News Release: Gross Domestic Product
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EMBARGOED UNTIL RELEASE AT 8:30 A.M. EDT, FRIDAY, JULY 28, 2006
Virginia H. Mannering: (202) 606-5304 (GDP) BEA 06-33
Recorded message: (202) 606-5306
Brent Moulton: (202) 606-9606 (Annual Revision)
Carol Moylan: (202) 606-9715
NATIONAL INCOME AND PRODUCT ACCOUNTS
* SECOND QUARTER 2006 GDP (ADVANCE)
* REVISED ESTIMATES: 2003 THROUGH FIRST QUARTER 2006
Real gross domestic product -- the output of goods and services produced by labor and property
located in the United States -- increased at an annual rate of 2.5 percent in the second quarter of 2006,
according to advance estimates released by the Bureau of Economic Analysis. In the first quarter, real
GDP increased 5.6 percent.
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 30,
2006.
BOX
The estimates released today reflect the annual revision to the national income and product
accounts (NIPAs), beginning with the estimates for the first quarter of 2003. Annual revisions, which
are usually released in July, incorporate source data that are more complete, more detailed, and
otherwise more reliable than those 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 2006 Survey of Current Business will contain NIPA tables and an article describing
the revisions. The revised estimates will be available on BEA's Web site at www.bea.gov.
FOOTNOTE.--Quarterly estimates are expressed at seasonally adjusted annual rates, unless otherwise
specified. Quarter-to-quarter dollar changes are differences between these published estimates. Percent
changes are calculated from unrounded data and are annualized. "Real" estimates are in chained (2000)
dollars. Prices indexes are chain-type measures.
This news release is available on BEA's Web site at www.bea.gov/bea/rels.htm.
The increase in real GDP in the second quarter primarily reflected positive contributions from
personal consumption expenditures (PCE) for services, private inventory investment, nonresidential
structures, exports, state and local government spending, and PCE for nondurables that were partly
offset by negative contributions from residential fixed investment and federal government spending.
Imports, which are a subtraction in the calculation of GDP, increased slightly.
The deceleration in real GDP growth in the second quarter primarily reflected downturns in PCE
for durable goods and in equipment and software, decelerations in exports and in PCE for nondurable
goods, a downturn in federal government spending, and a larger decrease in residential fixed investment
that were partly offset by a deceleration in imports, an acceleration in PCE for services, and an upturn in
private inventory investment.
Final sales of computers subtracted 0.03 percentage point from the second-quarter growth in real
GDP after contributing 0.07 percentage point to the first-quarter growth. Motor vehicle output
subtracted 0.34 percentage point from the second-quarter growth in real GDP after contributing 0.12
percentage point to the first-quarter growth.
The price index for gross domestic purchases, which measures prices paid by U.S. residents,
increased 4.0 percent in the second quarter, compared with an increase of 2.7 percent in the first.
Excluding food and energy prices, the price index for gross domestic purchases increased 2.9 percent in
the second quarter, compared with an increase of 3.0 percent in the first.
Real personal consumption expenditures increased 2.5 percent in the second quarter, compared
with an increase of 4.8 percent in the first. Durable goods decreased 0.5 percent, in contrast to an
increase of 19.8 percent. Nondurable goods increased 1.7 percent, compared with an increase of 5.9
percent. Services expenditures increased 3.5 percent, compared with an increase of 1.6 percent.
Real nonresidential fixed investment increased 2.7 percent in the second quarter, compared with
an increase of 13.7 percent in the first. Nonresidential structures increased 12.7 percent, compared with
an increase of 8.7 percent. Equipment and software decreased 1.0 percent, in contrast to an increase of
15.6 percent. Real residential fixed investment decreased 6.3 percent, compared with a decrease of 0.3
percent.
Real exports of goods and services increased 3.3 percent in the second quarter, compared with an
increase of 14.0 percent in the first. Real imports of goods and services increased 0.2 percent, compared
with an increase of 9.1 percent.
Real federal government consumption expenditures and gross investment decreased 3.4 percent in
the second quarter, in contrast to an increase of 8.8 percent in the first. National defense decreased 1.0
percent, in contrast to an increase of 8.9 percent. Nondefense decreased 7.8 percent, in contrast to an
increase of 8.5 percent. Real state and local government consumption expenditures and gross
investment increased 3.0 percent, compared with an increase of 2.7 percent.
The real change in private inventories added 0.40 percentage point to the second-quarter change in
real GDP after subtracting 0.03 percentage point from the first-quarter change. Private businesses
increased inventories $52.6 billion in the second quarter, following increases of $41.2 billion in the first
and $43.5 billion in the fourth.
Real final sales of domestic product -- GDP less change in private inventories -- increased 2.1
percent in the second quarter, compared with an increase of 5.6 percent in the first.
Gross domestic purchases
Real gross domestic purchases -- purchases by U.S. residents of goods and services wherever
produced -- increased 2.0 percent in the second quarter, compared with an increase of 5.3 percent in the
first.
Disposition of personal income
Current-dollar personal income increased $165.4 billion (6.4 percent) in the second quarter,
compared with an increase of $163.8 billion (6.4 percent) in the first.
Personal current taxes increased $47.2 billion in the second quarter, compared with an increase of
$78.4 billion in the first.
Disposable personal income increased $118.2 billion (5.2 percent) in the second quarter,
compared with an increase of $85.4 billion (3.8 percent) in the first. Real disposable personal income
increased 1.0 percent, compared with an increase of 1.7 percent.
Personal outlays increased $162.2 billion (7.1 percent) in the second quarter, compared with an
increase of $154.0 billion (6.8 percent) in the first. Personal saving -- disposable personal income less
personal outlays -- was a negative $141.0 billion in the second quarter, compared with a negative $97.0
billion in the first. The personal saving rate -- saving as a percentage of disposable personal income --
decreased from a negative 1.0 percent in the first quarter to a negative 1.5 percent in the second. 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
5.8 percent, or $185.5 billion, in the second quarter to a level of $13,193.9 billion. In the first quarter,
current-dollar GDP increased 9.0 percent, or $277.9 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."
Revision of the National Income and Product Accounts
The revised estimates, which begin with 2003, 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
* For 2002-2005, real GDP grew at an average annual rate of 3.2 percent, 0.3 percentage point less
than in the previously published estimates. The average annual rate of growth of real GDP from
2002:IV to 2006:I is 3.6 percent, 0.2 percentage point less than in the previously published
estimates. Revisions to the year-to-year growth rates were small.
* Both the revised and the previously published estimates show similar quarterly patterns of
growth in real GDP. For the 13 quarters from 2003:I to 2006:I, the average revision (without
regard to sign) was 0.4 percentage point. The largest quarterly revisions to the percent change in
real GDP were for the fourth quarter of 2003 (from 3.6 percent to 2.7 percent) and for the third
quarter of 2004 (from 4.0 percent to 3.1 percent).
* The average annual rate of growth of real disposable personal income for 2002-2005 was 2.3
percent, 0.1 percentage point less than in the previously published estimates.
Revisions to 2003-2005 estimates
The percent change from the preceding year in real GDP was revised down for all 3 years: From
2.7 percent to 2.5 percent for 2003, from 4.2 percent to 3.9 percent for 2004, and from 3.5 percent to 3.2
percent for 2005.
For 2003, the largest contributors to the downward revision to real GDP growth were downward
revisions to personal consumption expenditures (PCE) for durable goods, to state and local government
spending, to exports, and to PCE for services; these downward revisions were partly offset by a
downward revision to imports. For 2004, the largest contributors to the downward revision were
downward revisions to fixed investment in equipment and software, to PCE for nondurable goods, and
to federal government spending; these downward revisions were partly offset by upward revisions to
PCE for services and to exports. For 2005, the largest contributors to the downward revision were
downward revisions to fixed investment in equipment and software, to PCE for services, to state and
local government spending, and to federal government spending; these downward revisions were partly
offset by upward revisions to residential fixed investment and to PCE for durable goods.
The percent change from fourth quarter to fourth quarter in real GDP was revised down for all 3
years: From 4.0 percent to 3.7 percent for 2003, from 3.8 percent to 3.4 percent for 2004, and from 3.2
percent to 3.1 percent for 2005.
The percent change from the preceding year in the price index for gross domestic purchases was
revised up for all 3 years: From 2.2 percent to 2.3 percent for 2003, from 2.9 percent to 3.1 percent for
2004, and from 3.2 percent to 3.5 percent for 2005. For the quarters of 2003 to 2005, the percent change
in the price index was revised up for eight quarters, was revised down for one quarter (the fourth quarter
of 2005), and was unchanged for three quarters; the largest upward revision was 0.6 percentage point
(the third quarter of 2004).
Current-dollar GDP was revised down for all 3 years: $10.4 billion, or 0.1 percent, for 2003;
$21.8 billion, or 0.2 percent, for 2004; and $31.3 billion, or 0.3 percent, for 2005. The percent change
from the preceding year was revised down for all 3 years: From 4.8 percent to 4.7 percent for 2003;
from 7.0 percent to 6.9 percent for 2004; and from 6.4 percent to 6.3 percent for 2005. Current-dollar
GNP (GDP plus net income receipts from the rest of the world) was also revised down for all 3 years:
$21.7 billion, or 0.2 percent, for 2003; $29.3 billion, or 0.2 percent, for 2004; and $33.1 billion, or 0.3
percent, for 2005. Net income receipts was also revised down for all 3 years: $11.3 billion for 2003,
$7.4 billion for 2004, and $1.8 billion for 2005. The revisions to net income receipts -- which affect
GNP, national income, corporate profits, net interest and miscellaneous payments, and personal interest
income -- result from the revisions to BEA's international transactions accounts (ITAs) that were
released in June. Although the revisions to the ITAs extended back to 1995, the revisions prior to 2003
are not incorporated into the NIPAs at this time. (An article describing the revisions to the ITAs was
published in the July 2006 issue of the Survey of Current Business.)
National income was revised down for all 3 years: $28.6 billion, or 0.3 percent, for 2003; $20.0
billion, or 0.2 percent, for 2004; and $79.9 billion, or 0.7 percent, for 2005. For 2003, the downward
revision was more than accounted for by a downward revision to corporate profits; within compensation
of employees, an upward revision to wage and salary accruals was largely offset by a downward
revision to supplements to wages and salaries. For 2004, downward revisions to compensation of
employees and to net interest and miscellaneous payments were partly offset by upward revisions to
corporate profits and to nonfarm proprietors? income. For 2005, downward revisions to compensation,
to corporate profits, and to net interest and miscellaneous payments were partly offset by upward
revisions to nonfarm proprietors' income and to taxes on production and imports.
Corporate profits from current production -- profits before tax with inventory valuation and
capital consumption adjustments -- was revised down $38.7 billion, or 3.8 percent, for 2003; was revised
up $21.1 billion, or 1.8 percent, for 2004; and was revised down $21.2 billion, or 1.6 percent, for 2005.
For 2003, profits before tax accounted for most of the revision. For 2004, a large upward revision to
profits before tax was partly offset by a downward revision to the capital consumption adjustment. For
2005, a large upward revision to profits before tax was more than offset by a large downward revision to
the capital consumption adjustment.
For 2003, downward revisions to profits of domestic nonfinancial corporations and profits from
the rest of the world were partly offset by a small upward revision to profits of domestic financial
corporations. For 2004, a large upward revision to profits of domestic financial corporations was partly
offset by a downward revision to profits from the rest of the world. For 2005, a large downward
revision to profits of domestic nonfinancial corporations and a downward revision to profits from the
rest of the world were partly offset by a large upward revision to profits of domestic financial
corporations.
Personal income was revised down $5.5 billion, or 0.1 percent, for 2003; was revised up $18.1
billion, or 0.2 percent, for 2004; and was revised up $1.5 billion, or less than 0.1 percent, for 2005. For
2003, a downward revision to compensation of employees was partly offset by an upward revision to
personal current transfer receipts. For 2004, upward revisions to personal dividend income and to
nonfarm proprietors' income were partly offset by downward revisions to compensation of employees
and to personal interest income. For 2005, upward revisions to personal dividend income and to both
farm and nonfarm proprietors? income were largely offset by a downward revision to compensation of
employees.
Disposable personal income (DPI) (personal income less personal current taxes) was revised
down $6.7 billion, or 0.1 percent, for 2003; was revised up $17.4 billion, or 0.2 percent, for 2004; and
was revised up $6.2 billion, or 0.1 percent, for 2005. The revisions were roughly similar to those to
personal income, reflecting relatively small revisions to personal current taxes. Personal current taxes
was revised up $1.2 billion for 2003, was revised up $0.7 billion for 2004, and was revised down $4.6
billion for 2005. The percent change from the preceding year in real DPI was revised down from 2.4
percent to 2.2 percent for 2003, was revised up from 3.4 percent to 3.6 percent for 2004, and was revised
down from 1.3 percent to 1.2 percent for 2005.
Personal outlays -- PCE, personal interest payments, and personal current transfer payments --
was revised down for all 3 years: $8.6 billion for 2003, $5.3 billion for 2004, and $1.2 billion for 2005.
Revisions to PCE accounted for most of the revisions for all 3 years. The personal saving rate (personal
saving as a percentage of DPI) was unrevised at 2.1 percent for 2003, was revised up from 1.8 percent to
2.0 percent for 2004, and was revised up from a negative 0.5 percent to a negative 0.4 percent for 2005.
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 different source data and
different methods.
As a result of the annual revision, the statistical discrepancy as a percentage of GDP was
unrevised at 0.4 percent for 2003, was revised from 0.7 percent to 0.6 percent for 2004, and was revised
from 0.4 percent to 0.6 percent for 2005. The revisions to the discrepancy for 2003 and for 2005
reflected larger downward revisions to GDI than to GDP. For 2004, the revision to the discrepancy
reflected a larger downward revision to GDP than to GDI.
