 4.7 9.7 12.3 1.4 -3.9 13.4
Undistributed profits with
inventory valuation and
capital consumption
adjustments..................... -31.0 22.3 -32.2 19.1 33.6 10.2 26.3 24.6 -11.5 -25.1 17.4
Consumption of fixed capital..... 6.9 8.2 9.5 6.6 3.5 2.6 4.3 6.6 7.3 6.0 5.7
Less: Capital transfers
paid (net)...................... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... .....
Addenda:
Profits before tax (without
inventory valuation and capital
consumption adjustments).......... -9.8 8.0 -1.0 -7.7 7.4 18.0 36.1 33.4 11.1 -2.7 -17.6
Profits after tax (without
inventory valuation and capital
consumption adjustments).......... -14.7 9.9 -2.8 .4 12.5 15.1 40.0 33.0 9.9 -2.0 -11.5
Inventory valuation adjustment..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... .....
Capital consumption adjustment..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... .....
----------------------------------------------------------------------------------------------------------------------------------------
Table 11B. Corporate Profits: Percent Change From Preceding Period--Continues
[Quarterly rates]
-------------------------------------------------------------------------------------------------------------------------------------------------
I 04 II 04 III 04 IV 04 I 05 II 05 III 05 IV 05 I 06 II 06 III 06 IV 06
-------------------------------------------------------------------------------------------------------------------------------------------------
Corporate profits with inventory
valuation and capital consumption
adjustments......................... 13.0 3.3 5.3 -.8 9.9 1.5 1.8 5.4 3.8 .4 3.6 -4.0
Less: Taxes on corporate income...... 3.1 7.4 7.5 2.4 23.5 -2.3 1.9 10.6 3.3 3.1 4.5 -7.2
Equals: Profits after tax with
inventory valuation and capital
consumption adjustments............. 16.4 2.1 4.6 -1.9 5.2 3.0 1.8 3.3 4.0 -.7 3.2 -2.6
Net dividends...................... 8.2 5.7 2.9 18.9 -16.7 .9 3.9 6.6 8.3 6.9 5.2 3.8
Undistributed profits with
inventory valuation and
capital consumption
adjustments....................... 27.9 -2.2 6.9 -27.8 50.3 5.4 -.5 -.4 -1.3 -10.8 .0 -13.2
Addenda for corporate cash flow:
Net cash flow with inventory
valuation adjustment.............. 8.9 .0 .0 -5.8 14.9 3.1 -2.9 5.7 .3 -2.7 1.0 -3.2
Undistributed profits with
inventory valuation and
capital consumption
adjustments..................... 27.9 -2.2 6.9 -27.8 50.3 5.4 -.5 -.4 -1.3 -10.8 .0 -13.2
Consumption of fixed capital..... 1.1 1.2 1.3 1.5 1.6 1.8 1.9 2.1 1.7 1.6 1.6 1.5
Less: Capital transfers
paid (net)...................... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... .....
Addenda:
Profits before tax (without
inventory valuation and capital
consumption adjustments).......... 14.1 6.4 5.9 .7 22.6 .7 3.1 6.4 3.9 .2 2.5 -4.0
Profits after tax (without
inventory valuation and capital
consumption adjustments).......... 18.2 6.0 5.4 .1 22.3 1.7 3.5 5.0 4.1 -.7 1.8 -2.8
Inventory valuation adjustment..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... .....
Capital consumption adjustment..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... .....
-------------------------------------------------------------------------------------------------------------------------------------------------
Table 11B. Corporate Profits: Percent Change From Preceding Period--Table Ends
[Quarterly rates]
----------------------------------------------------------------------------------------------------------------------
I 07 II 07 III 07 IV 07 I 08 II 08 III 08 IV 08 I 09
----------------------------------------------------------------------------------------------------------------------
Corporate profits with inventory
valuation and capital consumption
adjustments......................... -3.4 3.9 -3.6 -2.5 -2.6 -3.8 3.6 -22.8 5.3
Less: Taxes on corporate income...... 1.9 -.6 -5.7 -2.2 -24.8 -1.8 -4.0 -26.7 21.1
Equals: Profits after tax with
inventory valuation and capital
consumption adjustments............. -5.6 5.9 -2.8 -2.5 6.3 -4.4 5.8 -21.7 1.3
Net dividends...................... 2.4 .7 -1.0 -2.7 -4.1 -3.6 -2.5 -1.0 -7.7
Undistributed profits with
inventory valuation and
capital consumption
adjustments....................... -21.6 19.4 -6.8 -2.2 30.6 -5.9 20.5 -51.3 27.7
Addenda for corporate cash flow:
Net cash flow with inventory
valuation adjustment.............. -5.1 5.6 -.8 .5 8.5 -.7 5.4 4.0 1.0
Undistributed profits with
inventory valuation and
capital consumption
adjustments..................... -21.6 19.4 -6.8 -2.2 30.6 -5.9 20.5 -51.3 27.7
Consumption of fixed capital..... 1.4 1.4 1.4 1.4 1.4 1.4 1.4 1.4 .0
Less: Capital transfers
paid (net)...................... ..... ..... ..... ..... ..... ..... ..... ..... .....
Addenda:
Profits before tax (without
inventory valuation and capital
consumption adjustments).......... -2.4 3.5 -2.8 1.4 -9.1 -1.7 -1.1 -32.8 17.6
Profits after tax (without
inventory valuation and capital
consumption adjustments).......... -3.9 5.0 -1.8 2.6 -4.1 -1.7 -.3 -34.2 16.6
Inventory valuation adjustment..... ..... ..... ..... ..... ..... ..... ..... ..... .....
Capital consumption adjustment..... ..... ..... ..... ..... ..... ..... ..... ..... .....
----------------------------------------------------------------------------------------------------------------------
Table 12A. Corporate Profits by Industry--Continues
[Billions of dollars]
---------------------------------------------------------------------------------------------------------------------------------------
1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008
---------------------------------------------------------------------------------------------------------------------------------------
Corporate profits with
inventory valuation and
capital consumption
adjustments.................... 812.4 856.3 819.2 784.2 872.2 977.8 1,246.9 1,456.1 1,608.3 1,541.7 1,360.4
Domestic industries................. 709.7 734.8 673.6 614.5 714.3 812.0 1,041.9 1,216.6 1,351.5 1,193.9 983.2
Financial......................... 165.8 200.2 201.4 244.4 287.1 325.9 364.4 419.0 427.6 347.0 271.6
Nonfinancial...................... 543.9 534.6 472.2 370.1 427.2 486.1 677.5 797.6 923.9 846.9 711.6
Rest of the world................... 102.8 121.5 145.6 169.7 157.9 165.8 205.0 239.4 256.8 347.8 377.2
Receipts from the rest of the
world............................ 146.8 176.8 202.5 182.6 204.4 249.2 328.2 384.1 434.4 504.5 544.2
Less: Payments to the rest of the
world............................ 44.0 55.3 56.9 12.9 46.5 83.4 123.1 144.6 177.6 156.8 167.0
Corporate profits with
inventory valuation adjustment. 738.6 776.6 755.7 720.8 762.8 892.2 1,195.1 1,609.5 1,784.7 1,730.4 1,424.5
Domestic industries................. 635.9 655.0 610.0 551.1 604.9 726.4 990.1 1,370.0 1,527.8 1,382.6 1,047.3
Financial......................... 159.5 189.3 189.6 228.0 265.2 311.8 362.3 443.6 448.0 367.8 278.9
Federal Reserve banks........... 25.6 26.7 31.2 28.9 23.5 20.1 20.0 26.6 33.8 37.7 35.7
Other financial................. 133.9 162.6 158.4 199.1 241.7 291.8 342.3 417.0 414.1 330.1 243.2
Nonfinancial...................... 476.4 465.7 420.4 323.1 339.7 414.6 627.8 926.4 1,079.9 1,014.9 768.4
Utilities....................... 33.5 33.7 25.6 25.2 12.3 12.4 19.4 29.8 54.4 49.1 40.1
Manufacturing................... 155.8 148.8 143.9 49.7 47.7 69.4 154.1 247.2 304.5 278.6 175.5
Durable goods................. 82.7 71.2 60.0 -26.9 -7.7 -4.3 40.7 95.6 118.9 96.1 30.7
Fabricated metal products... 16.4 16.4 15.8 9.8 9.1 8.0 12.2 18.1 18.7 21.3 17.6
Machinery................... 15.3 11.7 7.7 2.0 1.4 1.0 7.1 14.5 19.2 19.8 16.1
Computer and electronic
products................... 4.2 -6.8 4.2 -48.6 -34.4 -14.7 -4.3 9.0 17.4 11.2 4.7
Electrical equipment,
appliances, and components. 6.2 6.4 5.9 1.9 .0 2.2 .6 -1.4 11.5 -1.1 -4.1
Motor vehicles, bodies and
trailers, and parts........ 6.4 7.7 -.7 -8.9 -4.5 -11.7 -6.8 1.1 -6.8 -16.4 -47.5
Other durable goods......... 34.2 35.9 27.1 16.8 20.7 10.8 31.9 54.2 58.9 61.3 43.9
Nondurable goods.............. 73.1 77.6 83.9 76.6 55.4 73.8 113.4 151.7 185.7 182.6 144.9
Food and beverage and
tobacco products........... 22.1 30.9 26.0 28.2 25.3 24.0 24.3 27.3 32.5 30.2 33.7
Petroleum and coal products. 5.3 2.2 27.6 29.7 1.3 23.5 49.1 79.4 76.6 77.8 66.5
Chemical products........... 25.0 22.8 13.8 11.6 17.8 18.9 24.7 25.7 52.5 51.9 31.3
Other nondurable goods...... 20.7 21.7 16.5 7.1 11.0 7.4 15.3 19.3 24.0 22.7 13.3
Wholesale trade................. 52.8 54.8 58.7 51.3 49.1 54.8 75.6 92.2 103.7 102.2 75.1
Retail trade.................... 67.3 65.7 60.7 72.6 81.6 88.9 93.4 122.6 133.2 121.6 78.2
Transportation and warehousing.. 21.3 16.5 15.2 1.2 -.1 7.4 14.4 29.0 42.1 30.0 11.4
Information..................... 21.9 12.5 -15.5 -24.4 -3.8 4.9 45.6 81.3 92.4 90.3 84.7
Other nonfinancial.............. 123.7 133.6 131.8 147.4 153.0 176.7 225.2 324.3 349.6 343.0 303.4
Rest of the world................... 102.8 121.5 145.6 169.7 157.9 165.8 205.0 239.4 256.8 347.8 377.2
---------------------------------------------------------------------------------------------------------------------------------------
Note. Estimates in this table are based on the 2002 North
American Industry Classification System (NAICS).
