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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    406.9    406.9    415.2    404.2    410.2    410.9    421.9    410.0    419.0    415.3
      Gross investment...............     63.0     64.4     64.4     67.2     69.4     69.1     68.0     71.2     73.2     72.6     74.0     77.1
    Nondefense.......................    241.5    237.8    239.9    241.9    240.1    242.1    242.8    240.1    243.8    248.0    253.1    248.0
      Consumption expenditures.......    207.2    204.2    207.0    207.7    206.2    207.3    207.7    205.4    207.5    208.7    212.8    210.1
      Gross investment...............     34.2     33.5     32.7     34.2     34.0     34.9     35.2     34.8     36.6     40.1     41.1     38.4

  State and local....................  1,220.8  1,219.0  1,220.4  1,226.8  1,224.1  1,224.3  1,226.3  1,230.9  1,230.5  1,233.7  1,242.0  1,251.1
      Consumption expenditures.......    968.4    970.2    974.9    978.6    980.5    984.3    984.7    986.0    989.5    991.9    996.1  1,001.8
      Gross investment...............    252.6    248.8    245.4    248.2    243.4    239.7    241.3    244.7    240.7    241.6    245.7    249.1

Residual.............................    -11.3    -15.2    -15.8     -9.1    -18.8    -27.3    -31.0    -39.1    -47.1    -53.7    -78.7    -77.0

Addenda:
  Final sales of domestic product.... 10,385.9 10,440.0 10,528.7 10,596.1 10,700.1 10,768.2 10,856.5 11,005.3 11,123.5 11,115.5 11,269.0 11,326.4
  Gross domestic purchases........... 10,908.7 10,989.5 11,108.5 11,257.2 11,344.5 11,435.9 11,531.5 11,599.9 11,714.6 11,792.9 11,946.3 12,005.8
  Final sales to domestic purchasers. 10,895.9 10,962.4 11,070.8 11,181.5 11,291.0 11,381.1 11,473.9 11,603.2 11,722.8 11,744.6 11,898.7 11,946.9

  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
  Plus: Income receipts
   from the rest of the world........    318.2    348.4    349.8    366.7    380.3    410.2    426.3    438.0    467.2    496.1    526.4    .....
  Less: Income payments to
   the rest of the world.............    266.9    274.7    283.8    328.6    337.2    383.6    393.9    411.3    419.9    483.8    499.7    .....
  Equals: Gross national product..... 10,449.9 10,540.5 10,632.2 10,709.4 10,796.3 10,849.3 10,946.0 11,028.2 11,162.0 11,175.6 11,342.7    .....

  Net domestic product...............  9,074.4  9,134.0  9,225.3  9,320.2  9,284.5  9,449.2  9,525.8  9,603.5  9,371.6  9,727.9  9,896.5  9,957.0
-------------------------------------------------------------------------------------------------------------------------------------------------
 Note. Users are cautioned that particularly for components
 that exhibit rapid change in prices relative to other prices in the
 economy, the chained-dollar estimates should not be used to measure
 the component's relative importance or its contribution to the
 growth rate of more aggregate series.  For accurate estimates of the
 contributions to percent changes in real gross domestic product, use table 2.
  See "Explanatory Note" at the end of the tables.

                              Table 4.--Price Indexes for Gross Domestic Product and Related Measures: Percent Change From Preceding Period
                                                             [Quarters seasonally adjusted at annual rates]
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                       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).    1.7    2.1    2.8    3.0    2.2    3.1    1.3    2.1    2.2    3.7    3.7    2.1    3.2    3.5    2.4    3.3    3.3    3.3    3.3

Personal consumption expenditures...    1.4    2.0    2.6    2.9    1.7    3.1     .7    2.4    1.5    3.7    3.6    1.9    3.0    2.3    3.1    4.1    2.9    2.0    4.1
  Durable goods.....................   -2.4   -3.6   -1.6    -.7   -2.7   -4.8   -4.2   -4.0   -3.5     .0     .3   -2.3     .3     .3    -.6   -2.9   -1.3   -1.0    -.8
  Nondurable goods..................     .5    2.0    3.3    3.6    1.2    5.6   -2.9    3.9     .5    5.7    6.0    1.1    4.4    1.1    4.8    9.0     .6    1.1    8.3
  Services..........................    2.7    3.2    3.2    3.2    2.8    3.6    3.5    3.0    3.0    3.5    3.2    3.1    3.0    3.2    3.1    3.2    5.0    3.1    3.1

Gross private domestic investment...     .6    1.5    3.3    3.4    2.9    2.8    -.7    1.3    3.5    4.2    4.5    3.6    3.7    3.0    2.7    3.7    4.3    3.7    2.5
  Fixed investment..................     .6    1.6    3.4    3.5    3.0    3.1    -.8    1.3    3.5    4.3    4.6    3.6    3.7    3.1    2.7    4.0    4.6    3.8    2.6
    Nonresidential..................    -.2     .1    1.2    2.6    1.1     .1   -1.3     .7    1.4    1.0    2.1    1.4    2.6    3.6    2.0    2.2    3.5    3.7    2.9
      Structures....................    4.4    3.5    6.2   11.3    5.1    4.8    -.2    2.3    4.2    6.7    7.8   10.2   12.0   11.6    9.2   13.2   16.8   12.4   10.7
      Equipment and software........   -1.8   -1.1    -.4    -.4    -.3   -1.5   -1.7     .1     .4    -.9     .2   -1.5    -.5     .9    -.4   -1.5   -1.0     .6     .0
    Residential.....................    2.5    4.8    7.3    5.1    7.0    9.4     .2    2.6    7.7   10.5    9.0    7.4    5.6    2.3    3.8    6.9    6.3    3.8    2.0
  Change in private inventories.....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....

Net exports of goods and services...  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....
  Exports...........................    -.4    2.2    3.7    3.6     .6    4.1    1.1     .9    3.0    6.1    5.0    1.8    4.0    4.6    3.6    2.6    2.8    2.3    6.0
    Goods...........................    -.7    2.0    3.7    3.1     .5    3.6    1.6    -.7    4.1    6.5    5.2    1.1    3.6    4.4    3.0    1.3    2.3    2.8    5.9
    Services........................     .4    2.6    3.5    4.8     .7    5.3    -.2    4.7     .7    5.0    4.5    3.5    5.0    5.1    4.9    5.6    4.2    1.2    6.1
  Imports...........................   -1.2    3.5    5.0    6.3     .6   11.3   -3.9    2.6     .4    9.7    7.3    5.5    6.7    2.6    9.2   10.2    4.3    -.7    9.3
    Goods...........................   -1.8    2.9    5.0    6.5     .4   11.9   -6.7    2.5     .5   10.1    7.9    5.4    6.8    1.8   10.1   11.3    5.1   -1.6   10.3
    Services........................    1.7    6.3    5.1    5.4    1.4    8.1   11.8    3.1     .0    8.0    4.4    6.2    6.3    6.8    5.1    4.3    -.1    4.5    4.4

Government consumption expenditures
 and gross investment...............    2.9    4.1    4.4    5.6    3.6    9.2    1.3    2.5    2.2    6.8    5.3    4.6    5.7    7.0    4.6    5.9    4.7    4.4    4.6
  Federal...........................    3.7    4.2    4.7    4.8    4.6   11.3    1.5    1.0    1.1   11.5    5.3    2.2    2.9   11.3    2.2    3.3     .4    7.6    3.5
    National defense................    3.7    4.7    4.7    5.1    6.9   10.3    1.4    1.2    1.3   10.5    5.8    2.8    3.2   11.6    2.4    3.4    1.0    6.7    3.7
    Nondefense......................    3.5    3.4    4.7    4.1     .5   12.9    1.6     .6     .6   13.7    4.3     .9    2.3   10.6    1.8    3.2    -.7    9.5    3.0
  State and local...................    2.5    4.1    4.3    6.2    3.0    8.1    1.1    3.3    2.9    4.1    5.3    6.1    7.4    4.6    6.1    7.4    7.3    2.6    5.3

Addenda:
  Final sales of domestic product...    1.7    2.1    2.8    3.0    2.3    3.2    1.3    2.1    2.2    3.7    3.7    2.1    3.2    3.5    2.4    3.3    3.3    3.3    3.3
  Gross domestic purchases..........    1.6    2.3    3.1    3.5    2.2    4.1     .6    2.2    1.9    4.3    4.1    2.6    3.6    3.2    3.3    4.4    3.5    2.7    4.0
  Final sales to domestic
   purchasers.......................    1.6    2.3    3.1    3.5    2.2    4.2     .6    2.2    1.9    4.3    4.1    2.6    3.6    3.2    3.3    4.4    3.5    2.7    4.0
  Gross national product (GNP)......    1.7    2.1    2.8    3.0    2.2    3.2    1.3    2.1    2.2    3.7    3.7    2.1    3.2    3.5    2.4    3.3    3.2    3.3  .....