Business cycle
The expansion that followed the 2001 downturn is slightly milder than previously estimated.
From the cyclical trough of GDP in the third quarter of 2001 to the first quarter of 2006, the revised
estimates show that real GDP increased at an average annual rate of 3.1 percent; the previously
published estimates showed an average increase of 3.3 percent.
New source data
The annual revision incorporated data from the following major federal statistical sources:
Census Bureau economic census for 2002; Census Bureau annual surveys of manufactures, of merchant
wholesale trade, and of retail trade for 2004 and revised monthly indicators of manufactures, of
merchant wholesale trade, and of retail trade for 2003-2005; Census Bureau annual surveys of services
for 2003 and 2004 (revised) and 2005 (preliminary), and of state and local governments for 2003
(revised) and 2004 (preliminary); Census Bureau monthly survey of construction put-in-place for
2003-2005 (revised); Census Bureau quarterly survey of services for 2005; Census Bureau residential
finance survey for 2001; Census Bureau American housing survey for 2003; Census Bureau current
population survey/housing vacancy survey for 2005; federal government budget data for fiscal years
2005 and 2006; Internal Revenue Service tabulations of tax returns for corporations for 2003 (revised)
and 2004 (preliminary) and for sole proprietorships and partnerships for 2004; Bureau of Labor
Statistics quarterly census of employment and wages for 2005 (revised); Department of Agriculture farm
statistics for 2003-2005; and BEA's ITAs for 2003-2005 (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 2006 issue of the Survey of Current Business.
Changes in methodology
The annual revision also incorporated refinements to estimating methodologies, including the
following:
* The valuation of unit sales of new light trucks and utility vehicles incorporated new source data
on retail and wholesale transactions prices that better reflect discounts and customer rebates (data
from the same source are also used for automobiles). The use of these data is part of BEA?s
initiative to acquire and incorporate real-time data into the economic accounts.
* Data from the Census Bureau's quarterly services survey (QSS) were incorporated in the
quarterly estimates of consumer spending for hospitals and nursing homes. The incorporation of
QSS data is continuing as the Census Bureau expands the coverage of the survey. This change
increased the percentage of quarterly consumer spending for services that is based on the QSS
from 6 percent to 17 percent.
* The indicator for extrapolating domestic shipments of computers was modified to be a weighted
average of the Federal Reserve Board?s Industrial Production Index (IPI) for computers and
peripherals (75 percent) and the Census Bureau?s Manufacturing Shipments (M3) for computers
(25 percent). The IPI was converted to current dollars using a BEA price index. This indicator
is used for deriving the quarterly estimates of computers within private equipment and software
investment.
* * *
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 -- August 30, 2006, at 8:30 A.M. EDT for:
Gross Domestic Product: Second Quarter 2006 (Preliminary)
Corporate Profits: Second 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 revisions 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]
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
2002 2003 2004 2005 IV 02 I 03 II 03 III 03 IV 03 I 04 II 04 III 04 IV 04 I 05 II 05 III 05 IV 05 I 06 II 06
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
Gross domestic product (GDP). 1.6 2.5 3.9 3.2 .2 1.2 3.5 7.5 2.7 3.9 4.0 3.1 2.6 3.4 3.3 4.2 1.8 5.6 2.5
Personal consumption expenditures... 2.7 2.8 3.9 3.5 1.4 2.1 3.6 5.8 2.3 4.7 2.9 3.9 4.3 2.7 4.2 3.9 .8 4.8 2.5
Durable goods..................... 7.1 5.8 6.4 5.5 -5.2 .4 16.8 16.7 .7 6.1 1.7 8.7 6.1 2.4 12.8 9.0 -12.3 19.8 -.5
Nondurable goods.................. 2.5 3.2 3.6 4.5 3.6 3.8 2.3 7.7 1.8 4.3 1.7 3.7 5.4 5.2 4.9 3.4 3.9 5.9 1.7
Services.......................... 1.9 1.9 3.5 2.6 1.8 1.5 1.8 2.9 2.8 4.6 3.8 3.1 3.4 1.6 2.3 3.2 2.0 1.6 3.5
Gross private domestic investment... -2.6 3.6 9.8 5.4 -1.0 -1.3 3.3 17.7 9.3 4.8 21.7 2.0 5.1 8.2 -3.6 5.2 16.2 7.8 1.7
Fixed investment.................. -5.2 3.4 7.3 7.5 -1.4 -.4 10.6 13.6 5.5 2.2 11.7 7.6 4.9 7.8 10.5 6.3 2.8 8.2 -.7
Nonresidential.................. -9.2 1.0 5.9 6.8 -5.0 -2.6 10.7 9.4 2.8 1.7 7.2 10.3 8.3 6.0 5.2 5.9 5.2 13.7 2.7
Structures.................... -17.1 -4.1 2.2 1.1 -5.3 -6.9 14.7 -.8 -4.7 3.3 6.9 3.1 -2.0 5.3 -2.0 -7.0 12.0 8.7 12.7
Equipment and software........ -6.2 2.8 7.3 8.9 -4.9 -1.0 9.3 13.2 5.6 1.2 7.3 13.0 12.3 6.3 7.9 11.0 2.8 15.6 -1.0
Residential..................... 4.8 8.4 9.9 8.6 6.4 4.1 10.5 22.2 10.6 3.1 19.8 3.2 -.6 11.1 20.0 7.1 -.9 -.3 -6.3
Change in private inventories..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... .....
Net exports of goods and services... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... .....
Exports........................... -2.3 1.3 9.2 6.8 -3.1 -5.3 -1.7 11.4 20.8 7.2 6.2 4.8 9.9 4.7 9.4 3.2 9.6 14.0 3.3
Goods........................... -4.0 1.8 9.0 7.5 -9.1 2.0 -1.2 8.8 19.8 7.1 6.4 8.3 6.1 5.5 12.8 3.7 11.5 17.3 2.2
Services........................ 1.9 .0 9.7 5.1 11.7 -20.0 -2.8 17.5 23.1 7.5 5.6 -2.8 19.2 2.9 2.0 2.1 5.5 6.7 5.8
Imports........................... 3.4 4.1 10.8 6.1 9.0 -5.0 4.1 3.7 17.6 10.2 16.0 4.4 12.0 4.1 1.4 2.5 13.2 9.1 .2
Goods........................... 3.7 4.9 10.9 6.7 8.1 -3.9 8.6 .6 17.2 10.1 17.7 4.7 12.6 4.9 2.0 2.7 14.1 9.4 -.6
Services........................ 2.1 .0 10.0 2.8 14.0 -10.6 -15.7 21.2 19.6 10.9 7.6 3.1 9.0 -.2 -1.5 1.2 8.3 7.4 4.5
Government consumption expenditures
and gross investment............... 4.4 2.5 1.9 .9 4.8 -1.4 6.1 1.5 .7 2.9 2.2 1.3 -1.9 1.6 1.1 3.4 -1.1 4.9 .6
Federal........................... 7.0 6.8 4.3 1.5 10.2 .1 19.7 .4 3.1 7.2 2.5 5.0 -5.2 3.4 .4 9.6 -4.6 8.8 -3.4
National defense................ 7.4 8.7 5.9 1.7 14.8 -4.4 36.3 -5.3 8.1 9.1 2.0 9.1 -9.1 4.5 2.9 11.2 -9.9 8.9 -1.0
Nondefense...................... 6.3 3.4 1.2 1.1 2.1 9.0 -6.4 12.4 -6.0 3.6 3.5 -2.9 3.4 1.2 -4.4 6.2 7.1 8.5 -7.8
State and local................... 3.1 .2 .5 .5 2.0 -2.2 -.8 2.1 -.6 .5 2.1 -.9 .1 .6 1.5 -.1 1.0 2.7 3.0
Addenda:
Final sales of domestic product... 1.2 2.5 3.5 3.5 .1 1.3 4.5 6.9 2.1 3.4 2.6 4.0 2.6 3.3 5.6 4.4 -.3 5.6 2.1
Gross domestic purchases.......... 2.2 2.8 4.4 3.3 1.7 .9 4.0 6.6 3.0 4.4 5.5 3.1 3.3 3.4 2.4 4.0 2.7 5.3 2.0
Final sales to domestic
purchasers....................... 1.8 2.8 4.0 3.6 1.6 1.1 5.1 6.1 2.5 4.0 4.1 4.0 3.2 3.3 4.6 4.2 .7 5.4 1.6
Gross national product (GNP)...... 1.5 2.7 3.8 3.1 1.0 .8 4.1 7.3 3.5 3.5 2.9 3.3 2.0 3.6 3.0 4.9 .5 6.1 .....
Disposable personal income........ 3.1 2.2 3.6 1.2 .2 1.7 5.0 6.3 1.7 3.9 2.4 2.8 7.5 -4.0 .5 -.6 5.5 1.7 1.0
Current-dollar measures:
GDP............................. 3.4 4.7 6.9 6.3 2.4 4.4 4.8 9.7 4.9 7.8 7.9 5.3 5.9 7.0 5.8 7.6 5.1 9.0 5.8
Final sales of domestic product. 2.9 4.7 6.5 6.7 2.4 4.6 5.8 9.1 4.4 7.3 6.4 6.2 5.9 6.9 8.2 7.8 3.0 9.1 5.4
Gross domestic purchases........ 3.8 5.2 7.6 6.9 3.9 5.1 4.7 9.1 4.9 8.9 9.7 5.8 7.0 6.7 5.8 8.5 6.3 8.2 6.0
Final sales to domestic
purchasers..................... 3.4 5.2 7.2 7.2 3.8 5.3 5.7 8.5 4.4 8.5 8.3 6.7 7.0 6.7 8.1 8.8 4.3 8.2 5.7
GNP............................. 3.2 4.9 6.7 6.2 3.2 4.0 5.4 9.6 5.8 7.4 6.7 5.4 5.3 7.2 5.6 8.4 3.8 9.6 .....
Disposable personal income...... 4.6 4.2 6.4 4.1 1.9 4.8 5.7 8.9 3.2 7.7 6.0 4.7 10.7 -1.8 3.6 3.5 8.6 3.8 5.2
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
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]
------------------------------------------------------------------------------------------------------------------------------------------------------------------
2002 2003 2004 2005 IV 02 I 03 II 03 III 03 IV 03 I 04 II 04 III 04 IV 04 I 05 II 05 III 05 IV 05 I 06
------------------------------------------------------------------------------------------------------------------------------------------------------------------
Gross domestic product (GDP). 1.6 2.5 3.9 3.2 .2 1.2 3.5 7.5 2.7 3.9 4.0 3.1 2.6 3.4 3.3 4.2 1.8 5.6
Previously published....... 1.6 2.7 4.2 3.5 .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 5.6
Personal consumption expenditures... 2.7 2.8 3.9 3.5 1.4 2.1 3.6 5.8 2.3 4.7 2.9 3.9 4.3 2.7 4.2 3.9 .8 4.8
Previously published.............. 2.7 2.9 3.9 3.5 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 5.1
Durable goods..................... 7.1 5.8 6.4 5.5 -5.2 .4 16.8 16.7 .7 6.1 1.7 8.7 6.1 2.4 12.8 9.0 -12.3 19.8
Previously published............ 7.1 6.6 6.0 4.5 -5.2 3.6 15.1 19.8 -.3 4.4 .4 10.8 5.5 2.6 7.9 9.3 -16.6 20.3
Nondurable goods.................. 2.5 3.2 3.6 4.5 3.6 3.8 2.3 7.7 1.8 4.3 1.7 3.7 5.4 5.2 4.9 3.4 3.9 5.9
Previously published............ 2.5 3.2 4.7 4.4 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 5.9
Services.......................... 1.9 1.9 3.5 2.6 1.8 1.5 1.8 2.9 2.8 4.6 3.8 3.1 3.4 1.6 2.3 3.2 2.0 1.6
Previously published............ 1.9 2.0 3.0 2.9 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 1.9
Gross private domestic investment... -2.6 3.6 9.8 5.4 -1.0 -1.3 3.3 17.7 9.3 4.8 21.7 2.0 5.1 8.2 -3.6 5.2 16.2 7.8
Previously published.............. -2.6 3.9 11.9 6.1 -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 8.4
Fixed investment.................. -5.2 3.4 7.3 7.5 -1.4 -.4 10.6 13.6 5.5 2.2 11.7 7.6 4.9 7.8 10.5 6.3 2.8 8.2
Previously published............ -5.2 3.6 9.7 8.1 -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 10.1
Nonresidential.................. -9.2 1.0 5.9 6.8 -5.0 -2.6 10.7 9.4 2.8 1.7 7.2 10.3 8.3 6.0 5.2 5.9 5.2 13.7
Previously published.......... -9.2 1.3 9.4 8.6 -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 14.2
Structures.................... -17.1 -4.1 2.2 1.1 -5.3 -6.9 14.7 -.8 -4.7 3.3 6.9 3.1 -2.0 5.3 -2.0 -7.0 12.0 8.7
Previously published........ -17.1 -4.2 2.2 2.0 -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 12.5
Equipment and software........ -6.2 2.8 7.3 8.9 -4.9 -1.0 9.3 13.2 5.6 1.2 7.3 13.0 12.3 6.3 7.9 11.0 2.8 15.6
Previously published........ -6.2 3.2 11.9 10.9 -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 14.8
Residential..................... 4.8 8.4 9.9 8.6 6.4 4.1 10.5 22.2 10.6 3.1 19.8 3.2 -.6 11.1 20.0 7.1 -.9 -.3
Previously published.......... 4.8 8.4 10.3 7.1 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 3.3
Change in private inventories..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... .....
