FOR WIRE TRANSMISSION: 8:30 A.M. EDT, THURSDAY, JULY 31, 1997 Kurt Kunze: (202) 606-5304 (Second Quarter GDP) BEA 97-23 Recorded message: 606-5306 Robert P. Parker: 606-9607 (Annual Revision) Leon Taub: 606-9715 NATIONAL INCOME AND PRODUCTS ACCOUNTS þ SECOND QUARTER 1997 GDP þ REVISED ESTIMATES: 1993 THROUGH FIRST QUARTER 1997 Real gross domestic product -- the output of goods and services produced by labor and property located in the United States -- increased at an annual rate of 2.2 percent in the second quarter of 1997, according to advance estimates released by the Commerce Department's Bureau of Economic Analysis. In the first quarter, real GDP increased 4.9 percent. Real GDP increased $38.1 billion in the second quarter, following an increase of $84.2 billion in the first. The Bureau emphasized that the second-quarter estimates are based on preliminary and incomplete source data. Information on the assumptions used for missing source data is available on request. Revised estimates based on more comprehensive data will be issued next month. The increase in second-quarter real GDP was more than accounted for by increases in producers' durable equipment, in exports of goods and services, and in federal government spending. The smaller increase in real GDP in the second quarter than in the first was more than accounted for by decelerations in personal consumption expenditures for goods and in change in business inventories. The estimates released today reflect revisions in the national income and product accounts beginning with the first quarter of 1993. Revisions are usually made each July mainly to incorporate source data that are more complete, more detailed, and otherwise more appropriate than previously available. This release includes the revised quarterly estimates of GDP, corporate profits, and personal income and provides an overview of the effects of the revision. The August 1997 Survey of Current Business will contain national income and product accounts tables and an article describing the revisions. The published estimates will be available on computer diskettes; to order, write to the Bureau of Economic Analysis, BEA Order Desk (BE-53), Washington, DC 20230, or call 1-800-704-0415. The price index for gross domestic purchases, which measures prices paid by U.S. residents, increased 0.6 percent in the second quarter, compared with an increase of 1.9 percent in the first. The smaller second-quarter increase was mainly accounted for by a decrease in energy prices in the second quarter, following an increase in the first. Real personal consumption expenditures increased 0.8 percent in the second quarter, compared with an increase of 5.3 percent in the first. Durable goods purchases decreased 5.7 percent, in contrast to an increase of 14.1 percent. Nondurable goods decreased 2.1 percent, in contrast to an increase of 4.7 percent. Services expenditures increased 3.7 percent, compared with an increase of 3.9 percent. Real nonresidential fixed investment increased 15.1 percent in the second quarter, compared with an increase of 4.1 percent in the first. Nonresidential structures increased 2.3 percent, in contrast to a decrease of 2.1 percent. Producers' durable equipment increased 20.4 percent, compared with an increase of 6.7 percent. Real residential fixed investment increased 5.6 percent, compared with an increase of 3.3 percent. Real exports of goods and services increased 14.4 percent in the second quarter, compared with an increase of 9.9 percent in the first. Real imports of goods and services increased 21.8 percent, compared with an increase of 17.9 percent. Real federal government consumption expenditures and gross investment increased 8.4 percent in the second quarter, in contrast to a decrease of 5.8 percent in the first. National defense increased 10.3 percent, in contrast to a decrease of 11.8 percent. Nondefense increased 4.6 percent, compared with an increase of 8.0 percent. Real state and local government increased 1.3 percent, compared with an increase of 2.7 percent. Real final sales of domestic product increased 1.9 percent in the second quarter, compared with an increase of 3.0 percent in the first. The real change in business inventories added 0.2 percentage point to the second-quarter change in real GDP, after adding 1.8 percentage point to the first-quarter change. Businesses increased inventories $66.8 billion in the second quarter, following an increase of $63.7 billion in the first quarter and an increase of $32.9 billion in the fourth. Gross domestic purchases Real gross domestic purchases -- purchases by U.S. residents of goods and services wherever produced -- increased 3.1 percent in the second quarter, compared with an increase of 5.9 percent in the first. Disposition of personal income Current-dollar personal income increased $83.8 billion in the second quarter, compared with an increase of $127.8 billion in the first. Personal tax and nontax payments increased $26.3 billion, compared with an increase of $33.1 billion. Disposable personal income increased $57.5 billion in the second quarter, compared with an increase of $94.7 billion in the first. Real disposable personal income increased $38.6 billion, compared with an increase of $57.3 billion. Personal outlays increased $25.5 billion in the second quarter, compared with an increase of $99.2 billion in the first. Personal saving increased $32.0 billion, in contrast to a decrease of $4.5 billion. The saving rate -- saving as a percentage of disposable personal income -- increased from 3.7 percent in the first quarter to 4.2 percent in the second. Current-dollar GDP Current-dollar GDP -- the market value of the nation's output of goods and services -- increased 3.6 percent, or $71.2 billion, in the second quarter. In the first quarter, current-dollar GDP increased 7.4 percent, or $140.7 billion. Revision of the National Income and Product Accounts Revision tables Revisions to current-dollar annual levels of GDP, national income, and the disposition of personal income are shown in table 9; revisions to gross domestic income and the statistical discrepancy are shown in table 10, revisions to the estimates of real GDP and real disposable personal income are shown in table 11; and revisions to corporate profits are shown in table 12. Revisions to annual and quarterly percent changes in real GDP and real disposable personal income are shown in table 13 and to the chain-type prices indexes in table 14. New source data and changes in methodology The newly incorporated source data that contributed the most to the revisions were the following: Census Bureau annual surveys of manufactures, merchant wholesale trade, and retail trade for 1994 and 1995, services for 1994-96, and State and local governments for 1993-96; Census Bureau monthly survey of construction put in place for 1993-96; federal government budget data for 1995 and 1996; Internal Revenue Service tabulations of tax returns for corporations and for sole proprietorships and partnerships for 1994 and 1995, Bureau of Labor Statistics tabulations of wages and salaries of employees covered by State unemployment insurance for 1996; Department of Agriculture farm statistics for 1994-96; Bureau of Economic Analysis balance of payments accounts and capital stock statistics for 1993-96; and BEA price data for semiconductors, digital telephone switches, and mainframe computers for 1995 and 1996. A table showing the major current-dollar revisions and their sources for each component of GDP, national income, and personal income will appear in the August issue of the Survey of Current Business. As announced in the July 1997 Survey of Current Business, the revised estimates also reflect an improvement in the calculation of real output and prices for recent periods when prices and quantities for adjacent years are not yet available. In the revised estimates, beginning with the third quarter of 1996, prices and quantities from the two adjacent quarters are used as weights to calculate the Fisher chain- type measures. Under the previous procedure, prices and quantities from the most recent complete year (1996) would have been used as fixed weights in the calculation of the estimates beginning with the third quarter of 1996. Revisions to 1993-96 estimates The level of real GDP was revised up $3.5 billion, or 0.1 percent, in 1993; revised up $2.3 billion, or less than 0.1 percent, in 1994; unrevised in 1995; and revised up $21.6 billion, or 0.3 percent, in 1996. The upward revision in 1996 was more than accounted for by personal consumption expenditures (PCE) for services, change in business inventories, and exports of goods and services; PCE for goods, Federal nondefense spending, and State and local spending were revised down, and imports were revised up. PCE for services was revised up in all four years, and nondefense and State and local spending were revised down in all four years. Overall, revisions were somewhat larger than those in previous annual revisions. This result was expected because last year, following the Federal government shutdowns, only a limited annual revision was undertaken. In general, revisions to real GDP reflect four factors: (1) Revisions to current-dollar components of GDP whose real estimates are prepared by deflation, (2) revisions to the prices used in deflation, (3) revisions to the quantities used to estimate components of real GDP by extrapolation or direct valuation, and (4) revisions caused by shifts in the composition of current-dollar GDP. In this annual revision, the revisions to real GDP primarily reflected the first two factors. The percent change from the preceding year in real GDP was unrevised at 2.3 percent in 1993, at 3.5 percent in 1994, and at 2.0 percent in 1995. In 1996, the change in real GDP was revised up from 2.4 percent to 2.8 percent. From fourth quarter to fourth quarter, the change in real GDP was revised from 2.2 percent to 2.4 percent in 1993, revised down from 3.5 percent to 3.3 percent in 1994, revised up from 1.3 percent to 1.6 percent in 1995, and revised up from 3.1 percent to 3.2 percent in 1996. During 1996, the upward revision was mainly accounted for by PCE for services, change in business inventories, and exports of goods and services; PCE for goods was revised down, and imports of goods and services was revised up. The previously published changes in real GDP for the quarters of 1993-96 were revised up in 9 quarters and revised down in 7 quarters. The largest upward revision was 1.9 percentage points (fourth quarter of 1995); the largest downward revision was 1.7 percentage points (third quarter of 1994). In general, the pattern of revisions to changes in real GDP was similar to the pattern of revisions to changes in current-dollar GDP. Changes in the chain-type price index for GDP were unrevised or revised by less than 0.5 percentage point in all but three quarters, and were revised up in all three of those quarters. The largest revision was 0.7 percentage point (third quarter of 1996). The percent change from the preceding year in the chain price index for gross domestic purchases was unrevised at 2.5 percent in 1993, revised up from 2.2 to 2.3 percent in 1994, revised up from 2.4 to 2.5 percent in 1995, and revised up from 2.1 to 2.2 percent in 1996. Current-dollar GDP was revised up in all four years; up $5.1 billion, or 0.1 percent, in 1993; up $11.3 billion, or 0.2 percent, in 1994; up $11.6 billion, or 0.2 percent, in 1995, and up $59.9 billion, or 0.8 percent, in 1996. The percent change from the preceding year was revised up from 4.9 percent to 5.0 percent in 1993, revised up from 5.8 percent to 5.9 percent in 1994, was unrevised at 4.6 percent in 1995, and revised up from 4.4 percent to 5.1 percent in 1996. Current- dollar GNP (GDP plus net receipts of factor income from the rest of the world) was revised up $13.3 billion, or 0.2 percent, in 1993; up $23.3 billion, or 0.3 percent, in 1994; up $23.9 billion, or 0.3 percent, in 1995; and up $70.6 billion, or 0.9 percent, in 1996. Net receipts of factor income was revised up $8.1 billion in 1993, up $12.0 billion in 1994, up $12.3 billion in 1995, and up $10.6 billion in 1996. (The revisions to factor incomes, which affect GNP, national income, corporate profits, net interest, and personal interest income, stem from revisions to BEA's balance of payments accounts released in June. Although the revisions to the balance of payments accounts extended back 22 years, the revisions prior to 1993 are not incorporated into the national income and product accounts at this time. An article describing the balance of payments revisions appeared in the July 1997 Survey of Current Business.) National income was revised up $28.3 billion, or 0.5 percent, in 1993; up $55.5 billion, or 1.0 percent, in 1994; up $83.4 billion, or 1.4 percent, in 1995; and up $90.3 billion, or 1.5 percent, in 1996. All components, except wage and salary accruals, contributed to the revisions in 1993 and 1994. Corporate profits accounted for more than one-half of the revisions in 1995 and 1996. Wage and salary accruals, rental income of persons, and net interest also were revised up in 1995 and 1996; supplements to wages and salaries and farm proprietorsþ income were revised down. Corporate profits from current production -- profits before tax with inventory valuation and capital consumption adjustments -- was revised up $0.7 billion in 1993, up $16.4 billion in 1994, up $45.2 billion in 1995, and up $65.7 billion in 1996. The capital consumption adjustment more than accounted for the revision in 1993, accounted for almost all of the revision in 1994, and accounted for about one- third of the revisions in 1995 and 1996. The revision to this adjustment, which converts the measure of depreciation reported by business into the measure used in the national income and product accounts, reflected upward revisions to depreciation reported by businesses. The profits before tax component accounted for most of the upward revisions in 1995 and 1996; profits before tax also was revised up in 1993 and 1994. In all four years, upward revisions to manufacturing, services, and rest- of-the-world profits more than offset downward revisions to profits of financial institutions. Personal income was revised up $23.6 billion, or 0.4 percent, in 1993; up $29.8 billion, or 0.5 percent, in 1994; up $38.4 billion, or 0.6 percent in 1995; and up $45.7 billion, or 0.7 percent, in 1996. In 1993, the upward revision was mainly accounted for by nonfarm proprietorsþ income. In 1994, the upward revision was mainly accounted for by rental income of persons and by nonfarm proprietorsþ income. In 1995 and 1996, the upward revisions were more than accounted for by dividends, primarily dividends paid by regulated investment companies; rental income of persons also was revised up in both years. Partly offsetting these upward revisions were downward revisions to other labor income and to transfer payments. Disposable personal income (personal income less personal tax and nontax payments) was revised up $23.5 billion in 1993, up $22.1 billion in 1994, up $37.6 billion in 1995, and up $22.6 billion in 1996. In 1994 and 1996, the revisions were smaller than the revisions to personal income because of upward revisions to personal taxes. Real disposable income (DPI) was revised up in 1993-95 and down in 1996. The difference between the revisions in 1996 to current-dollar DPI and to real DPI was accounted for by upward revisions to PCE prices, which are used to deflate DPI. The percent change from the preceding year in real DPI was revised up from 1.2 to 1.7 percent in 1993, unrevised at 2.2 percent and 3.3 percent in 1994 and 1995, respectively, and revised down from 2.9 to 2.3 percent in 1996. Personal outlays -- PCE, interest paid by persons, and personal transfer payments to rest of the world (net) -- was revised up in all four years. In all four years, the revisions were more than accounted for by upward revisions to PCE, which were partly offset by downward revisions to interest paid to persons; in 1994, the revision to interest was -$6.3 billion. The personal saving rate (personal saving as a percentage of DPI) was revised up in 1993-95 and revised down in 1996. It was revised up from 4.8 to 5.1 percent in 1993, from 3.9 percent to 4.2 percent in 1994, and from 4.6 to 4.8 percent in 1995; it was revised down from 4.9 to 4.3 percent in 1996. The statistical discrepancy is current-dollar GDP less current-dollar gross domestic income (GDI). It arises because most components of GDP and of gross domestic income are estimated independently. GDP measures final expenditures -- the sum of consumer spending, private investment, net exports, and government spending. GDI measures the costs incurred and the profits earned in production of GDP. In concept, GDP is equal to GDI. In practice, they differ because they are estimated using less than perfectly consistent source data. (The statistical discrepancy is also equal to GNP less gross national income.) In the revised estimates, the statistical discrepancy is smaller in 1993, 1994, and 1996, and larger in 1995. The statistical discrepancy as a percentage of GDP is revised from 0.9 to 0.8 percent in 1993, from 0.5 to 0.2 percent in 1994, from 0.0 to -0.4 percent in 1995, and from -1.0 to -0.8 percent in 1996. The revisions to the discrepancy in 1993-95 are primarily accounted for by upward revisions to GDI. The revision in 1996 is primarily accounted for by upward revisions to GDP. From 1992:IV to 1996:IV, the growth rate for current-dollar GDP and GDI both were revised up 0.2 percentage point, from 4.9 to 5.1 percent for GDP and from 5.4 to 5.6 percent for GDI. Thus, the difference between their growth rates was unrevised, with GDI increasing at an average quarterly rate of 0.5 percentage point more than GDP. During the most recent year, from 1995:IV to 1996:IV, the difference between the average quarterly growth in GDI and in GDP was reduced from 0.6 percent to 0.2 percent. Because the source data used to prepare the expenditure, or product, estimates of GDP are considered by the Bureau of Economic Analysis to be more reliable and timely than those used to prepare the income-side estimates, BEA continues to find the estimates of GDP to be more accurate than those of GDI. Nevertheless, BEA has been and will continue to attempt to determine the causes for the change in the statistical discrepancy between 1993 and 1996. For example, GDI is overstated by an unknown amount because of differences in the NIPA and tax accounting treatment of purchases of software and consulting fees associated with mergers and acquisitions. GDP may be understated because of lack of up-to-date source data for spending by State and local governments or for spending by consumers on new types of services, such as purchases over the Internet, cellular phone services, gambling, and Internet access. Another potential source of understatement is exports of goods as recently identified by the Bureau of the Census. A more detailed discussion about the statistical discrepancy will appear in a forthcoming issue of the Survey of Current Business. Business cycle Real GDP reached a cyclical trough in the first quarter of 1991. From the first quarter of 1991 to the first quarter of 1997, the average quarterly annual- rate increase in real GDP is unrevised at 2.7 percent. * * * BEA estimates are available in several forms in addition to the printed news releases. News releases are available at the time of public release through three subscription services offered by the Commerce Department's STAT-USA. Information on how to receive releases by FAX may be obtained by calling (202) 482-1986 (voice). Information about the Economic Bulletin Board (EBB) and about Internet services may be obtained at the same voice number and on-line, as follows: EBB (202) 482-3870 Internet http://www.stat-usa.gov