  Implicit price deflators:
    GDP.............................    1.7    2.1    2.8    3.0    2.2    3.2    1.3    2.1    2.2    3.8    3.7    2.1    3.2    3.4    2.5    3.3    3.3    3.3    3.3
    Gross domestic purchases........    1.6    2.3    3.1    3.5    2.2    4.1     .6    2.3    1.9    4.3    4.0    2.6    3.6    3.2    3.4    4.3    3.5    2.7    4.0
    GNP.............................    1.7    2.1    2.8    3.0    2.3    3.1    1.3    2.1    2.2    3.8    3.7    2.1    3.2    3.4    2.5    3.3    3.3    3.3  .....
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
  See "Explanatory Note" at the end of the tables.

                          Table 4A.--Price Indexes for Gross Domestic Product and Related Measures: Percent Change From Preceding Period
                                                          [Quarters seasonally adjusted at annual rates]
------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                       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).    1.7    2.1    2.8    3.0    2.2    3.1    1.3    2.1    2.2    3.7    3.7    2.1    3.2    3.5    2.4    3.3    3.3    3.3
         Previously published.......    1.7    2.0    2.6    2.8    2.2    3.1    1.1    1.8    1.9    3.6    3.9    1.5    2.7    3.1    2.6    3.3    3.5    3.1

Personal consumption expenditures...    1.4    2.0    2.6    2.9    1.7    3.1     .7    2.4    1.5    3.7    3.6    1.9    3.0    2.3    3.1    4.1    2.9    2.0
  Previously published..............    1.4    1.9    2.6    2.8    1.7    3.0     .6    2.0    1.3    3.9    3.8    1.5    3.1    2.3    3.3    3.7    2.9    2.0
  Durable goods.....................   -2.4   -3.6   -1.6    -.7   -2.7   -4.8   -4.2   -4.0   -3.5     .0     .3   -2.3     .3     .3    -.6   -2.9   -1.3   -1.0
    Previously published............   -2.4   -3.5   -1.9    -.5   -2.7   -4.3   -4.3   -4.4   -4.1     .1    -.1   -2.4     .6     .9    -.5   -3.0    -.8    -.8
  Nondurable goods..................     .5    2.0    3.3    3.6    1.2    5.6   -2.9    3.9     .5    5.7    6.0    1.1    4.4    1.1    4.8    9.0     .6    1.1
    Previously published............     .5    2.0    3.3    3.7    1.2    5.6   -2.4    3.1     .6    6.0    6.6     .1    4.5    1.3    5.7    7.9     .8    1.1
  Services..........................    2.7    3.2    3.2    3.2    2.8    3.6    3.5    3.0    3.0    3.5    3.2    3.1    3.0    3.2    3.1    3.2    5.0    3.1
    Previously published............    2.7    3.0    3.2    3.1    2.8    3.4    3.2    2.8    2.8    3.6    3.3    2.9    3.0    3.0    2.9    3.1    4.6    3.0

Gross private domestic investment...     .6    1.5    3.3    3.4    2.9    2.8    -.7    1.3    3.5    4.2    4.5    3.6    3.7    3.0    2.7    3.7    4.3    3.7
  Previously published..............     .6    1.6    3.1    3.1    2.9    2.9    -.5    1.7    3.7    3.4    4.6    3.2    2.3    2.6    2.7    3.7    5.2    3.2
  Fixed investment..................     .6    1.6    3.4    3.5    3.0    3.1    -.8    1.3    3.5    4.3    4.6    3.6    3.7    3.1    2.7    4.0    4.6    3.8
    Previously published............     .6    1.7    3.2    3.1    3.0    3.1    -.5    1.7    3.9    3.5    4.6    3.0    2.2    2.6    2.7    4.0    5.4    3.5
    Nonresidential..................    -.2     .1    1.2    2.6    1.1     .1   -1.3     .7    1.4    1.0    2.1    1.4    2.6    3.6    2.0    2.2    3.5    3.7
      Previously published..........    -.2     .3    1.3    2.1    1.1     .1   -1.0    1.2    1.9    1.2    1.8     .9    1.1    3.1    1.9    2.5    3.8    3.5
      Structures....................    4.4    3.5    6.2   11.3    5.1    4.8    -.2    2.3    4.2    6.7    7.8   10.2   12.0   11.6    9.2   13.2   16.8   12.4
        Previously published........    4.4    3.5    5.5   10.1    5.1    4.0     .3    2.9    4.6    7.1    6.8    6.6    5.6   10.3    9.9   16.5   20.3   13.2
      Equipment and software........   -1.8   -1.1    -.4    -.4    -.3   -1.5   -1.7     .1     .4    -.9     .2   -1.5    -.5     .9    -.4   -1.5   -1.0     .6
        Previously published........   -1.8    -.9    -.1    -.4    -.3   -1.2   -1.4     .6    1.0    -.8     .2    -.9    -.4     .9    -.7   -1.8   -1.3     .2
    Residential.....................    2.5    4.8    7.3    5.1    7.0    9.4     .2    2.6    7.7   10.5    9.0    7.4    5.6    2.3    3.8    6.9    6.3    3.8
      Previously published..........    2.5    4.8    6.7    4.8    7.0    9.3     .3    2.7    7.6    8.0    9.7    6.9    4.2    1.6    4.3    6.5    8.3    3.4
  Change in private inventories.....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....

Net exports of goods and services...  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....
  Exports...........................    -.4    2.2    3.7    3.6     .6    4.1    1.1     .9    3.0    6.1    5.0    1.8    4.0    4.6    3.6    2.6    2.8    2.3
    Previously published............    -.4    2.1    3.6    3.7     .6    4.1    1.0     .9    2.9    5.9    4.8    1.7    4.3    4.6    3.7    2.9    2.7    2.4
    Goods...........................    -.7    2.0    3.7    3.1     .5    3.6    1.6    -.7    4.1    6.5    5.2    1.1    3.6    4.4    3.0    1.3    2.3    2.8
      Previously published..........    -.7    2.0    3.7    3.1     .5    3.6    1.6    -.7    4.1    6.5    5.3    1.0    3.8    4.5    2.9    1.3    2.1    2.7
    Services........................     .4    2.6    3.5    4.8     .7    5.3    -.2    4.7     .7    5.0    4.5    3.5    5.0    5.1    4.9    5.6    4.2    1.2
      Previously published..........     .4    2.5    3.1    5.0     .7    5.2    -.3    4.6     .1    4.4    3.7    3.2    5.6    4.7    5.4    6.7    4.0    1.7
  Imports...........................   -1.2    3.5    5.0    6.3     .6   11.3   -3.9    2.6     .4    9.7    7.3    5.5    6.7    2.6    9.2   10.2    4.3    -.7
    Previously published............   -1.2    3.4    5.0    6.1     .6   11.2   -4.4    2.6    1.1    9.6    6.6    5.7    6.8    2.9    8.2    9.4    4.4    -.5
    Goods...........................   -1.8    2.9    5.0    6.5     .4   11.9   -6.7    2.5     .5   10.1    7.9    5.4    6.8    1.8   10.1   11.3    5.1   -1.6
      Previously published..........   -1.8    2.9    5.0    6.4     .4   11.9   -6.7    2.5     .5   10.1    7.9    5.4    6.9    1.9    9.9   10.6    4.8   -1.2
    Services........................    1.7    6.3    5.1    5.4    1.4    8.1   11.8    3.1     .0    8.0    4.4    6.2    6.3    6.8    5.1    4.3    -.1    4.5
      Previously published..........    1.7    5.8    4.9    4.6    1.4    8.0    7.5    3.2    4.2    7.5     .3    7.4    6.5    7.9    -.2    3.4    2.2    3.3

