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News Release: Gross Domestic Product

The tables from this news release are available in XLS format and the entire release is available in PDF format.
Also available: a brief summary of highlights.

EMBARGOED UNTIL RELEASE AT 8:30 A.M. EDT, FRIDAY, JULY 30, 2004


Virginia H. Mannering:  (202)       606-5304   (GDP)                   BEA 04-36
Recorded message:       (202)       606-5306

Brent Moulton:          (202)       606-9606   (Annual Revision)
Carol Moylan:           (202)       606-9715

    
                 NATIONAL INCOME AND PRODUCT ACCOUNTS
                  . SECOND QUARTER 2004 GDP (ADVANCE)
                  . REVISED ESTIMATES:  2001 THROUGH FIRST QUARTER 2004



    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 3.0 percent in the second quarter of 2004,
according to advance estimates released by the Bureau of Economic Analysis.  In the first quarter, real
GDP increased 4.5 percent (revised).
 
    The Bureau emphasized that the second-quarter "advance" estimates are based on source data that
are incomplete or subject to further revision by the source agency (see the box on page 3).  The second-
quarter "preliminary" estimates, based on more comprehensive data, will be released on August 27,
2004.


BOX
            The estimates released today reflect revisions in the national income and product accounts 
 (NIPAs) beginning with the first quarter of 2001.  Revisions are usually made each July to incorporate
 source data that are more complete, more detailed, and otherwise more consistent 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 2004 Survey of Current Business will contain NIPA tables and an article describing
 the revisions.  The revised estimates will be available from BEA's Web site (see page 7).

FOOTNOTE.--Quarterly estimates are expressed at seasonally adjusted annual rates, unless otherwise
specified.  Quarter-to-quarter dollar changes are differences between these published estimates.  Percent
changes are calculated from unrounded data and annualized.  "Real" estimates are in chained (2000)
dollars.  Price indexes are chain-type measures.

          This news release is available on BEA's Web site at <www.bea.gov/newsreleases/rels.htm>.

    The major contributors to the increase in real GDP in the second quarter were exports, residential
fixed investment, equipment and software, personal consumption expenditures (PCE), government
spending, and private inventory investment.  Imports, which are a subtraction in the calculation of GDP,
increased.
    
    The deceleration in real GDP growth in the second quarter primarily reflected a sharp deceleration
in PCE and a deceleration in private inventory investment that were partly offset by accelerations in
exports and in residential fixed investment.

    Final sales of computers contributed 0.04 percentage point to the second-quarter change in real
GDP; the contribution to the first-quarter change was 0.00 percentage point.  Motor vehicle output
subtracted 1.01 percentage points from the second-quarter change in real GDP after contributing 0.30
percentage point to the first-quarter change.  

    The price index for gross domestic purchases, which measures prices paid by U.S. residents,
increased 3.5 percent in the second quarter, compared with an increase of 3.4 percent in the first. 
Excluding food and energy prices, the price index for gross domestic purchases increased 2.4 percent in
the second quarter, compared with an increase of 2.5 percent in the first. 

    Real personal consumption expenditures increased 1.0 percent in the second quarter, compared
with an increase of 4.1 percent in the first.  Durable goods purchases decreased 2.5 percent, in contrast to
an increase of 2.2 percent.  Nondurable goods decreased 0.1 percent, in contrast to an increase of 6.7
percent.  Services expenditures increased 2.3 percent, compared with an increase of 3.3 percent.

    Real nonresidential fixed investment increased 8.9 percent in the second quarter, compared with an
increase of 4.2 percent in the first.  Nonresidential structures increased 5.2 percent, in contrast to a
decrease of 7.6 percent.  Equipment and software increased 10.0 percent, compared with an increase of
8.0 percent.  Real residential fixed investment increased 15.4 percent, compared with an increase of 5.0
percent.                                                          

    Real exports of goods and services increased 13.2 percent in the second quarter, compared with an
increase of 7.3 percent in the first.  Real imports of goods and services increased 9.3 percent, compared
with an increase of 10.6 percent.

    Real federal government consumption expenditures and gross investment increased 2.7 percent in
the second quarter, compared with an increase of 7.1 percent in the first.  National defense increased 1.9
percent, compared with an increase of 10.6 percent.  Nondefense increased 4.3 percent, compared with
an increase of 0.2 percent.  Real state and local government consumption expenditures and gross
investment increased 2.1 percent, compared with no change in the first.

    The real change in private inventories added 0.28 percentage point to the second-quarter change in
real GDP, after adding 1.17 percentage points to the first-quarter change.  Private businesses increased
inventories $47.5 billion in the second quarter, following increases of $40.0 billion in the first and $8.6
billion in the fourth quarter of 2003.

    Real final sales of domestic product -- GDP less change in private inventories -- increased 2.8
percent in the second quarter, compared with an increase of 3.3 percent in the first.


Gross domestic purchases

    Real gross domestic purchases -- purchases by U.S. residents of goods and services wherever
produced -- increased 3.0 percent in the second quarter, compared with an increase of 5.0 percent in the
first. 


Disposition of personal income

    Current-dollar personal income increased $149.4 billion (6.5 percent) in the second quarter,
compared with an increase of $135.4 billion (5.9 percent) in the first.  Personal current taxes increased
$19.9 billion, compared with an increase of $1.0 billion.

    Disposable personal income increased $129.5 billion in the second quarter, compared with an
increase of $134.5 billion in the first.  Real disposable personal income increased 2.9 percent, compared
with an increase of 3.2 percent.

    Personal outlays increased $90.9 billion (4.4 percent) in the second quarter, compared with an
increase of $142.2 billion (7.1 percent) in the first.  Personal saving -- disposable personal income less
personal outlays -- was $142.0 billion in the second quarter, compared with $103.4 billion in the first. 
The personal saving rate -- saving as a percentage of disposable personal income -- increased from 1.2
percent in the first quarter to 1.7 percent in the second.


Current-dollar GDP

    Current-dollar GDP   the market value of the nation's output of goods and services -- increased 6.3
percent, or $176.7 billion, in the second quarter to a level of $11,649.3 billion.  In the first quarter,
current-dollar GDP increased 7.4 percent, or $201.7 billion.


BOX
    Information on the assumptions used for unavailable source data is provided in a technical note
that is posted with the news release on BEA's Web site.  Within a few days after the release, a detailed
"Key Source Data and Assumptions" file is posted on the Web site.  In the middle of each month, an
analysis of the current quarterly estimates of GDP and related series is made available on the Web site;
click on Survey of Current Business, "Business Situation."  



        Revision of the National Income and Product Accounts

    The revised estimates, which begin with 2001, reflect the results of the regular annual revision of
the national income and product accounts (NIPAs).  These revisions, usually made each July, incorporate
newly available and more comprehensive source data, as well as improved estimating methodologies. 
Because of the additional data shown, tables 3, 11, and 12 are each divided into two separate tables -- 3A
and 3B, 11A and 11B, and 12A and 12B.

    There are also a number of special tables that compare the revised and previously published
estimates for selected periods:  Table 1A shows the percent change in real GDP and related measures;
table 1B shows revisions to current-dollar GDP, to national income, and to disposition of personal
income; table 2A shows contributions to the percent change in real GDP; table 4A shows the percent
change in the chain-type price indexes for GDP and related measures; and table 12C shows revisions to
corporate profits by industry.

    This section of the release discusses the highlights of the revisions and describes their sources.

Summary of major revisions

.   From 2000 to 2003, real GDP grew at an average annual rate of 1.9 percent, the same as in the
    previously published estimates.  The average annual rate of growth of real GDP from 2000:IV to
    2004:I is unchanged at 2.5 percent.  Revisions to year-to-year growth rates were small.

.   The 2001 downturn and the subsequent recovery are both milder than previously estimated.  In the
    previously published estimates, real GDP peaked in the fourth quarter of 2000 and then decreased
    in each of the next three quarters; in the revised estimates, real GDP decreased in the first quarter
    of 2001 but increased in the second -- to a level higher than in the fourth quarter of 2000 -- before
    decreasing again in the third quarter.  From the fourth quarter of 2000 to the third quarter of 2001,
    the revised estimates show that real GDP decreased at an annual rate of 0.2 percent; the previously
    published estimates showed a decrease of 0.7 percent.  From the third quarter of 2001 to the first
    quarter of 2004, the revised estimates show that real GDP increased at an average annual rate of
    3.3 percent; the previously published estimates showed an average increase of 3.4 percent.

.   The decline in real GDP from the second quarter of 2001 to the third quarter of 2001 is 0.4 percent
    (not at an annual rate).  The total decline in the previously published estimates from the previous
    peak in the fourth quarter of 2000 to the third quarter of 2001 had been 0.5 percent (not at an
    annual rate).

.   The largest quarterly revisions to the percent change in real GDP were for the second quarter of
    2001 (from -0.6 percent to + 1.2 percent), for the first quarter of 2002 (from 4.7 percent to 3.4
    percent), and for the second quarter of 2003 (from 3.1 percent to 4.1 percent).  For the 13 quarters
    from 2001:I to 2004:I the average revision (without regard to sign) was 0.6 percentage point.

.   The average annual rate of growth of real disposable personal income from 2000 to 2003 was
    revised from 2.7 percent to 2.4 percent.

    
Revisions to 2001-2003 estimates

    The percent change from the preceding year in real GDP was revised up from 0.5 percent to 0.8
percent for 2001, was revised down from 2.2 percent to 1.9 percent for 2002, and was revised down
from 3.1 percent to 3.0 percent for 2003.                 

    For 2001, the largest contributor to the upward revision to real GDP growth was state and local
consumption expenditures and gross investment, but most other components also contributed.  For 2002,
the largest contributors to the downward revision were fixed investment in equipment and software,
personal consumption expenditures (PCE) for services, and PCE for nondurable goods; the contributions
of these components were partly offset by an upward revision to state and local consumption
expenditures and gross investment.  For 2003, the slight downward revision was attributable to generally
small and mostly offsetting revisions to many components.

    The percent change from fourth quarter to fourth quarter in real GDP was revised up from 0.0
percent to 0.2 percent for 2001, was revised down from 2.8 percent to 2.3 percent for 2002, and was
revised up from 4.3 percent to 4.4 percent for 2003. 

    The percent change from the preceding year in the price index for gross domestic purchases was
unrevised at 2.0 percent for 2001, was revised up from 1.4 percent to 1.5 percent for 2002, and was
revised up from 1.9 percent to 2.0 percent for 2003.  For the quarters of 2001 to 2003, the percent change
in the price index was revised up for eight quarters, was revised down for one quarter (0.1 percentage
point for the third quarter of 2003), and was unchanged for three quarters; the largest upward revision
was 0.3 percentage point (first quarter of 2003).

    Current-dollar GDP was revised up $27.2 billion, or 0.3 percent, for 2001; was revised up $6.2
billion, or 0.1 percent, for 2002; and was revised up $16.1 billion, or 0.1 percent, for 2003.  The percent
change from the preceding year was revised up from 2.9 percent to 3.2 percent for 2001, was revised
down from 3.8 percent to 3.5 percent for 2002, and was revised up from 4.8 percent to 4.9 percent for
2003.  Current-dollar GNP (GDP plus net income receipts from the rest of the world) was revised up
$35.7 billion, or 0.4 percent, for 2001; was revised up $11.8 billion, or 0.1 percent, for 2002; and was
revised up $27.6 billion, or 0.3 percent, for 2003.  Net income receipts was revised up for all 3 years:
$8.4 billion for 2001, $5.6 billion for 2002, and $11.4 billion for 2003.  The revisions to net income
receipts -- which affect GNP, national income, corporate profits, net interest and miscellaneous
payments, and personal interest income -- stem from the revisions to BEA's international transactions
accounts (ITAs) that were released in June.  Although the revisions to the ITAs extended back to 1989,
the revisions prior to 2001 are not incorporated into the NIPA's at this time.  (An article describing the
revisions to the ITAs was published in the July 2004 issue of the Survey of Current Business.)

    National income was revised down $1.4 billion, or less than 0.1 percent, for 2001; was revised
down $65.4 billion, or 0.7 percent, for 2002; and was revised down $28.2 billion, or 0.3 percent, for
2003.  For both 2002 and 2003, downward revisions to net interest and miscellaneous payments, to
corporate profits, to nonfarm proprietors' income, and to business current transfer payments (net) more
than offset upward revisions to supplements to wages and salaries. 

    Corporate profits from current production -- profits before tax with inventory valuation and capital
consumption adjustments -- was revised down for all 3 years: $3.1 billion, or 0.4 percent, for 2001;
$29.6 billion, or 3.3 percent, for 2002; and $48.8 billion, or 4.6 percent, for 2003.  For all 3 years,
downward revisions to the capital consumption adjustment more than offset upward revisions to profits
before tax.  For all 3 years, downward revisions to profits of domestic nonfinancial corporations more
than offset upward revisions to profits of domestic financial corporations and to profits from the rest of
the world.

    Personal income was revised up $11.0 billion, or 0.1 percent, for 2001; was revised down $31.4
billion, or 0.4 percent, for 2002; and was revised down $46.2 billion, or 0.5 percent, for 2003.  For 2001,
upward revisions to personal interest income and to nonfarm proprietors' income more than offset a
downward revision to farm proprietors' income.  For 2002 and 2003, downward revisions to personal
income receipts on assets, to nonfarm proprietors' income, and to personal current transfer receipts more
than offset upward revisions to supplements to wages and salaries.

    Disposable personal income (DPI) (personal income less personal current taxes) was revised up
$17.4 billion, or 0.2 percent, for 2001; was revised down $29.5 billion, or 0.4 percent, for 2002; and was
revised down $56.6 billion, or 0.7 percent, for 2003.  The revisions were roughly similar to those to
personal income, reflecting relatively small revisions to personal current taxes.  Personal current taxes
was revised down $6.4 billion for 2001, was revised down $1.9 billion for 2002, and was revised up
$10.5 billion for 2003.  The percent change from the preceding year in real DPI was revised up from 1.8
percent to 1.9 percent for 2001, was revised down from 3.8 percent to 3.1 percent for 2002, and was
revised down from 2.7 percent to 2.3 percent for 2003.

    Personal outlays was revised up $12.3 billion for 2001, was revised down $5.5 billion for 2002,
and was revised up $6.3 billion for 2003.  Revisions to PCE accounted for most of the 2001 revision and
more than accounted for the 2002 revision.  The 2003 revision was accounted for by revisions to PCE
and to personal current transfer payments.  The personal saving rate (personal saving as a percentage of
DPI) was revised up from 1.7 percent to 1.8 percent for 2001, was revised down from 2.3 percent to 2.0
percent for 2002, and was revised down from 2.1 percent to 1.4 percent for 2003.

    The statistical discrepancy is current-dollar GDP less current-dollar gross domestic income (GDI). 
It arises because most components of GDP and of GDI are estimated independently.  GDP measures
final expenditures -- the sum of consumer spending, private investment, net exports, and government
spending.  GDI measures the incomes earned in the 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.

    As a result of the annual revision, the statistical discrepancy as a percentage of GDP was revised
from -1.1 percent to -0.9 percent for 2001, from -0.7 percent to -0.1 percent for 2002, and from +0.1
percent to +0.2 percent for 2003.  The revisions to the discrepancy for 2001 and 2003 reflected larger
upward revisions to GDP than to GDI.  For 2002, the revision to the discrepancy mainly reflected a
downward revision to GDI.

New source data 

    The annual revision incorporated data from the following major federal statistical sources:
Preliminary results from the 2002 Economic Census; Census Bureau annual surveys of merchant
wholesale trade and of retail trade for 2002 and revised monthly indicators for 2001-2003 of merchant
wholesale trade and of retail trade; Census Bureau annual surveys of services for 2002 (revised) and
2003 (preliminary), and of state and local governments for 2001 (revised) and 2002 (preliminary);
Census Bureau monthly survey of construction put-in-place for 2001-2003 (revised); federal government
budget data for fiscal years 2003 and 2004; Internal Revenue Service tabulations of tax returns for
corporations for 2001 (revised) and 2002 (preliminary) and for sole proprietorships and partnerships for
2002; Bureau of Labor Statistics quarterly census of employment and wages for 2003 (revised);
Department of Agriculture farm statistics for 2001-2003; and BEA's ITAs for 2001-2003 (revised).  A
table showing the major current-dollar revisions and their sources for each component of GDP, national
income, and personal income will be published in the August 2004 issue of the Survey of Current
Business.


    BEA's major national, international, regional, and industry estimates; the Survey of Current
Business; and BEA news releases are available without charge on BEA's Web site:

                             <www.bea.gov>

    Summary BEA estimates are available on recorded messages at the time of public release at the
following telephone numbers:
    
               (202) 606-5306     Gross domestic product
               (202) 606-5303     Personal income and outlays
               (202) 606-5362     U.S. international transactions
    

    Most of BEA's estimates and analyses are published in the Survey of Current Business, BEA's
monthly journal.  Subscriptions and single copies of the printed Survey are for sale by the
Superintendent of Documents, U.S. Government Printing Office.  Internet:  <bookstore.gpo.gov>;
phone: 202-512-1800; fax: 202-512-2250; mail: Stop SSOP, Washington, DC 20402-0001.
                        
                        *          *          *
                     
            Next release -- August 27, 2004, at 8:30 A.M. EDT for:
            Gross Domestic Product:  Second Quarter 2004 (Preliminary)
            Corporate Profits:  Second Quarter 2004
                    

                        
                                    Table 1.--Real Gross Domestic Product and Related Measures: Percent Change From Preceding Period
                                                             [Quarters seasonally adjusted at annual rates]
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                       2000   2001   2002   2003  IV 00   I 01  II 01 III 01  IV 01   I 02  II 02 III 02  IV 02   I 03  II 03 III 03  IV 03   I 04  II 04
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
       Gross domestic product (GDP).    3.7     .8    1.9    3.0    2.1    -.5    1.2   -1.4    1.6    3.4    2.4    2.6     .7    1.9    4.1    7.4    4.2    4.5    3.0

Personal consumption expenditures...    4.7    2.5    3.1    3.3    3.4    1.7    1.0    1.8    7.0    1.8    2.8    2.9    2.5    2.7    3.9    5.0    3.6    4.1    1.0
  Durable goods.....................    7.3    4.3    6.5    7.4     .7    6.7    -.3    3.1   37.4   -8.5    4.4   14.0   -2.4    -.1   20.6   16.5    3.9    2.2   -2.5
  Nondurable goods..................    3.8    2.0    2.6    3.7    3.7     .5    -.1    2.4    4.9    3.8     .8    -.6    5.3    5.0    1.6    6.9    5.1    6.7    -.1
  Services..........................    4.5    2.4    2.6    2.2    3.9    1.1    1.8    1.2    2.3    3.3    3.5    2.4    2.2    2.1    1.8    1.9    2.8    3.3    2.3

Gross private domestic investment...    5.7   -7.9   -2.4    4.4   -2.3  -13.6   -7.6  -10.5  -22.7   16.8     .3    4.1    -.5    -.8    3.5   22.4   13.9   12.3   12.8
  Fixed investment..................    6.5   -3.0   -4.9    5.1     .7   -2.6   -8.7   -4.5  -10.6   -4.3   -3.5     .2    -.8    2.4   10.9   18.0   10.5    4.5   11.1
    Nonresidential..................    8.7   -4.2   -8.9    3.3     .9   -4.2  -13.6   -6.8  -13.3   -9.7   -9.6   -1.1   -3.2    -.1   11.8   15.7   11.0    4.2    8.9
      Structures....................    6.8   -2.3  -17.8   -5.6    1.2   -8.3   -4.0    6.0  -33.2  -18.5  -22.6  -16.0   -6.6  -13.0   14.5   -1.3    7.9   -7.6    5.2
      Equipment and software........    9.4   -4.9   -5.5    6.4     .8   -2.8  -16.9  -11.4   -4.2   -6.3   -4.5    4.6   -2.0    4.5   11.0   21.7   12.0    8.0   10.0
    Residential.....................     .8     .4    4.8    8.8     .4    2.2    5.6    1.8   -3.7    9.3   11.3    2.8    4.2    7.5    9.1   22.4    9.6    5.0   15.4
  Change in private inventories.....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....

Net exports of goods and services...  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....
  Exports...........................    8.7   -5.4   -2.3    1.9   -2.7   -5.3  -12.7  -18.2  -10.8    4.7   11.0    3.1   -4.2   -1.5   -1.6   11.3   17.5    7.3   13.2
    Goods...........................   11.2   -6.1   -4.1    2.2   -5.4   -5.4  -17.1  -20.0   -8.8   -1.9   14.0    2.9  -10.2    4.0    -.8   10.1   16.1    9.1   14.6
    Services........................    2.9   -3.7    1.8    1.4    4.4   -5.0    -.7  -13.7  -15.3   21.7    4.5    3.5   10.5  -12.7   -3.4   14.1   20.6    3.4   10.0
  Imports...........................   13.1   -2.7    3.4    4.4   -1.6   -3.7  -12.6  -10.3   -3.4   12.5   11.4    5.4    9.6   -2.0    2.5    2.8   17.1   10.6    9.3
    Goods...........................   13.5   -3.2    3.7    4.7   -1.6   -3.4  -16.9   -8.6   -2.0   10.1   15.3    5.9    8.2   -1.8    5.1     .0   18.4   12.7    8.7
    Services........................   11.1    -.3    1.9    3.1   -1.9   -5.0   12.8  -18.3  -10.4   24.7   -5.8    2.8   16.6   -2.6   -9.4   17.9   11.1    1.2   12.7

Government consumption expenditures
 and gross investment...............    2.1    3.4    4.4    2.8    1.3    5.3    7.9   -1.5    8.5    4.7    4.4    2.1    4.0     .2    7.2     .1    1.6    2.5    2.3
  Federal...........................     .9    3.9    7.5    6.6   -1.0    8.1    9.1     .0    8.8    8.2   12.8    2.9    9.1     .3   22.1   -3.3    4.8    7.1    2.7
    National defense................    -.5    3.9    7.7    9.0    1.7    7.0    4.3    2.4   12.5    5.8   11.5    3.4   13.5   -2.7   38.4   -7.7   11.6   10.6    1.9
    Nondefense......................    3.5    3.9    7.1    2.4   -5.7   10.1   18.0   -3.9    2.3   12.6   15.0    1.9    1.6    6.2   -3.9    5.8   -7.5     .2    4.3
  State and local...................    2.7    3.2    2.8     .7    2.5    4.0    7.2   -2.3    8.4    2.9     .3    1.7    1.4     .1    -.4    2.2    -.1     .0    2.1

Addenda:
  Final sales of domestic product...    3.8    1.6    1.4    3.1    2.6    1.6    1.0    -.4    3.8     .3    1.8    2.0     .7    2.4    5.2    6.8    3.7    3.3    2.8
  Gross domestic purchases..........    4.4     .9    2.5    3.3    2.1    -.4     .7    -.8    2.2    4.4    2.8    2.9    2.4    1.7    4.4    6.4    4.7    5.0    3.0
  Final sales to domestic
   purchasers.......................    4.5    1.8    2.1    3.4    2.6    1.5     .5     .2    4.3    1.4    2.2    2.4    2.3    2.2    5.4    5.9    4.2    3.9    2.7
  Gross national product (GNP)......    3.7     .8    1.7    3.3    3.0   -1.1    1.5   -2.5    3.9    1.4    2.1    3.0    1.4    1.7    4.4    7.6    5.5    3.9  .....
  Disposable personal income........    4.8    1.9    3.1    2.3     .6    1.3   -1.7   11.5   -5.6   10.8    2.7   -1.7     .2    1.8    4.3    8.2    1.4    3.2    2.9

  Current-dollar measures:
    GDP.............................    5.9    3.2    3.5    4.9    3.8    2.8    4.4     .2    3.6    4.5    4.2    3.9    2.7    4.9    5.3    8.8    5.7    7.4    6.3
    Final sales of domestic product.    6.1    4.1    3.1    5.1    4.5    4.9    4.2    1.2    5.5    1.7    3.3    3.7    2.7    5.3    6.3    8.4    5.4    6.1    6.0
    Gross domestic purchases........    7.0    2.9    4.0    5.4    3.7    2.2    3.0     .2    3.1    5.3    5.6    4.4    4.3    5.7    4.8    8.1    5.9    8.6    6.5
    Final sales to domestic
     purchasers.....................    7.2    3.8    3.6    5.5    4.4    4.3    2.8    1.2    4.9    2.6    4.7    4.2    4.3    6.0    5.8    7.7    5.7    7.4    6.2
    GNP.............................    6.0    3.2    3.4    5.2    4.7    2.1    4.6    -.8    6.0    2.4    3.9    4.3    3.4    4.6    5.6    9.0    7.0    6.8  .....
    Disposable personal income......    7.5    4.1    4.6    4.2    2.4    4.6     .8   12.1   -5.0   11.8    5.7     .2    1.5    5.1    5.0    9.9    2.6    6.6    6.3
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
  See "Explanatory Note" at the end of the tables.

                                Table 1A.--Real Gross Domestic Product and Related Measures: Percent Change From Preceding Period
                                                          [Quarters seasonally adjusted at annual rates]
------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                       2000   2001   2002   2003  IV 00   I 01  II 01 III 01  IV 01   I 02  II 02 III 02  IV 02   I 03  II 03 III 03  IV 03   I 04
------------------------------------------------------------------------------------------------------------------------------------------------------------------
       Gross domestic product (GDP).    3.7     .8    1.9    3.0    2.1    -.5    1.2   -1.4    1.6    3.4    2.4    2.6     .7    1.9    4.1    7.4    4.2    4.5
         Previously published.......    3.7     .5    2.2    3.1    2.1    -.2    -.6   -1.3    2.0    4.7    1.9    3.4    1.3    2.0    3.1    8.2    4.1    3.9

Personal consumption expenditures...    4.7    2.5    3.1    3.3    3.4    1.7    1.0    1.8    7.0    1.8    2.8    2.9    2.5    2.7    3.9    5.0    3.6    4.1
  Previously published..............    4.7    2.5    3.4    3.1    3.4     .5    2.3    1.9    6.2    4.1    2.6    2.0    2.2    2.5    3.3    6.9    3.2    3.8
  Durable goods.....................    7.3    4.3    6.5    7.4     .7    6.7    -.3    3.1   37.4   -8.5    4.4   14.0   -2.4    -.1   20.6   16.5    3.9    2.2
    Previously published............    7.3    4.1    6.5    7.4     .7    1.7    9.8     .7   27.3    1.6     .5    5.0     .3     .5   17.7   28.0     .7   -3.7
  Nondurable goods..................    3.8    2.0    2.6    3.7    3.7     .5    -.1    2.4    4.9    3.8     .8    -.6    5.3    5.0    1.6    6.9    5.1    6.7
    Previously published............    3.8    1.9    3.0    3.8    3.7     .4   -1.1    2.9    4.7    6.1     .4     .2    4.6    5.7    1.2    7.3    5.4    6.9
  Services..........................    4.5    2.4    2.6    2.2    3.9    1.1    1.8    1.2    2.3    3.3    3.5    2.4    2.2    2.1    1.8    1.9    2.8    3.3
    Previously published............    4.5    2.4    3.0    2.0    3.9     .3    2.4    1.6    2.8    3.8    4.1    2.2    1.5    1.5    1.7    2.8    2.8    3.9

Gross private domestic investment...    5.7   -7.9   -2.4    4.4   -2.3  -13.6   -7.6  -10.5  -22.7   16.8     .3    4.1    -.5    -.8    3.5   22.4   13.9   12.3
  Previously published..............    5.7   -8.4   -1.2    4.2   -2.3  -11.1  -16.4   -8.5  -17.7   11.1    4.6   11.4    -.6   -3.5    4.7   14.8   14.9    9.4
  Fixed investment..................    6.5   -3.0   -4.9    5.1     .7   -2.6   -8.7   -4.5  -10.6   -4.3   -3.5     .2    -.8    2.4   10.9   18.0   10.5    4.5
    Previously published............    6.5   -3.2   -3.7    4.4     .7   -2.7   -9.2   -5.2  -10.8   -2.5     .6     .6    2.1    1.1    6.1   15.8    9.9    5.0
    Nonresidential..................    8.7   -4.2   -8.9    3.3     .9   -4.2  -13.6   -6.8  -13.3   -9.7   -9.6   -1.1   -3.2    -.1   11.8   15.7   11.0    4.2
      Previously published..........    8.7   -4.5   -7.2    3.0     .9   -4.5  -13.6   -8.4  -14.0   -7.0   -3.0   -1.1    -.1    -.6    7.0   12.8   10.9    5.3
      Structures....................    6.8   -2.3  -17.8   -5.6    1.2   -8.3   -4.0    6.0  -33.2  -18.5  -22.6  -16.0   -6.6  -13.0   14.5   -1.3    7.9   -7.6
        Previously published........    6.8   -2.5  -18.4   -4.6    1.2   -5.9   -5.6    2.2  -35.3  -23.9  -14.5  -14.6   -5.6   -4.0    3.9   -1.8   -1.4   -7.4
      Equipment and software........    9.4   -4.9   -5.5    6.4     .8   -2.8  -16.9  -11.4   -4.2   -6.3   -4.5    4.6   -2.0    4.5   11.0   21.7   12.0    8.0
        Previously published........    9.4   -5.2   -2.8    5.5     .8   -4.0  -16.4  -12.2   -4.1    -.2    1.2    3.7    1.7     .5    8.0   17.6   14.9    9.2
    Residential.....................     .8     .4    4.8    8.8     .4    2.2    5.6    1.8   -3.7    9.3   11.3    2.8    4.2    7.5    9.1   22.4    9.6    5.0
      Previously published..........     .8     .4    4.9    7.5     .4    2.6    3.7    3.1   -2.5    8.7    8.9    4.2    6.8    4.5    4.5   21.9    7.9    4.6
  Change in private inventories.....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....

