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News Release: Gross Domestic Product

Errata:    Data corrected on May 4, 2006 (does not affect GDP estimate): Personal Income Errata Notice,   Tables: XLS ( kb),   Tables: text format ( kb), p d f icon  Highlights: PDF ( kb)

Available for this release: Full Release (PDF - KB) | Technical Note, Tables (XLS - KB), Highlights (PDF - KB)

 Tables 1,8, and 10 below have been corrected for Personal Income components, since their initial release on April 28, 2006.
Please see "Errata" above. The GDP estimate has not been affected.

EMBARGOED UNTIL RELEASE AT 8:30 A.M. EDT, FRIDAY, APRIL 28, 2006

Virginia H. Mannering:  (202)   606-5304                                           BEA 06-17
Recorded message:       (202)   606-5306


            GROSS DOMESTIC PRODUCT:  FIRST QUARTER 2006 (ADVANCE)

       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 4.8 percent in the first quarter of 2006, 
according to advance estimates released by the Bureau of Economic Analysis.  In the fourth quarter, real 
GDP increased 1.7 percent. 

       The Bureau emphasized that the first-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 first-
quarter "preliminary" estimates, based on more comprehensive data, will be released on May 25, 2006.

       The increase in real GDP in the first quarter primarily reflected positive contributions from
personal consumption expenditures (PCE), equipment and software, exports, and federal government 
spending that were partly offset by a negative contribution from private inventory investment.  Imports, 
which are a subtraction in the calculation of GDP, increased.
	
       The acceleration in real GDP growth in the first quarter primarily reflected an acceleration in PCE
for durable goods, an upturn in federal government spending, and accelerations in equipment and 
software and in exports that were partly offset by a downturn in private inventory investment.

       Final sales of computers contributed 0.11 percentage point to the first-quarter growth in real GDP
after contributing 0.33 percentage point to the fourth-quarter growth.  Motor vehicle output subtracted 
0.23 percentage point from the first-quarter growth in real GDP after subtracting 0.64 percentage point 
from the fourth-quarter growth.  


______________________

NOTE.--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 new release is available on BEA's Web site at www.bea.gov/bea/rels.htm.



       The price index for gross domestic purchases, which measures prices paid by U.S. residents,
increased 2.7 in the first quarter, compared with an increase of 3.7 percent in the fourth.  Excluding food 
and energy prices, the price index for gross domestic purchases increased 3.1 percent in the first quarter, 
compared with an increase of 3.2 percent in the fourth.  About 0.1 percentage point of the first-quarter 
increase in the index was accounted for by the pay raise for federal civilian and military personnel, 
which is treated as an increase in the price index of employee services purchased by the federal 
government. 

       Real personal consumption expenditures increased 5.5 percent in the first quarter, compared with
an increase of 0.9 percent in the fourth.  Durables goods purchases increased 20.6 percent, in contrast to 
a decrease of 16.6 percent.  Nondurable goods increased 5.4 percent, compared with an increase of 5.0 
percent.  Services expenditures increased 2.8 percent, compared with an increase of 2.6 percent.

       Real nonresidential fixed investment increased 14.3 percent in the first quarter, compared with an
increase of 4.5 percent in the fourth.  Nonresidential structures increased 8.6 percent, compared with an 
increase of 3.1 percent.  Equipment and software increased 16.4 percent, compared with an increase of 
5.0 percent.  Real residential fixed investment increased 2.6 percent, compared with an increase of 2.8 
percent.

       Real exports of goods and services increased 12.1 percent in the first quarter, compared with an
increase of 5.1 percent in the fourth.  Real imports of goods and services increased 13.0 percent, 
compared with an increase of 12.1 percent.

       Real federal government consumption expenditures and gross investment increased 10.8 percent
in the first quarter, in contrast to a decrease of 2.6 percent in the fourth.  National defense increased 10.3 
percent, in contrast to a decrease of 8.9 percent.  Nondefense increased 11.7 percent, the same as in the 
fourth quarter.  Real state and local government consumption expenditures and gross investment was 
unchanged in the first quarter; state and local government expenditures and gross investment increased  
0.2 percent in the fourth.

       The real change in private inventories subtracted 0.52 percentage point from the first-quarter
change in real GDP after adding 1.89 percentage points to the fourth-quarter change.  Private businesses 
increased inventories $21.9 billion in the first quarter, following an increase of $37.9 billion in the 
fourth quarter and a decrease of $13.3 billion in the third.

       Real final sales of domestic product -- GDP less change in private inventories -- increased 5.4
percent in the first quarter, in contrast to a decrease of 0.2 percent in the fourth.


Gross domestic purchases

       Real gross domestic purchases -- purchases by U.S. residents of goods and services wherever
produced -- increased 5.4 percent in the first quarter, compared with an increase of 2.9 percent in the 
fourth. 


Disposition of personal income

       Current-dollar personal income increased $170.7 billion (6.7 percent) in the first quarter,
compared with an increase of $233.3 billion (9.4 percent) in the fourth.  

       Personal current taxes increased $38.5 billion in the first quarter, compared with an increase of
$20.6 billion in the fourth.  

       Disposable personal income increased $132.2 billion (5.8 percent) in the first quarter, compared
with an increase of $212.7 billion (9.8 percent) in the fourth.  Real disposable personal income increased 
3.8 percent, compared with an increase of 6.7 percent. 
   
       Personal outlays increased $166.9 billion (7.4 percent) in the first quarter, compared with an
increase of $84.6 billion (3.7 percent) in the fourth.  Personal saving -- disposable personal income less 
personal outlays -- was a negative $50.5 billion in the first quarter, compared with a negative $15.8 
billion in the fourth.  The personal saving rate -- saving as a percentage of disposable personal income -- 
decreased from a negative 0.2 percent in the fourth quarter to a negative 0.5 percent in the first.  Saving 
from current income may be near zero or negative when outlays are financed by borrowing (including 
borrowing financed through credit cards or home equity loans), by selling investments or other assets, or 
by using savings from previous periods.  For more information, see the FAQs on ?Personal Saving? on 
BEA's Web site.


Current-dollar GDP

       Current-dollar GDP -- the market value of the nation's output of goods and services -- increased
8.2 percent, or $254.8 billion, in the first quarter to a level of $13,020.9 billion.  In the fourth quarter, 
current-dollar GDP increased 5.2 percent, or $160.4 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, "GDP and the Economy."  



                                   *          *          *


       BEA's national, international, regional, and industry estimates; the Survey of Current Business; and
BEA news releases are available without charge on BEA's Web site at www.bea.gov.  By visiting the 
site, you can also subscribe to receive free e-mail summaries of BEA releases and announcements.

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


                       Next release - May 25, 2006, at 8:30 A.M. EDT for:
                       Gross Domestic Product:  First Quarter 2006 (Preliminary)
                       Corporate Profits: First Quarter 2006
				


                                                                                                              
		                    Comparisons of Revisions to GDP
                                                                         
   Quarterly estimates of GDP are released on the following schedule: "Advance" estimates, based on source data
that are incomplete or subject to further revision by the source agency, are released near the end of the first month
after the end of the quarter; as more detailed and more comprehensive data become available, "preliminary" and
"final" estimates are released near the end of the second and third months, respectively.  The "latest" estimates reflect
the results of both annual and comprehensive revisions.

   Annual revisions, which cover the quarters of the 3 most recent calendar years, are usually carried out each
summer and incorporate more comprehensive data including annual surveys.  Comprehensive (or benchmark) revisions
are carried out at about 5-year intervals and incorporate major periodic source data, as well as improvements in
concepts and methods that update the accounts to portray more accurately the evolving U.S. economy.

   The table below shows comparisons of the revisions between quarterly percent changes of current-dollar and
real GDP for the different vintages of the estimates.  From the advance estimate to the preliminary estimate (one
month later), the average revision to real GDP without regard to sign is 0.5 percentage point, while from the advance
estimate to the final estimate (two months later), it is 0.6 percentage point.  From the advance estimate to the latest
estimate, the average revision without regard to sign is 1.3 percentage points.  The average revision (with regard to
sign) from the advance estimate to the latest estimate is 0.4 percentage point, which is larger than the average
revisions from the advance estimate to the preliminary or to the final estimates.  The larger average revisions to the
latest estimate reflect the fact that comprehensive revisions include major improvements such as the introduction of
chain indexes and the capitalization of software.  The current quarterly estimates correctly indicate the direction of change of
real GDP 98 percent of the time, correctly indicate whether it is accelerating or decelerating 74 percent of the time,
and correctly indicate whether real GDP growth is above, near, or below trend growth more than three-fifths of the
time.

			Revisions Between Quarterly Percent Changes of GDP: Vintage Comparisons
                        			    [Annual rates]


Vintages			Average			Average without		  Standard deviation of
compared						regard to sign		  average without regard
											to sign

		                          Current-dollar GDP


Advance to preliminary..........  0.1                         0.5			   0.4
Advance to final................   .2 			       .7 			    .4
Preliminary to final............   .0			       .3			    .2

Advance to latest...............   .4                         1.2                           .9


		                               Real GDP

Advance to preliminary..........  0.1			      0.5			   0.4
Advance to final................   .1                          .6                           .4
Preliminary to final............   .0                          .3                           .2


Advance to latest...............   .4                         1.3                          1.0


NOTE.--These comparisons are based on the period from 1983 through 2002.