Net exports of goods and services... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... .....
Exports........................... -2.3 1.3 9.2 6.8 -3.1 -5.3 -1.7 11.4 20.8 7.2 6.2 4.8 9.9 4.7 9.4 3.2 9.6 14.0
Previously published............ -2.3 1.8 8.4 6.9 -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 14.7
Goods........................... -4.0 1.8 9.0 7.5 -9.1 2.0 -1.2 8.8 19.8 7.1 6.4 8.3 6.1 5.5 12.8 3.7 11.5 17.3
Previously published.......... -4.0 1.8 8.9 7.3 -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 18.5
Services........................ 1.9 .0 9.7 5.1 11.7 -20.0 -2.8 17.5 23.1 7.5 5.6 -2.8 19.2 2.9 2.0 2.1 5.5 6.7
Previously published.......... 1.9 1.7 7.4 6.0 11.7 -11.9 -6.6 17.2 23.7 -.4 4.8 -.6 15.5 12.5 -.4 1.0 -1.4 6.3
Imports........................... 3.4 4.1 10.8 6.1 9.0 -5.0 4.1 3.7 17.6 10.2 16.0 4.4 12.0 4.1 1.4 2.5 13.2 9.1
Previously published............ 3.4 4.6 10.7 6.3 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 10.7
Goods........................... 3.7 4.9 10.9 6.7 8.1 -3.9 8.6 .6 17.2 10.1 17.7 4.7 12.6 4.9 2.0 2.7 14.1 9.4
Previously published.......... 3.7 4.9 11.0 6.9 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 11.1
Services........................ 2.1 .0 10.0 2.8 14.0 -10.6 -15.7 21.2 19.6 10.9 7.6 3.1 9.0 -.2 -1.5 1.2 8.3 7.4
Previously published.......... 2.1 3.0 9.6 3.6 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 8.5
Government consumption expenditures
and gross investment............... 4.4 2.5 1.9 .9 4.8 -1.4 6.1 1.5 .7 2.9 2.2 1.3 -1.9 1.6 1.1 3.4 -1.1 4.9
Previously published............. 4.4 2.8 2.2 1.8 4.8 -.3 7.2 .5 .5 3.3 2.3 1.8 .9 1.9 2.5 2.9 -.8 4.8
Federal........................... 7.0 6.8 4.3 1.5 10.2 .1 19.7 .4 3.1 7.2 2.5 5.0 -5.2 3.4 .4 9.6 -4.6 8.8
Previously published............ 7.0 6.9 5.2 2.3 10.2 .3 22.1 -2.0 3.1 10.7 3.2 3.6 -.6 2.4 2.4 7.4 -2.6 10.5
National defense................ 7.4 8.7 5.9 1.7 14.8 -4.4 36.3 -5.3 8.1 9.1 2.0 9.1 -9.1 4.5 2.9 11.2 -9.9 8.9
Previously published.......... 7.4 8.8 7.0 2.6 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 9.6
Nondefense...................... 6.3 3.4 1.2 1.1 2.1 9.0 -6.4 12.4 -6.0 3.6 3.5 -2.9 3.4 1.2 -4.4 6.2 7.1 8.5
Previously published.......... 6.3 3.4 1.8 1.8 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 12.2
State and local................... 3.1 .2 .5 .5 2.0 -2.2 -.8 2.1 -.6 .5 2.1 -.9 .1 .6 1.5 -.1 1.0 2.7
Previously published............ 3.1 .6 .4 1.5 2.0 -.6 -.3 2.0 -.9 -.7 1.8 .8 1.8 1.6 2.6 .2 .2 1.6
Addenda:
Final sales of domestic product... 1.2 2.5 3.5 3.5 .1 1.3 4.5 6.9 2.1 3.4 2.6 4.0 2.6 3.3 5.6 4.4 -.3 5.6
Previously published............ 1.2 2.7 3.9 3.8 .1 1.9 4.6 6.9 2.8 3.8 2.6 4.6 3.3 3.5 5.6 4.6 -.2 5.9
Gross domestic purchases.......... 2.2 2.8 4.4 3.3 1.7 .9 4.0 6.6 3.0 4.4 5.5 3.1 3.3 3.4 2.4 4.0 2.7 5.3
Previously published............ 2.2 3.0 4.7 3.6 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 5.5
Final sales to domestic
purchasers....................... 1.8 2.8 4.0 3.6 1.6 1.1 5.1 6.1 2.5 4.0 4.1 4.0 3.2 3.3 4.6 4.2 .7 5.4
Previously published........... 1.8 3.0 4.4 3.9 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 5.8
Gross national product (GNP)...... 1.5 2.7 3.8 3.1 1.0 .8 4.1 7.3 3.5 3.5 2.9 3.3 2.0 3.6 3.0 4.9 .5 6.1
Previously published............ 1.5 3.0 4.0 3.3 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 6.2
Disposable personal income........ 3.1 2.2 3.6 1.2 .2 1.7 5.0 6.3 1.7 3.9 2.4 2.8 7.5 -4.0 .5 -.6 5.5 1.7
Previously published............ 3.1 2.4 3.4 1.3 .2 2.5 4.5 7.2 1.0 3.6 1.2 2.8 9.1 -3.4 .2 -1.4 5.1 1.5
Current-dollar measures:
GDP............................. 3.4 4.7 6.9 6.3 2.4 4.4 4.8 9.7 4.9 7.8 7.9 5.3 5.9 7.0 5.8 7.6 5.1 9.0
Previously published.......... 3.4 4.8 7.0 6.4 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 8.9
Final sales of domestic product. 2.9 4.7 6.5 6.7 2.4 4.6 5.8 9.1 4.4 7.3 6.4 6.2 5.9 6.9 8.2 7.8 3.0 9.1
Previously published.......... 2.9 4.8 6.6 6.8 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 9.3
Gross domestic purchases........ 3.8 5.2 7.6 6.9 3.9 5.1 4.7 9.1 4.9 8.9 9.7 5.8 7.0 6.7 5.8 8.5 6.3 8.2
Previously published.......... 3.8 5.3 7.7 6.9 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 8.3
Final sales to domestic
purchasers..................... 3.4 5.2 7.2 7.2 3.8 5.3 5.7 8.5 4.4 8.5 8.3 6.7 7.0 6.7 8.1 8.8 4.3 8.2
Previously published......... 3.4 5.3 7.4 7.2 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 8.6
GNP............................. 3.2 4.9 6.7 6.2 3.2 4.0 5.4 9.6 5.8 7.4 6.7 5.4 5.3 7.2 5.6 8.4 3.8 9.6
Previously published.......... 3.2 5.1 6.8 6.2 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 9.5
Disposable personal income...... 4.6 4.2 6.4 4.1 1.9 4.8 5.7 8.9 3.2 7.7 6.0 4.7 10.7 -1.8 3.6 3.5 8.6 3.8
Previously published.......... 4.6 4.3 6.1 4.2 1.9 5.6 5.2 9.4 2.3 7.6 5.1 4.3 12.5 -1.3 3.5 2.3 8.1 3.6
------------------------------------------------------------------------------------------------------------------------------------------------------------------
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 a
Revised Revisions to percentage of
estimates previously previously
published published
------------------------ ------------------------ ------------------------
2003 2004 2005 2003 2004 2005 2003 2004 2005
---------------------------------------------------------------------------------------------------------------------------------
Gross domestic product (GDP)....... 10,960.8 11,712.5 12,455.8 -10.4 -21.8 -31.3 -.1 -.2 -.3
Personal consumption expenditures...... 7,703.6 8,211.5 8,742.4 -6.3 -2.8 -3.3 -.1 .0 .0
Durable goods........................ 942.7 986.3 1,033.1 -7.4 -1.5 6.6 -.8 -.2 .6
Nondurable goods..................... 2,190.2 2,345.2 2,539.3 1.2 -23.1 -25.1 .1 -1.0 -1.0
Services............................. 4,570.8 4,880.1 5,170.0 .0 21.9 15.1 .0 .5 .3
Gross private domestic investment...... 1,664.1 1,888.0 2,057.4 -6.3 -40.1 -47.6 -.4 -2.1 -2.3
Fixed investment..................... 1,649.8 1,830.6 2,036.2 -5.1 -42.0 -49.9 -.3 -2.2 -2.4
Nonresidential..................... 1,077.4 1,155.3 1,265.7 -5.0 -43.5 -64.1 -.5 -3.6 -4.8
Structures....................... 277.2 300.8 338.6 .3 2.4 3.5 .1 .8 1.0
Equipment and software........... 800.2 854.5 927.1 -5.4 -45.9 -67.6 -.7 -5.1 -6.8
Residential........................ 572.4 675.3 770.4 -.1 1.5 14.1 .0 .2 1.9
Change in private inventories........ 14.3 57.3 21.3 -1.1 1.9 2.4 ..... ..... .....
Net exports of goods and services...... -499.4 -613.2 -716.7 1.5 10.8 9.8 ..... ..... .....
Exports.............................. 1,040.8 1,178.1 1,303.1 -4.8 4.3 1.9 -.5 .4 .1
Goods.............................. 724.4 818.8 907.5 .1 .7 1.9 .0 .1 .2
Services........................... 316.4 359.3 395.6 -4.9 3.6 .0 -1.5 1.0 .0
Imports.............................. 1,540.2 1,791.4 2,019.9 -6.3 -6.4 -7.8 -.4 -.4 -.4
Goods.............................. 1,283.9 1,495.2 1,699.0 .0 -.7 -1.7 .0 .0 -.1
Services........................... 256.2 296.2 320.9 -6.4 -5.7 -6.1 -2.4 -1.9 -1.9
Government consumption expenditures
and gross investment.................. 2,092.5 2,226.2 2,372.8 .6 10.3 9.9 .0 .5 .4
Federal.............................. 756.4 825.9 878.3 1.6 -1.7 .6 .2 -.2 .1
National defense................... 497.2 551.2 589.3 .5 -1.5 2.2 .1 -.3 .4
Nondefense......................... 259.2 274.7 289.0 1.0 -.2 -1.6 .4 -.1 -.6
State and local...................... 1,336.0 1,400.3 1,494.4 -1.1 12.0 9.2 -.1 .9 .6
Relation of GDP and National Income
Gross domestic product................. 10,960.8 11,712.5 12,455.8 -10.4 -21.8 -31.3 -.1 -.2 -.3
Plus: Income receipts
from the rest of the world............ 336.8 410.2 513.3 -6.9 -5.2 5.7 -2.0 -1.3 1.1
Less: Income payments to
the rest of the world................. 280.0 363.9 481.5 4.4 2.2 7.5 1.6 .6 1.6
Equals: Gross national product......... 11,017.6 11,758.7 12,487.7 -21.7 -29.3 -33.1 -.2 -.2 -.3
Less: Consumption of fixed capital..... 1,336.5 1,436.2 1,604.8 5.2 .9 30.7 .4 .1 2.0
Less: Statistical discrepancy.......... 48.8 66.7 71.0 1.7 -10.1 16.0 ..... ..... .....
Equals: National income................ 9,632.3 10,255.9 10,811.8 -28.6 -20.0 -79.9 -.3 -.2 -.7
Compensation of employees............ 6,325.4 6,650.3 7,030.3 4.3 -37.3 -82.8 .1 -.6 -1.2
Wage and salary accruals........... 5,127.7 5,377.1 5,664.8 16.6 -12.3 -47.5 .3 -.2 -.8
Supplements to wages and
salaries.......................... 1,197.7 1,273.2 1,365.5 -12.3 -24.9 -35.3 -1.0 -1.9 -2.5
Proprietors' income with inventory
valuation and capital
consumption adjustments............. 811.3 911.1 970.7 1.1 21.5 32.0 .1 2.4 3.4
Rental income of persons with
capital consumption adjustment...... 133.0 127.0 72.8 1.3 -7.2 -.1 1.0 -5.4 -.1
Corporate profits with inventory
valuation and capital
consumption adjustments............. 993.1 1,182.6 1,330.7 -38.7 21.1 -21.2 -3.8 1.8 -1.6
Net interest and miscellaneous
payments............................ 524.7 485.1 483.4 -3.8 -20.4 -14.9 -.7 -4.0 -3.0
Taxes on production and imports
less subsidies...................... 759.3 819.4 865.1 4.5 10.0 17.1 .6 1.2 2.0
Business current transfer payments... 83.8 85.5 74.2 2.2 -5.6 -6.0 2.7 -6.1 -7.5
Current surplus of government
enterprises......................... 1.7 -5.0 -15.4 .4 -2.0 -4.1 ..... ..... .....
Disposition of personal income
Personal income........................ 9,163.6 9,731.4 10,239.2 -5.5 18.1 1.5 -.1 .2 .0
Compensation of employees,
received............................ 6,310.4 6,665.3 7,030.3 -10.7 -22.3 -82.8 -.2 -.3 -1.2
Wage and salary disbursements...... 5,112.7 5,392.1 5,664.8 1.6 2.7 -47.5 .0 .1 -.8
Supplements to wages and
salaries.......................... 1,197.7 1,273.2 1,365.5 -12.3 -24.9 -35.3 -1.0 -1.9 -2.5
Proprietors' income with
inventory valuation and capital
consumption adjustments............. 811.3 911.1 970.7 1.1 21.5 32.0 .1 2.4 3.4
Farm............................... 29.2 36.2 30.2 1.5 .4 9.4 5.4 1.1 45.2
Nonfarm............................ 782.1 874.9 940.4 -.3 21.1 22.6 .0 2.5 2.5
Rental income of persons with
capital consumption adjustment...... 133.0 127.0 72.8 1.3 -7.2 -.1 1.0 -5.4 -.1
Personal income receipts on assets... 1,336.6 1,427.9 1,519.4 -2.1 31.4 62.0 -.2 2.2 4.3
Personal interest income........... 914.1 890.8 945.0 -3.5 -15.1 -.7 -.4 -1.7 -.1
Personal dividend income........... 422.6 537.1 574.4 1.5 46.5 62.7 .4 9.5 12.3
Personal current transfer
receipts............................ 1,351.0 1,426.5 1,526.6 7.0 -1.0 1.3 .5 -.1 .1
Less: Contributions for government
social insurance.................... 778.6 826.4 880.6 2.0 4.2 10.9 .3 .5 1.3
Less: Personal current taxes........... 1,001.1 1,049.8 1,203.1 1.2 .7 -4.6 .1 .1 -.4
Equals: Disposable personal income..... 8,162.5 8,681.6 9,036.1 -6.7 17.4 6.2 -.1 .2 .1
Less: Personal outlays................. 7,987.7 8,507.2 9,070.9 -8.6 -5.3 -1.2 -.1 -.1 .0
Equals: Personal saving................ 174.9 174.3 -34.8 2.1 22.5 7.3 ..... ..... .....