Net exports of goods and services...  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....
  Exports...........................    8.7   -5.4   -2.3    1.9   -2.7   -5.3  -12.7  -18.2  -10.8    4.7   11.0    3.1   -4.2   -1.5   -1.6   11.3   17.5    7.3
    Previously published............    8.7   -5.2   -2.4    2.0   -2.7   -4.5  -13.4  -17.7   -9.8    4.4    8.7    4.3   -3.7   -2.0   -1.1    9.9   20.5    7.5
    Goods...........................   11.2   -6.1   -4.1    2.2   -5.4   -5.4  -17.1  -20.0   -8.8   -1.9   14.0    2.9  -10.2    4.0    -.8   10.1   16.1    9.1
      Previously published..........   11.2   -6.1   -4.0    1.9   -5.4   -5.4  -18.1  -18.9   -7.6   -2.6   12.0    4.3   -9.1    1.9   -1.7    8.6   21.3    9.4
    Services........................    2.9   -3.7    1.8    1.4    4.4   -5.0    -.7  -13.7  -15.3   21.7    4.5    3.5   10.5  -12.7   -3.4   14.1   20.6    3.4
      Previously published..........    2.9   -3.1    1.4    2.3    4.4   -2.0    -.6  -14.7  -15.0   22.8    1.6    4.5    9.4  -10.1     .2   12.7   18.9    3.3
  Imports...........................   13.1   -2.7    3.4    4.4   -1.6   -3.7  -12.6  -10.3   -3.4   12.5   11.4    5.4    9.6   -2.0    2.5    2.8   17.1   10.6
    Previously published............   13.1   -2.6    3.3    4.0   -1.6   -6.2   -8.6  -10.8   -3.8    8.4   17.1    4.1    8.2   -6.8    9.1     .8   16.4   10.4
    Goods...........................   13.5   -3.2    3.7    4.7   -1.6   -3.4  -16.9   -8.6   -2.0   10.1   15.3    5.9    8.2   -1.8    5.1     .0   18.4   12.7
      Previously published..........   13.5   -3.2    3.7    4.8   -1.6   -6.8  -12.2   -9.2   -3.2    6.3   21.9    4.8    7.4   -6.6   13.7   -1.5   18.3   12.2
    Services........................   11.1    -.3    1.9    3.1   -1.9   -5.0   12.8  -18.3  -10.4   24.7   -5.8    2.8   16.6   -2.6   -9.4   17.9   11.1    1.2
      Previously published..........   11.1     .4    1.4    -.1   -1.9   -3.1   12.5  -18.2   -6.9   19.2   -3.6     .7   12.2   -7.5  -10.9   13.4    7.5    1.9

Government consumption expenditures
 and gross investment...............    2.1    3.4    4.4    2.8    1.3    5.3    7.9   -1.5    8.5    4.7    4.4    2.1    4.0     .2    7.2     .1    1.6    2.5
   Previously published.............    2.1    2.8    3.8    3.3    1.3    5.8    5.8   -4.1    7.4    4.6    4.0    2.5    7.1    -.4    7.4    1.8    -.1    3.0
  Federal...........................     .9    3.9    7.5    6.6   -1.0    8.1    9.1     .0    8.8    8.2   12.8    2.9    9.1     .3   22.1   -3.3    4.8    7.1
    Previously published............     .9    3.7    7.9    8.7   -1.0    8.9    6.7     .0    9.9    8.4   10.5    3.9   18.2    -.2   23.5    1.2     .7    8.5
    National defense................    -.5    3.9    7.7    9.0    1.7    7.0    4.3    2.4   12.5    5.8   11.5    3.4   13.5   -2.7   38.4   -7.7   11.6   10.6
      Previously published..........    -.5    3.9    8.9   10.6    1.7    7.7    2.6    2.4   14.2    8.2    9.5    4.5   22.1   -5.6   41.9   -1.3    3.0   13.2
    Nondefense......................    3.5    3.9    7.1    2.4   -5.7   10.1   18.0   -3.9    2.3   12.6   15.0    1.9    1.6    6.2   -3.9    5.8   -7.5     .2
      Previously published..........    3.5    3.5    6.2    5.3   -5.7   11.2   14.4   -4.3    2.6    8.7   12.2    2.9   11.4   10.5   -5.0    6.5   -3.7    -.3
  State and local...................    2.7    3.2    2.8     .7    2.5    4.0    7.2   -2.3    8.4    2.9     .3    1.7    1.4     .1    -.4    2.2    -.1     .0
    Previously published............    2.7    2.2    1.8     .5    2.5    4.3    5.3   -6.1    6.1    2.7     .7    1.7    1.5    -.5    -.8    2.1    -.5    -.3

Addenda:
  Final sales of domestic product...    3.8    1.6    1.4    3.1    2.6    1.6    1.0    -.4    3.8     .3    1.8    2.0     .7    2.4    5.2    6.8    3.7    3.3
    Previously published............    3.8    1.4    1.8    3.2    2.6    1.4     .7    -.7    3.2    2.6    1.3    1.8    1.7    2.7    3.3    8.3    3.4    3.2
  Gross domestic purchases..........    4.4     .9    2.5    3.3    2.1    -.4     .7    -.8    2.2    4.4    2.8    2.9    2.4    1.7    4.4    6.4    4.7    5.0
    Previously published............    4.4     .7    2.8    3.3    2.1    -.7    -.4    -.8    2.4    5.2    3.1    3.4    2.7    1.1    4.3    7.0    4.3    4.4
  Final sales to domestic
   purchasers.......................    4.5    1.8    2.1    3.4    2.6    1.5     .5     .2    4.3    1.4    2.2    2.4    2.3    2.2    5.4    5.9    4.2    3.9
     Previously published...........    4.5    1.6    2.4    3.4    2.6     .9     .9    -.3    3.6    3.2    2.5    1.8    3.1    1.8    4.5    7.2    3.6    3.8
  Gross national product (GNP)......    3.7     .8    1.7    3.3    3.0   -1.1    1.5   -2.5    3.9    1.4    2.1    3.0    1.4    1.7    4.4    7.6    5.5    3.9
    Previously published............    3.7     .5    2.1    3.3    3.0   -1.3    -.6   -1.9    4.6    2.6    1.3    3.8    2.0    1.5    3.3    8.3    5.5    3.4
  Disposable personal income........    4.8    1.9    3.1    2.3     .6    1.3   -1.7   11.5   -5.6   10.8    2.7   -1.7     .2    1.8    4.3    8.2    1.4    3.2
    Previously published............    4.8    1.8    3.8    2.7     .6    -.3   -1.4   12.2   -4.4   10.6    4.1    -.9     .6    2.4    4.9    6.8    1.2    4.9

  Current-dollar measures:
    GDP.............................    5.9    3.2    3.5    4.9    3.8    2.8    4.4     .2    3.6    4.5    4.2    3.9    2.7    4.9    5.3    8.8    5.7    7.4
      Previously published..........    5.9    2.9    3.8    4.8    3.8    2.9    2.6     .3    3.9    5.4    3.9    4.4    3.1    4.3    4.2   10.0    5.7    6.9
    Final sales of domestic product.    6.1    4.1    3.1    5.1    4.5    4.9    4.2    1.2    5.5    1.7    3.3    3.7    2.7    5.3    6.3    8.4    5.4    6.1
      Previously published..........    6.1    3.9    3.3    4.9    4.5    4.5    4.0     .9    4.8    3.8    2.8    3.3    3.5    5.1    4.4   10.1    5.0    6.2
    Gross domestic purchases........    7.0    2.9    4.0    5.4    3.7    2.2    3.0     .2    3.1    5.3    5.6    4.4    4.3    5.7    4.8    8.1    5.9    8.6
      Previously published..........    7.0    2.7    4.2    5.3    3.7    1.9    1.9     .2    3.3    5.8    6.1    4.6    4.5    4.5    4.7    8.9    5.7    8.1
    Final sales to domestic
     purchasers.....................    7.2    3.8    3.6    5.5    4.4    4.3    2.8    1.2    4.9    2.6    4.7    4.2    4.3    6.0    5.8    7.7    5.7    7.4
       Previously published.........    7.2    3.6    3.8    5.4    4.4    3.5    3.3     .7    4.1    4.2    5.0    3.5    4.8    5.3    4.8    9.1    5.0    7.5
    GNP.............................    6.0    3.2    3.4    5.2    4.7    2.1    4.6    -.8    6.0    2.4    3.9    4.3    3.4    4.6    5.6    9.0    7.0    6.8
      Previously published..........    6.0    2.8    3.6    5.0    4.7    1.8    2.5    -.3    6.5    3.3    3.3    4.9    3.9    3.9    4.4   10.1    7.1    6.3
    Disposable personal income......    7.5    4.1    4.6    4.2    2.4    4.6     .8   12.1   -5.0   11.8    5.7     .2    1.5    5.1    5.0    9.9    2.6    6.6
      Previously published..........    7.5    3.8    5.2    4.6    2.4    2.9    1.1   12.8   -4.1   11.4    7.2    1.1    2.3    5.3    5.4    8.7    2.2    8.3
------------------------------------------------------------------------------------------------------------------------------------------------------------------
  See "Explanatory Note" at the end of the tables.

       Table 1B.--Revisions to Current-Dollar Gross Domestic Product, National Income, and Disposition of Personal Income
---------------------------------------------------------------------------------------------------------------------------------
                                                               Billions of dollars
                                             ------------------------      ------------------------           Revisions as
                                                      Revised                   Revisions to                   percent of
                                                     estimates                   previously                    previously
                                                                                 published                     published
                                             ------------------------      ------------------------      ------------------------
                                             2001      2002      2003      2001      2002      2003      2001      2002      2003
---------------------------------------------------------------------------------------------------------------------------------

    Gross domestic product (GDP).......  10,128.0  10,487.0  11,004.0      27.2       6.2      16.1        .3        .1        .1

Personal consumption expenditures......   7,055.0   7,376.1   7,760.9       9.6      -9.2       3.5        .1       -.1        .0
  Durable goods........................     883.7     916.2     950.7       1.8       4.9       9.1        .2        .5       1.0
  Nondurable goods.....................   2,017.1   2,080.1   2,200.1       3.5      -5.9      -9.6        .2       -.3       -.4
  Services.............................   4,154.3   4,379.8   4,610.1       4.5      -8.2       3.9        .1       -.2        .1

Gross private domestic investment......   1,614.3   1,579.2   1,665.8       7.1     -10.0      -4.8        .4       -.6       -.3
  Fixed investment.....................   1,646.1   1,568.0   1,667.0       2.7     -15.9      -6.0        .2      -1.0       -.4
    Nonresidential.....................   1,176.8   1,063.9   1,094.7       2.7     -16.3     -15.9        .2      -1.5      -1.4
      Structures.......................     322.6     271.6     261.6        .5       5.3       2.4        .2       2.0        .9
      Equipment and software...........     854.2     792.4     833.1       2.2     -21.5     -18.2        .3      -2.6      -2.1
    Residential........................     469.3     504.1     572.3        .1        .4       9.9        .0        .1       1.8
  Change in private inventories........     -31.7      11.2      -1.2       4.4       5.8       1.2     .....     .....     .....

Net exports of goods and services......    -367.0    -424.9    -498.1       -.5       1.4      -3.1     .....     .....     .....
  Exports..............................   1,032.8   1,005.0   1,046.2      -2.3      -1.8      -2.7       -.2       -.2       -.3
    Goods..............................     731.2     697.0     726.4       -.3       -.8        .9        .0       -.1        .1
    Services...........................     301.6     308.0     319.8      -2.0      -1.1      -3.6       -.7       -.4      -1.1
  Imports..............................   1,399.8   1,429.9   1,544.3      -1.9      -3.2        .5       -.1       -.2        .0
    Goods..............................   1,167.9   1,189.6   1,282.0       -.1       -.7      -1.3        .0       -.1       -.1
    Services...........................     231.9     240.2     262.3      -1.7      -2.5       1.8       -.7      -1.0        .7

Government consumption expenditures
 and gross investment..................   1,825.6   1,956.6   2,075.5      10.9      24.1      20.7        .6       1.2       1.0
  Federal..............................     612.9     680.8     752.2        .0       1.3      -5.0        .0        .2       -.7
    National defense...................     392.6     437.4     496.4       -.4       -.9       -.9       -.1       -.2       -.2
    Nondefense.........................     220.3     243.4     255.7        .4       2.2      -4.2        .2        .9      -1.6
  State and local......................   1,212.8   1,275.8   1,323.3      11.0      22.7      25.7        .9       1.8       2.0

Relation of GDP and National Income

Gross domestic product.................  10,128.0  10,487.0  11,004.0      27.2       6.2      16.1        .3        .1        .1

Plus: Income receipts
 from the rest of the world............     322.4     301.8     329.0       3.4       2.7      11.7       1.1        .9       3.7
Less: Income payments to
 the rest of the world.................     278.8     274.7     273.9      -5.0      -2.9        .3      -1.8      -1.0        .1

Equals: Gross national product.........  10,171.6  10,514.1  11,059.2      35.7      11.8      27.6        .4        .1        .3

Less: Consumption of fixed capital.....   1,281.5   1,303.9   1,353.9      14.6      15.3      43.0       1.2       1.2       3.3
Less: Statistical discrepancy..........     -89.6     -15.3      25.6      22.6      61.9      12.7     .....     .....     .....

Equals: National income................   8,979.8   9,225.4   9,679.6      -1.4     -65.4     -28.2        .0       -.7       -.3
  Compensation of employees............   5,942.1   6,069.5   6,289.0       1.7      50.4      86.0        .0        .8       1.4
    Wage and salary accruals...........   4,942.8   4,976.3   5,103.6       -.1       1.7       3.4        .0        .0        .1
    Supplements to wages and
     salaries..........................     999.3   1,093.2   1,185.5       1.7      48.7      82.7        .2       4.7       7.5
  Proprietors' income with inventory
   valuation and capital
   consumption adjustments.............     771.9     769.6     834.1       1.3     -28.1     -12.8        .2      -3.5      -1.5
  Rental income of persons with
   capital consumption adjustment......     167.4     170.9     153.8       4.3      -2.1     -10.4       2.6      -1.2      -6.3
  Corporate profits with inventory
   valuation and capital
   consumption adjustments.............     767.3     874.6   1,021.1      -3.1     -29.6     -48.8       -.4      -3.3      -4.6
  Net interest and miscellaneous
   payments............................     566.3     532.9     543.0      -2.1     -49.5     -40.2       -.4      -8.5      -6.9
  Taxes on production and imports
   less subsidies......................     673.3     724.4     751.3      -1.2       2.6      10.9       -.2        .4       1.5
  Business current transfer payments...      92.8      80.9      77.7        .3      -8.9     -17.5        .3      -9.9     -18.4
  Current surplus of government
   enterprises.........................      -1.4       2.8       9.5      -2.6        .0       4.5     .....     .....     .....

  Disposition of personal income

Personal income........................   8,724.1   8,878.9   9,161.8      11.0     -31.4     -46.2        .1       -.4       -.5

  Compensation of employees,
   received............................   5,942.1   6,069.5   6,289.0       1.7      50.4      86.0        .0        .8       1.4
    Wage and salary disbursements......   4,942.8   4,976.3   5,103.6       -.1       1.7       3.4        .0        .0        .1
    Supplements to wages and
     salaries..........................     999.3   1,093.2   1,185.5       1.7      48.7      82.7        .2       4.7       7.5
  Proprietors' income with
   inventory valuation and capital
   consumption adjustments.............     771.9     769.6     834.1       1.3     -28.1     -12.8        .2      -3.5      -1.5
    Farm...............................      19.7       9.7      21.8      -5.3      -4.6       2.3     -21.2     -32.2      11.8
    Nonfarm............................     752.2     759.9     812.3       6.6     -23.5     -15.1        .9      -3.0      -1.8
  Rental income of persons with
   capital consumption adjustment......     167.4     170.9     153.8       4.3      -2.1     -10.4       2.6      -1.2      -6.3
  Personal income receipts on assets...   1,380.0   1,334.6   1,322.7       5.1     -43.9     -70.6        .4      -3.2      -5.1
    Personal interest income...........   1,011.0     946.7     929.9       7.3     -35.7     -34.7        .7      -3.6      -3.6
    Personal dividend income...........     369.0     387.9     392.8      -2.2      -8.3     -35.9       -.6      -2.1      -8.4
  Personal current transfer
   receipts............................   1,193.9   1,282.7   1,335.4       1.3      -9.5     -42.1        .1       -.7      -3.1

  Less: Contributions for government
   social insurance....................     731.1     748.3     773.2       2.6      -2.0      -3.6        .4       -.3       -.5

Less: Personal current taxes...........   1,237.3   1,051.2   1,001.9      -6.4      -1.9      10.5       -.5       -.2       1.1

Equals: Disposable personal income.....   7,486.8   7,827.7   8,159.9      17.4     -29.5     -56.6        .2       -.4       -.7

Less: Personal outlays.................   7,354.5   7,668.5   8,049.3      12.3      -5.5       6.3        .2       -.1        .1

Equals: Personal saving................     132.3     159.2     110.6       5.1     -24.0     -62.9     .....     .....     .....

  Personal saving as a percentage
   of disposable personal income.......       1.8       2.0       1.4        .1       -.3       -.7     .....     .....     .....

Addenda:
Statistical discrepancy as a
 percentage of GDP.....................       -.9       -.1        .2        .2        .6        .1     .....     .....     .....
Gross domestic income..................  10,217.6  10,502.3  10,978.5       4.6     -55.7       3.6        .0       -.5        .0
---------------------------------------------------------------------------------------------------------------------------------

                                                Table 2.--Contributions to Percent Change in Real Gross Domestic Product
                                                             [Quarters seasonally adjusted at annual rates]
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                       2000   2001   2002   2003  IV 00   I 01  II 01 III 01  IV 01   I 02  II 02 III 02  IV 02   I 03  II 03 III 03  IV 03   I 04  II 04
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
Percent change at annual rate:

    Gross domestic product..........    3.7     .8    1.9    3.0    2.1    -.5    1.2   -1.4    1.6    3.4    2.4    2.6     .7    1.9    4.1    7.4    4.2    4.5    3.0

Percentage points at annual rates:

  Personal consumption expenditures.   3.17   1.74   2.14   2.29   2.29   1.07    .67   1.20   4.71   1.32   1.98   2.02   1.74   1.84   2.72   3.58   2.50   2.90    .73

    Durable goods...................    .63    .37    .56    .63    .06    .55   -.03    .26   2.81   -.79    .37   1.16   -.21   -.01   1.64   1.38    .33    .19   -.21
      Motor vehicles and parts......    .15    .20    .22    .22    .01    .36   -.17    .16   2.24  -1.34    .13   1.09   -.50   -.22    .86    .53   -.07   -.23   -.33
      Furniture and household
       equipment....................    .35    .19    .26    .27    .07    .23    .16    .15    .39    .41    .20    .04    .20    .07    .51    .62    .28    .32    .15
      Other.........................    .13   -.01    .08    .15   -.02   -.03   -.03   -.06    .18    .14    .04    .03    .08    .14    .27    .23    .12    .10   -.03

    Nondurable goods................    .74    .40    .51    .73    .72    .09   -.03    .47    .95    .76    .15   -.12   1.03    .97    .31   1.38   1.01   1.33   -.01
      Food..........................    .33    .15    .18    .37    .14    .24    .05    .09    .18    .26    .29   -.02    .31    .62    .26    .57    .25    .77    .01
      Clothing and shoes............    .16    .06    .12    .12    .04   -.06    .05    .04    .27    .25   -.01   -.12    .30   -.02    .23    .27    .11    .43   -.17
      Gasoline, fuel oil, and other
       energy goods.................   -.01    .02    .02    .01    .25    .05   -.33    .11    .24    .00   -.14   -.01    .21    .01   -.29    .10    .33   -.04   -.10
      Other.........................    .26    .17    .17    .23    .29   -.14    .21    .23    .27    .24    .01    .03    .21    .37    .12    .43    .32    .17    .25

    Services........................   1.80    .97   1.08    .93   1.51    .43    .73    .47    .95   1.36   1.46    .98    .93    .87    .77    .83   1.15   1.39    .95
      Housing.......................    .29    .28    .29    .15    .28    .31    .28    .21    .26    .42    .33    .19    .13    .12    .11    .16    .09    .23    .21
      Household operation...........    .19    .01    .03    .06    .41   -.25   -.35    .03   -.15    .09    .24    .01    .16    .01   -.11    .08    .29    .13   -.19
        Electricity and gas.........    .05   -.03    .04    .03    .40   -.24   -.44    .00   -.07    .11    .19    .04    .19   -.04   -.19    .01    .25    .05   -.30
        Other household operation...    .14    .03   -.01    .04    .01   -.02    .09    .02   -.08   -.02    .05   -.03   -.03    .05    .08    .07    .04    .07    .12
      Transportation................    .08   -.03   -.08   -.02    .01    .05   -.06   -.22   -.17    .01   -.04   -.10   -.01    .05   -.07   -.02   -.01    .05    .06
      Medical care..................    .40    .50    .66    .46    .42    .45    .49    .70    .67    .74    .63    .59    .55    .39    .40    .40    .36    .38    .57
      Recreation....................    .11    .07    .07    .09    .04    .15   -.03    .02    .07    .13    .05    .04    .11    .08    .13    .07    .11    .17    .00
      Other.........................    .72    .15    .11    .20    .34   -.28    .39   -.25    .28   -.03    .24    .25   -.02    .23    .31    .15    .31    .43    .31

  Gross private domestic investment.    .99  -1.39   -.37    .66   -.36  -2.44  -1.28  -1.76  -3.95   2.34    .05    .61   -.06   -.10    .54   3.16   2.04   1.86   1.97

    Fixed investment................   1.09   -.50   -.80    .76    .13   -.43  -1.51   -.75  -1.81   -.71   -.55    .02   -.13    .35   1.55   2.59   1.57    .69   1.68
      Nonresidential................   1.06   -.52  -1.02    .33    .11   -.52  -1.76   -.83  -1.63  -1.13  -1.06   -.12   -.33   -.01   1.10   1.50   1.07    .42    .87
        Structures..................    .21   -.07   -.57   -.15    .04   -.29   -.14    .19  -1.27   -.59   -.70   -.45   -.17   -.33    .32   -.03    .18   -.19    .12
        Equipment and software......    .85   -.44   -.45    .48    .07   -.24  -1.62  -1.02   -.35   -.53   -.36    .33   -.16    .32    .78   1.53    .89    .61    .75
          Information processing
           equipment and software...    .75   -.08   -.18    .45    .58   -.08   -.93   -.53   -.21   -.29    .04    .38   -.15    .59    .51   1.04    .61    .62    .54
            Computers and peripheral
             equipment..............    .20    .02    .09    .24    .06    .16   -.22   -.26    .19    .18    .03    .25    .08    .25    .30    .39    .25    .06    .22
            Software................    .20   -.02   -.10    .07    .20    .01   -.30   -.07   -.19   -.14   -.03    .11   -.16    .12    .07    .28    .14    .24    .13
            Other...................    .35   -.08   -.16    .14    .32   -.25   -.42   -.20   -.21   -.33    .04    .02   -.08    .23    .14    .36    .22    .33    .19
          Industrial equipment......    .12   -.14   -.08    .00   -.12    .01   -.48   -.27   -.21    .24   -.21    .02   -.05    .09   -.02    .04   -.06    .08   -.02
          Transportation equipment..   -.07   -.18   -.17   -.04   -.36   -.22   -.03   -.27    .26   -.39   -.38   -.09    .00   -.31    .25    .14    .14   -.20    .11
          Other equipment...........    .05   -.04   -.02    .06   -.03    .05   -.19    .05   -.19   -.10    .18    .02    .04   -.06    .03    .31    .20    .10    .12
      Residential...................    .03    .02    .22    .43    .02    .10    .25    .08   -.18    .42    .51    .13    .20    .36    .44   1.09    .50    .27    .81

    Change in private inventories...   -.10   -.88    .42   -.10   -.49  -2.01    .23  -1.02  -2.14   3.05    .60    .59    .07   -.45  -1.01    .57    .47   1.17    .28
      Farm..........................    .02    .02   -.01    .02    .34    .00   -.28    .09   -.23    .37   -.47    .24    .02    .06   -.07    .06    .19    .06   -.10
      Nonfarm.......................   -.12   -.90    .44   -.12   -.83  -2.01    .51  -1.11  -1.91   2.69   1.07    .36    .05   -.51   -.94    .52    .29   1.10    .38

  Net exports of goods and services.   -.86   -.20   -.70   -.43   -.07   -.04    .49   -.56   -.66  -1.10   -.46   -.43  -1.69    .14   -.50    .64   -.66   -.76   -.08

    Exports.........................    .93   -.60   -.24    .18   -.31   -.59  -1.45  -2.04  -1.11    .43    .99    .29   -.42   -.15   -.15   1.02   1.55    .70   1.25
      Goods.........................    .84   -.48   -.29    .14   -.45   -.43  -1.43  -1.60   -.63   -.13    .87    .19   -.72    .25   -.06    .64   1.00    .60    .96
      Services......................    .09   -.12    .05    .04    .14   -.16   -.02   -.44   -.48    .56    .13    .10    .30   -.40   -.10    .39    .56    .10    .29

    Imports.........................  -1.79    .40   -.46   -.61    .24    .56   1.94   1.48    .45  -1.53  -1.45   -.72  -1.27    .29   -.34   -.39  -2.22  -1.46  -1.33
      Goods.........................  -1.55    .39   -.42   -.54    .19    .43   2.23   1.02    .21  -1.04  -1.59   -.65   -.91    .22   -.58    .00  -1.96  -1.43  -1.03
      Services......................   -.25    .01   -.04   -.07    .04    .12   -.28    .47    .25   -.49    .14   -.06   -.36    .06    .24   -.39   -.26   -.03   -.30

  Government consumption expenditures
   and gross investment.............    .36    .60    .79    .52    .22    .92   1.35   -.28   1.48    .85    .81    .40    .75    .05   1.35    .03    .31    .48    .43

    Federal.........................    .05    .23    .46    .43   -.07    .46    .52    .00    .51    .49    .78    .19    .58    .04   1.40   -.23    .33    .48    .19
      National defense..............   -.02    .15    .30    .38    .06    .25    .16    .09    .46    .23    .45    .14    .54   -.11   1.49   -.36    .50    .47    .09
        Consumption expenditures....   -.03    .13    .25    .33    .11    .26    .06    .03    .45    .22    .29    .04    .63   -.16   1.39   -.40    .42    .29    .16
        Gross investment............    .01    .02    .06    .05   -.05   -.01    .10    .06    .02    .00    .16    .11   -.09    .05    .10    .03    .09    .19   -.07
      Nondefense....................    .07    .08    .16    .06   -.13    .20    .36   -.09    .05    .27    .33    .05    .04    .15   -.09    .13   -.18    .00    .10
       Consumption expenditures.....    .10    .08    .14    .05   -.06    .15    .26    .01    .04    .19    .23    .12    .07    .14   -.23    .23   -.18   -.01   -.02
       Gross investment.............   -.03    .00    .02    .01   -.07    .05    .10   -.10    .01    .07    .10   -.07   -.03    .00    .13   -.10    .01    .01    .12

    State and local.................    .31    .37    .33    .09    .29    .46    .83   -.28    .97    .36    .03    .21    .17    .02   -.05    .26   -.02    .00    .24
        Consumption expenditures....    .18    .24    .21    .07    .21    .24    .24    .39    .38    .10    .16    .11    .14    .02    .04    .01    .08    .02    .01
        Gross investment............    .13    .13    .12    .02    .08    .22    .59   -.67    .59    .26   -.13    .09    .02    .00   -.09    .25   -.10   -.02    .23

Addenda:
    Goods...........................   1.46   -.59    .41   1.41    .10  -1.57   -.41  -1.89    .88   1.38    .31   1.54  -1.05   1.39   1.32   5.45   1.90   2.65    .83
    Services........................   1.90   1.30   1.69   1.35   1.95   1.04    .98    .93   1.58   1.94   2.39   1.29   1.71    .54   2.11    .67   1.77   1.76   1.10
    Structures......................    .30    .04   -.24    .29    .03    .03    .66   -.44   -.87    .09   -.32   -.23    .08    .00    .67   1.29    .52    .07   1.11
    Motor vehicle output............   -.07   -.17    .39    .19   -.47   -.69   1.03   -.20    .69    .25    .35    .62    .22   -.46    .11    .84    .11    .30  -1.01
    Final sales of computers........    .31    .14    .08    .31    .19    .42   -.13   -.21    .19   -.02    .10    .31    .23    .25    .28    .64    .26    .00    .04
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
  See "Explanatory Note" at the end of the tables.