In addition, BEA's most frequently requested statistical series are available on the Internet, as follows: þ The Federal Statistics Briefing Room (FSBR) on the White House web site provides summary statistics for GDP and other major aggregates on its output, income, and international statistics pages. http://www.whitehouse.gov/fsbr þ The FSBR provides links to BEA's web site, which provides summary tables and charts on BEA's national, international, and regional data. http://www.bea.gov þ BEA's web site provides links to detailed BEA databases on STAT-USA's Internet subscription service. http://www.stat-usa.gov Summary estimates are available on recorded messages at the time of public release at the following telephone numbers: (202) 606-5306 Gross domestic product 5303 Personal income and outlays 5362 Summary of international transactions Most of BEA's estimates and analyses appear in the Survey of Current Business, BEA's monthly journal. The Survey of Current Business is available from the Superintendent of Documents, U.S. Government Printing Office, Washington, D.C. 20402. First class mail: Annual subscription $69.00 domestic. Second class mail: annual subscription $35.00 domestic, $43.75 foreign; single issue $11.00 domestic, $13.75 foreign. In addition, the Survey of Current Business is now available on the Internet in a searchable, retrievable electronic format at least a week before the printed version. To subscribe to STAT-USA's World Wide Web system, go to http://www.stat-usa.gov. Subscriptions for single-user unlimited access to STAT- USA's Internet information are $50.00 for 3 months or $150.00 for 1 year. For further information, call (202) 482-1986. * * * Next release -- August 28, 1997, at 8:30 A.M. EDT for: Gross Domestic Product: Second Quarter 1997 (Preliminary) Corporate Profits: Second Quarter 1997 Measures of Revision Quarterly estimates of GDP are released on the following schedule: Advance estimates, based on preliminary and incomplete source data and BEA assumptions about the missing source data, are released in the first month after the end of the quarter; as additional and revised data become available, preliminary and final estimates are usually released in the second and third months, respectively. Additional revisions are carried out in each of the following 3 years, usually in July, and in comprehensive (benchmark) revisions, usually every 5 years. The latest estimates, which reflect the results of these revisions, are based on new and revised source data and also reflect improved estimating procedures, and definitional or classificational changes. The table below provides summary measures of the amount of revision in past years in quarterly percent changes in current-dollar GDP and real GDP. These measures can be used to assess the likely size of future revisions. For example, two-thirds of the revisions between the quarterly change in the advance estimate of real GDP and that in the final estimate were within a range of -0.6 to +0.9 percentage point. Thus, based on past experience, it is likely that the second- quarter change in real GDP now estimated at 2.2 percent at an annual rate, will not be revised below 1.6 percent or above 3.1 percent in the next two releases. Revision in Quarter-to-Quarter Percent Changes at Annual Rate ____________________________________________________________________________________ Range Average _________________________________ Quarterly estimates without Two-thirds Nine-tenths compared regard of of to revisions revisions sign ______________________ ______________ _____________ ____________ Current-dollar GDP Advance to final....... 0.8 -0.6 to 1.0 -1.2 to 1.6 Preliminary to final... .4 - .4 to .4 - .6 to .8 Advance to latest...... 1.3 - .9 to 2.1 -2.1 to 3.3 Preliminary to latest.. 1.2 - .9 to 1.6 -2.5 to 2.7 Final to latest........ 1.3 -1.0 to 1.8 -2.4 to 2.8 Real GDP Advance to final....... 0.6 -0.6 to 0.9 -1.1 to 1.6 Preliminary to final... .4 - .4 to .4 - .5 to .7 Advance to latest...... 1.4 -1.2 to 1.7 -3.0 to 3.0 Preliminary to latest.. 1.3 -1.4 to 1.4 -2.3 to 2.9 Final to latest........ 1.5 -1.7 to 1.7 -2.5 to 2.9 ____________________________________________________________________________________ NOTE.--These measures incorporate the comprehensive revision of GDP released in January 1996 and are based on the period from 1981 through 1992. Table 1.--Real Gross Domestic Product and Prices: Change From Preceding Period ----------------------------------------------------------------------------------------------------------------------------------- Seasonally adjusted at annual rates --------------------------------------------------- 1994 1995 1996 II 96 III 96 IV 96 I 97 II 97 ----------------------------------------------------------------------------------------------------------------------------------- Billions of chained (1992) dollars ---------------------------------------------------------------------------------------- Real gross domestic product (GDP)..... 221.1 131.4 186.3 99.6 17.8 73.6 84.2 38.1 Personal consumption expenditures.......... 142.4 109.3 118.8 42.8 6.0 38.2 61.7 9.8 Durable goods............................ 37.4 22.4 27.5 14.1 -2.9 5.2 20.7 -9.3 Nondurable goods......................... 38.9 22.7 19.7 9.1 2.3 7.3 16.6 -7.7 Services................................. 66.6 64.1 71.4 20.0 6.3 25.4 25.7 24.9 Gross private domestic fixed investment.... 72.7 46.6 79.6 34.2 25.2 7.8 10.3 31.9 Nonresidential........................... 48.2 58.1 65.2 22.8 29.6 11.5 8.1 28.9 Structures............................. 1.7 7.4 8.8 3.5 4.4 6.9 -1.0 1.1 Producers' durable equipment........... 47.2 51.5 57.7 19.7 25.8 3.8 9.9 29.3 Residential.............................. 24.4 -10.0 15.1 11.1 -3.1 -3.0 2.2 3.8 Change in business inventories............. 38.5 -33.3 -2.3 13.3 16.6 -5.0 30.8 3.1 Net exports of goods and services.......... -34.4 5.8 -15.6 -11.8 -26.3 33.3 -20.7 -21.6 Exports.................................. 54.2 78.8 65.8 19.2 4.0 49.7 21.6 31.4 Imports.................................. 88.6 73.1 81.4 31.0 30.2 16.4 42.3 53.1 Government consumption expenditures and gross investment...................... .2 -.4 6.0 21.9 -3.6 .3 -1.3 11.8 Federal.................................. -19.1 -16.3 -6.1 9.8 -5.0 -6.1 -6.8 9.2 National defense....................... -17.5 -14.3 -4.8 8.3 -3.8 -5.8 -9.7 7.5 Nondefense............................. -1.7 -2.0 -1.4 1.5 -1.2 -.3 2.8 1.6 State and local.......................... 19.3 15.9 12.1 12.0 1.5 6.4 5.4 2.7 Residual................................... .7 1.3 -1.9 -1.2 -1.9 -.6 1.5 2.8 ----------------------------------------------------------------------------------------------------------------------------------- Percent change Real GDP............................. 3.5 2.0 2.8 6.0 1.0 4.3 4.9 2.2 Personal consumption expenditures.......... 3.3 2.4 2.6 3.7 .5 3.3 5.3 .8 Durable goods............................ 7.1 4.0 4.7 9.7 -1.9 3.5 14.1 -5.7 Nondurable goods......................... 2.9 1.6 1.4 2.6 .6 2.1 4.7 -2.1 Services................................. 2.7 2.5 2.7 3.1 1.0 3.9 3.9 3.7 Gross private domestic fixed investment.... 8.6 5.1 8.3 14.4 10.1 3.0 3.9 12.4 Nonresidential........................... 8.0 9.0 9.2 13.0 16.5 5.9 4.1 15.1 Structures............................. 1.0 4.3 4.8 7.9 10.0 15.3 -2.1 2.3 Producers' durable equipment........... 11.0 10.8 10.9 14.9 19.1 2.6 6.7 20.4 Residential.............................. 10.1 -3.8 5.9 17.9 -4.5 -4.3 3.3 5.6 Exports of goods and services.............. 8.2 11.1 8.3 9.6 1.9 25.5 9.9 14.4 Imports of goods and services.............. 12.2 8.9 9.1 14.1 13.2 6.8 17.9 21.8 Government consumption expenditures and gross investment...................... .0 .0 .5 7.2 -1.1 .1 -.4 3.8 Federal.................................. -3.8 -3.3 -1.3 8.8 -4.2 -5.2 -5.8 8.4 National defense....................... -4.9 -4.3 -1.5 11.0 -4.6 -7.1 -11.8 10.3 Nondefense............................. -1.1 -1.4 -.9 4.3 -3.2 -1.0 8.0 4.6 State and local.......................... 2.6 2.1 1.6 6.3 .7 3.3 2.7 1.3 ----------------------------------------------------------------------------------------------------------------------------------- GDP price index (chain-type weights)....... 2.4 2.5 2.3 1.9 2.7 1.9 2.4 1.4 Less: Exports of goods and services........ 1.2 2.2 -1.8 -1.4 -2.6 -4.3 -1.8 -2.2 Plus: Imports of goods and services........ .6 2.2 -2.2 -1.8 -4.2 .0 -5.3 -7.6 Equals: Gross domestic purchases........... 2.3 2.5 2.2 1.8 2.4 2.4 1.9 .6 Personal consumption expenditures.......... 2.4 2.6 2.4 2.9 2.5 3.0 2.2 1.0 Durable goods............................ 2.0 1.0 -.4 -1.4 -.6 -1.0 -.7 -2.9 Nondurable goods......................... 1.3 1.7 2.6 3.9 .9 3.7 2.4 .0 Services................................. 3.1 3.5 2.9 3.4 3.9 3.4 2.6 2.3 Gross private domestic fixed investment.... 1.8 1.3 -.1 -.7 1.4 -.4 -.9 -1.0 Nonresidential........................... 1.2 .4 -1.0 -1.7 -.3 -1.5 -2.0 -1.8 Structures............................. 3.6 4.2 2.3 1.9 3.9 2.5 2.8 3.0 Producers' durable equipment........... .3 -1.0 -2.3 -3.1 -1.9 -3.0 -3.8 -3.6 Residential.............................. 3.3 3.6 2.4 1.8 5.7 2.6 2.0 1.1 Government consumption expenditures and gross investment...................... 2.3 3.3 3.3 -.2 3.1 2.5 3.5 1.3 Federal.................................. 2.3 3.3 3.4 -1.4 2.1 2.5 4.9 1.0 National defense....................... 1.8 3.1 3.9 .7 2.1 2.8 4.3 .9 Nondefense............................. 3.3 3.9 2.3 -5.6 2.2 1.7 6.1 1.4 State and local.......................... 2.3 3.2 3.2 .6 3.6 2.5 2.7 1.4 ----------------------------------------------------------------------------------------------------------------------------------- See "Explanatory Notes" at end of tables. Table 2.--Real Gross Domestic Product and Related Measures: Level and Percent Change from Preceding Period ----------------------------------------------------------------------------------------------------------------------------------- Seasonally adjusted at annual rates --------------------------------------------------- 1994 1995 1996 II 96 III 96 IV 96 I 97 II 97 ----------------------------------------------------------------------------------------------------------------------------------- Billions of chained (1992) dollars ---------------------------------------------------------------------------------------- Gross domestic product (GDP)............... 6,610.7 6,742.1 6,928.4 6,926.0 6,943.8 7,017.4 7,101.6 7,139.7 Less: Exports of goods and services........ 712.4 791.2 857.0 847.4 851.4 901.1 922.7 954.1 Plus: Imports of goods and services........ 817.0 890.1 971.5 960.0 990.2 1,006.6 1,048.9 1,102.0 Equals: Gross domestic purchases........... 6,712.7 6,837.5 7,037.7 7,033.6 7,075.3 7,118.4 7,220.9 7,276.9 Personal consumption expenditures........ 4,486.0 4,595.3 4,714.1 4,712.2 4,718.2 4,756.4 4,818.1 4,827.9 Gross private domestic fixed investment.. 915.5 962.1 1,041.7 1,035.7 1,060.9 1,068.7 1,079.0 1,110.9 Change in business inventories (CBI)..... 60.6 27.3 25.0 21.3 37.9 32.9 63.7 66.8 Government consumption expenditures and gross investment.................... 1,252.3 1,251.9 1,257.9 1,265.1 1,261.5 1,261.8 1,260.5 1,272.3 Less: Change in business inventories....... 60.6 27.3 25.0 21.3 37.9 32.9 63.7 66.8 Equals: Final sales to domestic purchasers................................ 6,653.2 6,808.1 7,010.2 7,009.9 7,036.4 7,082.7 7,153.1 7,204.9 Addenda: Final sales of domestic product (GDP less CBI).................. 6,551.2 6,712.7 6,901.0 6,902.3 6,905.0 6,981.7 7,034.1 7,068.0 Gross national product (GNP)............. 6,619.1 6,748.7 6,932.0 6,930.1 6,940.2 7,023.1 7,091.8 ..... Current-dollar measures: GDP.................................... 6,947.0 7,265.4 7,636.0 7,607.7 7,676.0 7,792.9 7,933.6 8,004.8 Final sales of domestic product (GDP less CBI)........................ 6,885.7 7,235.3 7,610.2 7,584.3 7,638.9 7,761.0 7,867.4 7,935.4 Gross domestic purchases............... 7,037.9 7,351.4 7,730.9 7,701.5 7,790.0 7,881.5 8,032.4 8,108.1 Final sales to domestic purchasers..... 6,976.6 7,321.3 7,705.0 7,678.1 7,752.8 7,849.6 7,966.3 8,038.7 GNP.................................... 6,955.2 7,270.6 7,637.7 7,610.5 7,669.1 7,796.1 7,919.2 ..... ----------------------------------------------------------------------------------------------------------------------------------- Percent change ---------------------------------------------------------------------------------------- Real measures: GDP...................................... 3.5 2.0 2.8 6.0 1.0 4.3 4.9 2.2 Final sales of domestic product (GDP less CBI).......................... 2.9 2.5 2.8 5.2 .2 4.5 3.0 1.9 Gross domestic purchases................. 3.9 1.9 2.9 6.5 2.4 2.5 5.9 3.1 Final sales to domestic purchasers....... 3.3 2.3 3.0 5.8 1.5 2.7 4.0 2.9 GNP...................................... 3.3 2.0 2.7 5.7 .6 4.9 4.0 ..... Current-dollar measures: GDP...................................... 5.9 4.6 5.1 7.7 3.6 6.2 7.4 3.6 Final sales of domestic product (GDP less CBI).......................... 5.3 5.1 5.2 7.0 2.9 6.6 5.6 3.5 Gross domestic purchases................. 6.3 4.5 5.2 8.2 4.7 4.8 7.9 3.8 Final sales to domestic purchasers....... 5.7 4.9 5.2 7.6 4.0 5.1 6.1 3.7 GNP...................................... 5.8 4.5 5.0 7.4 3.1 6.8 6.5 ..... Price indexes (chain-type weights): GDP...................................... 2.4 2.5 2.3 1.9 2.7 1.9 2.4 1.4 Final sales of domestic product (GDP less CBI).......................... 2.4 2.5 2.3 1.9 2.7 1.9 2.5 1.5 Gross domestic purchases................. 2.3 2.5 2.2 1.8 2.4 2.4 1.9 .6 Final sales to domestic purchasers....... 2.3 2.6 2.2 1.8 2.4 2.4 2.0 .7 GNP...................................... 2.4 2.5 2.3 1.9 2.6 1.9 2.4 ..... Addenda: Implicit price deflators: GDP.................................... 2.4 2.5 2.3 1.7 2.6 1.9 2.4 1.4 Gross domestic purchases............... 2.3 2.6 2.2 1.6 2.2 2.3 1.9 .7 GNP.................................... 2.4 2.5 2.3 1.6 2.5 1.8 2.4 ..... ----------------------------------------------------------------------------------------------------------------------------------- See "Explanatory Notes" at end of tables. Table 3a.--Gross Domestic Product, Gross National Product, and Disposition of Personal Income [Billions of dollars] ----------------------------------------------------------------------------------------------------------------------------------- Seasonally adjusted at annual rates ------------------------------------------------------- 1993 1994 1995 1996 I 93 II 93 III 93 IV 93 I 94 II 94 III 94 IV 94 ----------------------------------------------------------------------------------------------------------------------------------- Gross domestic product.................... 6558.1 6947.0 7265.4 7636.0 6444.5 6509.1 6574.6 6704.2 6794.3 6911.4 6986.5 7095.7 Personal consumption expenditures.............. 4459.2 4717.0 4957.7 5207.6 4365.4 4428.1 4488.6 4554.9 4616.6 4680.5 4750.6 4820.2 Durable goods................................ 530.2 579.5 608.5 634.5 506.4 524.2 537.2 553.1 563.2 572.4 583.3 599.3 Motor vehicles and parts................... 226.2 246.6 254.8 261.3 212.4 224.3 228.5 239.6 244.1 243.3 245.4 253.7 Furniture and household equipment................................. 204.9 226.2 240.2 252.6 198.0 202.1 207.6 212.0 216.2 223.5 229.7 235.4 Other...................................... 99.1 106.7 113.6 120.6 95.9 97.8 101.1 101.5 102.9 105.7 108.2 110.2 Nondurable goods............................. 1370.7 1428.4 1475.8 1534.7 1354.4 1366.3 1373.9 1388.0 1404.4 1416.0 1439.5 1453.7 Food....................................... 686.8 714.5 735.1 756.1 676.4 684.1 690.2 696.6 703.9 711.8 718.5 723.7 Clothing and shoes......................... 236.5 247.8 254.7 264.3 231.3 235.4 238.0 241.6 244.1 245.0 249.0 253.2 Gasoline and oil........................... 107.6 109.4 114.4 122.6 109.7 107.6 105.5 107.7 106.2 105.1 111.8 114.3 Fuel oil and coal.......................... 10.7 10.5 10.2 11.6 10.8 10.5 10.9 10.7 11.7 10.1 10.6 9.8 Other...................................... 329.0 346.2 361.3 380.1 326.3 328.8 329.3 331.4 338.4 344.0 349.6 352.7 Services..................................... 2558.4 2709.1 2873.4 3038.4 2504.6 2537.6 2577.4 2613.8 2649.0 2692.2 2727.8 2767.2 Housing.................................... 672.8 712.7 750.3 787.2 662.2 668.8 675.8 684.4 698.1 707.8 717.7 727.2 Household operation........................ 268.8 283.7 300.7 315.9 260.3 264.0 274.1 276.7 274.8 287.1 286.2 286.6 Electricity and gas...................... 115.8 116.6 119.5 125.3 112.4 112.6 119.2 118.8 118.2 120.0 115.6 112.8 Other household operation................ 153.0 167.0 181.2 190.6 147.9 151.4 154.9 157.9 156.6 167.1 170.7 173.7 Transportation............................. 170.2 186.2 203.1 218.4 166.8 168.6 170.7 174.5 179.6 184.5 188.3 192.6 Medical care............................... 695.6 731.6 772.8 808.1 680.8 690.8 701.6 709.2 717.8 726.5 735.9 746.4 Other...................................... 751.0 794.8 846.5 908.9 734.4 745.3 755.2 768.9 778.7 786.4 799.7 814.5 Gross private domestic investment.............. 876.2 1007.9 1038.2 1116.5 854.3 857.4 872.8 920.3 963.4 1017.9 1007.1 1043.1 Fixed investment............................. 855.7 946.6 1008.1 1090.7 823.5 842.9 858.8 897.5 911.0 941.7 956.9 977.0 Nonresidential............................. 604.1 660.6 723.0 781.4 580.5 598.8 606.4 630.6 634.6 652.9 667.4 687.5 Structures............................... 176.4 184.5 200.6 215.2 171.7 175.2 177.8 180.7 175.4 185.2 186.8 190.7 Nonresidential buildings, including farm........................ 119.2 128.7 143.8 159.8 113.6 117.6 121.5 124.2 120.7 130.9 130.0 133.2 Utilities.............................. 32.8 32.0 33.2 33.3 33.8 32.7 32.2 32.5 32.1 31.6 32.0 32.4 Mining exploration, shafts, and wells............................. 16.6 16.7 16.3 16.1 16.0 16.8 16.8 16.6 15.7 15.8 17.0 18.1 Other structures....................... 7.8 7.1 7.3 6.2 8.3 8.1 7.3 7.5 6.8 6.9 7.7 7.0 Producers' durable equipment............. 427.7 476.1 522.4 566.2 408.9 423.6 428.6 449.9 459.3 467.7 480.6 496.8 Information processing and related equipment..................... 141.6 152.1 172.8 195.1 137.2 138.1 145.0 146.0 147.6 149.4 152.8 158.5 Computers and peripheral equipment........................... 48.6 51.8 65.6 78.7 47.1 47.1 49.8 50.5 49.9 50.6 51.5 55.1 Other................................ 93.0 100.3 107.2 116.3 90.1 91.0 95.2 95.5 97.7 98.8 101.2 103.4 Industrial equipment................... 97.9 109.3 121.5 127.5 94.0 95.4 98.1 104.1 105.4 107.0 110.8 114.0 Transportation and related equipment............................. 99.9 118.6 125.7 134.5 92.9 102.9 96.4 107.5 113.1 115.5 119.8 126.1 Other.................................. 88.3 96.2 102.4 109.1 84.7 87.3 89.0 92.2 93.3 95.8 97.3 98.3 Residential................................ 251.6 286.0 285.1 309.2 243.0 244.1 252.4 266.8 276.4 288.7 289.5 289.5 Stuctures................................ 245.2 279.1 277.8 301.7 236.7 237.7 245.9 260.3 269.7 281.9 282.5 282.3 Single family structures............... 133.3 153.8 145.2 159.1 127.5 128.5 133.7 143.4 150.4 156.9 155.0 153.0 Multifamily structures................. 10.8 14.1 17.9 20.3 10.6 10.3 11.2 11.0 11.7 13.3 15.1 16.2 Other.................................. 101.1 111.2 114.8 122.3 98.7 98.9 101.0 105.8 107.6 111.6 112.4 113.1 Producers' durable equipment............. 6.4 6.9 7.2 7.5 6.3 6.4 6.6 6.6 6.6 6.9 7.0 7.2 Change in business inventories............... 20.5 61.2 30.1 25.9 30.7 14.5 14.0 22.9 52.4 76.3 50.2 66.2 Farm....................................... -6.2 10.8 -7.9 2.9 -6.3 -5.3 -11.2 -2.0 13.4 15.3 10.1 4.2 Nonfarm.................................... 26.7 50.5 38.1 23.0 37.1 19.8 25.2 24.8 38.9 60.9 40.1 62.0 Manufacturing............................ 6.0 11.3 8.4 10.6 5.2 9.0 8.3 1.8 15.3 10.4 9.3 10.4 Durable goods.......................... 