Table 12A. Corporate Profits by Industry--Continues
[Billions of dollars; quarters seasonally adjusted at annual rates]
------------------------------------------------------------------------------------------------------------------------------------------------
I 04 II 04 III 04 IV 04 I 05 II 05 III 05 IV 05 I 06 II 06 III 06 IV 06
------------------------------------------------------------------------------------------------------------------------------------------------
Corporate profits with
inventory valuation and
capital consumption
adjustments.................... 1,187.2 1,226.9 1,292.2 1,281.4 1,408.2 1,429.0 1,454.7 1,532.5 1,590.9 1,597.7 1,655.1 1,589.6
Domestic industries................. 974.0 1,029.6 1,077.0 1,087.0 1,174.0 1,195.7 1,201.7 1,295.2 1,344.0 1,342.4 1,404.1 1,315.4
Financial......................... 352.9 355.0 364.4 385.1 425.5 390.2 440.6 419.7 442.0 447.5 416.5 404.4
Nonfinancial...................... 621.2 674.6 712.6 701.8 748.5 805.5 761.1 875.4 902.0 894.9 987.6 911.1
Rest of the world................... 213.2 197.3 215.2 194.4 234.2 233.3 252.9 237.4 246.9 255.3 251.0 274.1
Receipts from the rest of the
world............................ 314.7 323.1 332.7 342.1 373.3 374.6 384.3 404.1 410.6 436.0 441.2 450.0
Less: Payments to the rest of the
world............................ 101.5 125.9 117.5 147.7 139.1 141.3 131.3 166.8 163.6 180.7 190.2 175.9
Corporate profits with
inventory valuation adjustment. 1,120.5 1,171.3 1,246.0 1,242.8 1,542.9 1,573.5 1,613.0 1,708.5 1,781.9 1,771.4 1,822.8 1,762.7
Domestic industries................. 907.3 974.0 1,030.8 1,048.4 1,308.7 1,340.2 1,360.0 1,471.1 1,535.0 1,516.1 1,571.8 1,488.6
Financial......................... 346.3 351.7 364.0 387.4 448.0 414.5 466.1 445.8 466.5 467.8 434.8 422.8
Federal Reserve banks........... 19.1 19.1 20.1 21.9 22.9 25.5 26.8 31.0 31.0 33.6 35.8 34.9
Other financial................. 327.2 332.6 343.9 365.4 425.1 388.9 439.3 414.7 435.5 434.2 399.0 387.8
Nonfinancial...................... 561.1 622.4 666.8 661.0 860.7 925.8 893.9 1,025.4 1,068.5 1,048.3 1,137.0 1,065.8
Utilities....................... 16.1 18.7 19.3 23.7 28.0 29.4 22.6 39.1 45.2 53.1 60.8 58.4
Manufacturing................... 131.7 148.1 161.3 175.3 242.8 234.8 246.5 264.9 294.4 302.3 336.4 285.0
Durable goods................. 31.1 40.3 43.2 48.1 86.4 93.6 96.5 105.6 125.3 94.9 134.1 121.2
Fabricated metal products... 10.9 12.8 11.1 13.7 17.0 18.0 19.8 17.5 19.6 16.7 18.1 20.4
Machinery................... 3.8 7.2 9.2 8.3 11.5 12.5 14.3 19.9 18.8 18.7 20.1 19.3
Computer and electronic
products................... -6.2 -5.8 -3.9 -1.4 6.5 8.6 10.0 11.0 10.1 19.1 22.6 17.7
Electrical equipment,
appliances, and components. 2.5 2.5 -.1 -2.3 -4.3 -4.1 -.4 2.9 12.6 8.8 12.3 12.1
Motor vehicles, bodies and
trailers, and parts........ -1.6 -8.2 -9.6 -7.8 3.9 3.9 -.2 -3.0 1.2 -13.9 -5.6 -8.8
Other durable goods......... 21.6 31.9 36.5 37.6 51.8 54.7 53.0 57.4 63.0 45.5 66.7 60.6
Nondurable goods.............. 100.6 107.8 118.1 127.2 156.3 141.2 150.0 159.3 169.1 207.4 202.3 163.8
Food and beverage and
tobacco products........... 24.6 22.3 27.5 22.9 28.2 25.5 26.9 28.5 30.3 32.7 33.7 33.1
Petroleum and coal products. 41.3 46.7 40.6 67.8 71.9 75.7 80.7 89.5 73.4 89.1 84.1 59.9
Chemical products........... 19.3 24.8 32.3 22.6 38.9 20.1 21.8 22.1 46.3 59.9 61.5 42.3
Other nondurable goods...... 15.4 13.9 17.8 14.0 17.4 19.9 20.5 19.2 19.0 25.6 23.0 28.5
Wholesale trade................. 71.3 80.0 84.3 66.9 90.5 105.7 83.5 89.2 104.4 100.7 107.4 102.2
Retail trade.................... 102.3 95.0 88.6 87.6 101.0 128.1 117.9 143.3 132.3 123.3 136.4 140.7
Transportation and warehousing.. 14.2 20.5 13.1 9.8 25.7 28.5 28.2 33.7 43.4 45.3 40.3 39.6
Information..................... 14.8 47.6 66.3 53.8 76.2 85.7 78.5 84.8 84.1 92.6 100.8 92.1
Other nonfinancial.............. 210.6 212.5 234.0 244.0 296.6 313.6 316.7 370.4 364.8 331.0 354.9 347.8
Rest of the world................... 213.2 197.3 215.2 194.4 234.2 233.3 252.9 237.4 246.9 255.3 251.0 274.1
------------------------------------------------------------------------------------------------------------------------------------------------
Note. Estimates in this table are based on the 2002 North
American Industry Classification System (NAICS).