         Table 1.--Real Gross Domestic Product and Related Measures: Percent Change From Preceding Period
                                                             [Quarters seasonally adjusted at annual rates]
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                       2003   2004   2005  II 02 III 02  IV 02   I 03  II 03 III 03  IV 03   I 04  II 04 III 04  IV 04   I 05  II 05 III 05  IV 05   I 06
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
       Gross domestic product (GDP).    2.7    4.2    3.5    2.2    2.4     .2    1.7    3.7    7.2    3.6    4.3    3.5    4.0    3.3    3.8    3.3    4.1    1.7    4.8

Personal consumption expenditures...    2.9    3.9    3.5    2.4    2.3    1.4    2.5    3.6    5.8    3.1    4.7    1.9    4.4    4.3    3.5    3.4    4.1     .9    5.5
  Durable goods.....................    6.6    6.0    4.5    3.6   11.5   -5.2    3.6   15.1   19.8    -.3    4.4     .4   10.8    5.5    2.6    7.9    9.3  -16.6   20.6
  Nondurable goods..................    3.2    4.7    4.4    1.3     .3    3.6    3.2    1.9    8.3    3.1    6.6    2.6    3.9    5.5    5.3    3.6    3.5    5.0    5.4
  Services..........................    2.0    3.0    2.9    2.6    1.3    1.8    1.9    2.3    2.0    3.8    3.8    1.8    3.4    3.6    2.8    2.3    3.3    2.6    2.8

Gross private domestic investment...    3.9   11.9    6.1    1.9    5.8   -1.0    -.4    2.7   17.5   12.0   10.1   20.9    4.6    6.8    8.6   -3.7    5.3   16.1    6.5
  Fixed investment..................    3.6    9.7    8.1   -1.4    -.7   -1.4     .8    8.8   14.8    6.9    6.9   15.1    8.4    7.2    7.0    9.5    8.0    3.9    9.9
    Nonresidential..................    1.3    9.4    8.6   -6.1   -2.0   -5.0   -1.1    8.4   11.2    4.4    7.9   13.5   11.8   10.4    5.7    8.8    8.5    4.5   14.3
      Structures....................   -4.2    2.2    2.0  -19.0  -15.5   -5.3   -8.4   13.3    -.1    1.3   -3.5    8.8    1.4    4.7   -2.0    2.7    2.2    3.1    8.6
      Equipment and software........    3.2   11.9   10.9    -.9    3.3   -4.9    1.6    6.7   15.4    5.5   12.0   15.2   15.5   12.4    8.3   10.9   10.6    5.0   16.4
    Residential.....................    8.4   10.3    7.1    9.5    2.0    6.4    4.7    9.6   21.9   11.5    5.2   17.8    2.6    1.6    9.5   10.8    7.3    2.8    2.6
  Change in private inventories.....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....

Net exports of goods and services...  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....
  Exports...........................    1.8    8.4    6.9   10.6    2.9   -3.1   -2.9   -2.1   11.5   19.1    5.0    6.9    5.5    7.1    7.5   10.7    2.5    5.1   12.1
    Goods...........................    1.8    8.9    7.3   14.2    2.2   -9.1    1.5     .0    9.1   17.2    7.5    7.9    8.2    3.7    5.3   16.0    3.2    8.0   17.8
    Services........................    1.7    7.4    6.0    2.7    4.6   11.7  -11.9   -6.6   17.2   23.7    -.4    4.8    -.6   15.5   12.5    -.4    1.0   -1.4    -.5
  Imports...........................    4.6   10.7    6.3   12.5    5.7    9.0   -2.5    3.3    4.1   16.5   12.0   14.5    4.7   11.3    7.4    -.3    2.4   12.1   13.0
    Goods...........................    4.9   11.0    6.9   16.0    6.5    8.1   -2.6    6.3     .9   17.7   12.4   14.7    4.7   13.0    8.2   -1.1    3.5   13.5   14.2
    Services........................    3.0    9.6    3.6   -3.0    1.7   14.0   -2.2  -10.2   21.4   10.7   10.0   13.7    4.6    3.1    3.7    4.4   -3.2    4.8    6.7

Government consumption expenditures
 and gross investment...............    2.8    2.2    1.8    4.8    2.3    4.8    -.3    7.2     .5     .5    3.3    2.3    1.8     .9    1.9    2.5    2.9    -.8    3.9
  Federal...........................    6.9    5.2    2.3   12.5    3.0   10.2     .3   22.1   -2.0    3.1   10.7    3.2    3.6    -.6    2.4    2.4    7.4   -2.6   10.8
    National defense................    8.8    7.0    2.6   11.5    4.1   14.8   -3.6   37.4   -6.5    7.9   13.8     .8    9.0   -3.3    3.0    3.7   10.0   -8.9   10.3
    Nondefense......................    3.4    1.8    1.8   14.1    1.2    2.1    8.0   -2.4    7.2   -5.8    4.9    8.1   -6.4    5.2    1.1    -.2    2.4   11.7   11.7
  State and local...................     .6     .4    1.5    1.0    1.9    2.0    -.6    -.3    2.0    -.9    -.7    1.8     .8    1.8    1.6    2.6     .2     .2     .0

Addenda:
  Final sales of domestic product...    2.7    3.9    3.8    1.7    1.4     .1    1.9    4.6    6.9    2.8    3.8    2.6    4.6    3.3    3.5    5.6    4.6    -.2    5.4
  Gross domestic purchases..........    3.0    4.7    3.6    2.7    2.8    1.7    1.5    4.2    6.5    3.9    5.2    4.7    3.9    4.1    4.0    2.1    4.0    2.9    5.4
  Final sales to domestic
   purchasers.......................    3.0    4.4    3.9    2.2    1.8    1.6    1.7    5.0    6.1    3.2    4.8    3.8    4.5    4.1    3.7    4.2    4.5    1.1    5.9
  Gross national product (GNP)......    3.0    4.0    3.3    1.8    2.9    1.0    1.5    4.5    7.2    4.5    3.8    2.2    4.0    2.9    3.9    3.2    4.4     .7  .....
  Disposable personal income........    2.4    3.4    1.4    1.9   -1.6     .2    2.5    4.5    7.2    1.0    3.6    1.2    2.8    9.1   -3.4     .2   -1.4    6.7    3.8

  Current-dollar measures:
    GDP.............................    4.8    7.0    6.4    3.7    3.9    2.4    4.8    4.8    9.3    5.5    8.1    7.5    5.3    6.1    7.0    6.0    7.6    5.2    8.2
    Final sales of domestic product.    4.8    6.6    6.8    3.2    3.0    2.4    5.1    5.7    8.8    4.8    7.5    6.6    6.1    6.2    6.7    8.3    8.1    3.2    8.9
    Gross domestic purchases........    5.3    7.7    6.9    5.2    4.4    3.9    5.7    4.6    8.6    5.6    9.7    9.0    5.9    7.4    7.0    5.5    8.4    6.7    8.2
    Final sales to domestic
     purchasers.....................    5.3    7.4    7.2    4.8    3.6    3.8    5.9    5.4    8.2    4.9    9.2    8.1    6.6    7.4    6.7    7.6    8.9    4.8    8.8
    GNP.............................    5.1    6.8    6.2    3.3    4.4    3.2    4.6    5.7    9.2    6.4    7.7    6.1    5.4    5.7    7.0    5.9    7.8    4.2  .....
    Disposable personal income......    4.3    6.1    4.3    4.7     .2    1.9    5.6    5.2    9.4    2.3    7.6    5.1    4.3   12.5   -1.3    3.5    2.3    9.8    5.8
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
  See "Explanatory Note" at the end of the tables.

                                                Table 2.--Contributions to Percent Change in Real Gross Domestic Product
                                                             [Quarters seasonally adjusted at annual rates]
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                       2003   2004   2005  II 02 III 02  IV 02   I 03  II 03 III 03  IV 03   I 04  II 04 III 04  IV 04   I 05  II 05 III 05  IV 05   I 06
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
Percent change at annual rate:

    Gross domestic product..........    2.7    4.2    3.5    2.2    2.4     .2    1.7    3.7    7.2    3.6    4.3    3.5    4.0    3.3    3.8    3.3    4.1    1.7    4.8

Percentage points at annual rates:

  Personal consumption expenditures.   2.05   2.71   2.48   1.64   1.57    .97   1.70   2.55   4.13   2.15   3.27   1.33   3.05   3.01   2.44   2.35   2.85    .62   3.81

    Durable goods...................    .57    .51    .37    .31    .98   -.47    .31   1.23   1.64   -.03    .38    .03    .88    .45    .22    .64    .76  -1.47   1.52
      Motor vehicles and parts......    .19    .06   -.03    .02    .89   -.75    .22    .53    .77   -.43   -.02   -.19    .44    .11   -.31    .27    .45  -1.92    .60
      Furniture and household
       equipment....................    .26    .34    .28    .23    .06    .21    .03    .48    .63    .30    .31    .24    .34    .21    .32    .17    .37    .33    .64
      Other.........................    .11    .10    .13    .07    .02    .07    .06    .22    .23    .10    .08   -.02    .10    .14    .20    .20   -.06    .12    .27

    Nondurable goods................    .63    .94    .90    .26    .06    .70    .63    .37   1.65    .61   1.31    .53    .78   1.09   1.07    .74    .73   1.02   1.11
      Food..........................    .25    .48    .49    .18    .00    .20    .38    .05    .69    .20    .88    .27    .32    .63    .50    .42    .61    .50    .58
      Clothing and shoes............    .14    .17    .17    .04   -.05    .31   -.04    .27    .33    .04    .37   -.09    .17    .25    .15    .20    .08    .27    .21
      Gasoline, fuel oil, and other
       energy goods.................    .01    .03    .04    .06    .04   -.04   -.01   -.04    .12    .07   -.04    .03    .02    .07    .21   -.11   -.11    .03    .02
      Other.........................    .22    .26    .21   -.01    .07    .23    .29    .09    .51    .31    .11    .33    .28    .14    .20    .23    .15    .21    .30

    Services........................    .85   1.27   1.21   1.07    .54    .74    .76    .94    .84   1.57   1.58    .77   1.39   1.47   1.15    .97   1.36   1.08   1.18
      Housing.......................    .07    .30    .24   -.03   -.11   -.07    .08    .13    .24    .31    .39    .27    .29    .29    .23    .22    .20    .16    .19
      Household operation...........    .05    .07    .10    .29   -.11    .19    .01   -.06   -.02    .25    .07   -.07    .04    .34    .07   -.02    .17    .00   -.25
        Electricity and gas.........    .02    .03    .06    .25   -.07    .23   -.05   -.13   -.07    .22    .02   -.11   -.05    .37    .02   -.08    .10    .03   -.25
        Other household operation...    .03    .05    .04    .04   -.04   -.04    .07    .07    .05    .03    .05    .05    .10   -.03    .05    .06    .08   -.02    .00
      Transportation................    .00    .03    .04   -.04   -.07   -.01    .07   -.05    .02    .02    .13   -.01    .00   -.01    .06    .06    .05    .11    .14
      Medical care..................    .49    .49    .56    .67    .59    .59    .45    .42    .31    .59    .37    .56    .64    .54    .53    .50    .66    .58    .59
      Recreation....................    .10    .11    .06    .07    .04    .16    .04    .15    .07    .21    .17    .00    .10    .02    .14    .02    .02    .02    .10
      Other.........................    .14    .26    .21    .12    .20   -.12    .10    .35    .22    .19    .44    .02    .33    .29    .11    .18    .26    .20    .40