5.1 8.5 5.8 10.2 3.0 6.4 7.8 3.2 9.4 12.2 5.6 7.0 Nondurable goods....................... .9 2.8 2.6 .4 2.2 2.5 .4 -1.4 5.9 -1.8 3.7 3.5 Wholesale trade.......................... 5.5 15.9 13.4 3.3 5.0 4.2 10.5 2.3 4.0 17.8 15.8 26.1 Durable goods.......................... 3.2 11.4 11.7 2.5 2.0 .7 6.4 3.7 2.0 17.8 10.2 15.5 Nondurable goods....................... 2.3 4.6 1.7 .8 3.1 3.5 4.1 -1.4 2.0 .0 5.7 10.6 Retail trade............................. 13.1 17.5 9.3 4.1 35.0 2.8 3.2 11.5 11.8 26.8 13.6 17.9 Durable goods.......................... 7.7 11.6 6.9 1.9 23.0 1.7 -2.6 8.7 12.4 9.7 10.9 13.5 Motor vehicle dealers................ 2.9 6.4 4.6 -1.6 19.3 .1 -7.7 -.1 9.8 .4 6.1 9.3 Other................................ 4.8 5.3 2.3 3.5 3.8 1.5 5.1 8.7 2.5 9.4 4.8 4.3 Nondurable goods....................... 5.5 5.9 2.4 2.3 12.0 1.2 5.8 2.9 -.5 17.1 2.6 4.4 Other.................................... 2.0 5.7 7.0 5.0 -8.1 3.8 3.2 9.3 7.7 6.0 1.4 7.5 ----------------------------------------------------------------------------------------------------------------------------------- Table 3a.--Gross Domestic Product, Gross National Product, and Disposition of Personal Income--Continued [Billions of dollars] ----------------------------------------------------------------------------------------------------------------------------------- Seasonally adjusted at annual rates ----------------------------------------------------------------------------------------- I 95 II 95 III 95 IV 95 I 96 II 96 III 96 IV 96 I 97 II 97 ----------------------------------------------------------------------------------------------------------------------------------- Gross domestic product.............. 7168.9 7209.5 7301.3 7381.9 7467.5 7607.7 7676.0 7792.9 7933.6 8004.8 Personal consumption expenditures........ 4871.7 4934.8 4990.6 5033.8 5105.8 5189.1 5227.4 5308.1 5405.7 5429.8 Durable goods.......................... 596.9 602.8 616.0 618.4 626.7 638.6 634.5 638.2 658.4 644.0 Motor vehicles and parts............. 249.1 252.7 258.9 258.5 262.4 264.0 260.0 258.9 265.7 252.2 Furniture and household equipment........................... 235.8 237.2 242.5 245.1 246.5 253.8 254.2 255.9 263.8 265.9 Other................................ 112.0 113.0 114.7 114.9 117.9 120.8 120.3 123.4 128.9 125.9 Nondurable goods....................... 1462.7 1472.4 1480.4 1487.8 1508.1 1532.3 1538.3 1560.1 1587.4 1578.9 Food................................. 729.3 733.0 737.0 741.2 748.4 752.2 757.4 766.6 775.5 774.1 Clothing and shoes................... 252.5 253.4 256.4 256.5 259.8 265.7 265.7 266.2 275.2 274.1 Gasoline and oil..................... 115.3 115.8 113.9 112.7 117.1 125.7 121.4 126.0 128.5 120.9 Fuel oil and coal.................... 9.6 10.3 10.2 10.7 11.7 11.3 11.2 12.0 11.0 11.1 Other................................ 356.0 359.8 362.9 366.7 371.1 377.3 382.7 389.3 397.1 398.9 Services............................... 2812.2 2859.6 2894.2 2927.5 2970.9 3018.2 3054.6 3109.8 3159.9 3206.9 Housing.............................. 736.1 745.6 754.7 764.6 773.8 782.5 791.8 800.7 810.5 821.3 Household operation.................. 290.6 299.1 305.8 307.3 310.7 317.5 313.4 321.8 320.8 327.0 Electricity and gas................ 113.8 118.8 123.3 122.2 124.8 126.7 122.8 126.8 124.9 127.1 Other household operation.......... 176.7 180.3 182.5 185.1 185.9 190.8 190.6 195.0 195.9 199.9 Transportation....................... 196.4 201.1 205.7 209.2 212.3 216.6 219.7 224.8 228.9 232.8 Medical care......................... 760.5 768.4 776.5 785.8 790.3 803.3 811.9 826.9 841.0 851.7 Other................................ 828.5 845.3 851.6 860.5 883.8 898.3 917.8 935.6 958.8 974.0 Gross private domestic investment........ 1050.8 1024.0 1028.8 1049.1 1060.5 1105.4 1149.2 1151.1 1193.6 1227.2 Fixed investment....................... 998.7 999.6 1009.4 1024.6 1049.4 1082.0 1112.0 1119.2 1127.5 1157.8 Nonresidential....................... 710.9 722.5 725.4 733.1 750.7 769.3 798.6 807.2 811.3 836.4 Structures......................... 197.7 201.1 202.8 200.7 205.7 210.6 217.7 227.0 227.4 230.4 Nonresidential buildings, including farm.................. 138.9 144.1 145.6 146.4 149.8 155.5 162.5 171.2 174.0 174.5 Utilities........................ 33.2 33.5 33.5 32.7 33.4 32.9 32.7 34.1 32.0 34.3 Mining exploration, shafts, and wells....................... 18.3 16.1 15.8 15.0 15.7 16.0 16.5 16.0 16.1 16.1 Other structures................. 7.2 7.4 7.9 6.5 6.7 6.1 6.0 5.8 5.3 5.5 Producers' durable equipment....... 513.2 521.4 522.6 532.4 545.0 558.7 580.9 580.2 583.9 606.0 Information processing and related equipment............... 162.9 173.0 174.3 181.1 188.0 190.9 201.1 200.3 202.8 205.2 Computers and peripheral equipment..................... 57.3 64.7 67.0 73.5 76.4 76.8 80.9 81.0 81.8 82.1 Other.......................... 105.6 108.3 107.3 107.6 111.6 114.1 120.3 119.3 121.0 123.1 Industrial equipment............. 118.1 123.0 123.0 121.8 124.7 129.2 128.2 127.9 127.7 135.0 Transportation and related equipment....................... 129.9 123.6 122.9 126.4 127.1 130.8 140.0 140.1 137.7 146.3 Other............................ 102.3 101.8 102.5 103.1 105.3 107.9 111.5 111.9 115.7 119.5 Residential.......................... 287.8 277.1 284.0 291.4 298.8 312.7 313.5 312.0 316.2 321.4 Stuctures.......................... 280.6 269.9 276.7 284.1 291.5 305.2 305.9 304.4 308.3 313.5 Single family structures......... 149.5 140.5 142.5 148.3 153.4 160.2 162.2 160.6 161.0 160.8 Multifamily structures........... 17.3 17.2 18.2 18.8 20.2 21.7 19.2 20.1 21.9 22.8 Other............................ 113.8 112.3 115.9 117.1 117.9 123.2 124.5 123.7 125.3 129.9 Producers' durable equipment....... 7.2 7.1 7.3 7.3 7.3 7.5 7.5 7.6 7.9 7.9 Change in business inventories......... 52.1 24.5 19.4 24.5 11.1 23.4 37.1 31.9 66.1 69.4 Farm................................. -6.3 -12.0 -12.4 -1.1 -3.8 6.2 5.8 3.2 3.9 4.7 Nonfarm.............................. 58.4 36.4 31.8 25.6 14.8 17.2 31.3 28.7 62.2 64.8 Manufacturing...................... 4.9 8.6 11.7 8.3 13.4 .5 15.3 13.3 22.3 29.5 Durable goods.................... 1.8 4.8 8.5 8.1 14.8 4.7 14.4 6.8 12.9 16.8 Nondurable goods................. 3.1 3.8 3.2 .2 -1.4 -4.2 .9 6.4 9.3 12.7 Wholesale trade.................... 22.3 12.3 12.6 6.5 6.0 4.8 -7.7 10.1 24.3 12.3 Durable goods.................... 18.1 10.7 6.9 11.2 6.7 4.1 4.7 -5.5 15.4 11.8 Nondurable goods................. 4.2 1.6 5.6 -4.7 -.7 .7 -12.4 15.6 8.9 .5 Retail trade....................... 19.8 15.8 2.3 -.7 -13.8 8.1 21.2 1.1 .6 16.2 Durable goods.................... 14.3 11.0 1.1 1.1 -13.1 9.1 14.6 -3.3 1.4 8.2 Motor vehicle dealers.......... 12.3 6.7 -5.8 5.3 -18.5 5.3 11.9 -5.3 -2.9 .8 Other.......................... 2.0 4.3 7.0 -4.1 5.5 3.9 2.7 2.0 4.2 7.4 Nondurable goods................. 5.5 4.8 1.2 -1.8 -.8 -1.1 6.6 4.4 -.8 8.0 Other.............................. 11.5 -.3 5.3 11.4 9.2 3.8 2.5 4.3 15.2 6.8 ----------------------------------------------------------------------------------------------------------------------------------- Table 3a.--Gross Domestic Product, Gross National Product, and Disposition of Personal Income--Continued [Billions of dollars] ----------------------------------------------------------------------------------------------------------------------------------- Seasonally adjusted at annual rates ------------------------------------------------------- 1993 1994 1995 1996 I 93 II 93 III 93 IV 93 I 94 II 94 III 94 IV 94 ----------------------------------------------------------------------------------------------------------------------------------- Net exports of goods and services.............. -60.7 -90.9 -86.0 -94.8 -46.6 -57.5 -72.1 -66.6 -76.6 -87.9 -103.4 -95.6 Exports...................................... 658.6 721.2 818.4 870.9 647.1 661.2 646.8 679.4 678.5 710.1 732.6 763.7 Goods...................................... 459.7 509.6 583.9 617.5 451.2 462.2 447.9 477.7 475.7 499.2 518.9 544.6 Agricultural products.................... 43.7 47.1 57.2 61.5 43.7 43.6 42.1 45.3 43.5 43.7 47.2 53.9 Nonagricultural products................. 416.0 462.5 526.6 556.0 407.5 418.5 405.8 432.4 432.2 455.5 471.7 490.7 Services................................... 198.9 211.6 234.6 253.3 195.8 199.0 198.9 201.7 202.8 210.9 213.7 219.0 Imports...................................... 719.3 812.1 904.5 965.7 693.7 718.7 718.9 746.0 755.1 797.9 836.0 859.2 Goods...................................... 592.8 676.8 757.5 809.0 570.8 593.2 592.8 614.4 622.4 663.8 699.2 721.7 Petroleum and products................... 51.5 51.3 56.2 72.7 51.0 57.2 50.1 47.6 41.9 51.5 60.6 51.1 Nonpetroleum products.................... 541.3 625.5 701.4 736.3 519.8 536.0 542.7 566.9 580.5 612.3 638.6 670.6 Services................................... 126.5 135.3 146.9 156.7 122.9 125.4 126.1 131.6 132.8 134.1 136.9 137.5 Government consumption expenditures and gross investment.............................. 1283.4 1313.0 1355.5 1406.7 1271.5 1281.2 1285.3 1295.5 1291.0 1300.8 1332.3 1328.0 Federal...................................... 518.3 510.2 509.6 520.0 521.3 517.8 515.7 518.5 506.9 505.3 520.4 508.3 National defense........................... 360.7 349.2 344.6 352.8 363.6 361.7 358.0 359.4 344.9 348.5 359.7 343.6 Consumption expenditures................. 311.1 301.6 298.6 305.7 312.4 311.5 310.6 309.8 299.8 300.7 308.7 297.3 Gross investment......................... 49.6 47.6 46.0 47.0 51.2 50.3 47.4 49.6 45.1 47.7 51.1 46.3 Nondefense................................. 157.7 161.0 165.0 167.3 157.7 156.1 157.7 159.1 162.0 156.8 160.7 164.7 Consumption expenditures................. 136.2 141.6 144.9 145.7 134.7 134.3 136.4 139.4 142.6 138.5 141.8 143.5 Gross investment......................... 21.5 19.5 20.1 21.5 23.0 21.7 21.4 19.7 19.4 18.3 18.9 21.2 State and local.............................. 765.0 802.8 846.0 886.7 750.1 763.4 769.6 777.0 784.1 795.5 811.9 819.6 Consumption expenditures................. 631.6 663.8 698.6 730.9 621.4 628.9 635.0 641.1 651.6 659.2 668.6 676.0 Gross investment......................... 133.4 138.9 147.4 155.7 128.7 134.5 134.6 135.9 132.5 136.3 143.3 143.6 ----------------------------------------------------------------------------------------------------------------------------------- Gross domestic product......................... 6558.1 6947.0 7265.4 7636.0 6444.5 6509.1 6574.6 6704.2 6794.3 6911.4 6986.5 7095.7 Plus: Receipts of factor income from the rest of the world............................. 150.8 176.5 222.8 234.3 145.6 148.9 153.2 155.6 161.1 168.3 181.9 194.6 Less: Payments of factor income to the rest of the world............................. 132.1 168.3 217.5 232.6 122.1 132.7 130.9 142.7 144.2 159.3 176.1 193.5 Equals: Gross national product................. 6576.8 6955.2 7270.6 7637.7 6468.1 6525.3 6596.9 6717.1 6811.2 6920.3 6992.3 7096.8 ----------------------------------------------------------------------------------------------------------------------------------- Disposition of personal income Personal income................................ 5519.2 5791.8 6150.8 6495.2 5369.4 5504.1 5544.2 5659.1 5616.3 5766.6 5838.1 5946.1 Wage and salary disbursements................ 3089.6 3240.7 3429.5 3632.5 2975.4 3079.3 3111.1 3192.6 3138.3 3232.0 3266.9 3325.6 Other labor income........................... 385.1 405.0 406.8 407.6 373.8 382.3 389.5 394.9 399.5 403.7 406.9 409.8 Proprietors' income with inventory valuation and capital consumption adjustments................................. 450.8 471.6 489.0 520.3 440.3 452.2 446.2 464.4 463.9 474.7 471.6 476.1 Farm....................................... 32.4 36.9 23.4 37.2 29.7 36.3 25.6 38.0 46.4 38.8 33.2 29.1 Nonfarm.................................... 418.4 434.7 465.5 483.1 410.6 416.0 420.6 426.5 417.5 435.9 438.4 447.0 Rental income of persons with capital consumption adjustment...................... 105.7 124.4 132.8 146.3 99.7 105.6 106.1 111.5 112.7 126.0 130.1 128.9 Personal dividend income..................... 185.3 204.8 251.9 291.2 177.8 182.1 187.8 193.5 192.1 200.3 208.5 218.5 Personal interest income..................... 651.0 668.1 718.9 735.7 660.3 653.7 647.8 642.1 641.4 656.4 674.1 700.4 Transfer payments to persons................. 912.0 954.7 1015.0 1068.0 897.2 908.0 917.3 925.3 940.4 949.8 958.8 969.8 Less: Personal contributions for social insurance................................... 260.3 277.5 293.1 306.3 255.2 259.2 261.6 265.2 272.0 276.2 278.8 282.9 Less: Personal tax and nontax payments........ 690.0 739.1 795.1 886.9 662.5 685.6 695.5 716.4 712.9 750.5 739.9 753.0 Equals: Disposable personal income............ 4829.2 5052.7 5355.7 5608.3 4707.0 4818.5 4848.7 4942.8 4903.4 5016.1 5098.2 5193.1 Less: Personal outlays........................ 4580.7 4842.1 5101.1 5368.8 4488.4 4549.5 4609.8 4675.2 4738.2 4803.3 4876.1 4950.7 Equals: Personal saving....................... 248.5 210.6 254.6 239.6 218.6 269.0 239.0 267.6 165.2 212.8 222.1 242.4 Personal saving as a percentage of disposable personal income.................... 5.1 4.2 4.8 4.3 4.6 5.6 4.9 5.4 3.4 4.2 4.4 4.7 ----------------------------------------------------------------------------------------------------------------------------------- See "Explanatory Notes" at end of tables. Table 3a.--Gross Domestic Product, Gross National Product, and Disposition of Personal Income--Continued [Billions of dollars] ----------------------------------------------------------------------------------------------------------------------------------- Seasonally adjusted at annual rates ---------------------------------------------------------------------------------------- I 95 II 95 III 95 IV 95 I 96 II 96 III 96 IV 96 I 97 II 97 ----------------------------------------------------------------------------------------------------------------------------------- Net exports of goods and services........ -98.3 -105.4 -80.4 -60.1 -83.0 -93.8 -114.0 -88.6 -98.8 -103.3 Exports................................ 784.5 807.7 831.6 849.9 850.2 865.0 863.7 904.6 922.2 948.4 Goods................................ 560.7 578.6 591.1 605.1 606.1 613.9 609.7 640.5 656.2 679.1 Agricultural products.............. 55.2 53.9 59.3 60.5 63.5 60.3 60.4 61.8 57.3 56.3 Nonagricultural products........... 505.4 524.7 531.9 544.6 542.6 553.5 549.3 578.7 598.9 622.8 Services............................. 223.9 229.2 240.5 244.7 244.1 251.1 254.0 264.2 266.0 269.3 Imports................................ 882.8 913.1 912.0 909.9 933.2 958.7 977.6 993.2 1021.0 1051.8 Goods................................ 739.3 767.0 762.9 761.0 778.4 802.9 820.2 834.6 855.8 883.5 Petroleum and products............. 52.8 59.6 57.5 54.7 58.5 74.1 76.2 82.2 76.7 71.3 Nonpetroleum products.............. 686.5 707.4 705.4 706.3 720.0 728.9 743.9 752.4 779.1 812.1 Services............................. 143.5 146.1 149.1 149.0 154.8 155.8 157.5 158.6 165.2 168.3 Government consumption expenditures and gross investment........................ 1344.7 1356.0 1362.2 1359.2 1384.2 1407.0 1413.5 1422.3 1433.1 1451.1 Federal................................ 513.6 511.2 512.9 500.6 516.4 524.6 521.6 517.6 516.1 528.0 National defense..................... 346.3 348.1 347.3 336.5 348.4 357.3 354.8 350.6 343.3 352.6 Consumption expenditures........... 299.9 299.8 303.2 291.6 298.2 307.8 309.3 307.6 306.4 314.1 Gross investment................... 46.5 48.4 44.1 45.0 50.2 49.5 45.5 42.9 37.0 38.5 Nondefense........................... 167.3 163.0 165.5 164.1 168.0 167.3 166.8 167.0 172.8 175.3 Consumption expenditures........... 144.9 144.2 145.8 144.7 146.4 145.9 144.6 146.0 151.7 152.7 Gross investment................... 22.4 18.8 19.8 19.3 21.5 21.4 22.1 21.0 21.1 22.7 State and local........................ 831.1 844.8 849.3 858.6 867.8 882.4 891.9 904.7 917.0 923.2 Consumption expenditures........... 686.9 696.2 702.4 708.8 717.6 727.0 735.9 743.3 751.7 757.6 Gross investment................... 144.2 148.6 147.0 149.8 150.3 155.3 156.0 161.4 165.2 165.5 ----------------------------------------------------------------------------------------------------------------------------------- Gross domestic product................... 7168.9 7209.5 7301.3 7381.9 7467.5 7607.7 7676.0 7792.9 7933.6 8004.8 Plus: Receipts of factor income from the rest of the world....................... 213.6 226.4 222.6 228.5 226.0 227.1 235.4 248.8 248.2 ..... Less: Payments of factor income to the rest of the world....................... 207.4 215.3 225.6 221.9 218.2 224.3 242.3 245.6 262.5 ..... Equals: Gross national product........... 7175.1 7220.6 7298.3 7388.5 7475.3 7610.5 7669.1 7796.1 7919.2 ..... ----------------------------------------------------------------------------------------------------------------------------------- Disposition of personal income Personal income.......................... 6053.1 6114.8 6179.1 6256.2 6359.4 6461.3 6541.9 6618.4 6746.2 6830.0 Wage and salary disbursements.......... 3371.2 3404.6 3450.2 3491.8 3539.2 3611.2 3662.8 3716.9 3791.5 3841.5 Other labor income..................... 407.9 406.6 406.7 406.2 405.0 407.9 408.4 409.1 412.3 415.1 Proprietors' income with inventory valuation and capital consumption adjustments........................... 478.2 484.4 491.7 501.5 509.3 520.0 523.8 528.3 534.6 543.6 Farm................................. 20.6 21.3 22.9 28.9 31.9 36.5 40.1 40.4 40.2 44.5 Nonfarm.............................. 457.6 463.1 468.7 472.6 477.4 483.5 483.7 487.9 494.4 499.1 Rental income of persons with capital consumption adjustment................ 130.5 132.3 131.5 137.1 143.4 144.6 148.0 149.2 149.0 148.6 Personal dividend income............... 243.4 248.6 254.2 261.5 287.4 290.0 292.0 295.2 312.5 318.3 Personal interest income............... 713.9 719.4 717.9 724.2 722.3 727.8 742.7 749.8 757.2 766.8 Transfer payments to persons........... 997.0 1010.4 1021.5 1031.0 1053.2 1064.8 1072.4 1081.5 1107.2 1117.5 Less: Personal contributions for social insurance............................. 289.1 291.5 294.5 297.2 300.5 305.0 308.2 311.5 318.2 321.3 Less: Personal tax and nontax payments.. 766.5 795.1 798.9 820.0 840.0 887.8 897.3 922.6 955.7 982.0 Equals: Disposable personal income...... 5286.6 5319.6 5380.2 5436.2 5519.4 5573.5 5644.6 5695.8 5790.5 5848.0 Less: Personal outlays.................. 5007.3 5074.3 5136.4 5186.3 5261.3 5347.8 5390.6 5475.4 5574.6 5600.1 Equals: Personal saving................. 279.2 245.4 243.8 249.9 258.1 225.7 254.0 220.4 215.9 247.9 Personal saving as a percentage of disposable personal income.............. 5.3 4.6 4.5 4.6 4.7 4.1 4.5 3.9 3.7 4.2 ----------------------------------------------------------------------------------------------------------------------------------- See "Explanatory Notes" at end of tables. Table 3b.--Real Gross Domestic Product [Billions of chained (1992) dollars] ----------------------------------------------------------------------------------------------------------------------------------- Seasonally adjusted at annual rates ------------------------------------------------------- 1993 1994 1995 1996 I 93 II 93 III 93 IV 93 I 94 II 94 III 94 IV 94 ----------------------------------------------------------------------------------------------------------------------------------- Gross domestic product.................... 6389.6 6610.7 6742.1 6928.4 6327.9 6359.9 6393.5 6476.9 6524.5 6600.3 6629.5 6688.6 Personal consumption expenditures.............. 4343.6 4486.0 4595.3 4714.1 4286.8 4322.8 4366.6 4398.0 4439.4 4472.2 4498.2 4534.1 Durable goods................................ 523.8 561.2 583.6 611.1 504.0 519.3 529.9 542.1 550.7 555.8 561.7 576.6 Motor vehicles and parts................... 218.9 230.0 229.5 231.3 209.1 218.4 219.8 228.4 231.6 228.4 227.3 232.6 Furniture and household equipment................................. 207.8 229.4 248.4 269.5 200.4 205.0 210.9 214.8 219.1 226.1 232.2 240.3 Other...................................... 