Table 12A. Corporate Profits by Industry--Table Ends
[Billions of dollars; quarters seasonally adjusted at annual rates]
---------------------------------------------------------------------------------------------------------------------
I 07 II 07 III 07 IV 07 I 08 II 08 III 08 IV 08 I 09
---------------------------------------------------------------------------------------------------------------------
Corporate profits with
inventory valuation and
capital consumption
adjustments.................... 1,535.4 1,594.9 1,537.1 1,499.4 1,459.7 1,403.7 1,454.6 1,123.6 1,182.7
Domestic industries................. 1,253.2 1,283.7 1,166.6 1,072.3 1,047.4 1,036.7 1,057.4 791.3 867.0
Financial......................... 365.7 386.0 356.5 279.9 350.7 323.9 289.8 121.9 237.8
Nonfinancial...................... 887.5 897.7 810.1 792.4 696.7 712.8 767.6 669.4 629.2
Rest of the world................... 282.2 311.2 370.5 427.1 412.3 367.0 397.2 332.4 315.8
Receipts from the rest of the
world............................ 457.6 490.0 521.8 548.8 565.7 573.6 558.5 479.1 402.2
Less: Payments to the rest of the
world............................ 175.4 178.8 151.3 121.7 153.5 206.6 161.3 146.8 86.4
Corporate profits with
inventory valuation adjustment. 1,705.4 1,779.1 1,732.9 1,704.1 1,512.9 1,463.8 1,522.2 1,199.3 1,327.6
Domestic industries................. 1,423.2 1,467.9 1,362.4 1,277.0 1,100.6 1,096.8 1,125.0 866.9 1,011.9
Financial......................... 384.2 406.2 378.2 302.5 357.0 330.8 297.5 130.3 253.9
Federal Reserve banks........... 38.2 38.5 37.5 36.5 35.9 31.1 34.6 41.1 28.8
Other financial................. 346.0 367.7 340.6 266.0 321.1 299.7 262.9 89.2 225.1
Nonfinancial...................... 1,039.0 1,061.7 984.2 974.5 743.6 766.0 827.5 736.6 758.0
Utilities....................... 51.3 46.6 47.3 51.2 33.1 43.1 43.5 40.8 53.6
Manufacturing................... 288.9 316.0 244.0 265.7 187.6 160.1 205.7 148.6 121.6
Durable goods................. 105.9 100.6 84.9 92.8 61.0 19.7 40.5 1.5 8.0
Fabricated metal products... 19.1 20.6 22.5 23.0 18.5 14.9 17.7 19.2 19.3
Machinery................... 20.0 21.0 19.3 19.0 17.1 13.1 14.6 19.6 12.8
Computer and electronic
products................... 17.0 10.5 11.6 5.5 14.5 2.0 .1 2.2 3.2
Electrical equipment,
appliances, and components. 3.5 -2.1 -4.5 -1.4 -3.6 -2.0 -2.6 -8.4 -6.3
Motor vehicles, bodies and
trailers, and parts........ -15.1 -8.7 -24.9 -17.0 -35.3 -55.7 -45.4 -53.4 -54.8
Other durable goods......... 61.4 59.3 60.9 63.7 49.8 47.4 56.2 22.3 33.9
Nondurable goods.............. 183.0 215.4 159.1 172.9 126.6 140.5 165.2 147.1 113.6
Food and beverage and
tobacco products........... 28.2 33.5 29.3 29.8 29.2 37.1 37.3 31.3 34.7
Petroleum and coal products. 78.0 110.9 64.8 57.5 64.5 42.5 79.3 79.7 29.4
Chemical products........... 52.4 50.2 42.6 62.4 16.4 48.2 39.1 21.7 29.6
Other nondurable goods...... 24.3 20.8 22.5 23.2 16.6 12.7 9.5 14.4 19.8
Wholesale trade................. 107.9 117.0 107.9 76.0 46.6 56.6 85.8 111.5 94.0
Retail trade.................... 127.9 137.2 118.7 102.4 75.6 80.2 77.1 79.7 83.1
Transportation and warehousing.. 32.9 33.0 30.9 23.4 12.9 11.9 9.2 11.5 6.7
Information..................... 90.5 77.5 93.9 99.4 91.6 101.8 81.9 63.6 95.4
Other nonfinancial.............. 339.6 334.4 341.5 356.4 296.3 312.1 324.4 280.8 303.6
Rest of the world................... 282.2 311.2 370.5 427.1 412.3 367.0 397.2 332.4 315.8
---------------------------------------------------------------------------------------------------------------------
Note. Estimates in this table are based on the 2002 North
American Industry Classification System (NAICS).
Table 12B. Corporate Profits by Industry: Change From Preceding Period--Continues
[Billions of dollars]
------------------------------------------------------------------------------------------------------------------------------
1999 2000 2001 2002 2003 2004 2005 2006 2007 2008
------------------------------------------------------------------------------------------------------------------------------
Corporate profits with
inventory valuation and
capital consumption
adjustments.................... 43.9 -37.1 -35.0 88.0 105.6 269.1 209.2 152.2 -66.6 -181.3
Domestic industries................. 25.1 -61.2 -59.1 99.8 97.7 229.9 174.7 134.9 -157.6 -210.7
Financial......................... 34.4 1.2 43.0 42.7 38.8 38.5 54.6 8.6 -80.6 -75.4
Nonfinancial...................... -9.3 -62.4 -102.1 57.1 58.9 191.4 120.1 126.3 -77.0 -135.3
Rest of the world................... 18.7 24.1 24.1 -11.8 7.9 39.2 34.4 17.4 91.0 29.4
Receipts from the rest of the
world............................ 30.0 25.7 -19.9 21.8 44.8 79.0 55.9 50.3 70.1 39.7
Less: Payments to the rest of the
world............................ 11.3 1.6 -44.0 33.6 36.9 39.7 21.5 33.0 -20.8 10.2
Corporate profits with
inventory valuation adjustment. 38.0 -20.9 -34.9 42.0 129.4 302.9 414.4 175.2 -54.3 -305.9
Domestic industries................. 19.1 -45.0 -58.9 53.8 121.5 263.7 379.9 157.8 -145.2 -335.3
Financial......................... 29.8 .3 38.4 37.2 46.6 50.5 81.3 4.4 -80.2 -88.9
Federal Reserve banks........... 1.1 4.5 -2.3 -5.4 -3.4 -.1 6.6 7.2 3.9 -2.0
Other financial................. 28.7 -4.2 40.7 42.6 50.1 50.5 74.7 -2.9 -84.0 -86.9
Nonfinancial...................... -10.7 -45.3 -97.3 16.6 74.9 213.2 298.6 153.5 -65.0 -246.5
Utilities....................... .2 -8.1 -.4 -12.9 .1 7.0 10.4 24.6 -5.3 -9.0
Manufacturing................... -7.0 -4.9 -94.2 -2.0 21.7 84.7 93.1 57.3 -25.9 -103.1
Durable goods................. -11.5 -11.2 -86.9 19.2 3.4 45.0 54.9 23.3 -22.8 -65.4
Fabricated metal products... ..... -.6 -6.0 -.7 -1.1 4.2 5.9 .6 2.6 -3.7
Machinery................... -3.6 -4.0 -5.7 -.6 -.4 6.1 7.4 4.7 .6 -3.7
Computer and electronic
products................... -11.0 11.0 -52.8 14.2 19.7 10.4 13.3 8.4 -6.2 -6.5
Electrical equipment,
appliances, and components. .2 -.5 -4.0 -1.9 2.2 -1.6 -2.0 12.9 -12.6 -3.0
Motor vehicles, bodies and
trailers, and parts........ 1.3 -8.4 -8.2 4.4 -7.2 4.9 7.9 -7.9 -9.6 -31.1
Other durable goods......... 1.7 -8.8 -10.3 3.9 -9.9 21.1 22.3 4.7 2.4 -17.4
Nondurable goods.............. 4.5 6.3 -7.3 -21.2 18.4 39.6 38.3 34.0 -3.1 -37.7
Food and beverage and
tobacco products........... 8.8 -4.9 2.2 -2.9 -1.3 .3 3.0 5.2 -2.3 3.5
Petroleum and coal products. -3.1 25.4 2.1 -28.4 22.2 25.6 30.3 -2.8 1.2 -11.3
Chemical products........... -2.2 -9.0 -2.2 6.2 1.1 5.8 1.0 26.8 -.6 -20.6
Other nondurable goods...... 1.0 -5.2 -9.4 3.9 -3.6 7.9 4.0 4.7 -1.3 -9.4
Wholesale trade................. 2.0 3.9 -7.4 -2.2 5.7 20.8 16.6 11.5 -1.5 -27.1
Retail trade.................... -1.6 -5.0 11.9 9.0 7.3 4.5 29.2 10.6 -11.6 -43.4
Transportation and warehousing.. -4.8 -1.3 -14.0 -1.3 7.5 7.0 14.6 13.1 -12.1 -18.6
Information..................... -9.4 -28.0 -8.9 20.6 8.7 40.7 35.7 11.1 -2.1 -5.6
Other nonfinancial.............. 9.9 -1.8 15.6 5.6 23.7 48.5 99.1 25.3 -6.6 -39.6
Rest of the world................... 18.7 24.1 24.1 -11.8 7.9 39.2 34.4 17.4 91.0 29.4
------------------------------------------------------------------------------------------------------------------------------
Note. Estimates in this table are based on the 2002 North
American Industry Classification System (NAICS).