  Gross private domestic investment.    .58   1.82   1.00    .30    .87   -.14   -.03    .42   2.53   1.78   1.52   3.10    .75   1.11   1.42   -.63    .87   2.54   1.11

    Fixed investment................    .54   1.47   1.29   -.23   -.12   -.21    .13   1.26   2.15   1.03   1.04   2.22   1.31   1.13   1.12   1.51   1.31    .65   1.64
      Nonresidential................    .13    .92    .88   -.66   -.21   -.52   -.10    .79   1.08    .43    .76   1.29   1.15   1.04    .58    .90    .88    .48   1.48
        Structures..................   -.11    .06    .05   -.58   -.44   -.14   -.22    .32    .00    .03   -.09    .22    .04    .12   -.05    .07    .06    .09    .24
        Equipment and software......    .24    .86    .82   -.09    .23   -.38    .12    .47   1.09    .40    .85   1.07   1.12    .92    .64    .83    .82    .39   1.24
          Information processing
           equipment and software...    .19    .49    .48    .06    .23   -.38    .21    .20    .79    .52    .61    .38    .31    .34    .72    .53    .42    .32    .54
            Computers and peripheral
             equipment..............    .09    .19    .24   -.06    .16   -.04    .07    .10    .21    .17    .20    .18    .16    .27    .31    .23    .11    .28    .12
            Software................    .06    .11    .17    .15    .12   -.17    .04    .04    .29    .15    .08    .05    .10    .09    .22    .29    .14    .09    .08
            Other...................    .05    .19    .08   -.03   -.05   -.17    .10    .05    .29    .20    .33    .16    .05   -.02    .18    .01    .17   -.06    .34
          Industrial equipment......    .00    .04    .09   -.12    .08    .01    .15   -.12   -.04   -.14    .19   -.05    .30    .06    .23   -.27    .20    .16    .12
          Transportation equipment..   -.03    .15    .17   -.16   -.07   -.02   -.25    .36    .01   -.16   -.04    .56    .23    .39   -.16    .33    .18   -.19    .47
          Other equipment...........    .08    .18    .09    .14    .00    .02    .01    .04    .33    .18    .09    .18    .28    .13   -.14    .23    .02    .10    .10
      Residential...................    .41    .55    .41    .43    .09    .30    .23    .47   1.07    .59    .28    .93    .15    .09    .54    .62    .43    .17    .16

    Change in private inventories...    .05    .35   -.29    .53    .98    .08   -.16   -.84    .38    .75    .48    .87   -.56   -.03    .29  -2.14   -.43   1.89   -.52
      Farm..........................    .03    .03   -.07   -.39    .31    .03    .17   -.21   -.07    .19   -.20    .45   -.01   -.28   -.11   -.09   -.02    .02    .04
      Nonfarm.......................    .02    .32   -.22    .92    .67    .04   -.33   -.63    .45    .57    .68    .42   -.55    .25    .40  -2.05   -.42   1.87   -.56

  Net exports of goods and services.   -.46   -.73   -.29   -.62   -.49  -1.52    .08   -.66    .48   -.47  -1.16  -1.37   -.17   -.98   -.40   1.11   -.12  -1.36   -.84

    Exports.........................    .17    .80    .70    .96    .27   -.31   -.29   -.20   1.04   1.69    .49    .67    .53    .70    .74   1.07    .26    .52   1.21
      Goods.........................    .12    .59    .51    .88    .14   -.64    .09    .00    .58   1.05    .50    .53    .55    .25    .37   1.08    .23    .56   1.23
      Services......................    .05    .22    .18    .08    .13    .33   -.38   -.20    .46    .64   -.01    .14   -.02    .44    .37   -.01    .03   -.05   -.02

    Imports.........................   -.63  -1.53   -.98  -1.58   -.76  -1.21    .37   -.46   -.56  -2.16  -1.65  -2.03   -.70  -1.68  -1.14    .04   -.38  -1.88  -2.05
      Goods.........................   -.56  -1.30   -.89  -1.65   -.72   -.90    .32   -.71   -.10  -1.91  -1.41  -1.71   -.59  -1.60  -1.05    .15   -.46  -1.76  -1.88
      Services......................   -.07   -.23   -.09    .07   -.04   -.31    .05    .26   -.46   -.25   -.23   -.32   -.11   -.08   -.10   -.11    .09   -.12   -.17

  Government consumption expenditures
   and gross investment.............    .53    .41    .34    .88    .43    .89   -.05   1.37    .11    .10    .62    .43    .35    .17    .35    .47    .54   -.15    .74

    Federal.........................    .45    .36    .16    .76    .20    .64    .03   1.40   -.14    .21    .71    .22    .25   -.04    .17    .17    .52   -.18    .73
      National defense..............    .37    .32    .12    .45    .17    .59   -.15   1.46   -.31    .35    .60    .04    .41   -.16    .14    .17    .46   -.44    .47
        Consumption expenditures....    .33    .26    .11    .29    .07    .67   -.19   1.35   -.34    .32    .46    .01    .39   -.26    .34    .04    .37   -.49    .44
        Gross investment............    .04    .06    .01    .16    .10   -.08    .04    .11    .03    .03    .14    .02    .02    .10   -.20    .13    .09    .05    .03
      Nondefense....................    .08    .04    .04    .31    .03    .05    .18   -.06    .17   -.14    .11    .19   -.16    .12    .03   -.01    .06    .26    .27
       Consumption expenditures.....    .08    .04    .02    .21    .11    .07    .18   -.19    .29   -.10    .11    .04   -.04    .08    .02   -.09    .08    .14    .22
       Gross investment.............    .00    .00    .02    .10   -.08   -.02    .00    .14   -.12   -.04    .00    .15   -.12    .04    .01    .08   -.02    .12    .05

    State and local.................    .08    .05    .17    .12    .23    .25   -.08   -.04    .25   -.11   -.09    .21    .10    .21    .19    .31    .03    .03    .00
        Consumption expenditures....    .06    .04    .11    .24    .17    .15   -.02   -.01   -.01    .02    .00    .07    .14    .16    .08    .08    .17    .09    .13
        Gross investment............    .02    .01    .06   -.12    .06    .10   -.07   -.03    .26   -.13   -.08    .14   -.04    .05    .11    .23   -.14   -.06   -.12

Addenda:
    Goods...........................   1.10   2.06   1.49    .49   1.69  -1.74   1.38    .75   5.19    .96   2.29   1.53   2.10   1.26   1.41   1.58   1.70    .73   2.87
    Services........................   1.30   1.59   1.54   1.95    .98   1.65    .41   2.15    .78   2.20   1.90    .71   1.75   1.82   1.86    .88   2.09    .65   1.77
    Structures......................    .31    .57    .49   -.26   -.29    .29   -.08    .76   1.28    .41    .06   1.26    .13    .23    .53    .85    .35    .28    .17
    Motor vehicle output............    .14    .16    .12    .20    .40    .01    .00   -.09    .72   -.13    .49   -.26    .11    .29    .15   -.01    .56   -.64   -.23
    Final sales of computers........    .15    .15    .28    .01    .20    .11    .05    .10    .45    .09    .08    .08    .10    .36    .37    .32    .16    .33    .11
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
  See "Explanatory Note" at the end of the tables.

                                      Table 3.--Gross Domestic Product and Related Measures: Level and Change From Preceding Period
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                               Billions of current dollars                                      Billions of chained (2000) dollars
                                  ------------------------------------------------------  -------------------------------------------------------------------------------
                                                        Seasonally adjusted                                    Seasonally adjusted                Change from preceding
                                                          at annual rates                                        at annual rates                          period
                                            --------------------------------------------          --------------------------------------------  -------------------------
                                       2005     I 05    II 05   III 05    IV 05     I 06     2005     I 05    II 05   III 05    IV 05     I 06     2005    IV 05     I 06
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
     Gross domestic product....... 12,487.1 12,198.8 12,378.0 12,605.7 12,766.1 13,020.9 11,134.8 10,999.3 11,089.2 11,202.3 11,248.3 11,381.4    379.1     46.0    133.1

Personal consumption expenditures.  8,745.7  8,535.8  8,677.0  8,844.0  8,926.2  9,091.2  7,856.9  7,764.9  7,829.5  7,907.9  7,925.4  8,032.0    268.3     17.5    106.6

  Durable goods...................  1,026.5  1,017.3  1,035.5  1,050.9  1,002.1  1,048.0  1,138.4  1,122.3  1,143.9  1,169.7  1,117.7  1,171.2     48.5    -52.0     53.5
    Motor vehicles and parts......    446.8    449.6    458.5    468.7    410.5    432.5    452.8    455.0    463.3    477.3    415.5    434.7     -4.2    -61.8     19.2
    Furniture and household
     equipment....................    373.2    366.9    370.0    374.9    381.1    397.4    485.0    469.2    475.9    490.5    504.4    531.5     42.1     13.9     27.1
    Other.........................    206.4    200.8    207.0    207.2    210.5    218.1    211.3    206.5    212.9    211.0    214.7    223.5     15.5      3.7      8.8