97.2 102.3 107.2 113.3 94.6 95.9 99.3 99.0 100.0 101.6 102.9 104.5 Nondurable goods............................. 1351.0 1389.9 1412.6 1432.3 1337.5 1347.8 1356.8 1361.8 1378.4 1385.5 1393.2 1402.5 Food....................................... 675.3 687.9 690.5 689.7 670.1 674.1 677.9 679.2 684.3 689.8 687.9 689.5 Clothing and shoes......................... 234.2 247.1 257.5 267.7 228.8 233.4 235.9 238.6 243.1 242.7 248.1 254.7 Gasoline and oil........................... 108.7 109.8 113.1 114.1 107.2 108.6 109.8 109.0 109.2 109.6 109.9 110.7 Fuel oil and coal.......................... 10.7 10.7 10.5 10.6 10.8 10.3 10.9 10.9 11.9 10.2 10.7 10.2 Other...................................... 322.1 334.3 341.3 351.2 320.6 321.4 322.3 324.0 329.9 333.0 336.7 337.8 Services..................................... 2468.9 2535.5 2599.6 2671.0 2445.3 2455.9 2480.0 2494.4 2510.9 2531.4 2543.8 2555.9 Housing.................................... 654.7 674.3 688.2 700.2 650.6 652.4 655.8 660.0 666.8 672.2 677.0 681.1 Household operation........................ 261.5 270.5 282.9 289.6 256.6 257.7 265.2 266.3 263.1 274.1 272.3 272.4 Electricity and gas...................... 112.3 112.5 115.0 117.8 111.0 109.2 114.7 114.1 113.8 115.8 111.4 108.9 Other household operation................ 149.2 158.0 167.8 171.7 145.7 148.5 150.5 152.2 149.3 158.4 160.9 163.4 Transportation............................. 163.1 175.2 185.2 194.6 160.3 161.9 163.8 166.6 170.3 173.6 176.7 180.1 Medical care............................... 655.3 662.1 674.9 688.1 653.7 654.3 656.4 656.7 658.1 661.1 663.2 666.0 Other...................................... 734.5 754.0 769.1 799.4 724.1 729.7 739.0 745.2 753.0 750.9 755.1 756.9 Gross private domestic investment.............. 863.6 975.7 991.5 1069.1 845.5 846.1 858.6 904.0 939.9 987.8 972.2 1003.0 Fixed investment............................. 842.8 915.5 962.1 1041.7 814.8 831.1 844.5 880.8 887.8 913.2 922.7 938.5 Nonresidential............................. 600.2 648.4 706.5 771.7 577.8 595.1 602.3 625.6 626.2 641.2 653.2 672.9 Structures............................... 170.8 172.5 179.9 188.7 168.0 170.3 171.7 173.1 166.3 174.5 174.0 175.0 Nonresidential buildings, including farm........................ 115.3 119.9 128.8 140.0 111.3 114.4 117.1 118.5 114.3 123.1 120.6 121.8 Utilities.............................. 31.8 29.9 30.0 29.3 33.4 31.7 31.0 31.0 30.3 29.6 29.8 29.8 Mining exploration, shafts, and wells............................. 16.0 15.8 14.3 13.9 15.2 16.2 16.4 16.2 15.1 15.1 16.2 16.7 Other structures....................... 7.7 6.9 6.7 5.5 8.2 8.0 7.2 7.4 6.7 6.7 7.4 6.7 Producers' durable equipment............. 429.6 476.8 528.3 586.0 409.8 424.9 430.7 452.9 460.6 467.3 480.0 499.1 Information processing and related equipment..................... 147.9 165.1 201.8 253.1 140.5 143.2 152.5 155.5 158.1 160.8 166.1 175.6 Computers and peripheral equipment........................... 56.1 67.2 102.8 160.8 51.0 53.2 58.4 61.7 62.2 64.1 67.1 75.3 Other................................ 92.3 99.4 107.0 116.3 89.6 90.3 94.6 94.8 96.8 97.8 100.2 102.8 Industrial equipment................... 96.5 105.5 113.4 117.0 93.4 94.2 96.5 102.0 102.8 103.8 106.7 108.9 Transportation and related equipment............................. 98.3 113.2 118.9 125.0 91.9 101.5 94.8 105.2 108.8 110.0 113.5 120.5 Other.................................. 86.8 92.9 97.0 100.8 83.9 85.8 87.3 90.1 90.9 92.6 93.7 94.5 Residential................................ 242.6 267.0 257.0 272.1 237.0 236.1 242.2 255.1 261.3 271.5 269.4 265.9 Stuctures................................ 236.2 260.3 250.0 265.0 230.7 229.8 235.7 248.6 254.8 264.8 262.7 259.0 Single family structures............... 127.1 140.1 126.9 136.6 123.5 123.6 126.8 134.3 139.4 144.5 140.5 136.1 Multifamily structures................. 10.6 13.6 16.9 18.6 10.4 10.1 11.0 10.7 11.4 13.0 14.7 15.5 Other.................................. 98.6 106.5 106.7 110.2 96.9 96.1 97.9 103.5 103.8 107.2 107.6 107.6 Producers' durable equipment............. 6.4 6.7 7.0 7.1 6.3 6.3 6.5 6.5 6.5 6.7 6.7 6.9 Change in business inventories............... 22.1 60.6 27.3 25.0 32.3 16.6 15.3 24.2 53.1 75.9 49.7 63.6 Farm....................................... -7.3 11.7 -9.2 2.6 -7.6 -6.6 -12.3 -2.6 13.8 16.6 11.6 4.8 Nonfarm.................................... 29.5 49.0 35.7 22.5 40.0 23.4 27.8 26.9 39.6 59.6 38.2 58.7 Manufacturing............................ 6.1 11.1 7.8 9.9 5.5 9.2 8.1 1.8 15.3 10.4 8.9 9.7 Durable goods.......................... 5.1 8.3 5.5 9.7 3.1 6.5 7.7 3.2 9.2 12.0 5.5 6.7 Nondurable goods....................... 1.0 2.8 2.3 .4 2.4 2.7 .4 -1.4 6.1 -1.5 3.4 3.0 Wholesale trade.......................... 5.6 15.5 12.7 4.0 5.2 4.5 10.2 2.3 4.0 17.4 15.4 25.3 Durable goods.......................... 3.2 11.0 11.3 2.4 1.9 .7 6.3 3.6 1.9 17.3 10.0 15.0 Nondurable goods....................... 2.4 4.5 1.5 1.6 3.3 3.8 3.9 -1.4 2.2 .0 5.4 10.3 Retail trade............................. 15.8 16.9 8.8 4.0 37.3 6.0 6.3 13.7 12.7 26.0 12.4 16.3 Durable goods.......................... 7.5 10.9 6.3 1.7 22.6 1.6 -2.6 8.2 11.8 9.1 10.3 12.6 Motor vehicle dealers................ 2.9 5.9 4.1 -1.4 18.8 .1 -7.4 -.1 9.3 .3 5.6 8.4 Other................................ 4.6 5.0 2.2 3.3 3.7 1.5 4.9 8.4 2.4 9.0 4.6 4.1 Nondurable goods....................... 8.4 5.8 2.3 2.3 14.6 4.5 9.1 5.4 .5 17.2 1.9 3.5 Other.................................... 2.0 5.5 6.5 4.5 -8.1 3.7 3.2 9.0 7.6 5.8 1.5 7.3 ----------------------------------------------------------------------------------------------------------------------------------- Table 3b.--Real Gross Domestic Product--Continued [Billions of chained (1992) dollars] ----------------------------------------------------------------------------------------------------------------------------------- Seasonally adjusted at annual rates ----------------------------------------------------------------------------------------- I 95 II 95 III 95 IV 95 I 96 II 96 III 96 IV 96 I 97 II 97 ----------------------------------------------------------------------------------------------------------------------------------- Gross domestic product.............. 6703.7 6708.8 6759.2 6796.5 6826.4 6926.0 6943.8 7017.4 7101.6 7139.7 Personal consumption expenditures........ 4551.3 4583.5 4612.9 4633.5 4669.4 4712.2 4718.2 4756.4 4818.1 4827.9 Durable goods.......................... 572.2 577.7 590.8 593.7 600.7 614.8 611.9 617.1 637.8 628.5 Motor vehicles and parts............. 226.2 227.5 232.9 231.6 233.4 234.2 229.7 228.0 233.4 222.7 Furniture and household equipment........................... 241.4 244.6 251.5 256.2 259.2 269.9 272.3 276.8 287.4 292.9 Other................................ 105.9 107.0 107.9 107.9 110.2 113.4 113.2 116.3 121.4 119.2 Nondurable goods....................... 1408.4 1411.6 1413.9 1416.3 1422.5 1431.6 1433.9 1441.2 1457.8 1450.1 Food................................. 690.8 690.2 690.6 690.6 692.4 690.3 687.3 689.0 694.6 690.5 Clothing and shoes................... 255.3 257.0 259.1 258.7 261.6 268.4 270.8 270.0 277.1 273.0 Gasoline and oil..................... 112.7 113.2 113.0 113.6 112.9 114.5 114.1 114.8 114.7 115.4 Fuel oil and coal.................... 10.0 10.6 10.4 11.1 11.1 10.4 10.6 10.3 9.4 10.2 Other................................ 339.9 341.0 341.5 342.9 345.1 349.1 352.5 358.3 363.7 362.4 Services............................... 2571.2 2594.5 2608.7 2623.8 2646.5 2666.5 2672.8 2698.2 2723.9 2748.8 Housing.............................. 683.7 686.7 689.7 692.8 695.6 698.7 701.7 704.8 708.3 712.1 Household operation.................. 274.3 282.4 287.5 287.5 288.7 292.0 285.8 291.7 288.0 294.5 Electricity and gas................ 109.7 114.8 118.7 116.9 119.0 119.7 114.8 117.7 113.8 117.8 Other household operation.......... 164.5 167.5 168.7 170.4 169.6 172.3 170.9 173.9 174.0 176.6 Transportation....................... 182.5 183.8 185.4 189.0 192.1 193.8 195.4 197.0 199.3 200.0 Medical care......................... 669.5 672.9 677.0 680.4 679.4 686.2 689.8 697.1 704.4 710.8 Other................................ 761.8 769.5 770.1 775.0 791.7 796.8 800.8 808.4 824.3 832.0 Gross private domestic investment........ 1005.8 977.5 982.0 1000.8 1012.2 1059.2 1100.3 1104.8 1149.2 1185.7 Fixed investment....................... 955.8 954.0 962.3 976.3 1001.5 1035.7 1060.9 1068.7 1079.0 1110.9 Nonresidential....................... 695.7 705.4 708.2 716.8 736.9 759.7 789.3 800.8 808.9 837.8 Structures......................... 179.0 180.9 181.2 178.6 182.1 185.6 190.0 196.9 195.9 197.0 Nonresidential buildings, including farm.................. 125.5 129.4 130.1 130.3 132.7 137.0 141.7 148.4 150.1 149.5 Utilities........................ 30.4 30.4 30.1 29.2 29.7 29.1 28.7 29.5 27.5 29.2 Mining exploration, shafts, and wells....................... 16.3 14.2 13.8 13.1 13.6 13.9 14.1 13.8 13.6 13.4 Other structures................. 6.8 6.8 7.3 5.9 6.0 5.4 5.4 5.1 4.6 4.8 Producers' durable equipment....... 518.1 525.9 528.5 540.5 557.4 577.1 602.9 606.7 616.6 645.9 Information processing and related equipment............... 184.5 199.3 205.2 218.2 232.8 244.8 264.3 270.4 281.4 292.4 Computers and peripheral equipment..................... 82.7 97.2 106.8 124.4 138.7 152.0 170.0 182.4 195.8 210.2 Other.......................... 105.1 107.9 107.2 107.8 111.7 114.0 120.3 119.3 121.5 123.6 Industrial equipment............. 112.1 114.9 114.1 112.5 114.8 118.8 117.6 116.9 116.8 123.6 Transportation and related equipment....................... 124.0 117.3 115.7 118.6 119.2 121.8 129.5 129.7 127.5 135.4 Other............................ 98.0 96.6 96.7 96.5 97.9 100.1 102.8 102.5 106.1 109.6 Residential.......................... 261.2 250.4 255.5 260.8 266.1 277.2 274.1 271.1 273.3 277.1 Stuctures.......................... 254.3 243.6 248.5 253.8 259.1 270.0 266.9 263.9 265.9 269.6 Single family structures......... 131.4 123.1 124.3 128.9 133.1 138.6 138.3 136.2 136.2 135.7 Multifamily structures........... 16.4 16.3 17.2 17.7 18.9 20.2 17.5 18.0 19.6 20.3 Other............................ 106.8 104.7 107.6 107.7 107.5 111.7 111.5 110.0 110.5 114.1 Producers' durable equipment....... 6.9 6.9 7.0 7.0 7.0 7.2 7.2 7.2 7.4 7.5 Change in business inventories......... 48.5 21.6 17.0 22.2 8.0 21.3 37.9 32.9 63.7 66.8 Farm................................. -7.3 -13.5 -13.6 -2.3 -6.8 4.2 6.5 6.4 5.3 6.1 Nonfarm.............................. 54.7 34.0 29.6 24.4 14.5 17.3 31.6 26.5 58.3 60.7 Manufacturing...................... 4.6 7.8 10.9 7.8 12.5 .6 14.3 12.3 20.9 27.6 Durable goods.................... 1.6 4.4 8.1 7.8 14.0 4.6 13.8 6.6 12.3 16.0 Nondurable goods................. 2.9 3.4 2.8 .1 -1.2 -3.7 .8 5.7 8.5 11.6 Wholesale trade.................... 21.1 11.7 11.6 6.2 6.0 5.5 -5.0 9.4 22.9 11.7 Durable goods.................... 17.3 10.3 6.7 10.8 6.4 3.9 4.5 -5.2 14.8 11.4 Nondurable goods................. 3.9 1.5 4.9 -4.4 -.2 1.7 -9.0 13.9 8.1 .5 Retail trade....................... 18.4 14.8 2.2 -.4 -12.6 7.8 20.0 .9 .6 15.1 Durable goods.................... 13.2 10.1 1.0 1.1 -11.8 8.3 13.3 -3.0 1.2 7.4 Motor vehicle dealers.......... 11.0 5.9 -5.2 4.7 -16.3 4.6 10.6 -4.7 -2.5 .7 Other.......................... 1.9 4.1 6.5 -3.9 5.1 3.6 2.5 1.8 3.9 6.9 Nondurable goods................. 4.9 4.6 1.2 -1.6 -.5 -.8 6.5 4.1 -.7 7.7 Other.............................. 10.9 -.3 4.9 10.7 8.2 3.4 2.3 3.9 13.7 6.2 ----------------------------------------------------------------------------------------------------------------------------------- Table 3b.--Real Gross Domestic Product--Continued [Billions of chained (1992) dollars] ----------------------------------------------------------------------------------------------------------------------------------- Seasonally adjusted at annual rates ------------------------------------------------------- 1993 1994 1995 1996 I 93 II 93 III 93 IV 93 I 94 II 94 III 94 IV 94 ----------------------------------------------------------------------------------------------------------------------------------- Net exports of goods and services.............. -70.2 -104.6 -98.8 -114.4 -54.7 -62.6 -83.1 -80.5 -97.6 -103.9 -111.1 -105.9 Exports...................................... 658.2 712.4 791.2 857.0 647.2 660.1 646.3 679.1 676.0 704.1 722.1 747.3 Goods...................................... 463.7 509.8 573.9 628.4 454.1 465.3 452.0 483.5 479.1 501.2 518.4 540.4 Agricultural products.................... 43.0 44.4 49.5 48.6 43.8 43.9 41.0 43.4 40.4 41.2 45.2 50.7 Nonagricultural products................. 420.7 465.6 524.6 581.3 410.3 421.4 411.1 440.1 439.0 460.4 473.3 489.5 Services................................... 194.5 202.9 218.0 229.9 193.1 194.8 194.2 195.9 197.0 203.1 204.1 207.5 Imports...................................... 728.4 817.0 890.1 971.5 701.9 722.7 729.4 759.7 773.6 808.0 833.2 853.2 Goods...................................... 602.0 684.1 749.2 823.1 578.7 597.8 603.1 628.3 641.4 674.6 700.0 720.4 Petroleum and products................... 56.7 60.2 59.3 63.8 53.7 57.9 56.9 58.3 57.0 60.6 65.1 58.2 Nonpetroleum products.................... 545.3 623.4 688.6 757.8 524.9 540.0 546.2 569.9 584.0 613.6 634.8 661.1 Services................................... 126.5 133.2 141.2 149.0 123.3 124.9 126.3 131.4 132.3 133.6 133.5 133.2 Government consumption expenditures and gross investment.............................. 1252.1 1252.3 1251.9 1257.9 1250.1 1253.1 1250.5 1254.7 1241.9 1243.3 1268.1 1255.8 Federal...................................... 505.7 486.6 470.3 464.2 512.1 507.8 501.5 501.3 487.2 481.2 496.4 481.7 National defense........................... 354.4 336.9 322.6 317.8 359.2 356.7 351.1 350.8 335.1 335.9 347.0 329.6 Consumption expenditures................. 306.0 292.2 280.6 275.5 308.5 307.1 305.0 303.2 292.4 291.5 298.7 286.2 Gross investment......................... 48.5 44.8 42.1 42.3 50.6 49.5 46.1 47.6 42.9 44.5 48.3 43.4 Nondefense................................. 151.2 149.5 147.5 146.1 152.9 151.1 150.3 150.4 151.9 145.1 149.4 151.7 Consumption expenditures................. 129.9 130.4 128.0 125.3 130.0 129.5 129.1 130.8 132.7 127.1 130.8 131.1 Gross investment......................... 21.3 19.0 19.4 21.0 23.0 21.6 21.2 19.5 19.1 18.0 18.4 20.7 State and local.............................. 746.4 765.7 781.6 793.7 738.0 745.3 749.1 753.4 754.7 762.2 771.7 774.1 Consumption expenditures................. 615.8 633.4 646.0 653.6 610.8 613.5 617.5 621.5 627.2 631.6 635.9 639.0 Gross investment......................... 130.6 132.2 135.6 140.1 127.1 131.8 131.5 131.9 127.6 130.6 135.8 135.0 Residual....................................... -2.0 -3.1 -13.7 -44.3 -1.5 -1.8 -2.1 -2.1 -2.9 -4.2 -1.8 -4.9 ----------------------------------------------------------------------------------------------------------------------------------- Gross domestic product......................... 6389.6 6610.7 6742.1 6928.4 6327.9 6359.9 6393.5 6476.9 6524.5 6600.3 6629.5 6688.6 Plus: Receipts of factor income from the rest of the world............................. 147.3 168.4 207.7 214.2 143.3 145.6 149.3 150.8 155.3 161.3 173.0 184.2 Less: Payments of factor income to the rest of the world............................. 128.8 160.0 200.7 210.2 119.9 129.6 127.5 138.0 139.3 152.3 166.9 181.4 Equals: Gross national product................. 6408.0 6619.1 6748.7 6932.0 6351.3 6375.9 6415.3 6489.7 6540.5 6609.3 6635.6 6691.2 ----------------------------------------------------------------------------------------------------------------------------------- Addendum: Disposable personal income..................... 4703.9 4805.1 4964.2 5076.9 4622.3 4703.9 4716.9 4772.5 4715.3 4792.8 4827.3 4884.9 ----------------------------------------------------------------------------------------------------------------------------------- Table 3b.--Real Gross Domestic Product--Continued [Billions of chained (1992) dollars] ----------------------------------------------------------------------------------------------------------------------------------- Seasonally adjusted at annual rates ---------------------------------------------------------------------------------------- I 95 II 95 III 95 IV 95 I 96 II 96 III 96 IV 96 I 97 II 97 ----------------------------------------------------------------------------------------------------------------------------------- Net exports of goods and services........ -113.5 -112.8 -92.9 -76.1 -100.8 -112.6 -138.9 -105.6 -126.3 -147.9 Exports................................ 760.4 777.4 802.4 824.6 828.2 847.4 851.4 901.1 922.7 954.1 Goods................................ 550.4 565.7 580.4 599.1 605.2 619.2 623.0 666.2 686.2 718.0 Agricultural products.............. 50.5 48.1 50.3 48.9 50.4 45.4 46.8 51.7 47.7 49.9 Nonagricultural products........... 499.8 517.8 530.0 551.0 555.4 576.0 578.1 616.0 641.6 671.4 Services............................. 210.6 212.5 222.6 226.2 224.0 229.3 229.4 236.8 238.9 239.9 Imports................................ 873.9 890.3 895.4 900.7 929.0 960.0 990.2 1006.6 1048.9 1102.0 Goods................................ 733.5 751.4 753.6 758.2 781.4 811.7 841.7 857.5 891.3 942.1 Petroleum and products............. 57.0 58.7 62.4 59.1 57.9 65.9 67.5 64.0 62.2 67.9 Nonpetroleum products.............. 675.3 691.5 689.7 697.7 722.2 744.1 772.3 792.7 829.7 874.3 Services............................. 140.7 139.3 142.1 142.9 147.8 148.8 149.3 150.0 158.4 161.2 Government consumption expenditures and gross investment........................ 1257.7 1257.3 1255.0 1237.7 1243.2 1265.1 1261.5 1261.8 1260.5 1272.3 Federal................................ 480.4 474.9 473.4 452.6 460.9 470.7 465.7 459.6 452.8 462.0 National defense..................... 328.7 327.4 324.0 310.3 314.9 323.2 319.4 313.6 303.9 311.4 Consumption expenditures........... 285.6 283.1 283.8 269.7 271.3 278.4 278.1 274.4 270.3 276.6 Gross investment................... 43.2 44.3 40.3 40.6 43.6 44.9 41.4 39.2 33.5 34.8 Nondefense........................... 151.4 147.3 149.1 142.1 145.7 147.2 146.0 145.7 148.5 150.1 Consumption expenditures........... 129.8 129.0 130.0 123.4 125.0 126.5 124.6 125.1 127.7 128.0 Gross investment................... 21.7 18.2 19.0 18.6 20.8 20.8 21.6 20.6 20.8 22.3 State and local........................ 777.3 782.3 781.5 785.1 782.4 794.4 795.9 802.3 807.7 810.4 Consumption expenditures........... 643.2 645.0 646.8 648.9 646.6 654.2 655.7 657.8 661.1 664.5 Gross investment................... 134.1 137.3 134.7 136.2 135.7 140.2 140.1 144.5 146.6 145.9 Residual................................. -5.2 -9.4 -14.8 -25.9 -31.3 -39.9 -49.9 -55.9 -62.7 -69.8 ----------------------------------------------------------------------------------------------------------------------------------- Gross domestic product................... 6703.7 6708.8 6759.2 6796.5 6826.4 6926.0 6943.8 7017.4 7101.6 7139.7 Plus: Receipts of factor income from the rest of the world....................... 200.8 211.4 207.0 211.5 208.0 208.1 214.8 226.0 224.6 ..... Less: Payments of factor income to the rest of the world....................... 192.9 198.9 207.5 203.5 199.4 203.7 218.1 219.8 234.0 ..... Equals: Gross national product........... 6711.3 6721.0 6758.3 6804.2 6834.7 6930.1 6940.2 7023.1 7091.8 ..... ----------------------------------------------------------------------------------------------------------------------------------- Addendum: Disposable personal income............... 4938.9 4940.9 4973.0 5003.9 5047.6 5061.3 5094.8 5103.8 5161.1 5199.7 ----------------------------------------------------------------------------------------------------------------------------------- Table 4.--Quantity and Price Indexes for Gross Domestic Product [Index numbers, 1992=100] ----------------------------------------------------------------------------------------------------------------------------------- Seasonally adjusted at annual rates ------------------------------------------------------- 1993 1994 1995 1996 I 93 II 93 III 93 IV 93 I 94 II 94 III 94 IV 94 ----------------------------------------------------------------------------------------------------------------------------------- Gross domestic product: Chain-type quantity index.......... 