Table 12B. Corporate Profits by Industry: Change From Preceding Period--Continues
[Billions of dollars]
------------------------------------------------------------------------------------------------------------------------------------------------
I 04 II 04 III 04 IV 04 I 05 II 05 III 05 IV 05 I 06 II 06 III 06 IV 06
------------------------------------------------------------------------------------------------------------------------------------------------
Corporate profits with
inventory valuation and
capital consumption
adjustments.................... 136.3 39.7 65.3 -10.8 126.8 20.8 25.7 77.8 58.4 6.8 57.4 -65.5
Domestic industries................. 114.9 55.6 47.4 10.0 87.0 21.7 6.0 93.5 48.8 -1.6 61.7 -88.7
Financial......................... 15.8 2.1 9.4 20.7 40.4 -35.3 50.4 -20.9 22.3 5.5 -31.0 -12.1
Nonfinancial...................... 99.2 53.4 38.0 -10.8 46.7 57.0 -44.4 114.3 26.6 -7.1 92.7 -76.5
Rest of the world................... 21.4 -15.9 17.9 -20.8 39.8 -.9 19.6 -15.5 9.5 8.4 -4.3 23.1
Receipts from the rest of the
world............................ 33.7 8.4 9.6 9.4 31.2 1.3 9.7 19.8 6.5 25.4 5.2 8.8
Less: Payments to the rest of the
world............................ 12.3 24.4 -8.4 30.2 -8.6 2.2 -10.0 35.5 -3.2 17.1 9.5 -14.3
Corporate profits with
inventory valuation adjustment. 146.2 50.8 74.7 -3.2 300.1 30.6 39.5 95.5 73.4 -10.5 51.4 -60.1
Domestic industries................. 124.9 66.7 56.8 17.6 260.3 31.5 19.8 111.1 63.9 -18.9 55.7 -83.2
Financial......................... 19.7 5.4 12.3 23.4 60.6 -33.5 51.6 -20.3 20.7 1.3 -33.0 -12.0
Federal Reserve banks........... .8 .0 1.0 1.8 1.0 2.6 1.3 4.2 .0 2.6 2.2 -.9
Other financial................. 18.9 5.4 11.3 21.5 59.7 -36.2 50.4 -24.6 20.8 -1.3 -35.2 -11.2
Nonfinancial...................... 105.3 61.3 44.4 -5.8 199.7 65.1 -31.9 131.5 43.1 -20.2 88.7 -71.2
Utilities....................... 2.3 2.6 .6 4.4 4.3 1.4 -6.8 16.5 6.1 7.9 7.7 -2.4
Manufacturing................... 30.3 16.4 13.2 14.0 67.5 -8.0 11.7 18.4 29.5 7.9 34.1 -51.4
Durable goods................. 23.7 9.2 2.9 4.9 38.3 7.2 2.9 9.1 19.7 -30.4 39.2 -12.9
Fabricated metal products... ..... 1.9 -1.7 2.6 3.3 1.0 1.8 -2.3 2.1 -2.9 1.4 2.3
Machinery................... 2.1 3.4 2.0 -.9 3.2 1.0 1.8 5.6 -1.1 -.1 1.4 -.8
Computer and electronic
products................... 2.7 .4 1.9 2.5 7.9 2.1 1.4 1.0 -.9 9.0 3.5 -4.9
Electrical equipment,
appliances, and components. -.2 .0 -2.6 -2.2 -2.0 .2 3.7 3.3 9.7 -3.8 3.5 -.2
Motor vehicles, bodies and
trailers, and parts........ 12.3 -6.6 -1.4 1.8 11.7 .0 -4.1 -2.8 4.2 -15.1 8.3 -3.2
Other durable goods......... 6.8 10.3 4.6 1.1 14.2 2.9 -1.7 4.4 5.6 -17.5 21.2 -6.1
Nondurable goods.............. 6.5 7.2 10.3 9.1 29.1 -15.1 8.8 9.3 9.8 38.3 -5.1 -38.5
Food and beverage and
tobacco products........... -3.1 -2.3 5.2 -4.6 5.3 -2.7 1.4 1.6 1.8 2.4 1.0 -.6
Petroleum and coal products. 8.2 5.4 -6.1 27.2 4.1 3.8 5.0 8.8 -16.1 15.7 -5.0 -24.2
Chemical products........... -1.8 5.5 7.5 -9.7 16.3 -18.8 1.7 .3 24.2 13.6 1.6 -19.2
Other nondurable goods...... 3.3 -1.5 3.9 -3.8 3.4 2.5 .6 -1.3 -.2 6.6 -2.6 5.5
Wholesale trade................. 8.7 8.7 4.3 -17.4 23.6 15.2 -22.2 5.7 15.2 -3.7 6.7 -5.2
Retail trade.................... 16.7 -7.3 -6.4 -1.0 13.4 27.1 -10.2 25.4 -11.0 -9.0 13.1 4.3
Transportation and warehousing.. 4.8 6.3 -7.4 -3.3 15.9 2.8 -.3 5.5 9.7 1.9 -5.0 -.7
Information..................... 8.6 32.8 18.7 -12.5 22.4 9.5 -7.2 6.3 -.7 8.5 8.2 -8.7
Other nonfinancial.............. 33.8 1.9 21.5 10.0 52.6 17.0 3.1 53.7 -5.6 -33.8 23.9 -7.1
Rest of the world................... 21.4 -15.9 17.9 -20.8 39.8 -.9 19.6 -15.5 9.5 8.4 -4.3 23.1
------------------------------------------------------------------------------------------------------------------------------------------------
Note. Estimates in this table are based on the 2002 North
American Industry Classification System (NAICS).