  Nondurable goods................  2,564.4  2,476.6  2,533.7  2,604.9  2,642.5  2,684.8  2,297.9  2,265.6  2,285.9  2,305.8  2,334.2  2,365.3     97.5     28.4     31.1
    Food..........................  1,218.6  1,184.2  1,207.1  1,229.9  1,253.3  1,280.2  1,081.1  1,060.9  1,072.2  1,088.7  1,102.8  1,118.9     52.0     14.1     16.1
    Clothing and shoes............    345.4    340.5    344.9    343.9    352.3    358.1    376.5    367.9    374.4    377.2    386.7    394.0     21.5      9.5      7.3
    Gasoline, fuel oil, and other
     energy goods.................    310.6    275.2    296.4    338.3    332.6    328.3    204.9    207.7    205.2    203.0    203.5    204.0      3.5       .5       .5
    Other.........................    689.8    676.8    685.3    692.8    704.2    718.2    639.7    631.2    637.7    641.9    648.0    656.8     23.0      6.1      8.8

  Services........................  5,154.9  5,041.8  5,107.8  5,188.3  5,281.6  5,358.4  4,436.4  4,392.0  4,417.6  4,453.5  4,482.6  4,514.0    125.5     29.1     31.4
    Housing.......................  1,281.5  1,260.6  1,275.3  1,288.2  1,301.8  1,318.9  1,103.7  1,095.6  1,101.4  1,106.6  1,111.0  1,116.3     25.3      4.4      5.3
    Household operation...........    481.8    465.3    471.4    484.4    506.1    505.3    416.3    414.3    413.8    418.5    418.5    412.0     10.7       .0     -6.5
      Electricity and gas.........    201.7    189.5    192.4    202.1    222.9    219.5    155.0    155.2    153.2    155.5    156.1    150.5      5.8       .6     -5.6
      Other household operation...    280.1    275.8    279.0    282.3    283.2    285.8    261.0    258.8    260.5    262.7    262.0    262.2      4.7      -.7       .2
    Transportation................    321.2    312.3    318.5    324.1    329.9    336.9    287.3    284.6    286.3    287.6    290.6    294.6      3.9      3.0      4.0
    Medical care..................  1,510.0  1,470.5  1,492.6  1,522.0  1,554.7  1,580.2  1,291.6  1,269.1  1,282.3  1,299.6  1,315.2  1,330.9     58.1     15.6     15.7
    Recreation....................    355.2    350.3    353.1    356.6    360.7    365.8    308.6    307.7    308.3    308.9    309.4    312.2      6.2       .5      2.8
    Other.........................  1,205.3  1,182.8  1,196.8  1,213.0  1,228.4  1,251.2  1,027.8  1,019.5  1,024.3  1,031.1  1,036.5  1,047.1     21.1      5.4     10.6

Gross private domestic investment.  2,105.0  2,058.5  2,054.4  2,099.5  2,207.5  2,260.3  1,919.8  1,902.9  1,885.0  1,909.4  1,981.9  2,013.4    110.0     72.5     31.5

  Fixed investment................  2,086.1  1,998.7  2,058.5  2,119.2  2,168.0  2,239.1  1,897.1  1,842.2  1,884.7  1,921.5  1,940.0  1,986.4    142.0     18.5     46.4
    Nonresidential................  1,329.8  1,280.1  1,313.5  1,348.9  1,376.7  1,434.7  1,289.0  1,252.2  1,279.0  1,305.2  1,319.7  1,364.6    102.3     14.5     44.9
      Structures..................    335.1    315.9    325.6    340.2    359.0    377.5    253.4    251.0    252.7    254.1    256.0    261.4      5.0      1.9      5.4
      Equipment and software......    994.7    964.3    987.9  1,008.7  1,017.7  1,057.1  1,050.8  1,014.2  1,040.9  1,067.5  1,080.6  1,122.4    103.2     13.1     41.8
        Information processing
         equipment and software...    488.9    474.6    486.6    494.5    500.1    513.1    590.6    565.1    584.6    600.2    612.4    633.5     68.2     12.2     21.1
          Computers and peripheral
           equipment..............    105.7    102.7    105.6    105.0    109.6    108.9    .....    .....    .....    .....    .....    .....    .....    .....    .....
          Software................    197.8    188.3    197.3    201.3    204.3    207.7    209.9    199.8    209.1    213.7    216.9    219.5     21.1      3.2      2.6
          Other...................    185.4    183.6    183.6    188.2    186.2    196.6    198.7    196.3    196.5    202.1    200.1    211.8      9.8     -2.0     11.7
        Industrial equipment......    161.3    161.3    154.9    161.3    167.5    172.4    149.1    150.9    143.2    148.8    153.6    157.1      9.7      4.8      3.5
        Transportation equipment..    171.5    163.8    172.8    177.9    171.6    188.3    157.0    148.8    158.1    163.3    157.9    171.6     18.3     -5.4     13.7
        Other equipment...........    172.9    164.6    173.7    175.0    178.5    183.3    159.9    153.9    160.6    161.1    163.9    166.9      9.9      2.8      3.0
    Residential...................    756.3    718.5    745.0    770.3    791.4    804.4    601.9    584.1    599.3    610.0    614.2    618.2     40.1      4.2      4.0

  Change in private inventories...     18.9     59.9     -4.2    -19.7     39.4     21.2     20.3     58.2     -1.7    -13.3     37.9     21.9    -31.7     51.2    -16.0
    Farm..........................     -8.4     -6.5     -8.5     -9.5     -8.9     -7.9     -3.7     -2.3     -4.2     -4.5     -3.7     -2.9     -6.0       .8       .8
    Nonfarm.......................     27.2     66.4      4.3    -10.2     48.3     29.1     25.0     61.8      3.4     -8.1     43.0     25.7    -24.9     51.1    -17.3

Net exports of goods and services.   -726.5   -697.5   -691.0   -730.4   -787.1   -803.4   -633.1   -645.4   -614.2   -617.5   -655.2   -678.2    -31.8    -37.7    -23.0

  Exports.........................  1,301.2  1,253.2  1,297.1  1,314.6  1,339.8  1,387.1  1,195.3  1,165.3  1,195.4  1,202.7  1,217.6  1,252.8     77.4     14.9     35.2
    Goods.........................    905.6    865.4    904.7    914.8    937.4    982.2    841.1    810.7    841.3    847.9    864.4    900.5     57.5     16.5     36.1
    Services......................    395.6    387.7    392.5    399.9    402.4    404.9    354.1    354.3    353.9    354.8    353.5    353.0     20.0     -1.3      -.5

  Imports.........................  2,027.7  1,950.6  1,988.1  2,045.1  2,126.9  2,190.5  1,828.3  1,810.7  1,809.6  1,820.2  1,872.9  1,931.0    109.1     52.7     58.1
    Goods.........................  1,700.7  1,627.6  1,661.8  1,718.6  1,794.8  1,850.5  1,553.0  1,537.3  1,532.9  1,546.1  1,595.8  1,649.8    100.3     49.7     54.0
    Services......................    327.0    323.0    326.3    326.4    332.1    340.0    276.7    274.8    277.7    275.5    278.7    283.2      9.6      3.2      4.5

Government consumption expenditures
 and gross investment.............  2,362.9  2,302.0  2,337.6  2,392.7  2,419.6  2,472.8  1,987.1  1,971.9  1,984.1  1,998.1  1,994.1  2,013.2     34.8     -4.0     19.1

  Federal.........................    877.7    860.2    869.8    892.2    888.5    924.6    740.5    731.8    736.1    749.5    744.6    764.0     16.8     -4.9     19.4
    National defense..............    587.1    575.3    582.5    601.7    589.1    611.2    493.6    487.3    491.7    503.6    492.0    504.2     12.3    -11.6     12.2
      Consumption expenditures....    515.9    508.9    512.3    528.6    514.0    534.9    424.1    421.9    422.9    432.2    419.6    430.8     10.8    -12.6     11.2
      Gross investment............     71.2     66.4     70.2     73.1     75.1     76.2     70.0     65.3     69.2     72.0     73.5     74.3      1.5      1.5       .8
    Nondefense....................    290.6    285.0    287.3    290.5    299.4    313.5    246.6    244.3    244.2    245.6    252.5    259.6      4.4      6.9      7.1
      Consumption expenditures....    253.7    250.7    250.5    254.3    259.1    271.5    210.6    210.4    208.2    210.1    213.7    219.4      2.0      3.6      5.7
      Gross investment............     36.9     34.3     36.8     36.3     40.3     42.0     36.3     33.8     36.3     35.6     39.4     40.9      2.9      3.8      1.5

  State and local.................  1,485.2  1,441.7  1,467.7  1,500.4  1,531.1  1,548.2  1,246.3  1,239.8  1,247.8  1,248.5  1,249.3  1,249.3     17.9       .8       .0
      Consumption expenditures....  1,193.0  1,159.0  1,175.7  1,205.7  1,231.7  1,246.9    991.1    986.8    988.8    993.3    995.6    998.8     11.6      2.3      3.2
      Gross investment............    292.2    282.7    292.0    294.7    299.4    301.3    255.4    253.2    259.4    255.4    253.7    250.4      6.5     -1.7     -3.3

Residual..........................    .....    .....    .....    .....    .....    .....    -63.6    -48.0    -60.1    -69.6    -77.1    -96.5    .....    .....    .....

Addenda:
  Final sales of domestic product. 12,468.3 12,138.9 12,382.1 12,625.4 12,726.7 12,999.7 11,112.8 10,940.3 11,089.2 11,214.4 11,207.5 11,355.3    410.4     -6.9    147.8
  Gross domestic purchases........ 13,213.7 12,896.3 13,069.0 13,336.1 13,553.3 13,824.3 11,759.1 11,635.4 11,694.8 11,811.2 11,895.0 12,051.4    410.4     83.8    156.4
  Final sales to domestic
   purchasers..................... 13,194.8 12,836.4 13,073.1 13,355.8 13,513.8 13,803.1 11,737.0 11,576.2 11,694.6 11,823.0 11,854.1 12,025.3    441.7     31.1    171.2

  Gross domestic product.......... 12,487.1 12,198.8 12,378.0 12,605.7 12,766.1 13,020.9 11,134.8 10,999.3 11,089.2 11,202.3 11,248.3 11,381.4    379.1     46.0    133.1
  Plus: Income receipts from
   the rest of the world..........    507.6    462.3    489.4    520.8    558.0    .....    455.5    420.4    441.7    465.5    494.4    .....     71.8     28.9    .....
  Less: Income payments to
   the rest of the world..........    474.0    422.9    453.9    476.6    542.6    .....    423.7    383.3    408.2    424.4    478.9    .....     90.2     54.5    .....
  Equals: Gross national product.. 12,520.8 12,238.2 12,413.5 12,650.0 12,781.6    ..... 11,166.4 11,036.3 11,122.5 11,243.2 11,263.5    .....    360.7     20.3    .....