Personal saving as a percentage
of disposable personal income....... 2.1 2.0 -.4 .0 .2 .1 ..... ..... .....
Addenda:
Statistical discrepancy as a
percentage of GDP..................... .4 .6 .6 .0 -.1 .2 ..... ..... .....
Gross domestic income.................. 10,912.0 11,645.8 12,384.8 -12.2 -11.7 -47.4 -.1 -.1 -.4
---------------------------------------------------------------------------------------------------------------------------------
Table 2.--Contributions to Percent Change in Real Gross Domestic Product
[Quarters seasonally adjusted at annual rates]
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
2002 2003 2004 2005 IV 02 I 03 II 03 III 03 IV 03 I 04 II 04 III 04 IV 04 I 05 II 05 III 05 IV 05 I 06 II 06
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
Percent change at annual rate:
Gross domestic product.......... 1.6 2.5 3.9 3.2 .2 1.2 3.5 7.5 2.7 3.9 4.0 3.1 2.6 3.4 3.3 4.2 1.8 5.6 2.5
Percentage points at annual rates:
Personal consumption expenditures. 1.90 1.94 2.71 2.44 .97 1.41 2.53 4.13 1.59 3.30 2.07 2.74 2.97 1.94 2.94 2.76 .53 3.38 1.74
Durable goods................... .61 .50 .54 .45 -.47 .03 1.35 1.39 .06 .51 .14 .71 .50 .20 1.02 .74 -1.08 1.50 -.04
Motor vehicles and parts...... .23 .12 .07 .02 -.75 -.04 .65 .46 -.29 .09 -.14 .22 .17 -.29 .50 .38 -1.51 .60 -.11
Furniture and household
equipment.................... .29 .27 .35 .29 .21 .05 .49 .67 .27 .33 .28 .36 .21 .27 .28 .40 .33 .65 .11
Other......................... .09 .10 .11 .14 .07 .02 .21 .26 .08 .10 .01 .13 .12 .21 .24 -.03 .10 .26 -.04
Nondurable goods................ .50 .64 .73 .90 .70 .75 .45 1.53 .36 .86 .34 .74 1.07 1.04 .98 .70 .79 1.20 .34
Food.......................... .15 .23 .33 .51 .20 .39 .04 .61 .02 .54 .16 .28 .70 .53 .55 .61 .39 .64 .21
Clothing and shoes............ .14 .14 .14 .17 .31 -.02 .29 .31 -.02 .32 -.14 .18 .19 .17 .25 .08 .27 .23 -.10
Gasoline, fuel oil, and other
energy goods................. .04 .01 .02 -.01 -.04 -.02 -.02 .10 .06 .00 .00 -.04 .01 .12 -.10 -.15 -.06 -.03 .02
Other......................... .18 .26 .24 .23 .23 .39 .14 .52 .30 .00 .32 .32 .16 .21 .28 .16 .19 .36 .21
Services........................ .79 .80 1.45 1.09 .74 .63 .73 1.21 1.18 1.92 1.59 1.30 1.39 .70 .94 1.32 .83 .67 1.43
Housing....................... .09 .10 .40 .30 -.07 .11 .18 .35 .40 .49 .42 .37 .32 .29 .28 .24 .18 .24 .26
Household operation........... .02 .06 .10 .08 .19 .00 .00 .02 .17 .11 .10 .06 .25 .01 .04 .09 .01 -.58 .24
Electricity and gas......... .04 .03 .02 .04 .23 -.05 -.08 -.03 .12 .06 -.06 -.07 .25 .00 .00 .03 .03 -.58 .22
Other household operation... -.02 .03 .08 .04 -.04 .05 .08 .05 .05 .05 .16 .13 .00 .01 .04 .06 -.02 .00 .02
Transportation................ -.08 .00 .03 .00 -.01 .07 -.03 .03 .02 .05 .06 .00 .04 .02 -.03 -.04 .00 .10 .03
Medical care.................. .63 .45 .37 .43 .59 .47 .28 .28 .28 .33 .47 .53 .43 .32 .40 .53 .44 .52 .41
Recreation.................... .06 .10 .14 .08 .16 .02 .15 .13 .16 .18 .13 .09 .05 .13 .05 .05 .04 .09 -.02
Other......................... .06 .09 .41 .20 -.12 -.04 .16 .40 .15 .76 .42 .24 .30 -.07 .20 .44 .16 .31 .51
Gross private domestic investment. -.41 .54 1.49 .87 -.14 -.16 .51 2.56 1.39 .74 3.17 .32 .82 1.32 -.61 .84 2.51 1.31 .28
Fixed investment................ -.84 .51 1.11 1.17 -.21 -.04 1.52 2.00 .83 .34 1.72 1.16 .77 1.22 1.62 1.02 .46 1.34 -.12
Nonresidential................ -1.06 .10 .58 .67 -.52 -.24 1.01 .92 .29 .18 .69 .97 .81 .59 .51 .59 .52 1.36 .28
Structures.................. -.55 -.11 .06 .03 -.14 -.18 .35 -.02 -.12 .08 .17 .08 -.05 .14 -.06 -.20 .31 .25 .36
Equipment and software...... -.51 .21 .52 .64 -.38 -.06 .66 .95 .41 .10 .52 .90 .86 .45 .56 .78 .21 1.11 -.07
Information processing
equipment and software... -.20 .22 .36 .30 -.38 .31 .13 .82 .70 .30 .05 .21 .33 .43 .29 .26 .25 .74 -.09
Computers and peripheral
equipment.............. .04 .09 .10 .12 -.04 .12 .00 .26 .21 -.03 -.03 .21 .17 .10 .10 .06 .16 .15 .04
Software................ -.04 .07 .15 .09 -.17 .06 .05 .32 .20 .17 .03 .12 .16 .03 .12 .07 .04 .18 .04
Other................... -.19 .05 .11 .10 -.17 .12 .08 .23 .29 .16 .05 -.12 .00 .30 .06 .13 .04 .40 -.16
Industrial equipment...... -.11 .04 -.05 .10 .01 .17 .14 -.14 -.22 -.09 -.05 .19 .05 .16 -.07 .23 .19 -.05 .19
Transportation equipment.. -.16 -.12 .14 .15 -.02 -.57 .31 .01 -.13 -.08 .46 .39 .40 -.14 .11 .27 -.31 .31 -.30
Other equipment........... -.04 .07 .07 .09 .02 .04 .08 .26 .07 -.04 .06 .10 .08 .01 .24 .03 .08 .11 .13
Residential................... .22 .41 .53 .50 .30 .20 .51 1.08 .55 .16 1.03 .18 -.04 .63 1.11 .43 -.06 -.02 -.40
Change in private inventories... .43 .04 .38 -.30 .08 -.12 -1.01 .56 .56 .40 1.44 -.84 .05 .09 -2.23 -.18 2.05 -.03 .40
Farm.......................... -.02 .03 .07 -.06 .03 .19 -.16 -.06 -.05 .27 .61 -.48 -.38 .16 -.26 .28 .14 -.01 .00
Nonfarm....................... .45 .00 .31 -.24 .04 -.31 -.85 .62 .60 .13 .84 -.35 .43 -.06 -1.97 -.46 1.90 -.02 .40
Net exports of goods and services. -.69 -.44 -.65 -.26 -1.52 .21 -.73 .51 -.47 -.73 -1.62 -.20 -.81 -.16 .72 -.06 -1.07 -.04 .33
Exports......................... -.23 .12 .88 .68 -.31 -.53 -.16 1.02 1.81 .69 .60 .46 .96 .47 .94 .33 .97 1.41 .35
Goods......................... -.28 .12 .60 .52 -.64 .13 -.08 .55 1.20 .47 .43 .55 .42 .38 .88 .27 .80 1.20 .17
Services...................... .06 .00 .28 .16 .33 -.65 -.08 .47 .61 .22 .17 -.09 .54 .09 .06 .06 .17 .21 .18
Imports......................... -.46 -.56 -1.53 -.94 -1.21 .74 -.57 -.51 -2.29 -1.42 -2.22 -.66 -1.77 -.63 -.22 -.39 -2.04 -1.46 -.03
Goods......................... -.41 -.56 -1.29 -.87 -.90 .47 -.97 -.07 -1.86 -1.17 -2.03 -.59 -1.55 -.64 -.26 -.36 -1.84 -1.27 .09
Services...................... -.05 .00 -.24 -.07 -.31 .27 .40 -.44 -.43 -.25 -.18 -.08 -.22 .01 .04 -.03 -.20 -.19 -.12
Government consumption expenditures
and gross investment............. .80 .47 .36 .17 .89 -.26 1.16 .29 .14 .55 .43 .24 -.37 .31 .21 .64 -.21 .94 .11
Federal......................... .43 .44 .30 .11 .64 .01 1.26 .03 .21 .49 .18 .34 -.38 .23 .03 .66 -.33 .61 -.24
National defense.............. .29 .37 .27 .08 .59 -.20 1.41 -.25 .35 .41 .09 .41 -.45 .21 .13 .52 -.49 .41 -.05
Consumption expenditures.... .23 .32 .22 .05 .67 -.22 1.30 -.32 .31 .40 .00 .34 -.44 .25 .03 .45 -.47 .37 -.15
Gross investment............ .06 .05 .05 .03 -.08 .02 .12 .07 .05 .00 .10 .08 -.01 -.04 .10 .07 -.02 .05 .10
Nondefense.................... .14 .08 .03 .03 .05 .21 -.16 .28 -.14 .09 .08 -.07 .08 .03 -.11 .14 .16 .20 -.19
Consumption expenditures..... .12 .07 .03 .00 .07 .19 -.21 .27 -.12 .11 .03 -.06 .05 .01 -.09 .08 .05 .16 -.10
Gross investment............. .02 .01 .00 .02 -.02 .01 .06 .01 -.03 -.03 .05 -.01 .03 .01 -.02 .06 .11 .03 -.09
State and local................. .37 .02 .06 .06 .25 -.27 -.10 .26 -.07 .06 .25 -.10 .01 .08 .18 -.01 .13 .33 .35
Consumption expenditures.... .29 .00 .10 .08 .15 -.19 -.07 -.04 .07 .19 .15 .08 .15 .02 .05 .14 .09 .17 .22
Gross investment............ .08 .02 -.04 -.02 .10 -.09 -.02 .30 -.15 -.13 .11 -.18 -.14 .06 .13 -.15 .03 .16 .13
Addenda:
Goods........................... .41 1.00 1.56 1.43 -1.74 1.27 .56 5.00 .81 1.20 .99 1.56 1.43 1.51 1.09 2.07 .97 3.86 .94
Services........................ 1.43 1.20 1.84 1.31 1.65 .03 2.06 1.15 1.63 2.59 1.74 1.48 1.47 1.07 1.04 2.02 .46 1.39 1.47
Structures...................... -.24 .31 .51 .49 .29 -.09 .85 1.33 .22 .05 1.31 .06 -.29 .82 1.13 .09 .33 .33 .05
Motor vehicle output............ .39 .05 .12 .20 .01 -.46 .36 .30 -.23 .33 -.24 .52 .06 .38 -.03 .70 -.71 .12 -.34
Final sales of computers........ .03 .15 .06 .16 .11 .12 -.02 .50 .15 -.13 -.14 .15 .26 .16 .20 .08 .20 .07 -.03
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
See "Explanatory Note" at the end of the tables.