                                             Table 2A.--Contributions to Percent Change in Real Gross Domestic Produc
                                                          [Quarters seasonally adjusted at annual rates]
------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                       2000   2001   2002   2003  IV 00   I 01  II 01 III 01  IV 01   I 02  II 02 III 02  IV 02   I 03  II 03 III 03  IV 03   I 04
------------------------------------------------------------------------------------------------------------------------------------------------------------------
Percent change at annual rate:

    Gross domestic product..........    3.7     .8    1.9    3.0    2.1    -.5    1.2   -1.4    1.6    3.4    2.4    2.6     .7    1.9    4.1    7.4    4.2    4.5
      Previously published..........    3.7     .5    2.2    3.1    2.1    -.2    -.6   -1.3    2.0    4.7    1.9    3.4    1.3    2.0    3.1    8.2    4.1    3.9

Percentage points at annual rates:

  Personal consumption expenditures.   3.17   1.74   2.14   2.29   2.29   1.07    .67   1.20   4.71   1.32   1.98   2.02   1.74   1.84   2.72   3.58   2.50   2.90
    Previously published............   3.17   1.68   2.38   2.22   2.29    .28   1.52   1.27   4.20   2.92   1.81   1.39   1.57   1.80   2.34   4.89   2.29   2.64

    Durable goods...................    .63    .37    .56    .63    .06    .55   -.03    .26   2.81   -.79    .37   1.16   -.21   -.01   1.64   1.38    .33    .19
      Previously published..........    .63    .36    .55    .61    .06    .15    .80    .06   2.14    .14    .04    .43    .02    .04   1.38   2.23    .06   -.32
      Motor vehicles and parts......    .15    .20    .22    .22    .01    .36   -.17    .16   2.24  -1.34    .13   1.09   -.50   -.22    .86    .53   -.07   -.23
        Previously published........    .15    .19    .18    .17    .01    .04    .67   -.13   1.58   -.44   -.25    .29   -.33   -.16    .54   1.36   -.35   -.70
      Furniture and household
       equipment....................    .35    .19    .26    .27    .07    .23    .16    .15    .39    .41    .20    .04    .20    .07    .51    .62    .28    .32
         Previously published.......    .35    .18    .30    .29    .07    .18    .16    .23    .40    .45    .23    .12    .24    .04    .54    .65    .30    .31
      Other.........................    .13   -.01    .08    .15   -.02   -.03   -.03   -.06    .18    .14    .04    .03    .08    .14    .27    .23    .12    .10
        Previously published........    .13   -.01    .08    .16   -.02   -.07   -.02   -.04    .16    .13    .05    .02    .11    .17    .30    .21    .11    .07

    Nondurable goods................    .74    .40    .51    .73    .72    .09   -.03    .47    .95    .76    .15   -.12   1.03    .97    .31   1.38   1.01   1.33
      Previously published..........    .74    .37    .60    .76    .72    .06   -.22    .57    .91   1.19    .07    .04    .90   1.13    .25   1.48   1.07   1.36
      Food..........................    .33    .15    .18    .37    .14    .24    .05    .09    .18    .26    .29   -.02    .31    .62    .26    .57    .25    .77
        Previously published........    .33    .12    .22    .37    .14    .22   -.03    .02    .14    .56    .19    .03    .22    .63    .23    .71    .32    .82
      Clothing and shoes............    .16    .06    .12    .12    .04   -.06    .05    .04    .27    .25   -.01   -.12    .30   -.02    .23    .27    .11    .43
        Previously published........    .16    .06    .15    .14    .04   -.08    .01    .15    .19    .33    .01   -.01    .21    .09    .21    .27    .04    .40
      Gasoline, fuel oil, and other
       energy goods.................   -.01    .02    .02    .01    .25    .05   -.33    .11    .24    .00   -.14   -.01    .21    .01   -.29    .10    .33   -.04
         Previously published.......   -.01    .03    .04    .00    .25    .12   -.37    .09    .32    .10   -.20   -.09    .21    .08   -.40    .07    .39   -.07
      Other.........................    .26    .17    .17    .23    .29   -.14    .21    .23    .27    .24    .01    .03    .21    .37    .12    .43    .32    .17
        Previously published........    .26    .15    .20    .26    .29   -.19    .17    .31    .27    .22    .07    .11    .25    .33    .20    .43    .33    .20

    Services........................   1.80    .97   1.08    .93   1.51    .43    .73    .47    .95   1.36   1.46    .98    .93    .87    .77    .83   1.15   1.39
      Previously published..........   1.80    .96   1.23    .85   1.51    .07    .94    .64   1.15   1.58   1.70    .92    .65    .63    .71   1.19   1.16   1.61
      Housing.......................    .29    .28    .29    .15    .28    .31    .28    .21    .26    .42    .33    .19    .13    .12    .11    .16    .09    .23
        Previously published........    .29    .28    .29    .24    .28    .33    .26    .21    .25    .35    .33    .28    .25    .26    .20    .25    .17    .24
      Household operation...........    .19    .01    .03    .06    .41   -.25   -.35    .03   -.15    .09    .24    .01    .16    .01   -.11    .08    .29    .13
        Previously published........    .19    .00    .04    .02    .41   -.27   -.31   -.05   -.17    .18    .36   -.14    .04    .04   -.13    .14    .05    .18
        Electricity and gas.........    .05   -.03    .04    .03    .40   -.24   -.44    .00   -.07    .11    .19    .04    .19   -.04   -.19    .01    .25    .05
          Previously published......    .05   -.02    .04    .00    .40   -.15   -.49   -.04   -.13    .20    .27   -.05    .09    .01   -.21    .06    .02    .13
        Other household operation...    .14    .03   -.01    .04    .01   -.02    .09    .02   -.08   -.02    .05   -.03   -.03    .05    .08    .07    .04    .07
          Previously published......    .14    .02    .00    .02    .01   -.12    .17   -.01   -.04   -.02    .09   -.09   -.05    .03    .08    .08    .03    .05
      Transportation................    .08   -.03   -.08   -.02    .01    .05   -.06   -.22   -.17    .01   -.04   -.10   -.01    .05   -.07   -.02   -.01    .05
        Previously published........    .08   -.02   -.05   -.07    .01    .03   -.01   -.15   -.14    .10   -.05   -.12   -.09    .01   -.11   -.06   -.08   -.01
      Medical care..................    .40    .50    .66    .46    .42    .45    .49    .70    .67    .74    .63    .59    .55    .39    .40    .40    .36    .38
        Previously published........    .40    .45    .63    .59    .42    .35    .47    .62    .61    .75    .61    .51    .69    .59    .53    .60    .58    .53
      Recreation....................    .11    .07    .07    .09    .04    .15   -.03    .02    .07    .13    .05    .04    .11    .08    .13    .07    .11    .17
        Previously published........    .11    .06    .11    .06    .04    .09   -.02    .06    .15    .19    .07    .05    .09    .00    .10    .08    .12    .17
      Other.........................    .72    .15    .11    .20    .34   -.28    .39   -.25    .28   -.03    .24    .25   -.02    .23    .31    .15    .31    .43
        Previously published........    .72    .18    .20    .00    .34   -.45    .56   -.06    .45    .00    .38    .34   -.33   -.28    .13    .19    .33    .49

  Gross private domestic investment.    .99  -1.39   -.37    .66   -.36  -2.44  -1.28  -1.76  -3.95   2.34    .05    .61   -.06   -.10    .54   3.16   2.04   1.86
    Previously published............    .99  -1.47   -.18    .64   -.36  -1.96  -2.92  -1.39  -2.98   1.60    .69   1.66   -.09   -.57    .73   2.17   2.19   1.43

    Fixed investment................   1.09   -.50   -.80    .76    .13   -.43  -1.51   -.75  -1.81   -.71   -.55    .02   -.13    .35   1.55   2.59   1.57    .69
      Previously published..........   1.09   -.54   -.60    .67    .13   -.45  -1.60   -.88  -1.83   -.41    .08    .08    .31    .16    .90   2.30   1.48    .78
      Nonresidential................   1.06   -.52  -1.02    .33    .11   -.52  -1.76   -.83  -1.63  -1.13  -1.06   -.12   -.33   -.01   1.10   1.50   1.07    .42
        Previously published........   1.06   -.56   -.82    .30    .11   -.56  -1.76  -1.02  -1.71   -.81   -.33   -.12   -.01   -.06    .68   1.25   1.08    .54
        Structures..................    .21   -.07   -.57   -.15    .04   -.29   -.14    .19  -1.27   -.59   -.70   -.45   -.17   -.33    .32   -.03    .18   -.19
          Previously published......    .21   -.08   -.59   -.12    .04   -.20   -.19    .07  -1.36   -.77   -.41   -.40   -.14   -.10    .09   -.04   -.03   -.18
        Equipment and software......    .85   -.44   -.45    .48    .07   -.24  -1.62  -1.02   -.35   -.53   -.36    .33   -.16    .32    .78   1.53    .89    .61
          Previously published......    .85   -.47   -.23    .42    .07   -.37  -1.57  -1.09   -.35   -.03    .09    .28    .13    .04    .59   1.30   1.11    .71
          Information processing
           equipment and software...    .75   -.08   -.18    .45    .58   -.08   -.93   -.53   -.21   -.29    .04    .38   -.15    .59    .51   1.04    .61    .62
             Previously published...    .75   -.10    .02    .54    .58   -.20   -.84   -.58   -.15    .09    .37    .53   -.06    .64    .64   1.05    .70    .67
            Computers and peripheral
             equipment..............    .20    .02    .09    .24    .06    .16   -.22   -.26    .19    .18    .03    .25    .08    .25    .30    .39    .25    .06
               Previously published.    .20    .02    .11    .24    .06    .16   -.22   -.26    .19    .22    .06    .28    .09    .21    .33    .39    .26    .08
            Software................    .20   -.02   -.10    .07    .20    .01   -.30   -.07   -.19   -.14   -.03    .11   -.16    .12    .07    .28    .14    .24
              Previously published..    .20   -.04   -.04    .14    .20   -.07   -.24   -.16   -.21   -.05    .09    .21   -.06    .18    .15    .24    .23    .28
            Other...................    .35   -.08   -.16    .14    .32   -.25   -.42   -.20   -.21   -.33    .04    .02   -.08    .23    .14    .36    .22    .33
              Previously published..    .35   -.08   -.05    .16    .32   -.28   -.39   -.16   -.14   -.08    .21    .05   -.10    .26    .15    .41    .20    .30
          Industrial equipment......    .12   -.14   -.08    .00   -.12    .01   -.48   -.27   -.21    .24   -.21    .02   -.05    .09   -.02    .04   -.06    .08
            Previously published....    .12   -.14   -.09   -.05   -.12    .04   -.53   -.30   -.22    .26   -.21    .00   -.04   -.10   -.02    .02   -.03    .07
          Transportation equipment..   -.07   -.18   -.17   -.04   -.36   -.22   -.03   -.27    .26   -.39   -.38   -.09    .00   -.31    .25    .14    .14   -.20
            Previously published....   -.07   -.18   -.14   -.11   -.36   -.27    .00   -.25    .24   -.34   -.24   -.26    .20   -.37   -.09   -.05    .25   -.15
          Other equipment...........    .05   -.04   -.02    .06   -.03    .05   -.19    .05   -.19   -.10    .18    .02    .04   -.06    .03    .31    .20    .10
            Previously published....    .05   -.05   -.02    .04   -.03    .06   -.21    .04   -.21   -.04    .17    .00    .04   -.13    .05    .28    .20    .14
      Residential...................    .03    .02    .22    .43    .02    .10    .25    .08   -.18    .42    .51    .13    .20    .36    .44   1.09    .50    .27
        Previously published........    .03    .02    .23    .36    .02    .12    .16    .14   -.12    .40    .41    .20    .32    .22    .22   1.05    .40    .24

    Change in private inventories...   -.10   -.88    .42   -.10   -.49  -2.01    .23  -1.02  -2.14   3.05    .60    .59    .07   -.45  -1.01    .57    .47   1.17
      Previously published..........   -.10   -.93    .41   -.03   -.49  -1.51  -1.32   -.51  -1.15   2.01    .61   1.58   -.40   -.74   -.17   -.13    .71    .65
      Farm..........................    .02    .02   -.01    .02    .34    .00   -.28    .09   -.23    .37   -.47    .24    .02    .06   -.07    .06    .19    .06
        Previously published........    .02    .02   -.03    .02    .34    .03   -.34    .14   -.26    .39   -.64    .34   -.02    .15   -.09   -.03    .10   -.08
      Nonfarm.......................   -.12   -.90    .44   -.12   -.83  -2.01    .51  -1.11  -1.91   2.69   1.07    .36    .05   -.51   -.94    .52    .29   1.10
        Previously published........   -.12   -.94    .44   -.05   -.83  -1.54   -.99   -.65   -.89   1.62   1.25   1.25   -.38   -.88   -.08   -.10    .61    .73

  Net exports of goods and services.   -.86   -.20   -.70   -.43   -.07   -.04    .49   -.56   -.66  -1.10   -.46   -.43  -1.69    .14   -.50    .64   -.66   -.76
    Previously published............   -.86   -.19   -.70   -.35   -.07    .46   -.25   -.42   -.50   -.65  -1.32   -.15  -1.47    .81  -1.34    .80   -.32   -.71

    Exports.........................    .93   -.60   -.24    .18   -.31   -.59  -1.45  -2.04  -1.11    .43    .99    .29   -.42   -.15   -.15   1.02   1.55    .70
      Previously published..........    .93   -.58   -.24    .20   -.31   -.50  -1.54  -1.99  -1.02    .40    .80    .41   -.37   -.19   -.11    .92   1.81    .72
      Goods.........................    .84   -.48   -.29    .14   -.45   -.43  -1.43  -1.60   -.63   -.13    .87    .19   -.72    .25   -.06    .64   1.00    .60
        Previously published........    .84   -.48   -.29    .13   -.45   -.44  -1.52  -1.50   -.54   -.19    .75    .28   -.64    .13   -.11    .56   1.29    .62
      Services......................    .09   -.12    .05    .04    .14   -.16   -.02   -.44   -.48    .56    .13    .10    .30   -.40   -.10    .39    .56    .10
        Previously published........    .09   -.10    .04    .07    .14   -.06   -.02   -.48   -.47    .59    .05    .13    .27   -.31    .01    .36    .52    .10

    Imports.........................  -1.79    .40   -.46   -.61    .24    .56   1.94   1.48    .45  -1.53  -1.45   -.72  -1.27    .29   -.34   -.39  -2.22  -1.46
      Previously published..........  -1.79    .39   -.45   -.55    .24    .96   1.29   1.57    .52  -1.05  -2.12   -.56  -1.10   1.00  -1.24   -.12  -2.14  -1.43
      Goods.........................  -1.55    .39   -.42   -.54    .19    .43   2.23   1.02    .21  -1.04  -1.59   -.65   -.91    .22   -.58    .00  -1.96  -1.43
        Previously published........  -1.55    .39   -.42   -.55    .19    .88   1.57   1.10    .35   -.66  -2.20   -.55   -.83    .81  -1.51    .18  -1.96  -1.39
      Services......................   -.25    .01   -.04   -.07    .04    .12   -.28    .47    .25   -.49    .14   -.06   -.36    .06    .24   -.39   -.26   -.03
        Previously published........   -.25   -.01   -.03    .00    .04    .08   -.28    .47    .16   -.39    .09   -.02   -.27    .19    .27   -.30   -.17   -.05

  Government consumption expenditures
   and gross investment.............    .36    .60    .79    .52    .22    .92   1.35   -.28   1.48    .85    .81    .40    .75    .05   1.35    .03    .31    .48
     Previously published...........    .36    .48    .69    .62    .22    .99   1.00   -.74   1.28    .85    .72    .46   1.29   -.07   1.36    .34   -.01    .54

    Federal.........................    .05    .23    .46    .43   -.07    .46    .52    .00    .51    .49    .78    .19    .58    .04   1.40   -.23    .33    .48
      Previously published..........    .05    .22    .48    .56   -.07    .50    .38    .00    .57    .52    .64    .26   1.11   -.01   1.46    .09    .05    .57
      National defense..............   -.02    .15    .30    .38    .06    .25    .16    .09    .46    .23    .45    .14    .54   -.11   1.49   -.36    .50    .47
        Previously published........   -.02    .15    .35    .44    .06    .27    .10    .09    .53    .33    .38    .19    .85   -.25   1.58   -.06    .13    .58
        Consumption expenditures....   -.03    .13    .25    .33    .11    .26    .06    .03    .45    .22    .29    .04    .63   -.16   1.39   -.40    .42    .29
          Previously published......   -.03    .13    .29    .40    .11    .29    .00    .03    .50    .32    .22    .09    .93   -.19   1.39   -.20    .19    .26
        Gross investment............    .01    .02    .06    .05   -.05   -.01    .10    .06    .02    .00    .16    .11   -.09    .05    .10    .03    .09    .19
          Previously published......    .01    .02    .06    .04   -.05   -.01    .10    .06    .02    .01    .15    .10   -.07   -.06    .19    .13   -.05    .32
      Nondefense....................    .07    .08    .16    .06   -.13    .20    .36   -.09    .05    .27    .33    .05    .04    .15   -.09    .13   -.18    .00
        Previously published........    .07    .07    .14    .12   -.13    .23    .28   -.09    .04    .20    .27    .07    .26    .24   -.12    .15   -.09   -.01
        Consumption expenditures....    .10    .08    .14    .05   -.06    .15    .26    .01    .04    .19    .23    .12    .07    .14   -.23    .23   -.18   -.01
          Previously published......    .10    .07    .12    .11   -.06    .19    .19   -.02    .06    .14    .15    .13    .26    .25   -.26    .23   -.13   -.01
        Gross investment............   -.03    .00    .02    .01   -.07    .05    .10   -.10    .01    .07    .10   -.07   -.03    .00    .13   -.10    .01    .01
          Previously published......   -.03    .00    .02    .01   -.07    .04    .09   -.07   -.02    .06    .11   -.06    .00   -.01    .14   -.08    .04    .00

    State and local.................    .31    .37    .33    .09    .29    .46    .83   -.28    .97    .36    .03    .21    .17    .02   -.05    .26   -.02    .00
      Previously published..........    .31    .26    .21    .06    .29    .49    .62   -.74    .71    .33    .08    .20    .18   -.06   -.10    .25   -.06   -.03
        Consumption expenditures....    .18    .24    .21    .07    .21    .24    .24    .39    .38    .10    .16    .11    .14    .02    .04    .01    .08    .02
          Previously published......    .18    .20    .13    .06    .21    .29    .22    .13    .21    .01    .17    .11    .19    .06   -.05   -.02    .04    .02
        Gross investment............    .13    .13    .12    .02    .08    .22    .59   -.67    .59    .26   -.13    .09    .02    .00   -.09    .25   -.10   -.02
          Previously published......    .13    .06    .08   -.01    .08    .20    .40   -.88    .50    .31   -.09    .09   -.01   -.12   -.05    .27   -.10   -.05

Addenda:
    Goods...........................   1.46   -.59    .41   1.41    .10  -1.57   -.41  -1.89    .88   1.38    .31   1.54  -1.05   1.39   1.32   5.45   1.90   2.65
      Previously published..........   1.46   -.71    .71   1.40    .10  -1.17  -2.08  -1.40   1.38   2.54   -.37   2.12   -.92   1.37    .75   5.67   2.30   1.97
    Services........................   1.90   1.30   1.69   1.35   1.95   1.04    .98    .93   1.58   1.94   2.39   1.29   1.71    .54   2.11    .67   1.77   1.76
      Previously published..........   1.90   1.26   1.77   1.50   1.95    .85   1.05    .77   1.61   2.25   2.38   1.37   2.02    .62   2.08   1.27   1.61   1.93
    Structures......................    .30    .04   -.24    .29    .03    .03    .66   -.44   -.87    .09   -.32   -.23    .08    .00    .67   1.29    .52    .07
      Previously published..........    .30   -.04   -.29    .23    .03    .09    .38   -.65  -1.00   -.08   -.10   -.13    .19   -.02    .26   1.27    .23    .00
    Motor vehicle output............   -.07   -.17    .39    .19   -.47   -.69   1.03   -.20    .69    .25    .35    .62    .22   -.46    .11    .84    .11    .30
      Previously published..........   -.07   -.17    .38    .09   -.47   -.53    .58    .05    .92    .39    .20    .37   -.18   -.23    .07    .82    .13   -.29
    Final sales of computers........    .31    .14    .08    .31    .19    .42   -.13   -.21    .19   -.02    .10    .31    .23    .25    .28    .64    .26    .00
      Previously published..........    .31    .14    .10    .31    .19    .45   -.20   -.19    .22    .06    .06    .35    .26    .26    .25    .65    .29    .01
------------------------------------------------------------------------------------------------------------------------------------------------------------------
See "Explanatory Note" at the end of the tables.

                                    Table 3A.--Gross Domestic Product and Related Measures
                              [Billions of dollars; quarters seasonally adjusted at annual rates]
-------------------------------------------------------------------------------------------------------------------------------
                                          2000     2001     2002     2003     I 00    II 00   III 00    IV 00     I 01    II 01
-------------------------------------------------------------------------------------------------------------------------------
     Gross domestic product..........  9,817.0 10,128.0 10,487.0 11,004.0  9,629.4  9,822.8  9,862.1  9,953.6 10,021.5 10,128.9

Personal consumption expenditures....  6,739.4  7,055.0  7,376.1  7,760.9  6,613.9  6,688.1  6,783.9  6,871.6  6,955.8  7,017.5

  Durable goods......................    863.3    883.7    916.2    950.7    876.9    854.2    861.3    860.9    872.1    864.7
    Motor vehicles and parts.........    386.5    407.9    426.1    440.1    402.3    376.9    382.6    384.3    395.5    390.8
    Furniture and household
     equipment.......................    312.9    312.1    319.9    328.0    311.4    313.4    314.7    312.2    312.3    310.7
    Other............................    163.9    163.7    170.1    182.6    163.3    163.8    164.1    164.4    164.3    163.2

  Nondurable goods...................  1,947.2  2,017.1  2,080.1  2,200.1  1,894.2  1,938.3  1,965.8  1,990.5  2,000.0  2,016.6
    Food.............................    925.2    967.9  1,005.8  1,064.5    906.9    922.1    932.0    939.7    953.8    961.9
    Clothing and shoes...............    297.7    297.7    302.1    307.2    292.8    296.1    300.3    301.6    299.8    297.1
    Gasoline, fuel oil, and other
     energy goods....................    191.5    187.1    177.5    208.2    182.9    188.6    193.7    200.8    197.7    198.8
    Other............................    532.9    564.4    594.7    620.1    511.6    531.5    539.9    548.4    548.7    558.8

  Services...........................  3,928.8  4,154.3  4,379.8  4,610.1  3,842.8  3,895.6  3,956.7  4,020.3  4,083.7  4,136.2
    Housing..........................  1,006.5  1,073.7  1,144.8  1,188.4    983.8    998.8  1,013.6  1,029.6  1,047.0  1,065.6
    Household operation..............    390.1    409.0    409.0    431.3    372.0    385.4    393.7    409.4    418.3    409.6
      Electricity and gas............    143.3    156.7    152.6    167.3    128.6    138.7    145.4    160.6    168.9    157.3
      Other household operation......    246.8    252.3    256.4    264.0    243.4    246.7    248.3    248.8    249.4    252.3
    Transportation...................    291.3    292.8    288.0    294.0    286.8    290.9    292.5    294.7    297.4    296.1
    Medical care.....................  1,026.8  1,113.8  1,210.3  1,301.1    998.1  1,017.0  1,036.9  1,055.2  1,079.5  1,101.0
    Recreation.......................    268.3    284.1    299.6    317.2    260.7    266.1    271.8    274.4    280.5    282.6
    Other............................    945.9    980.7  1,028.2  1,078.1    941.4    937.3    948.2    956.9    960.9    981.2

Gross private domestic investment....  1,735.5  1,614.3  1,579.2  1,665.8  1,672.3  1,781.7  1,749.0  1,738.9  1,675.3  1,647.7

  Fixed investment...................  1,679.0  1,646.1  1,568.0  1,667.0  1,642.4  1,685.4  1,690.6  1,697.5  1,685.2  1,654.7
    Nonresidential...................  1,232.1  1,176.8  1,063.9  1,094.7  1,193.9  1,236.5  1,247.5  1,250.3  1,229.6  1,187.1
      Structures.....................    313.2    322.6    271.6    261.6    295.2    310.4    321.1    326.0    323.9    325.7
      Equipment and software.........    918.9    854.2    792.4    833.1    898.7    926.1    926.5    924.2    905.7    861.4
        Information processing
         equipment and software......    467.6    437.0    400.5    431.2    446.4    466.5    473.6    484.0    470.8    442.8
          Computers and peripheral
           equipment.................    101.4     85.4     81.4     95.3     96.2    103.5    103.8    102.2     97.3     88.3
          Software...................    176.2    174.7    161.7    165.8    168.7    174.8    177.9    183.2    182.8    176.1
          Other......................    190.0    177.0    157.3    170.0    181.5    188.1    191.9    198.5    190.6    178.4
        Industrial equipment.........    159.2    146.7    138.6    139.8    156.0    159.5    162.1    159.3    160.1    148.4
        Transportation equipment.....    160.8    141.7    126.0    126.6    165.6    166.7    160.3    150.8    142.7    142.3
        Other equipment..............    131.2    128.8    127.3    135.5    130.7    133.4    130.6    130.1    132.2    127.9
    Residential......................    446.9    469.3    504.1    572.3    448.5    448.8    443.1    447.2    455.6    467.6

  Change in private inventories......     56.5    -31.7     11.2     -1.2     29.9     96.3     58.4     41.4     -9.9     -7.0
    Farm.............................     -1.3       .0     -1.5       .3    -11.5      3.3      -.8      3.7      3.0     -5.1
    Nonfarm..........................     57.8    -31.7     12.7     -1.5     41.3     93.0     59.2     37.7    -12.9     -1.9

Net exports of goods and services....   -379.5   -367.0   -424.9   -498.1   -346.4   -366.9   -400.7   -403.9   -392.9   -361.7

  Exports............................  1,096.3  1,032.8  1,005.0  1,046.2  1,055.1  1,091.8  1,122.4  1,115.8  1,100.7  1,060.5
    Goods............................    784.3    731.2    697.0    726.4    749.2    776.9    810.9    800.4    788.9    749.8
    Services.........................    311.9    301.6    308.0    319.8    305.9    315.0    311.5    315.4    311.8    310.7

  Imports............................  1,475.8  1,399.8  1,429.9  1,544.3  1,401.5  1,458.7  1,523.1  1,519.7  1,493.7  1,422.2
    Goods............................  1,243.5  1,167.9  1,189.6  1,282.0  1,177.0  1,229.6  1,284.9  1,282.3  1,258.5  1,181.2
    Services.........................    232.3    231.9    240.2    262.3    224.5    229.1    238.3    237.3    235.2    241.0

Government consumption expenditures
 and gross investment................  1,721.6  1,825.6  1,956.6  2,075.5  1,689.6  1,720.0  1,729.9  1,746.9  1,783.3  1,825.4

  Federal............................    578.8    612.9    680.8    752.2    565.3    586.6    581.2    582.0    596.2    610.9
    National defense.................    370.3    392.6    437.4    496.4    360.9    375.2    371.3    373.8    383.5    388.3
      Consumption expenditures.......    321.5    342.4    382.0    436.1    311.9    326.2    322.1    325.7    335.8    338.0
      Gross investment...............     48.8     50.2     55.4     60.4     49.0     49.0     49.3     48.1     47.6     50.3
    Nondefense.......................    208.5    220.3    243.4    255.7    204.4    211.4    209.9    208.2    212.7    222.6
      Consumption expenditures.......    177.8    189.5    210.7    222.5    173.8    178.9    179.4    179.2    182.6    189.9
      Gross investment...............     30.7     30.8     32.7     33.2     30.6     32.5     30.5     29.0     30.1     32.7

  State and local....................  1,142.8  1,212.8  1,275.8  1,323.3  1,124.3  1,133.4  1,148.6  1,164.9  1,187.2  1,214.5
      Consumption expenditures.......    917.8    969.8  1,016.5  1,058.5    900.6    910.8    923.4    936.3    951.7    963.6
      Gross investment...............    225.0    243.0    259.3    264.9    223.7    222.6    225.3    228.6    235.4    250.9

Addenda:
  Final sales of domestic product....  9,760.5 10,159.7 10,475.9 11,005.3  9,599.6  9,726.5  9,803.7  9,912.2 10,031.4 10,136.0
  Gross domestic purchases........... 10,196.4 10,495.0 10,911.9 11,502.2  9,975.8 10,189.7 10,262.8 10,357.5 10,414.4 10,490.6
  Final sales to domestic purchasers. 10,140.0 10,526.7 10,900.7 11,503.4  9,946.0 10,093.4 10,204.4 10,316.0 10,424.4 10,497.7

  Gross domestic product.............  9,817.0 10,128.0 10,487.0 11,004.0  9,629.4  9,822.8  9,862.1  9,953.6 10,021.5 10,128.9
  Plus: Income receipts
   from the rest of the world........    382.7    322.4    301.8    329.0    362.9    386.0    379.7    402.1    361.8    337.8
  Less: Income payments to
   the rest of the world.............    343.7    278.8    274.7    273.9    330.4    349.2    348.1    347.2    323.0    293.2
  Equals: Gross national product.....  9,855.9 10,171.6 10,514.1 11,059.2  9,661.9  9,859.6  9,893.6 10,008.4 10,060.2 10,173.5

  Net domestic product...............  8,629.1  8,846.5  9,183.1  9,650.1  8,476.3  8,645.8  8,662.1  8,732.3  8,781.0  8,858.1
-------------------------------------------------------------------------------------------------------------------------------
  See "Explanatory Note" at the end of the tables.