  Net domestic product............ 10,913.1 10,750.4 10,920.7 10,741.9 11,239.3 11,498.5  9,640.1  9,608.3  9,689.7  9,456.1  9,806.5  9,953.4    274.6    350.4    146.9
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
  Note.--Users are cautioned that particularly for components that
exhibit rapid change in prices relative to other prices in the
economy, the chained-dollar estimates should not be used to measure
the component's relative importance or its contribution to the
growth rate of more aggregate series.  For accurate estimates of
the contributions to percent changes in real GDP, use table 2.
  See "Explanatory Note" at the end of the tables.

                              Table 4.--Price Indexes for Gross Domestic Product and Related Measures: Percent Change From Preceding Period
                                                             [Quarters seasonally adjusted at annual rates]
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                       2003   2004   2005  II 02 III 02  IV 02   I 03  II 03 III 03  IV 03   I 04  II 04 III 04  IV 04   I 05  II 05 III 05  IV 05   I 06
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
       Gross domestic product (GDP).    2.0    2.6    2.8    1.5    1.6    2.2    3.1    1.1    1.8    1.9    3.6    3.9    1.5    2.7    3.1    2.6    3.3    3.5    3.3

Personal consumption expenditures...    1.9    2.6    2.8    2.8    1.8    1.7    3.0     .6    2.0    1.3    3.9    3.8    1.5    3.1    2.3    3.3    3.7    2.9    2.0
  Durable goods.....................   -3.5   -1.9    -.5   -1.9   -1.8   -2.7   -4.3   -4.3   -4.4   -4.1     .1    -.1   -2.4     .6     .9    -.5   -3.0    -.8    -.8
  Nondurable goods..................    2.0    3.3    3.7    5.4     .9    1.2    5.6   -2.4    3.1     .6    6.0    6.6     .1    4.5    1.3    5.7    7.9     .8    1.1
  Services..........................    3.0    3.2    3.1    2.6    3.0    2.8    3.4    3.2    2.8    2.8    3.6    3.3    2.9    3.0    3.0    2.9    3.1    4.6    3.0

Gross private domestic investment...    1.6    3.1    3.1     .5     .2    2.9    2.9    -.5    1.7    3.7    3.4    4.6    3.2    2.3    2.6    2.7    3.7    5.2    3.2
  Fixed investment..................    1.7    3.2    3.1     .5     .2    3.0    3.1    -.5    1.7    3.9    3.5    4.6    3.0    2.2    2.6    2.7    4.0    5.4    3.5
    Nonresidential..................     .3    1.3    2.1    -.2    -.4    1.1     .1   -1.0    1.2    1.9    1.2    1.8     .9    1.1    3.1    1.9    2.5    3.8    3.2
      Structures....................    3.5    5.5   10.1    5.2    4.3    5.1    4.0     .3    2.9    4.6    7.1    6.8    6.6    5.6   10.3    9.9   16.5   20.3   12.6
      Equipment and software........    -.9    -.1    -.4   -2.1   -2.0    -.3   -1.2   -1.4     .6    1.0    -.8     .2    -.9    -.4     .9    -.7   -1.8   -1.3     .0
    Residential.....................    4.8    6.7    4.8    2.2    1.5    7.0    9.3     .3    2.7    7.6    8.0    9.7    6.9    4.2    1.6    4.3    6.5    8.3    4.1
  Change in private inventories.....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....

Net exports of goods and services...  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....
  Exports...........................    2.1    3.6    3.7    2.8    3.0     .6    4.1    1.0     .9    2.9    5.9    4.8    1.7    4.3    4.6    3.7    2.9    2.7    2.5
    Goods...........................    2.0    3.7    3.1    2.2    3.3     .5    3.6    1.6    -.7    4.1    6.5    5.3    1.0    3.8    4.5    2.9    1.3    2.1    2.3
    Services........................    2.5    3.1    5.0    4.3    2.1     .7    5.2    -.3    4.6     .1    4.4    3.7    3.2    5.6    4.7    5.4    6.7    4.0    3.1
  Imports...........................    3.4    5.0    6.1   10.3    3.5     .6   11.2   -4.4    2.6    1.1    9.6    6.6    5.7    6.8    2.9    8.2    9.4    4.4    -.5
    Goods...........................    2.9    5.0    6.4   10.8    2.6     .4   11.9   -6.7    2.5     .5   10.1    7.9    5.4    6.9    1.9    9.9   10.6    4.8   -1.1
    Services........................    5.8    4.9    4.6    7.6    8.1    1.4    8.0    7.5    3.2    4.2    7.5     .3    7.4    6.5    7.9    -.2    3.4    2.2    3.0

Government consumption expenditures
 and gross investment...............    3.7    3.7    4.8    2.9    2.6    3.6    8.9     .0    2.5    1.4    6.2    5.0    3.2    4.1    5.7    3.7    6.7    5.4    5.0
  Federal...........................    3.9    4.2    3.6     .5    1.0    4.6    9.9    1.3    1.2    1.2    9.7    4.9    2.2    2.6    7.0    2.1    3.0     .9    5.9
    National defense................    4.4    4.0    3.6    1.3    2.4    6.9    9.3    1.1    1.3    1.5    7.8    5.6    2.8    2.7    6.6    1.4    3.5     .9    5.0
    Nondefense......................    3.0    4.6    3.8    -.8   -1.4     .5   11.0    1.6    1.0     .7   13.7    3.6    1.2    2.5    7.9    3.6    2.1     .9    7.6
  State and local...................    3.7    3.4    5.4    4.2    3.4    3.0    8.4    -.7    3.2    1.6    4.2    5.0    3.7    4.9    4.9    4.7    9.0    8.2    4.5

Addenda:
  Final sales of domestic product...    2.0    2.6    2.8    1.5    1.6    2.3    3.1    1.1    1.8    1.9    3.6    3.8    1.4    2.7    3.1    2.6    3.3    3.5    3.3
  Gross domestic purchases..........    2.2    2.9    3.2    2.5    1.7    2.2    4.1     .4    2.0    1.7    4.2    4.1    2.0    3.2    2.9    3.3    4.2    3.7    2.7
  Final sales to domestic
   purchasers.......................    2.2    2.9    3.2    2.5    1.7    2.2    4.1     .4    2.0    1.7    4.2    4.1    2.0    3.2    2.9    3.3    4.3    3.7    2.8
  Gross national product (GNP)......    2.0    2.6    2.8    1.5    1.6    2.2    3.1    1.1    1.8    1.9    3.6    3.8    1.5    2.7    3.1    2.6    3.3    3.5  .....

  Implicit price deflators:
    GDP.............................    2.0    2.6    2.8    1.4    1.5    2.2    3.1    1.1    1.9    1.8    3.7    3.9    1.3    2.7    3.0    2.6    3.3    3.5    3.3
    Gross domestic purchases........    2.2    2.9    3.2    2.4    1.6    2.2    4.1     .4    2.1    1.6    4.3    4.1    1.9    3.2    2.9    3.3    4.2    3.7    2.7
    GNP.............................    2.0    2.6    2.8    1.5    1.5    2.3    3.1    1.1    1.9    1.8    3.7    3.8    1.3    2.7    3.0    2.6    3.3    3.5  .....
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
  See "Explanatory Note" at the end of the tables.

                                      Table 5.--Real Gross Domestic Product, Quantity Indexes
                                                     [Index numbers, 2000=100]
-----------------------------------------------------------------------------------------------------------------------------------
                                                                                                   Seasonally adjusted
                                                                                ---------------------------------------------------
                                                  2003       2004       2005       I 05      II 05     III 05      IV 05       I 06
-----------------------------------------------------------------------------------------------------------------------------------
        Gross domestic product.............    105.130    109.562    113.424    112.044    112.959    114.112    114.580    115.936

Personal consumption expenditures..........    108.416    112.601    116.582    115.217    116.176    117.338    117.598    119.180
  Durable goods............................    119.134    126.245    131.864    129.999    132.499    135.492    129.468    135.666
  Nondurable goods.........................    107.938    113.000    118.008    116.351    117.392    118.413    119.875    121.472
  Services.................................    106.493    109.725    112.919    111.789    112.440    113.353    114.094    114.894

Gross private domestic investment..........     93.195    104.286    110.621    109.645    108.615    110.023    114.201    116.013
  Fixed investment.........................     95.297    104.534    112.990    109.722    112.252    114.443    115.544    118.311
    Nonresidential.........................     88.063     96.314    104.622    101.633    103.806    105.935    107.116    110.756
      Structures...........................     77.621     79.314     80.925     80.145     80.680     81.123     81.753     83.460
      Equipment and software...............     92.154    103.126    114.355    110.376    113.274    116.170    117.600    122.148
    Residential............................    113.989    125.714    134.678    130.695    134.100    136.484    137.434    138.328
  Change in private inventories............      .....      .....      .....      .....      .....      .....      .....      .....

Exports of goods and services..............     94.064    101.970    109.028    106.295    109.037    109.710    111.070    114.276

Imports of goods and services..............    105.205    116.495    123.892    122.698    122.620    123.340    126.908    130.848

Government consumption expenditures and
 gross investment..........................    111.009    113.398    115.420    114.537    115.248    116.063    115.830    116.937
  Federal..................................    118.839    125.038    127.945    126.446    127.188    129.491    128.657    131.994
  State and local..........................    107.042    107.487    109.058    108.489    109.183    109.246    109.313    109.317

Addenda:
  Final sales of domestic product..........    105.564    109.650    113.856    112.088    113.613    114.896    114.825    116.340
  Gross domestic purchases.................    106.285    111.301    115.325    114.112    114.695    115.836    116.658    118.192
  Final sales to domestic purchasers.......    106.708    111.394    115.750    114.164    115.332    116.598    116.905    118.593
  Gross national product...................    105.370    109.637    113.296    111.977    112.851    114.076    114.282      .....
-----------------------------------------------------------------------------------------------------------------------------------
  See "Explanatory Note" at the end of the tables.