Table 2A.--Contributions to Percent Change in Real Gross Domestic Product
[Quarters seasonally adjusted at annual rates]
------------------------------------------------------------------------------------------------------------------------------------------------------------------
2002 2003 2004 2005 IV 02 I 03 II 03 III 03 IV 03 I 04 II 04 III 04 IV 04 I 05 II 05 III 05 IV 05 I 06
------------------------------------------------------------------------------------------------------------------------------------------------------------------
Percent change at annual rate:
Gross domestic product.......... 1.6 2.5 3.9 3.2 .2 1.2 3.5 7.5 2.7 3.9 4.0 3.1 2.6 3.4 3.3 4.2 1.8 5.6
Previously published.......... 1.6 2.7 4.2 3.5 .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 5.6
Percentage points at annual rates:
Personal consumption expenditures. 1.90 1.94 2.71 2.44 .97 1.41 2.53 4.13 1.59 3.30 2.07 2.74 2.97 1.94 2.94 2.76 .53 3.38
Previously published............ 1.90 2.05 2.71 2.48 .97 1.70 2.55 4.13 2.15 3.27 1.33 3.05 3.01 2.44 2.35 2.85 .62 3.53
Durable goods................... .61 .50 .54 .45 -.47 .03 1.35 1.39 .06 .51 .14 .71 .50 .20 1.02 .74 -1.08 1.50
Previously published.......... .61 .57 .51 .37 -.47 .31 1.23 1.64 -.03 .38 .03 .88 .45 .22 .64 .76 -1.47 1.51
Motor vehicles and parts...... .23 .12 .07 .02 -.75 -.04 .65 .46 -.29 .09 -.14 .22 .17 -.29 .50 .38 -1.51 .60
Previously published........ .23 .19 .06 -.03 -.75 .22 .53 .77 -.43 -.02 -.19 .44 .11 -.31 .27 .45 -1.92 .60
Furniture and household
equipment.................... .29 .27 .35 .29 .21 .05 .49 .67 .27 .33 .28 .36 .21 .27 .28 .40 .33 .65
Previously published....... .29 .26 .34 .28 .21 .03 .48 .63 .30 .31 .24 .34 .21 .32 .17 .37 .33 .66
Other......................... .09 .10 .11 .14 .07 .02 .21 .26 .08 .10 .01 .13 .12 .21 .24 -.03 .10 .26
Previously published........ .09 .11 .10 .13 .07 .06 .22 .23 .10 .08 -.02 .10 .14 .20 .20 -.06 .12 .26
Nondurable goods................ .50 .64 .73 .90 .70 .75 .45 1.53 .36 .86 .34 .74 1.07 1.04 .98 .70 .79 1.20
Previously published.......... .50 .63 .94 .90 .70 .63 .37 1.65 .61 1.31 .53 .78 1.09 1.07 .74 .73 1.02 1.21
Food.......................... .15 .23 .33 .51 .20 .39 .04 .61 .02 .54 .16 .28 .70 .53 .55 .61 .39 .64
Previously published........ .15 .25 .48 .49 .20 .38 .05 .69 .20 .88 .27 .32 .63 .50 .42 .61 .50 .65
Clothing and shoes............ .14 .14 .14 .17 .31 -.02 .29 .31 -.02 .32 -.14 .18 .19 .17 .25 .08 .27 .23
Previously published........ .14 .14 .17 .17 .31 -.04 .27 .33 .04 .37 -.09 .17 .25 .15 .20 .08 .27 .22
Gasoline, fuel oil, and other
energy goods................. .04 .01 .02 -.01 -.04 -.02 -.02 .10 .06 .00 .00 -.04 .01 .12 -.10 -.15 -.06 -.03
Previously published....... .04 .01 .03 .04 -.04 -.01 -.04 .12 .07 -.04 .03 .02 .07 .21 -.11 -.11 .03 -.01
Other......................... .18 .26 .24 .23 .23 .39 .14 .52 .30 .00 .32 .32 .16 .21 .28 .16 .19 .36
Previously published........ .18 .22 .26 .21 .23 .29 .09 .51 .31 .11 .33 .28 .14 .20 .23 .15 .21 .35
Services........................ .79 .80 1.45 1.09 .74 .63 .73 1.21 1.18 1.92 1.59 1.30 1.39 .70 .94 1.32 .83 .67
Previously published.......... .79 .85 1.27 1.21 .74 .76 .94 .84 1.57 1.58 .77 1.39 1.47 1.15 .97 1.36 1.08 .81
Housing....................... .09 .10 .40 .30 -.07 .11 .18 .35 .40 .49 .42 .37 .32 .29 .28 .24 .18 .24
Previously published........ .09 .07 .30 .24 -.07 .08 .13 .24 .31 .39 .27 .29 .29 .23 .22 .20 .16 .19
Household operation........... .02 .06 .10 .08 .19 .00 .00 .02 .17 .11 .10 .06 .25 .01 .04 .09 .01 -.58
Previously published........ .02 .05 .07 .10 .19 .01 -.06 -.02 .25 .07 -.07 .04 .34 .07 -.02 .17 .00 -.56
Electricity and gas......... .04 .03 .02 .04 .23 -.05 -.08 -.03 .12 .06 -.06 -.07 .25 .00 .00 .03 .03 -.58
Previously published...... .04 .02 .03 .06 .23 -.05 -.13 -.07 .22 .02 -.11 -.05 .37 .02 -.08 .10 .03 -.55
Other household operation... -.02 .03 .08 .04 -.04 .05 .08 .05 .05 .05 .16 .13 .00 .01 .04 .06 -.02 .00
Previously published...... -.02 .03 .05 .04 -.04 .07 .07 .05 .03 .05 .05 .10 -.03 .05 .06 .08 -.02 -.01
Transportation................ -.08 .00 .03 .00 -.01 .07 -.03 .03 .02 .05 .06 .00 .04 .02 -.03 -.04 .00 .10
Previously published........ -.08 .00 .03 .04 -.01 .07 -.05 .02 .02 .13 -.01 .00 -.01 .06 .06 .05 .11 .15
Medical care.................. .63 .45 .37 .43 .59 .47 .28 .28 .28 .33 .47 .53 .43 .32 .40 .53 .44 .52
Previously published........ .63 .49 .49 .56 .59 .45 .42 .31 .59 .37 .56 .64 .54 .53 .50 .66 .58 .59
Recreation.................... .06 .10 .14 .08 .16 .02 .15 .13 .16 .18 .13 .09 .05 .13 .05 .05 .04 .09
Previously published........ .06 .10 .11 .06 .16 .04 .15 .07 .21 .17 .00 .10 .02 .14 .02 .02 .02 .09
Other......................... .06 .09 .41 .20 -.12 -.04 .16 .40 .15 .76 .42 .24 .30 -.07 .20 .44 .16 .31
Previously published........ .06 .14 .26 .21 -.12 .10 .35 .22 .19 .44 .02 .33 .29 .11 .18 .26 .20 .36
Gross private domestic investment. -.41 .54 1.49 .87 -.14 -.16 .51 2.56 1.39 .74 3.17 .32 .82 1.32 -.61 .84 2.51 1.31
Previously published............ -.41 .58 1.82 1.00 -.14 -.03 .42 2.53 1.78 1.52 3.10 .75 1.11 1.42 -.63 .87 2.54 1.44
Fixed investment................ -.84 .51 1.11 1.17 -.21 -.04 1.52 2.00 .83 .34 1.72 1.16 .77 1.22 1.62 1.02 .46 1.34
Previously published.......... -.84 .54 1.47 1.29 -.21 .13 1.26 2.15 1.03 1.04 2.22 1.31 1.13 1.12 1.51 1.31 .65 1.68
Nonresidential................ -1.06 .10 .58 .67 -.52 -.24 1.01 .92 .29 .18 .69 .97 .81 .59 .51 .59 .52 1.36
Previously published........ -1.06 .13 .92 .88 -.52 -.10 .79 1.08 .43 .76 1.29 1.15 1.04 .58 .90 .88 .48 1.47
Structures.................. -.55 -.11 .06 .03 -.14 -.18 .35 -.02 -.12 .08 .17 .08 -.05 .14 -.06 -.20 .31 .25
Previously published...... -.55 -.11 .06 .05 -.14 -.22 .32 .00 .03 -.09 .22 .04 .12 -.05 .07 .06 .09 .34
Equipment and software...... -.51 .21 .52 .64 -.38 -.06 .66 .95 .41 .10 .52 .90 .86 .45 .56 .78 .21 1.11
Previously published...... -.51 .24 .86 .82 -.38 .12 .47 1.09 .40 .85 1.07 1.12 .92 .64 .83 .82 .39 1.13
Information processing
equipment and software... -.20 .22 .36 .30 -.38 .31 .13 .82 .70 .30 .05 .21 .33 .43 .29 .26 .25 .74
Previously published... -.20 .19 .49 .48 -.38 .21 .20 .79 .52 .61 .38 .31 .34 .72 .53 .42 .32 .74
Computers and peripheral
equipment.............. .04 .09 .10 .12 -.04 .12 .00 .26 .21 -.03 -.03 .21 .17 .10 .10 .06 .16 .15
Previously published. .04 .09 .19 .24 -.04 .07 .10 .21 .17 .20 .18 .16 .27 .31 .23 .11 .28 .14
Software................ -.04 .07 .15 .09 -.17 .06 .05 .32 .20 .17 .03 .12 .16 .03 .12 .07 .04 .18
Previously published.. -.04 .06 .11 .17 -.17 .04 .04 .29 .15 .08 .05 .10 .09 .22 .29 .14 .09 .14
Other................... -.19 .05 .11 .10 -.17 .12 .08 .23 .29 .16 .05 -.12 .00 .30 .06 .13 .04 .40
Previously published.. -.19 .05 .19 .08 -.17 .10 .05 .29 .20 .33 .16 .05 -.02 .18 .01 .17 -.06 .46
Industrial equipment...... -.11 .04 -.05 .10 .01 .17 .14 -.14 -.22 -.09 -.05 .19 .05 .16 -.07 .23 .19 -.05
Previously published.... -.11 .00 .04 .09 .01 .15 -.12 -.04 -.14 .19 -.05 .30 .06 .23 -.27 .20 .16 -.04
Transportation equipment.. -.16 -.12 .14 .15 -.02 -.57 .31 .01 -.13 -.08 .46 .39 .40 -.14 .11 .27 -.31 .31
Previously published.... -.16 -.03 .15 .17 -.02 -.25 .36 .01 -.16 -.04 .56 .23 .39 -.16 .33 .18 -.19 .38
Other equipment........... -.04 .07 .07 .09 .02 .04 .08 .26 .07 -.04 .06 .10 .08 .01 .24 .03 .08 .11
Previously published.... -.04 .08 .18 .09 .02 .01 .04 .33 .18 .09 .18 .28 .13 -.14 .23 .02 .10 .05
Residential................... .22 .41 .53 .50 .30 .20 .51 1.08 .55 .16 1.03 .18 -.04 .63 1.11 .43 -.06 -.02
Previously published........ .22 .41 .55 .41 .30 .23 .47 1.07 .59 .28 .93 .15 .09 .54 .62 .43 .17 .21
Change in private inventories... .43 .04 .38 -.30 .08 -.12 -1.01 .56 .56 .40 1.44 -.84 .05 .09 -2.23 -.18 2.05 -.03
Previously published.......... .43 .05 .35 -.29 .08 -.16 -.84 .38 .75 .48 .87 -.56 -.03 .29 -2.14 -.43 1.89 -.24
Farm.......................... -.02 .03 .07 -.06 .03 .19 -.16 -.06 -.05 .27 .61 -.48 -.38 .16 -.26 .28 .14 -.01
Previously published........ -.02 .03 .03 -.07 .03 .17 -.21 -.07 .19 -.20 .45 -.01 -.28 -.11 -.09 -.02 .02 -.02
Nonfarm....................... .45 .00 .31 -.24 .04 -.31 -.85 .62 .60 .13 .84 -.35 .43 -.06 -1.97 -.46 1.90 -.02
Previously published........ .45 .02 .32 -.22 .04 -.33 -.63 .45 .57 .68 .42 -.55 .25 .40 -2.05 -.42 1.87 -.23
Net exports of goods and services. -.69 -.44 -.65 -.26 -1.52 .21 -.73 .51 -.47 -.73 -1.62 -.20 -.81 -.16 .72 -.06 -1.07 -.04
Previously published............ -.69 -.46 -.73 -.29 -1.52 .08 -.66 .48 -.47 -1.16 -1.37 -.17 -.98 -.40 1.11 -.12 -1.36 -.24
Exports......................... -.23 .12 .88 .68 -.31 -.53 -.16 1.02 1.81 .69 .60 .46 .96 .47 .94 .33 .97 1.41
Previously published.......... -.23 .17 .80 .70 -.31 -.29 -.20 1.04 1.69 .49 .67 .53 .70 .74 1.07 .26 .52 1.47
Goods......................... -.28 .12 .60 .52 -.64 .13 -.08 .55 1.20 .47 .43 .55 .42 .38 .88 .27 .80 1.20
Previously published........ -.28 .12 .59 .51 -.64 .09 .00 .58 1.05 .50 .53 .55 .25 .37 1.08 .23 .56 1.27
Services...................... .06 .00 .28 .16 .33 -.65 -.08 .47 .61 .22 .17 -.09 .54 .09 .06 .06 .17 .21
Previously published........ .06 .05 .22 .18 .33 -.38 -.20 .46 .64 -.01 .14 -.02 .44 .37 -.01 .03 -.05 .19
Imports......................... -.46 -.56 -1.53 -.94 -1.21 .74 -.57 -.51 -2.29 -1.42 -2.22 -.66 -1.77 -.63 -.22 -.39 -2.04 -1.46
Previously published.......... -.46 -.63 -1.53 -.98 -1.21 .37 -.46 -.56 -2.16 -1.65 -2.03 -.70 -1.68 -1.14 .04 -.38 -1.88 -1.70
Goods......................... -.41 -.56 -1.29 -.87 -.90 .47 -.97 -.07 -1.86 -1.17 -2.03 -.59 -1.55 -.64 -.26 -.36 -1.84 -1.27
Previously published........ -.41 -.56 -1.30 -.89 -.90 .32 -.71 -.10 -1.91 -1.41 -1.71 -.59 -1.60 -1.05 .15 -.46 -1.76 -1.49
Services...................... -.05 .00 -.24 -.07 -.31 .27 .40 -.44 -.43 -.25 -.18 -.08 -.22 .01 .04 -.03 -.20 -.19
Previously published........ -.05 -.07 -.23 -.09 -.31 .05 .26 -.46 -.25 -.23 -.32 -.11 -.08 -.10 -.11 .09 -.12 -.21
Government consumption expenditures
and gross investment............. .80 .47 .36 .17 .89 -.26 1.16 .29 .14 .55 .43 .24 -.37 .31 .21 .64 -.21 .94
Previously published........... .80 .53 .41 .34 .89 -.05 1.37 .11 .10 .62 .43 .35 .17 .35 .47 .54 -.15 .91
Federal......................... .43 .44 .30 .11 .64 .01 1.26 .03 .21 .49 .18 .34 -.38 .23 .03 .66 -.33 .61
Previously published.......... .43 .45 .36 .16 .64 .03 1.40 -.14 .21 .71 .22 .25 -.04 .17 .17 .52 -.18 .72