102.32 105.87 107.97 110.95 101.34 101.85 102.39 103.72 104.49 105.70 106.17 107.11 Chain-type price index............. 102.64 105.09 107.76 110.22 101.85 102.38 102.83 103.52 104.16 104.74 105.39 106.07 Implicit price deflator............ 102.64 105.09 107.76 110.21 101.84 102.35 102.83 103.51 104.13 104.71 105.39 106.09 Personal consumption expenditures: Chain-type quantity index.................... 102.93 106.31 108.90 111.71 101.59 102.44 103.48 104.22 105.21 105.98 106.60 107.45 Chain-type price index....................... 102.66 105.15 107.89 110.47 101.83 102.46 102.80 103.57 104.00 104.68 105.61 106.31 Durable goods: Chain-type quantity index.................. 107.23 114.87 119.46 125.09 103.18 106.29 108.47 110.97 112.72 113.77 114.99 118.02 Chain-type price index..................... 101.22 103.27 104.27 103.83 100.47 101.00 101.38 102.03 102.28 103.02 103.85 103.94 Nondurable goods: Chain-type quantity index.................. 102.20 105.15 106.86 108.36 101.19 101.97 102.64 103.02 104.28 104.81 105.40 106.10 Chain-type price index..................... 101.46 102.77 104.48 107.15 101.26 101.38 101.27 101.92 101.90 102.23 103.31 103.64 Services: Chain-type quantity index.................. 102.47 105.23 107.89 110.86 101.49 101.93 102.93 103.53 104.21 105.06 105.58 106.08 Chain-type price index..................... 103.62 106.85 110.53 113.76 102.43 103.35 103.93 104.79 105.50 106.37 107.24 108.27 Gross private domestic fixed investment: Chain-type quantity index.................... 107.58 116.86 122.81 132.97 104.00 106.08 107.79 112.43 113.32 116.56 117.78 119.79 Chain-type price index....................... 101.53 103.40 104.78 104.70 101.08 101.45 101.69 101.91 102.64 103.19 103.71 104.04 Nonresidential: Chain-type quantity index.................. 107.58 116.22 126.65 138.33 103.57 106.67 107.96 112.13 112.25 114.94 117.08 120.62 Chain-type price index..................... 100.65 101.89 102.33 101.26 100.49 100.66 100.66 100.80 101.36 101.89 102.20 102.12 Residential: Chain-type quantity index.................. 107.56 118.39 113.94 120.64 105.08 104.67 107.38 113.10 115.84 120.37 119.44 117.90 Chain-type price index..................... 103.71 107.11 110.93 113.64 102.54 103.41 104.25 104.64 105.79 106.36 107.45 108.83 Exports of goods and services: Chain-type quantity index.................... 102.94 111.41 123.74 134.03 101.22 103.24 101.07 106.21 105.73 110.12 112.93 116.88 Chain-type price index....................... 100.07 101.24 103.44 101.61 99.97 100.22 100.04 100.03 100.44 100.99 101.40 102.11 Imports of goods and services: Chain-type quantity index.................... 108.89 122.13 133.05 145.22 104.93 108.03 109.04 113.56 115.65 120.79 124.56 127.54 Chain-type price index....................... 98.75 99.39 101.62 99.41 98.82 99.45 98.55 98.19 97.64 98.87 100.34 100.72 Government consumption expenditures and gross investment: Chain-type quantity index.................... 99.08 99.09 99.06 99.54 98.92 99.16 98.95 99.29 98.27 98.38 100.35 99.37 Chain-type price index....................... 102.50 104.85 108.28 111.83 101.71 102.24 102.77 103.26 103.95 104.61 105.07 105.75 Federal: Chain-type quantity index.................. 95.78 92.17 89.08 87.92 97.00 96.19 94.98 94.95 92.28 91.13 94.02 91.23 Chain-type price index..................... 102.51 104.84 108.34 112.03 101.79 101.94 102.83 103.48 104.04 104.97 104.83 105.53 State and local: Chain-type quantity index.................. 101.45 104.06 106.23 107.88 100.30 101.29 101.81 102.40 102.57 103.59 104.89 105.21 Chain-type price index..................... 102.49 104.85 108.24 111.71 101.65 102.44 102.74 103.13 103.90 104.39 105.21 105.89 Addenda: Final sales of domestic product: Chain-type quantity index.................. 102.11 105.03 107.62 110.64 100.96 101.72 102.28 103.47 103.78 104.64 105.50 106.21 Chain-type price index..................... 102.65 105.11 107.79 110.28 101.85 102.38 102.84 103.53 104.17 104.75 105.41 106.09 Implicit price deflator.................... 102.65 105.11 107.79 110.28 101.85 102.36 102.84 103.52 104.15 104.73 105.41 106.11 Gross domestic purchases: Chain-type quantity index.................. 102.95 106.99 108.98 112.17 101.73 102.36 103.21 104.50 105.52 106.82 107.39 108.25 Chain-type price index..................... 102.48 104.85 107.52 109.86 101.71 102.28 102.64 103.28 103.80 104.46 105.24 105.88 Implicit price deflator.................... 102.47 104.84 107.52 109.85 101.70 102.25 102.64 103.27 103.79 104.44 105.23 105.89 Gross national product: Chain-type quantity index.................. 102.44 105.81 107.88 110.81 101.53 101.93 102.55 103.74 104.56 105.66 106.08 106.97 Chain-type price index..................... 102.64 105.08 107.74 110.19 101.84 102.37 102.83 103.51 104.16 104.73 105.38 106.05 Implicit price deflator.................... 102.63 105.08 107.73 110.18 101.84 102.34 102.83 103.50 104.14 104.71 105.38 106.06 ----------------------------------------------------------------------------------------------------------------------------------- See "Explanatory Notes" at end of tables. Table 4.--Quantity and Price Indexes for Gross Domestic Product-Continue [Index numbers, 1992=100] ----------------------------------------------------------------------------------------------------------------------------------- Seasonally adjusted at annual rates ---------------------------------------------------------------------------------------- I 95 II 95 III 95 IV 95 I 96 II 96 III 96 IV 96 I 97 II 97 ----------------------------------------------------------------------------------------------------------------------------------- Gross domestic product: Chain-type quantity index.... 107.36 107.44 108.24 108.84 109.32 110.92 111.20 112.38 113.73 114.34 Chain-type price index....... 106.93 107.49 108.03 108.60 109.35 109.86 110.59 111.10 111.78 112.17 Implicit price deflator...... 106.94 107.46 108.02 108.61 109.39 109.84 110.54 111.05 111.71 112.12 Personal consumption expenditures: Chain-type quantity index.............. 107.86 108.62 109.32 109.80 110.65 111.67 111.81 112.72 114.18 114.41 Chain-type price index................. 107.05 107.69 108.19 108.63 109.34 110.13 110.80 111.61 112.21 112.48 Durable goods: Chain-type quantity index............ 117.13 118.25 120.93 121.53 122.95 125.84 125.25 126.32 130.55 128.65 Chain-type price index............... 104.35 104.43 104.25 104.07 104.25 103.89 103.72 103.45 103.27 102.50 Nondurable goods: Chain-type quantity index............ 106.55 106.79 106.97 107.15 107.62 108.30 108.48 109.03 110.29 109.70 Chain-type price index............... 103.85 104.32 104.70 105.05 106.02 107.04 107.29 108.26 108.90 108.89 Services: Chain-type quantity index............ 106.72 107.68 108.27 108.90 109.84 110.67 110.93 111.99 113.05 114.08 Chain-type price index............... 109.37 110.23 110.96 111.58 112.27 113.20 114.29 115.26 116.02 116.67 Gross private domestic fixed investment: Chain-type quantity index.............. 122.01 121.78 122.83 124.62 127.84 132.20 135.42 136.41 137.73 141.80 Chain-type price index................. 104.48 104.90 104.88 104.83 104.70 104.50 104.85 104.75 104.52 104.25 Nonresidential: Chain-type quantity index............ 124.70 126.44 126.95 128.49 132.10 136.19 141.48 143.54 145.00 150.19 Chain-type price index............... 102.21 102.61 102.40 102.11 101.74 101.29 101.21 100.82 100.31 99.85 Residential: Chain-type quantity index............ 115.80 111.02 113.29 115.63 117.96 122.91 121.51 120.18 121.17 122.83 Chain-type price index............... 110.17 110.65 111.15 111.75 112.29 112.80 114.37 115.10 115.68 116.00 Exports of goods and services: Chain-type quantity index.............. 118.92 121.59 125.50 128.96 129.52 132.53 133.15 140.92 144.30 149.22 Chain-type price index................. 103.21 104.09 103.57 102.88 102.50 102.14 101.47 100.35 99.90 99.36 Imports of goods and services: Chain-type quantity index.............. 130.63 133.09 133.85 134.65 138.87 143.51 148.03 150.48 156.80 164.73 Chain-type price index................. 101.12 102.82 101.77 100.75 100.28 99.83 98.76 98.75 97.42 95.53 Government consumption expenditures and gross investment: Chain-type quantity index.............. 99.52 99.49 99.30 97.94 98.37 100.10 99.83 99.85 99.74 100.68 Chain-type price index................. 106.92 107.85 108.55 109.80 111.27 111.23 112.07 112.76 113.74 114.10 Federal: Chain-type quantity index............ 90.99 89.95 89.66 85.72 87.29 89.15 88.21 87.04 85.76 87.50 Chain-type price index............... 106.89 107.59 108.33 110.56 111.85 111.47 112.05 112.74 114.10 114.39 State and local: Chain-type quantity index............ 105.64 106.33 106.22 106.71 106.33 107.97 108.17 109.04 109.78 110.14 Chain-type price index............... 106.93 108.00 108.67 109.35 110.92 111.08 112.07 112.77 113.54 113.93 Addenda: Final sales of domestic product: Chain-type quantity index............ 106.68 107.18 108.05 108.57 109.26 110.66 110.70 111.93 112.77 113.32 Chain-type price index............... 106.95 107.50 108.05 108.63 109.39 109.91 110.65 111.17 111.85 112.28 Implicit price deflator.............. 106.95 107.47 108.05 108.65 109.41 109.88 110.63 111.16 111.85 112.27 Gross domestic purchases: Chain-type quantity index............ 108.60 108.66 109.16 109.51 110.35 112.11 112.77 113.46 115.09 115.99 Chain-type price index............... 106.66 107.33 107.79 108.29 109.01 109.50 110.15 110.79 111.32 111.50 Implicit price deflator.............. 106.66 107.30 107.78 108.32 109.06 109.49 110.10 110.72 111.24 111.42 Gross national product: Chain-type quantity index............ 107.29 107.44 108.04 108.77 109.26 110.78 110.95 112.27 113.37 ..... Chain-type price index............... 106.90 107.46 108.00 108.58 109.33 109.83 110.55 111.06 111.73 ..... Implicit price deflator.............. 106.91 107.43 107.99 108.59 109.37 109.82 110.50 111.01 111.67 ..... ----------------------------------------------------------------------------------------------------------------------------------- See "Explanatory Notes" at end of tables. Table 5a.--Real Gross Domestic Product: Historical Perspective --------------------------------------------------------------------------------------------------------------------------------------------------------------------- I 93 II 93 III 93 IV 93 I 94 II 94 III 94 IV 94 I 95 II 95 III 95 IV 95 I 96 II 96 III 96 IV 96 I 97 II 97 --------------------------------------------------------------------------------------------------------------------------------------------------------------------- Percent change from preceding quarter (seasonally adjusted at annual rates) Real gross domestic product..... .1 2.0 2.1 5.3 3.0 4.7 1.8 3.6 .9 .3 3.0 2.2 1.8 6.0 1.0 4.3 4.9 2.2 Personal consumption expenditures...... .4 3.4 4.1 2.9 3.8 3.0 2.3 3.2 1.5 2.9 2.6 1.8 3.1 3.7 .5 3.3 5.3 .8 Durable goods........................ -.7 12.6 8.4 9.6 6.4 3.8 4.3 11.0 -3.0 3.9 9.3 2.0 4.8 9.7 -1.9 3.5 14.1 -5.7 Nondurable goods..................... -.7 3.1 2.7 1.5 5.0 2.1 2.2 2.7 1.7 .9 .7 .7 1.7 2.6 .6 2.1 4.7 -2.1 Services............................. 1.3 1.7 4.0 2.3 2.7 3.3 2.0 1.9 2.4 3.7 2.2 2.3 3.5 3.1 1.0 3.9 3.9 3.7 Gross private domestic fixed investment 4.5 8.2 6.6 18.3 3.2 11.9 4.2 7.0 7.6 -.7 3.5 5.9 10.7 14.4 10.1 3.0 3.9 12.4 Nonresidential....................... 6.2 12.5 4.9 16.4 .4 9.9 7.7 12.6 14.2 5.7 1.6 4.9 11.7 13.0 16.5 5.9 4.1 15.1 Structures......................... 6.0 5.5 3.4 3.3 -14.8 21.1 -1.1 2.3 9.5 4.3 .7 -5.8 8.2 7.9 10.0 15.3 -2.1 2.3 Producers' durable equipment....... 6.4 15.6 5.5 22.3 7.0 5.9 11.4 16.9 16.1 6.2 2.0 9.4 13.1 14.9 19.1 2.6 6.7 20.4 Residential.......................... .6 -1.6 10.8 23.1 10.0 16.6 -3.1 -5.0 -7.0 -15.5 8.4 8.5 8.3 17.9 -4.5 -4.3 3.3 5.6 Change in business inventories......... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... Exports of goods and services.......... -1.2 8.2 -8.1 21.9 -1.8 17.7 10.6 14.7 7.2 9.3 13.5 11.5 1.7 9.6 1.9 25.5 9.9 14.4 Imports of goods and services.......... 7.6 12.4 3.8 17.7 7.6 19.0 13.1 9.9 10.0 7.7 2.3 2.4 13.1 14.1 13.2 6.8 17.9 21.8 Government consumption expenditures and gross investment.................. -6.9 1.0 -.8 1.3 -4.0 .4 8.2 -3.8 .6 -.1 -.7 -5.4 1.8 7.2 -1.1 .1 -.4 3.8 Federal.............................. -15.4 -3.3 -4.9 -.1 -10.7 -4.9 13.3 -11.3 -1.1 -4.5 -1.3 -16.4 7.5 8.8 -4.2 -5.2 -5.8 8.4 National defense................... -17.5 -2.7 -6.2 -.3 -16.7 1.0 13.8 -18.6 -1.1 -1.6 -4.0 -15.9 6.1 11.0 -4.6 -7.1 -11.8 10.3 Nondefense......................... -10.3 -4.6 -2.1 .2 3.9 -16.6 12.2 6.5 -.9 -10.3 4.8 -17.5 10.5 4.3 -3.2 -1.0 8.0 4.6 State and local...................... -.3 4.0 2.1 2.3 .7 4.0 5.1 1.2 1.7 2.6 -.4 1.9 -1.4 6.3 .7 3.3 2.7 1.3 Addenda: Final sales of domestic product...... -1.5 3.1 2.2 4.8 1.2 3.4 3.3 2.7 1.8 1.9 3.3 2.0 2.6 5.2 .2 4.5 3.0 1.9 Gross domestic purchases price index. 3.2 2.3 1.4 2.5 2.0 2.6 3.0 2.5 3.0 2.5 1.7 1.9 2.7 1.8 2.4 2.4 1.9 .6 --------------------------------------------------------------------------------------------------------------------------------------------------------------------- Contribution to change in GDP (percentage points at annual rates) Real gross domestic product..... .1 2.0 2.1 5.3 3.0 4.7 1.8 3.6 .9 .3 3.0 2.2 1.8 6.0 1.0 4.3 4.9 2.2 Personal consumption expenditures...... .5 2.3 2.8 2.0 2.6 2.0 1.6 2.2 1.0 1.9 1.8 1.2 2.1 2.5 .4 2.2 3.6 .6 Durable goods........................ -.1 1.0 .7 .8 .5 .3 .3 .9 -.3 .3 .7 .2 .4 .8 -.2 .3 1.1 -.5 Nondurable goods..................... -.2 .7 .6 .3 1.0 .4 .5 .5 .3 .2 .1 .1 .4 .5 .1 .4 .9 -.4 Services............................. .8 .7 1.6 .9 1.0 1.3 .8 .7 .9 1.4 .9 .9 1.4 1.2 .4 1.5 1.5 1.5 Gross private domestic fixed investment .9 1.0 .8 2.3 .4 1.5 .6 .9 1.0 -.1 .5 .8 1.4 1.9 1.4 .4 .6 1.7 Nonresidential....................... .9 1.1 .4 1.4 .0 .9 .7 1.1 1.3 .6 .2 .5 1.1 1.3 1.6 .6 .4 1.5 Structures......................... .3 .1 .1 .1 -.4 .5 .0 .1 .2 .1 .0 -.2 .2 .2 .3 .4 -.1 .1 Producers' durable equipment....... .6 1.0 .4 1.3 .5 .4 .7 1.1 1.0 .4 .1 .6 .9 1.0 1.3 .2 .5 1.4 Residential.......................... .0 -.1 .4 .8 .4 .6 -.1 -.2 -.3 -.7 .3 .3 .3 .7 -.2 -.2 .1 .2 Change in business inventories......... 2.5 -1.0 -.1 .6 1.8 1.4 -1.5 .9 -.8 -1.6 -.2 .3 -.8 .7 .8 -.2 1.8 .2 Exports of goods and services.......... -.2 .8 -.9 2.0 -.2 1.7 1.0 1.4 .7 1.0 1.4 1.2 .2 1.1 .2 2.7 1.1 1.6 Imports of goods and services.......... -1.3 -1.3 -.4 -1.8 -.8 -2.0 -1.4 -1.1 -1.1 -.9 -.2 -.3 -1.5 -1.7 -1.6 -.8 -2.1 -2.6 Government consumption expenditures and gross investment.................. -2.3 .2 -.2 .3 -.8 .1 1.5 -.7 .1 .0 -.1 -1.0 .3 1.3 -.2 .0 -.1 .7 Federal.............................. -2.2 -.3 -.4 .0 -.9 -.4 .9 -.9 -.1 -.3 -.1 -1.2 .5 .6 -.3 -.4 -.4 .5 National defense................... -1.8 -.2 -.4 .0 -1.0 .0 .7 -1.0 -.1 -.1 -.2 -.8 .3 .5 -.2 -.3 -.6 .4 Nondefense......................... -.4 -.1 -.1 .0 .1 -.4 .3 .1 .0 -.3 .1 -.4 .2 .1 -.1 .0 .2 .1 State and local...................... -.1 .5 .2 .3 .1 .5 .6 .1 .2 .3 .0 .2 -.2 .7 .1 .4 .3 .2 --------------------------------------------------------------------------------------------------------------------------------------------------------------------- Table 5b.--Real Gross Domestic Product: Historical Perspective --------------------------------------------------------------------------------------------------------------------------------------------------------------------- I 93 II 93 III 93 IV 93 I 94 II 94 III 94 IV 94 I 95 II 95 III 95 IV 95 I 96 II 96 III 96 IV 96 I 97 II 97 --------------------------------------------------------------------------------------------------------------------------------------------------------------------- Percent change from quarter one year ago Real gross domestic product..... 2.5 2.3 2.1 2.4 3.1 3.8 3.7 3.3 2.7 1.6 2.0 1.6 1.8 3.2 2.7 3.2 4.0 3.1 Personal consumption expenditures...... 2.7 3.0 3.3 2.7 3.6 3.5 3.0 3.1 2.5 2.5 2.5 2.2 2.6 2.8 2.3 2.7 3.2 2.5 Durable goods........................ 5.9 7.9 7.7 7.4 9.2 7.0 6.0 6.3 3.9 3.9 5.2 3.0 5.0 6.4 3.6 3.9 6.2 2.2 Nondurable goods..................... 1.8 2.7 2.7 1.6 3.1 2.8 2.7 3.0 2.2 1.9 1.5 1.0 1.0 1.4 1.4 1.8 2.5 1.3 Services............................. 2.6 2.2 2.8 2.3 2.7 3.1 2.6 2.5 2.4 2.5 2.6 2.7 2.9 2.8 2.5 2.8 2.9 3.1 Gross private domestic fixed investment 7.5 6.2 7.3 9.3 9.0 9.9 9.3 6.6 7.7 4.5 4.3 4.0 4.8 8.6 10.2 9.5 7.7 7.3 Nonresidential....................... 6.1 6.7 7.4 9.9 8.4 7.8 8.5 7.6 11.1 10.0 8.4 6.5 5.9 7.7 11.4 11.7 9.8 10.3 Structures......................... -2.7 -.4 2.6 4.5 -1.0 2.4 1.3 1.1 7.6 3.7 4.1 2.0 1.7 2.6 4.9 10.3 7.6 6.2 Producers' durable equipment....... 10.3 10.0 9.6 12.2 12.4 10.0 11.5 10.2 12.5 12.6 10.1 8.3 7.6 9.7 14.1 12.2 10.6 11.9 Residential.......................... 10.8 5.0 6.8 7.8 10.2 15.0 11.2 4.2 .0 -7.8 -5.1 -1.9 1.9 10.7 7.3 3.9 2.7 -.1 Exports of goods and services.......... 2.2 3.8 1.0 4.6 4.4 6.7 11.7 10.0 12.5 10.4 11.1 10.3 8.9 9.0 6.1 9.3 11.4 12.6 Imports of goods and services.......... 8.3 8.1 8.8 10.2 10.2 11.8 14.2 12.3 13.0 10.2 7.5 5.6 6.3 7.8 10.6 11.8 12.9 14.8 Government consumption expenditures and gross investment.................. -.7 -.3 -1.3 -1.4 -.7 -.8 1.4 .1 1.3 1.1 -1.0 -1.4 -1.2 .6 .5 2.0 1.4 .6 Federal.............................. -2.5 -2.9 -5.3 -6.1 -4.9 -5.3 -1.0 -3.9 -1.4 -1.3 -4.6 -6.0 -4.1 -.9 -1.6 1.5 -1.7 -1.8 National defense................... -4.0 -4.5 -7.3 -6.9 -6.7 -5.8 -1.2 -6.0 -1.9 -2.6 -6.6 -5.9 -4.2 -1.3 -1.4 1.1 -3.5 -3.6 Nondefense......................... 1.4 .8 -.4 -4.3 -.7 -4.0 -.6 .9 -.3 1.5 -.2 -6.4 -3.8 -.1 -2.1 2.5 1.9 2.0 State and local...................... .6 1.5 1.7 2.0 2.3 2.3 3.0 2.7 3.0 2.6 1.3 1.4 .7 1.5 1.8 2.2 3.2 2.0 Addenda: Final sales of domestic product...... 2.0 2.3 2.1 2.1 2.8 2.9 3.2 2.7 2.8 2.4 2.4 2.2 2.4 3.2 2.5 3.1 3.2 2.4 Gross domestic purchases price index. 2.7 2.5 2.4 2.3 2.1 2.1 2.5 2.5 2.8 2.7 2.4 2.3 2.2 2.0 2.2 2.3 2.1 1.8 --------------------------------------------------------------------------------------------------------------------------------------------------------------------- 1979 1980 1981 1982 1983 1984 1985 1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 --------------------------------------------------------------------------------------------------------------------------------------------------------------------- Percent change from preceding year Real gross domestic product..... 2.8 -.3 2.3 -2.1 4.0 7.0 3.6 3.1 2.9 3.8 3.4 1.2 -.9 2.7 2.3 3.5 2.0 2.8 Personal consumption expenditures...... 2.3 -.3 1.2 1.2 5.2 5.2 4.7 4.0 3.1 3.9 2.3 1.7 -.6 2.8 2.9 3.3 2.4 2.6 Durable goods........................ -.5 -8.0 1.2 -.1 14.7 14.5 9.7 9.0 1.5 6.3 2.6 -.6 -6.4 5.8 7.2 7.1 4.0 4.7 Nondurable goods..................... 2.3 -.4 .9 .6 2.9 3.5 2.3 3.2 1.9 2.8 2.3 1.0 -1.0 1.5 2.2 2.9 1.6 1.4 Services............................. 3.2 1.9 1.5 1.9 4.7 4.1 5.0 3.2 4.2 4.0 2.3 2.6 .8 2.9 2.5 2.7 2.5 2.7 Gross private domestic fixed investment 5.3 -6.8 1.9 -7.6 7.2 16.5 4.8 .7 -.7 2.4 1.7 -3.1 -8.0 5.7 7.6 8.6 5.1 8.3 Nonresidential....................... 9.6 -.5 5.3 -4.4 -1.7 17.3 6.2 -3.5 -1.1 4.4 4.0 -.6 -6.4 1.9 7.6 8.0 9.0 9.2 Structures......................... 12.6 6.7 7.9 -1.5 -10.4 14.3 7.3 -10.8 -3.6 .5 2.2 1.1 -10.7 -6.8 1.0 1.0 4.3 4.8 Producers' durable equipment....... 8.1 -4.4 3.7 -6.4 4.6 19.2 5.5 1.0 .3 6.4 5.0 -1.5 -4.1 6.2 10.5 11.0 10.8 10.9 Residential.......................... -3.7 -21.1 -8.0 -18.2 41.1 14.6 1.4 12.0 .2 -2.0 -3.7 -9.3 -12.3 16.6 7.6 10.1 -3.8 5.9 Exports of goods and services.......... 9.5 10.8 1.2 -7.1 -2.6 8.3 2.7 7.4 11.0 15.9 11.7 8.5 6.3 6.6 2.9 8.2 11.1 8.3 Imports of goods and services.......... 