                                        Table 3A.--Gross Domestic Product and Related Measures--Continued
                                       [Billions of dollars; quarters seasonally adjusted at annual rates]
-------------------------------------------------------------------------------------------------------------------------------------------------
                                        III 01    IV 01     I 02    II 02   III 02    IV 02     I 03    II 03   III 03    IV 03     I 04    II 04
-------------------------------------------------------------------------------------------------------------------------------------------------
     Gross domestic product.......... 10,135.1 10,226.3 10,338.2 10,445.7 10,546.5 10,617.5 10,744.6 10,884.0 11,116.7 11,270.9 11,472.6 11,649.3

Personal consumption expenditures....  7,058.5  7,188.4  7,236.9  7,339.3  7,428.0  7,500.0  7,609.8  7,696.3  7,822.5  7,914.9  8,060.2  8,146.2

  Durable goods......................    865.1    932.8    903.5    907.5    932.8    920.8    912.1    946.8    972.7    971.1    976.3    970.0
    Motor vehicles and parts.........    393.7    451.5    414.5    415.8    444.6    429.7    421.4    442.4    452.5    444.1    438.4    429.7
    Furniture and household
     equipment.......................    309.9    315.5    319.8    321.9    318.5    319.4    316.8    323.9    333.3    338.0    345.0    346.7
    Other............................    161.5    165.8    169.3    169.8    169.7    171.6    174.0    180.5    186.9    189.0    193.0    193.7

  Nondurable goods...................  2,024.2  2,027.5  2,046.8  2,077.7  2,081.3  2,114.6  2,167.5  2,163.6  2,219.2  2,250.1  2,316.6  2,353.8
    Food.............................    972.9    983.1    994.6  1,004.1  1,006.2  1,018.4  1,039.5  1,052.2  1,074.6  1,091.8  1,120.3  1,131.2
    Clothing and shoes...............    295.0    299.0    303.9    303.2    297.7    303.6    299.9    303.6    311.0    314.4    325.0    322.5
    Gasoline, fuel oil, and other
     energy goods....................    185.9    165.8    160.4    176.7    180.4    192.4    219.1    195.6    207.6    210.7    229.7    249.1
    Other............................    570.5    579.7    588.0    593.7    596.9    600.2    608.9    612.3    626.0    633.1    641.5    651.0

  Services...........................  4,169.1  4,228.0  4,286.5  4,354.0  4,413.9  4,464.7  4,530.2  4,585.9  4,630.6  4,693.6  4,767.3  4,822.4
    Housing..........................  1,082.3  1,099.9  1,121.8  1,140.0  1,153.2  1,164.2  1,174.5  1,182.7  1,193.4  1,202.8  1,215.4  1,232.6
    Household operation..............    408.8    399.3    400.6    406.7    410.9    417.7    426.6    428.9    431.8    438.1    445.6    443.2
      Electricity and gas............    154.3    146.2    146.5    151.6    153.0    159.2    164.9    166.3    166.7    171.2    175.7    169.2
      Other household operation......    254.5    253.2    254.1    255.0    258.0    258.5    261.6    262.6    265.0    266.8    270.0    273.9
    Transportation...................    290.7    287.1    287.6    288.8    287.2    288.3    291.5    293.0    295.1    296.5    297.8    299.9
    Medical care.....................  1,125.4  1,149.4  1,173.7  1,197.9  1,222.5  1,247.0  1,267.6  1,290.5  1,312.1  1,334.0  1,356.8  1,381.8
    Recreation.......................    284.9    288.6    293.6    297.8    300.9    306.0    310.8    315.5    319.0    323.4    330.8    332.9
    Other............................    977.0  1,003.7  1,009.3  1,022.9  1,039.2  1,041.5  1,059.3  1,075.3  1,079.1  1,098.8  1,120.9  1,132.0

Gross private domestic investment....  1,613.0  1,521.4  1,568.5  1,577.0  1,581.3  1,589.9  1,596.6  1,611.1  1,696.6  1,758.8  1,819.7  1,891.2

  Fixed investment...................  1,644.8  1,599.6  1,577.4  1,563.0  1,562.2  1,569.5  1,586.0  1,626.4  1,700.2  1,755.2  1,783.5  1,846.6
    Nonresidential...................  1,167.2  1,123.2  1,091.4  1,061.2  1,055.0  1,048.1  1,046.4  1,072.7  1,113.3  1,146.3  1,158.8  1,188.1
      Structures.....................    335.8    305.2    290.0    273.4    262.7    260.1    253.6    262.3    262.3    268.2    266.0    273.2
      Equipment and software.........    831.4    818.1    801.4    787.8    792.3    788.0    792.8    810.4    851.1    878.1    892.8    914.9
        Information processing
         equipment and software......    422.0    412.5    401.7    398.2    404.9    397.2    407.9    419.3    442.8    454.7    468.5    481.2
          Computers and peripheral
           equipment.................     77.5     78.4     80.5     79.5     83.1     82.6     85.6     91.5     99.7    104.5    104.4    109.1
          Software...................    172.1    167.6    163.3    160.6    163.8    159.3    161.0    162.8    169.1    170.5    176.8    179.9
          Other......................    172.4    166.5    157.9    158.2    158.0    155.3    161.4    165.0    174.0    179.7    187.4    192.2
        Industrial equipment.........    141.6    136.6    142.5    136.9    137.9    136.9    139.7    139.3    140.8    139.5    143.1    143.6
        Transportation equipment.....    138.2    143.7    134.3    125.1    120.7    123.9    116.1    121.4    128.8    140.0    134.5    138.4
        Other equipment..............    129.6    125.3    122.9    127.6    128.7    130.1    129.0    130.3    138.7    144.0    146.6    151.7
    Residential......................    477.6    476.3    486.0    501.8    507.2    521.4    539.6    553.8    586.9    609.0    624.6    658.5

  Change in private inventories......    -31.8    -78.2     -8.9     14.0     19.1     20.4     10.6    -15.3     -3.7      3.5     36.2     44.6
    Farm.............................      -.3      2.3      3.0      -.9     -4.2     -4.0      1.9       .9      -.9      -.9      1.0     -2.4
    Nonfarm..........................    -31.5    -80.5    -11.9     14.9     23.3     24.4      8.7    -16.2     -2.8      4.5     35.2     47.0

Net exports of goods and services....   -361.9   -351.6   -376.3   -415.4   -431.1   -476.6   -503.3   -497.6   -488.8   -502.8   -546.8   -561.0

  Exports............................  1,003.5    966.6    975.0  1,008.1  1,023.4  1,013.5  1,019.8  1,018.1  1,047.7  1,099.2  1,134.3  1,183.1
    Goods............................    704.5    681.7    676.3    702.6    713.5    695.5    708.4    709.8    725.9    761.3    790.3    828.6
    Services.........................    299.0    284.8    298.7    305.5    310.0    318.0    311.4    308.3    321.7    337.9    344.1    354.5

  Imports............................  1,365.3  1,318.2  1,351.3  1,423.5  1,454.5  1,490.1  1,523.0  1,515.7  1,536.4  1,602.0  1,681.2  1,744.1
    Goods............................  1,135.6  1,096.5  1,117.7  1,188.5  1,213.4  1,238.9  1,268.7  1,262.6  1,270.3  1,326.4  1,399.2  1,454.3
    Services.........................    229.8    221.7    233.6    235.1    241.1    251.1    254.3    253.1    266.1    275.6    282.0    289.8

Government consumption expenditures
 and gross investment................  1,825.6  1,868.2  1,909.2  1,944.9  1,968.3  2,004.2  2,041.4  2,074.2  2,086.4  2,100.0  2,139.5  2,172.9

  Federal............................    614.3    630.1    654.2    676.6    684.4    708.2    723.4    761.1    756.7    767.5    793.3    804.3
    National defense.................    393.0    405.6    418.5    431.7    438.5    461.0    467.4    506.7    498.1    513.6    534.1    541.2
      Consumption expenditures.......    341.4    354.3    367.1    376.0    380.0    404.8    410.1    446.7    437.1    450.2    465.2    473.5
      Gross investment...............     51.6     51.2     51.4     55.7     58.4     56.2     57.3     59.9     61.0     63.4     69.0     67.7
    Nondefense.......................    221.3    224.5    235.8    244.9    245.9    247.2    256.0    254.4    258.7    253.9    259.1    263.1
      Consumption expenditures.......    191.3    194.1    203.7    210.3    213.4    215.5    224.2    219.0    225.9    221.1    225.9    226.3
      Gross investment...............     30.1     30.4     32.1     34.6     32.5     31.7     31.8     35.4     32.8     32.8     33.2     36.7

  State and local....................  1,211.2  1,238.1  1,255.0  1,268.3  1,283.9  1,296.0  1,318.0  1,313.1  1,329.7  1,332.6  1,346.3  1,368.6
      Consumption expenditures.......    976.6    987.1    996.2  1,011.5  1,023.8  1,034.6  1,054.8  1,051.8  1,061.0  1,066.3  1,079.8  1,091.2
      Gross investment...............    234.6    251.0    258.8    256.9    260.1    261.4    263.2    261.4    268.7    266.2    266.4    277.4

Addenda:
  Final sales of domestic product.... 10,166.9 10,304.5 10,347.2 10,431.7 10,527.4 10,597.1 10,734.0 10,899.3 11,120.4 11,267.4 11,436.4 11,604.8
  Gross domestic purchases........... 10,497.0 10,577.9 10,714.6 10,861.2 10,977.6 11,094.1 11,247.8 11,381.6 11,605.5 11,773.7 12,019.4 12,210.3
  Final sales to domestic purchasers. 10,528.8 10,656.1 10,723.5 10,847.1 10,958.5 11,073.7 11,237.3 11,397.0 11,609.2 11,770.1 11,983.2 12,165.7

  Gross domestic product............. 10,135.1 10,226.3 10,338.2 10,445.7 10,546.5 10,617.5 10,744.6 10,884.0 11,116.7 11,270.9 11,472.6 11,649.3
  Plus: Income receipts
   from the rest of the world........    306.0    284.2    288.5    304.5    312.9    301.2    304.8    309.8    329.8    371.8    373.8    .....
  Less: Income payments to
   the rest of the world.............    289.3    209.6    265.0    288.6    287.8    257.5    268.0    264.7    278.2    284.6    300.3    .....
  Equals: Gross national product..... 10,151.8 10,300.9 10,361.7 10,461.6 10,571.7 10,661.2 10,781.3 10,929.0 11,168.3 11,358.1 11,546.1    .....

  Net domestic product...............  8,802.4  8,944.5  9,051.2  9,147.8  9,237.2  9,296.1  9,410.5  9,537.0  9,756.2  9,896.7 10,117.6 10,279.3
-------------------------------------------------------------------------------------------------------------------------------------------------
  See "Explanatory Note" at the end of the tables.

                                  Table 3B.--Real Gross Domestic Product and Related Measures
                      [Billions of chained (2000) dollars; quarters seasonally adjusted at annual rates]
-------------------------------------------------------------------------------------------------------------------------------
                                          2000     2001     2002     2003     I 00    II 00   III 00    IV 00     I 01    II 01
-------------------------------------------------------------------------------------------------------------------------------
     Gross domestic product..........  9,817.0  9,890.7 10,074.8 10,381.3  9,695.6  9,847.9  9,836.6  9,887.7  9,875.6  9,905.9

Personal consumption expenditures....  6,739.4  6,910.4  7,123.4  7,355.6  6,661.3  6,703.3  6,768.0  6,825.0  6,853.1  6,870.3

  Durable goods......................    863.3    900.7    959.6  1,030.6    872.8    851.3    863.8    865.4    879.5    878.9
    Motor vehicles and parts.........    386.5    405.8    428.7    452.1    403.3    376.1    383.2    383.5    392.6    388.6
    Furniture and household
     equipment.......................    312.9    331.8    360.7    393.5    306.7    311.3    315.9    317.8    323.8    328.1
    Other............................    163.9    163.2    170.9    186.5    162.9    163.9    164.7    164.1    163.3    162.6

  Nondurable goods...................  1,947.2  1,986.7  2,037.4  2,112.4  1,917.2  1,944.0  1,955.0  1,972.7  1,975.2  1,974.7
    Food.............................    925.2    940.2    958.4    995.1    916.1    925.6    927.8    931.2    937.1    938.3
    Clothing and shoes...............    297.7    303.7    316.7    330.2    291.3    296.4    301.1    302.1    300.5    301.8
    Gasoline, fuel oil, and other
     energy goods....................    191.5    193.4    196.0    197.3    191.6    190.2    189.1    195.2    196.4    188.4
    Other............................    532.9    549.2    566.3    589.6    518.4    531.9    537.1    544.1    540.8    546.0

  Services...........................  3,928.8  4,023.2  4,128.6  4,220.3  3,871.1  3,908.2  3,949.3  3,986.8  3,997.9  4,016.0
    Housing..........................  1,006.5  1,033.7  1,062.0  1,076.1    995.7  1,003.3  1,009.9  1,016.9  1,024.4  1,031.2
    Household operation..............    390.1    391.0    394.1    400.2    376.3    388.6    392.5    403.0    397.6    389.5
      Electricity and gas............    143.3    140.9    144.7    147.2    133.9    142.0    143.8    153.6    148.5    138.8
      Other household operation......    246.8    250.2    249.4    253.0    242.4    246.8    248.9    249.2    248.8    251.0
    Transportation...................    291.3    288.0    279.9    277.7    289.9    291.9    291.6    291.7    292.9    291.5
    Medical care.....................  1,026.8  1,075.2  1,139.3  1,184.3  1,010.7  1,022.0  1,032.1  1,042.5  1,053.5  1,065.7
    Recreation.......................    268.3    274.9    281.5    290.3    264.2    267.6    270.1    271.1    274.7    274.1
    Other............................    945.9    960.3    971.1    990.7    934.1    934.9    953.2    961.7    954.6    964.2

Gross private domestic investment....  1,735.5  1,598.4  1,560.7  1,628.8  1,678.0  1,788.6  1,742.6  1,732.7  1,670.3  1,637.4

  Fixed investment...................  1,679.0  1,629.4  1,548.9  1,627.3  1,651.1  1,689.1  1,686.4  1,689.4  1,678.2  1,640.5
    Nonresidential...................  1,232.1  1,180.5  1,075.6  1,110.8  1,196.7  1,238.6  1,245.2  1,247.9  1,234.4  1,190.2
      Structures.....................    313.2    306.1    251.6    237.4    299.9    312.5    319.7    320.6    313.8    310.6
      Equipment and software.........    918.9    874.2    826.5    879.2    896.7    926.0    925.5    927.3    920.8    879.2
        Information processing
         equipment and software......    467.6    459.0    439.6    492.4    442.9    465.7    473.8    488.1    485.7    461.4
          Computers and peripheral
           equipment.................    .....    .....    .....    .....    .....    .....    .....    .....    .....    .....
          Software...................    176.2    173.8    163.6    171.2    171.4    175.8    176.2    181.2    181.4    174.1
          Other......................    190.0    181.7    164.3    179.4    179.9    187.7    192.3    200.2    193.7    182.9
        Industrial equipment.........    159.2    145.7    137.4    137.6    156.3    159.7    161.9    159.0    159.3    147.3
        Transportation equipment.....    160.8    142.8    125.6    121.6    166.1    167.0    159.5    150.7    145.3    144.5
        Other equipment..............    131.2    126.9    124.5    131.2    131.3    133.6    130.4    129.6    130.9    126.3
    Residential......................    446.9    448.5    470.0    511.2    454.5    450.4    441.2    441.6    444.0    450.1

  Change in private inventories......     56.5    -31.7     11.7      -.8     26.9     99.3     56.2     43.5     -7.8     -2.5
    Farm.............................     -1.3       .0     -1.6       .3    -14.5      6.1     -2.7      5.7      5.5     -1.3
    Nonfarm..........................     57.8    -31.8     13.5     -1.1     41.5     93.2     58.8     37.8    -13.5     -1.1

Net exports of goods and services....   -379.5   -399.1   -472.1   -518.5   -350.6   -374.5   -395.6   -397.2   -398.2   -385.2

  Exports............................  1,096.3  1,036.7  1,012.3  1,031.8  1,060.9  1,092.0  1,120.0  1,112.3  1,097.2  1,060.6
    Goods............................    784.3    736.3    706.4    721.7    751.9    776.6    810.0    798.9    787.8    751.7
    Services.........................    311.9    300.4    305.7    309.9    309.0    315.3    310.0    313.4    309.4    308.9

  Imports............................  1,475.8  1,435.8  1,484.4  1,550.3  1,411.5  1,466.5  1,515.6  1,509.5  1,495.4  1,445.8
    Goods............................  1,243.5  1,204.1  1,248.5  1,307.3  1,187.1  1,236.3  1,277.7  1,272.7  1,261.6  1,204.7
    Services.........................    232.3    231.6    235.9    243.3    224.4    230.1    237.9    236.8    233.7    240.9

Government consumption expenditures
 and gross investment................  1,721.6  1,780.3  1,857.9  1,909.4  1,707.3  1,730.5  1,721.5  1,727.1  1,749.6  1,783.0

  Federal............................    578.8    601.4    646.6    689.6    568.2    591.2    578.6    577.2    588.5    601.4
    National defense.................    370.3    384.9    414.6    451.8    362.6    377.1    369.9    371.5    377.9    381.9
      Consumption expenditures.......    321.5    334.1    358.2    390.3    313.8    328.1    320.7    323.4    329.8    331.3
      Gross investment...............     48.8     50.8     56.6     61.6     48.9     49.0     49.3     48.1     48.0     50.6
    Nondefense.......................    208.5    216.5    232.0    237.6    205.6    214.0    208.7    205.6    210.6    219.5
      Consumption expenditures.......    177.8    185.8    199.0    204.0    174.8    181.5    178.2    176.8    180.6    187.1
      Gross investment...............     30.7     30.7     32.9     33.5     30.8     32.6     30.4     28.8     30.1     32.5

  State and local....................  1,142.8  1,179.0  1,211.4  1,219.8  1,139.2  1,139.3  1,142.9  1,149.9  1,161.1  1,181.6
      Consumption expenditures.......    917.8    941.2    962.2    969.0    912.4    916.3    918.7    923.7    929.6    935.6
      Gross investment...............    225.0    237.8    249.2    250.9    226.8    223.0    224.2    226.2    231.5    246.2

Residual.............................       .1      1.2      -.9    -14.9      -.7      -.2      -.3       .2       .7      -.9

Addenda:
  Final sales of domestic product....  9,760.5  9,920.9 10,063.2 10,379.9  9,668.8  9,748.4  9,780.4  9,844.3  9,883.2  9,908.7
  Gross domestic purchases........... 10,196.4 10,290.1 10,544.6 10,895.7 10,046.5 10,222.4 10,232.1 10,284.7 10,273.2 10,291.3
  Final sales to domestic purchasers. 10,140.0 10,320.5 10,533.0 10,894.2 10,019.6 10,122.9 10,176.0 10,241.4 10,280.8 10,294.2

  Gross domestic product.............  9,817.0  9,890.7 10,074.8 10,381.3  9,695.6  9,847.9  9,836.6  9,887.7  9,875.6  9,905.9
  Plus: Income receipts
   from the rest of the world........    382.7    316.1    291.7    311.9    366.0    387.2    378.7    398.8    356.6    331.1
  Less: Income payments to
   the rest of the world.............    343.7    273.2    264.9    259.2    332.7    349.8    347.5    344.9    318.7    287.1
  Equals: Gross national product.....  9,855.9  9,933.6 10,101.7 10,433.9  9,729.0  9,885.3  9,867.8  9,941.6  9,913.6  9,949.8

  Net domestic product...............  8,629.1  8,616.2  8,777.9  9,045.8  8,537.6  8,669.3  8,638.5  8,671.2  8,640.8  8,642.1
-------------------------------------------------------------------------------------------------------------------------------
 Note. Users are cautioned that particularly for components
 that exhibit rapid change in prices relative to other prices in the
 economy, the chained-dollar estimates should not be used to measure
 the component's relative importance or its contribution to the
 growth rate of more aggregate series.  For accurate estimates of the
 contributions to percent changes in real gross domestic product, use table 2.
  See "Explanatory Note" at the end of the tables.

                                     Table 3B.--Real Gross Domestic Product and Related Measures--Continued
                               [Billions of chained (2000) dollars; quarters seasonally adjusted at annual rates]
-------------------------------------------------------------------------------------------------------------------------------------------------
                                        III 01    IV 01     I 02    II 02   III 02    IV 02     I 03    II 03   III 03    IV 03     I 04    II 04
-------------------------------------------------------------------------------------------------------------------------------------------------
     Gross domestic product..........  9,871.1  9,910.0  9,993.5 10,052.6 10,117.3 10,135.9 10,184.4 10,287.4 10,472.8 10,580.7 10,697.5 10,778.0

Personal consumption expenditures....  6,900.5  7,017.6  7,049.7  7,099.2  7,149.9  7,194.6  7,242.2  7,311.4  7,401.7  7,466.8  7,543.0  7,562.5

  Durable goods......................    885.6    958.7    937.8    947.8    979.3    973.4    973.2  1,020.0  1,059.6  1,069.7  1,075.5  1,068.7
    Motor vehicles and parts.........    392.7    449.4    415.1    418.6    447.1    433.9    428.0    451.3    465.6    463.5    456.7    446.7
    Furniture and household
     equipment.......................    332.2    343.0    354.4    360.1    361.2    367.2    369.3    385.2    405.0    414.6    425.6    431.0
    Other............................    161.2    165.6    169.2    170.3    170.9    173.2    177.0    184.4    190.5    194.0    196.9    196.1

  Nondurable goods...................  1,986.5  2,010.3  2,029.3  2,033.2  2,030.2  2,056.8  2,082.0  2,090.1  2,125.3  2,152.0  2,187.3  2,187.0
    Food.............................    940.6    945.0    951.4    958.4    958.0    965.8    981.4    988.0  1,002.2  1,008.6  1,028.4  1,028.6
    Clothing and shoes...............    302.9    309.8    316.4    316.2    312.9    321.2    320.6    327.1    334.9    338.2    351.2    346.0
    Gasoline, fuel oil, and other
     energy goods....................    191.1    197.7    197.8    193.7    193.4    199.3    199.5    192.1    194.6    203.3    202.1    199.6
    Other............................    551.7    558.4    564.4    564.7    565.5    570.7    579.9    582.8    593.6    602.1    606.6    613.4

  Services...........................  4,027.8  4,051.2  4,084.1  4,119.7  4,143.8  4,166.9  4,188.7  4,207.7  4,227.9  4,256.7  4,291.7  4,316.3
    Housing..........................  1,036.5  1,042.8  1,052.8  1,060.8  1,065.5  1,068.7  1,071.6  1,074.3  1,078.1  1,080.3  1,086.0  1,091.4
    Household operation..............    390.3    386.6    388.5    394.5    394.7    398.9    399.5    396.8    398.7    406.0    409.3    404.4
      Electricity and gas............    138.9    137.3    139.6    144.2    145.1    149.9    149.0    144.5    144.7    150.6    151.9    144.5
      Other household operation......    251.6    249.4    248.9    250.3    249.5    248.9    250.2    252.3    254.2    255.2    257.1    260.3
    Transportation...................    285.9    281.6    282.0    280.9    278.5    278.2    279.3    277.7    277.1    276.7    278.1    279.6
    Medical care.....................  1,082.7  1,099.1  1,117.1  1,132.5  1,147.0  1,160.5  1,170.0  1,179.7  1,189.3  1,198.3  1,207.9  1,222.3
    Recreation.......................    274.5    276.2    279.5    280.7    281.6    284.4    286.4    289.6    291.2    294.1    298.3    298.4
    Other............................    957.8    964.6    963.8    969.7    975.8    975.4    981.1    988.8    992.5  1,000.3  1,011.2  1,019.1

Gross private domestic investment....  1,592.6  1,493.4  1,552.5  1,553.7  1,569.2  1,567.3  1,564.0  1,577.6  1,659.4  1,714.1  1,764.5  1,818.4

  Fixed investment...................  1,621.9  1,577.0  1,559.6  1,545.9  1,546.6  1,543.5  1,552.7  1,593.4  1,660.6  1,702.7  1,721.4  1,767.5
    Nonresidential...................  1,169.3  1,128.2  1,099.8  1,072.4  1,069.5  1,060.9  1,060.5  1,090.6  1,131.1  1,161.0  1,173.0  1,198.1
      Structures.....................    315.1    284.9    270.7    253.9    243.0    238.9    230.7    238.7    237.9    242.4    237.7    240.7
      Equipment and software.........    852.9    843.8    830.1    820.6    829.8    825.5    834.6    856.7    899.7    925.6    943.7    966.4
        Information processing
         equipment and software......    447.3    441.7    434.1    435.5    446.5    442.2    460.0    475.7    507.1    526.6    547.0    565.0
          Computers and peripheral
           equipment.................    .....    .....    .....    .....    .....    .....    .....    .....    .....    .....    .....    .....
          Software...................    172.3    167.4    163.8    162.9    165.9    161.7    164.9    166.8    174.6    178.5    185.6    189.5
          Other......................    177.8    172.2    163.7    164.9    165.4    163.2    169.6    173.7    183.9    190.4    200.2    206.0
        Industrial equipment.........    140.6    135.4    141.5    136.0    136.6    135.4    137.9    137.3    138.4    136.8    139.0    138.6
        Transportation equipment.....    137.6    144.0    134.1    124.3    121.9    121.9    113.9    120.5    124.3    127.8    122.7    125.7
        Other equipment..............    127.6    122.8    120.4    125.1    125.7    126.7    125.2    126.1    134.0    139.3    142.1    145.3
    Residential......................    452.1    447.8    457.8    470.3    473.6    478.5    487.3    497.9    523.8    535.9    542.5    562.3

  Change in private inventories......    -29.9    -86.7     -7.4      7.9     22.7     23.8      9.6    -17.6     -3.5      8.6     40.0     47.5
    Farm.............................      1.0     -5.1      4.4     -7.9     -1.7     -1.2       .1     -1.8      -.7      3.5      5.1      3.0
    Nonfarm..........................    -31.1    -81.7    -11.9     16.1     24.6     25.3      9.6    -15.7     -2.7      4.6     34.5     44.9

Net exports of goods and services....   -398.4   -414.5   -444.9   -458.1   -469.8   -515.4   -511.7   -525.2   -508.7   -528.3   -550.1   -552.8

  Exports............................  1,008.7    980.3    991.6  1,017.8  1,025.5  1,014.5  1,010.6  1,006.5  1,033.8  1,076.2  1,095.4  1,129.9
    Goods............................    710.9    694.7    691.4    714.4    719.5    700.5    707.3    705.9    723.1    750.6    767.2    793.7
    Services.........................    297.7    285.6    300.0    303.3    305.9    313.6    303.1    300.4    310.5    325.4    328.1    336.0

  Imports............................  1,407.1  1,394.9  1,436.5  1,475.9  1,495.3  1,529.8  1,522.3  1,531.7  1,542.5  1,604.5  1,645.5  1,682.6
    Goods............................  1,177.9  1,172.1  1,200.7  1,244.2  1,262.1  1,287.2  1,281.3  1,297.3  1,297.3  1,353.2  1,394.1  1,423.4
    Services.........................    229.0    222.8    235.4    232.0    233.6    242.7    241.2    235.3    245.2    251.7    252.4    260.1

Government consumption expenditures
 and gross investment................  1,776.1  1,812.7  1,833.5  1,853.4  1,863.1  1,881.6  1,882.5  1,915.3  1,916.0  1,923.7  1,935.8  1,946.8

  Federal............................    601.5    614.2    626.4    645.5    650.1    664.5    665.0    699.0    693.1    701.2    713.3    718.1
    National defense.................    384.1    395.6    401.3    412.3    415.8    429.2    426.2    462.3    453.1    465.7    477.6    479.9
      Consumption expenditures.......    332.1    343.1    348.6    355.7    356.5    371.9    367.8    401.0    391.1    401.4    408.5    412.5
      Gross investment...............     52.1     52.5     52.6     56.8     59.6     57.2     58.5     61.2     62.1     64.6     69.9     67.9
    Nondefense.......................    217.3    218.6    225.2    233.2    234.3    235.3    238.8    236.5    239.9    235.2    235.4    237.9
      Consumption expenditures.......    187.3    188.2    193.0    198.5    201.4    203.2    206.6    200.9    206.7    202.0    201.8    201.2
      Gross investment...............     30.0     30.4     32.2     34.8     32.8     32.0     32.1     35.7     33.1     33.2     33.6     37.0

  State and local....................  1,174.6  1,198.5  1,207.2  1,208.0  1,213.1  1,217.3  1,217.7  1,216.3  1,222.9  1,222.5  1,222.4  1,228.7
      Consumption expenditures.......    945.2    954.5    957.0    960.9    963.7    967.3    967.7    968.6    968.8    970.9    971.5    971.8
      Gross investment...............    229.4    244.0    250.3    247.1    249.5    250.1    250.1    247.7    254.3    251.6    251.0    257.2

Residual.............................      3.3      1.4     -1.4       .3     -2.4      -.5     -1.6     -8.2    -23.5    -26.7    -31.3    -35.7

Addenda:
  Final sales of domestic product....  9,899.9  9,992.3 10,000.4 10,044.9 10,095.2 10,112.5 10,173.3 10,302.5 10,473.9 10,569.6 10,655.8 10,728.8
  Gross domestic purchases........... 10,270.1 10,325.6 10,437.7 10,508.9 10,584.8 10,646.7 10,692.0 10,808.1 10,978.3 11,104.3 11,241.9 11,324.7
  Final sales to domestic purchasers. 10,299.1 10,408.4 10,444.7 10,501.1 10,562.7 10,623.3 10,680.8 10,823.3 10,979.4 11,093.2 11,200.1 11,275.4

  Gross domestic product.............  9,871.1  9,910.0  9,993.5 10,052.6 10,117.3 10,135.9 10,184.4 10,287.4 10,472.8 10,580.7 10,697.5 10,778.0
  Plus: Income receipts
   from the rest of the world........    299.2    277.5    281.0    294.8    301.8    289.1    290.1    294.5    312.1    350.7    349.6    .....
  Less: Income payments to
   the rest of the world.............    282.6    204.3    257.4    278.7    276.7    246.7    254.4    251.2    263.2    268.0    280.3    .....
  Equals: Gross national product.....  9,887.7  9,983.1 10,017.2 10,068.9 10,142.4 10,178.4 10,220.3 10,330.8 10,521.7 10,663.3 10,766.7    .....