National defense.............. .29 .37 .27 .08 .59 -.20 1.41 -.25 .35 .41 .09 .41 -.45 .21 .13 .52 -.49 .41
Previously published........ .29 .37 .32 .12 .59 -.15 1.46 -.31 .35 .60 .04 .41 -.16 .14 .17 .46 -.44 .44
Consumption expenditures.... .23 .32 .22 .05 .67 -.22 1.30 -.32 .31 .40 .00 .34 -.44 .25 .03 .45 -.47 .37
Previously published...... .23 .33 .26 .11 .67 -.19 1.35 -.34 .32 .46 .01 .39 -.26 .34 .04 .37 -.49 .40
Gross investment............ .06 .05 .05 .03 -.08 .02 .12 .07 .05 .00 .10 .08 -.01 -.04 .10 .07 -.02 .05
Previously published...... .06 .04 .06 .01 -.08 .04 .11 .03 .03 .14 .02 .02 .10 -.20 .13 .09 .05 .04
Nondefense.................... .14 .08 .03 .03 .05 .21 -.16 .28 -.14 .09 .08 -.07 .08 .03 -.11 .14 .16 .20
Previously published........ .14 .08 .04 .04 .05 .18 -.06 .17 -.14 .11 .19 -.16 .12 .03 -.01 .06 .26 .28
Consumption expenditures.... .12 .07 .03 .00 .07 .19 -.21 .27 -.12 .11 .03 -.06 .05 .01 -.09 .08 .05 .16
Previously published...... .12 .08 .04 .02 .07 .18 -.19 .29 -.10 .11 .04 -.04 .08 .02 -.09 .08 .14 .23
Gross investment............ .02 .01 .00 .02 -.02 .01 .06 .01 -.03 -.03 .05 -.01 .03 .01 -.02 .06 .11 .03
Previously published...... .02 .00 .00 .02 -.02 .00 .14 -.12 -.04 .00 .15 -.12 .04 .01 .08 -.02 .12 .05
State and local................. .37 .02 .06 .06 .25 -.27 -.10 .26 -.07 .06 .25 -.10 .01 .08 .18 -.01 .13 .33
Previously published.......... .37 .08 .05 .17 .25 -.08 -.04 .25 -.11 -.09 .21 .10 .21 .19 .31 .03 .03 .19
Consumption expenditures.... .29 .00 .10 .08 .15 -.19 -.07 -.04 .07 .19 .15 .08 .15 .02 .05 .14 .09 .17
Previously published...... .29 .06 .04 .11 .15 -.02 -.01 -.01 .02 .00 .07 .14 .16 .08 .08 .17 .09 .12
Gross investment............ .08 .02 -.04 -.02 .10 -.09 -.02 .30 -.15 -.13 .11 -.18 -.14 .06 .13 -.15 .03 .16
Previously published...... .08 .02 .01 .06 .10 -.07 -.03 .26 -.13 -.08 .14 -.04 .05 .11 .23 -.14 -.06 .07
Addenda:
Goods........................... .41 1.00 1.56 1.43 -1.74 1.27 .56 5.00 .81 1.20 .99 1.56 1.43 1.51 1.09 2.07 .97 3.86
Previously published.......... .41 1.10 2.06 1.49 -1.74 1.38 .75 5.19 .96 2.29 1.53 2.10 1.26 1.41 1.58 1.70 .73 3.59
Services........................ 1.43 1.20 1.84 1.31 1.65 .03 2.06 1.15 1.63 2.59 1.74 1.48 1.47 1.07 1.04 2.02 .46 1.39
Previously published.......... 1.43 1.30 1.59 1.54 1.65 .41 2.15 .78 2.20 1.90 .71 1.75 1.82 1.86 .88 2.09 .65 1.54
Structures...................... -.24 .31 .51 .49 .29 -.09 .85 1.33 .22 .05 1.31 .06 -.29 .82 1.13 .09 .33 .33
Previously published.......... -.24 .31 .57 .49 .29 -.08 .76 1.28 .41 .06 1.26 .13 .23 .53 .85 .35 .28 .50
Motor vehicle output............ .39 .05 .12 .20 .01 -.46 .36 .30 -.23 .33 -.24 .52 .06 .38 -.03 .70 -.71 .12
Previously published.......... .39 .14 .16 .12 .01 .00 -.09 .72 -.13 .49 -.26 .11 .29 .15 -.01 .56 -.64 -.21
Final sales of computers........ .03 .15 .06 .16 .11 .12 -.02 .50 .15 -.13 -.14 .15 .26 .16 .20 .08 .20 .07
Previously published.......... .03 .15 .15 .28 .11 .05 .10 .45 .09 .08 .08 .10 .36 .37 .32 .16 .33 .05
------------------------------------------------------------------------------------------------------------------------------------------------------------------
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]
-------------------------------------------------------------------------------------------------------------------------------
2002 2003 2004 2005 I 02 II 02 III 02 IV 02 I 03 II 03
-------------------------------------------------------------------------------------------------------------------------------
Gross domestic product.......... 10,469.6 10,960.8 11,712.5 12,455.8 10,333.3 10,426.6 10,527.4 10,591.1 10,705.6 10,831.8
Personal consumption expenditures.... 7,350.7 7,703.6 8,211.5 8,742.4 7,230.3 7,323.0 7,396.6 7,453.1 7,548.1 7,628.4
Durable goods...................... 923.9 942.7 986.3 1,033.1 915.2 918.9 940.1 921.5 911.5 937.3
Motor vehicles and parts......... 429.3 431.7 437.9 448.2 422.8 422.4 446.6 425.2 419.3 433.8
Furniture and household
equipment....................... 323.1 331.5 356.5 377.2 322.0 324.9 322.2 323.3 320.2 326.9
Other............................ 171.6 179.4 191.8 207.7 170.4 171.6 171.4 173.0 172.0 176.6
Nondurable goods................... 2,079.6 2,190.2 2,345.2 2,539.3 2,044.9 2,078.9 2,085.1 2,109.7 2,159.0 2,155.4
Food............................. 1,001.9 1,046.0 1,114.8 1,201.4 993.3 1,000.3 1,002.4 1,011.6 1,026.8 1,033.8
Clothing and shoes............... 303.5 310.9 325.1 341.8 303.6 303.8 300.2 306.5 303.0 307.8
Gasoline, fuel oil, and other
energy goods.................... 178.8 209.6 248.8 302.1 159.3 181.3 184.5 190.0 218.2 198.9
Other............................ 595.5 623.7 656.5 694.0 588.7 593.5 598.0 601.7 611.0 615.0
Services........................... 4,347.2 4,570.8 4,880.1 5,170.0 4,270.2 4,325.2 4,371.4 4,421.8 4,477.7 4,535.6
Housing.......................... 1,123.1 1,161.8 1,236.1 1,304.1 1,112.9 1,121.1 1,126.2 1,132.2 1,142.3 1,151.5
Household operation.............. 407.7 429.4 450.0 483.0 400.0 406.9 407.9 415.9 424.4 429.1
Electricity and gas............ 152.5 167.3 176.6 199.8 146.5 153.0 151.3 159.1 164.4 168.3
Other household operation...... 255.2 262.1 273.5 283.2 253.4 253.9 256.6 256.8 260.0 260.8
Transportation................... 288.4 297.3 307.8 320.4 287.7 289.0 287.7 289.4 293.0 295.3
Medical care..................... 1,206.2 1,300.5 1,395.7 1,493.4 1,169.4 1,193.4 1,218.0 1,244.0 1,267.5 1,290.1
Recreation....................... 299.1 317.7 341.6 360.6 292.3 297.0 300.3 306.6 309.6 315.0
Other............................ 1,022.7 1,064.0 1,148.9 1,208.4 1,007.9 1,017.8 1,031.2 1,033.8 1,040.8 1,054.6
Gross private domestic investment.... 1,582.1 1,664.1 1,888.0 2,057.4 1,564.1 1,571.4 1,592.9 1,600.1 1,606.4 1,617.1
Fixed investment................... 1,570.2 1,649.8 1,830.6 2,036.2 1,572.4 1,568.8 1,566.8 1,572.8 1,583.3 1,620.6
Nonresidential................... 1,066.3 1,077.4 1,155.3 1,265.7 1,085.2 1,067.8 1,061.4 1,050.7 1,044.0 1,067.4
Structures..................... 279.2 277.2 300.8 338.6 292.2 280.9 272.1 271.7 269.9 279.2
Equipment and software......... 787.1 800.2 854.5 927.1 793.0 787.0 789.3 779.0 774.1 788.2
Information processing
equipment and software...... 399.4 406.7 431.6 454.3 402.9 400.3 403.7 390.6 393.8 394.9
Computers and peripheral
equipment................. 77.2 77.8 82.3 85.1 79.7 76.4 78.1 74.8 75.3 73.5
Software................... 167.6 171.4 184.3 194.0 165.9 167.7 171.0 166.0 166.1 167.5
Other...................... 154.5 157.5 164.9 175.2 157.3 156.2 154.7 149.9 152.4 153.9
Industrial equipment......... 135.7 140.7 138.4 155.1 136.7 133.6 136.0 136.4 141.1 144.9
Transportation equipment..... 126.3 118.3 141.6 158.3 130.6 126.9 123.1 124.7 110.4 117.3
Other equipment.............. 125.7 134.5 143.0 159.4 122.8 126.1 126.5 127.3 128.8 131.1
Residential...................... 503.9 572.4 675.3 770.4 487.2 501.0 505.4 522.1 539.3 553.2
Change in private inventories...... 11.9 14.3 57.3 21.3 -8.3 2.6 26.0 27.3 23.0 -3.5
Farm............................. -2.5 .4 8.4 .3 2.8 -8.9 -2.2 -1.6 3.9 .3
Nonfarm.......................... 14.4 13.9 49.0 21.0 -11.1 11.5 28.2 28.8 19.1 -3.8
Net exports of goods and services.... -424.4 -499.4 -613.2 -716.7 -373.1 -416.1 -433.8 -474.6 -499.3 -501.3
Exports............................ 1,005.9 1,040.8 1,178.1 1,303.1 976.4 1,008.2 1,022.9 1,016.2 1,012.4 1,010.8
Goods............................ 697.6 724.4 818.8 907.5 676.7 703.4 713.0 697.1 706.8 707.5
Services......................... 308.4 316.4 359.3 395.6 299.6 304.8 309.9 319.1 305.7 303.3
Imports............................ 1,430.3 1,540.2 1,791.4 2,019.9 1,349.5 1,424.3 1,456.7 1,490.8 1,511.7 1,512.1
Goods............................ 1,189.3 1,283.9 1,495.2 1,699.0 1,115.4 1,187.8 1,214.5 1,239.7 1,262.7 1,266.8
Services......................... 241.0 256.2 296.2 320.9 234.1 236.5 242.2 251.1 249.0 245.3
Government consumption expenditures
and gross investment................ 1,961.1 2,092.5 2,226.2 2,372.8 1,912.0 1,948.3 1,971.8 2,012.5 2,050.3 2,087.7
Federal............................ 679.7 756.4 825.9 878.3 654.9 675.2 682.0 706.6 725.9 762.2
National defense................. 437.1 497.2 551.2 589.3 418.2 431.1 438.0 461.1 467.4 506.9
Consumption expenditures....... 381.7 436.8 483.7 516.9 366.8 375.4 379.8 404.8 410.6 446.9
Gross investment............... 55.4 60.4 67.5 72.4 51.4 55.7 58.3 56.3 56.8 60.0
Nondefense....................... 242.5 259.2 274.7 289.0 236.6 244.1 243.9 245.5 258.5 255.3
Consumption expenditures....... 209.9 226.0 240.7 251.7 204.5 209.6 211.6 213.7 226.3 221.6
Gross investment............... 32.7 33.3 33.9 37.4 32.1 34.5 32.3 31.8 32.2 33.8
State and local.................... 1,281.5 1,336.0 1,400.3 1,494.4 1,257.2 1,273.1 1,289.8 1,305.9 1,324.4 1,325.5
Consumption expenditures....... 1,025.3 1,073.8 1,130.3 1,207.2 1,001.8 1,019.4 1,033.6 1,046.7 1,065.2 1,066.7
Gross investment............... 256.1 262.2 270.0 287.3 255.4 253.7 256.2 259.3 259.2 258.7
Addenda:
Final sales of domestic product.... 10,457.7 10,946.5 11,655.1 12,434.6 10,341.6 10,424.0 10,501.4 10,563.9 10,682.6 10,835.4
Gross domestic purchases........... 10,894.0 11,460.2 12,325.7 13,172.5 10,706.4 10,842.7 10,961.2 11,065.7 11,204.8 11,333.1
Final sales to domestic purchasers. 10,882.1 11,445.9 12,268.4 13,151.3 10,714.7 10,840.1 10,935.2 11,038.4 11,181.8 11,336.7
Gross domestic product............. 10,469.6 10,960.8 11,712.5 12,455.8 10,333.3 10,426.6 10,527.4 10,591.1 10,705.6 10,831.8
Plus: Income receipts
from the rest of the world........ 305.7 336.8 410.2 513.3 294.5 307.1 317.7 303.3 315.6 323.6
Less: Income payments to
the rest of the world............. 275.0 280.0 363.9 481.5 268.3 290.5 288.1 253.3 276.2 267.0
Equals: Gross national product..... 10,500.2 11,017.6 11,758.7 12,487.7 10,359.5 10,443.3 10,557.0 10,641.1 10,744.9 10,888.4
Net domestic product............... 9,177.6 9,624.3 10,276.3 10,851.0 9,051.3 9,138.4 9,232.5 9,288.4 9,388.6 9,502.4
-------------------------------------------------------------------------------------------------------------------------------
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 03 IV 03 I 04 II 04 III 04 IV 04 I 05 II 05 III 05 IV 05 I 06 II 06
-------------------------------------------------------------------------------------------------------------------------------------------------
Gross domestic product.......... 11,086.1 11,219.5 11,430.9 11,649.3 11,799.4 11,970.3 12,173.2 12,346.1 12,573.5 12,730.5 13,008.4 13,193.9