1.7 -6.7 2.6 -1.3 12.6 24.3 6.5 8.4 6.1 3.9 3.9 3.9 -.7 7.5 8.9 12.2 8.9 9.1 Government consumption expenditures and gross investment.................. 1.6 1.8 .7 1.3 2.8 3.1 6.1 5.1 2.7 1.3 2.8 3.0 .6 .5 -.9 .0 .0 .5 Federal.............................. 1.5 4.2 4.2 3.2 5.4 2.4 6.9 4.6 3.1 -1.8 1.3 2.0 -.5 -2.1 -4.2 -3.8 -3.3 -1.3 National defense................... 1.6 3.6 5.4 6.9 5.7 4.0 7.5 5.2 4.0 -.9 -1.0 .0 -1.0 -5.5 -5.7 -4.9 -4.3 -1.5 Nondefense......................... 1.2 5.6 1.1 -5.9 4.6 -2.2 5.1 2.8 .1 -4.9 9.2 8.0 1.1 7.2 -.7 -1.1 -1.4 -.9 State and local...................... 1.6 .0 -2.0 -.3 .7 3.8 5.3 5.5 2.4 3.9 4.0 3.8 1.4 2.4 1.5 2.6 2.1 1.6 Addenda: Final sales of domestic product...... 3.4 .6 1.1 -.9 3.7 5.0 4.6 3.5 2.6 4.1 3.0 1.6 -.7 2.5 2.1 2.9 2.5 2.8 Gross domestic purchases price index. 9.0 10.7 9.2 5.9 3.8 3.5 3.2 2.6 3.4 3.6 4.2 4.5 3.7 2.8 2.5 2.3 2.5 2.2 --------------------------------------------------------------------------------------------------------------------------------------------------------------------- Table 6.--Corporate Profits [Billions of dollars] ----------------------------------------------------------------------------------------------------------------------------------- Seasonally adjusted at annual rates ------------------------------------------------------- 1993 1994 1995 1996 I 93 II 93 III 93 IV 93 I 94 II 94 III 94 IV 94 ----------------------------------------------------------------------------------------------------------------------------------- Corporate profits with inventory valuation and capital consumption adjustments........... 492.8 570.5 650.0 735.9 459.2 478.2 492.8 541.2 512.0 562.0 590.1 617.7 Profits before tax......................... 465.4 535.1 622.6 676.6 431.7 461.5 459.6 508.9 475.1 525.3 556.2 583.9 Profits tax liability.................... 165.2 186.6 213.2 229.0 149.2 165.4 161.2 184.9 163.0 182.8 194.6 206.2 Profits after tax........................ 300.2 348.5 409.4 447.6 282.5 296.1 298.4 324.0 312.1 342.5 361.6 377.7 Dividends.............................. 195.8 216.2 264.4 304.8 188.0 192.5 198.3 204.2 203.2 211.6 220.0 230.2 Undistributed profits.................. 104.5 132.3 145.0 142.8 94.5 103.6 100.1 119.7 108.9 131.0 141.6 147.5 Inventory valuation adjustment............. -8.5 -16.1 -24.3 -2.5 -12.5 -17.1 .2 -4.8 -4.3 -15.1 -21.2 -23.6 Capital consumption adjustment............. 36.0 51.4 51.6 61.8 40.0 33.8 33.0 37.1 41.2 51.8 55.1 57.4 Addenda: Net cash flow with inventory valuation and capital consumption adjustments......... 520.3 579.9 601.3 654.3 504.9 505.3 526.2 544.7 571.0 570.5 583.7 594.5 Undistributed profits with inventory valuation and capital consumption adjustments............................... 131.9 167.6 172.4 202.1 121.9 120.3 133.2 152.1 145.8 167.7 175.5 181.3 Consumption of fixed capital............... 388.4 412.3 428.9 452.3 383.0 385.0 393.0 392.6 425.3 402.8 408.2 413.1 Less: Inventory valuation adjustment......... -8.5 -16.1 -24.3 -2.5 -12.5 -17.1 .2 -4.8 -4.3 -15.1 -21.2 -23.6 Equals: Net cash flow........................ 528.8 596.0 625.5 656.8 517.5 522.4 526.0 549.4 575.4 585.6 604.9 618.1 ----------------------------------------------------------------------------------------------------------------------------------- Table 6.--Corporate Profits-Continued [Billions of dollars] ----------------------------------------------------------------------------------------------------------------------------------- Seasonally adjusted at annual rates ------------------------------------------------------------------------------- I 95 II 95 III 95 IV 95 I 96 II 96 III 96 IV 96 I 97 ----------------------------------------------------------------------------------------------------------------------------------- Corporate profits with inventory valuation and capital consumption adjustments.............. 613.2 628.0 672.8 685.7 717.7 738.5 739.6 747.8 779.6 Profits before tax............................ 610.7 615.0 630.6 634.1 664.9 682.2 679.1 680.0 708.4 Profits tax liability....................... 209.6 209.1 218.8 215.3 226.2 232.2 231.6 226.0 241.2 Profits after tax........................... 401.0 405.9 411.8 418.8 438.7 450.0 447.5 454.0 467.2 Dividends................................. 255.5 260.8 266.8 274.4 300.7 303.7 305.7 309.1 326.8 Undistributed profits..................... 145.6 145.1 145.0 144.5 138.0 146.4 141.8 144.9 140.3 Inventory valuation adjustment................ -50.3 -37.8 -9.3 .4 -5.1 -5.4 -2.7 3.3 3.5 Capital consumption adjustment................ 52.9 50.8 51.5 51.1 57.9 61.6 63.2 64.4 67.7 Addenda: Net cash flow with inventory valuation and capital consumption adjustments............ 566.6 583.9 618.6 635.9 633.8 651.1 657.8 674.6 678.9 Undistributed profits with inventory valuation and capital consumption adjustments.................................. 148.1 158.1 187.2 196.0 190.8 202.6 202.3 212.6 211.5 Consumption of fixed capital.................. 418.4 425.8 431.4 439.9 443.0 448.5 455.5 462.0 467.4 Less: Inventory valuation adjustment............ -50.3 -37.8 -9.3 .4 -5.1 -5.4 -2.7 3.3 3.5 Equals: Net cash flow........................... 616.9 621.7 627.9 635.5 638.9 656.5 660.5 671.3 675.5 ----------------------------------------------------------------------------------------------------------------------------------- Table 7.--Corporate Profits by Industry [Billions of dollars] ----------------------------------------------------------------------------------------------------------------------------------- Seasonally adjusted at annual rates ------------------------------------------------------- 1993 1994 1995 1996 I 93 II 93 III 93 IV 93 I 94 II 94 III 94 IV 94 ----------------------------------------------------------------------------------------------------------------------------------- Corporate profits with inventory valuation and capital consumption adjustments.............................. 492.8 570.5 650.0 735.9 459.2 478.2 492.8 541.2 512.0 562.0 590.1 617.7 Domestic industries............................ 419.0 497.1 563.2 640.0 379.6 408.3 415.7 472.3 440.0 489.7 515.9 542.6 Financial.................................... 72.5 60.0 88.7 94.2 63.6 73.9 70.1 82.4 34.7 62.8 71.8 70.6 Nonfinancial................................. 346.4 437.1 474.6 545.8 316.0 334.4 345.5 389.9 405.4 427.0 444.1 472.0 Rest of the world.............................. 73.9 73.4 86.7 95.9 79.5 69.9 77.1 68.9 71.9 72.3 74.2 75.0 Receipts from the rest of the world.......... 83.3 96.8 120.2 132.7 80.6 81.8 85.0 85.6 89.0 91.9 101.0 105.4 Less: Payments to the rest of the world..... 9.4 23.5 33.5 36.7 1.1 11.9 7.9 16.7 17.1 19.6 26.8 30.3 Corporate profits with inventory valuation adjustment..................... 456.9 519.1 598.4 674.1 419.2 444.4 459.8 504.1 470.8 510.2 535.0 560.3 Domestic industries............................ 383.0 445.7 511.7 578.2 339.7 374.5 382.7 435.2 398.9 437.9 460.7 485.2 Financial.................................... 82.9 69.4 97.6 103.5 76.6 84.7 79.4 91.0 44.1 72.3 81.3 80.0 Federal Reserve banks...................... 16.1 17.8 22.2 22.0 16.4 16.0 16.0 15.9 16.1 16.8 18.2 20.0 Other...................................... 66.8 51.7 75.4 81.5 60.2 68.6 63.4 75.0 28.1 55.5 63.1 60.0 Nonfinancial................................. 300.1 376.3 414.1 474.7 263.1 289.8 303.3 344.2 354.7 365.6 379.5 405.3 Manufacturing.............................. 116.7 151.6 181.3 205.5 95.8 115.1 113.8 142.2 149.7 138.8 151.6 166.2 Durable goods............................ 54.5 76.7 85.2 99.0 39.1 52.9 55.9 70.3 77.0 73.7 73.3 83.0 Primary metal industries............... .3 2.2 6.5 5.6 -1.9 1.2 -.3 2.1 2.2 1.7 2.3 2.6 Fabricated metal products.............. 7.4 11.0 12.4 17.1 5.4 7.3 7.6 9.1 10.6 10.0 10.8 12.7 Industrial machinery and equipment..... 7.5 12.7 22.0 25.8 4.2 8.1 9.3 8.4 9.8 12.5 12.2 16.3 Electronic and other electric equipment............................. 15.3 22.5 19.2 23.9 13.8 12.4 16.8 18.3 20.1 20.8 23.6 25.5 Motor vehicles and equipment........... 5.5 7.5 -.2 -3.2 -.3 4.7 4.7 12.9 14.1 8.8 3.7 3.3 Other.................................. 18.6 20.9 25.3 29.8 18.0 19.2 17.8 19.4 20.1 20.0 20.7 22.7 Nondurable goods......................... 62.2 74.8 96.0 106.5 56.7 62.2 57.9 71.9 72.7 65.1 78.3 83.2 Food and kindred products.............. 16.5 20.0 27.1 28.5 18.1 15.9 16.4 15.6 19.3 18.5 19.7 22.5 Chemicals and allied products.......... 17.4 24.5 30.3 31.2 18.3 15.2 15.2 20.9 22.6 23.7 24.0 27.8 Petroleum and coal products............ 2.3 .1 6.0 10.0 -6.1 2.7 3.8 8.8 .0 -9.2 4.7 5.0 Other.................................. 26.0 30.2 32.6 36.8 26.4 28.3 22.5 26.6 30.8 32.1 29.9 27.9 Transportation and public utilities........ 69.4 83.1 86.4 91.7 65.5 68.2 70.0 73.8 74.0 82.3 85.1 90.8 Transportation........................... 7.0 10.3 11.4 11.7 5.2 6.5 7.5 8.6 7.5 9.3 10.9 13.7 Communications........................... 33.0 36.8 33.6 36.0 30.1 34.0 33.5 34.3 35.5 37.2 35.7 38.6 Electric, gas, and sanitary services..... 29.4 36.0 41.4 44.0 30.2 27.8 28.9 30.9 31.1 35.8 38.5 38.6 Wholesale trade............................ 24.3 29.4 26.9 38.3 20.5 26.3 24.8 25.4 28.1 33.8 27.3 28.6 Retail trade............................... 38.9 46.0 41.9 48.9 34.7 36.6 41.4 42.7 41.6 47.4 47.2 47.8 Other...................................... 50.9 66.2 77.6 90.3 46.5 43.6 53.3 60.2 61.3 63.2 68.3 71.8 Rest of the world.............................. 73.9 73.4 86.7 95.9 79.5 69.9 77.1 68.9 71.9 72.3 74.2 75.0 ----------------------------------------------------------------------------------------------------------------------------------- Table 7.--Corporate Profits by Industry--Continued [Billions of dollars] ----------------------------------------------------------------------------------------------------------------------------------- Seasonally adjusted at annual rates ------------------------------------------------------------------------------- I 95 II 95 III 95 IV 95 I 96 II 96 III 96 IV 96 I 97 ----------------------------------------------------------------------------------------------------------------------------------- Corporate profits with inventory valuation and capital consumption adjustments................................. 613.2 628.0 672.8 685.7 717.7 738.5 739.6 747.8 779.6 Domestic industries............................... 529.7 537.6 592.4 593.2 626.6 645.2 647.8 640.3 682.2 Financial....................................... 80.8 87.3 98.1 88.4 101.2 102.4 94.6 78.5 106.8 Nonfinancial.................................... 449.0 450.3 494.3 504.8 525.4 542.8 553.3 561.7 575.4 Rest of the world................................. 83.5 90.4 80.4 92.4 91.1 93.3 91.8 107.5 97.4 Receipts from the rest of the world............. 114.8 122.9 119.1 123.9 125.7 128.9 133.4 142.6 139.9 Less: Payments to the rest of the world........ 31.3 32.4 38.6 31.5 34.6 35.7 41.6 35.0 42.5 Corporate profits with inventory valuation adjustment........................ 560.4 577.2 621.4 634.5 659.8 676.8 676.4 683.4 711.9 Domestic industries............................... 476.9 486.8 540.9 542.1 568.7 583.5 584.6 575.8 614.5 Financial....................................... 89.5 96.3 107.1 97.4 110.4 111.5 104.0 88.1 116.5 Federal Reserve banks......................... 21.6 22.5 22.4 22.1 21.8 21.9 22.0 22.3 22.8 Other......................................... 67.9 73.8 84.7 75.2 88.6 89.6 82.0 65.8 93.7 Nonfinancial.................................... 387.3 390.4 433.8 444.7 458.3 472.0 480.7 487.8 498.0 Manufacturing................................. 161.9 170.3 194.5 198.4 197.1 204.8 210.5 209.7 208.2 Durable goods............................... 81.1 78.6 88.3 93.0 94.5 98.9 102.9 99.7 101.3 Primary metal industries.................. 4.5 7.6 6.6 7.4 5.9 4.4 7.0 5.1 3.9 Fabricated metal products................. 11.2 12.6 12.4 13.4 16.2 16.2 18.0 18.1 17.4 Industrial machinery and equipment........ 19.7 19.8 23.0 25.5 27.0 25.9 25.6 24.6 24.0 Electronic and other electric equipment................................ 20.1 16.9 19.8 20.0 19.0 21.7 25.2 29.6 31.4 Motor vehicles and equipment.............. 2.5 -1.9 .1 -1.4 -2.7 -.1 -1.5 -8.3 -1.3 Other..................................... 23.1 23.7 26.4 28.2 29.2 30.8 28.6 30.6 25.9 Nondurable goods............................ 80.8 91.7 106.2 105.4 102.7 105.8 107.7 109.9 106.9 Food and kindred products................. 25.4 27.4 27.5 28.2 27.3 23.8 28.8 34.2 28.0 Chemicals and allied products............. 25.7 30.0 33.2 32.1 31.8 32.4 31.5 28.9 28.8 Petroleum and coal products............... -.9 5.2 12.7 7.1 5.2 12.8 10.0 11.9 12.4 Other..................................... 30.6 29.1 32.8 37.9 38.3 36.9 37.3 34.9 37.7 Transportation and public utilities........... 85.5 85.2 88.8 86.0 88.9 96.0 91.2 90.5 91.5 Transportation.............................. 11.5 11.8 11.4 11.0 9.6 12.5 13.0 11.4 14.9 Communications.............................. 34.4 33.0 34.9 31.9 34.4 37.3 37.6 34.8 33.8 Electric, gas, and sanitary services........ 39.5 40.4 42.5 43.1 44.9 46.2 40.6 44.3 42.8 Wholesale trade............................... 25.5 20.3 28.5 33.2 37.2 30.8 37.7 47.4 49.0 Retail trade.................................. 41.0 42.3 42.2 42.1 46.0 50.6 50.6 48.3 55.1 Other......................................... 73.5 72.3 79.7 85.0 89.1 89.7 90.6 91.9 94.2 Rest of the world................................. 83.5 90.4 80.4 92.4 91.1 93.3 91.8 107.5 97.4 ----------------------------------------------------------------------------------------------------------------------------------- Table 8.--Gross Domestic Product of Nonfinancial Corporate Business ----------------------------------------------------------------------------------------------------------------------------------- Seasonally adjusted at annual rates ------------------------------------------------------- 1993 1994 1995 1996 I 93 II 93 III 93 IV 93 I 94 II 94 III 94 IV 94 ----------------------------------------------------------------------------------------------------------------------------------- Billions of dollars ------------------------------------------------------------------------------------ Gross domestic product of nonfinancial corporate business....................... 3430.4 3709.7 3905.3 4132.4 3351.8 3400.3 3444.3 3525.2 3624.5 3668.9 3729.1 3816.4 Consumption of fixed capital................... 340.3 360.7 373.4 393.4 335.8 337.3 344.5 343.4 375.1 351.6 355.9 360.0 Net domestic product........................... 3090.1 3349.0 3531.9 3739.0 3015.9 3063.0 3099.8 3181.9 3249.3 3317.3 3373.2 3456.4 Indirect business tax and nontax liability plus business transfer payments less subsidies..................... 358.5 389.0 399.8 421.8 348.2 353.8 359.7 372.3 380.4 386.1 392.3 397.1 Domestic income.............................. 2731.6 2960.1 3132.1 3317.2 2667.7 2709.2 2740.1 2809.6 2868.9 2931.1 2980.9 3059.2 Compensation of employees.................. 2290.7 2426.7 2555.5 2682.9 2253.5 2279.9 2301.5 2327.8 2372.5 2409.8 2439.2 2485.2 Wage and salary accruals................. 1874.0 1985.4 2107.9 2228.6 1846.1 1865.9 1882.0 1901.9 1938.6 1969.6 1996.1 2037.4 Supplements to wages and salaries........ 416.7 441.2 447.5 454.4 407.3 413.9 419.4 426.0 433.9 440.2 443.1 447.8 Corporate profits with inventory valuation and capital consumption adjustments............................... 346.4 437.1 474.6 545.8 316.0 334.4 345.5 389.9 405.4 427.0 444.1 472.0 Profits before tax....................... 308.6 392.3 438.3 477.2 275.6 306.9 303.1 349.0 359.1 380.7 400.7 428.9 Profits tax liability.................. 105.0 128.8 139.4 154.8 92.5 104.7 102.9 120.0 119.5 124.6 130.1 141.1 Profits after tax...................... 203.6 263.5 298.9 322.4 183.1 202.2 200.2 228.9 239.6 256.1 270.6 287.8 Dividends............................ 147.7 158.6 188.3 196.4 143.5 144.2 147.6 155.6 150.4 158.7 158.5 166.8 Undistributed profits................ 55.9 104.9 110.6 126.0 39.6 58.0 52.5 73.4 89.2 97.4 112.1 121.0 Inventory valuation adjustment........... -8.5 -16.1 -24.3 -2.5 -12.5 -17.1 .2 -4.8 -4.3 -15.1 -21.2 -23.6 Capital consumption adjustment........... 46.3 60.8 60.5 71.1 52.9 44.5 42.2 45.7 50.6 61.4 64.6 66.7 Net interest............................... 94.5 96.3 102.0 88.5 98.2 95.0 93.1 91.9 91.1 94.3 97.6 102.1 ------------------------------------------------------------------------------------ Billions of chained (1992) dollars ------------------------------------------------------------------------------------ Gross domestic product of nonfinancial corporate business....................... 3374.4 3586.3 3719.7 3887.8 3310.2 3352.5 3387.2 3447.7 3526.1 3559.8 3594.6 3664.9 ------------------------------------------------------------------------------------ Dollars ------------------------------------------------------------------------------------ Current-dollar cost and profit per unit of real gross domestic product...... 1.017 1.034 1.050 1.063 1.013 1.014 1.017 1.022 1.028 1.031 1.037 1.041 Consumption of fixed capital................... .101 .101 .100 .101 .101 .101 .102 .100 .106 .099 .099 .098 Net domestic product........................... .916 .934 .950 .962 .911 .914 .915 .923 .922 .932 .938 .943 Indirect business tax and nontax liability plus business transfer payments less subsidies..................... .106 .108 .107 .108 .105 .106 .106 .108 .108 .108 .109 .108 Domestic income.............................. .810 .825 .842 .853 .806 .808 .809 .815 .814 .823 .829 .835 Compensation of employees.................. .679 .677 .687 .690 .681 .680 .679 .675 .673 .677 .679 .678 Corporate profits with inventory valuation and capital consumption adjustments............................... .103 .122 .128 .140 .095 .100 .102 .113 .115 .120 .124 .129 Profits tax liability.................... .031 .036 .037 .040 .028 .031 .030 .035 .034 .035 .036 .038 Profits after tax with inventory valuation and capital consumption adjustments............................. .072 .086 .090 .101 .068 .069 .072 .078 .081 .085 .087 .090 Net interest............................... .028 .027 .027 .023 .030 .028 .027 .027 .026 .026 .027 .028 ----------------------------------------------------------------------------------------------------------------------------------- Table 8.--Gross Domestic Product of Nonfinancial Corporate Business-Cont ----------------------------------------------------------------------------------------------------------------------------------- Seasonally adjusted at annual rates -------------------------------------------------------------------------------- I 95 II 95 III 95 IV 95 I 96 II 96 III 96 IV 96 I 97 ----------------------------------------------------------------------------------------------------------------------------------- Billions of dollars --------------------------------------------------------------------------------- Gross domestic product of nonfinancial corporate business.......................... 3833.6 3860.4 3940.4 3986.8 4030.7 4112.9 4165.8 4220.1 4299.7 Consumption of fixed capital...................... 364.4 370.6 375.4 383.1 385.5 390.2 396.2 401.8 406.3 Net domestic product.............................. 3469.2 3489.8 3564.9 3603.7 3645.2 3722.7 3769.7 3818.3 3893.4 Indirect business tax and nontax liability plus business transfer payments less subsidies........................ 395.7 397.1 401.3 405.2 413.2 420.2 423.7 430.0 432.2 Domestic income................................. 3073.5 3092.7 3163.7 3198.5 3232.0 3302.5 3345.9 3388.3 3461.2 Compensation of employees..................... 2519.3 2538.4 2568.6 2595.5 2613.1 2668.6 2704.7 2745.3 2801.9 Wage and salary accruals.................... 2072.5 2092.0 2120.7 2146.5 2163.8 2214.2 2248.7 2287.5 2335.8 Supplements to wages and salaries........... 446.8 446.4 447.9 449.0 449.3 454.4 456.0 457.8 466.0 Corporate profits with inventory valuation and capital consumption adjustments.................................. 449.0 450.3 494.3 504.8 525.4 542.8 553.3 561.7 575.4 Profits before tax.......................... 437.6 428.3 443.1 444.3 463.4 477.4 483.4 484.4 494.5 Profits tax liability..................... 