Government consumption expenditures
 and gross investment...............    2.9    4.1    4.4    5.6    3.6    9.2    1.3    2.5    2.2    6.8    5.3    4.6    5.7    7.0    4.6    5.9    4.7    4.4
   Previously published.............    2.9    3.7    3.7    4.8    3.6    8.9     .0    2.5    1.4    6.2    5.0    3.2    4.1    5.7    3.7    6.7    5.4    4.4
  Federal...........................    3.7    4.2    4.7    4.8    4.6   11.3    1.5    1.0    1.1   11.5    5.3    2.2    2.9   11.3    2.2    3.3     .4    7.6
    Previously published............    3.7    3.9    4.2    3.6    4.6    9.9    1.3    1.2    1.2    9.7    4.9    2.2    2.6    7.0    2.1    3.0     .9    6.1
    National defense................    3.7    4.7    4.7    5.1    6.9   10.3    1.4    1.2    1.3   10.5    5.8    2.8    3.2   11.6    2.4    3.4    1.0    6.7
      Previously published..........    3.7    4.4    4.0    3.6    6.9    9.3    1.1    1.3    1.5    7.8    5.6    2.8    2.7    6.6    1.4    3.5     .9    5.5
    Nondefense......................    3.5    3.4    4.7    4.1     .5   12.9    1.6     .6     .6   13.7    4.3     .9    2.3   10.6    1.8    3.2    -.7    9.5
      Previously published..........    3.5    3.0    4.6    3.8     .5   11.0    1.6    1.0     .7   13.7    3.6    1.2    2.5    7.9    3.6    2.1     .9    7.3
  State and local...................    2.5    4.1    4.3    6.2    3.0    8.1    1.1    3.3    2.9    4.1    5.3    6.1    7.4    4.6    6.1    7.4    7.3    2.6
    Previously published............    2.5    3.7    3.4    5.4    3.0    8.4    -.7    3.2    1.6    4.2    5.0    3.7    4.9    4.9    4.7    9.0    8.2    3.4

Addenda:
  Final sales of domestic product...    1.7    2.1    2.8    3.0    2.3    3.2    1.3    2.1    2.2    3.7    3.7    2.1    3.2    3.5    2.4    3.3    3.3    3.3
    Previously published............    1.7    2.0    2.6    2.8    2.3    3.1    1.1    1.8    1.9    3.6    3.8    1.4    2.7    3.1    2.6    3.3    3.5    3.2
  Gross domestic purchases..........    1.6    2.3    3.1    3.5    2.2    4.1     .6    2.2    1.9    4.3    4.1    2.6    3.6    3.2    3.3    4.4    3.5    2.7
    Previously published............    1.6    2.2    2.9    3.2    2.2    4.1     .4    2.0    1.7    4.2    4.1    2.0    3.2    2.9    3.3    4.2    3.7    2.6
  Final sales to domestic
   purchasers.......................    1.6    2.3    3.1    3.5    2.2    4.2     .6    2.2    1.9    4.3    4.1    2.6    3.6    3.2    3.3    4.4    3.5    2.7
     Previously published...........    1.6    2.2    2.9    3.2    2.2    4.1     .4    2.0    1.7    4.2    4.1    2.0    3.2    2.9    3.3    4.3    3.7    2.7
  Gross national product (GNP)......    1.7    2.1    2.8    3.0    2.2    3.2    1.3    2.1    2.2    3.7    3.7    2.1    3.2    3.5    2.4    3.3    3.2    3.3
    Previously published............    1.7    2.0    2.6    2.8    2.2    3.1    1.1    1.8    1.9    3.6    3.8    1.5    2.7    3.1    2.6    3.3    3.5    3.1

  Implicit price deflators:
    GDP.............................    1.7    2.1    2.8    3.0    2.2    3.2    1.3    2.1    2.2    3.8    3.7    2.1    3.2    3.4    2.5    3.3    3.3    3.3
      Previously published..........    1.7    2.0    2.6    2.8    2.2    3.1    1.1    1.9    1.8    3.7    3.9    1.3    2.7    3.0    2.6    3.3    3.5    3.1
    Gross domestic purchases........    1.6    2.3    3.1    3.5    2.2    4.1     .6    2.3    1.9    4.3    4.0    2.6    3.6    3.2    3.4    4.3    3.5    2.7
      Previously published..........    1.6    2.2    2.9    3.2    2.2    4.1     .4    2.1    1.6    4.3    4.1    1.9    3.2    2.9    3.3    4.2    3.7    2.6
    GNP.............................    1.7    2.1    2.8    3.0    2.3    3.1    1.3    2.1    2.2    3.8    3.7    2.1    3.2    3.4    2.5    3.3    3.3    3.3
      Previously published..........    1.7    2.0    2.6    2.8    2.3    3.1    1.1    1.9    1.8    3.7    3.8    1.3    2.7    3.0    2.6    3.3    3.5    3.1
------------------------------------------------------------------------------------------------------------------------------------------------------------------
See "Explanatory Note" at the end of the tables.

                                  Table 5.--Real Gross Domestic Product, Quantity Indexes
                                  [Index numbers, 2000=100; quarters seasonally adjusted]
---------------------------------------------------------------------------------------------------------------------------
                                               2002    2003    2004    2005    I 02   II 02  III 02   IV 02    I 03   II 03
---------------------------------------------------------------------------------------------------------------------------
        Gross domestic product............. 102.362 104.931 109.031 112.546 101.633 102.186 102.788 102.840 103.148 104.031

Personal consumption expenditures.......... 105.340 108.249 112.430 116.349 104.494 105.106 105.695 106.066 106.611 107.566
  Durable goods............................ 111.752 118.214 125.753 132.666 109.858 110.840 113.908 112.404 112.521 116.971
  Nondurable goods......................... 104.614 108.002 111.913 116.924 104.085 104.426 104.507 105.439 106.435 107.033
  Services................................. 104.366 106.363 110.055 112.925 103.579 104.247 104.585 105.055 105.458 105.917

Gross private domestic investment..........  89.724  92.949 102.026 107.537  88.835  89.255  90.517  90.290  89.993  90.718
  Fixed investment.........................  91.997  95.110 102.080 109.708  92.405  92.076  91.914  91.593  91.502  93.842
    Nonresidential.........................  86.969  87.804  92.995  99.326  88.489  87.116  86.687  85.584  85.023  87.208
      Structures...........................  81.029  77.735  79.418  80.302  86.299  81.879  78.500  77.438  76.061  78.719
      Equipment and software...............  89.265  91.747  98.400 107.180  89.335  89.130  89.855  88.739  88.514  90.506
    Residential............................ 105.149 113.977 125.281 136.050 102.707 105.066 105.582 107.242 108.329 111.060
  Change in private inventories............   .....   .....   .....   .....   .....   .....   .....   .....   .....   .....

Exports of goods and services..............  92.430  93.599 102.201 109.105  90.557  92.858  93.520  92.784  91.518  91.128

Imports of goods and services.............. 100.601 104.693 115.962 123.007  97.172 100.078 101.467 103.688 102.355 103.398

Government consumption expenditures and
 gross investment.......................... 107.969 110.644 112.720 113.731 106.411 107.658 108.266 109.539 109.160 110.799
  Federal.................................. 111.169 118.712 123.813 125.701 107.667 110.873 111.700 114.438 114.471 119.742
  State and local.......................... 106.354 106.557 107.094 107.660 105.782 106.033 106.532 107.067 106.478 106.266

Addenda:
  Final sales of domestic product.......... 102.828 105.375 109.096 112.958 102.319 102.745 103.105 103.143 103.488 104.643
  Gross domestic purchases................. 103.151 106.071 110.691 114.351 102.173 102.864 103.569 103.998 104.242 105.278
  Final sales to domestic purchasers....... 103.603 106.504 110.761 114.755 102.836 103.406 103.877 104.294 104.575 105.874
  Gross national product................... 102.264 105.067 109.039 112.399 101.504 101.955 102.677 102.921 103.124 104.170
---------------------------------------------------------------------------------------------------------------------------
  See "Explanatory Note" at the end of the tables.