Personal consumption expenditures.... 7,782.6 7,855.3 8,018.0 8,148.1 8,265.0 8,414.8 8,519.7 8,674.6 8,847.3 8,927.8 9,079.2 9,228.3
Durable goods...................... 964.4 957.4 971.5 976.2 990.9 1,006.4 1,013.1 1,042.3 1,057.3 1,019.6 1,064.1 1,060.8
Motor vehicles and parts......... 443.3 430.4 433.8 431.9 438.6 447.4 443.6 459.6 468.1 421.6 442.7 439.5
Furniture and household
equipment....................... 337.2 341.7 348.8 353.9 359.7 363.6 368.4 374.4 380.0 386.0 402.3 401.6
Other............................ 183.8 185.4 188.9 190.3 192.6 195.4 201.2 208.3 209.2 212.0 219.1 219.6
Nondurable goods................... 2,216.8 2,229.5 2,284.7 2,327.8 2,355.5 2,412.7 2,450.2 2,508.6 2,584.9 2,613.5 2,658.2 2,722.9
Food............................. 1,056.6 1,066.7 1,089.4 1,104.6 1,119.3 1,145.9 1,165.3 1,191.9 1,214.7 1,233.7 1,262.3 1,274.7
Clothing and shoes............... 316.8 316.1 323.8 321.5 325.1 330.1 335.5 341.5 341.3 349.1 355.4 355.1
Gasoline, fuel oil, and other
energy goods.................... 212.3 209.1 230.6 249.2 249.0 266.4 269.9 285.5 331.0 322.1 316.2 359.1
Other............................ 631.2 637.7 641.0 652.5 662.0 670.4 679.6 689.7 698.0 708.6 724.2 734.0
Services........................... 4,601.4 4,668.4 4,761.8 4,844.2 4,918.6 4,995.7 5,056.4 5,123.7 5,205.1 5,294.7 5,356.8 5,444.6
Housing.......................... 1,167.2 1,186.2 1,206.0 1,228.1 1,247.0 1,263.2 1,280.8 1,297.2 1,311.7 1,326.6 1,345.4 1,370.3
Household operation.............. 429.9 434.1 441.2 446.1 451.7 461.1 467.2 474.3 484.3 506.1 494.8 497.0
Electricity and gas............ 167.2 169.2 173.9 173.8 174.6 183.9 187.6 192.1 199.4 219.9 206.2 206.6
Other household operation...... 262.7 264.8 267.2 272.3 277.1 277.2 279.6 282.2 285.0 286.2 288.6 290.4
Transportation................... 299.2 301.6 303.7 306.4 308.7 312.3 314.7 318.8 322.3 325.9 330.4 335.5
Medical care..................... 1,311.5 1,333.0 1,357.6 1,383.4 1,409.5 1,432.5 1,456.3 1,478.3 1,505.0 1,534.0 1,557.2 1,581.2
Recreation....................... 320.3 325.9 333.6 339.6 344.5 348.6 354.3 357.9 362.6 367.7 372.4 375.9
Other............................ 1,073.2 1,087.6 1,119.7 1,140.6 1,157.3 1,178.0 1,183.1 1,197.1 1,219.1 1,234.4 1,256.5 1,284.8
Gross private domestic investment.... 1,690.5 1,742.3 1,781.9 1,892.2 1,917.7 1,960.2 2,013.5 2,009.1 2,052.6 2,154.5 2,214.8 2,237.5
Fixed investment................... 1,678.7 1,716.4 1,743.9 1,812.8 1,862.9 1,902.9 1,954.1 2,016.7 2,067.9 2,105.8 2,167.7 2,177.7
Nonresidential................... 1,093.3 1,104.8 1,112.1 1,137.6 1,170.0 1,201.5 1,230.0 1,251.8 1,276.7 1,304.3 1,359.2 1,378.3
Structures..................... 280.2 279.6 286.5 296.8 306.4 313.6 326.5 332.0 336.3 359.7 378.2 399.8
Equipment and software......... 813.2 825.2 825.6 840.8 863.6 887.9 903.5 919.8 940.4 944.7 981.0 978.5
Information processing
equipment and software...... 412.5 425.5 430.0 428.1 431.5 436.5 447.0 452.3 456.6 461.3 482.4 478.2
Computers and peripheral
equipment................. 79.1 83.4 81.4 79.0 83.0 85.9 85.4 85.3 83.9 85.9 88.0 86.2
Software................... 174.6 177.4 181.6 181.9 185.4 188.3 189.7 193.8 195.6 196.9 203.6 205.9
Other...................... 158.8 164.7 167.0 167.2 163.1 162.3 171.8 173.3 177.2 178.4 190.8 186.1
Industrial equipment......... 141.3 135.4 134.5 134.3 140.9 143.7 150.1 149.5 157.0 163.9 163.4 170.8
Transportation equipment..... 121.3 124.3 122.9 136.9 146.6 159.8 155.5 158.0 165.0 154.6 165.7 156.3
Other equipment.............. 138.1 139.9 138.2 141.4 144.6 147.9 150.9 159.9 161.8 164.9 169.4 173.2
Residential...................... 585.4 611.6 631.8 675.2 692.9 701.4 724.1 764.9 791.2 801.5 808.5 799.4
Change in private inventories...... 11.8 25.9 38.0 79.3 54.8 57.3 59.4 -7.6 -15.3 48.6 47.2 59.7
Farm............................. -.4 -2.2 5.8 22.9 8.2 -3.4 .8 -6.7 1.3 5.8 5.4 5.6
Nonfarm.......................... 12.2 28.1 32.2 56.4 46.6 60.7 58.5 -.9 -16.6 42.8 41.8 54.2
Net exports of goods and services.... -495.2 -501.8 -543.4 -606.2 -630.7 -672.7 -676.2 -686.4 -728.8 -775.4 -765.2 -783.1
Exports............................ 1,040.7 1,099.1 1,135.1 1,166.3 1,185.3 1,225.8 1,254.0 1,293.8 1,312.4 1,352.4 1,405.4 1,437.4
Goods............................ 721.3 762.1 787.7 810.3 828.7 848.6 869.4 902.6 913.9 944.3 989.3 1,009.2
Services......................... 319.4 337.0 347.4 356.1 356.6 377.2 384.6 391.2 398.5 408.1 416.0 428.3
Imports............................ 1,535.9 1,600.9 1,678.5 1,772.5 1,815.9 1,898.5 1,930.2 1,980.2 2,041.2 2,127.8 2,170.6 2,220.6
Goods............................ 1,276.6 1,329.7 1,394.8 1,480.4 1,517.2 1,588.4 1,615.2 1,662.4 1,719.1 1,799.3 1,832.6 1,875.1
Services......................... 259.3 271.2 283.7 292.1 298.8 310.1 315.0 317.8 322.1 328.5 338.1 345.5
Government consumption expenditures
and gross investment................ 2,108.2 2,123.7 2,174.4 2,215.1 2,247.3 2,268.0 2,316.2 2,348.9 2,402.4 2,423.6 2,479.6 2,511.3
Federal............................ 764.8 772.8 808.2 823.8 838.4 833.2 862.9 868.4 895.8 886.2 921.7 921.8
National defense................. 501.5 513.1 537.7 548.1 564.1 555.1 576.8 584.3 605.0 590.9 613.5 617.5
Consumption expenditures....... 439.7 450.0 474.2 481.0 494.5 485.3 507.7 512.1 530.9 516.9 537.7 538.0
Gross investment............... 61.8 63.2 63.5 67.0 69.5 69.8 69.1 72.2 74.2 74.1 75.8 79.5
Nondefense....................... 263.3 259.7 270.5 275.7 274.3 278.1 286.0 284.1 290.7 295.3 308.2 304.2
Consumption expenditures....... 229.4 226.5 238.0 241.5 240.3 243.0 250.3 248.7 253.4 254.2 265.9 264.5
Gross investment............... 33.9 33.1 32.5 34.2 34.0 35.1 35.7 35.4 37.4 41.1 42.4 39.7
State and local.................... 1,343.3 1,350.9 1,366.3 1,391.4 1,409.0 1,434.8 1,453.3 1,480.5 1,506.6 1,537.4 1,557.9 1,589.5
Consumption expenditures....... 1,076.2 1,086.9 1,103.9 1,120.9 1,136.6 1,160.0 1,174.6 1,192.8 1,217.8 1,243.4 1,256.2 1,281.1
Gross investment............... 267.1 264.0 262.4 270.5 272.4 274.8 278.7 287.7 288.7 294.0 301.7 308.4
Addenda:
Final sales of domestic product.... 11,074.3 11,193.6 11,392.9 11,569.9 11,744.6 11,913.0 12,113.8 12,353.7 12,588.8 12,681.9 12,961.2 13,134.2
Gross domestic purchases........... 11,581.3 11,721.3 11,974.4 12,255.4 12,430.1 12,643.0 12,849.4 13,032.6 13,302.3 13,505.9 13,773.6 13,977.0
Final sales to domestic purchasers. 11,569.5 11,695.4 11,936.4 12,176.1 12,375.3 12,585.7 12,790.0 13,040.2 13,317.6 13,457.3 13,726.4 13,917.3
Gross domestic product............. 11,086.1 11,219.5 11,430.9 11,649.3 11,799.4 11,970.3 12,173.2 12,346.1 12,573.5 12,730.5 13,008.4 13,193.9
Plus: Income receipts
from the rest of the world........ 337.2 370.8 376.1 398.3 415.1 451.2 472.2 489.0 527.2 564.9 603.3 .....
Less: Income payments to
the rest of the world............. 283.6 293.1 305.6 357.8 369.2 423.1 437.9 460.6 475.0 552.4 574.3 .....
Equals: Gross national product..... 11,139.8 11,297.3 11,501.5 11,689.7 11,845.3 11,998.5 12,207.5 12,374.6 12,625.7 12,743.0 13,037.4 .....
Net domestic product............... 9,743.5 9,862.6 10,057.7 10,254.7 10,264.4 10,528.3 10,705.4 10,855.1 10,675.5 11,168.0 11,460.3 11,632.0
-------------------------------------------------------------------------------------------------------------------------------------------------
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]
-------------------------------------------------------------------------------------------------------------------------------
2002 2003 2004 2005 I 02 II 02 III 02 IV 02 I 03 II 03
-------------------------------------------------------------------------------------------------------------------------------
Gross domestic product.......... 10,048.8 10,301.0 10,703.5 11,048.6 9,977.3 10,031.6 10,090.7 10,095.8 10,126.0 10,212.7
Personal consumption expenditures.... 7,099.3 7,295.3 7,577.1 7,841.2 7,042.2 7,083.5 7,123.2 7,148.2 7,184.9 7,249.3
Durable goods...................... 964.8 1,020.6 1,085.7 1,145.3 948.4 956.9 983.4 970.4 971.4 1,009.8
Motor vehicles and parts......... 429.0 442.1 450.4 452.9 422.1 422.5 445.6 425.9 424.8 442.3
Furniture and household
equipment....................... 364.3 397.8 446.0 490.6 356.9 363.5 365.2 371.6 373.3 388.7
Other............................ 172.4 183.2 195.6 212.6 170.3 172.1 172.7 174.4 174.9 180.6
Nondurable goods................... 2,037.1 2,103.0 2,179.2 2,276.8 2,026.8 2,033.4 2,035.0 2,053.1 2,072.5 2,084.2
Food............................. 954.6 977.7 1,011.0 1,065.7 950.2 954.5 954.4 959.5 969.4 970.3
Clothing and shoes............... 318.3 334.2 350.9 372.7 315.9 317.0 315.7 324.4 323.9 332.2
Gasoline, fuel oil, and other
energy goods.................... 197.4 198.5 200.5 199.5 195.9 197.6 198.7 197.5 197.2 196.8
Other............................ 567.1 593.2 618.5 643.9 565.0 564.6 566.5 572.2 582.1 585.7
Services........................... 4,100.4 4,178.8 4,323.9 4,436.6 4,069.4 4,095.7 4,109.0 4,127.4 4,143.3 4,161.3
Housing.......................... 1,042.1 1,051.9 1,091.6 1,122.6 1,044.4 1,043.7 1,041.0 1,039.3 1,042.0 1,046.3
Household operation.............. 393.2 398.8 409.3 418.0 388.0 395.1 392.4 397.3 397.5 397.4
Electricity and gas............ 144.9 147.5 149.8 153.8 139.8 145.8 144.1 149.8 148.6 146.7
Other household operation...... 248.3 251.2 259.5 264.1 248.3 249.2 248.3 247.3 248.7 250.7
Transportation................... 280.2 280.6 284.0 284.4 281.9 281.0 279.1 279.0 280.7 279.9
Medical care..................... 1,136.6 1,180.8 1,217.3 1,260.9 1,113.5 1,129.9 1,144.4 1,158.8 1,170.5 1,177.4
Recreation....................... 281.2 290.8 304.8 313.1 278.5 280.1 281.1 285.1 285.6 289.2
Other............................ 966.6 975.3 1,016.0 1,036.2 962.7 965.5 970.5 967.6 966.5 970.4
Gross private domestic investment.... 1,557.1 1,613.1 1,770.6 1,866.3 1,541.7 1,549.0 1,570.9 1,567.0 1,561.8 1,574.4
Fixed investment................... 1,544.6 1,596.9 1,713.9 1,842.0 1,551.5 1,545.9 1,543.2 1,537.8 1,536.3 1,575.6
Nonresidential................... 1,071.5 1,081.8 1,145.8 1,223.8 1,090.3 1,073.3 1,068.0 1,054.5 1,047.5 1,074.5
Structures..................... 253.8 243.5 248.7 251.5 270.3 256.4 245.8 242.5 238.2 246.5
Equipment and software......... 820.2 843.1 904.2 984.9 820.9 819.0 825.7 815.4 813.3 831.7
Information processing
equipment and software...... 437.4 462.7 509.3 552.6 435.0 437.1 444.2 433.3 442.1 446.0
Computers and peripheral
equipment................. ..... ..... ..... ..... ..... ..... ..... ..... ..... .....