140.8 135.3 140.1 141.5 149.2 154.1 156.8 159.0 159.4 Profits after tax......................... 296.9 293.0 303.0 302.9 314.2 323.3 326.6 325.5 335.1 Dividends............................... 183.4 189.1 191.4 189.3 200.3 194.3 191.8 199.4 207.0 Undistributed profits................... 113.5 103.9 111.6 113.6 113.9 129.1 134.8 126.1 128.2 Inventory valuation adjustment.............. -50.3 -37.8 -9.3 .4 -5.1 -5.4 -2.7 3.3 3.5 Capital consumption adjustment.............. 61.7 59.8 60.4 60.1 67.1 70.8 72.6 74.0 77.4 Net interest.................................. 105.2 104.0 100.8 98.2 93.5 91.2 88.0 81.3 83.9 --------------------------------------------------------------------------------- Billions of chained (1992) dollars --------------------------------------------------------------------------------- Gross domestic product of nonfinancial corporate business.......................... 3664.9 3683.2 3747.7 3782.9 3801.8 3872.4 3913.7 3963.5 4022.2 --------------------------------------------------------------------------------- Dollars --------------------------------------------------------------------------------- Current-dollar cost and profit per unit of real gross domestic product......... 1.046 1.048 1.051 1.054 1.060 1.062 1.064 1.065 1.069 Consumption of fixed capital...................... .099 .101 .100 .101 .101 .101 .101 .101 .101 Net domestic product.............................. .947 .947 .951 .953 .959 .961 .963 .963 .968 Indirect business tax and nontax liability plus business transfer payments less subsidies........................ .108 .108 .107 .107 .109 .109 .108 .108 .107 Domestic income................................. .839 .840 .844 .846 .850 .853 .855 .855 .861 Compensation of employees..................... .687 .689 .685 .686 .687 .689 .691 .693 .697 Corporate profits with inventory valuation and capital consumption adjustments.................................. .123 .122 .132 .133 .138 .140 .141 .142 .143 Profits tax liability....................... .038 .037 .037 .037 .039 .040 .040 .040 .040 Profits after tax with inventory valuation and capital consumption adjustments................................ .084 .086 .094 .096 .099 .100 .101 .102 .103 Net interest.................................. .029 .028 .027 .026 .025 .024 .022 .021 .021 ----------------------------------------------------------------------------------------------------------------------------------- Table 9.--Revisions to Current-Dollar Gross Domestic Product, National Income, and Disposition of Personal Income ----------------------------------------------------------------------------------------------------------------------------------- Billions of dollars --------------------------------- ----------------------------- Revisions as Revised Revisions to percent of estimates previously previously published published --------------------------------- ----------------------------- ---------------------------- 1993 1994 1995 1996 1993 1994 1995 1996 1993 1994 1995 1996 -------------------------------------------------------------------- ----------------------------- ---------------------------- Gross domestic product........ 6558.1 6947.0 7265.4 7636.0 5.1 11.3 11.6 59.9 .1 .2 .2 .8 Personal consumption expenditures.. 4459.2 4717.0 4957.7 5207.6 5.1 16.1 32.8 56.2 .1 .3 .7 1.1 Durable goods.................... 530.2 579.5 608.5 634.5 -.5 -1.4 2.1 2.4 -.1 -.2 .3 .4 Nondurable goods................. 1370.7 1428.4 1475.8 1534.7 1.8 -1.3 -10.1 -10.4 .1 -.1 -.7 -.7 Services......................... 2558.4 2709.1 2873.4 3038.4 3.8 18.8 40.8 64.1 .1 .7 1.4 2.2 Gross private domestic investment.. 876.2 1007.9 1038.2 1116.5 5.1 -6.5 -27.1 -.5 .6 -.6 -2.5 .0 Fixed investment................. 855.7 946.6 1008.1 1090.7 5.2 -8.3 -20.1 -10.8 .6 -.9 -2.0 -1.0 Nonresidential................. 604.1 660.6 723.0 781.4 5.3 -6.6 -15.5 -9.7 .9 -1.0 -2.1 -1.2 Structures................... 176.4 184.5 200.6 215.2 4.6 4.3 .9 .9 2.7 2.4 .5 .4 Producers' durable equipment. 427.7 476.1 522.4 566.2 .7 -10.9 -16.4 -10.6 .2 -2.2 -3.0 -1.8 Residential.................... 251.6 286.0 285.1 309.2 -.1 -1.7 -4.7 -1.3 .0 -.6 -1.6 -.4 Change in business inventories... 20.5 61.2 30.1 25.9 -.1 1.7 -6.9 10.5 ..... ..... ..... ..... Farm........................... -6.2 10.8 -7.9 2.9 .0 -.7 -5.3 4.8 ..... ..... ..... ..... Nonfarm........................ 26.7 50.5 38.1 23.0 -.1 2.5 -1.5 5.7 ..... ..... ..... ..... Net exports of goods and services.. -60.7 -90.9 -86.0 -94.8 2.0 3.5 8.7 3.9 ..... ..... ..... ..... Exports.......................... 658.6 721.2 818.4 870.9 .8 2.1 11.0 15.7 .1 .3 1.4 1.8 Imports.......................... 719.3 812.1 904.5 965.7 -1.2 -1.4 2.5 11.8 -.2 -.2 .3 1.2 Government consumption expenditures and gross investment.............. 1283.4 1313.0 1355.5 1406.7 -7.0 -1.7 -2.8 .3 -.5 -.1 -.2 .0 Federal.......................... 518.3 510.2 509.6 520.0 -4.3 -6.2 -7.0 -3.1 -.8 -1.2 -1.4 -.6 National defense............... 360.7 349.2 344.6 352.8 -2.0 -2.8 -.9 5.7 -.6 -.8 -.3 1.6 Nondefense..................... 157.7 161.0 165.0 167.3 -2.2 -3.3 -6.0 -8.7 -1.4 -2.0 -3.5 -4.9 State and local.................. 765.0 802.8 846.0 886.7 -2.8 4.4 4.3 3.4 -.4 .6 .5 .4 Addendum: Gross national product............. 6576.8 6955.2 7270.6 7637.7 13.3 23.3 23.9 70.6 .2 .3 .3 .9 -------------------------------------------------------------------- ----------------------------- ---------------------------- National income............... 5266.8 5590.7 5912.3 6254.5 28.3 55.5 83.4 90.3 .5 1.0 1.4 1.5 Compensation of employees.......... 3814.9 4012.0 4215.4 4426.9 5.4 2.2 -7.3 -21.6 .1 .1 -.2 -.5 Wage and salary accruals......... 3094.0 3254.0 3442.6 3633.6 -1.3 -3.3 9.4 3.5 .0 -.1 .3 .1 Supplements to wages and salaries........................ 720.8 758.0 772.9 793.3 6.6 5.6 -16.6 -25.1 .9 .7 -2.1 -3.1 Proprietors' income with IVA and CCAdj............................. 450.8 471.6 489.0 520.3 14.9 7.2 2.9 -7.0 3.4 1.6 .6 -1.3 Farm............................. 32.4 36.9 23.4 37.2 1.3 2.6 -4.5 -7.5 4.2 7.6 -16.1 -16.8 Nonfarm.......................... 418.4 434.7 465.5 483.1 13.6 4.7 7.3 .5 3.4 1.1 1.6 .1 Rental income of persons with CCAdj 105.7 124.4 132.8 146.3 3.5 12.3 21.1 31.3 3.4 11.0 18.9 27.2 Corporate profits with IVA and CCAdj............................. 492.8 570.5 650.0 735.9 .7 16.4 45.2 65.7 .1 3.0 7.5 9.8 Net interest....................... 402.5 412.3 425.1 425.1 3.6 17.4 21.5 21.8 .9 4.4 5.3 5.4 -------------------------------------------------------------------- ----------------------------- ---------------------------- Disposition of personal income Personal income.................... 5519.2 5791.8 6150.8 6495.2 23.6 29.8 38.4 45.7 .4 .5 .6 .7 Wage and salary disbursements.... 3089.6 3240.7 3429.5 3632.5 -1.1 -1.1 -1.1 2.4 .0 .0 .0 .1 Other labor income............... 385.1 405.0 406.8 407.6 4.2 2.8 -17.2 -28.6 1.1 .7 -4.1 -6.6 Proprietors' income with IVA and CCAdj....................... 450.8 471.6 489.0 520.3 14.9 7.2 2.9 -7.0 3.4 1.6 .6 -1.3 Rental income of persons with CCAdj........................... 105.7 124.4 132.8 146.3 3.5 12.3 21.1 31.3 3.4 11.0 18.9 27.2 Personal dividend income......... 185.3 204.8 251.9 291.2 -1.5 5.2 37.1 60.6 -.8 2.6 17.3 26.3 Personal interest income......... 651.0 668.1 718.9 735.7 2.9 4.4 1.8 -2.5 .4 .7 .3 -.3 Transfer payments to persons..... 912.0 954.7 1015.0 1068.0 1.3 -1.6 -7.6 -11.7 .1 -.2 -.7 -1.1 Less: Personal contributions for social insurance................ 260.3 277.5 293.1 306.3 .7 -.6 -1.4 -1.2 .3 -.2 -.5 -.4 Less: Personal tax and nontax payments................... 690.0 739.1 795.1 886.9 .1 7.7 .8 23.1 .0 1.1 .1 2.7 Equals: Disposable personal income 4829.2 5052.7 5355.7 5608.3 23.5 22.1 37.6 22.6 .5 .4 .7 .4 Less: Personal outlays............ 4580.7 4842.1 5101.1 5368.8 4.9 9.8 29.6 54.8 .1 .2 .6 1.0 Equals: Personal saving........... 248.5 210.6 254.6 239.6 18.6 12.3 8.0 -32.0 8.1 6.2 3.2 -11.8 Personal saving as a percentage of disposable personal income........ 5.1 4.2 4.8 4.3 .3 .3 .2 -.6 ..... ..... ..... ..... ----------------------------------------------------------------------------------------------------------------------------------- IVA Inventory valuation adjustment CCAdj Capital consumption adjustment Source: U.S. Department of Commerce, Bureau of Economic Analysis Table 10.--Revisions to Gross Domestic Income, Gross National Income, and the Statistical Discrepancy ----------------------------------------------------------------------------------------------------------------------------------- Billions of dollars --------------------------------- ----------------------------- Revisions as Revised Revisions to percent of estimates previously previously published published --------------------------------- ----------------------------- ---------------------------- 1993 1994 1995 1996 1993 1994 1995 1996 1993 1994 1995 1996 -------------------------------------------------------------------- ----------------------------- ---------------------------- Gross domestic product....... 6558.1 6947.0 7265.4 7636.0 5.1 11.3 11.6 59.9 .1 .2 .2 .8 Less: Statistical discrepancy..... 52.6 14.6 -28.2 -59.9 -6.2 -19.9 -26.7 15.2 ..... ..... ..... ..... Gross domestic income........ 6505.5 6932.4 7293.6 7695.9 11.4 31.1 38.4 44.7 .2 .5 .5 .6 Plus: Receipts of factor income from the rest of the world...... 150.8 176.5 222.8 234.3 10.1 13.1 14.5 5.9 7.2 8.0 7.0 2.6 Less: Payments of factor income to the rest of the world........... 132.1 168.3 217.5 232.6 2.0 1.1 2.2 -4.7 1.5 .7 1.0 -2.0 Gross national income........ 6524.2 6940.6 7298.9 7697.6 19.5 43.2 50.7 55.3 .3 .6 .7 .7 National income.................... 5266.8 5590.7 5912.3 6254.5 28.3 55.5 83.4 90.3 .5 1.0 1.4 1.5 Business transfer payments......... 28.2 30.5 32.2 33.6 .1 .4 1.4 1.4 .4 1.3 4.5 4.3 Indirect business tax and nontax liability......................... 532.5 568.5 582.8 604.8 -7.5 -4.0 -12.7 -13.1 -1.4 -.7 -2.1 -2.1 Federal.......................... 86.9 98.7 93.5 95.8 -1.3 6.1 2.3 5.3 -1.5 6.6 2.5 5.9 State and local.................. 445.6 469.8 489.3 508.9 -6.2 -10.1 -15.0 -18.4 -1.4 -2.1 -3.0 -3.5 Less: Subsidies less current surplus of government enterprises. 31.1 26.6 25.2 25.4 -.6 1.5 7.0 7.9 -1.9 6.0 38.5 45.1 Consumption of fixed capital....... 727.9 777.5 796.8 830.1 -1.8 -7.3 -14.3 -15.4 -.2 -.9 -1.8 -1.8 Private.......................... 594.5 638.6 653.0 682.7 -1.5 -6.1 -11.4 -13.7 -.3 -.9 -1.7 -2.0 Capital consumption allowances.................... 599.1 647.3 669.1 709.9 2.4 10.0 8.2 10.8 .4 1.6 1.2 1.5 Less: Capital consumption adjustment.................... 4.6 8.7 16.1 27.1 3.9 16.1 19.6 24.4 ..... ..... ..... ..... Government....................... 133.4 138.8 143.8 147.4 -.4 -1.3 -2.9 -1.7 -.3 -.9 -2.0 -1.1 ----------------------------------------------------------------------------------------------------------------------------------- Table 11.--Revisions to Real Gross Domestic Product and Disposable Personal Income ----------------------------------------------------------------------------------------------------------------------------------- Billions of chained (1992) dollars --------------------------------- ------------------------------- Revisions as Revised Revisions to percent of estimates previously previously published published --------------------------------- ------------------------------- ---------------------------- 1993 1994 1995 1996 1993 1994 1995 1996 1993 1994 1995 1996 -------------------------------------------------------------------- ----------------------------- ---------------------------- Gross domestic product........ 6389.6 6610.7 6742.1 6928.4 3.5 2.3 -.1 21.6 .1 .0 .0 .3 Personal consumption expenditures.. 4343.6 4486.0 4595.3 4714.1 4.1 12.8 17.5 23.4 .1 .3 .4 .5 Durable goods.................... 523.8 561.2 583.6 611.1 -.3 -.8 3.8 -.3 -.1 -.1 .7 .0 Nondurable goods................. 1351.0 1389.9 1412.6 1432.3 2.2 -.6 -9.3 -9.7 .2 .0 -.7 -.7 Services......................... 2468.9 2535.5 2599.6 2671.0 2.2 14.1 22.6 32.7 .1 .6 .9 1.2 Gross private domestic investment.. 863.6 975.7 991.5 1069.1 6.6 -3.6 -17.9 12.5 .8 -.4 -1.8 1.2 Fixed investment................. 842.8 915.5 962.1 1041.7 6.4 -5.6 -13.8 -.4 .8 -.6 -1.4 .0 Nonresidential................. 600.2 648.4 706.5 771.7 6.6 -3.7 -7.8 4.9 1.1 -.6 -1.1 .6 Structures................... 170.8 172.5 179.9 188.7 4.5 3.7 -1.2 -1.3 2.7 2.2 -.7 -.7 Producers' durable equipment. 429.6 476.8 528.3 586.0 2.0 -7.3 -6.2 7.4 .5 -1.5 -1.2 1.3 Residential.................... 242.6 267.0 257.0 272.1 -.1 -1.9 -5.8 -4.6 .0 -.7 -2.2 -1.7 Change in business inventories... 22.1 60.6 27.3 25.0 3.1 1.7 -5.4 11.4 ..... ..... ..... ..... Farm........................... -7.3 11.7 -9.2 2.6 .0 -.6 -4.0 6.6 ..... ..... ..... ..... Nonfarm........................ 29.5 49.0 35.7 22.5 3.1 2.2 -1.5 5.4 ..... ..... ..... ..... Net exports of goods and services.. -70.2 -104.6 -98.8 -114.4 1.8 1.1 8.8 -.8 ..... ..... ..... ..... Exports.......................... 658.2 712.4 791.2 857.0 .0 .4 15.8 31.1 .0 .1 2.0 3.8 Imports.......................... 728.4 817.0 890.1 971.5 -1.8 -.6 7.1 32.0 -.2 -.1 .8 3.4 Government consumption expenditures and gross investment.............. 1252.1 1252.3 1251.9 1257.9 -8.9 -7.7 -8.3 -12.7 -.7 -.6 -.7 -1.0 Federal.......................... 505.7 486.6 470.3 464.2 -3.5 -3.2 -2.0 -2.9 -.7 -.7 -.4 -.6 National defense............... 354.4 336.9 322.6 317.8 -1.0 -.1 3.0 3.9 -.3 .0 .9 1.2 Nondefense..................... 151.2 149.5 147.5 146.1 -2.6 -3.1 -4.8 -6.7 -1.7 -2.0 -3.2 -4.4 State and local.................. 746.4 765.7 781.6 793.7 -5.4 -4.8 -7.0 -10.6 -.7 -.6 -.9 -1.3 Addenda: Gross national product........... 6408.0 6619.1 6748.7 6932.0 11.2 13.5 12.3 32.3 .2 .2 .2 .5 Final sales of domestic product.. 6368.9 6551.2 6712.7 6901.0 3.4 .5 3.8 8.9 .1 .0 .1 .1 Gross domestic purchases......... 6459.0 6712.7 6837.5 7037.7 1.6 1.2 -8.9 21.5 .0 .0 -.1 .3 Disposable personal income....... 4703.9 4805.1 4964.2 5076.9 21.9 18.4 20.9 -9.1 .5 .4 .4 -.2 ----------------------------------------------------------------------------------------------------------------------------------- Source: U.S. Department of Commerce, Bureau of Economic Analysis Table 12.--Revisions to Corporate Profits by Industry ----------------------------------------------------------------------------------------------------------------------------------- Billions of dollars ----------------------------- -------------------------- Revisions as Revised Revisions to percent of estimates previously previously published published ----------------------------- -------------------------- ------------------------- 1993 1994 1995 1996 1993 1994 1995 1996 1993 1994 1995 1996 ----------------------------------------------------------------------------------------------------------------------------------- Corporate profits with inventory valuation and capital consumption adjustments............................ 492.8 570.5 650.0 735.9 .7 16.4 45.2 65.7 .1 3.0 7.5 9.8 Domestic industries.......................... 419.0 497.1 563.2 640.0 -3.5 7.2 35.1 51.8 -.8 1.5 6.6 8.8 Financial.................................. 72.5 60.0 88.7 94.2 -3.4 -15.8 -8.7 -13.3 -4.5 -20.8 -8.9 -12.4 Nonfinancial............................... 346.4 437.1 474.6 545.8 -.2 23.0 43.9 65.2 -.1 5.6 10.2 13.6 Rest of the world............................ 73.9 73.4 86.7 95.9 4.3 9.1 10.0 13.9 6.2 14.2 13.0 17.0 Receipts from the rest of the world........ 83.3 96.8 120.2 132.7 4.2 8.3 9.1 6.5 5.3 9.4 8.2 5.2 Less: Payments to the rest of the world... 9.4 23.5 33.5 36.7 -.2 -.8 -1.0 -7.4 ..... ..... ..... ..... Corporate profits with inventory valuation adjustment................... 456.9 519.1 598.4 674.1 -.8 1.2 27.6 43.1 -.2 .2 4.8 6.8 Domestic industries.......................... 383.0 445.7 511.7 578.2 -5.1 -8.0 17.6 29.3 -1.3 -1.8 3.6 5.3 Financial.................................. 82.9 69.4 97.6 103.5 -8.1 -25.0 -21.5 -28.4 -8.9 -26.5 -18.1 -21.5 Federal Reserve banks.................... 16.1 17.8 22.2 22.0 .0 .0 .3 .3 .0 .0 1.4 1.4 Other.................................... 66.8 51.7 75.4 81.5 -8.1 -24.9 -21.9 -28.7 -10.8 -32.5 -22.5 -26.0 Nonfinancial............................... 300.1 376.3 414.1 474.7 2.9 17.0 39.1 57.7 1.0 4.7 10.4 13.8 Manufacturing............................ 116.7 151.6 181.3 205.5 7.0 8.9 35.6 39.0 6.4 6.2 24.4 23.4 Durable goods.......................... 54.5 76.7 85.2 99.0 .3 -.5 8.0 6.3 .6 -.6 10.4 6.8 Primary metal industries............. .3 2.2 6.5 5.6 .1 1.5 3.5 3.6 50.0 214.3 116.7 180.0 Fabricated metal products............ 7.4 11.0 12.4 17.1 -.3 .3 1.3 2.0 -3.9 2.8 11.7 13.2 Industrial machinery and equipment... 7.5 12.7 22.0 25.8 .5 3.7 9.9 12.5 7.1 41.1 81.8 94.0 Electronic and other electric equipment........................... 15.3 22.5 19.2 23.9 .5 .0 -6.4 -5.1 3.4 .0 -25.0 -17.6 Motor vehicles and equipment......... 5.5 7.5 -.2 -3.2 1.3 -2.7 -4.6 -12.0 ..... ..... ..... ..... Other................................ 18.6 20.9 25.3 29.8 -1.7 -3.2 4.4 5.2 -8.4 -13.3 21.1 21.1 Nondurable goods....................... 62.2 74.8 96.0 106.5 6.7 9.3 27.5 32.7 12.1 14.2 40.1 44.3 Food and kindred products............ 16.5 20.0 27.1 28.5 .3 .9 9.4 10.9 1.9 4.7 53.1 61.9 Chemicals and allied products........ 17.4 24.5 30.3 31.2 1.0 6.5 9.4 10.1 6.1 36.1 45.0 47.9 Petroleum and coal products.......... 2.3 .1 6.0 10.0 4.5 .2 5.2 11.2 ..... ..... ..... ..... Other................................ 26.0 30.2 32.6 36.8 .9 1.8 3.5 .4 3.6 6.3 12.0 1.1 Transportation and public utilities...... 69.4 83.1 86.4 91.7 -1.2 1.8 -8.4 -7.3 -1.7 2.2 -8.9 -7.4 Transportation......................... 7.0 10.3 11.4 11.7 -.4 -.5 -3.0 -2.2 -5.4 -4.6 -20.8 -15.8 Communications......................... 33.0 36.8 33.6 36.0 .1 .1 -7.4 -9.4 .3 .3 -18.0 -20.7 Electric, gas, and sanitary services... 29.4 36.0 41.4 44.0 -.8 2.2 2.0 4.3 -2.6 6.5 5.1 10.8 Wholesale trade.......................... 24.3 29.4 26.9 38.3 -1.2 -5.1 -2.7 1.7 -4.7 -14.8 -9.1 4.6 Retail trade............................. 38.9 46.0 41.9 48.9 -.3 3.8 3.2 7.1 -.8 9.0 8.3 17.0 Other.................................... 50.9 66.2 77.6 90.3 -1.2 7.6 11.4 17.2 -2.3 13.0 17.2 23.5 Rest of the world............................ 73.9 73.4 86.7 95.9 4.3 9.1 10.0 13.9 6.2 14.2 13.0 17.0 Addenda: Corporate profits before tax............... 465.4 535.1 622.6 676.6 1.1 3.9 23.7 36.7 .2 .7 4.0 5.7 Inventory valuation adjustment............. -8.5 -16.1 -24.3 -2.5 -1.9 -2.8 3.8 6.4 ..... ..... ..... ..... Capital consumption adjustment............. 36.0 51.4 51.6 61.8 1.6 15.2 17.6 22.6 ..... ..... ..... ..... ----------------------------------------------------------------------------------------------------------------------------------- Table 13.--Percent Change From Preceding Period in Revised and Previously Published Estimates of Real Gross Domestic Product and Disposable Personal Income ----------------------------------------------------------------------------------------------------------------------------------- Seasonally adjusted at annual rates ------------------------------------------------------- 1993 1994 1995 1996 I 93 II 93 III 93 IV 93 I 94 II 94 III 94 IV 94 ----------------------------------------------------------------------------------------------------------------------------------- Real gross domestic product: Revised....................................... 2.3 3.5 2.0 2.8 .1 2.0 2.1 5.3 3.0 4.7 1.8 3.6 Previously published.......................... 2.3 3.5 2.0 2.4 -.1 1.9 2.3 4.8 2.5 4.9 3.5 2.9 Revision.................................... .0 .0 .0 .4 .2 .1 -.2 .5 .5 -.2 -1.7 .7 Personal consumption expenditures: Revised..................................... 2.9 3.3 2.4 2.6 .4 3.4 4.1 2.9 3.8 3.0 2.3 3.2 Previously published........................ 