                                    Table 5.--Real Gross Domestic Product, Quantity Indexes--Continued
                                          [Index numbers, 2000=100; quarters seasonally adjusted]
-------------------------------------------------------------------------------------------------------------------------------------------
                                             III 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............. 105.926 106.621 107.633 108.705 109.538 110.247 111.173 112.069 113.223 113.719 115.274 115.976

Personal consumption expenditures.......... 109.103 109.718 110.987 111.796 112.875 114.062 114.838 116.031 117.152 117.373 118.761 119.492
  Durable goods............................ 121.579 121.783 123.590 124.106 126.712 128.603 129.358 133.299 136.207 131.799 137.893 137.729
  Nondurable goods......................... 109.027 109.513 110.685 111.148 112.160 113.657 115.114 116.496 117.481 118.608 120.313 120.809
  Services................................. 106.664 107.415 108.637 109.662 110.503 111.418 111.874 112.501 113.379 113.945 114.398 115.383

Gross private domestic investment..........  94.483  96.604  97.750 102.675 103.187 104.490 106.579 105.595 106.938 111.034 113.143 113.611
  Fixed investment.........................  96.889  98.206  98.751 101.515 103.401 104.655 106.650 109.339 111.032 111.811 114.033 113.828
    Nonresidential.........................  89.179  89.806  90.192  91.773  94.056  95.960  97.370  98.601 100.025 101.308 104.606 105.313
      Structures...........................  78.552  77.607  78.238  79.548  80.148  79.737  80.773  80.356  78.903  81.174  82.893  85.417
      Equipment and software...............  93.348  94.622  94.900  96.590  99.591 102.519 104.092 106.087 108.889 109.653 113.704 113.421
    Residential............................ 116.766 119.753 120.656 126.221 127.224 127.022 130.406 136.476 138.821 138.495 138.391 136.149
  Change in private inventories............   .....   .....   .....   .....   .....   .....   .....   .....   .....   .....   .....   .....

Exports of goods and services..............  93.612  98.136  99.862 101.368 102.557 105.017 106.226 108.637 109.503 112.054 115.783 116.720

Imports of goods and services.............. 104.354 108.666 111.348 115.547 116.800 120.151 121.357 121.775 122.520 126.377 129.146 129.199

Government consumption expenditures and
 gross investment.......................... 111.206 111.410 112.210 112.835 113.189 112.647 113.104 113.417 114.358 114.048 115.423 115.589
  Federal.................................. 119.858 120.778 122.901 123.664 125.170 123.517 124.540 124.668 127.545 126.053 128.728 127.635
  State and local.......................... 106.820 106.663 106.789 107.344 107.110 107.131 107.302 107.709 107.674 107.954 108.682 109.475

Addenda:
  Final sales of domestic product.......... 106.408 106.962 107.871 108.561 109.627 110.325 111.229 112.754 113.965 113.883 115.455 116.044
  Gross domestic purchases................. 106.985 107.778 108.945 110.403 111.259 112.156 113.093 113.764 114.889 115.657 117.161 117.745
  Final sales to domestic purchasers....... 107.455 108.111 109.180 110.272 111.352 112.240 113.155 114.430 115.610 115.825 117.345 117.820
  Gross national product................... 106.027 106.946 107.876 108.660 109.541 110.079 111.060 111.894 113.252 113.390 115.085   .....
-------------------------------------------------------------------------------------------------------------------------------------------
  See "Explanatory Note" at the end of the tables.

                                    Table 6.--Price Indexes for Gross Domestic Product
                                  [Index numbers, 2000=100; quarters seasonally adjusted]
---------------------------------------------------------------------------------------------------------------------------
                                               2002    2003    2004    2005    I 02   II 02  III 02   IV 02    I 03   II 03
---------------------------------------------------------------------------------------------------------------------------
        Gross domestic product............. 104.193 106.409 109.429 112.744 103.553 103.944 104.347 104.926 105.742 106.076

Personal consumption expenditures
 (PCE)..................................... 103.542 105.597 108.373 111.493 102.673 103.385 103.841 104.268 105.059 105.235
  Durable goods............................  95.766  92.366  90.845  90.198  96.496  96.029  95.594  94.946  93.795  92.785
  Nondurable goods......................... 102.089 104.145 107.617 111.530 100.895 102.238 102.464 102.760 104.175 103.423
  Services................................. 106.018 109.379 112.863 116.529 104.937 105.608 106.390 107.137 108.076 109.002

Gross private domestic investment.......... 101.640 103.191 106.645 110.284 101.347 101.472 101.512 102.229 102.941 102.759
  Fixed investment......................... 101.660 103.313 106.811 110.542 101.348 101.480 101.532 102.279 103.067 102.865
    Nonresidential.........................  99.513  99.591 100.834 103.428  99.542  99.485  99.380  99.645  99.664  99.341
      Structures........................... 110.030 113.872 120.951 134.647 108.065 109.455 110.612 111.988 113.295 113.239
      Equipment and software...............  95.956  94.912  94.503  94.134  96.607  96.087  95.598  95.534  95.173  94.774
    Residential............................ 107.240 112.372 120.618 126.714 106.151 106.720 107.130 108.960 111.434 111.496
  Change in private inventories............   .....   .....   .....   .....   .....   .....   .....   .....   .....   .....

Exports of goods and services..............  99.273 101.429 105.151 108.949  98.360  99.048  99.772  99.911 100.920 101.192

Imports of goods and services..............  96.341  99.685 104.678 111.268  94.146  96.474  97.304  97.441 100.078  99.093

Government consumption expenditures and
 gross investment.......................... 105.507 109.849 114.718 121.183 104.378 105.126 105.795 106.728 109.107 109.449
  Federal.................................. 105.631 110.094 115.249 120.726 105.098 105.231 105.502 106.696 109.578 109.987
  State and local.......................... 105.435 109.712 114.417 121.463 103.997 105.064 105.943 106.734 108.840 109.144

Addenda:
  PCE excluding food and energy............ 103.705 105.175 107.314 109.559 103.031 103.504 103.984 104.300 104.589 104.922
  Market-based PCE\1\...................... 103.082 104.995 107.393 110.339 102.236 102.937 103.361 103.795 104.586 104.670
  Market-based PCE excluding food
   and energy\1\........................... 103.153 104.330 105.865 107.713 102.546 102.957 103.403 103.708 103.895 104.144
  Final sales of domestic product.......... 104.197 106.430 109.455 112.783 103.554 103.946 104.352 104.936 105.763 106.094
  Gross domestic purchases................. 103.583 105.966 109.210 112.981 102.755 103.385 103.816 104.374 105.435 105.587
  Final sales to domestic purchasers....... 103.586 105.986 109.235 113.021 102.756 103.387 103.820 104.383 105.455 105.604
  Gross national product................... 104.184 106.401 109.419 112.733 103.543 103.935 104.339 104.919 105.736 106.067

  Implicit price deflators:
    Gross domestic product................. 104.187 106.404 109.426 112.737 103.568 103.938 104.328 104.907 105.724 106.062
    Final sales of domestic product........ 104.197 106.430 109.455 112.783 103.552 103.945 104.351 104.933 105.758 106.087
    Gross domestic purchases............... 103.577 105.961 109.207 112.975 102.768 103.378 103.795 104.353 105.418 105.576
    Final sales to domestic purchasers..... 103.587 105.985 109.235 113.021 102.754 103.384 103.817 104.379 105.450 105.599
    Gross national product................. 104.179 106.396 109.416 112.726 103.552 103.928 104.321 104.903 105.718 106.053
---------------------------------------------------------------------------------------------------------------------------
  1. This index is a supplemental measure that is based on household
expenditures for which there are observable price measures.  It
excludes most implicit prices (for example, the services furnished
without payment by financial intermediaries) and the expenses of
nonprofit institutions.  Percentage changes for these series are
included in the addenda to table 8 and in appendix table A.
  See "Explanatory Note" at the end of the tables.