Table 12B. Corporate Profits by Industry: Change From Preceding Period--Table Ends
[Billions of dollars]
---------------------------------------------------------------------------------------------------------------------
I 07 II 07 III 07 IV 07 I 08 II 08 III 08 IV 08 I 09
---------------------------------------------------------------------------------------------------------------------
Corporate profits with
inventory valuation and
capital consumption
adjustments.................... -54.2 59.5 -57.8 -37.7 -39.7 -56.0 50.9 -331.0 59.1
Domestic industries................. -62.2 30.5 -117.1 -94.3 -24.9 -10.7 20.7 -266.1 75.7
Financial......................... -38.7 20.3 -29.5 -76.6 70.8 -26.8 -34.1 -167.9 115.9
Nonfinancial...................... -23.6 10.2 -87.6 -17.7 -95.7 16.1 54.8 -98.2 -40.2
Rest of the world................... 8.1 29.0 59.3 56.6 -14.8 -45.3 30.2 -64.8 -16.6
Receipts from the rest of the
world............................ 7.6 32.4 31.8 27.0 16.9 7.9 -15.1 -79.4 -76.9
Less: Payments to the rest of the
world............................ -.5 3.4 -27.5 -29.6 31.8 53.1 -45.3 -14.5 -60.4
Corporate profits with
inventory valuation adjustment. -57.3 73.7 -46.2 -28.8 -191.2 -49.1 58.4 -322.9 128.3
Domestic industries................. -65.4 44.7 -105.5 -85.4 -176.4 -3.8 28.2 -258.1 145.0
Financial......................... -38.6 22.0 -28.0 -75.7 54.5 -26.2 -33.3 -167.2 123.6
Federal Reserve banks........... 3.3 .3 -1.0 -1.0 -.6 -4.8 3.5 6.5 -12.3
Other financial................. -41.8 21.7 -27.1 -74.6 55.1 -21.4 -36.8 -173.7 135.9
Nonfinancial...................... -26.8 22.7 -77.5 -9.7 -230.9 22.4 61.5 -90.9 21.4
Utilities....................... -7.1 -4.7 .7 3.9 -18.1 10.0 .4 -2.7 12.8
Manufacturing................... 3.9 27.1 -72.0 21.7 -78.1 -27.5 45.6 -57.1 -27.0
Durable goods................. -15.3 -5.3 -15.7 7.9 -31.8 -41.3 20.8 -39.0 6.5
Fabricated metal products... -1.3 1.5 1.9 .5 -4.5 -3.6 2.8 1.5 .1
Machinery................... .7 1.0 -1.7 -.3 -1.9 -4.0 1.5 5.0 -6.8
Computer and electronic
products................... -.7 -6.5 1.1 -6.1 9.0 -12.5 -1.9 2.1 1.0
Electrical equipment,
appliances, and components. -8.6 -5.6 -2.4 3.1 -2.2 1.6 -.6 -5.8 2.1
Motor vehicles, bodies and
trailers, and parts........ -6.3 6.4 -16.2 7.9 -18.3 -20.4 10.3 -8.0 -1.4
Other durable goods......... .8 -2.1 1.6 2.8 -13.9 -2.4 8.8 -33.9 11.6
Nondurable goods.............. 19.2 32.4 -56.3 13.8 -46.3 13.9 24.7 -18.1 -33.5
Food and beverage and
tobacco products........... -4.9 5.3 -4.2 .5 -.6 7.9 .2 -6.0 3.4
Petroleum and coal products. 18.1 32.9 -46.1 -7.3 7.0 -22.0 36.8 .4 -50.3
Chemical products........... 10.1 -2.2 -7.6 19.8 -46.0 31.8 -9.1 -17.4 7.9
Other nondurable goods...... -4.2 -3.5 1.7 .7 -6.6 -3.9 -3.2 4.9 5.4
Wholesale trade................. 5.7 9.1 -9.1 -31.9 -29.4 10.0 29.2 25.7 -17.5
Retail trade.................... -12.8 9.3 -18.5 -16.3 -26.8 4.6 -3.1 2.6 3.4
Transportation and warehousing.. -6.7 .1 -2.1 -7.5 -10.5 -1.0 -2.7 2.3 -4.8
Information..................... -1.6 -13.0 16.4 5.5 -7.8 10.2 -19.9 -18.3 31.8
Other nonfinancial.............. -8.2 -5.2 7.1 14.9 -60.1 15.8 12.3 -43.6 22.8
Rest of the world................... 8.1 29.0 59.3 56.6 -14.8 -45.3 30.2 -64.8 -16.6
---------------------------------------------------------------------------------------------------------------------
Note. Estimates in this table are based on the 2002 North
American Industry Classification System (NAICS).
Table 12C.--Revisions to Corporate Profits by Industry
---------------------------------------------------------------------------------------------------------------------------------
Billions of dollars
------------------------ ------------------------ Revisions as a
Revised Revisions to percent of
estimates previously previously
published published
------------------------ ------------------------ ------------------------
2006 2007 2008 2006 2007 2008 2006 2007 2008
---------------------------------------------------------------------------------------------------------------------------------
Corporate profits with
inventory valuation and
capital consumption
adjustments........................... 1,608.3 1,541.7 1,360.4 -60.2 -100.7 -116.1 -3.6 -6.1 -7.9
Domestic industries.................. 1,351.5 1,193.9 983.2 -49.5 -103.9 -106.8 -3.5 -8.0 -9.8
Financial.......................... 427.6 347.0 271.6 -34.5 -82.7 -30.3 -7.5 -19.2 -10.0
Nonfinancial....................... 923.9 846.9 711.6 -15.1 -21.2 -76.4 -1.6 -2.4 -9.7
Rest of the world.................... 256.8 347.8 377.2 -10.7 3.1 -9.4 -4.0 .9 -2.4
Receipts from the rest of the
world............................. 434.4 504.5 544.2 -4.5 -4.7 4.8 -1.0 -.9 .9
Less: Payments to the rest of the
world............................. 177.6 156.8 167.0 6.2 -7.7 14.2 3.6 -4.7 9.3
Corporate profits with
inventory valuation adjustment........ 1,784.7 1,730.4 1,424.5 -49.5 -104.7 -123.7 -2.7 -5.7 -8.0
Domestic industries.................. 1,527.8 1,382.6 1,047.3 -38.9 -107.9 -114.4 -2.5 -7.2 -9.8
Financial.......................... 448.0 367.8 278.9 -30.8 -82.1 -30.0 -6.4 -18.2 -9.7
Federal Reserve banks............ 33.8 37.7 35.7 .0 .0 .2 .0 .0 .6
Other financial.................. 414.1 330.1 243.2 -30.9 -82.1 -30.2 -6.9 -19.9 -11.0
Nonfinancial....................... 1,079.9 1,014.9 768.4 -8.0 -25.7 -84.3 -.7 -2.5 -9.9
Utilities........................ 54.4 49.1 40.1 -1.2 -9.4 -14.5 -2.2 -16.1 -26.6
Manufacturing.................... 304.5 278.6 175.5 .2 -38.0 -64.3 .1 -12.0 -26.8
Durable goods.................. 118.9 96.1 30.7 3.0 -31.3 -38.3 2.6 -24.6 -55.5
Nondurable goods............... 185.7 182.6 144.9 -2.7 -6.7 -25.9 -1.4 -3.5 -15.2
Wholesale trade.................. 103.7 102.2 75.1 -3.8 -.4 -1.4 -3.5 -.4 -1.8
Retail trade..................... 133.2 121.6 78.2 .9 -10.7 -13.5 .7 -8.1 -14.7
Transportation and warehousing... 42.1 30.0 11.4 -.4 -12.7 -13.3 -.9 -29.7 -53.8
Information...................... 92.4 90.3 84.7 1.3 -12.7 -17.2 1.4 -12.3 -16.9
Other nonfinancial............... 349.6 343.0 303.4 -5.1 58.1 39.7 -1.4 20.4 15.1
Rest of the world.................... 256.8 347.8 377.2 -10.7 3.1 -9.4 -4.0 .9 -2.4
Corporate profits before tax without
inventory valuation and capital
consumption adjustments............... 1,822.7 1,774.4 1,462.7 -51.0 -111.9 -134.6 -2.7 -5.9 -8.4
Addendum:
Corporate profits after tax with
inventory valuation and capital
consumption adjustments............. 1,135.0 1,090.2 1,068.2 -64.6 -101.8 -41.7 -5.4 -8.5 -3.8
---------------------------------------------------------------------------------------------------------------------------------
Table 13. Gross Value Added of Nonfinancial Domestic Corporate Business--Continues
-----------------------------------------------------------------------------------------------------------------------------------------------
1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008
-----------------------------------------------------------------------------------------------------------------------------------------------
Billions of dollars
---------------------------------------------------------------------------------------------------
Gross value added of nonfinancial
corporate business..................... 4,668.3 4,955.5 5,279.4 5,252.5 5,307.7 5,503.7 5,877.5 6,302.8 6,740.3 6,970.1 6,971.5
Consumption of fixed capital................ 499.9 539.3 590.1 632.0 654.5 669.0 695.6 743.0 800.9 849.4 898.4
Net value added............................. 4,168.5 4,416.3 4,689.4 4,620.5 4,653.1 4,834.7 5,181.9 5,559.8 5,939.4 6,120.6 6,073.0
Compensation of employees................. 3,049.7 3,256.5 3,541.8 3,559.4 3,544.2 3,651.3 3,786.7 3,976.3 4,182.3 4,364.2 4,427.9
Wage and salary accruals................ 2,568.3 2,755.6 2,991.1 2,989.9 2,936.7 2,979.0 3,105.5 3,267.5 3,462.3 3,627.3 3,677.2
Supplements to wages and salaries....... 481.4 501.0 550.7 569.5 607.5 672.3 681.2 708.8 720.0 736.9 750.7
Taxes on production and imports less
subsidies................................ 393.1 414.6 439.4 434.5 461.9 484.2 517.7 558.4 593.3 612.8 621.0
Net operating surplus..................... 725.7 745.1 708.2 626.7 647.1 699.2 877.5 1,025.1 1,163.7 1,143.7 1,024.1
Net interest and miscellaneous
payments............................... 146.8 164.5 192.8 197.7 163.7 147.9 134.4 148.2 164.0 228.1 242.1
Business current transfer
payments (net)......................... 35.2 47.1 47.9 58.9 56.3 65.2 65.5 79.3 75.8 68.6 70.4
Corporate profits with inventory
valuation and capital consumption
adjustments............................ 543.7 533.5 467.5 370.1 427.2 486.1 677.5 797.6 923.9 846.9 711.6
Taxes on corporate income............. 158.7 171.4 170.2 111.2 97.1 132.9 187.0 271.9 307.6 299.3 237.8
Profits after tax with inventory
valuation and capital consumption