2.8 3.1 2.3 2.5 .7 2.7 3.8 2.8 2.8 3.5 2.8 3.1 Nonresidential fixed investment: Revised..................................... 7.6 8.0 9.0 9.2 6.2 12.5 4.9 16.4 .4 9.9 7.7 12.6 Previously published........................ 6.4 9.8 9.5 7.4 6.0 6.3 4.7 17.5 7.3 7.1 13.8 12.2 Residential fixed investment: Revised..................................... 7.6 10.1 -3.8 5.9 .6 -1.6 10.8 23.1 10.0 16.6 -3.1 -5.0 Previously published........................ 7.6 10.8 -2.3 5.3 2.1 -5.1 13.2 24.3 12.8 12.7 -1.8 -.1 Exports of goods and services: Revised..................................... 2.9 8.2 11.1 8.3 -1.2 8.2 -8.1 21.9 -1.8 17.7 10.6 14.7 Previously published........................ 2.9 8.2 8.9 6.5 -1.3 8.3 -8.5 23.4 -1.5 15.9 9.7 16.5 Imports of goods and services: Revised..................................... 8.9 12.2 8.9 9.1 7.6 12.4 3.8 17.7 7.6 19.0 13.1 9.9 Previously published........................ 9.2 12.0 8.0 6.4 8.3 12.7 4.1 17.5 8.2 18.4 10.7 10.3 Federal government consumption expenditures and gross investment: Revised..................................... -4.2 -3.8 -3.3 -1.3 -15.4 -3.3 -4.9 -.1 -10.7 -4.9 13.3 -11.3 Previously published........................ -3.6 -3.8 -3.6 -1.1 -12.7 -4.9 -2.9 -.7 -11.4 -5.3 11.5 -5.9 State and local government consumption expenditures and gross investment: Revised..................................... 1.5 2.6 2.1 1.6 -.3 4.0 2.1 2.3 .7 4.0 5.1 1.2 Previously published........................ 2.2 2.5 2.4 2.0 1.7 3.9 3.8 3.0 .7 2.2 4.2 1.6 Addenda: Final sales of domestic product: Revised..................................... 2.1 2.9 2.5 2.8 -1.5 3.1 2.2 4.8 1.2 3.4 3.3 2.7 Previously published........................ 2.1 2.9 2.4 2.7 -.9 1.7 2.3 5.0 1.2 3.0 4.2 3.5 Revision.................................. .0 .0 .1 .1 -.6 1.4 -.1 -.2 .0 .4 -.9 -.8 Gross domestic purchases: Revised..................................... 2.9 3.9 1.9 2.9 1.0 2.5 3.4 5.1 4.0 5.0 2.1 3.2 Previously published........................ 2.9 3.9 2.0 2.5 .9 2.4 3.7 4.4 3.5 5.3 3.7 2.4 Revision.................................. .0 .0 -.1 .4 .1 .1 -.3 .7 .5 -.3 -1.6 .8 Final sales of domestic purchases: Revised..................................... 2.7 3.3 2.3 3.0 -.6 3.5 3.4 4.5 2.2 3.7 3.7 2.4 Previously published........................ 2.7 3.4 2.4 2.8 .1 2.3 3.7 4.6 2.2 3.4 4.4 2.9 Revision.................................. .0 -.1 -.1 .2 -.7 1.2 -.3 -.1 .0 .3 -.7 -.5 Gross national product: Revised..................................... 2.4 3.3 2.0 2.7 1.1 1.6 2.5 4.7 3.2 4.3 1.6 3.4 Previously published........................ 2.3 3.3 2.0 2.4 .5 1.5 2.5 4.2 2.6 4.5 3.3 2.6 Revision.................................. .1 .0 .0 .3 .6 .1 .0 .5 .6 -.2 -1.7 .8 Disposable personal income: Revised..................................... 1.7 2.2 3.3 2.3 -6.7 7.3 1.1 4.8 -4.7 6.7 2.9 4.9 Previously published........................ 1.2 2.2 3.3 2.9 -6.9 4.9 1.4 4.8 -4.0 7.4 2.6 3.9 Revision.................................. .5 .0 .0 -.6 .2 2.4 -.3 .0 -.7 -.7 .3 1.0 ----------------------------------------------------------------------------------------------------------------------------------- Based on current dollars Gross domestic product: Revised....................................... 5.0 5.9 4.6 5.1 3.9 4.1 4.1 8.1 5.5 7.1 4.4 6.4 Previously published.......................... 4.9 5.8 4.6 4.4 3.8 4.0 4.3 7.1 5.3 6.9 6.1 5.3 Revision.................................... .1 .1 .0 .7 .1 .1 -.2 1.0 .2 .2 -1.7 1.1 Gross domestic income: Revised....................................... 4.9 6.6 5.2 5.5 3.5 5.7 4.1 8.3 8.0 4.9 6.1 7.7 Previously published.......................... 4.7 6.3 5.1 5.5 2.8 5.3 4.9 7.7 6.5 6.6 5.2 5.8 Revision.................................... .2 .3 .1 .0 .7 .4 -.8 .6 1.5 -1.7 .9 1.9 Disposable personal income: Revised....................................... 4.4 4.6 6.0 4.7 -3.9 9.8 2.5 8.0 -3.1 9.5 6.7 7.7 Previously published.......................... 3.9 4.7 5.7 5.0 -4.2 7.5 2.7 7.6 -1.8 9.8 6.1 5.9 Revision.................................... .5 -.1 .3 -.3 .3 2.3 -.2 .4 -1.3 -.3 .6 1.8 ----------------------------------------------------------------------------------------------------------------------------------- Table 13.--Percent Change From Preceding Period in Revised and Previously Published Estimates of Real Gross Domestic Product and Disposable Personal Income--Continued ----------------------------------------------------------------------------------------------------------------------------------- Seasonally adjusted at annual rates -------------------------------------------------------------- I 95 II 95 III 95 IV 95 I 96 II 96 III 96 IV 96 I 97 ----------------------------------------------------------------------------------------------------------------------------------- Real gross domestic product: Revised....................................... .9 .3 3.0 2.2 1.8 6.0 1.0 4.3 4.9 Previously published.......................... .4 .7 3.8 .3 2.0 4.7 2.1 3.8 5.9 Revision.................................... .5 -.4 -.8 1.9 -.2 1.3 -1.1 .5 -1.0 Personal consumption expenditures: Revised..................................... 1.5 2.9 2.6 1.8 3.1 3.7 .5 3.3 5.3 Previously published........................ 1.0 3.1 2.4 1.1 3.5 3.4 .5 3.4 5.6 Nonresidential fixed investment: Revised..................................... 14.2 5.7 1.6 4.9 11.7 13.0 16.5 5.9 4.1 Previously published........................ 15.4 3.5 4.9 2.5 11.6 3.8 17.5 5.5 11.0 Residential fixed investment: Revised..................................... -7.0 -15.5 8.4 8.5 8.3 17.9 -4.5 -4.3 3.3 Previously published........................ -6.3 -13.4 9.2 6.4 7.4 16.3 -5.2 -1.8 6.7 Exports of goods and services: Revised..................................... 7.2 9.3 13.5 11.5 1.7 9.6 1.9 25.5 9.9 Previously published........................ 2.6 5.9 10.7 10.7 1.8 5.6 -.9 25.0 10.8 Imports of goods and services: Revised..................................... 10.0 7.7 2.3 2.4 13.1 14.1 13.2 6.8 17.9 Previously published........................ 11.2 4.5 .0 1.6 10.6 9.9 9.3 3.3 19.9 Federal government consumption expenditures and gross investment: Revised..................................... -1.1 -4.5 -1.3 -16.4 7.5 8.8 -4.2 -5.2 -5.8 Previously published........................ -6.5 -1.3 -5.6 -13.2 6.0 9.4 -3.5 -5.3 -3.2 State and local government consumption expenditures and gross investment: Revised..................................... 1.7 2.6 -.4 1.9 -1.4 6.3 .7 3.3 2.7 Previously published........................ 2.3 2.1 2.7 1.5 -.9 6.7 1.1 1.9 2.1 Addenda: Final sales of domestic product: Revised..................................... 1.8 1.9 3.3 2.0 2.6 5.2 .2 4.5 3.0 Previously published........................ .6 2.1 3.6 1.4 3.0 4.1 .5 4.9 4.1 Revision.................................. 1.2 -.2 -.3 .6 -.4 1.1 -.3 -.4 -1.1 Gross domestic purchases: Revised..................................... 1.3 .2 1.9 1.3 3.1 6.5 2.4 2.5 5.9 Previously published........................ 1.5 .7 2.6 -.7 3.1 5.2 3.3 1.6 7.1 Revision.................................. -.2 -.5 -.7 2.0 .0 1.3 -.9 .9 -1.2 Final sales of domestic purchases: Revised..................................... 2.2 1.8 2.1 1.0 3.9 5.8 1.5 2.7 4.0 Previously published........................ 1.6 2.0 2.4 .4 4.1 4.7 1.7 2.6 5.2 Revision.................................. .6 -.2 -.3 .6 -.2 1.1 -.2 .1 -1.2 Gross national product: Revised..................................... 1.2 .6 2.2 2.7 1.8 5.7 .6 4.9 4.0 Previously published........................ .9 .8 3.0 .8 2.3 4.3 1.6 4.2 5.0 Revision.................................. .3 -.2 -.8 1.9 -.5 1.4 -1.0 .7 -1.0 Disposable personal income: Revised..................................... 4.5 .2 2.6 2.5 3.5 1.1 2.7 .7 4.6 Previously published........................ 3.7 .2 4.3 4.3 2.0 1.4 4.9 2.6 4.0 Revision.................................. .8 .0 -1.7 -1.8 1.5 -.3 -2.2 -1.9 .6 ----------------------------------------------------------------------------------------------------------------------------------- Based on current dollars Gross domestic product: Revised....................................... 4.2 2.3 5.2 4.5 4.7 7.7 3.6 6.2 7.4 Previously published.......................... 3.8 3.1 6.0 2.3 4.2 6.5 3.8 5.4 8.3 Revision.................................... .4 -.8 -.8 2.2 .5 1.2 -.2 .8 -.9 Gross domestic income: Revised....................................... 3.8 3.5 6.6 4.7 4.8 7.7 5.2 5.1 7.6 Previously published.......................... 4.2 3.7 7.6 4.4 4.4 6.9 6.0 5.0 8.3 Revision.................................... -.4 -.2 -1.0 .3 .4 .8 -.8 .1 -.7 Disposable personal income: Revised....................................... 7.4 2.5 4.6 4.2 6.3 4.0 5.2 3.7 6.8 Previously published.......................... 6.4 2.9 5.8 5.9 4.2 4.4 6.5 5.2 5.9 Revision.................................... 1.0 -.4 -1.2 -1.7 2.1 -.4 -1.3 -1.5 .9 ----------------------------------------------------------------------------------------------------------------------------------- Table 14.--Percent Change From Preceding Period in Revised and Previously Published Price Indexes (Chain-type Weights) ----------------------------------------------------------------------------------------------------------------------------------- Seasonally adjusted at annual rates ------------------------------------------------------- 1993 1994 1995 1996 I 93 II 93 III 93 IV 93 I 94 II 94 III 94 IV 94 ----------------------------------------------------------------------------------------------------------------------------------- Real gross domestic product: Revised....................................... 2.6 2.4 2.5 2.3 3.9 2.1 1.8 2.7 2.5 2.2 2.5 2.6 Previously published.......................... 2.6 2.3 2.5 2.1 3.8 2.2 1.8 2.3 2.9 1.9 2.4 2.1 Revision.................................... .0 .1 .0 .2 .1 -.1 .0 .4 -.4 .3 .1 .5 Personal consumption expenditures: Revised....................................... 2.7 2.4 2.6 2.4 2.9 2.5 1.3 3.0 1.7 2.7 3.6 2.7 Previously published.......................... 2.6 2.4 2.4 2.2 2.9 2.6 1.3 2.7 2.4 2.3 3.4 1.9 Nonresidential fixed investment: Revised....................................... .7 1.2 .4 -1.0 1.6 .7 .0 .6 2.3 2.1 1.2 -.3 Previously published.......................... .9 1.4 1.0 .5 1.5 1.4 .6 .5 2.0 2.3 2.1 -.3 Residential fixed investment: Revised....................................... 3.7 3.3 3.6 2.4 4.3 3.4 3.3 1.5 4.5 2.2 4.2 5.2 Previously published.......................... 3.7 3.1 3.1 1.8 3.5 5.0 2.7 1.5 3.9 2.1 4.5 4.5 Exports of goods and services: Revised....................................... .1 1.2 2.2 -1.8 .0 1.0 -.7 .0 1.6 2.2 1.6 2.9 Previously published.......................... -.1 1.1 3.1 .1 -.1 .7 -.8 -.8 2.1 1.9 2.3 1.8 Imports of goods and services: Revised....................................... -1.2 .6 2.2 -2.2 -6.2 2.6 -3.6 -1.5 -2.2 5.1 6.1 1.5 Previously published.......................... -1.3 .8 2.7 -.2 -6.2 2.3 -4.1 -1.1 -2.1 5.4 7.3 1.1 Federal government consumption expenditures and gross investment: Revised....................................... 2.5 2.3 3.3 3.4 6.6 .6 3.5 2.6 2.2 3.6 -.5 2.7 Previously published.......................... 2.6 2.7 3.8 2.4 6.7 .9 3.8 2.7 2.7 3.9 .3 4.0 State and local government consumption expenditures and gross investment: Revised....................................... 2.5 2.3 3.2 3.2 3.1 3.1 1.2 1.5 3.0 1.9 3.2 2.6 Previously published.......................... 2.1 1.5 3.0 2.9 3.1 2.1 .3 .7 2.0 1.1 2.4 2.5 Addenda: Gross domestic purchases: Revised..................................... 2.5 2.3 2.5 2.2 3.2 2.3 1.4 2.5 2.0 2.6 3.0 2.5 Previously published........................ 2.5 2.2 2.4 2.1 3.1 2.4 1.3 2.2 2.4 2.3 3.0 2.0 Revision.................................. .0 .1 .1 .1 .1 -.1 .1 .3 -.4 .3 .0 .5 Final sales of domestic product: Revised..................................... 2.7 2.4 2.5 2.3 3.9 2.1 1.8 2.7 2.5 2.3 2.5 2.6 Previously published........................ 2.6 2.3 2.5 2.2 3.8 2.2 1.7 2.3 2.9 1.9 2.4 2.1 Final sales of domestic purchases: Revised..................................... 2.5 2.3 2.6 2.2 3.2 2.3 1.4 2.5 2.0 2.6 3.0 2.5 Previously published........................ 2.5 2.2 2.4 2.1 3.1 2.4 1.3 2.2 2.4 2.3 3.0 2.0 Gross national product: Revised..................................... 2.6 2.4 2.5 2.3 3.9 2.1 1.8 2.7 2.5 2.2 2.5 2.6 Previously published........................ 2.6 2.3 2.5 2.2 3.8 2.2 1.8 2.3 2.8 1.9 2.4 2.1 ----------------------------------------------------------------------------------------------------------------------------------- Table 14.--Percent Change From Preceding Period in Revised and Previously Published Price Indexes (Chain-type Weights)--Continued ----------------------------------------------------------------------------------------------------------------------------------- Seasonally adjusted at annual rates -------------------------------------------------------------- I 95 II 95 III 95 IV 95 I 96 II 96 III 96 IV 96 I 97 ----------------------------------------------------------------------------------------------------------------------------------- Real gross domestic product: Revised....................................... 3.3 2.1 2.0 2.1 2.8 1.9 2.7 1.9 2.4 Previously published.......................... 3.3 2.4 2.1 2.1 2.3 2.2 2.0 1.9 2.7 Revision.................................... .0 -.3 -.1 .0 .5 -.3 .7 .0 -.3 Personal consumption expenditures: Revised....................................... 2.8 2.4 1.9 1.6 2.6 2.9 2.5 3.0 2.2 Previously published.......................... 2.6 2.7 1.5 1.6 2.4 3.2 1.7 2.8 2.3 Nonresidential fixed investment: Revised....................................... .3 1.6 -.8 -1.1 -1.5 -1.7 -.3 -1.5 -2.0 Previously published.......................... .1 2.6 1.7 -.3 -.2 .1 1.8 .3 -.5 Residential fixed investment: Revised....................................... 5.0 1.7 1.8 2.2 2.0 1.8 5.7 2.6 2.0 Previously published.......................... 2.2 2.6 2.9 2.2 .0 1.3 3.3 2.8 .7 Exports of goods and services: Revised....................................... 4.4 3.4 -2.0 -2.6 -1.5 -1.4 -2.6 -4.3 -1.8 Previously published.......................... 5.5 5.3 .5 -1.0 .2 1.4 -1.8 -2.2 .1 Imports of goods and services: Revised....................................... 1.6 6.9 -4.0 -3.9 -1.9 -1.8 -4.2 .0 -5.3 Previously published.......................... .8 8.6 -2.7 -2.3 .1 .7 -2.0 3.6 -4.1 Federal government consumption expenditures and gross investment: Revised....................................... 5.2 2.6 2.8 8.5 4.7 -1.4 2.1 2.5 4.9 Previously published.......................... 6.0 3.1 1.6 7.4 2.0 -.7 .9 2.2 5.3 State and local government consumption expenditures and gross investment: Revised....................................... 4.0 4.1 2.5 2.5 5.9 .6 3.6 2.5 2.7 Previously published.......................... 4.4 3.3 2.3 2.3 5.4 .0 3.6 2.9 2.4 Addenda: Gross domestic purchases: Revised..................................... 3.0 2.5 1.7 1.9 2.7 1.8 2.4 2.4 1.9 Previously published........................ 2.8 2.8 1.6 1.9 2.3 2.1 1.9 2.6 2.2 Revision.................................. .2 -.3 .1 .0 .4 -.3 .5 -.2 -.3 Final sales of domestic product: Revised..................................... 3.3 2.1 2.1 2.2 2.8 1.9 2.7 1.9 2.5 Previously published........................ 3.3 2.4 2.1 2.1 2.3 2.2 2.0 1.8 2.7 Final sales of domestic purchases: Revised..................................... 3.0 2.5 1.7 1.9 2.7 1.8 2.4 2.4 2.0 Previously published........................ 2.8 2.8 1.7 1.9 2.3 2.1 1.9 2.5 2.2 Gross national product: Revised..................................... 3.3 2.1 2.0 2.2 2.8 1.9 2.6 1.9 2.4 Previously published........................ 3.3 2.4 2.1 2.1 2.3 2.2 2.0 1.9 2.7 ----------------------------------------------------------------------------------------------------------------------------------- Explanatory Note: Measures of Output and Prices Changes in current-dollar GDP measure changes in the market value of goods and services produced in the economy in a particular period. For many purposes, it is necessary to decompose these changes into quantity and price components. This note describes the indexes used by the Bureau of Economic Analysis (BEA) to estimate the quantity and price changes presented in this release and in the related tables that appear in the Survey of Current Business. To compute the quantity indexes, the quantities of individual goods and services are weighted by their prices. (Quantity changes for GDP are often referred to as changes in "real GDP.") For the price indexes, the prices for individual goods and services are weighted by the quantities produced. (In practice, the current-dollar value and price indexes for most GDP components are determined largely using data from federal government surveys. The real values of these components are calculated by deflation at the most detailed level for which all the required data are available.) Except for the most recent period, the annual and quarterly changes in real GDP and prices are "chain-type" measures based on a "Fisher Ideal" formula that incorporates weights from two adjacent years. For example, the 1992-93 percent change in real GDP uses prices for 1992 and 1993 as weights, and the 1992-93 percent change in price uses quantities for 1992 and 1993 as weights. Because the quantity and price index numbers calculated in this way are symmetric, the product of the annual change in real GDP and the annual change in prices equals the annual change in current-dollar GDP. In the most recent period (currently, for quarters beginning with the third quarter of 1996), a variant of the standard quarterly formula is used because only one year's information is available for computing the index number weights. For this period, BEA uses weights from two adjacent quarters to calculate the change from the preceding quarter. BEA also publishes a second measure of the price level, known as the þimplicit price deflator.þ The implicit price deflator is calculated as the ratio of a current-dollar value to the corresponding chained-dollar value multiplied by 100. Its values are very similar to those of the þchain-typeþ price index. The quantity and price indexes and implicit price deflators for GDP and its major components are presented in this release as index numbers in table 4 and in the form of percentage changes from the preceding period in tables 1, 2, 5A and 5B. Table 5A also presents the contributions of the major components to the change in real GDP. In addition, BEA prepares measures of real GDP and its components in a dollar-denominated form, designated "chained (1992) dollar estimates." These estimates, which are presented in tables 2 and 3 of this release, are computed by multiplying the 1992 current-dollar value of GDP, or of a GDP component, by the corresponding quantity index number. For example, if a current-dollar GDP component equaled $100 in 1992 and if real output for this component increased by 10 percent in 1993, then the "chained (1992) dollar" value of this component in 1993 would be $110 ($100 x 1.10). Note that percentage changes in the chained (1992) dollar estimates and the percentage changes calculated from the quantity indexes are identical, except for small differences due to rounding. Because of the formula used for calculating real GDP, the chained (1992) dollar estimates for the detailed GDP components shown in tables 1 and 3 do not add to the chained-dollar value of GDP or to any intermediate aggregates. The "residual" line shown in these tables is the difference between GDP and the sum of the most detailed components shown in each table. For current periods, the residual is small. However, the residual tends to become larger as one moves further from the base period. In such cases, the table of contributions of the major components to the change in real GDP provides a better basis for determining the composition of GDP growth than the chained-dollar estimates. Reference: þBEAþs Chain Indexes, Time Series, and Measures of Long-Term Economic Growth,þ May 1997 Survey of Current Business.