                                       Table 6.--Price Indexes for Gross Domestic Product--Continued
                                          [Index numbers, 2000=100; quarters seasonally adjusted]
-------------------------------------------------------------------------------------------------------------------------------------------
                                             III 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............. 106.616 107.204 108.190 109.172 109.744 110.610 111.558 112.229 113.139 114.048 114.967 115.905

Personal consumption expenditures
 (PCE)..................................... 105.851 106.242 107.202 108.155 108.658 109.476 110.091 110.940 112.067 112.873 113.445 114.603
  Durable goods............................  91.848  91.037  91.044  91.105  90.581  90.649  90.709  90.570  89.908  89.606  89.385  89.208
  Nondurable goods......................... 104.424 104.558 106.014 107.561 107.865 109.030 109.325 110.604 113.016 113.177 113.484 115.768
  Services................................. 109.808 110.629 111.573 112.444 113.303 114.133 115.049 115.929 116.858 118.281 119.194 120.112

Gross private domestic investment.......... 103.093 103.971 105.054 106.225 107.167 108.132 108.944 109.664 110.675 111.853 112.860 113.566
  Fixed investment......................... 103.207 104.111 105.204 106.386 107.334 108.321 109.153 109.875 110.946 112.194 113.238 113.968
    Nonresidential.........................  99.509  99.849 100.094 100.621 100.982 101.639 102.539 103.055 103.607 104.510 105.471 106.236
      Structures........................... 113.894 115.058 116.948 119.166 122.093 125.599 129.084 131.941 136.089 141.476 145.684 149.431
      Equipment and software...............  94.799  94.902  94.679  94.724  94.366  94.244  94.450  94.347  93.983  93.754  93.887  93.889
    Residential............................ 112.225 114.331 117.212 119.753 121.912 123.596 124.298 125.450 127.573 129.536 130.765 131.430
  Change in private inventories............   .....   .....   .....   .....   .....   .....   .....   .....   .....   .....   .....   .....

Exports of goods and services.............. 101.423 102.181 103.701 104.973 105.441 106.490 107.701 108.648 109.341 110.108 110.737 112.356

Imports of goods and services..............  99.734  99.836 102.185 103.996 105.407 107.126 107.815 110.222 112.919 114.117 113.918 116.491

Government consumption expenditures and
 gross investment.......................... 110.118 110.724 112.562 114.034 115.328 116.950 118.955 120.302 122.029 123.444 124.791 126.204
  Federal.................................. 110.257 110.556 113.617 115.097 115.724 116.558 119.712 120.361 121.353 121.479 123.721 124.783
  State and local.......................... 110.041 110.822 111.953 113.420 115.105 117.190 118.520 120.276 122.438 124.620 125.434 127.057

Addenda:
  PCE excluding food and energy............ 105.384 105.806 106.451 107.106 107.549 108.151 108.787 109.298 109.732 110.418 110.983 111.774
  Market-based PCE\1\...................... 105.239 105.485 106.339 107.222 107.626 108.385 108.954 109.801 110.952 111.647 112.116 113.278
  Market-based PCE excluding food
   and energy\1\........................... 104.517 104.764 105.210 105.718 106.023 106.508 107.090 107.530 107.854 108.375 108.810 109.531
  Final sales of domestic product.......... 106.636 107.228 108.215 109.198 109.769 110.638 111.589 112.261 113.181 114.101 115.025 115.969
  Gross domestic purchases................. 106.170 106.671 107.803 108.880 109.588 110.567 111.449 112.362 113.572 114.541 115.313 116.440
  Final sales to domestic purchasers....... 106.189 106.694 107.827 108.905 109.613 110.596 111.481 112.395 113.614 114.594 115.371 116.504
  Gross national product................... 106.607 107.194 108.183 109.161 109.731 110.600 111.543 112.218 113.131 114.038 114.958   .....

  Implicit price deflators:
    Gross domestic product................. 106.611 107.190 108.183 109.162 109.728 110.601 111.539 112.219 113.121 114.034 114.951 115.885
    Final sales of domestic product........ 106.628 107.219 108.208 109.191 109.762 110.631 111.582 112.252 113.173 114.092 115.017 115.960
    Gross domestic purchases............... 106.166 106.659 107.794 108.868 109.569 110.555 111.429 112.351 113.553 114.526 115.296 116.419
    Final sales to domestic purchasers..... 106.183 106.686 107.819 108.895 109.603 110.584 111.471 112.385 113.604 114.583 115.360 116.493
    Gross national product................. 106.602 107.180 108.177 109.154 109.717 110.592 111.525 112.209 113.113 114.025 114.942   .....
-------------------------------------------------------------------------------------------------------------------------------------------
  1. This index is a supplemental measure that is based on household
expenditures for which there are observable price measures.  It
excludes most implicit prices (for example, the services furnished
without payment by financial intermediaries) and the expenses of
nonprofit institutions.  Percentage changes for these series are
included in the addenda to table 8 and in appendix table A.
  See "Explanatory Note" at the end of the tables.

                                              Table 7.--Real Gross Domestic Product: Percent Change from Preceding Year
---------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                          1988   1989   1990   1991   1992   1993   1994   1995   1996   1997   1998   1999   2000   2001   2002   2003   2004   2005
---------------------------------------------------------------------------------------------------------------------------------------------------------------------
       Gross domestic product (GDP)....    4.1    3.5    1.9    -.2    3.3    2.7    4.0    2.5    3.7    4.5    4.2    4.5    3.7     .8    1.6    2.5    3.9    3.2

Personal consumption expenditures......    4.1    2.8    2.0     .2    3.3    3.3    3.7    2.7    3.4    3.8    5.0    5.1    4.7    2.5    2.7    2.8    3.9    3.5
  Durable goods........................    6.0    2.2    -.3   -5.6    5.9    7.8    8.4    4.4    7.8    8.6   11.3   11.7    7.3    4.3    7.1    5.8    6.4    5.5
  Nondurable goods.....................    3.3    2.8    1.6    -.2    2.0    2.7    3.5    2.2    2.6    2.7    4.0    4.6    3.8    2.0    2.5    3.2    3.6    4.5
  Services.............................    4.0    3.0    2.9    1.7    3.5    2.8    2.9    2.6    2.9    3.3    4.2    4.0    4.5    2.4    1.9    1.9    3.5    2.6

Gross private domestic investment......    2.4    4.0   -3.4   -8.1    8.1    8.9   13.6    3.1    8.9   12.4    9.8    7.8    5.7   -7.9   -2.6    3.6    9.8    5.4
  Fixed investment.....................    3.3    3.0   -2.1   -6.5    5.9    8.6    9.3    6.5    9.0    9.2   10.2    8.3    6.5   -3.0   -5.2    3.4    7.3    7.5
    Nonresidential.....................    5.2    5.6     .5   -5.4    3.2    8.7    9.2   10.5    9.3   12.1   11.1    9.2    8.7   -4.2   -9.2    1.0    5.9    6.8
      Structures.......................     .6    2.0    1.5  -11.1   -6.0    -.7    1.8    6.4    5.6    7.3    5.1    -.4    6.8   -2.3  -17.1   -4.1    2.2    1.1
      Equipment and software...........    7.5    7.3     .0   -2.6    7.3   12.5   11.9   12.0   10.6   13.8   13.3   12.7    9.4   -4.9   -6.2    2.8    7.3    8.9
    Residential........................   -1.0   -3.0   -8.6   -9.6   13.8    8.2    9.6   -3.2    8.0    1.9    7.6    6.0     .8     .4    4.8    8.4    9.9    8.6
  Change in private inventories........  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....