adjustments.......................... 385.1 362.1 297.3 258.8 330.1 353.2 490.6 525.8 616.2 547.6 473.8
Net dividends....................... 241.0 224.7 251.3 245.4 254.8 293.4 364.5 170.9 471.1 465.2 409.3
Undistributed profits with
inventory valuation and capital
consumption adjustments............ 144.0 137.4 46.0 13.4 75.3 59.8 126.1 354.9 145.1 82.4 64.5
Addenda:
Profits before tax (without inventory
valuation and capital consumption
adjustments)............................. 460.5 468.6 432.5 315.1 342.3 425.9 662.1 957.1 1,117.9 1,058.9 806.7
Profits after tax (without inventory
valuation and capital consumption
adjustments)............................. 301.8 297.2 262.3 203.8 245.2 293.0 475.1 685.3 810.3 759.5 568.8
Inventory valuation adjustment............ 15.7 -4.0 -16.8 8.0 -2.6 -11.3 -34.3 -30.7 -38.0 -44.0 -38.2
Capital consumption adjustment............ 67.5 68.9 51.8 47.0 87.5 71.5 49.7 -128.8 -156.0 -167.9 -56.8
---------------------------------------------------------------------------------------------------
Billions of chained (2005) dollars
---------------------------------------------------------------------------------------------------
Gross value added of nonfinancial
corporate business\1\.................. 5,123.5 5,422.5 5,707.9 5,604.6 5,629.3 5,767.4 6,040.4 6,302.8 6,536.5 6,649.4 6,675.5
Consumption of fixed capital\2\............. 519.3 565.2 616.3 659.2 683.3 698.4 717.4 743.0 773.7 808.3 837.3
Net value added\3\.......................... 4,604.2 4,857.4 5,091.6 4,945.4 4,946.0 5,069.0 5,323.0 5,559.8 5,762.9 5,841.2 5,838.2
---------------------------------------------------------------------------------------------------
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\.... .911 .914 .925 .937 .943 .954 .973 1.000 1.031 1.048 1.044
Compensation of employees (unit labor
cost).................................... .595 .601 .621 .635 .630 .633 .627 .631 .640 .656 .663
Unit nonlabor cost........................ .211 .214 .222 .236 .237 .237 .234 .243 .250 .264 .275
Consumption of fixed capital............ .098 .099 .103 .113 .116 .116 .115 .118 .123 .128 .135
Taxes on production and imports less
subsidies plus business current
transfer payments (net)................ .084 .085 .085 .088 .092 .095 .097 .101 .102 .102 .104
Net interest and miscellaneous payments. .029 .030 .034 .035 .029 .026 .022 .024 .025 .034 .036
Corporate profits with inventory valuation
and capital consumption adjustments (unit
profits from current production)......... .106 .098 .082 .066 .076 .084 .112 .127 .141 .127 .107
Taxes on corporate income............... .031 .032 .030 .020 .017 .023 .031 .043 .047 .045 .036
Profits after tax with inventory
valuation and capital consumption
adjustments............................ .075 .067 .052 .046 .059 .061 .081 .083 .094 .082 .071
-----------------------------------------------------------------------------------------------------------------------------------------------
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 2005 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 2002 North
American Industry Classification System (NAICS).
Table 13. Gross Value Added of Nonfinancial Domestic Corporate Business--Continues
[Quarters seasonally adjusted at annual rates]
--------------------------------------------------------------------------------------------------------------------------------------------------------
I 04 II 04 III 04 IV 04 I 05 II 05 III 05 IV 05 I 06 II 06 III 06 IV 06
--------------------------------------------------------------------------------------------------------------------------------------------------------
Billions of dollars
------------------------------------------------------------------------------------------------------------
Gross value added of nonfinancial
corporate business..................... 5,703.2 5,831.6 5,959.3 6,015.8 6,125.9 6,265.4 6,326.3 6,493.5 6,629.5 6,668.1 6,811.8 6,851.8
Consumption of fixed capital................ 682.8 690.5 699.5 709.7 721.2 734.5 749.6 766.6 781.1 794.8 807.8 820.1
Net value added............................. 5,020.4 5,141.1 5,259.8 5,306.1 5,404.7 5,530.9 5,576.7 5,727.0 5,848.5 5,873.3 6,004.0 6,031.7
Compensation of employees................. 3,694.1 3,752.4 3,827.0 3,873.4 3,895.6 3,944.6 4,019.0 4,046.2 4,131.8 4,153.0 4,180.3 4,264.2
Wage and salary accruals................ 3,020.0 3,076.2 3,144.2 3,181.8 3,198.2 3,239.1 3,304.6 3,328.1 3,414.7 3,435.2 3,460.7 3,538.6
Supplements to wages and salaries....... 674.0 676.3 682.8 691.6 697.4 705.5 714.3 718.1 717.2 717.7 719.6 725.6
Taxes on production and imports less
subsidies................................ 505.8 513.2 520.4 531.3 543.6 555.0 563.9 570.9 583.7 591.1 596.3 602.0
Net operating surplus..................... 820.6 875.5 912.4 901.4 965.5 1,031.3 993.9 1,109.9 1,132.9 1,129.2 1,227.3 1,165.5
Net interest and miscellaneous
payments............................... 135.0 136.8 134.4 131.4 141.7 146.4 151.5 153.1 152.6 157.8 164.8 180.9
Business current transfer
payments (net)......................... 64.4 64.1 65.4 68.2 75.3 79.4 81.2 81.3 78.4 76.4 74.9 73.5
Corporate profits with inventory
valuation and capital consumption
adjustments............................ 621.2 674.6 712.6 701.8 748.5 805.5 761.1 875.4 902.0 894.9 987.6 911.1
Taxes on corporate income............. 164.6 185.5 199.0 198.8 264.1 265.2 257.6 300.4 294.1 308.8 329.3 298.3
Profits after tax with inventory
valuation and capital consumption
adjustments.......................... 456.5 489.1 513.6 503.0 484.4 540.3 503.5 575.0 607.8 586.2 658.3 612.7
Net dividends....................... 333.5 323.0 328.1 473.3 314.1 252.2 106.6 10.5 399.4 413.0 488.0 584.1
Undistributed profits with
inventory valuation and capital
consumption adjustments............ 123.0 166.1 185.4 29.7 170.2 288.0 396.9 564.5 208.4 173.1 170.3 28.6
Addenda:
Profits before tax (without inventory
valuation and capital consumption
adjustments)............................. 577.9 660.7 701.7 707.9 898.9 943.9 922.4 1,063.4 1,101.8 1,096.7 1,179.3 1,093.8
Profits after tax (without inventory
valuation and capital consumption
adjustments)............................. 413.3 475.3 502.7 509.0 634.8 678.7 664.7 763.0 807.7 787.9 850.0 795.5
Inventory valuation adjustment............ -16.9 -38.4 -34.9 -46.9 -38.2 -18.2 -28.4 -38.0 -33.4 -48.4 -42.3 -28.0
Capital consumption adjustment............ 60.1 52.2 45.8 40.8 -112.2 -120.2 -132.8 -150.0 -166.5 -153.3 -149.4 -154.8
------------------------------------------------------------------------------------------------------------
Billions of chained (2005) dollars
------------------------------------------------------------------------------------------------------------
Gross value added of nonfinancial
corporate business\1\.................. 5,918.9 6,008.3 6,112.4 6,121.8 6,199.3 6,305.8 6,284.1 6,421.9 6,505.1 6,480.0 6,567.2 6,593.8
Consumption of fixed capital\2\............. 709.5 714.6 719.9 725.6 731.4 738.4 746.4 755.6 762.2 769.4 777.3 785.8
Net value added\3\.......................... 5,209.5 5,293.7 5,392.5 5,396.3 5,467.9 5,567.4 5,537.7 5,666.4 5,743.0 5,710.5 5,789.9 5,808.0
------------------------------------------------------------------------------------------------------------
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\.... .964 .971 .975 .983 .988 .994 1.007 1.011 1.019 1.029 1.037 1.039
Compensation of employees (unit labor
cost).................................... .624 .625 .626 .633 .628 .626 .640 .630 .635 .641 .637 .647
Unit nonlabor cost........................ .234 .234 .232 .235 .239 .240 .246 .245 .245 .250 .250 .253
Consumption of fixed capital............ .115 .115 .114 .116 .116 .116 .119 .119 .120 .123 .123 .124
Taxes on production and imports less
subsidies plus business current
transfer payments (net)................ .096 .096 .096 .098 .100 .101 .103 .102 .102 .103 .102 .102
Net interest and miscellaneous payments. .023 .023 .022 .021 .023 .023 .024 .024 .023 .024 .025 .027
Corporate profits with inventory valuation
and capital consumption adjustments (unit
profits from current production)......... .105 .112 .117 .115 .121 .128 .121 .136 .139 .138 .150 .138
Taxes on corporate income............... .028 .031 .033 .032 .043 .042 .041 .047 .045 .048 .050 .045
Profits after tax with inventory
valuation and capital consumption
adjustments............................ .077 .081 .084 .082 .078 .086 .080 .090 .093 .090 .100 .093
--------------------------------------------------------------------------------------------------------------------------------------------------------
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 2005 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 2002 North
American Industry Classification System (NAICS).