                                        Table 6.--Price Indexes for Gross Domestic Product
                                                     [Index numbers, 2000=100]
-----------------------------------------------------------------------------------------------------------------------------------
                                                                                                   Seasonally adjusted
                                                                                ---------------------------------------------------
                                                  2003       2004       2005       I 05      II 05     III 05      IV 05       I 06
-----------------------------------------------------------------------------------------------------------------------------------
        Gross domestic product.............    106.310    109.102    112.176    110.950    111.655    112.567    113.532    114.446

Personal consumption expenditures
 (PCE).....................................    105.520    108.246    111.313    109.936    110.832    111.846    112.637    113.196
  Durable goods............................     92.372     90.631     90.168     90.648     90.527     89.839     89.659     89.484
  Nondurable goods.........................    104.151    107.634    111.596    109.327    110.854    112.985    113.218    113.519
  Services.................................    109.246    112.695    116.195    114.803    115.633    116.508    117.834    118.714

Gross private domestic investment..........    103.311    106.555    109.836    108.427    109.164    110.169    111.586    112.481
  Fixed investment.........................    103.432    106.697    109.970    108.522    109.254    110.318    111.787    112.751
    Nonresidential.........................     99.764    101.025    103.161    102.244    102.715    103.358    104.327    105.147
      Structures...........................    113.889    120.124    132.228    125.876    128.886    133.914    140.234    144.472
      Equipment and software...............     95.133     95.022     94.661     95.067     94.910     94.491     94.174     94.178
    Residential............................    112.379    119.935    125.661    123.062    124.359    126.335    128.889    130.175
  Change in private inventories............      .....      .....      .....      .....      .....      .....      .....      .....

Exports of goods and services..............    101.398    104.999    108.867    107.559    108.534    109.323    110.052    110.737

Imports of goods and services..............     99.610    104.571    110.937    107.783    109.925    112.413    113.626    113.496

Government consumption expenditures and
 gross investment..........................    109.460    113.505    118.915    116.747    117.820    119.751    121.343    122.837
  Federal..................................    109.740    114.354    118.525    117.550    118.168    119.056    119.327    121.041
  State and local..........................    109.303    113.022    119.170    116.291    117.635    120.186    122.568    123.930

Addenda:
  PCE excluding food and energy............    105.082    107.156    109.311    108.617    109.083    109.450    110.095    110.654
  Market-based PCE\1\......................    105.009    107.422    110.336    108.948    109.860    110.917    111.619    112.093
  Market-based PCE excluding food
   and energy\1\...........................    104.348    105.898    107.678    107.106    107.506    107.797    108.302    108.753
  Final sales of domestic product..........    106.330    109.124    112.196    110.963    111.667    112.589    113.563    114.489
  Gross domestic purchases.................    105.863    108.899    112.401    110.883    111.785    112.953    113.981    114.754
  Final sales to domestic purchasers.......    105.883    108.921    112.421    110.898    111.798    112.976    114.013    114.796
  Gross national product...................    106.304    109.094    112.158    110.933    111.638    112.550    113.514      .....

  Implicit price deflators:
    Gross domestic product.................    106.305    109.099    112.145    110.905    111.622    112.527    113.494    114.406
    Final sales of domestic product........    106.330    109.124    112.197    110.956    111.659    112.582    113.556    114.481
    Gross domestic purchases...............    105.858    108.896    112.370    110.837    111.750    112.911    113.941    114.712
    Final sales to domestic purchasers.....    105.883    108.920    112.421    110.886    111.787    112.965    114.001    114.784
    Gross national product.................    106.299    109.091    112.129    110.890    111.607    112.512    113.477      .....
-----------------------------------------------------------------------------------------------------------------------------------
  1. This index is a supplemental measure that is based on household
expenditures for which there are observable price measures.  It
excludes most implicit prices (for example, the services furnished
without payment by financial intermediaries) and the expenses of
nonprofit institutions.  Percentage changes for these series are
included in the addenda to table 8 and appendix table A.
  See "Explanatory Note" at the end of the tables.

                                               Table 7.--Real Gross Domestic Product: Percent Change from Preceding Year
-----------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                           1990    1991    1992    1993    1994    1995    1996    1997    1998    1999    2000    2001    2002    2003    2004    2005
-----------------------------------------------------------------------------------------------------------------------------------------------------------------------
       Gross domestic product (GDP)....     1.9     -.2     3.3     2.7     4.0     2.5     3.7     4.5     4.2     4.5     3.7      .8     1.6     2.7     4.2     3.5

Personal consumption expenditures......     2.0      .2     3.3     3.3     3.7     2.7     3.4     3.8     5.0     5.1     4.7     2.5     2.7     2.9     3.9     3.5
  Durable goods........................     -.3    -5.6     5.9     7.8     8.4     4.4     7.8     8.6    11.3    11.7     7.3     4.3     7.1     6.6     6.0     4.5
  Nondurable goods.....................     1.6     -.2     2.0     2.7     3.5     2.2     2.6     2.7     4.0     4.6     3.8     2.0     2.5     3.2     4.7     4.4
  Services.............................     2.9     1.7     3.5     2.8     2.9     2.6     2.9     3.3     4.2     4.0     4.5     2.4     1.9     2.0     3.0     2.9

Gross private domestic investment......    -3.4    -8.1     8.1     8.9    13.6     3.1     8.9    12.4     9.8     7.8     5.7    -7.9    -2.6     3.9    11.9     6.1
  Fixed investment.....................    -2.1    -6.5     5.9     8.6     9.3     6.5     9.0     9.2    10.2     8.3     6.5    -3.0    -5.2     3.6     9.7     8.1
    Nonresidential.....................      .5    -5.4     3.2     8.7     9.2    10.5     9.3    12.1    11.1     9.2     8.7    -4.2    -9.2     1.3     9.4     8.6
      Structures.......................     1.5   -11.1    -6.0     -.7     1.8     6.4     5.6     7.3     5.1     -.4     6.8    -2.3   -17.1    -4.2     2.2     2.0
      Equipment and software...........      .0    -2.6     7.3    12.5    11.9    12.0    10.6    13.8    13.3    12.7     9.4    -4.9    -6.2     3.2    11.9    10.9
    Residential........................    -8.6    -9.6    13.8     8.2     9.6    -3.2     8.0     1.9     7.6     6.0      .8      .4     4.8     8.4    10.3     7.1
  Change in private inventories........   .....   .....   .....   .....   .....   .....   .....   .....   .....   .....   .....   .....   .....   .....   .....   .....

Net exports of goods and services......   .....   .....   .....   .....   .....   .....   .....   .....   .....   .....   .....   .....   .....   .....   .....   .....
  Exports..............................     9.0     6.6     6.9     3.2     8.7    10.1     8.4    11.9     2.4     4.3     8.7    -5.4    -2.3     1.8     8.4     6.9
    Goods..............................     8.4     6.9     7.5     3.3     9.7    11.7     8.8    14.3     2.2     3.8    11.2    -6.1    -4.0     1.8     8.9     7.3
    Services...........................    10.5     6.0     5.5     3.2     6.3     6.3     7.2     5.9     2.9     5.6     2.9    -3.7     1.9     1.7     7.4     6.0
  Imports..............................     3.6     -.6     7.0     8.8    11.9     8.0     8.7    13.6    11.6    11.5    13.1    -2.7     3.4     4.6    10.7     6.3
    Goods..............................     3.0     -.1     9.3    10.1    13.3     9.0     9.3    14.4    11.7    12.4    13.5    -3.2     3.7     4.9    11.0     6.9
    Services...........................     6.5    -2.6    -2.6     2.9     5.7     3.3     5.5     9.4    11.4     6.9    11.1     -.3     2.1     3.0     9.6     3.6

Government consumption expenditures
 and gross investment..................     3.2     1.1      .5     -.9      .0      .5     1.0     1.9     1.9     3.9     2.1     3.4     4.4     2.8     2.2     1.8
  Federal..............................     2.0     -.2    -1.7    -4.2    -3.7    -2.7    -1.2    -1.0    -1.1     2.2      .9     3.9     7.0     6.9     5.2     2.3
    National defense...................      .0    -1.1    -5.0    -5.6    -4.9    -3.8    -1.4    -2.8    -2.1     1.9     -.5     3.9     7.4     8.8     7.0     2.6
    Nondefense.........................     8.3     2.4     6.9     -.7    -1.2     -.4     -.7     2.6      .7     2.8     3.5     3.9     6.3     3.4     1.8     1.8
  State and local......................     4.1     2.1     2.2     1.4     2.6     2.6     2.3     3.6     3.6     4.7     2.7     3.2     3.1      .6      .4     1.5

Addenda:
  Final sales of domestic product......     2.1      .1     3.0     2.6     3.4     3.0     3.7     4.0     4.2     4.5     3.8     1.6     1.2     2.7     3.9     3.8
  Gross domestic purchases.............     1.4     -.8     3.3     3.2     4.4     2.4     3.8     4.8     5.3     5.3     4.4      .9     2.2     3.0     4.7     3.6
  Final sales to domestic purchasers...     1.6     -.6     3.1     3.2     3.8     2.8     3.8     4.3     5.3     5.4     4.5     1.8     1.8     3.0     4.4     3.9
  Gross national product...............     2.0     -.3     3.3     2.7     3.9     2.6     3.7     4.4     4.0     4.6     3.7      .8     1.5     3.0     4.0     3.3
  Real disposable personal income......     1.9      .5     3.4     1.0     2.7     2.8     3.0     3.5     5.8     3.0     4.8     1.9     3.1     2.4     3.4     1.4

  Price indexes:
    Gross domestic purchases...........     4.1     3.3     2.3     2.2     2.1     2.1     1.8     1.4      .6     1.6     2.5     2.0     1.6     2.2     2.9     3.2