Net exports of goods and services......  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....
  Exports..............................   16.0   11.5    9.0    6.6    6.9    3.2    8.7   10.1    8.4   11.9    2.4    4.3    8.7   -5.4   -2.3    1.3    9.2    6.8
    Goods..............................   18.8   11.9    8.4    6.9    7.5    3.3    9.7   11.7    8.8   14.3    2.2    3.8   11.2   -6.1   -4.0    1.8    9.0    7.5
    Services...........................    9.0   10.3   10.5    6.0    5.5    3.2    6.3    6.3    7.2    5.9    2.9    5.6    2.9   -3.7    1.9     .0    9.7    5.1
  Imports..............................    3.9    4.4    3.6    -.6    7.0    8.8   11.9    8.0    8.7   13.6   11.6   11.5   13.1   -2.7    3.4    4.1   10.8    6.1
    Goods..............................    4.0    4.3    3.0    -.1    9.3   10.1   13.3    9.0    9.3   14.4   11.7   12.4   13.5   -3.2    3.7    4.9   10.9    6.7
    Services...........................    3.4    4.9    6.5   -2.6   -2.6    2.9    5.7    3.3    5.5    9.4   11.4    6.9   11.1    -.3    2.1     .0   10.0    2.8

Government consumption expenditures
 and gross investment..................    1.3    2.6    3.2    1.1     .5    -.9     .0     .5    1.0    1.9    1.9    3.9    2.1    3.4    4.4    2.5    1.9     .9
  Federal..............................   -1.6    1.5    2.0    -.2   -1.7   -4.2   -3.7   -2.7   -1.2   -1.0   -1.1    2.2     .9    3.9    7.0    6.8    4.3    1.5
    National defense...................    -.5    -.5     .0   -1.1   -5.0   -5.6   -4.9   -3.8   -1.4   -2.8   -2.1    1.9    -.5    3.9    7.4    8.7    5.9    1.7
    Nondefense.........................   -5.1    8.3    8.3    2.4    6.9    -.7   -1.2    -.4    -.7    2.6     .7    2.8    3.5    3.9    6.3    3.4    1.2    1.1
  State and local......................    3.7    3.4    4.1    2.1    2.2    1.4    2.6    2.6    2.3    3.6    3.6    4.7    2.7    3.2    3.1     .2     .5     .5

Addenda:
  Final sales of domestic product......    4.3    3.4    2.1     .1    3.0    2.6    3.4    3.0    3.7    4.0    4.2    4.5    3.8    1.6    1.2    2.5    3.5    3.5
  Gross domestic purchases.............    3.2    3.0    1.4    -.8    3.3    3.2    4.4    2.4    3.8    4.8    5.3    5.3    4.4     .9    2.2    2.8    4.4    3.3
  Final sales to domestic purchasers...    3.4    2.8    1.6    -.6    3.1    3.2    3.8    2.8    3.8    4.3    5.3    5.4    4.5    1.8    1.8    2.8    4.0    3.6
  Gross national product...............    4.2    3.5    2.0    -.3    3.3    2.7    3.9    2.6    3.7    4.4    4.0    4.6    3.7     .8    1.5    2.7    3.8    3.1
  Real disposable personal income......    4.3    2.8    1.9     .5    3.4    1.0    2.7    2.8    3.0    3.5    5.8    3.0    4.8    1.9    3.1    2.2    3.6    1.2

  Price indexes:
    Gross domestic purchases...........    3.4    3.8    4.1    3.3    2.3    2.2    2.1    2.1    1.8    1.4     .6    1.6    2.5    2.0    1.6    2.3    3.1    3.5
    Gross domestic purchases excluding
     food and energy...................    3.7    3.6    3.7    3.5    2.6    2.3    2.2    2.2    1.5    1.3    1.0    1.4    1.9    1.9    1.9    1.9    2.7    2.8
    GDP................................    3.4    3.8    3.9    3.5    2.3    2.3    2.1    2.0    1.9    1.7    1.1    1.4    2.2    2.4    1.7    2.1    2.8    3.0
    GDP excluding food and energy......    3.4    3.6    3.7    3.6    2.5    2.4    2.2    2.1    1.7    1.7    1.2    1.5    2.0    2.1    2.1    1.9    2.7    3.0
    Personal consumption expenditures..    4.0    4.4    4.6    3.6    2.9    2.3    2.1    2.1    2.2    1.7     .9    1.7    2.5    2.1    1.4    2.0    2.6    2.9
---------------------------------------------------------------------------------------------------------------------------------------------------------------------

                                           Table 8.--Real Gross Domestic Product: Percent Change From Quarter One Year Ago
---------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                          I 02  II 02 III 02  IV 02   I 03  II 03 III 03  IV 03   I 04  II 04 III 04  IV 04   I 05  II 05 III 05  IV 05   I 06  II 06
---------------------------------------------------------------------------------------------------------------------------------------------------------------------
       Gross domestic product (GDP)....    1.0    1.3    2.2    1.9    1.5    1.8    3.1    3.7    4.3    4.5    3.4    3.4    3.3    3.1    3.4    3.1    3.7    3.5

Personal consumption expenditures
 (PCE).................................    2.8    3.1    3.2    1.9    2.0    2.3    3.2    3.4    4.1    3.9    3.5    4.0    3.5    3.8    3.8    2.9    3.4    3.0
  Durable goods........................    7.8    8.9   11.0    1.2    2.4    5.5    6.7    8.3    9.8    6.1    4.2    5.6    4.7    7.4    7.5    2.5    6.6    3.3
  Nondurable goods.....................    2.6    3.0    2.4    2.1    2.3    2.5    4.3    3.9    4.0    3.8    2.9    3.8    4.0    4.8    4.7    4.4    4.5    3.7
  Services.............................    1.8    2.0    2.0    1.9    1.8    1.6    2.0    2.2    3.0    3.5    3.6    3.7    3.0    2.6    2.6    2.3    2.3    2.6

Gross private domestic investment......   -7.7   -5.4   -1.4    4.9    1.3    1.6    4.4    7.0    8.6   13.2    9.2    8.2    9.0    2.8    3.6    6.3    6.2    7.6
  Fixed investment.....................   -7.6   -5.8   -4.9   -2.5   -1.0    1.9    5.4    7.2    7.9    8.2    6.7    6.6    8.0    7.7    7.4    6.8    6.9    4.1
    Nonresidential.....................  -11.7   -9.8   -8.7   -6.5   -3.9     .1    2.9    4.9    6.1    5.2    5.5    6.9    8.0    7.4    6.3    5.6    7.4    6.8
      Structures.......................  -13.9  -17.4  -22.0  -14.9  -11.9   -3.9     .1     .2    2.9    1.1    2.0    2.7    3.2    1.0   -1.6    1.8    2.6    6.3
      Equipment and software...........  -10.9   -6.8   -3.2   -3.4    -.9    1.5    3.9    6.6    7.2    6.7    6.7    8.3    9.7    9.8    9.3    7.0    9.2    6.9
    Residential........................    3.4    4.3    4.4    7.0    5.5    5.7   10.6   11.7   11.4   13.7    9.0    6.1    8.1    8.1    9.1    9.0    6.1    -.2
  Change in private inventories........  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....

Net exports of goods and services......  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....
  Exports..............................   -9.5   -4.0    1.6    3.8    1.1   -1.9     .1    5.8    9.1   11.2    9.6    7.0    6.4    7.2    6.8    6.7    9.0    7.4
    Goods..............................  -12.2   -4.9    1.1    1.1    2.0   -1.6    -.1    7.1    8.4   10.4   10.3    7.0    6.6    8.1    7.0    8.3   11.2    8.5
    Services...........................   -2.8   -2.0    2.8   10.2   -1.0   -2.4     .5    3.0   10.9   13.2    7.9    7.1    5.9    5.0    6.3    3.1    4.0    5.0
  Imports..............................   -4.1    2.1    6.4    9.7    5.3    3.3    2.8    4.8    8.8   11.7   11.9   10.6    9.0    5.4    4.9    5.2    6.4    6.1
    Goods..............................   -5.0    3.2    7.2    9.9    6.4    4.7    3.2    5.3    9.0   11.2   12.3   11.2    9.8    6.0    5.5    5.8    6.9    6.2
    Services...........................     .7   -3.0    2.4    8.8     .1   -3.3    1.0    2.2    7.9   14.7   10.1    7.6    4.8    2.5    2.0    1.9    3.7    5.3

Government consumption expenditures
 and gross investment..................    4.7    4.0    4.9    4.0    2.6    2.9    2.7    1.7    2.8    1.8    1.8    1.1     .8     .5    1.0    1.2    2.1    1.9
  Federal..............................    5.9    6.7    7.5    7.8    6.3    8.0    7.3    5.5    7.4    3.3    4.4    2.3    1.3     .8    1.9    2.1    3.4    2.4
    National defense...................    5.6    7.4    7.9    8.4    6.3   11.7    9.1    7.5   11.1    3.3    7.0    2.5    1.4    1.6    2.1    1.9    2.9    2.0
    Nondefense.........................    6.3    5.5    6.8    6.8    6.5    1.3    4.0    1.9     .6    3.2    -.5    1.8    1.2    -.7    1.5    2.4    4.2    3.3
  State and local......................    4.1    2.6    3.6    2.1     .7     .2     .3    -.4     .3    1.0     .3     .4     .5     .3     .5     .8    1.3    1.6