Table 13. Gross Value Added of Nonfinancial Domestic Corporate Business--Table Ends
[Quarters seasonally adjusted at annual rates]
-----------------------------------------------------------------------------------------------------------------------------
I 07 II 07 III 07 IV 07 I 08 II 08 III 08 IV 08 I 09
-----------------------------------------------------------------------------------------------------------------------------
Billions of dollars
---------------------------------------------------------------------------------
Gross value added of nonfinancial
corporate business..................... 6,909.3 6,988.8 6,949.7 7,032.6 6,934.9 6,974.4 7,042.4 6,934.1 6,727.4
Consumption of fixed capital................ 831.6 843.4 855.3 867.5 879.8 892.2 904.6 917.1 916.7
Net value added............................. 6,077.7 6,145.4 6,094.4 6,165.1 6,055.1 6,082.2 6,137.8 6,017.0 5,810.7
Compensation of employees................. 4,314.0 4,345.1 4,365.4 4,432.2 4,429.6 4,431.6 4,440.4 4,410.1 4,262.1
Wage and salary accruals................ 3,582.4 3,611.3 3,627.8 3,687.7 3,682.7 3,681.9 3,687.5 3,656.8 3,516.7
Supplements to wages and salaries....... 731.6 733.9 737.6 744.5 746.9 749.7 752.9 753.3 745.4
Taxes on production and imports less
subsidies................................ 604.8 610.5 614.8 620.9 618.5 623.5 627.8 614.2 602.7
Net operating surplus..................... 1,159.0 1,189.7 1,114.1 1,112.0 1,006.9 1,027.1 1,069.6 992.7 945.8
Net interest and miscellaneous
payments............................... 201.2 223.6 236.6 251.2 242.1 246.0 233.3 246.8 237.4
Business current transfer
payments (net)......................... 70.3 68.4 67.5 68.4 68.1 68.3 68.7 76.5 79.2
Corporate profits with inventory
valuation and capital consumption
adjustments............................ 887.5 897.7 810.1 792.4 696.7 712.8 767.6 669.4 629.2
Taxes on corporate income............. 313.3 305.3 284.4 294.2 255.9 263.1 254.5 177.7 197.9
Profits after tax with inventory
valuation and capital consumption
adjustments.......................... 574.1 592.4 525.7 498.1 440.8 449.7 513.1 491.6 431.3
Net dividends....................... 487.7 485.7 459.6 428.0 408.8 395.2 383.3 449.9 373.1
Undistributed profits with
inventory valuation and capital
consumption adjustments............ 86.5 106.8 66.1 70.1 32.0 54.5 129.7 41.7 58.1
Addenda:
Profits before tax (without inventory
valuation and capital consumption
adjustments)............................. 1,081.2 1,091.2 1,009.6 1,053.5 851.6 895.6 882.0 597.4 676.9
Profits after tax (without inventory
valuation and capital consumption
adjustments)............................. 767.9 785.9 725.2 759.3 595.7 632.5 627.5 419.7 478.9
Inventory valuation adjustment............ -42.2 -29.5 -25.3 -79.0 -107.9 -129.6 -54.5 139.2 81.1
Capital consumption adjustment............ -151.5 -163.9 -174.1 -182.1 -47.0 -53.2 -60.0 -67.2 -128.7
---------------------------------------------------------------------------------
Billions of chained (2005) dollars
---------------------------------------------------------------------------------
Gross value added of nonfinancial
corporate business\1\.................. 6,597.4 6,649.8 6,624.9 6,725.5 6,664.3 6,735.8 6,722.6 6,579.3 6,300.9
Consumption of fixed capital\2\............. 794.9 803.9 812.8 821.4 829.9 836.3 840.5 842.6 844.0
Net value added\3\.......................... 5,802.5 5,845.9 5,812.2 5,904.1 5,834.4 5,899.5 5,882.1 5,736.7 5,456.9
---------------------------------------------------------------------------------
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\.... 1.047 1.051 1.049 1.046 1.041 1.035 1.048 1.054 1.068
Compensation of employees (unit labor
cost).................................... .654 .653 .659 .659 .665 .658 .661 .670 .676
Unit nonlabor cost........................ .258 .263 .268 .268 .271 .272 .274 .282 .291
Consumption of fixed capital............ .126 .127 .129 .129 .132 .132 .135 .139 .145
Taxes on production and imports less
subsidies plus business current
transfer payments (net)................ .102 .102 .103 .102 .103 .103 .104 .105 .108
Net interest and miscellaneous payments. .030 .034 .036 .037 .036 .037 .035 .038 .038
Corporate profits with inventory valuation
and capital consumption adjustments (unit
profits from current production)......... .135 .135 .122 .118 .105 .106 .114 .102 .100
Taxes on corporate income............... .047 .046 .043 .044 .038 .039 .038 .027 .031
Profits after tax with inventory
valuation and capital consumption
adjustments............................ .087 .089 .079 .074 .066 .067 .076 .075 .068
-----------------------------------------------------------------------------------------------------------------------------
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 2005 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 2002 North
American Industry Classification System (NAICS).