  Net domestic product...............  8,547.2  8,634.8  8,711.2  8,760.3  8,815.3  8,824.7  8,864.9  8,957.6  9,132.0  9,228.4  9,344.1  9,417.3
-------------------------------------------------------------------------------------------------------------------------------------------------
 Note. Users are cautioned that particularly for components
 that exhibit rapid change in prices relative to other prices in the
 economy, the chained-dollar estimates should not be used to measure
 the component's relative importance or its contribution to the
 growth rate of more aggregate series.  For accurate estimates of the
 contributions to percent changes in real gross domestic product, use table 2.
  See "Explanatory Note" at the end of the tables.

                              Table 4.--Price Indexes for Gross Domestic Product and Related Measures: Percent Change From Preceding Period
                                                             [Quarters seasonally adjusted at annual rates]
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                       2000   2001   2002   2003  IV 00   I 01  II 01 III 01  IV 01   I 02  II 02 III 02  IV 02   I 03  II 03 III 03  IV 03   I 04  II 04
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
       Gross domestic product (GDP).    2.2    2.4    1.7    1.8    1.8    3.3    3.1    1.6    1.7    1.4    1.5    1.7    2.0    2.7    1.1    1.4    1.6    2.8    3.2

Personal consumption expenditures...    2.5    2.1    1.4    1.9    1.8    3.3    2.6     .6     .6     .9    2.9    2.0    1.4    3.2     .7    1.6    1.2    3.3    3.3
  Durable goods.....................   -1.6   -1.9   -2.7   -3.4   -1.0   -1.4   -3.1   -2.8   -1.6   -3.8   -2.5   -2.1   -2.8   -3.7   -3.8   -4.4   -4.3     .0    -.1
  Nondurable goods..................    4.0    1.5     .6    2.0    1.4    1.4    3.5    -.9   -4.0     .0    5.4    1.3    1.2    5.1   -2.2    3.5     .5    5.3    6.7
  Services..........................    2.7    3.3    2.7    3.0    2.6    5.3    3.4    2.0    3.3    2.3    2.8    3.2    2.4    3.8    3.1    2.0    2.7    3.0    2.3

Gross private domestic investment...    1.0    1.0     .2    1.1     .8     .0    1.5    2.1     .2   -1.0    -.1    -.5    2.6    1.4    -.1    1.2    2.7    2.1    3.6
  Fixed investment..................    1.1    1.0     .2    1.2     .9    -.3    1.8    2.2     .1   -1.1    -.1    -.4    2.7    1.9    -.3    1.2    2.8    2.0    3.4
    Nonresidential..................    -.1    -.3    -.8    -.4     .0   -2.3     .6     .3   -1.0   -1.3   -1.1   -1.3     .6    -.5   -1.3     .3    1.2     .3    1.5
      Structures....................    3.9    5.4    2.4    2.1    5.0    6.0    6.5    6.6    2.1     .0    2.1    1.6    3.0    3.9     .0    1.3    1.4    4.8    5.8
      Equipment and software........   -1.3   -2.3   -1.9   -1.2   -1.7   -5.1   -1.5   -2.0   -2.2   -1.7   -2.2   -2.2    -.1   -1.9   -1.7     .0    1.2   -1.1     .2
    Residential.....................    4.4    4.6    2.5    4.4    3.4    5.5    5.0    6.9    2.8    -.8    2.1    1.6    7.1    6.8    1.7    3.1    5.8    5.4    7.0
  Change in private inventories.....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....

Net exports of goods and services...  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....
  Exports...........................    1.7    -.4    -.4    2.1     .4     .1   -1.3   -2.0   -3.5   -1.2    3.0    3.0     .4    4.1    1.0     .8    3.2    5.7    4.5
    Goods...........................    1.1    -.7    -.7    2.0     .4    -.1   -1.6   -2.6   -3.8   -1.4    2.2    3.3     .5    3.5    1.6    -.6    4.2    6.4    5.5
    Services........................    3.1     .4     .4    2.4     .6     .6    -.7    -.6   -2.8    -.6    4.8    2.4     .3    5.4    -.6    4.0     .9    4.0    2.5
  Imports...........................    4.2   -2.5   -1.2    3.4     .7   -3.0   -5.9   -5.3  -10.0   -1.9   10.5    3.4     .5   11.3   -4.3    2.6     .9    9.6    5.9
    Goods...........................    4.8   -3.0   -1.8    2.9     .8   -3.8   -6.6   -6.5  -11.3   -2.0   10.8    2.6     .4   12.0   -6.7    2.4     .4    9.9    7.4
    Services........................    1.4     .1    1.7    5.9     .3    1.5   -2.2    1.2   -3.3   -1.2    8.8    7.7     .9    7.9    8.4    3.6    3.5    8.3   -1.0

Government consumption expenditures
 and gross investment...............    4.1    2.5    2.7    3.2    2.7    3.1    1.8    1.6    1.1    4.2    3.1    2.7    3.3    7.4    -.5    2.2    1.0    5.1    4.0
  Federal...........................    3.2    1.9    3.3    3.6    1.6    1.9    1.1    2.2    1.8    7.4    1.4    1.8    5.1    8.5     .3    1.1    1.0    6.6    2.9
    National defense................    3.2    2.0    3.4    4.2     .9    3.5     .7    2.5     .8    7.1    1.6    2.9    7.7    8.6    -.3    1.1    1.3    5.7    3.4
    Nondefense......................    3.2    1.7    3.1    2.6    2.7   -1.0    1.8    1.6    3.4    8.0    1.1    -.2     .5    8.2    1.4    1.0     .3    8.3    1.8
  State and local...................    4.5    2.9    2.4    3.0    3.2    3.8    2.1    1.3     .8    2.5    4.0    3.2    2.4    6.8   -1.0    2.9    1.0    4.2    4.7

Addenda:
  Final sales of domestic product...    2.2    2.4    1.7    1.8    1.8    3.3    3.2    1.6    1.7    1.3    1.5    1.7    2.0    2.8    1.1    1.4    1.6    2.7    3.2
  Gross domestic purchases..........    2.5    2.0    1.5    2.0    1.8    2.7    2.3    1.0     .6    1.2    2.5    1.8    1.9    3.7     .4    1.7    1.4    3.4    3.5
  Final sales to domestic
   purchasers.......................    2.5    2.0    1.5    2.0    1.8    2.7    2.3    1.0     .6    1.1    2.5    1.8    1.9    3.8     .3    1.7    1.4    3.4    3.4
  Gross national product (GNP)......    2.2    2.4    1.6    1.8    1.8    3.3    3.1    1.6    1.7    1.3    1.5    1.7    2.0    2.7    1.1    1.5    1.6    2.8  .....

  Implicit price deflators:
    GDP.............................    2.2    2.4    1.7    1.8    1.6    3.3    3.1    1.7    2.0    1.0    1.8    1.3    2.0    2.9    1.1    1.3    1.4    2.7    3.2
    Gross domestic purchases........    2.5    2.0    1.5    2.0    1.6    2.7    2.2    1.1     .9     .8    2.8    1.4    1.9    3.9     .4    1.6    1.2    3.4    3.4
    GNP.............................    2.2    2.4    1.6    1.8    1.6    3.2    3.1    1.7    2.0    1.0    1.8    1.3    2.0    2.9    1.1    1.3    1.4    2.7  .....
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
  See "Explanatory Note" at the end of the tables.

                          Table 4A.--Price Indexes for Gross Domestic Product and Related Measures: Percent Change From Preceding Period
                                                          [Quarters seasonally adjusted at annual rates]
------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                       2000   2001   2002   2003  IV 00   I 01  II 01 III 01  IV 01   I 02  II 02 III 02  IV 02   I 03  II 03 III 03  IV 03   I 04
------------------------------------------------------------------------------------------------------------------------------------------------------------------
       Gross domestic product (GDP).    2.2    2.4    1.7    1.8    1.8    3.3    3.1    1.6    1.7    1.4    1.5    1.7    2.0    2.7    1.1    1.4    1.6    2.8
         Previously published.......    2.2    2.4    1.5    1.7    1.8    3.2    3.2    1.6    1.6    1.1    1.5    1.5    1.7    2.3    1.1    1.6    1.5    2.8

Personal consumption expenditures...    2.5    2.1    1.4    1.9    1.8    3.3    2.6     .6     .6     .9    2.9    2.0    1.4    3.2     .7    1.6    1.2    3.3
  Previously published..............    2.5    2.0    1.4    1.8    1.8    3.2    2.5     .5     .4     .7    2.9    2.0    1.7    2.8     .5    1.8    1.0    3.2
  Durable goods.....................   -1.6   -1.9   -2.7   -3.4   -1.0   -1.4   -3.1   -2.8   -1.6   -3.8   -2.5   -2.1   -2.8   -3.7   -3.8   -4.4   -4.3     .0
    Previously published............   -1.6   -1.9   -2.9   -3.7   -1.0   -1.3   -3.1   -2.8   -2.2   -3.5   -2.9   -3.0   -3.0   -4.4   -3.9   -4.0   -3.9    -.3
  Nondurable goods..................    4.0    1.5     .6    2.0    1.4    1.4    3.5    -.9   -4.0     .0    5.4    1.3    1.2    5.1   -2.2    3.5     .5    5.3
    Previously published............    4.0    1.5     .5    2.1    1.4    1.3    3.7    -.9   -4.3    -.1    5.7    1.4    1.0    5.1   -2.1    3.8     .5    5.3
  Services..........................    2.7    3.3    2.7    3.0    2.6    5.3    3.4    2.0    3.3    2.3    2.8    3.2    2.4    3.8    3.1    2.0    2.7    3.0
    Previously published............    2.7    3.2    2.7    2.9    2.6    5.1    3.2    1.8    3.3    2.0    2.8    3.4    3.1    3.2    2.7    2.0    2.3    2.9

Gross private domestic investment...    1.0    1.0     .2    1.1     .8     .0    1.5    2.1     .2   -1.0    -.1    -.5    2.6    1.4    -.1    1.2    2.7    2.1
  Previously published..............    1.0    1.1     .0     .9     .8     .3    1.3    2.3     .0    -.7    -.7   -1.0    1.6    1.3     .0    2.0    3.6    2.8
  Fixed investment..................    1.1    1.0     .2    1.2     .9    -.3    1.8    2.2     .1   -1.1    -.1    -.4    2.7    1.9    -.3    1.2    2.8    2.0
    Previously published............    1.1    1.1     .1    1.1     .9     .1    1.6    2.4     .0    -.8    -.7    -.7    1.7    1.9     .0    2.1    3.7    3.0
    Nonresidential..................    -.1    -.3    -.8    -.4     .0   -2.3     .6     .3   -1.0   -1.3   -1.1   -1.3     .6    -.5   -1.3     .3    1.2     .3
      Previously published..........    -.1    -.2    -.9    -.2     .0   -1.8     .2     .6   -1.2   -1.3   -1.5   -1.5     .4    -.3   -1.2    1.6    1.8    1.0
      Structures....................    3.9    5.4    2.4    2.1    5.0    6.0    6.5    6.6    2.1     .0    2.1    1.6    3.0    3.9     .0    1.3    1.4    4.8
        Previously published........    3.9    5.5    1.4    2.1    5.0    6.5    6.9    6.3    1.2    -.9     .5     .3    1.1    3.8    1.1    2.7    4.7    5.6
      Equipment and software........   -1.3   -2.3   -1.9   -1.2   -1.7   -5.1   -1.5   -2.0   -2.2   -1.7   -2.2   -2.2    -.1   -1.9   -1.7     .0    1.2   -1.1
        Previously published........   -1.3   -2.2   -1.7    -.9   -1.7   -4.7   -2.1   -1.6   -2.1   -1.4   -2.1   -2.1     .2   -1.6   -1.8    1.2    1.0    -.3
    Residential.....................    4.4    4.6    2.5    4.4    3.4    5.5    5.0    6.9    2.8    -.8    2.1    1.6    7.1    6.8    1.7    3.1    5.8    5.4
      Previously published..........    4.4    4.6    2.4    3.9    3.4    5.3    5.1    7.0    2.9     .3    1.1     .9    4.5    6.4    2.2    3.1    7.5    7.1
  Change in private inventories.....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....

Net exports of goods and services...  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....
  Exports...........................    1.7    -.4    -.4    2.1     .4     .1   -1.3   -2.0   -3.5   -1.2    3.0    3.0     .4    4.1    1.0     .8    3.2    5.7
    Previously published............    1.7    -.4    -.4    2.1     .4     .1   -1.2   -2.1   -3.6   -1.2    2.9    3.3     .6    3.6     .8    1.6    2.6    5.7
    Goods...........................    1.1    -.7    -.7    2.0     .4    -.1   -1.6   -2.6   -3.8   -1.4    2.2    3.3     .5    3.5    1.6    -.6    4.2    6.4
      Previously published..........    1.1    -.7    -.7    2.0     .4    -.1   -1.6   -2.6   -3.8   -1.4    2.1    3.3     .6    3.5    1.7    -.2    3.6    6.4
    Services........................    3.1     .4     .4    2.4     .6     .6    -.7    -.6   -2.8    -.6    4.8    2.4     .3    5.4    -.6    4.0     .9    4.0
      Previously published..........    3.1     .4     .3    2.2     .6     .6    -.3   -1.0   -3.0    -.9    4.6    3.2     .6    3.8   -1.3    5.7     .4    4.3
  Imports...........................    4.2   -2.5   -1.2    3.4     .7   -3.0   -5.9   -5.3  -10.0   -1.9   10.5    3.4     .5   11.3   -4.3    2.6     .9    9.6
    Previously published............    4.2   -2.5   -1.0    3.6     .7   -2.8   -6.0   -5.3   -9.8   -1.6   10.5    3.7     .8   11.7   -4.1    2.7     .9    9.5
    Goods...........................    4.8   -3.0   -1.8    2.9     .8   -3.8   -6.6   -6.5  -11.3   -2.0   10.8    2.6     .4   12.0   -6.7    2.4     .4    9.9
      Previously published..........    4.8   -3.0   -1.7    2.9     .8   -3.7   -6.6   -6.6  -11.1   -2.1   10.7    2.7     .5   11.8   -6.8    2.6     .3    9.8
    Services........................    1.4     .1    1.7    5.9     .3    1.5   -2.2    1.2   -3.3   -1.2    8.8    7.7     .9    7.9    8.4    3.6    3.5    8.3
      Previously published..........    1.4     .2    2.5    7.4     .3    2.1   -3.0    1.4   -2.9     .7    9.3    8.6    2.0   11.3   10.4    3.3    3.8    8.0

Government consumption expenditures
 and gross investment...............    4.1    2.5    2.7    3.2    2.7    3.1    1.8    1.6    1.1    4.2    3.1    2.7    3.3    7.4    -.5    2.2    1.0    5.1
   Previously published.............    4.1    2.6    2.6    2.9    2.7    2.7    2.2    2.0    1.4    3.6    3.3    2.2    1.8    7.3     .1    1.7     .7    5.2
  Federal...........................    3.2    1.9    3.3    3.6    1.6    1.9    1.1    2.2    1.8    7.4    1.4    1.8    5.1    8.5     .3    1.1    1.0    6.6
    Previously published............    3.2    2.1    2.7    2.5    1.6    2.0    1.6    2.4    1.7    5.9    2.3    1.2    -.5    7.7    1.4    1.3     .3    7.2
    National defense................    3.2    2.0    3.4    4.2     .9    3.5     .7    2.5     .8    7.1    1.6    2.9    7.7    8.6    -.3    1.1    1.3    5.7
      Previously published..........    3.2    2.2    2.5    2.6     .9    3.6    1.6    2.4     .8    5.2    2.3    1.8    -.6    8.0    1.2    1.3     .4    6.5
    Nondefense......................    3.2    1.7    3.1    2.6    2.7   -1.0    1.8    1.6    3.4    8.0    1.1    -.2     .5    8.2    1.4    1.0     .3    8.3
      Previously published..........    3.2    1.9    3.2    2.3    2.7    -.7    1.8    2.3    3.6    7.3    2.1     .2    -.4    7.2    1.6    1.3     .1    8.6
  State and local...................    4.5    2.9    2.4    3.0    3.2    3.8    2.1    1.3     .8    2.5    4.0    3.2    2.4    6.8   -1.0    2.9    1.0    4.2
    Previously published............    4.5    2.9    2.5    3.1    3.2    3.0    2.5    1.8    1.3    2.4    3.8    2.7    3.0    7.1    -.7    2.0    1.0    4.0

Addenda:
  Final sales of domestic product...    2.2    2.4    1.7    1.8    1.8    3.3    3.2    1.6    1.7    1.3    1.5    1.7    2.0    2.8    1.1    1.4    1.6    2.7
    Previously published............    2.2    2.4    1.5    1.7    1.8    3.1    3.2    1.6    1.6    1.1    1.4    1.5    1.8    2.4    1.1    1.6    1.5    2.9
  Gross domestic purchases..........    2.5    2.0    1.5    2.0    1.8    2.7    2.3    1.0     .6    1.2    2.5    1.8    1.9    3.7     .4    1.7    1.4    3.4
    Previously published............    2.5    2.0    1.4    1.9    1.8    2.6    2.3    1.0     .5    1.0    2.4    1.6    1.7    3.4     .4    1.8    1.3    3.5
  Final sales to domestic
   purchasers.......................    2.5    2.0    1.5    2.0    1.8    2.7    2.3    1.0     .6    1.1    2.5    1.8    1.9    3.8     .3    1.7    1.4    3.4
     Previously published...........    2.5    2.0    1.4    1.9    1.8    2.6    2.3    1.0     .5     .9    2.4    1.6    1.7    3.5     .4    1.8    1.4    3.5
  Gross national product (GNP)......    2.2    2.4    1.6    1.8    1.8    3.3    3.1    1.6    1.7    1.3    1.5    1.7    2.0    2.7    1.1    1.5    1.6    2.8
    Previously published............    2.2    2.4    1.5    1.7    1.8    3.2    3.1    1.6    1.6    1.1    1.5    1.5    1.7    2.3    1.1    1.7    1.5    2.8

  Implicit price deflators:
    GDP.............................    2.2    2.4    1.7    1.8    1.6    3.3    3.1    1.7    2.0    1.0    1.8    1.3    2.0    2.9    1.1    1.3    1.4    2.7
      Previously published..........    2.2    2.4    1.5    1.7    1.6    3.1    3.2    1.6    1.9     .7    1.9    1.0    1.8    2.3    1.1    1.6    1.5    2.9
    Gross domestic purchases........    2.5    2.0    1.5    2.0    1.6    2.7    2.2    1.1     .9     .8    2.8    1.4    1.9    3.9     .4    1.6    1.2    3.4
      Previously published..........    2.5    2.0    1.4    1.9    1.6    2.6    2.3    1.0     .8     .6    2.9    1.2    1.8    3.4     .4    1.8    1.3    3.5
    GNP.............................    2.2    2.4    1.6    1.8    1.6    3.2    3.1    1.7    2.0    1.0    1.8    1.3    2.0    2.9    1.1    1.3    1.4    2.7
      Previously published..........    2.2    2.4    1.5    1.7    1.6    3.1    3.2    1.6    1.9     .7    2.0    1.0    1.8    2.3    1.1    1.6    1.5    2.9
------------------------------------------------------------------------------------------------------------------------------------------------------------------
See "Explanatory Note" at the end of the tables.

                                  Table 5.--Real Gross Domestic Product, Quantity Indexes
                                  [Index numbers, 2000=100; quarters seasonally adjusted]
---------------------------------------------------------------------------------------------------------------------------
                                               2000    2001    2002    2003    I 00   II 00  III 00   IV 00    I 01   II 01
---------------------------------------------------------------------------------------------------------------------------
        Gross domestic product............. 100.000 100.751 102.626 105.749  98.764 100.315 100.200 100.721 100.597 100.906

Personal consumption expenditures.......... 100.000 102.537 105.698 109.143  98.841  99.465 100.424 101.270 101.687 101.942
  Durable goods............................ 100.000 104.327 111.150 119.378 101.097  98.609 100.056 100.238 101.877 101.802
  Nondurable goods......................... 100.000 102.027 104.630 108.481  98.458  99.835 100.398 101.309 101.438 101.409
  Services................................. 100.000 102.403 105.085 107.418  98.530  99.474 100.521 101.475 101.758 102.218

Gross private domestic investment.......... 100.000  92.103  89.928  93.852  96.691 103.060 100.411  99.838  96.245  94.350
  Fixed investment......................... 100.000  97.047  92.253  96.924  98.339 100.600 100.443 100.619  99.953  97.709
    Nonresidential......................... 100.000  95.817  87.302  90.157  97.126 100.526 101.066 101.282 100.192  96.600
      Structures........................... 100.000  97.737  80.346  75.810  95.744  99.785 102.088 102.383 100.191  99.168
      Equipment and software............... 100.000  95.136  89.947  95.679  97.587 100.778 100.723 100.912 100.210  95.683
    Residential............................ 100.000 100.357 105.178 114.392 101.689 100.786  98.718  98.807  99.342 100.714
  Change in private inventories............   .....   .....   .....   .....   .....   .....   .....   .....   .....   .....

Exports of goods and services.............. 100.000  94.565  92.343  94.116  96.770  99.608 102.163 101.458 100.083  96.748

Imports of goods and services.............. 100.000  97.291 100.585 105.048  95.643  99.371 102.700 102.286 101.330  97.972

Government consumption expenditures and
 gross investment.......................... 100.000 103.412 107.918 110.906  99.169 100.517  99.995 100.318 101.628 103.567
  Federal.................................. 100.000 103.908 111.725 119.140  98.169 102.139  99.970  99.722 101.679 103.910
  State and local.......................... 100.000 103.162 105.999 106.739  99.679  99.696 100.007 100.618 101.601 103.394

Addenda:
  Final sales of domestic product.......... 100.000 101.644 103.102 106.346  99.061  99.876 100.204 100.859 101.257 101.519
  Gross domestic purchases................. 100.000 100.918 103.414 106.858  98.529 100.255 100.350 100.866 100.753 100.930
  Final sales to domestic purchasers....... 100.000 101.781 103.876 107.438  98.813  99.832 100.355 101.000 101.389 101.521
  Gross national product................... 100.000 100.788 102.494 105.865  98.712 100.298 100.121 100.870 100.585 100.953
---------------------------------------------------------------------------------------------------------------------------
  See "Explanatory Note" at the end of the tables.

                                    Table 5.--Real Gross Domestic Product, Quantity Indexes--Continued
                                          [Index numbers, 2000=100; quarters seasonally adjusted]
-------------------------------------------------------------------------------------------------------------------------------------------
                                             III 01   IV 01    I 02   II 02  III 02   IV 02    I 03   II 03  III 03   IV 03    I 04   II 04
-------------------------------------------------------------------------------------------------------------------------------------------
        Gross domestic product............. 100.551 100.948 101.798 102.400 103.059 103.249 103.743 104.792 106.681 107.780 108.969 109.789

Personal consumption expenditures.......... 102.391 104.128 104.604 105.339 106.092 106.755 107.461 108.488 109.828 110.794 111.925 112.213
  Durable goods............................ 102.576 111.051 108.624 109.789 113.433 112.755 112.731 118.146 122.733 123.902 124.572 123.791
  Nondurable goods......................... 102.018 103.242 104.217 104.416 104.261 105.626 106.923 107.338 109.145 110.517 112.331 112.312
  Services................................. 102.519 103.114 103.951 104.859 105.472 106.060 106.615 107.099 107.613 108.346 109.237 109.861

Gross private domestic investment..........  91.768  86.051  89.458  89.524  90.418  90.311  90.119  90.902  95.616  98.771 101.672 104.778
  Fixed investment.........................  96.603  93.924  92.891  92.072  92.117  91.932  92.479  94.902  98.904 101.412 102.529 105.271
    Nonresidential.........................  94.908  91.569  89.263  87.037  86.805  86.103  86.075  88.518  91.802  94.235  95.204  97.246
      Structures........................... 100.621  90.968  86.440  81.065  77.601  76.279  73.674  76.203  75.955  77.406  75.886  76.851
      Equipment and software...............  92.820  91.831  90.340  89.301  90.304  89.842  90.829  93.235  97.917 100.735 102.699 105.171
    Residential............................ 101.166 100.206 102.448 105.228 105.967 107.071 109.032 111.420 117.201 119.916 121.400 125.831
  Change in private inventories............   .....   .....   .....   .....   .....   .....   .....   .....   .....   .....   .....   .....

Exports of goods and services..............  92.009  89.422  90.449  92.841  93.545  92.536  92.182  91.813  94.300  98.170  99.924 103.066

Imports of goods and services..............  95.345  94.518  97.340 100.011 101.325 103.665 103.151 103.792 104.522 108.725 111.504 114.019

Government consumption expenditures and
 gross investment.......................... 103.164 105.289 106.502 107.658 108.221 109.292 109.346 111.251 111.290 111.738 112.443 113.083
  Federal.................................. 103.920 106.124 108.235 111.535 112.326 114.804 114.891 120.765 119.751 121.154 123.249 124.070
  State and local.......................... 102.784 104.869 105.631 105.701 106.152 106.514 106.551 106.432 107.006 106.968 106.965 107.512

Addenda:
  Final sales of domestic product.......... 101.428 102.375 102.458 102.914 103.429 103.607 104.230 105.553 107.309 108.290 109.173 109.921
  Gross domestic purchases................. 100.722 101.267 102.366 103.064 103.809 104.416 104.860 105.999 107.668 108.904 110.253 111.065
  Final sales to domestic purchasers....... 101.569 102.647 103.005 103.562 104.169 104.767 105.334 106.739 108.279 109.401 110.455 111.198
  Gross national product................... 100.323 101.291 101.637 102.161 102.907 103.272 103.697 104.818 106.755 108.192 109.241   .....
-------------------------------------------------------------------------------------------------------------------------------------------
  See "Explanatory Note" at the end of the tables.