Software................... 169.7 177.3 195.0 206.2 166.3 170.2 173.4 168.7 170.4 171.8
Other...................... 161.1 167.1 180.7 193.6 162.9 162.6 161.7 157.1 160.2 162.4
Industrial equipment......... 134.5 138.4 132.7 143.5 135.8 132.7 134.7 134.9 139.1 142.7
Transportation equipment..... 126.0 113.8 128.8 145.4 130.4 126.1 124.1 123.5 108.3 116.6
Other equipment.............. 122.9 130.4 137.6 147.3 120.3 123.8 123.6 124.1 125.1 127.1
Residential...................... 469.9 509.4 559.9 608.0 459.0 469.5 471.8 479.3 484.1 496.3
Change in private inventories...... 12.5 14.3 53.4 19.6 -10.2 2.6 28.0 29.5 24.3 -2.7
Farm............................. -2.5 .4 6.1 .2 .9 -9.4 -1.1 -.2 4.8 .4
Nonfarm.......................... 15.2 14.0 47.0 19.6 -11.1 12.4 29.3 29.9 19.2 -3.2
Net exports of goods and services.... -471.3 -518.9 -590.9 -619.2 -441.3 -458.9 -472.2 -513.0 -507.2 -526.9
Exports............................ 1,013.3 1,026.1 1,120.4 1,196.1 992.8 1,018.0 1,025.2 1,017.2 1,003.3 999.0
Goods............................ 707.0 719.8 784.4 843.2 691.8 715.2 719.0 702.1 705.6 703.5
Services......................... 306.0 306.2 335.9 352.9 300.7 302.7 306.1 314.7 297.6 295.5
Imports............................ 1,484.6 1,545.0 1,711.3 1,815.3 1,434.0 1,476.9 1,497.4 1,530.2 1,510.5 1,525.9
Goods............................ 1,248.2 1,309.3 1,452.2 1,549.9 1,198.2 1,243.4 1,263.1 1,287.9 1,275.3 1,301.7
Services......................... 236.5 236.6 260.3 267.5 235.4 233.6 234.6 242.4 235.7 225.9
Government consumption expenditures
and gross investment................ 1,858.8 1,904.8 1,940.6 1,958.0 1,832.0 1,853.4 1,863.9 1,885.8 1,879.3 1,907.5
Federal............................ 643.4 687.1 716.6 727.5 623.2 641.7 646.5 662.3 662.5 693.0
National defense................. 413.2 449.0 475.4 483.6 399.2 410.2 414.4 428.9 424.2 458.4
Consumption expenditures....... 356.7 387.5 408.3 413.3 346.5 353.5 355.2 371.5 366.3 397.1
Gross investment............... 56.7 61.7 67.5 71.2 52.7 57.0 59.6 57.4 58.0 61.2
Nondefense....................... 230.2 238.0 241.0 243.7 224.0 231.5 232.2 233.4 238.4 234.5
Consumption expenditures....... 197.3 204.5 207.0 207.3 191.8 196.9 199.5 201.2 205.8 200.6
Gross investment............... 32.9 33.5 33.9 36.7 32.2 34.7 32.6 32.1 32.5 34.0
State and local.................... 1,215.4 1,217.8 1,223.9 1,230.4 1,208.9 1,211.8 1,217.5 1,223.6 1,216.9 1,214.4
Consumption expenditures....... 969.4 969.8 979.6 988.0 961.9 967.8 972.0 975.7 971.1 969.3
Gross investment............... 246.1 248.1 244.1 242.1 247.0 244.0 245.5 247.9 245.7 245.1
Residual............................. -1.1 -6.4 -17.6 -42.6 -1.8 -.2 -3.3 1.0 1.6 1.1
Addenda:
Final sales of domestic product.... 10,036.5 10,285.1 10,648.3 11,025.2 9,986.8 10,028.4 10,063.5 10,067.3 10,100.9 10,213.7
Gross domestic purchases........... 10,517.7 10,815.5 11,286.5 11,659.7 10,418.0 10,488.5 10,560.4 10,604.1 10,629.0 10,734.6
Final sales to domestic purchasers. 10,505.3 10,799.5 11,231.1 11,636.1 10,427.5 10,485.3 10,533.1 10,575.4 10,603.9 10,735.6
Gross domestic product............. 10,048.8 10,301.0 10,703.5 11,048.6 9,977.3 10,031.6 10,090.7 10,095.8 10,126.0 10,212.7
Plus: Income receipts
from the rest of the world........ 295.2 318.3 376.7 456.9 286.6 297.2 306.2 291.0 299.6 306.9
Less: Income payments to
the rest of the world............. 265.1 264.0 333.3 427.2 259.8 280.3 277.3 243.1 261.7 252.6
Equals: Gross national product..... 10,079.0 10,355.3 10,746.8 11,077.9 10,004.1 10,048.6 10,119.7 10,143.8 10,163.8 10,266.9
Net domestic product............... 8,761.8 8,981.2 9,319.8 9,557.2 8,700.2 8,747.8 8,800.3 8,798.7 8,818.9 8,897.5
-------------------------------------------------------------------------------------------------------------------------------
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 03 IV 03 I 04 II 04 III 04 IV 04 I 05 II 05 III 05 IV 05 I 06 II 06
-------------------------------------------------------------------------------------------------------------------------------------------------
Gross domestic product.......... 10,398.7 10,467.0 10,566.3 10,671.5 10,753.3 10,822.9 10,913.8 11,001.8 11,115.1 11,163.8 11,316.4 11,385.3
Personal consumption expenditures.... 7,352.9 7,394.3 7,479.8 7,534.4 7,607.1 7,687.1 7,739.4 7,819.8 7,895.3 7,910.2 8,003.8 8,053.0
Durable goods...................... 1,049.6 1,051.4 1,067.0 1,071.4 1,093.9 1,110.3 1,116.8 1,150.8 1,175.9 1,137.9 1,190.5 1,189.1
Motor vehicles and parts......... 454.8 446.4 449.0 444.7 451.3 456.5 447.7 463.0 474.6 426.3 445.1 441.6
Furniture and household
equipment....................... 410.0 419.1 430.3 440.1 453.0 460.8 471.2 482.0 497.7 511.5 538.5 543.3
Other............................ 187.5 189.9 192.6 192.9 196.7 200.3 206.7 214.2 213.1 216.3 224.6 223.3
Nondurable goods................... 2,123.0 2,132.5 2,155.3 2,164.3 2,184.0 2,213.1 2,241.5 2,268.4 2,287.6 2,309.6 2,342.8 2,352.4
Food............................. 985.3 985.8 999.6 1,003.7 1,011.0 1,029.6 1,043.7 1,058.5 1,074.9 1,085.7 1,103.4 1,109.5
Clothing and shoes............... 340.8 340.1 349.8 345.5 351.1 357.2 362.8 371.1 373.9 383.1 391.1 387.4
Gasoline, fuel oil, and other
energy goods.................... 199.3 201.0 201.0 200.9 200.0 200.3 203.0 200.7 197.8 196.6 196.0 196.3
Other............................ 598.6 606.5 606.5 615.2 623.8 628.4 634.3 642.2 646.7 652.4 662.6 668.9
Services........................... 4,190.7 4,220.2 4,268.2 4,308.4 4,341.5 4,377.4 4,395.3 4,420.0 4,454.5 4,476.7 4,494.5 4,533.2
Housing.......................... 1,054.7 1,064.6 1,076.8 1,087.4 1,096.9 1,105.3 1,112.7 1,120.0 1,126.4 1,131.2 1,137.6 1,144.6
Household operation.............. 398.0 402.3 405.0 407.5 409.0 415.6 415.9 416.9 419.4 419.8 404.3 410.7
Electricity and gas............ 145.9 148.8 150.4 148.8 147.0 153.2 153.3 153.2 154.0 154.7 141.7 146.7
Other household operation...... 252.1 253.3 254.5 258.8 262.4 262.3 262.5 263.7 265.4 264.9 264.8 265.3
Transportation................... 280.7 281.2 282.6 284.1 284.1 285.2 285.8 284.8 283.6 283.5 286.3 287.2
Medical care..................... 1,184.2 1,191.0 1,199.1 1,210.8 1,224.2 1,235.1 1,243.4 1,253.8 1,267.5 1,279.0 1,292.6 1,303.5
Recreation....................... 292.2 296.2 300.8 304.1 306.5 307.8 311.1 312.5 313.9 315.1 317.5 317.0
Other............................ 980.2 984.1 1,003.1 1,013.6 1,019.8 1,027.4 1,025.4 1,030.6 1,042.2 1,046.5 1,054.9 1,068.8
Gross private domestic investment.... 1,639.7 1,676.5 1,696.4 1,781.9 1,790.8 1,813.4 1,849.6 1,832.6 1,855.9 1,927.0 1,963.6 1,971.7
Fixed investment................... 1,626.7 1,648.9 1,658.0 1,704.4 1,736.1 1,757.1 1,790.6 1,835.8 1,864.2 1,877.3 1,914.6 1,911.1
Nonresidential................... 1,098.8 1,106.5 1,111.2 1,130.7 1,158.8 1,182.3 1,199.7 1,214.8 1,232.4 1,248.2 1,288.8 1,297.5
Structures..................... 246.0 243.1 245.0 249.1 251.0 249.7 253.0 251.7 247.1 254.2 259.6 267.5
Equipment and software......... 857.8 869.5 872.0 887.6 915.1 942.0 956.5 974.8 1,000.6 1,007.6 1,044.8 1,042.2
Information processing
equipment and software...... 470.4 492.4 501.8 503.1 510.3 521.8 537.4 547.9 557.7 567.3 595.9 592.4
Computers and peripheral
equipment................. ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... .....
Software................... 180.6 186.3 191.3 192.2 195.8 200.7 201.7 205.7 208.0 209.5 215.6 216.9
Other...................... 168.7 177.0 181.5 182.9 179.1 179.2 189.3 191.5 196.0 197.5 211.6 205.7
Industrial equipment......... 138.9 132.8 130.6 129.4 134.7 136.1 140.4 138.4 144.9 150.4 149.0 154.5
Transportation equipment..... 116.8 113.5 111.7 123.7 134.3 145.3 141.4 144.6 152.3 143.2 152.2 143.2
Other equipment.............. 133.8 135.5 134.4 136.1 139.0 141.1 141.3 148.0 148.8 151.2 154.3 158.1
Residential...................... 521.8 535.2 539.2 564.1 568.6 567.7 582.8 609.9 620.4 618.9 618.5 608.5
Change in private inventories...... 10.5 25.0 35.9 74.7 50.8 52.0 55.2 -7.4 -12.7 43.5 41.2 52.6
Farm............................. -1.2 -2.4 3.9 17.9 5.9 -3.3 .7 -5.8 1.1 4.8 4.3 4.3
Nonfarm.......................... 12.0 28.1 32.1 54.5 44.8 56.5 54.9 -1.0 -14.0 38.6 36.8 48.3
Net exports of goods and services.... -513.8 -527.8 -548.5 -593.9 -599.4 -621.9 -626.4 -606.1 -607.6 -636.6 -636.6 -627.1
Exports............................ 1,026.3 1,075.8 1,094.8 1,111.3 1,124.3 1,151.3 1,164.5 1,191.0 1,200.5 1,228.4 1,269.3 1,279.6
Goods............................ 718.4 751.6 764.6 776.6 792.2 804.0 814.8 839.7 847.5 870.8 906.2 911.2
Services......................... 307.6 324.0 329.9 334.5 332.1 347.0 349.5 351.2 353.0 357.8 363.6 368.8
Imports............................ 1,540.0 1,603.6 1,643.2 1,705.2 1,723.7 1,773.1 1,790.9 1,797.1 1,808.1 1,865.0 1,905.9 1,906.7
Goods............................ 1,303.7 1,356.5 1,389.5 1,447.3 1,464.0 1,507.9 1,526.2 1,533.6 1,543.9 1,595.8 1,631.9 1,629.4
Services......................... 237.0 247.8 254.3 259.1 261.0 266.7 266.6 265.5 266.3 271.7 276.6 279.6
Government consumption expenditures
and gross investment................ 1,914.5 1,918.0 1,931.8 1,942.6 1,948.7 1,939.3 1,947.2 1,952.6 1,968.8 1,963.5 1,987.1 1,990.0
Federal............................ 693.7 699.0 711.3 715.7 724.5 714.9 720.8 721.6 738.2 729.6 745.1 738.7
National defense................. 452.2 461.1 471.3 473.6 484.0 472.6 477.8 481.1 494.1 481.4 491.8 490.5
Consumption expenditures....... 389.4 397.0 406.