Appendix Table A. Real Gross Domestic Product and Related Aggregates and Price Indexes: Percent Change From Preceding Period--Continues
[Quarters seasonally adjusted at annual rates]
------------------------------------------------------------------------------------------------------------------------------------------------------------
1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 I 04 II 04 III 04 IV 04 I 05 II 05
------------------------------------------------------------------------------------------------------------------------------------------------------------
Gross domestic product (GDP) and
related aggregates:
GDP................................ 4.4 4.8 4.1 1.1 1.8 2.5 3.6 3.1 2.7 2.1 .4 2.8 2.9 3.0 3.5 4.1 1.7
Goods.............................. 5.8 7.0 4.9 -1.6 1.7 3.4 5.1 4.4 5.2 3.7 .4 1.7 2.5 5.0 5.7 6.7 .3
Services........................... 3.4 3.8 3.8 2.6 2.5 1.9 2.7 2.5 2.3 2.6 1.5 3.7 1.9 2.4 3.3 2.6 1.9
Structures......................... 5.2 4.1 3.6 .7 -2.5 3.3 4.9 2.9 -1.6 -4.4 -5.9 .6 10.4 .8 -.9 5.5 4.7
Motor vehicle output............... 8.2 9.6 -1.5 -4.4 11.5 1.1 4.0 4.0 -1.2 -1.3 -18.4 3.2 -6.0 20.0 -1.2 1.4 6.5
GDP excluding motor vehicle
output............................ 4.2 4.6 4.4 1.3 1.5 2.5 3.6 3.0 2.8 2.2 1.0 2.8 3.2 2.4 3.7 4.1 1.6
Final sales of computers\1\........ 43.0 43.2 30.6 12.9 3.1 16.3 4.9 18.4 25.2 22.1 21.3 -22.4 -.9 5.7 29.9 7.7 33.3
GDP excluding final sales of
computers......................... 4.0 4.5 3.9 1.0 1.8 2.4 3.6 3.0 2.5 2.0 .3 3.1 2.9 3.0 3.4 4.0 1.5
Farm gross value added\2\.......... -4.3 4.9 14.8 -7.0 4.4 12.8 7.0 4.2 -2.8 -7.6 12.9 123.2 -32.9 18.7 42.3 -16.8 14.9
Nonfarm business gross value
added\3\.......................... 5.1 5.6 4.4 .9 1.9 3.0 4.1 3.4 3.1 2.3 -.1 2.6 3.9 2.9 3.5 4.8 1.6
Price indexes:
GDP................................ 1.1 1.5 2.2 2.3 1.6 2.2 2.8 3.3 3.3 2.9 2.1 3.5 3.5 3.0 3.0 3.8 2.7
GDP excluding food and energy\4\... 1.2 1.6 2.2 2.0 1.8 2.1 2.8 3.5 3.3 2.8 2.3 3.5 3.5 3.1 3.2 4.2 3.0
GDP excluding final sales of
computers......................... 1.5 1.8 2.4 2.5 1.8 2.3 2.9 3.5 3.4 3.0 2.2 3.5 3.5 3.1 3.1 3.9 2.9
Gross domestic purchases........... .7 1.6 2.5 1.9 1.4 2.3 3.0 3.7 3.4 2.9 3.2 4.1 3.6 3.2 3.8 3.7 3.2
Gross domestic purchases excluding
food and energy\4\................ 1.0 1.5 2.0 1.8 1.7 2.0 2.7 3.3 3.2 2.7 2.6 3.5 3.5 3.0 3.0 4.1 3.0
Gross domestic purchases excluding
final sales of computers to
domestic purchasers............... 1.2 2.0 2.8 2.2 1.7 2.5 3.2 3.9 3.6 3.1 3.3 4.2 3.7 3.4 4.0 3.8 3.3
Personal consumption expenditures
(PCE)............................. 1.0 1.6 2.5 1.9 1.4 2.0 2.6 3.0 2.7 2.7 3.3 3.4 3.0 2.5 3.3 2.4 2.5
Personal consumption expenditures
excluding food and energy\4\...... 1.4 1.5 1.7 1.8 1.7 1.5 2.1 2.3 2.3 2.4 2.4 2.4 2.6 2.0 1.8 2.9 2.2
Market-based PCE\5\................ .6 1.4 2.4 1.9 1.1 2.0 2.4 2.8 2.8 2.5 3.4 3.2 2.6 2.1 3.5 2.0 2.3
Market-based PCE excluding food
and energy\5\..................... 1.1 1.2 1.5 1.8 1.5 1.4 1.7 2.0 2.2 2.1 2.3 2.1 2.1 1.4 1.9 2.5 1.8
------------------------------------------------------------------------------------------------------------------------------------------------------------
1. For some components of final sales of computers, includes
computer parts.
2. Farm output less intermediate goods and services purchased.
3. Consists of GDP less gross value added of farm, of
households and institutions, and of general government.
4. Food excludes personal consumption expenditures for purchased
meals and beverages, which are classified in food services.
5. 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, financial services
furnished without payment) and the final consumption expenditures
of nonprofit institutions.
See "Explanatory Note" at the end of the tables.
Appendix Table A. Real Gross Domestic Product and Related Aggregates and Price Indexes: Percent Change From Preceding Period
[Quarters seasonally adjusted at annual rates]--Table Ends
-----------------------------------------------------------------------------------------------------------------------------------------------------
III 05 IV 05 I 06 II 06 III 06 IV 06 I 07 II 07 III 07 IV 07 I 08 II 08 III 08 IV 08 I 09 II 09
-----------------------------------------------------------------------------------------------------------------------------------------------------
Gross domestic product (GDP) and
related aggregates:
GDP................................ 3.1 2.1 5.4 1.4 .1 3.0 1.2 3.2 3.6 2.1 -.7 1.5 -2.7 -5.4 -6.4 -1.0
Goods.............................. 4.4 5.1 11.8 1.8 .0 7.2 -.8 6.2 7.2 7.6 -1.8 1.5 -7.0 -16.4 -8.7 -4.1
Services........................... 3.1 .8 3.4 2.0 2.0 3.6 2.7 2.1 3.1 1.8 1.5 1.5 -.4 .7 -.9 1.4
Structures......................... -.3 1.7 .9 -2.5 -9.8 -10.5 -2.2 2.3 -2.1 -9.4 -10.7 1.3 -5.5 -12.9 -34.0 -9.9
Motor vehicle output............... 23.5 -27.0 14.4 -7.6 4.0 -10.2 -.8 6.2 3.5 -10.3 -21.6 -36.2 -6.6 -50.5 -64.5 14.6
GDP excluding motor vehicle
output............................ 2.4 3.3 5.1 1.8 .0 3.4 1.3 3.1 3.6 2.5 -.1 2.6 -2.6 -4.1 -4.9 -1.2
Final sales of computers\1\........ 17.5 35.0 33.3 19.1 12.5 22.4 3.1 28.4 60.9 33.7 9.8 29.1 -3.6 2.9 11.2 -6.5
GDP excluding final sales of
computers......................... 3.0 1.9 5.2 1.3 .0 2.8 1.2 3.1 3.3 2.0 -.8 1.3 -2.7 -5.4 -6.5 -1.0
Farm gross value added\2\.......... 5.7 -11.3 -26.6 71.6 -26.2 -13.2 -6.4 -14.5 -15.0 34.6 40.7 -15.8 24.4 27.9 -3.3 -10.1
Nonfarm business gross value
added\3\.......................... 3.7 2.4 6.8 1.0 -.1 4.2 .9 3.7 3.9 1.8 -1.7 1.3 -4.0 -7.6 -8.8 -1.7
Price indexes:
GDP................................ 4.2 3.4 3.0 3.6 3.1 1.8 4.2 2.7 1.6 2.3 1.9 1.8 4.0 .1 1.9 .2
GDP excluding food and energy\4\... 3.4 4.0 3.2 3.6 2.5 2.4 3.8 2.2 1.9 3.2 2.4 2.2 2.9 -.8 .5 1.1
GDP excluding final sales of
computers......................... 4.3 3.5 3.1 3.8 3.2 1.9 4.3 2.8 1.8 2.5 2.0 2.0 4.1 .2 1.9 .3
Gross domestic purchases........... 5.0 4.1 2.8 3.6 2.9 1.0 4.2 3.1 2.2 4.6 3.4 3.9 4.3 -3.8 -1.4 .7
Gross domestic purchases excluding
food and energy\4\................ 3.1 3.6 3.1 3.5 2.5 2.4 3.6 2.2 2.1 3.3 2.7 3.0 2.9 -.6 .2 1.1
Gross domestic purchases excluding
final sales of computers to
domestic purchasers............... 5.2 4.3 3.0 3.8 3.0 1.1 4.3 3.2 2.3 4.7 3.5 4.0 4.4 -3.8 -1.4 .9
Personal consumption expenditures
(PCE)............................. 4.6 3.6 1.7 3.0 3.0 -.1 3.7 3.2 2.3 5.1 3.7 3.9 4.7 -5.0 -1.5 1.3
Personal consumption expenditures
excluding food and energy\4\...... 1.6 2.7 2.0 2.9 2.3 2.1 2.8 1.8 2.3 3.1 2.4 2.4 2.6 .8 1.1 2.0
Market-based PCE\5\................ 4.8 3.6 1.8 3.0 3.1 -.7 3.6 3.3 1.8 5.2 4.0 4.0 5.1 -5.3 -1.2 1.5
Market-based PCE excluding food
and energy\5\..................... 1.4 2.5 2.1 2.9 2.3 1.6 2.5 1.6 1.6 2.8 2.6 2.3 2.7 1.5 1.9 2.3
-----------------------------------------------------------------------------------------------------------------------------------------------------
1. For some components of final sales of computers, includes
computer parts.
2. Farm output less intermediate goods and services purchased.
3. Consists of GDP less gross value added of farm, of
households and institutions, and of general government.
4. Food excludes personal consumption expenditures for purchased
meals and beverages, which are classified in food services.
5. 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, financial services
furnished without payment) and the final consumption expenditures
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 2005 -- 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 2007-08
annual percent change in real GDP uses prices for 2007 and 2008 as weights, and the 2007-08 annual
percent change in GDP prices uses quantities for 2007 and 2008 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, 8,
and appendix table A. Contributions by major components to the percent change 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 (2005) dollar estimates." For most series, these estimates, which are presented in
table 3, are computed by multiplying the current-dollar value in 2005 by a corresponding quantity index
number and then dividing by 100. For example, if a current-dollar GDP component equaled $100 in 2005
and if real output for this component increased 10 percent in 2006, then the chained (2005) dollar value of
this component in 2006 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.