                                    Table 6.--Price Indexes for Gross Domestic Product
                                  [Index numbers, 2000=100; quarters seasonally adjusted]
---------------------------------------------------------------------------------------------------------------------------
                                               2000    2001    2002    2003    I 00   II 00  III 00   IV 00    I 01   II 01
---------------------------------------------------------------------------------------------------------------------------
        Gross domestic product............. 100.000 102.402 104.097 106.003  99.292  99.780 100.241 100.687 101.507 102.290

Personal consumption expenditures.......... 100.000 102.094 103.548 105.511  99.296  99.777 100.239 100.687 101.502 102.146
  Durable goods............................ 100.000  98.114  95.475  92.244 100.471 100.337  99.715  99.477  99.137  98.369
  Nondurable goods......................... 100.000 101.531 102.097 104.154  98.816  99.717 100.562 100.905 101.256 102.121
  Services................................. 100.000 103.257 106.083 109.237  99.276  99.685 100.194 100.845 102.149 102.997

Gross private domestic investment.......... 100.000 101.013 101.221 102.304  99.496  99.788 100.253 100.463 100.454 100.839
  Fixed investment......................... 100.000 101.023 101.232 102.435  99.481  99.788 100.252 100.479 100.410 100.856
    Nonresidential......................... 100.000  99.683  98.909  98.546  99.772  99.841 100.191 100.195  99.605  99.743
      Structures........................... 100.000 105.403 107.908 110.176  98.482  99.366 100.455 101.697 103.196 104.835
      Equipment and software............... 100.000  97.708  95.868  94.754 100.212 100.005 100.102  99.681  98.376  97.996
    Residential............................ 100.000 104.633 107.246 111.951  98.683  99.635 100.418 101.263 102.628 103.889
  Change in private inventories............   .....   .....   .....   .....   .....   .....   .....   .....   .....   .....

Exports of goods and services.............. 100.000  99.624  99.275 101.395  99.461  99.989 100.223 100.327 100.345 100.017

Imports of goods and services.............. 100.000  97.497  96.326  99.615  99.321  99.487 100.506 100.686  99.926  98.416

Government consumption expenditures and
 gross investment.......................... 100.000 102.544 105.313 108.702  98.970  99.395 100.486 101.149 101.929 102.384
  Federal.................................. 100.000 101.907 105.288 109.081  99.489  99.223 100.449 100.838 101.309 101.587
  State and local.......................... 100.000 102.868 105.317 108.485  98.707  99.483 100.504 101.306 102.245 102.789

Addenda:
  Final sales of domestic product.......... 100.000 102.406 104.100 106.025  99.288  99.779 100.241 100.691 101.503 102.296
  Gross domestic purchases................. 100.000 101.994 103.489 105.571  99.275  99.714 100.283 100.727 101.403 101.974
  Final sales to domestic purchasers....... 100.000 101.998 103.491 105.592  99.271  99.714 100.283 100.732 101.398 101.978
  Gross national product................... 100.000 102.399 104.087 105.997  99.287  99.775 100.245 100.693 101.510 102.286

  Implicit price deflators:
    Gross domestic product................. 100.000 102.399 104.092 105.998  99.317  99.745 100.259 100.666 101.478 102.252
    Final sales of domestic product........ 100.000 102.407 104.100 106.025  99.284  99.776 100.238 100.689 101.500 102.293
    Gross domestic purchases............... 100.000 101.992 103.484 105.566  99.297  99.680 100.299 100.707 101.375 101.937
    Final sales to domestic purchasers..... 100.000 101.998 103.491 105.592  99.265  99.709 100.280 100.729 101.396 101.977
    Gross national product................. 100.000 102.396 104.082 105.992  99.311  99.741 100.262 100.672 101.480 102.248
---------------------------------------------------------------------------------------------------------------------------
  See "Explanatory Note" at the end of the tables.

                                       Table 6.--Price Indexes for Gross Domestic Product--Continued
                                          [Index numbers, 2000=100; quarters seasonally adjusted]
-------------------------------------------------------------------------------------------------------------------------------------------
                                             III 01   IV 01    I 02   II 02  III 02   IV 02    I 03   II 03  III 03   IV 03    I 04   II 04
-------------------------------------------------------------------------------------------------------------------------------------------
        Gross domestic product............. 102.690 103.122 103.470 103.853 104.280 104.786 105.490 105.780 106.158 106.586 107.314 108.161

Personal consumption expenditures.......... 102.291 102.437 102.660 103.386 103.894 104.250 105.080 105.269 105.689 106.005 106.860 107.724
  Durable goods............................  97.669  97.279  96.343  95.743  95.244  94.570  93.688  92.787  91.757  90.747  90.741  90.724
  Nondurable goods......................... 101.895 100.852 100.861 102.193 102.520 102.814 104.108 103.520 104.423 104.564 105.914 107.635
  Services................................. 103.512 104.368 104.963 105.693 106.524 107.153 108.158 108.993 109.529 110.266 111.085 111.730

Gross private domestic investment.......... 101.355 101.405 101.142 101.106 100.992 101.644 102.001 101.969 102.276 102.968 103.514 104.429
  Fixed investment......................... 101.399 101.427 101.136 101.101 101.008 101.685 102.154 102.085 102.401 103.101 103.618 104.492
    Nonresidential.........................  99.818  99.564  99.240  98.957  98.642  98.798  98.668  98.354  98.431  98.729  98.793  99.164
      Structures........................... 106.512 107.069 107.075 107.638 108.061 108.858 109.911 109.906 110.255 110.633 111.926 113.527
      Equipment and software...............  97.497  96.964  96.547  96.004  95.474  95.447  94.981  94.585  94.588  94.862  94.611  94.670
    Residential............................ 105.639 106.377 106.165 106.711 107.125 108.981 110.780 111.253 112.097 113.675 115.179 117.145
  Change in private inventories............   .....   .....   .....   .....   .....   .....   .....   .....   .....   .....   .....   .....

Exports of goods and services..............  99.512  98.623  98.337  99.057  99.798  99.906 100.920 101.160 101.355 102.146 103.565 104.721

Imports of goods and services..............  97.089  94.556  94.108  96.482  97.296  97.416 100.059  98.959  99.606  99.837 102.163 103.647

Government consumption expenditures and
 gross investment.......................... 102.792 103.072 104.134 104.943 105.651 106.523 108.445 108.299 108.898 109.167 110.522 111.611
  Federal.................................. 102.143 102.589 104.446 104.820 105.285 106.601 108.804 108.892 109.181 109.447 111.203 112.001
  State and local.......................... 103.121 103.315 103.965 105.000 105.836 106.468 108.237 107.959 108.736 109.007 110.131 111.390

Addenda:
  Final sales of domestic product.......... 102.700 103.127 103.469 103.853 104.284 104.794 105.516 105.799 106.179 106.608 107.332 108.171
  Gross domestic purchases................. 102.223 102.378 102.673 103.298 103.747 104.237 105.190 105.287 105.721 106.086 106.980 107.891
  Final sales to domestic purchasers....... 102.232 102.382 102.672 103.298 103.751 104.244 105.214 105.305 105.741 106.107 106.997 107.901
  Gross national product................... 102.685 103.114 103.459 103.843 104.269 104.778 105.481 105.772 106.156 106.579 107.308   .....

  Implicit price deflators:
    Gross domestic product................. 102.675 103.191 103.450 103.911 104.243 104.752 105.500 105.799 106.148 106.523 107.246 108.085
    Final sales of domestic product........ 102.698 103.125 103.468 103.851 104.282 104.792 105.511 105.793 106.173 106.601 107.325 108.164
    Gross domestic purchases............... 102.210 102.443 102.653 103.352 103.711 104.202 105.199 105.306 105.713 106.028 106.916 107.820
    Final sales to domestic purchasers..... 102.231 102.381 102.670 103.295 103.748 104.240 105.210 105.300 105.735 106.102 106.992 107.896
    Gross national product................. 102.671 103.183 103.439 103.901 104.232 104.743 105.490 105.791 106.146 106.516 107.240   .....
-------------------------------------------------------------------------------------------------------------------------------------------
  See "Explanatory Note" at the end of the tables.

                                              Table 7.--Real Gross Domestic Product: Percent Change from Preceding Year
---------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                          1986   1987   1988   1989   1990   1991   1992   1993   1994   1995   1996   1997   1998   1999   2000   2001   2002   2003
---------------------------------------------------------------------------------------------------------------------------------------------------------------------
       Gross domestic product (GDP)....    3.5    3.4    4.1    3.5    1.9    -.2    3.3    2.7    4.0    2.5    3.7    4.5    4.2    4.5    3.7     .8    1.9    3.0

Personal consumption expenditures......    4.1    3.3    4.1    2.8    2.0     .2    3.3    3.3    3.7    2.7    3.4    3.8    5.0    5.1    4.7    2.5    3.1    3.3
  Durable goods........................    9.7    1.7    6.0    2.2    -.3   -5.6    5.9    7.8    8.4    4.4    7.8    8.6   11.3   11.7    7.3    4.3    6.5    7.4
  Nondurable goods.....................    3.6    2.4    3.3    2.8    1.6    -.2    2.0    2.7    3.5    2.2    2.6    2.7    4.0    4.6    3.8    2.0    2.6    3.7
  Services.............................    2.9    4.3    4.0    3.0    2.9    1.7    3.5    2.8    2.9    2.6    2.9    3.3    4.2    4.0    4.5    2.4    2.6    2.2

Gross private domestic investment......    -.7    3.1    2.4    4.0   -3.4   -8.1    8.1    8.9   13.6    3.1    8.9   12.4    9.8    7.8    5.7   -7.9   -2.4    4.4
  Fixed investment.....................    1.2     .6    3.3    3.0   -2.1   -6.5    5.9    8.6    9.3    6.5    9.0    9.2   10.2    8.3    6.5   -3.0   -4.9    5.1
    Nonresidential.....................   -2.9    -.1    5.2    5.6     .5   -5.4    3.2    8.7    9.2   10.5    9.3   12.1   11.1    9.2    8.7   -4.2   -8.9    3.3
      Structures.......................  -11.0   -2.9     .6    2.0    1.5  -11.1   -6.0    -.7    1.8    6.4    5.6    7.3    5.1    -.4    6.8   -2.3  -17.8   -5.6
      Equipment and software...........    1.9    1.4    7.5    7.3     .0   -2.6    7.3   12.5   11.9   12.0   10.6   13.8   13.3   12.7    9.4   -4.9   -5.5    6.4
    Residential........................   12.3    2.0   -1.0   -3.0   -8.6   -9.6   13.8    8.2    9.6   -3.2    8.0    1.9    7.6    6.0     .8     .4    4.8    8.8
  Change in private inventories........  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....

Net exports of goods and services......  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....
  Exports..............................    7.7   10.8   16.0   11.5    9.0    6.6    6.9    3.2    8.7   10.1    8.4   11.9    2.4    4.3    8.7   -5.4   -2.3    1.9
    Goods..............................    5.1   11.1   18.8   11.9    8.4    6.9    7.5    3.3    9.7   11.7    8.8   14.3    2.2    3.8   11.2   -6.1   -4.1    2.2
    Services...........................   14.6   10.1    9.0   10.3   10.5    6.0    5.5    3.2    6.3    6.3    7.2    5.9    2.9    5.6    2.9   -3.7    1.8    1.4
  Imports..............................    8.6    5.9    3.9    4.4    3.6    -.6    7.0    8.8   11.9    8.0    8.7   13.6   11.6   11.5   13.1   -2.7    3.4    4.4
    Goods..............................   10.2    4.6    4.0    4.3    3.0    -.1    9.3   10.1   13.3    9.0    9.3   14.4   11.7   12.4   13.5   -3.2    3.7    4.7
    Services...........................    1.2   11.7    3.4    4.9    6.5   -2.6   -2.6    2.9    5.7    3.3    5.5    9.4   11.4    6.9   11.1    -.3    1.9    3.1

Government consumption expenditures
 and gross investment..................    6.1    2.5    1.3    2.6    3.2    1.1     .5    -.9     .0     .5    1.0    1.9    1.9    3.9    2.1    3.4    4.4    2.8
  Federal..............................    5.7    3.6   -1.6    1.5    2.0    -.2   -1.7   -4.2   -3.7   -2.7   -1.2   -1.0   -1.1    2.2     .9    3.9    7.5    6.6
    National defense...................    6.4    4.7    -.5    -.5     .0   -1.1   -5.0   -5.6   -4.9   -3.8   -1.4   -2.8   -2.1    1.9    -.5    3.9    7.7    9.0
    Nondefense.........................    3.5     .3   -5.1    8.3    8.3    2.4    6.9    -.7   -1.2    -.4    -.7    2.6     .7    2.8    3.5    3.9    7.1    2.4
  State and local......................    6.4    1.5    3.7    3.4    4.1    2.1    2.2    1.4    2.6    2.6    2.3    3.6    3.6    4.7    2.7    3.2    2.8     .7

Addenda:
  Final sales of domestic product......    3.8    3.0    4.3    3.4    2.1     .1    3.0    2.6    3.4    3.0    3.7    4.0    4.2    4.5    3.8    1.6    1.4    3.1
  Gross domestic purchases.............    3.7    3.1    3.2    3.0    1.4    -.8    3.3    3.2    4.4    2.4    3.8    4.8    5.3    5.3    4.4     .9    2.5    3.3
  Final sales to domestic purchasers...    4.0    2.7    3.4    2.8    1.6    -.6    3.1    3.2    3.8    2.8    3.8    4.3    5.3    5.4    4.5    1.8    2.1    3.4
  Gross national product...............    3.2    3.3    4.2    3.5    2.0    -.3    3.3    2.7    3.9    2.6    3.7    4.4    4.0    4.6    3.7     .8    1.7    3.3
  Real disposable personal income......    3.1    1.7    4.3    2.8    1.9     .5    3.4    1.0    2.7    2.8    3.0    3.5    5.8    3.0    4.8    1.9    3.1    2.3

  Price indexes:
    Gross domestic purchases...........    2.3    3.1    3.4    3.8    4.1    3.3    2.3    2.2    2.1    2.1    1.8    1.4     .6    1.6    2.5    2.0    1.5    2.0
    Gross domestic purchases excluding
     food and energy...................    3.2    3.1    3.7    3.6    3.7    3.5    2.6    2.3    2.2    2.2    1.5    1.3    1.0    1.4    1.9    1.9    1.8    1.6
    GDP................................    2.2    2.7    3.4    3.8    3.9    3.5    2.3    2.3    2.1    2.0    1.9    1.7    1.1    1.4    2.2    2.4    1.7    1.8
    GDP excluding food and energy......    2.6    2.8    3.4    3.6    3.7    3.6    2.5    2.4    2.2    2.1    1.7    1.7    1.2    1.5    2.0    2.1    2.0    1.6
    Personal consumption expenditures..    2.4    3.5    4.0    4.4    4.6    3.6    2.9    2.3    2.1    2.1    2.2    1.7     .9    1.7    2.5    2.1    1.4    1.9
---------------------------------------------------------------------------------------------------------------------------------------------------------------------

                                           Table 8.--Real Gross Domestic Product: Percent Change From Quarter One Year Ago
---------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                          I 00  II 00 III 00  IV 00   I 01  II 01 III 01  IV 01   I 02  II 02 III 02  IV 02   I 03  II 03 III 03  IV 03   I 04  II 04
---------------------------------------------------------------------------------------------------------------------------------------------------------------------
       Gross domestic product (GDP)....    4.1    4.8    3.5    2.2    1.9     .6     .4     .2    1.2    1.5    2.5    2.3    1.9    2.3    3.5    4.4    5.0    4.8

Personal consumption expenditures......    5.5    4.6    4.5    4.1    2.9    2.5    2.0    2.8    2.9    3.3    3.6    2.5    2.7    3.0    3.5    3.8    4.2    3.4
  Durable goods........................   13.7    5.9    5.2    4.7     .8    3.2    2.5   10.8    6.6    7.8   10.6    1.5    3.8    7.6    8.2    9.9   10.5    4.8
  Nondurable goods.....................    3.7    4.1    4.3    3.0    3.0    1.6    1.6    1.9    2.7    3.0    2.2    2.3    2.6    2.8    4.7    4.6    5.1    4.6
  Services.............................    4.7    4.5    4.4    4.5    3.3    2.8    2.0    1.6    2.2    2.6    2.9    2.9    2.6    2.1    2.0    2.2    2.5    2.6

Gross private domestic investment......    4.4   11.2    5.8    1.4    -.5   -8.5   -8.6  -13.8   -7.1   -5.1   -1.5    5.0     .7    1.5    5.7    9.4   12.8   15.3
  Fixed investment.....................    7.8    7.7    5.5    5.1    1.6   -2.9   -3.8   -6.7   -7.1   -5.8   -4.6   -2.1    -.4    3.1    7.4   10.3   10.9   10.9
    Nonresidential.....................    9.4    9.9    7.9    7.8    3.2   -3.9   -6.1   -9.6  -10.9   -9.9   -8.5   -6.0   -3.6    1.7    5.8    9.4   10.6    9.9
      Structures.......................    2.7    6.3    9.6    8.8    4.6    -.6   -1.4  -11.1  -13.7  -18.3  -22.9  -16.1  -14.8   -6.0   -2.1    1.5    3.0     .9
      Equipment and software...........   11.7   11.1    7.3    7.5    2.7   -5.1   -7.8   -9.0   -9.8   -6.7   -2.7   -2.2     .5    4.4    8.4   12.1   13.1   12.8
    Residential........................    3.7    1.9    -.7   -1.9   -2.3    -.1    2.5    1.4    3.1    4.5    4.7    6.9    6.4    5.9   10.6   12.0   11.3   12.9
  Change in private inventories........  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....

Net exports of goods and services......  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....
  Exports..............................    8.2   10.2   10.1    6.5    3.4   -2.9   -9.9  -11.9   -9.6   -4.0    1.7    3.5    1.9   -1.1     .8    6.1    8.4   12.3
    Goods..............................   10.2   12.6   13.7    8.5    4.8   -3.2  -12.2  -13.0  -12.2   -5.0    1.2     .8    2.3   -1.2     .5    7.1    8.5   12.4
    Services...........................    3.6    4.5    1.6    1.8     .1   -2.0   -4.0   -8.9   -3.1   -1.8    2.7    9.8    1.0    -.9    1.5    3.8    8.3   11.8
  Imports..............................   13.6   14.0   13.8   11.2    5.9   -1.4   -7.2   -7.6   -3.9    2.1    6.3    9.7    6.0    3.8    3.2    4.9    8.1    9.9
    Goods..............................   14.3   14.6   14.1   11.3    6.3   -2.6   -7.8   -7.9   -4.8    3.3    7.1    9.8    6.7    4.3    2.8    5.1    8.8    9.7
    Services...........................   10.1   11.1   12.4   10.6    4.2    4.7   -3.7   -5.9     .7   -3.7    2.0    8.9    2.4    1.4    5.0    3.7    4.7   10.5

Government consumption expenditures
 and gross investment..................    2.7    3.5    1.7     .4    2.5    3.0    3.2    5.0    4.8    4.0    4.9    3.8    2.7    3.3    2.8    2.2    2.8    1.6
  Federal..............................     .9    4.6     .3   -2.2    3.6    1.7    4.0    6.4    6.4    7.3    8.1    8.2    6.1    8.3    6.6    5.5    7.3    2.7
    National defense...................    -.4    3.6   -1.6   -3.5    4.2    1.3    3.8    6.5    6.2    8.0    8.2    8.5    6.2   12.1    9.0    8.5   12.1    3.8
    Nondefense.........................    3.4    6.3    3.9     .3    2.5    2.6    4.2    6.3    6.9    6.2    7.8    7.6    6.1    1.4    2.4     .0   -1.5     .6
  State and local......................    3.6    2.9    2.4    1.7    1.9    3.7    2.8    4.2    4.0    2.2    3.3    1.6     .9     .7     .8     .4     .4    1.0

Addenda:
  Final sales of domestic product......    4.6    4.2    3.5    2.9    2.2    1.6    1.2    1.5    1.2    1.4    2.0    1.2    1.7    2.6    3.8    4.5    4.7    4.1
  Gross domestic purchases.............    4.9    5.5    4.2    3.0    2.3     .7     .4     .4    1.6    2.1    3.1    3.1    2.4    2.8    3.7    4.3    5.1    4.8
  Final sales to domestic purchasers...    5.4    4.9    4.2    3.6    2.6    1.7    1.2    1.6    1.6    2.0    2.6    2.1    2.3    3.1    3.9    4.4    4.9    4.2
  Gross national product...............    4.1    4.8    3.5    2.4    1.9     .7     .2     .4    1.0    1.2    2.6    2.0    2.0    2.6    3.7    4.8    5.3  .....
  Real disposable personal income......    4.4    4.9    5.7    4.4    2.4    1.3    2.8    1.2    3.5    4.6    1.4    2.9     .7    1.1    3.5    3.9    4.2    3.9

  Price indexes:
    Gross domestic purchases...........    2.6    2.5    2.5    2.4    2.1    2.3    1.9    1.6    1.3    1.3    1.5    1.8    2.5    1.9    1.9    1.8    1.7    2.5
    Gross domestic purchases excluding
     food and energy...................    1.9    1.8    1.9    1.8    1.7    1.8    1.9    2.1    1.9    1.8    1.8    1.6    1.8    1.6    1.5    1.4    1.5    1.9
    GDP................................    2.1    2.1    2.3    2.2    2.2    2.5    2.4    2.4    1.9    1.5    1.5    1.6    2.0    1.9    1.8    1.7    1.7    2.3
    GDP excluding food and energy......    2.1    2.0    2.1    2.0    1.8    2.0    2.1    2.3    2.2    2.0    1.9    1.7    1.9    1.6    1.5    1.4    1.4    1.9
    Personal consumption expenditures..    2.7    2.5    2.4    2.3    2.2    2.4    2.0    1.7    1.1    1.2    1.6    1.8    2.4    1.8    1.7    1.7    1.7    2.3
---------------------------------------------------------------------------------------------------------------------------------------------------------------------

                      Table 9.--Relation of Gross Domestic Product, Gross National Product, and National Income
                                 [Billions of dollars; quarters seasonally adjusted at annual rates]
-------------------------------------------------------------------------------------------------------------------------------------
                                                2000     2001     2002     2003     I 00    II 00   III 00    IV 00     I 01    II 01
-------------------------------------------------------------------------------------------------------------------------------------
Gross domestic product.....................  9,817.0 10,128.0 10,487.0 11,004.0  9,629.4  9,822.8  9,862.1  9,953.6 10,021.5 10,128.9

Plus: Income receipts from the rest of the
 world.....................................    382.7    322.4    301.8    329.0    362.9    386.0    379.7    402.1    361.8    337.8
Less: Income payments to the rest of the
 world.....................................    343.7    278.8    274.7    273.9    330.4    349.2    348.1    347.2    323.0    293.2

Equals: Gross national product.............  9,855.9 10,171.6 10,514.1 11,059.2  9,661.9  9,859.6  9,893.6 10,008.4 10,060.2 10,173.5

Less: Consumption of fixed capital.........  1,187.8  1,281.5  1,303.9  1,353.9  1,153.1  1,177.0  1,199.9  1,221.3  1,240.5  1,270.8
Less: Statistical discrepancy..............   -127.2    -89.6    -15.3     25.6   -171.7    -67.8   -164.6   -104.6   -167.8    -98.8

Equals: National income....................  8,795.2  8,979.8  9,225.4  9,679.6  8,680.5  8,750.4  8,858.3  8,891.7  8,987.6  9,001.5
  Compensation of employees................  5,782.7  5,942.1  6,069.5  6,289.0  5,694.1  5,727.2  5,837.4  5,871.9  5,946.2  5,944.6
    Wage and salary accruals...............  4,829.2  4,942.8  4,976.3  5,103.6  4,760.0  4,783.2  4,874.9  4,898.8  4,961.1  4,951.4
    Supplements to wages and salaries......    953.4    999.3  1,093.2  1,185.5    934.1    944.0    962.5    973.1    985.1    993.2
  Proprietors' income with inventory
   valuation and capital consumption
   adjustments.............................    728.4    771.9    769.6    834.1    709.3    726.5    735.6    742.1    769.4    770.6
  Rental income of persons with capital
   consumption adjustment..................    150.3    167.4    170.9    153.8    153.8    148.5    148.2    150.5    155.3    161.7
  Corporate profits with inventory
   valuation and capital consumption
   adjustments.............................    817.9    767.3    874.6  1,021.1    832.6    833.0    811.8    794.3    778.7    783.1
  Net interest and miscellaneous payments..    559.0    566.3    532.9    543.0    548.3    560.6    564.3    563.0    565.2    569.9
  Taxes on production and imports less
   subsidies...............................    664.6    673.3    724.4    751.3    653.2    662.6    667.9    674.6    672.8    667.9
  Business current transfer payments.......     87.1     92.8     80.9     77.7     81.3     85.0     88.9     93.1     98.3    104.8
  Current surplus of government
   enterprises.............................      5.3     -1.4      2.8      9.5      7.9      7.1      4.2      2.2      1.7     -1.1

Addendum:
  Gross domestic income....................  9,944.1 10,217.6 10,502.3 10,978.5  9,801.1  9,890.6 10,026.6 10,058.2 10,189.3 10,227.7
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                         Table 9.--Relation of Gross Domestic Product, Gross National Product, and National Income--Continued
                                          [Billions of dollars; quarters seasonally adjusted at annual rates]
-------------------------------------------------------------------------------------------------------------------------------------------------------
                                              III 01    IV 01     I 02    II 02   III 02    IV 02     I 03    II 03   III 03    IV 03     I 04    II 04
-------------------------------------------------------------------------------------------------------------------------------------------------------
Gross domestic product..................... 10,135.1 10,226.3 10,338.2 10,445.7 10,546.5 10,617.5 10,744.6 10,884.0 11,116.7 11,270.9 11,472.6 11,649.3

Plus: Income receipts from the rest of the
 world.....................................    306.0    284.2    288.5    304.5    312.9    301.2    304.8    309.8    329.8    371.8    373.8    .....
Less: Income payments to the rest of the
 world.....................................    289.3    209.6    265.0    288.6    287.8    257.5    268.0    264.7    278.2    284.6    300.3    .....

Equals: Gross national product............. 10,151.8 10,300.9 10,361.7 10,461.6 10,571.7 10,661.2 10,781.3 10,929.0 11,168.3 11,358.1 11,546.1    .....

Less: Consumption of fixed capital.........  1,332.7  1,281.8  1,287.1  1,297.9  1,309.3  1,321.5  1,334.0  1,347.0  1,360.6  1,374.2  1,355.0  1,370.1
Less: Statistical discrepancy..............    -71.1    -20.9    -61.8    -58.7     20.8     38.4     39.6     13.2     36.6     12.8     39.6    .....