    Gross domestic purchases excluding
     food and energy...................     3.7     3.5     2.6     2.3     2.2     2.2     1.5     1.3     1.0     1.4     1.9     1.9     1.9     1.8     2.4     2.5
    GDP................................     3.9     3.5     2.3     2.3     2.1     2.0     1.9     1.7     1.1     1.4     2.2     2.4     1.7     2.0     2.6     2.8
    GDP excluding food and energy......     3.7     3.6     2.5     2.4     2.2     2.1     1.7     1.7     1.2     1.5     2.0     2.1     2.1     1.8     2.5     2.7
    Personal consumption expenditures..     4.6     3.6     2.9     2.3     2.1     2.1     2.2     1.7      .9     1.7     2.5     2.1     1.4     1.9     2.6     2.8
-----------------------------------------------------------------------------------------------------------------------------------------------------------------------

                                            Table 8.--Real Gross Domestic Product: Percent Change From Quarter One Year Ago
-----------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                          II 02  III 02   IV 02    I 03   II 03  III 03   IV 03    I 04   II 04  III 04   IV 04    I 05   II 05  III 05   IV 05    I 06
-----------------------------------------------------------------------------------------------------------------------------------------------------------------------
       Gross domestic product (GDP)....     1.3     2.2     1.9     1.6     2.0     3.2     4.0     4.7     4.6     3.8     3.8     3.6     3.6     3.6     3.2     3.5

Personal consumption expenditures
 (PCE).................................     3.1     3.2     1.9     2.1     2.4     3.3     3.8     4.3     3.9     3.5     3.8     3.5     3.9     3.8     2.9     3.4
  Durable goods........................     8.9    11.0     1.2     3.2     6.0     7.9     9.2     9.4     5.8     3.7     5.2     4.7     6.7     6.3      .2     4.4
  Nondurable goods.....................     3.0     2.4     2.1     2.1     2.2     4.2     4.1     4.9     5.1     4.0     4.6     4.3     4.6     4.5     4.4     4.4
  Services.............................     2.0     2.0     1.9     1.9     1.8     2.0     2.5     3.0     2.9     3.2     3.1     2.9     3.0     3.0     2.8     2.8

Gross private domestic investment......    -5.4    -1.4     4.9     1.5     1.7     4.4     7.7    10.5    15.1    11.8    10.4    10.1     4.0     4.1     6.3     5.8
  Fixed investment.....................    -5.8    -4.9    -2.5     -.7     1.8     5.6     7.7     9.3    10.9     9.3     9.4     9.4     8.0     7.9     7.1     7.8
    Nonresidential.....................    -9.8    -8.7    -6.5    -3.5      .0     3.2     5.6     7.9     9.2     9.4    10.9    10.3     9.2     8.3     6.9     9.0
      Structures.......................   -17.4   -22.0   -14.9   -12.2    -4.5     -.5     1.2     2.6     1.5     1.9     2.7     3.1     1.7     1.9     1.5     4.1
      Equipment and software...........    -6.8    -3.2    -3.4     -.3     1.6     4.4     7.2     9.8    11.9    12.0    13.8    12.8    11.7    10.5     8.7    10.7
    Residential........................     4.3     4.4     7.0     5.6     5.6    10.5    11.8    11.9    13.9     9.1     6.6     7.7     6.1     7.2     7.6     5.8
  Change in private inventories........   .....   .....   .....   .....   .....   .....   .....   .....   .....   .....   .....   .....   .....   .....   .....   .....

Net exports of goods and services......   .....   .....   .....   .....   .....   .....   .....   .....   .....   .....   .....   .....   .....   .....   .....   .....
  Exports..............................    -4.0     1.6     3.8     1.7    -1.3      .7     6.0     8.1    10.5     9.0     6.1     6.7     7.7     6.9     6.4     7.5
    Goods..............................    -4.9     1.1     1.1     1.9    -1.5      .2     6.7     8.3    10.4    10.1     6.8     6.2     8.2     6.9     8.0    11.1
    Services...........................    -2.0     2.8    10.2     1.4    -1.0     1.9     4.5     7.8    10.9     6.4     4.6     7.9     6.5     6.9     2.8     -.4
  Imports..............................     2.1     6.4     9.7     6.0     3.8     3.4     5.1     8.8    11.7    11.8    10.6     9.4     5.7     5.1     5.3     6.6
    Goods..............................     3.2     7.2     9.9     6.8     4.5     3.1     5.3     9.2    11.2    12.3    11.1    10.1     6.1     5.8     5.9     7.3
    Services...........................    -3.0     2.4     8.8     2.4      .5     5.0     4.2     7.3    13.8     9.7     7.7     6.2     3.9     2.0     2.4     3.1

Government consumption expenditures
 and gross investment..................     4.0     4.9     4.0     2.9     3.5     3.0     1.9     2.9     1.7     2.0     2.1     1.7     1.8     2.0     1.6     2.1
  Federal..............................     6.7     7.5     7.8     6.4     8.6     7.2     5.5     8.1     3.6     5.1     4.2     2.1     1.9     2.9     2.3     4.4
    National defense...................     7.4     7.9     8.4     6.5    12.2     9.2     7.5    12.1     3.7     7.8     4.9     2.3     3.0     3.3     1.7     3.5
    Nondefense.........................     5.5     6.8     6.8     6.2     2.1     3.6     1.6      .8     3.5      .0     2.8     1.8     -.2     2.1     3.6     6.3
  State and local......................     2.6     3.6     2.1     1.1      .7      .8      .0      .0      .5      .2      .9     1.5     1.7     1.5     1.2      .8

Addenda:
  Final sales of domestic product......     1.2     1.7      .8     1.3     2.0     3.3     4.0     4.5     4.0     3.4     3.6     3.5     4.2     4.3     3.3     3.8
  Gross domestic purchases.............     1.9     2.8     2.7     2.2     2.5     3.4     4.0     4.9     5.1     4.4     4.5     4.2     3.5     3.5     3.2     3.6
  Final sales to domestic purchasers...     1.9     2.3     1.6     1.9     2.5     3.6     4.0     4.7     4.5     4.1     4.3     4.1     4.1     4.1     3.3     3.9
  Gross national product...............     1.0     2.3     1.6     1.8     2.4     3.5     4.4     5.0     4.4     3.6     3.2     3.2     3.5     3.6     3.0   .....
  Real disposable personal income......     4.6     1.4     2.9      .7     1.4     3.6     3.8     4.1     3.2     2.1     4.1     2.3     2.1     1.0      .5     2.3

  Price indexes:
    Gross domestic purchases...........     1.4     1.6     1.9     2.6     2.1     2.1     2.0     2.1     3.0     3.0     3.4     3.1     2.9     3.4     3.5     3.5
    Gross domestic purchases excluding
     food and energy...................     1.9     1.9     1.7     1.9     1.7     1.7     1.7     1.9     2.5     2.6     2.7     2.6     2.4     2.5     2.7     2.7
    GDP................................     1.6     1.6     1.7     2.1     2.0     2.1     2.0     2.1     2.8     2.7     2.9     2.8     2.5     2.9     3.1     3.2
    GDP excluding food and energy......     2.1     2.0     1.9     2.0     1.8     1.8     1.7     1.9     2.5     2.6     2.8     2.7     2.5     2.7     2.9     3.0
    PCE................................     1.2     1.5     1.8     2.3     1.8     1.8     1.7     1.9     2.7     2.6     3.1     2.7     2.5     3.1     3.0     3.0
    PCE excluding food and energy......     1.8     1.9     1.6     1.5     1.3     1.2     1.3     1.7     2.0     2.0     2.2     2.2     2.0     1.9     2.0     1.9
    Market-based PCE\1\................      .9     1.1     1.7     2.3     1.7     1.8     1.6     1.7     2.5     2.3     2.8     2.4     2.4     3.1     3.0     2.9
    Market-based PCE excluding food
     and energy\1\.....................     1.5     1.5     1.4     1.3     1.2     1.1     1.0     1.3     1.5     1.5     1.7     1.8     1.6     1.6     1.7     1.5
-----------------------------------------------------------------------------------------------------------------------------------------------------------------------
  1. This index is a supplemental measure that is based on household
expenditures for which there are observable price measures.  It
excludes most implicit prices (for example, the services furnished
without payment by financial intermediaries) and the expenses of
nonprofit institutions.

                     Table 9.--Relation of Gross Domestic Product, Gross National Product, and National Income
                                                       [Billions of dollars]
-----------------------------------------------------------------------------------------------------------------------------------
                                                                                         Seasonally adjusted at annual rates
                                                                                ---------------------------------------------------
                                                  2003       2004       2005       I 05      II 05     III 05      IV 05       I 06
-----------------------------------------------------------------------------------------------------------------------------------
Gross domestic product.....................   10,971.2   11,734.3   12,487.1   12,198.8   12,378.0   12,605.7   12,766.1   13,020.9

Plus: Income receipts from the rest of the
 world.....................................      343.7      415.4      507.6      462.3      489.4      520.8      558.0      .....
Less: Income payments to the rest of the
 world.....................................      275.6      361.7      474.0      422.9      453.9      476.6      542.6      .....

Equals: Gross national product.............   11,039.3   11,788.0   12,520.8   12,238.2   12,413.5   12,650.0   12,781.6      .....

Less: Consumption of fixed capital.........    1,331.3    1,435.3    1,574.1    1,448.4    1,457.2    1,863.8    1,526.9    1,522.4
Less: Statistical discrepancy..............       47.1       76.8       42.8       39.4       78.3       44.3        9.2      .....