Addenda:
  Final sales of domestic product......    1.0    1.2    1.7     .8    1.1    1.8    3.2    3.7    4.2    3.7    3.0    3.1    3.1    3.9    4.0    3.2    3.8    2.9
  Gross domestic purchases.............    1.4    1.9    2.8    2.7    2.0    2.3    3.3    3.6    4.5    4.9    4.0    4.1    3.8    3.0    3.3    3.1    3.6    3.5
  Final sales to domestic purchasers...    1.4    1.9    2.3    1.6    1.7    2.4    3.4    3.7    4.4    4.2    3.6    3.8    3.6    3.8    3.8    3.2    3.7    3.0
  Gross national product...............     .9    1.0    2.3    1.6    1.6    2.2    3.3    3.9    4.6    4.3    3.3    2.9    3.0    3.0    3.4    3.0    3.6  .....
  Real disposable personal income......    3.7    4.6    1.4    2.9     .6    1.3    3.3    3.7    4.2    3.6    2.7    4.1    2.1    1.6     .8     .3    1.7    1.9

  Price indexes:
    Gross domestic purchases...........    1.3    1.4    1.6    1.9    2.6    2.1    2.3    2.2    2.2    3.1    3.2    3.7    3.4    3.2    3.6    3.6    3.5    3.6
    Gross domestic purchases excluding
     food and energy...................    2.0    1.9    1.9    1.7    1.9    1.8    1.9    1.9    2.1    2.6    2.8    3.0    3.0    2.8    2.8    2.8    2.7    2.8
    GDP................................    2.0    1.6    1.6    1.7    2.1    2.1    2.2    2.2    2.3    2.9    2.9    3.2    3.1    2.8    3.1    3.1    3.1    3.3
    GDP excluding food and energy......    2.3    2.1    2.0    1.9    2.0    1.9    1.9    1.9    2.1    2.6    2.9    3.1    3.1    2.9    2.9    3.0    2.9    3.1
    PCE................................    1.2    1.2    1.5    1.8    2.3    1.8    1.9    1.9    2.0    2.8    2.7    3.0    2.7    2.6    3.1    3.1    3.0    3.3
    PCE excluding food and energy......    1.8    1.8    1.9    1.6    1.5    1.4    1.3    1.4    1.8    2.1    2.1    2.2    2.2    2.0    2.0    2.1    2.0    2.3
    Market-based PCE\1\................     .7     .9    1.1    1.7    2.3    1.7    1.8    1.6    1.7    2.4    2.3    2.7    2.5    2.4    3.1    3.0    2.9    3.2
    Market-based PCE excluding food
     and energy\1\.....................    1.5    1.5    1.5    1.4    1.3    1.2    1.1    1.0    1.3    1.5    1.4    1.7    1.8    1.7    1.7    1.8    1.6    1.9
---------------------------------------------------------------------------------------------------------------------------------------------------------------------
  1. This index is a supplemental measure that is based on household
expenditures for which there are observable price measures.  It
excludes most implicit prices (for example, the services furnished
without payment by financial intermediaries) and the expenses of
nonprofit institutions.

                      Table 9.--Relation of Gross Domestic Product, Gross National Product, and National Income
                                 [Billions of dollars; 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

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

Less: Consumption of fixed capital.........  1,292.0  1,336.5  1,436.2  1,604.8  1,282.0  1,288.2  1,294.9  1,302.7  1,317.0  1,329.5
Less: Statistical discrepancy..............    -21.0     48.8     66.7     71.0    -53.6    -56.7     14.6     11.7     21.3     21.1

Equals: National income....................  9,229.3  9,632.3 10,255.9 10,811.8  9,131.1  9,211.7  9,247.5  9,326.7  9,406.7  9,537.9
  Compensation of employees................  6,091.2  6,325.4  6,650.3  7,030.3  6,025.3  6,091.5  6,114.5  6,133.4  6,202.4  6,289.0
    Wage and salary accruals...............  4,980.9  5,127.7  5,377.1  5,664.8  4,961.2  4,989.4  4,988.5  4,984.5  5,032.4  5,098.7
    Supplements to wages and salaries......  1,110.3  1,197.7  1,273.2  1,365.5  1,064.2  1,102.1  1,126.0  1,148.9  1,170.0  1,190.3
  Proprietors' income with inventory
   valuation and capital consumption
   adjustments.............................    768.4    811.3    911.1    970.7    763.0    763.5    769.1    778.1    779.1    801.6
  Rental income of persons with capital
   consumption adjustment..................    152.9    133.0    127.0     72.8    172.1    167.7    142.9    129.2    137.4    130.5
  Corporate profits with inventory
   valuation and capital consumption
   adjustments.............................    886.3    993.1  1,182.6  1,330.7    829.4    864.3    895.4    956.1    923.6    956.2
  Net interest and miscellaneous payments..    520.9    524.7    485.1    483.4    545.8    519.3    507.0    511.5    529.1    529.6
  Taxes on production and imports less
   subsidies...............................    724.4    759.3    819.4    865.1    706.1    720.8    733.3    737.2    745.5    744.6
  Business current transfer payments.......     84.3     83.8     85.5     74.2     91.1     85.8     81.4     78.8     84.1     83.8
  Current surplus of government
   enterprises.............................       .9      1.7     -5.0    -15.4     -1.6     -1.2      4.0      2.3      5.4      2.5

Addendum:
  Gross domestic income.................... 10,490.6 10,912.0 11,645.8 12,384.8 10,386.9 10,483.3 10,512.8 10,579.4 10,684.3 10,810.8
-------------------------------------------------------------------------------------------------------------------------------------

                         Table 9.--Relation of Gross Domestic Product, Gross National Product, and National Income--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

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    .....

Less: Consumption of fixed capital.........  1,342.6  1,357.0  1,373.2  1,394.5  1,534.9  1,442.0  1,467.8  1,491.1  1,898.0  1,562.5  1,548.0  1,561.9
Less: Statistical discrepancy..............     97.9     54.9     43.9     88.2     66.8     67.8     37.4     88.1     84.5     74.3     23.1    .....

Equals: National income....................  9,699.3  9,885.4 10,084.3 10,207.0 10,243.5 10,488.6 10,702.3 10,795.4 10,643.2 11,106.2 11,466.2    .....
  Compensation of employees................  6,365.8  6,444.3  6,521.9  6,590.2  6,689.6  6,799.4  6,889.6  6,953.7  7,093.6  7,184.4  7,315.3  7,426.6
    Wage and salary accruals...............  5,159.3  5,220.4  5,276.4  5,328.1  5,408.1  5,495.8  5,555.7  5,601.3  5,715.2  5,787.0  5,890.9  5,982.4
    Supplements to wages and salaries......  1,206.6  1,223.9  1,245.5  1,262.1  1,281.5  1,303.5  1,333.9  1,352.4  1,378.4  1,397.4  1,424.4  1,444.2
  Proprietors' income with inventory
   valuation and capital consumption
   adjustments.............................    823.5    840.8    877.5    910.2    915.1    941.5    952.8    965.8    967.3    996.8  1,008.3  1,017.3
  Rental income of persons with capital
   consumption adjustment..................    116.3    147.6    140.1    132.0    112.7    123.4    118.5    102.8    -11.5     81.5     76.8     68.0
  Corporate profits with inventory
   valuation and capital consumption
   adjustments.............................  1,016.2  1,076.5  1,158.1  1,183.3  1,154.0  1,234.9  1,320.0  1,342.9  1,266.3  1,393.5  1,569.1    .....
  Net interest and miscellaneous payments..    526.4    513.7    501.8    493.4    475.7    469.4    483.7    477.1    482.9    490.0    514.8    510.4
  Taxes on production and imports less
   subsidies...............................    766.4    780.7    801.7    815.4    822.9    837.4    849.4    864.7    872.1    874.2    897.4    913.0
  Business current transfer payments.......     84.1     83.3     85.4     86.1     79.1     91.2     97.6     99.9       .2     99.1     93.8     94.5
  Current surplus of government
   enterprises.............................       .5     -1.5     -2.3     -3.6     -5.6     -8.6     -9.1    -11.3    -27.7    -13.3     -9.2     -9.3