Equals: National income....................  8,890.3  9,039.9  9,136.5  9,222.3  9,241.6  9,301.3  9,407.7  9,568.8  9,771.1  9,971.1 10,151.5    .....
  Compensation of employees................  5,939.3  5,938.3  6,010.2  6,068.3  6,086.0  6,113.4  6,179.1  6,245.6  6,324.7  6,406.7  6,512.8  6,600.6
    Wage and salary accruals...............  4,935.2  4,923.4  4,956.2  4,980.3  4,981.2  4,987.3  5,024.7  5,072.0  5,128.6  5,188.9  5,262.5  5,329.1
    Supplements to wages and salaries......  1,004.1  1,014.8  1,054.0  1,088.0  1,104.8  1,126.0  1,154.3  1,173.7  1,196.1  1,217.8  1,250.4  1,271.4
  Proprietors' income with inventory
   valuation and capital consumption
   adjustments.............................    773.4    774.2    762.2    769.0    770.4    776.7    794.0    825.7    852.0    864.7    872.1    902.8
  Rental income of persons with capital
   consumption adjustment..................    176.4    176.2    179.7    184.7    165.4    153.8    155.5    144.1    148.8    167.1    172.8    173.8
  Corporate profits with inventory
   valuation and capital consumption
   adjustments.............................    714.5    793.0    838.2    868.4    876.2    915.4    912.0    986.2  1,057.1  1,129.1  1,165.6    .....
  Net interest and miscellaneous payments..    565.5    564.8    549.2    527.3    526.8    528.3    541.3    542.8    542.8    545.3    554.5    546.9
  Taxes on production and imports less
   subsidies...............................    658.2    694.5    708.4    723.4    732.8    733.1    740.7    737.7    757.4    769.4    782.9    795.0
  Business current transfer payments.......     65.7    102.5     89.6     81.3     78.0     74.6     74.8     76.9     78.9     80.1     82.7     83.5
  Current surplus of government
   enterprises.............................     -2.9     -3.4      -.9      -.1      6.0      6.0     10.3      9.8      9.3      8.7      8.1      7.6

Addendum:
  Gross domestic income.................... 10,206.3 10,247.2 10,400.1 10,504.4 10,525.7 10,579.1 10,704.9 10,870.8 11,080.1 11,258.1 11,433.0    .....
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                                           Table 10.--Personal Income and Its Disposition
                                 [Billions of dollars; quarters seasonally adjusted at annual rates]
-------------------------------------------------------------------------------------------------------------------------------------
                                                2000     2001     2002     2003     I 00    II 00   III 00    IV 00     I 01    II 01
-------------------------------------------------------------------------------------------------------------------------------------
Personal income\1\.........................  8,429.7  8,724.1  8,878.9  9,161.8  8,266.2  8,372.3  8,514.4  8,565.8  8,688.7  8,719.9

  Compensation of employees, received......  5,782.7  5,942.1  6,069.5  6,289.0  5,694.1  5,727.2  5,837.4  5,871.9  5,946.2  5,944.6
    Wage and salary disbursements..........  4,829.2  4,942.8  4,976.3  5,103.6  4,760.0  4,783.2  4,874.9  4,898.8  4,961.1  4,951.4
    Supplements to wages and salaries......    953.4    999.3  1,093.2  1,185.5    934.1    944.0    962.5    973.1    985.1    993.2
  Proprietors' income with inventory
   valuation and capital consumption
   adjustments.............................    728.4    771.9    769.6    834.1    709.3    726.5    735.6    742.1    769.4    770.6
    Farm...................................     22.7     19.7      9.7     21.8     23.2     23.8     23.0     20.7     21.9     19.2
    Nonfarm................................    705.7    752.2    759.9    812.3    686.1    702.7    712.6    721.4    747.5    751.5
  Rental income of persons with capital
   consumption adjustment..................    150.3    167.4    170.9    153.8    153.8    148.5    148.2    150.5    155.3    161.7
  Personal income receipts on assets.......  1,387.0  1,380.0  1,334.6  1,322.7  1,349.9  1,385.6  1,406.2  1,406.5  1,397.4  1,388.7
    Personal interest income...............  1,011.0  1,011.0    946.7    929.9    991.5  1,010.2  1,021.4  1,020.8  1,020.2  1,020.6
    Personal dividend income...............    376.1    369.0    387.9    392.8    358.4    375.4    384.7    385.7    377.2    368.2
  Personal current transfer receipts.......  1,084.0  1,193.9  1,282.7  1,335.4  1,054.6  1,080.8  1,094.8  1,106.0  1,149.6  1,185.7

  Less: Contributions for government
   social insurance........................    702.7    731.1    748.3    773.2    695.5    696.3    707.7    711.2    729.2    731.5

Less: Personal current taxes...............  1,235.7  1,237.3  1,051.2  1,001.9  1,207.0  1,231.1  1,248.0  1,256.6  1,296.6  1,312.3

Equals: Disposable personal income.........  7,194.0  7,486.8  7,827.7  8,159.9  7,059.2  7,141.2  7,266.4  7,309.3  7,392.1  7,407.6

Less: Personal outlays.....................  7,025.6  7,354.5  7,668.5  8,049.3  6,888.0  6,970.0  7,076.3  7,168.1  7,253.5  7,318.8

Equals: Personal saving....................    168.5    132.3    159.2    110.6    171.2    171.3    190.1    141.2    138.6     88.7

  Personal saving as a percentage of
   disposable personal income..............      2.3      1.8      2.0      1.4      2.4      2.4      2.6      1.9      1.9      1.2

Addendum:
  Disposable personal income, billions of
   chained (2000) dollars\2\...............  7,194.0  7,333.3  7,559.5  7,733.8  7,109.7  7,157.5  7,249.3  7,259.6  7,283.0  7,252.1
-------------------------------------------------------------------------------------------------------------------------------------
  1. Personal income is also equal to national income less corporate
profits with inventory valuation and capital consumption adjustments,
taxes on production and imports less subsidies, contributions for
government social insurance, net interest and miscellaneous payments,
business current transfer payments, current surplus of government
enterprises, and wage accruals less disbursements, plus personal
income receipts on assets, and personal current transfer receipts.
  2. Equals disposable personal income deflated by the implicit price
deflator for personal consumption expenditures.

                                               Table 10.--Personal Income and Its Disposition--Continued
                                          [Billions of dollars; quarters seasonally adjusted at annual rates]
-------------------------------------------------------------------------------------------------------------------------------------------------------
                                              III 01    IV 01     I 02    II 02   III 02    IV 02     I 03    II 03   III 03    IV 03     I 04    II 04
-------------------------------------------------------------------------------------------------------------------------------------------------------
Personal income\1\.........................  8,733.1  8,754.8  8,803.6  8,897.1  8,895.7  8,919.2  9,002.2  9,105.7  9,209.3  9,330.0  9,465.4  9,614.8

  Compensation of employees, received......  5,939.3  5,938.3  6,010.2  6,068.3  6,086.0  6,113.4  6,177.7  6,247.0  6,324.7  6,406.7  6,511.3  6,602.0
    Wage and salary disbursements..........  4,935.2  4,923.5  4,956.2  4,980.3  4,981.2  4,987.3  5,023.3  5,073.3  5,128.6  5,188.9  5,261.0  5,330.6
    Supplements to wages and salaries......  1,004.1  1,014.8  1,054.0  1,088.0  1,104.8  1,126.0  1,154.3  1,173.7  1,196.1  1,217.8  1,250.4  1,271.4
  Proprietors' income with inventory
   valuation and capital consumption
   adjustments.............................    773.4    774.2    762.2    769.0    770.4    776.7    794.0    825.7    852.0    864.7    872.1    902.8
    Farm...................................     17.7     20.0     10.8     10.4      8.7      8.8     13.8     24.1     24.8     24.7     17.9     18.6
    Nonfarm................................    755.7    754.1    751.4    758.6    761.7    767.9    780.2    801.6    827.2    840.0    854.2    884.2
  Rental income of persons with capital
   consumption adjustment..................    176.4    176.2    179.7    184.7    165.4    153.8    155.5    144.1    148.8    167.1    172.8    173.8
  Personal income receipts on assets.......  1,373.3  1,360.3  1,337.8  1,340.2  1,333.7  1,326.7  1,325.9  1,324.7  1,314.4  1,325.8  1,337.1  1,351.9
    Personal interest income...............  1,009.2    994.0    961.2    953.1    940.5    932.1    932.4    932.4    922.8    932.0    936.2    941.2
    Personal dividend income...............    364.1    366.4    376.6    387.1    393.2    394.6    393.5    392.3    391.6    393.8    400.9    410.6
  Personal current transfer receipts.......  1,202.6  1,237.8  1,259.4  1,284.0  1,289.1  1,298.1  1,311.4  1,333.1  1,346.2  1,350.7  1,379.0  1,400.8

  Less: Contributions for government
   social insurance........................    731.9    731.9    745.7    749.1    748.9    749.6    762.4    768.9    776.7    785.0    806.9    816.5

Less: Personal current taxes...............  1,110.3  1,230.0  1,065.8  1,052.1  1,046.7  1,040.3  1,025.7  1,030.7    941.7  1,009.4  1,010.4  1,030.3

Equals: Disposable personal income.........  7,622.8  7,524.8  7,737.8  7,845.0  7,849.0  7,878.8  7,976.5  8,075.0  8,267.6  8,320.5  8,455.0  8,584.5

Less: Personal outlays.....................  7,361.2  7,484.4  7,528.5  7,635.0  7,722.9  7,787.6  7,897.0  7,982.9  8,107.8  8,209.4  8,351.6  8,442.5

Equals: Personal saving....................    261.6     40.5    209.3    210.0    126.1     91.2     79.5     92.1    159.8    111.1    103.4    142.0

  Personal saving as a percentage of
   disposable personal income..............      3.4       .5      2.7      2.7      1.6      1.2      1.0      1.1      1.9      1.3      1.2      1.7

Addendum:
  Disposable personal income, billions of
   chained (2000) dollars\2\...............  7,452.2  7,346.0  7,537.6  7,588.4  7,555.1  7,558.0  7,591.2  7,671.1  7,822.9  7,849.6  7,912.5  7,969.3
-------------------------------------------------------------------------------------------------------------------------------------------------------
  1. Personal income is also equal to national income less corporate
profits with inventory valuation and capital consumption adjustments,
taxes on production and imports less subsidies, contributions for
government social insurance, net interest and miscellaneous payments,
business current transfer payments, current surplus of government
enterprises, and wage accruals less disbursements, plus personal
income receipts on assets, and personal current transfer receipts.
  2. Equals disposable personal income deflated by the implicit price
deflator for personal consumption expenditures.

                                                 Table 11A.--Corporate Profits
                                                     [Billions of dollars]
-------------------------------------------------------------------------------------------------------------------------------
                                          2000     2001     2002     2003     I 00    II 00   III 00    IV 00     I 01    II 01
-------------------------------------------------------------------------------------------------------------------------------
Corporate profits with inventory
 valuation and capital consumption
 adjustments.........................    817.9    767.3    874.6  1,021.1    832.6    833.0    811.8    794.3    778.7    783.1

Less: Taxes on corporate income......    265.2    204.1    183.8    234.9    280.8    272.5    260.3    247.1    222.5    217.9

Equals: Profits after tax with
 inventory valuation and capital
 consumption adjustments.............    552.7    563.2    690.7    786.2    551.8    560.5    551.5    547.2    556.2    565.2
  Net dividends......................    377.9    370.9    390.0    395.3    360.3    377.3    386.6    387.6    379.2    370.1
  Undistributed profits with
   inventory valuation and
   capital consumption
   adjustments.......................    174.8    192.3    300.7    390.9    191.6    183.2    164.9    159.6    177.0    195.1

Cash flow:
  Net cash flow with inventory
   valuation and capital
   consumption adjustments...........    864.8    944.8  1,058.5  1,173.4    858.5    866.2    863.0    871.6    901.9    934.2
    Undistributed profits with
     inventory valuation and
     capital consumption
     adjustments.....................    174.8    192.3    300.7    390.9    191.6    183.2    164.9    159.6    177.0    195.1
    Consumption of fixed capital.....    690.0    752.5    757.8    782.5    666.9    683.0    698.2    712.0    724.9    739.1

  Less: Inventory valuation
   adjustment........................    -14.1     11.3     -1.2    -14.1    -28.6    -11.3     -6.3    -10.1     -4.1      1.1

  Equals: Net cash flow..............    878.9    933.5  1,059.8  1,187.5    887.1    877.5    869.3    881.7    906.0    933.2

Addenda:
  Profits before tax (without
   inventory valuation and capital
   consumption adjustments)..........    773.4    707.9    758.0    874.5    795.4    784.8    762.6    750.8    754.6    755.0
  Profits after tax (without
   inventory valuation and capital
   consumption adjustments)..........    508.2    503.8    574.2    639.6    514.6    512.2    502.3    503.7    532.1    537.1
  Inventory valuation adjustment.....    -14.1     11.3     -1.2    -14.1    -28.6    -11.3     -6.3    -10.1     -4.1      1.1
  Capital consumption adjustment.....     58.6     48.1    117.8    160.8     65.8     59.6     55.5     53.6     28.2     27.1
-------------------------------------------------------------------------------------------------------------------------------

                                                Table 11A.--Corporate Profits--Continued
                                  [Billions of dollars; quarters seasonally adjusted at annual rates]
----------------------------------------------------------------------------------------------------------------------------------------
                                        III 01    IV 01     I 02    II 02   III 02    IV 02     I 03    II 03   III 03    IV 03     I 04
----------------------------------------------------------------------------------------------------------------------------------------
Corporate profits with inventory
 valuation and capital consumption
 adjustments.........................    714.5    793.0    838.2    868.4    876.2    915.4    912.0    986.2  1,057.1  1,129.1  1,165.6

Less: Taxes on corporate income......    197.6    178.6    168.9    183.5    188.3    194.7    224.0    224.6    238.7    252.3    256.5

Equals: Profits after tax with
 inventory valuation and capital
 consumption adjustments.............    516.9    614.4    669.3    685.0    687.9    720.6    688.0    761.7    818.4    876.8    909.1
  Net dividends......................    366.0    368.4    378.7    389.2    395.3    396.9    396.0    394.7    394.1    396.4    403.4
  Undistributed profits with
   inventory valuation and
   capital consumption
   adjustments.......................    150.9    246.1    290.6    295.8    292.6    323.7    292.0    367.0    424.2    480.4    505.7

Cash flow:
  Net cash flow with inventory
   valuation and capital
   consumption adjustments...........    947.8    995.3  1,040.3  1,050.7  1,053.1  1,090.0  1,064.5  1,146.0  1,210.0  1,273.2  1,279.1
    Undistributed profits with
     inventory valuation and
     capital consumption
     adjustments.....................    150.9    246.1    290.6    295.8    292.6    323.7    292.0    367.0    424.2    480.4    505.7
    Consumption of fixed capital.....    797.0    749.2    749.7    754.9    760.5    766.3    772.5    779.0    785.8    792.9    773.4

  Less: Inventory valuation
   adjustment........................     18.0     30.4     15.9      1.6    -11.8    -10.6    -27.4     -1.0     -3.8    -24.3    -37.0

  Equals: Net cash flow..............    929.9    964.9  1,024.4  1,049.1  1,064.9  1,100.7  1,091.9  1,147.0  1,213.8  1,297.6  1,316.1

Addenda:
  Profits before tax (without
   inventory valuation and capital
   consumption adjustments)..........    671.1    650.9    695.8    745.9    773.0    817.4    826.1    824.5    881.0    966.2    962.4
  Profits after tax (without
   inventory valuation and capital
   consumption adjustments)..........    473.6    472.4    526.9    562.4    584.8    622.7    602.1    600.0    642.3    713.9    705.9
  Inventory valuation adjustment.....     18.0     30.4     15.9      1.6    -11.8    -10.6    -27.4     -1.0     -3.8    -24.3    -37.0
  Capital consumption adjustment.....     25.4    111.7    126.6    121.0    115.0    108.6    113.3    162.7    179.9    187.2    240.2
----------------------------------------------------------------------------------------------------------------------------------------

                     Table 11B.--Corporate Profits: Percent Change From Preceding Period
                                              [Quarterly rates]
-------------------------------------------------------------------------------------------------------------
                                          2001     2002     2003    II 00   III 00    IV 00     I 01    II 01
-------------------------------------------------------------------------------------------------------------
Corporate profits with inventory
 valuation and capital consumption
 adjustments.........................     -6.2     14.0     16.8       .0     -2.6     -2.2     -2.0       .6

Less: Taxes on corporate income......    -23.0     -9.9     27.8     -2.9     -4.5     -5.1     -9.9     -2.1

Equals: Profits after tax with
 inventory valuation and capital
 consumption adjustments.............      1.9     22.6     13.8      1.6     -1.6      -.8      1.6      1.6
  Net dividends......................     -1.9      5.2      1.4      4.7      2.5       .3     -2.2     -2.4
  Undistributed profits with
   inventory valuation and
   capital consumption
   adjustments.......................     10.0     56.4     30.0     -4.3    -10.0     -3.2     10.9     10.2

Cash flow:
  Net cash flow with inventory
   valuation and capital
   consumption adjustments...........      9.2     12.0     10.9       .9      -.4      1.0      3.5      3.6
    Undistributed profits with
     inventory valuation and
     capital consumption
     adjustments.....................     10.0     56.4     30.0     -4.3    -10.0     -3.2     10.9     10.2
    Consumption of fixed capital.....      9.1       .7      3.3      2.4      2.2      2.0      1.8      2.0

  Less: Inventory valuation
   adjustment........................    .....    .....    .....    .....    .....    .....    .....    .....

  Equals: Net cash flow..............      6.2     13.5     12.1     -1.1      -.9      1.4      2.8      3.0

Addenda:
  Profits before tax (without
   inventory valuation and capital
   consumption adjustments)..........     -8.5      7.1     15.4     -1.3     -2.8     -1.5       .5       .0
  Profits after tax (without
   inventory valuation and capital
   consumption adjustments)..........      -.9     14.0     11.4      -.5     -1.9       .3      5.6       .9
  Inventory valuation adjustment.....    .....    .....    .....    .....    .....    .....    .....    .....
  Capital consumption adjustment.....    -17.9    144.9     36.5     -9.4     -6.9     -3.3    -47.3     -4.1
-------------------------------------------------------------------------------------------------------------

                             Table 11B.--Corporate Profits: Percent Change From Preceding Period--Continued
                                                           [Quarterly rates]
----------------------------------------------------------------------------------------------------------------------------------------
                                        III 01    IV 01     I 02    II 02   III 02    IV 02     I 03    II 03   III 03    IV 03     I 04
----------------------------------------------------------------------------------------------------------------------------------------
Corporate profits with inventory
 valuation and capital consumption
 adjustments.........................     -8.8     11.0      5.7      3.6       .9      4.5      -.4      8.1      7.2      6.8      3.2

Less: Taxes on corporate income......     -9.3     -9.6     -5.4      8.6      2.6      3.4     15.0       .2      6.3      5.7      1.6

Equals: Profits after tax with
 inventory valuation and capital
 consumption adjustments.............     -8.5     18.9      8.9      2.3       .4      4.8     -4.5     10.7      7.4      7.1      3.7
  Net dividends......................     -1.1       .6      2.8      2.8      1.6       .4      -.2      -.3      -.1       .6      1.8
  Undistributed profits with
   inventory valuation and
   capital consumption
   adjustments.......................    -22.7     63.1     18.1      1.8     -1.1     10.6     -9.8     25.7     15.6     13.2      5.3

Cash flow:
  Net cash flow with inventory
   valuation and capital
   consumption adjustments...........      1.5      5.0      4.5      1.0       .2      3.5     -2.3      7.7      5.6      5.2       .5
    Undistributed profits with
     inventory valuation and
     capital consumption
     adjustments.....................    -22.7     63.1     18.1      1.8     -1.1     10.6     -9.8     25.7     15.6     13.2      5.3
    Consumption of fixed capital.....      7.8     -6.0       .1       .7       .7       .8       .8       .8       .9       .9     -2.5

  Less: Inventory valuation
   adjustment........................    .....    .....    .....    .....    .....    .....    .....    .....    .....    .....    .....

  Equals: Net cash flow..............      -.4      3.8      6.2      2.4      1.5      3.4      -.8      5.0      5.8      6.9      1.4

Addenda:
  Profits before tax (without
   inventory valuation and capital
   consumption adjustments)..........    -11.1     -3.0      6.9      7.2      3.6      5.7      1.1      -.2      6.8      9.7      -.4
  Profits after tax (without
   inventory valuation and capital
   consumption adjustments)..........    -11.8      -.2     11.5      6.8      4.0      6.5     -3.3      -.4      7.1     11.2     -1.1
  Inventory valuation adjustment.....    .....    .....    .....    .....    .....    .....    .....    .....    .....    .....    .....
  Capital consumption adjustment.....     -6.2    339.8     13.3     -4.4     -4.9     -5.6      4.3     43.6     10.6      4.1     28.3
----------------------------------------------------------------------------------------------------------------------------------------

                                 Table 12A.--Corporate Profits by Industry
                    [Billions of dollars; quarters seasonally adjusted at annual rates]
------------------------------------------------------------------------------------------------------------
                                         2000     2001     2002     2003     I 01    II 01   III 01    IV 01
------------------------------------------------------------------------------------------------------------
    Corporate profits with
     inventory valuation and
     capital consumption
     adjustments....................    817.9    767.3    874.6  1,021.1    778.7    783.1    714.5    793.0

Domestic industries.................    672.2    597.6    716.8    844.2    618.6    612.1    567.9    591.8
  Financial.........................    184.7    240.4    298.4    327.8    234.4    232.4    226.8    268.1
  Nonfinancial......................    487.5    357.2    418.4    516.4    384.2    379.7    341.1    323.7

Rest of the world...................    145.7    169.7    157.8    176.9    160.1    171.0    146.6    201.2
  Receipts from the rest of the
   world............................    202.5    182.6    206.0    250.7    191.2    186.3    176.1    176.8
  Less: Payments to the rest of the
   world............................     56.8     12.9     48.2     73.8     31.1     15.3     29.5    -24.4

    Corporate profits with
     inventory valuation adjustment.    759.3    719.2    756.8    860.4    750.5    756.0    689.1    681.3

Domestic industries.................    613.6    549.5    599.0    683.4    590.4    585.0    542.5    480.2
  Financial.........................    200.2    227.6    276.2    299.8    230.8    224.0    211.8    243.7
    Federal Reserve banks...........     30.8     28.3     22.9     19.2     31.1     29.1     27.6     25.5
    Other financial.................    169.4    199.3    253.3    280.6    199.7    194.9    184.2    218.2

  Nonfinancial......................    413.4    322.0    322.8    383.6    359.6    361.0    330.8    236.5
    Utilities.......................     24.4     24.7     11.4     18.8     27.2     29.3     26.1     16.2
    Manufacturing...................    144.3     52.6     50.7     67.3     87.8     79.8     49.1     -6.3
      Durable goods.................     60.0    -25.4     -8.3     -3.5     17.1     -5.1    -38.3    -75.5
        Fabricated metal products...     15.5      9.9      9.3     10.1     12.1     10.7      9.6      7.1
        Machinery...................      8.2      2.7      1.6      -.5     12.1      4.2     -6.7      1.1
        Computer and electronic
         products...................      4.0    -48.5    -32.9    -15.4    -18.7    -37.2    -59.3    -78.6
        Electrical equipment,
         appliances, and components.      5.6      1.9      -.2     -3.2      4.3      2.1      1.1       .0
        Motor vehicles, bodies and
         trailers, and parts........     -1.0     -9.2     -6.0     -6.2     -7.7     -9.9     -6.1    -13.2
        Other durable goods.........     27.7     17.8     19.8     11.8     15.0     25.0     23.1      8.3

      Nondurable goods..............     84.3     78.0     58.9     70.7     70.7     84.9     87.4     69.2
        Food and beverage and
         tobacco products...........     25.4     28.0     24.1     27.7     22.3     30.4     28.8     30.3
        Petroleum and coal products.     26.9     29.6      4.0     14.8     34.4     33.3     32.3     18.6
        Chemical products...........     14.2     12.6     17.1     21.2      5.6     14.0     16.2     14.6
        Other nondurable goods......     17.8      7.8     13.6      7.1      8.3      7.2     10.1      5.7

    Wholesale trade.................     59.7     52.1     51.0     47.9     46.7     47.8     53.8     60.2
    Retail trade....................     59.6     71.0     78.1     77.7     66.7     66.3     72.3     78.6
    Transportation and warehousing..     14.9      1.3     -1.3     10.5      2.9      4.1      3.3     -5.2
    Information.....................    -17.6    -25.6    -11.2      -.7    -21.5    -21.1    -25.4    -34.4
    Other nonfinancial..............    128.2    145.9    144.2    162.1    149.8    154.9    151.5    127.4

Rest of the world...................    145.7    169.7    157.8    176.9    160.1    171.0    146.6    201.2
------------------------------------------------------------------------------------------------------------
 Note. Estimates in this table are based on the 1997 North
 American Industry Classification System (NAICS).

                                Table 12A.--Corporate Profits by Industry--Continued
                         [Billions of dollars; quarters seasonally adjusted at annual rates]
---------------------------------------------------------------------------------------------------------------------
                                         I 02    II 02   III 02    IV 02     I 03    II 03   III 03    IV 03     I 04
---------------------------------------------------------------------------------------------------------------------
    Corporate profits with
     inventory valuation and
     capital consumption
     adjustments....................    838.2    868.4    876.2    915.4    912.0    986.2  1,057.1  1,129.1  1,165.6

Domestic industries.................    683.2    717.1    721.1    745.7    755.1    824.9    883.7    913.3    960.3
  Financial.........................    297.3    302.4    299.3    294.7    315.0    323.8    336.4    335.9    355.7
  Nonfinancial......................    385.8    414.8    421.8    451.1    440.1    501.1    547.3    577.3    604.6

Rest of the world...................    155.1    151.3    155.1    169.6    157.0    161.4    173.4    215.8    205.3
  Receipts from the rest of the
   world............................    189.5    205.1    218.2    211.2    225.9    230.5    253.1    293.4    299.0
  Less: Payments to the rest of the
   world............................     34.4     53.7     63.1     41.6     68.9     69.1     79.7     77.5     93.7

    Corporate profits with
     inventory valuation adjustment.    711.7    747.5    761.2    806.8    798.7    823.5    877.2    941.9    925.4

Domestic industries.................    556.6    596.2    606.1    637.1    641.8    662.2    703.8    726.1    720.0
  Financial.........................    274.7    279.9    277.1    272.9    292.5    295.4    306.1    305.3    313.7
    Federal Reserve banks...........     23.8     23.7     22.6     21.4     20.9     19.9     18.5     17.6     18.2
    Other financial.................    250.9    256.2    254.5    251.6    271.6    275.5    287.6    287.8    295.5

  Nonfinancial......................    281.9    316.2    329.0    364.2    349.2    366.8    397.6    420.7    406.4
    Utilities.......................      8.2     10.8     12.9     13.5     17.1     15.3     18.6     24.3     23.2
    Manufacturing...................     33.0     46.4     57.5     65.6     54.8     54.1     66.8     93.4     81.5
      Durable goods.................    -26.1    -10.0       .5      2.6     -7.2     -8.5     -7.5      9.3      2.8
        Fabricated metal products...      8.8      9.3      9.0     10.3      6.4     10.6     10.1     13.2     11.8
        Machinery...................      2.5      1.7      1.8       .4     -3.4      -.9      1.1      1.1      2.2
        Computer and electronic
         products...................    -47.1    -37.0    -25.7    -21.6    -17.5    -14.8    -15.2    -14.0    -17.2
        Electrical equipment,
         appliances, and components.      1.5      -.4      -.2     -1.5     -1.5     -2.7     -4.3     -4.4     -8.1
        Motor vehicles, bodies and
         trailers, and parts........    -11.0     -2.5     -4.2     -6.3       .6     -9.0    -11.4     -5.0      -.5
        Other durable goods.........     19.3     18.8     19.9     21.4      8.1      8.4     12.2     18.4     14.6

      Nondurable goods..............     59.1     56.4     57.1     63.0     62.0     62.6     74.2     84.1     78.6
        Food and beverage and
         tobacco products...........     27.4     24.7     24.5     20.0     22.5     25.4     28.6     34.2     31.1
        Petroleum and coal products.      3.8      2.8      4.0      5.5     15.2     12.5     12.6     18.7     24.5
        Chemical products...........     16.2     15.4     16.5     20.5     20.0     18.9     24.5     21.3     14.1
        Other nondurable goods......     11.7     13.5     12.1     17.1      4.3      5.8      8.5      9.8      8.9

    Wholesale trade.................     51.3     57.0     46.5     49.3     43.1     45.1     53.1     50.1     46.0
    Retail trade....................     76.3     79.8     78.7     77.7     74.7     82.6     78.9     74.7     80.0
    Transportation and warehousing..     -1.0     -4.1     -2.7      2.4      5.2     12.4     11.9     12.4     11.7
    Information.....................    -17.5    -13.7    -11.7     -1.8     -6.5     -1.8      6.7     -1.0     -6.6
    Other nonfinancial..............    131.6    140.0    147.8    157.4    160.8    159.1    161.7    166.8    170.7

Rest of the world...................    155.1    151.3    155.1    169.6    157.0    161.4    173.4    215.8    205.3
---------------------------------------------------------------------------------------------------------------------
 Note. Estimates in this table are based on the 1997 North
 American Industry Classification System (NAICS).