Equals: National income....................    9,660.9   10,275.9   10,903.9   10,750.4   10,878.0   10,741.9   11,245.5      .....
  Compensation of employees................    6,321.1    6,687.6    7,125.3    7,001.7    7,060.2    7,177.6    7,261.7    7,380.9
    Wage and salary accruals...............    5,111.1    5,389.4    5,723.7    5,629.9    5,672.3    5,762.3    5,830.1    5,915.5
    Supplements to wages and salaries......    1,210.0    1,298.1    1,401.6    1,371.8    1,387.9    1,415.3    1,431.6    1,465.3
  Proprietors' income with inventory
   valuation and capital consumption
   adjustments.............................      810.2      889.6      938.7      917.9      936.6      932.4      967.7      977.9
  Rental income of persons with capital
   consumption adjustment..................      131.7      134.2       72.9      118.0      104.4      -11.1       80.3       70.1
  Corporate profits with inventory
   valuation and capital consumption
   adjustments.............................    1,031.8    1,161.5    1,351.9    1,288.2    1,347.5    1,293.1    1,478.9      .....
  Net interest and miscellaneous payments..      528.5      505.5      498.3      498.3      488.7      497.6      508.5      541.5
  Taxes on production and imports less
   subsidies...............................      754.8      809.4      848.0      833.2      848.0      853.4      857.2      876.1
  Business current transfer payments.......       81.6       91.1       80.2       99.0       99.6       21.8      100.3      104.8
  Current surplus of government
   enterprises.............................        1.3       -3.0      -11.3       -6.1       -7.0      -22.8       -9.1       -5.6

Addendum:
  Gross domestic income....................   10,924.2   11,657.5   12,444.4   12,159.4   12,299.7   12,561.4   12,757.0      .....
-----------------------------------------------------------------------------------------------------------------------------------

                                          Table 10.--Personal Income and Its Disposition
                                                       [Billions of dollars]
-----------------------------------------------------------------------------------------------------------------------------------
                                                                                         Seasonally adjusted at annual rates
                                                                                ---------------------------------------------------
                                                  2003       2004       2005       I 05      II 05     III 05      IV 05       I 06
-----------------------------------------------------------------------------------------------------------------------------------
Personal income\1\.........................    9,169.1    9,713.3   10,248.3   10,073.4   10,185.7   10,250.4   10,483.7   10,654.4

  Compensation of employees, received......    6,321.1    6,687.6    7,125.3    7,001.7    7,060.2    7,177.6    7,261.7    7,380.9
    Wage and salary disbursements..........    5,111.1    5,389.4    5,723.7    5,629.9    5,672.3    5,762.3    5,830.1    5,915.5
    Supplements to wages and salaries......    1,210.0    1,298.1    1,401.6    1,371.8    1,387.9    1,415.3    1,431.6    1,465.3
  Proprietors' income with inventory
   valuation and capital consumption
   adjustments.............................      810.2      889.6      938.7      917.9      936.6      932.4      967.7      977.9
    Farm...................................       27.7       35.8       20.8       24.7       19.6       18.0       21.0       16.1
    Nonfarm................................      782.4      853.8      917.8      893.2      917.1      914.3      946.7      961.8
  Rental income of persons with capital
   consumption adjustment..................      131.7      134.2       72.9      118.0      104.4      -11.1       80.3       70.1
  Personal income receipts on assets.......    1,338.7    1,396.5    1,457.4    1,407.9    1,439.8    1,468.9    1,512.9    1,535.8
    Personal interest income...............      917.6      905.9      945.7      915.4      936.0      951.2      980.1      989.6
    Personal dividend income...............      421.1      490.6      511.7      492.5      503.8      517.6      532.9      546.2
  Personal current transfer receipts.......    1,344.0    1,427.5    1,525.3    1,488.8    1,509.6    1,558.1    1,544.7    1,597.3

  Less: Contributions for government
   social insurance........................      776.6      822.2      871.2      861.0      864.9      875.4      883.6      907.5

Less: Personal current taxes...............      999.9    1,049.1    1,209.7    1,171.4    1,206.0    1,220.4    1,241.0    1,279.5

Equals: Disposable personal income.........    8,169.2    8,664.2    9,038.6    8,902.0    8,979.7    9,030.0    9,242.7    9,374.9

Less: Personal outlays.....................    7,996.3    8,512.5    9,072.1    8,854.6    9,001.2    9,173.9    9,258.5    9,425.4

Equals: Personal saving....................      172.8      151.8      -33.5       47.4      -21.5     -143.9      -15.8      -50.5

  Personal saving as a percentage of
   disposable personal income..............        2.1        1.8        -.4         .5        -.2       -1.6        -.2        -.5

Addendum:
  Disposable personal income, billions of
   chained (2000) dollars\2\...............    7,741.8    8,004.3    8,120.0    8,098.1    8,102.6    8,074.2    8,206.4    8,282.7
-----------------------------------------------------------------------------------------------------------------------------------
  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.

                      Appendix Table A.--Real Gross Domestic Product and Related Aggregates and Price Indexes: Percent Change From Preceding Period
                                                             [Quarters seasonally adjusted at annual rates]
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                       2003   2004   2005  II 02 III 02  IV 02   I 03  II 03 III 03  IV 03   I 04  II 04 III 04  IV 04   I 05  II 05 III 05  IV 05   I 06
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
Gross domestic product (GDP) and
 related aggregates:
  GDP...............................    2.7    4.2    3.5    2.2    2.4     .2    1.7    3.7    7.2    3.6    4.3    3.5    4.0    3.3    3.8    3.3    4.1    1.7    4.8

  Goods.............................    3.4    6.5    4.7    1.5    5.2   -5.2    4.3    2.3   16.8    2.9    7.2    4.7    6.6    3.9    4.4    5.0    5.3    2.3    9.3
  Services..........................    2.2    2.7    2.7    3.4    1.7    2.9     .7    3.7    1.3    3.8    3.3    1.2    3.0    3.2    3.2    1.5    3.6    1.1    3.1
  Structures........................    3.2    5.7    4.8   -2.7   -3.0    3.1    -.9    8.2   13.6    4.1     .6   13.1    1.2    2.2    5.2    8.4    3.3    2.6    1.5

  Motor vehicle output..............    3.8    4.6    3.4    5.7   11.6     .5     .3   -2.5   22.6   -3.6   14.4   -7.3    3.0    8.8    4.3    -.3   17.6  -17.2   -7.0
  GDP excuding motor vehicle
   output...........................    2.7    4.2    3.5    2.1    2.0     .2    1.8    3.9    6.7    3.8    3.9    3.9    4.0    3.1    3.8    3.4    3.7    2.4    5.2

  Final sales of computers\1\.......   20.2   20.4   39.6     .7   29.3   15.3    7.1   14.4   78.0   11.9   10.2   10.3   13.3   56.5   54.9   45.4   20.3   45.9   13.0
  GDP excluding final sales of
   computers........................    2.6    4.1    3.3    2.2    2.2     .1    1.7    3.6    6.8    3.5    4.2    3.4    3.9    3.0    3.5    3.0    4.0    1.3    4.7

  Farm gross value added\2\.........    8.4     .0   -8.0  133.6   63.9   34.2  -22.3   27.0  -34.1  -13.1   89.8  -31.5  -11.3  -17.1    7.3  -31.1   20.9   36.7    8.6

  Nonfarm business gross value
   added\3\.........................    3.3    4.8    4.2    1.4    3.1     .1    2.0    4.7   10.4    2.8    4.2    4.6    4.6    3.9    4.3    4.4    4.7    1.5    5.8

Price indexes:
  GDP...............................    2.0    2.6    2.8    1.5    1.6    2.2    3.1    1.1    1.8    1.9    3.6    3.9    1.5    2.7    3.1    2.6    3.3    3.5    3.3
  GDP excluding food and energy.....    1.8    2.5    2.7    1.8    1.6    2.0    2.6     .9    1.6    1.7    3.3    3.4    2.0    2.6    2.9    2.4    2.8    3.4    3.3
  GDP excluding final sales of
   computers........................    2.2    2.7    3.0    1.7    1.7    2.4    3.2    1.2    2.0    1.9    3.7    3.9    1.6    2.9    3.3    2.8    3.5    3.7    3.4

  Gross domestic purchases..........    2.2    2.9    3.2    2.5    1.7    2.2    4.1     .4    2.0    1.7    4.2    4.1    2.0    3.2    2.9    3.3    4.2    3.7    2.7
  Gross domestic purchases excluding
   food and energy..................    1.8    2.4    2.5    1.7    1.6    1.8    2.5    1.0    1.7    1.8    3.4    3.2    2.0    2.4    3.0    2.1    2.5    3.2    3.1
  Gross domestic purchases excluding
   final sales of computers to
   domestic purchasers..............    2.4    3.0    3.4    2.6    1.9    2.4    4.3     .5    2.2    1.8    4.3    4.3    2.2    3.4    3.1    3.5    4.5    3.9    3.0

  Personal consumption expenditures
   (PCE)............................    1.9    2.6    2.8    2.8    1.8    1.7    3.0     .6    2.0    1.3    3.9    3.8    1.5    3.1    2.3    3.3    3.7    2.9    2.0
  Personal consumption expenditures
   excluding food and energy........    1.3    2.0    2.0    1.8    1.9    1.2    1.1    1.0    1.5    1.4    2.7    2.5    1.5    2.3    2.4    1.7    1.4    2.4    2.0
  Market-based PCE\4\...............    1.9    2.3    2.7    2.8    1.7    1.7    3.1     .5    1.9     .9    3.4    3.7    1.1    2.8    2.1    3.4    3.9    2.6    1.7
  Market-based PCE excluding food
   and energy\4\....................    1.2    1.5    1.7    1.6    1.7    1.2     .8    1.0    1.4     .9    1.9    2.0    1.1    1.8    2.2    1.5    1.1    1.9    1.7
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
  1. For some components of final sales of computers, includes
computer parts.
  2. Farm output less intermediate goods and services purchased.
  3. Consists of GDP less gross value added of farm, of
households and institutions, and of general government.
  4. This index is a supplemental measure that is based on household
expenditures for which there are observable price measures.  It
excludes most implicit prices (for example, the services furnished
without payment by financial intermediaries) and the expenses of
nonprofit institutions.
  See "Explanatory Note" at the end of the tables.



     Explanatory Note: NIPA Measures of Quantities and Prices


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

     Annual changes in quantities and prices are calculated using a Fisher formula that incorporates
weights from two adjacent years.  (Quarterly changes in quantities and prices are calculated using a
Fisher formula that incorporates weights from two adjacent quarters; quarterly indexes are adjusted for
consistency to the annual indexes before percent changes are calculated.)  For example, the 2003-04
annual percent change in real GDP uses prices for 2003 and 2004 as weights, and the 2003-04 annual
percent change in GDP prices uses quantities for 2003 and 2004 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.