                                   Table 12B.--Corporate Profits by Industry: Change From Preceding Period
                                                            [Billions of dollars]
---------------------------------------------------------------------------------------------------------------------------------------------
                                       2001   2002   2003  II 01 III 01  IV 01   I 02  II 02 III 02  IV 02   I 03  II 03 III 03  IV 03   I 04
---------------------------------------------------------------------------------------------------------------------------------------------
    Corporate profits with
     inventory valuation and
     capital consumption
     adjustments....................  -50.6  107.3  146.5    4.4  -68.6   78.5   45.2   30.2    7.8   39.2   -3.4   74.2   70.9   72.0   36.5

Domestic industries.................  -74.6  119.2  127.4   -6.5  -44.2   23.9   91.4   33.9    4.0   24.6    9.4   69.8   58.8   29.6   47.0
  Financial.........................   55.7   58.0   29.4   -2.0   -5.6   41.3   29.2    5.1   -3.1   -4.6   20.3    8.8   12.6    -.5   19.8
  Nonfinancial...................... -130.3   61.2   98.0   -4.5  -38.6  -17.4   62.1   29.0    7.0   29.3  -11.0   61.0   46.2   30.0   27.3

Rest of the world...................   24.0  -11.9   19.1   10.9  -24.4   54.6  -46.1   -3.8    3.8   14.5  -12.6    4.4   12.0   42.4  -10.5
  Receipts from the rest of the
   world............................  -19.9   23.4   44.7   -4.9  -10.2     .7   12.7   15.6   13.1   -7.0   14.7    4.6   22.6   40.3    5.6
  Less: Payments to the rest of the
   world............................  -43.9   35.3   25.6  -15.8   14.2  -53.9   58.8   19.3    9.4  -21.5   27.3     .2   10.6   -2.2   16.2

    Corporate profits with
     inventory valuation adjustment.  -40.1   37.6  103.6    5.5  -66.9   -7.8   30.4   35.8   13.7   45.6   -8.1   24.8   53.7   64.7  -16.5

Domestic industries.................  -64.1   49.5   84.4   -5.4  -42.5  -62.3   76.4   39.6    9.9   31.0    4.7   20.4   41.6   22.3   -6.1
  Financial.........................   27.4   48.6   23.6   -6.8  -12.2   31.9   31.0    5.2   -2.8   -4.2   19.6    2.9   10.7    -.8    8.4
    Federal Reserve banks...........   -2.5   -5.4   -3.7   -2.0   -1.5   -2.1   -1.7    -.1   -1.1   -1.2    -.5   -1.0   -1.4    -.9     .6
    Other financial.................   29.9   54.0   27.3   -4.8  -10.7   34.0   32.7    5.3   -1.7   -2.9   20.0    3.9   12.1     .2    7.7

  Nonfinancial......................  -91.4     .8   60.8    1.4  -30.2  -94.3   45.4   34.3   12.8   35.2  -15.0   17.6   30.8   23.1  -14.3
    Utilities.......................     .3  -13.3    7.4    2.1   -3.2   -9.9   -8.0    2.6    2.1     .6    3.6   -1.8    3.3    5.7   -1.1
    Manufacturing...................  -91.7   -1.9   16.6   -8.0  -30.7  -55.4   39.3   13.4   11.1    8.1  -10.8    -.7   12.7   26.6  -11.9
      Durable goods.................  -85.4   17.1    4.8  -22.2  -33.2  -37.2   49.4   16.1   10.5    2.1   -9.8   -1.3    1.0   16.8   -6.5
        Fabricated metal products...   -5.6    -.6     .8   -1.4   -1.1   -2.5    1.7     .5    -.3    1.3   -3.9    4.2    -.5    3.1   -1.4
        Machinery...................   -5.5   -1.1   -2.1   -7.9  -10.9    7.8    1.4    -.8     .1   -1.4   -3.8    2.5    2.0     .0    1.1
        Computer and electronic
         products...................  -52.5   15.6   17.5  -18.5  -22.1  -19.3   31.5   10.1   11.3    4.1    4.1    2.7    -.4    1.2   -3.2
        Electrical equipment,
         appliances, and components.   -3.7   -2.1   -3.0   -2.2   -1.0   -1.1    1.5   -1.9     .2   -1.3     .0   -1.2   -1.6    -.1   -3.7
        Motor vehicles, bodies and
         trailers, and parts........   -8.2    3.2    -.2   -2.2    3.8   -7.1    2.2    8.5   -1.7   -2.1    6.9   -9.6   -2.4    6.4    4.5
        Other durable goods.........   -9.9    2.0   -8.0   10.0   -1.9  -14.8   11.0    -.5    1.1    1.5  -13.3     .3    3.8    6.2   -3.8

      Nondurable goods..............   -6.3  -19.1   11.8   14.2    2.5  -18.2  -10.1   -2.7     .7    5.9   -1.0     .6   11.6    9.9   -5.5
        Food and beverage and
         tobacco products...........    2.6   -3.9    3.6    8.1   -1.6    1.5   -2.9   -2.7    -.2   -4.5    2.5    2.9    3.2    5.6   -3.1
        Petroleum and coal products.    2.7  -25.6   10.8   -1.1   -1.0  -13.7  -14.8   -1.0    1.2    1.5    9.7   -2.7     .1    6.1    5.8
        Chemical products...........   -1.6    4.5    4.1    8.4    2.2   -1.6    1.6    -.8    1.1    4.0    -.5   -1.1    5.6   -3.2   -7.2
        Other nondurable goods......  -10.0    5.8   -6.5   -1.1    2.9   -4.4    6.0    1.8   -1.4    5.0  -12.8    1.5    2.7    1.3    -.9

    Wholesale trade.................   -7.6   -1.1   -3.1    1.1    6.0    6.4   -8.9    5.7  -10.5    2.8   -6.2    2.0    8.0   -3.0   -4.1
    Retail trade....................   11.4    7.1    -.4    -.4    6.0    6.3   -2.3    3.5   -1.1   -1.0   -3.0    7.9   -3.7   -4.2    5.3
    Transportation and warehousing..  -13.6   -2.6   11.8    1.2    -.8   -8.5    4.2   -3.1    1.4    5.1    2.8    7.2    -.5     .5    -.7
    Information.....................   -8.0   14.4   10.5     .4   -4.3   -9.0   16.9    3.8    2.0    9.9   -4.7    4.7    8.5   -7.7   -5.6
    Other nonfinancial..............   17.7   -1.7   17.9    5.1   -3.4  -24.1    4.2    8.4    7.8    9.6    3.4   -1.7    2.6    5.1    3.9

Rest of the world...................   24.0  -11.9   19.1   10.9  -24.4   54.6  -46.1   -3.8    3.8   14.5  -12.6    4.4   12.0   42.4  -10.5
---------------------------------------------------------------------------------------------------------------------------------------------
 Note. Estimates in this table are based on the 1997 North
 American Industry Classification System (NAICS).

                                     Table 12C.--Revisions to Corporate Profits by Industry
---------------------------------------------------------------------------------------------------------------------------------
                                                               Billions of dollars
                                             ------------------------      ------------------------           Revisions as
                                                      Revised                   Revisions to                   percent of
                                                     estimates                   previously                    previously
                                                                                 published                     published
                                             ------------------------      ------------------------      ------------------------
                                             2001      2002      2003      2001      2002      2003      2001      2002      2003
---------------------------------------------------------------------------------------------------------------------------------
Corporate profits with
 inventory valuation and
 capital consumption
 adjustments...........................     767.3     874.6   1,021.1      -3.1     -29.6     -48.8       -.4      -3.3      -4.6

  Domestic industries..................     597.6     716.8     844.2     -11.3     -34.0     -60.7      -1.9      -4.5      -6.7
    Financial..........................     240.4     298.4     327.8      27.1      39.3      39.9      12.7      15.2      13.9
    Nonfinancial.......................     357.2     418.4     516.4     -38.4     -73.3    -100.6      -9.7     -14.9     -16.3

  Rest of the world....................     169.7     157.8     176.9       8.2       4.4      11.9       5.1       2.9       7.2
    Receipts from the rest of the
     world.............................     182.6     206.0     250.7       4.0       3.6      11.3       2.2       1.8       4.7
    Less: Payments to the rest of the
     world.............................      12.9      48.2      73.8      -4.2       -.9       -.6     -24.6      -1.8       -.8

Corporate profits with
 inventory valuation adjustment........     719.2     756.8     860.4      13.3      14.1      16.6       1.9       1.9       2.0

  Domestic industries..................     549.5     599.0     683.4       5.1       9.6       4.7        .9       1.6        .7
    Financial..........................     227.6     276.2     299.8       2.0      21.1      31.0        .9       8.3      11.5
      Federal Reserve banks............      28.3      22.9      19.2        .0        .0       -.4        .0        .0      -2.0
      Other financial..................     199.3     253.3     280.6       2.0      21.1      31.4       1.0       9.1      12.6

    Nonfinancial.......................     322.0     322.8     383.6       3.2     -11.5     -26.4       1.0      -3.4      -6.4
      Utilities........................      24.7      11.4      18.8        .6     -10.6      -5.6       2.5     -48.2     -23.0
      Manufacturing....................      52.6      50.7      67.3      -1.4     -22.6     -29.3      -2.6     -30.8     -30.3
        Durable goods..................     -25.4      -8.3      -3.5       -.5     -17.1     -23.7       2.0    -194.3    -117.3
        Nondurable goods...............      78.0      58.9      70.7       -.9      -5.7      -5.7      -1.1      -8.8      -7.5

      Wholesale trade..................      52.1      51.0      47.9        .5       1.9       2.5       1.0       3.9       5.5
      Retail trade.....................      71.0      78.1      77.7       -.1       1.4      -2.4       -.1       1.8      -3.0
      Transportation and warehousing...       1.3      -1.3      10.5       1.4       1.0      -1.4     .....     .....     .....
      Information......................     -25.6     -11.2       -.7       1.6       9.0       4.7      -5.9     -44.6     -87.0
      Other nonfinancial...............     145.9     144.2     162.1        .6       8.7       5.1        .4       6.4       3.2

  Rest of the world....................     169.7     157.8     176.9       8.2       4.4      11.9       5.1       2.9       7.2

Corporate profits before tax without
 inventory valuation and capital
 consumption adjustments...............     707.9     758.0     874.5      11.1      13.0      18.1       1.6       1.7       2.1

Addenda:
  Corporate profits after tax with
   inventory valuation and capital
   consumption adjustments.............     563.2     690.7     786.2      -6.1     -18.4     -58.8      -1.1      -2.6      -7.0

  Net cash flow with inventory
   valuation and capital
   consumption adjustments.............     944.8   1,058.5   1,173.4       7.5        .3       9.3        .8        .0        .8
    Undistributed profits with
     inventory valuation and
     capital consumption
     adjustments.......................     192.3     300.7     390.9      -3.7     -10.1     -23.2      -1.9      -3.2      -5.6
    Consumption of fixed capital.......     752.5     757.8     782.5      11.2      10.5      32.4       1.5       1.4       4.3

  Less: Inventory valuation
   adjustment..........................      11.3      -1.2     -14.1       2.2       1.0      -1.5     .....     .....     .....

  Equals: Net cash flow................     933.5   1,059.8   1,187.5       5.3       -.6      10.8        .6       -.1        .9
---------------------------------------------------------------------------------------------------------------------------------

                      Table 13.--Gross Value Added of Nonfinancial Domestic Corporate Business
                                   [Quarters seasonally adjusted at annual rates]
--------------------------------------------------------------------------------------------------------------------
                                                 2000     2001     2002     2003     I 01    II 01   III 01    IV 01
--------------------------------------------------------------------------------------------------------------------
                                                                      Billions of dollars
                                            ------------------------------------------------------------------------

    Gross value added of nonfinancial
     corporate business.....................  5,272.2  5,293.5  5,377.7  5,606.8  5,315.8  5,321.3  5,279.1  5,257.7

Consumption of fixed capital................    567.8    646.8    655.7    676.4    616.6    635.9    683.6    651.1

Net value added.............................  4,704.3  4,646.7  4,722.0  4,930.5  4,699.1  4,685.4  4,595.5  4,606.6

  Compensation of employees.................  3,544.4  3,595.9  3,601.3  3,696.2  3,616.6  3,604.8  3,587.6  3,574.5
    Wage and salary accruals................  2,989.8  3,016.5  2,971.0  3,006.9  3,042.8  3,027.7  3,006.4  2,989.3
    Supplements to wages and salaries.......    554.5    579.3    630.3    689.3    573.8    577.1    581.1    585.2
  Taxes on production and imports less
   subsidies................................    443.4    439.1    465.1    483.4    444.4    437.1    423.3    451.5
  Net operating surplus.....................    716.5    611.8    655.5    750.8    638.2    643.6    584.7    580.6
    Net interest and miscellaneous
     payments...............................    191.7    204.0    181.7    170.8    202.0    207.0    205.8    201.3
    Business current transfer payments......     48.4     50.6     55.5     63.5     51.9     56.9     37.8     55.5
    Corporate profits with inventory
     valuation and capital consumption
     adjustments............................    476.4    357.2    418.4    516.4    384.2    379.7    341.1    323.7
      Taxes on corporate income.............    170.2    111.7     89.0    130.0    127.6    126.2    110.9     82.0
      Profits after tax with inventory
       valuation and capital consumption
       adjustments..........................    306.2    245.5    329.4    386.4    256.6    253.5    230.2    241.7
        Net dividends.......................    251.3    245.4    254.9    275.4    248.4    233.3    252.2    247.8
        Undistributed profits with
         inventory valuation and capital
         consumption adjustments............     54.8       .1     74.5    111.0      8.2     20.1    -22.0     -6.0

Addenda:
  Profits before tax (without inventory
   valuation and capital consumption
   adjustments).............................    423.9    310.6    324.1    397.7    363.7    359.9    312.8    206.1
  Profits after tax (without inventory
   valuation and capital consumption
   adjustments).............................    253.7    198.9    235.1    267.7    236.1    233.7    201.9    124.1
  Inventory valuation adjustment............    -14.1     11.3     -1.2    -14.1     -4.1      1.1     18.0     30.4
  Capital consumption adjustment............     66.6     35.2     95.6    132.9     24.6     18.7     10.4     87.3
                                            ------------------------------------------------------------------------
                                                               Billions of chained (2000) dollars
                                            ------------------------------------------------------------------------

    Gross value added of nonfinancial
     corporate business\1\..................  5,272.2  5,229.7  5,306.6  5,520.2  5,295.0  5,259.0  5,199.6  5,165.2

Consumption of fixed capital\2\.............    567.8    615.8    628.0    647.2    595.7    606.5    646.8    614.4
Net value added\3\..........................  4,704.3  4,613.8  4,678.6  4,873.0  4,699.3  4,652.5  4,552.9  4,550.8
                                            ------------------------------------------------------------------------
                                                                            Dollars
                                            ------------------------------------------------------------------------
Price, costs, and profits per unit of real
 gross value added of nonfinancial
 corporate business:

  Price per unit of real gross value added
   of nonfinancial corporate business\4\....    1.000    1.012    1.013    1.016    1.004    1.012    1.015    1.018

  Compensation of employees (unit labor
   cost)....................................     .672     .688     .679     .670     .683     .685     .690     .692

  Unit nonlabor cost........................     .237     .257     .256     .253     .248     .254     .260     .263
    Consumption of fixed capital............     .108     .124     .124     .123     .116     .121     .131     .126
    Taxes on production and imports less
     subsidies plus business current
     transfer payments......................     .093     .094     .098     .099     .094     .094     .089     .098
    Net interest and miscellaneous payments.     .036     .039     .034     .031     .038     .039     .040     .039

  Corporate profits with inventory valuation
   and capital consumption adjustments (unit
   profits from current production).........     .090     .068     .079     .094     .073     .072     .066     .063
    Taxes on corporate income...............     .032     .021     .017     .024     .024     .024     .021     .016
    Profits after tax with inventory
     valuation and capital consumption
     adjustments............................     .058     .047     .062     .070     .048     .048     .044     .047
--------------------------------------------------------------------------------------------------------------------
  1. Effective with the estimates scheduled for release on November 30,
2004, chained-dollar gross value added of nonfinancial corporate
business for 1929 to 2004 will be revised.  The current-dollar value
added will be deflated by a revised chain-type price index calculated
using the gross value added chain-type price index for nonfinancial
industries from the comprehensive revision to the GDP-by-industry
accounts.
  2. Chained-dollar consumption of fixed capital of nonfinancial
corporate business is calculated as the product of the chain-type
quantity index and the 2000 current-dollar value of the corresponding
series, divided by 100.
  3. Chained-dollar net value added of nonfinancial corporate
business is the difference between the gross value added and the
consumption of fixed capital.
  4. The deflator for gross value added of nonfinancial corporate
business divided by 100.
Note.--Estimates in this table are based on the 1997 North
American Industry Classification System (NAICS).

                     Table 13.--Gross Value Added of Nonfinancial Domestic Corporate Business--Continued
                                       [Quarters seasonally adjusted at annual rates]
-----------------------------------------------------------------------------------------------------------------------------
                                                 I 02    II 02   III 02    IV 02     I 03    II 03   III 03    IV 03     I 04
-----------------------------------------------------------------------------------------------------------------------------
                                                                           Billions of dollars
                                            ---------------------------------------------------------------------------------

    Gross value added of nonfinancial
     corporate business.....................  5,309.6  5,375.6  5,392.8  5,432.9  5,443.0  5,547.8  5,669.0  5,767.5  5,856.2

Consumption of fixed capital................    648.1    653.2    658.2    663.3    668.5    673.7    679.0    684.3    671.8

Net value added.............................  4,661.5  4,722.5  4,734.6  4,769.5  4,774.5  4,874.1  4,990.0  5,083.3  5,184.4

  Compensation of employees.................  3,571.2  3,605.1  3,610.3  3,618.7  3,627.4  3,668.5  3,717.9  3,771.0  3,834.8
    Wage and salary accruals................  2,965.1  2,976.1  2,971.4  2,971.4  2,956.9  2,985.5  3,022.4  3,062.8  3,105.5
    Supplements to wages and salaries.......    606.1    629.0    638.9    647.3    670.6    683.1    695.4    708.3    729.4
  Taxes on production and imports less
   subsidies................................    456.4    464.7    469.7    469.8    477.1    472.6    489.0    495.0    501.1
  Net operating surplus.....................    633.9    652.7    654.5    681.0    669.9    733.0    783.2    817.2    848.5
    Net interest and miscellaneous
     payments...............................    193.3    183.6    177.4    172.5    171.4    169.6    170.2    172.1    174.8
    Business current transfer payments......     54.8     54.3     55.3     57.4     58.4     62.3     65.7     67.8     69.0
    Corporate profits with inventory
     valuation and capital consumption
     adjustments............................    385.8    414.8    421.8    451.1    440.1    501.1    547.3    577.3    604.6
      Taxes on corporate income.............     73.2     86.5     93.6    102.6    120.5    120.5    132.2    146.8    147.7
      Profits after tax with inventory
       valuation and capital consumption
       adjustments..........................    312.7    328.2    328.2    348.5    319.5    380.6    415.1    430.5    456.9
        Net dividends.......................    250.2    259.5    243.7    266.3    255.5    307.0    265.6    273.6    270.6
        Undistributed profits with
         inventory valuation and capital
         consumption adjustments............     62.5     68.7     84.5     82.3     64.0     73.6    149.5    156.9    186.2

Addenda:
  Profits before tax (without inventory
   valuation and capital consumption
   adjustments).............................    266.0    314.6    340.8    374.8    376.6    367.8    401.4    445.0    443.4
  Profits after tax (without inventory
   valuation and capital consumption
   adjustments).............................    192.8    228.1    247.2    272.2    256.1    247.3    269.2    298.2    295.6
  Inventory valuation adjustment............     15.9      1.6    -11.8    -10.6    -27.4     -1.0     -3.8    -24.3    -37.0
  Capital consumption adjustment............    104.0     98.5     92.8     86.9     90.8    134.3    149.7    156.6    198.3
                                            ---------------------------------------------------------------------------------
                                                                   Billions of chained (2000) dollars
                                            ---------------------------------------------------------------------------------

    Gross value added of nonfinancial
     corporate business\1\..................  5,237.8  5,299.7  5,330.5  5,358.4  5,366.5  5,463.8  5,579.6  5,670.7  5,727.9

Consumption of fixed capital\2\.............    618.6    625.3    631.4    636.8    639.7    644.5    649.5    655.1    654.1
Net value added\3\..........................  4,619.3  4,674.5  4,699.1  4,721.5  4,726.8  4,819.3  4,930.1  5,015.6  5,073.8
                                            ---------------------------------------------------------------------------------
                                                                                 Dollars
                                            ---------------------------------------------------------------------------------
Price, costs, and profits per unit of real
 gross value added of nonfinancial
 corporate business:

  Price per unit of real gross value added
   of nonfinancial corporate business\4\....    1.014    1.014    1.012    1.014    1.014    1.015    1.016    1.017    1.022

  Compensation of employees (unit labor
   cost)....................................     .682     .680     .677     .675     .676     .671     .666     .665     .670

  Unit nonlabor cost........................     .259     .256     .254     .254     .257     .252     .252     .250     .248
    Consumption of fixed capital............     .124     .123     .123     .124     .125     .123     .122     .121     .117
    Taxes on production and imports less
     subsidies plus business current
     transfer payments......................     .098     .098     .098     .098     .100     .098     .099     .099     .100
    Net interest and miscellaneous payments.     .037     .035     .033     .032     .032     .031     .031     .030     .031

  Corporate profits with inventory valuation
   and capital consumption adjustments (unit
   profits from current production).........     .074     .078     .079     .084     .082     .092     .098     .102     .106
    Taxes on corporate income...............     .014     .016     .018     .019     .022     .022     .024     .026     .026
    Profits after tax with inventory
     valuation and capital consumption
     adjustments............................     .060     .062     .062     .065     .060     .070     .074     .076     .080
-----------------------------------------------------------------------------------------------------------------------------
  1. Effective with the estimates scheduled for release on November 30,
2004, chained-dollar gross value added of nonfinancial corporate
business for 1929 to 2004 will be revised.  The current-dollar value
added will be deflated by a revised chain-type price index calculated
using the gross value added chain-type price index for nonfinancial
industries from the comprehensive revision to the GDP-by-industry
accounts.
  2. Chained-dollar consumption of fixed capital of nonfinancial
corporate business is calculated as the product of the chain-type
quantity index and the 2000 current-dollar value of the corresponding
series, divided by 100.
  3. Chained-dollar net value added of nonfinancial corporate
business is the difference between the gross value added and the
consumption of fixed capital.
  4. The deflator for gross value added of nonfinancial corporate
business divided by 100.
Note.--Estimates in this table are based on the 1997 North
American Industry Classification System (NAICS).

                      Appendix Table A.--Real Gross Domestic Product and Related Aggregates and Price Indexes: Percent Change From Preceding Period
                                                             [Quarters seasonally adjusted at annual rates]
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                       2000   2001   2002   2003  IV 00   I 01  II 01 III 01  IV 01   I 02  II 02 III 02  IV 02   I 03  II 03 III 03  IV 03   I 04  II 04
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
Gross domestic product (GDP) and
 related aggregates:
  GDP...............................    3.7     .8    1.9    3.0    2.1    -.5    1.2   -1.4    1.6    3.4    2.4    2.6     .7    1.9    4.1    7.4    4.2    4.5    3.0

  Goods.............................    4.1   -1.7    1.2    4.3     .2   -4.5   -1.3   -5.5    2.6    4.1     .9    4.7   -3.2    4.3    4.1   17.7    5.8    8.2    2.5
  Services..........................    3.4    2.4    3.0    2.3    3.6    1.9    1.8    1.7    2.8    3.4    4.2    2.2    3.0     .9    3.6    1.1    3.1    3.0    1.9
  Structures........................    3.2     .4   -2.4    3.0     .4     .4    7.0   -4.3   -8.5     .9   -3.3   -2.4     .9     .0    7.3   13.9    5.4     .7   11.8

  Motor vehicle output..............   -1.8   -4.7   11.6    4.2  -12.6  -18.5   36.3   -5.7   22.0    7.3   10.3   18.4    6.0  -12.4    3.0   26.3    2.9    8.8  -25.5
  GDP excluding motor vehicle
   output...........................    3.9    1.0    1.5    3.0    2.7     .2     .2   -1.2     .9    3.3    2.1    2.1     .5    2.5    4.1    6.8    4.2    4.3    4.2

  Final sales of computers\1\.......   31.2   13.8    8.8   41.0   18.6   48.2  -11.2  -19.4   23.7   -3.7   12.2   46.0   30.9   35.1   37.8   93.7   29.0     .1    3.8
  GDP excluding final sales of
   computers........................    3.4     .6    1.8    2.8    1.9    -.9    1.4   -1.2    1.4    3.4    2.3    2.3     .5    1.7    3.8    6.8    4.0    4.5    3.0

  Farm gross value added\2\.........   13.7   -8.3    6.5    4.0  -18.2   -1.3  -31.0  -20.4   94.2  -39.2   69.9   26.1  -19.5  -13.9   52.3     .5  -30.6  -31.3  -21.8

  Nonfarm business gross value
   added\3\.........................    3.8     .4    1.8    3.8    2.2   -1.1    1.2   -2.9    1.2    4.0    1.7    3.6    1.4    2.4    5.3    9.3    4.6    5.7    3.8

Price indexes:
  GDP...............................    2.2    2.4    1.7    1.8    1.8    3.3    3.1    1.6    1.7    1.4    1.5    1.7    2.0    2.7    1.1    1.4    1.6    2.8    3.2
  GDP excluding food and energy.....    2.0    2.1    2.0    1.6    1.7    2.4    2.3    2.1    2.6    1.7    1.8    1.6    1.7    2.3     .8    1.1    1.5    2.3    2.6
  GDP excluding final sales of
   computers........................    2.4    2.7    1.9    2.0    1.9    3.8    3.3    1.8    1.9    1.6    1.7    1.9    2.2    2.9    1.2    1.6    1.7    2.9    3.3

  Gross domestic purchases..........    2.5    2.0    1.5    2.0    1.8    2.7    2.3    1.0     .6    1.2    2.5    1.8    1.9    3.7     .4    1.7    1.4    3.4    3.5
  Gross domestic purchases excluding
   food and energy..................    1.9    1.9    1.8    1.6    1.4    2.3    2.0    1.8    2.3    1.5    1.7    1.6    1.6    2.2    1.0    1.2    1.5    2.5    2.4
  Gross domestic purchases excluding
   final sales of computers to
   domestic purchasers..............    2.8    2.3    1.7    2.2    2.0    3.3    2.6    1.3     .9    1.4    2.6    2.0    2.1    4.0     .5    1.9    1.5    3.6    3.6

  Personal consumption expenditures.    2.5    2.1    1.4    1.9    1.8    3.3    2.6     .6     .6     .9    2.9    2.0    1.4    3.2     .7    1.6    1.2    3.3    3.3
  Personal consumption expenditures
   excluding food and energy........    1.7    1.9    1.8    1.3    1.5    2.8    2.1    1.4    2.6    1.2    2.0    2.0     .9    1.5    1.1     .9    1.3    2.1    1.8
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
  1. For some components of final sales of computers, includes
computer parts.
  2. Farm output less intermediate goods and services purchased.
  3. Consists of GDP less gross value added of farm, of
households and institutions, and of general government.
  See "Explanatory Note" at the end of the tables.

     Explanatory Note: NIPA Measures of Quantities and Prices


     Current-dollar GDP is a measure of the market value of goods, services, and structures produced in
the economy in a particular period.  Changes in current-dollar GDP can be decomposed into quantity and
price components.  Quantities, or "real" measures, and prices are expressed as index numbers with the
reference year -- at present, the year 2000 -- equal to 100. 

     Annual changes in quantities and prices are calculated using a Fisher formula that incorporates
weights from two adjacent years.  (Quarterly changes in quantities and prices are calculated using a
Fisher formula that incorporates weights from two adjacent quarters; quarterly indexes are adjusted for
consistency to the annual indexes before percent changes are calculated.)  For example, the 2002-03
annual percent change in real GDP uses prices for 2002 and 2003 as weights, and the 2002-03 annual
percent change in GDP prices uses quantities for 2002 and 2003 as weights.  These annual changes are
"chained" (multiplied) together to form time series of quantity and price indexes.  Percent changes in
Fisher indexes are not affected by the choice of reference year.  (BEA also publishes a measure of the
price level known as the implicit price deflator (IPD), which is calculated as the ratio of the
current-dollar value to the corresponding chained-dollar value, multiplied by 100.  The values of the IPD
are very close to the values of the corresponding "chain-type" price index.)

     Index numbers of quantity and price indexes for GDP and its major components are presented in this
release in tables 5 and 6. Percent changes from the preceding period are presented in tables 1, 4, 7, and 8.
Contributions by major components to changes in real GDP are presented in table 2.  

     Measures of real GDP and its major components are also presented in dollar-denominated form,
designated "chained (2000) dollar estimates."  For most series, these estimates, which are presented in
table 3, are computed by multiplying the current-dollar value in 2000 by a corresponding quantity index
number and then dividing by 100.  For example, if a current-dollar GDP component equaled $100 in
2000 and if real output for this component increased 10 percent in 2001, then the chained (2000) dollar
value of this component in 2001 would be $110 (= $100 x 110 / 100). Percent changes calculated from
chained-dollar estimates and from chain-type quantity indexes are the same; any differences will be small
and due to rounding.  

     Chained-dollar values for the detailed GDP components will not necessarily sum to the chained-dollar
estimate of GDP (or to any intermediate aggregate). This is because the relative prices used as weights
for any period other than the reference year differ from those of the reference year. A measure of the
extent of such differences is provided by a "residual" line, which indicates the difference between GDP
(or other major aggregate) and the sum of the most detailed components in the table.  For periods close to
the reference year, when there usually has not been much change in the relative prices that are used as
weights, the residuals tend to be small, and the chained-dollar estimates can be used to approximate the
contributions to growth and to aggregate the detailed estimates.  For periods further from the reference
year, the residuals tend to be larger, and the chained-dollar estimates are less useful for analyses of
contributions to growth.  Thus, the contributions to percent change shown in table 2 provide a better
measure of the composition of GDP growth.  In particular, for components for which relative prices are
changing rapidly, calculation of contributions using chained-dollar estimates may be misleading even just
a few years from the reference year.

Reference: "Chained-Dollar Indexes: Issues, Tips on Their Use, and Upcoming Changes," November
2003 Survey, pp. 8-16.