Addendum:
  Gross domestic income.................... 10,988.2 11,164.7 11,387.0 11,561.0 11,732.6 11,902.5 12,135.8 12,258.1 12,489.0 12,656.2 12,985.2    .....
-------------------------------------------------------------------------------------------------------------------------------------------------------

                                           Table 10.--Personal Income and Its Disposition
                                 [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
-------------------------------------------------------------------------------------------------------------------------------------
Personal income\1\.........................  8,881.9  9,163.6  9,731.4 10,239.2  8,814.7  8,892.0  8,895.4  8,925.5  8,998.2  9,111.3

  Compensation of employees, received......  6,091.2  6,310.4  6,665.3  7,030.3  6,025.3  6,091.5  6,114.5  6,133.4  6,191.0  6,275.4
    Wage and salary disbursements..........  4,980.9  5,112.7  5,392.1  5,664.8  4,961.2  4,989.4  4,988.5  4,984.5  5,021.0  5,085.1
    Supplements to wages and salaries......  1,110.3  1,197.7  1,273.2  1,365.5  1,064.2  1,102.1  1,126.0  1,148.9  1,170.0  1,190.3
  Proprietors' income with inventory
   valuation and capital consumption
   adjustments.............................    768.4    811.3    911.1    970.7    763.0    763.5    769.1    778.1    779.1    801.6
    Farm...................................     10.6     29.2     36.2     30.2      8.9      4.0     11.0     18.4     21.8     30.5
    Nonfarm................................    757.8    782.1    874.9    940.4    754.1    759.4    758.1    759.7    757.4    771.2
  Rental income of persons with capital
   consumption adjustment..................    152.9    133.0    127.0     72.8    172.1    167.7    142.9    129.2    137.4    130.5
  Personal income receipts on assets.......  1,333.2  1,336.6  1,427.9  1,519.4  1,340.6  1,336.5  1,327.4  1,328.5  1,329.1  1,334.9
    Personal interest income...............    936.1    914.1    890.8    945.0    960.1    942.4    923.3    918.4    919.7    919.6
    Personal dividend income...............    397.2    422.6    537.1    574.4    380.5    394.1    404.1    410.0    409.4    415.3
  Personal current transfer receipts.......  1,286.2  1,351.0  1,426.5  1,526.6  1,260.9  1,284.0  1,292.7  1,307.1  1,327.0  1,344.0

  Less: Contributions for government
   social insurance........................    750.0    778.6    826.4    880.6    747.1    751.1    751.1    750.9    765.4    775.0

Less: Personal current taxes...............  1,051.8  1,001.1  1,049.8  1,203.1  1,063.2  1,050.3  1,050.0  1,043.8  1,022.7  1,023.7

Equals: Disposable personal income.........  7,830.1  8,162.5  8,681.6  9,036.1  7,751.5  7,841.7  7,845.4  7,881.7  7,975.5  8,087.6

Less: Personal outlays.....................  7,645.3  7,987.7  8,507.2  9,070.9  7,526.1  7,620.5  7,692.4  7,742.4  7,826.4  7,913.7

Equals: Personal saving....................    184.7    174.9    174.3    -34.8    225.4    221.2    153.0    139.3    149.1    173.9

  Personal saving as a percentage of
   disposable personal income..............      2.4      2.1      2.0      -.4      2.9      2.8      2.0      1.8      1.9      2.2

Addendum:
  Disposable personal income, billions of
   chained (2000) dollars\2\...............  7,562.2  7,729.9  8,010.8  8,104.6  7,549.9  7,585.2  7,555.5  7,559.3  7,591.7  7,685.7
-------------------------------------------------------------------------------------------------------------------------------------
  1. Personal income is also equal to national income less corporate
profits with inventory valuation and capital consumption adjustments,
taxes on production and imports less subsidies, contributions for
government social insurance, net interest and miscellaneous payments,
business current transfer payments, current surplus of government
enterprises, and wage accruals less disbursements, plus personal
income receipts on assets, and personal current transfer receipts.
  2. Equals disposable personal income deflated by the implicit price
deflator for personal consumption expenditures.

                                               Table 10.--Personal Income and Its Disposition--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
-------------------------------------------------------------------------------------------------------------------------------------------------------
Personal income\1\.........................  9,203.6  9,341.3  9,497.7  9,640.5  9,767.9 10,019.4 10,048.8 10,161.5 10,262.7 10,483.7 10,647.5 10,812.9

  Compensation of employees, received......  6,340.8  6,434.3  6,525.4  6,611.7  6,714.6  6,809.4  6,889.6  6,953.7  7,093.6  7,184.4  7,315.3  7,426.6
    Wage and salary disbursements..........  5,134.3  5,210.4  5,279.9  5,349.6  5,433.1  5,505.8  5,555.7  5,601.3  5,715.2  5,787.0  5,890.9  5,982.4
    Supplements to wages and salaries......  1,206.6  1,223.9  1,245.5  1,262.1  1,281.5  1,303.5  1,333.9  1,352.4  1,378.4  1,397.4  1,424.4  1,444.2
  Proprietors' income with inventory
   valuation and capital consumption
   adjustments.............................    823.5    840.8    877.5    910.2    915.1    941.5    952.8    965.8    967.3    996.8  1,008.3  1,017.3
    Farm...................................     32.1     32.5     38.1     39.5     32.9     34.3     33.9     28.7     29.7     28.7     23.9     19.5
    Nonfarm................................    791.5    808.3    839.4    870.6    882.2    907.3    918.9    937.1    937.7    968.1    984.4    997.8
  Rental income of persons with capital
   consumption adjustment..................    116.3    147.6    140.1    132.0    112.7    123.4    118.5    102.8    -11.5     81.5     76.8     68.0
  Personal income receipts on assets.......  1,339.5  1,343.1  1,366.1  1,389.8  1,415.7  1,539.8  1,464.3  1,500.5  1,532.7  1,580.2  1,602.3  1,649.9
    Personal interest income...............    914.6    902.4    892.8    889.0    889.1    892.3    912.3    934.8    951.2    981.7    989.1  1,021.4
    Personal dividend income...............    424.9    440.7    473.4    500.8    526.6    647.5    552.0    565.7    581.5    598.5    613.2    628.5
  Personal current transfer receipts.......  1,365.5  1,367.6  1,399.3  1,416.7  1,441.7  1,448.4  1,487.3  1,510.1  1,569.0  1,539.8  1,570.4  1,589.9

  Less: Contributions for government
   social insurance........................    782.1    791.9    810.8    819.8    831.8    843.1    863.6    871.5    888.5    898.9    925.6    938.9

Less: Personal current taxes...............    942.6  1,015.4  1,016.0  1,033.4  1,061.6  1,088.2  1,157.9  1,191.8  1,215.0  1,247.6  1,326.0  1,373.2

Equals: Disposable personal income.........  8,261.0  8,326.0  8,481.6  8,607.1  8,706.3  8,931.2  8,890.9  8,969.7  9,047.7  9,236.1  9,321.5  9,439.7

Less: Personal outlays.....................  8,067.0  8,143.5  8,302.7  8,438.7  8,565.1  8,722.3  8,838.5  9,000.4  9,180.3  9,264.5  9,418.5  9,580.7

Equals: Personal saving....................    194.0    182.5    178.9    168.3    141.2    208.9     52.5    -30.8   -132.6    -28.5    -97.0   -141.0

  Personal saving as a percentage of
   disposable personal income..............      2.3      2.2      2.1      2.0      1.6      2.3       .6      -.3     -1.5      -.3     -1.0     -1.5

Addendum:
  Disposable personal income, billions of
   chained (2000) dollars\2\...............  7,804.8  7,837.3  7,912.4  7,958.8  8,013.3  8,158.8  8,076.6  8,085.8  8,074.1  8,183.3  8,217.4  8,237.5
-------------------------------------------------------------------------------------------------------------------------------------------------------
  1. Personal income is also equal to national income less corporate
profits with inventory valuation and capital consumption adjustments,
taxes on production and imports less subsidies, contributions for
government social insurance, net interest and miscellaneous payments,
business current transfer payments, current surplus of government
enterprises, and wage accruals less disbursements, plus personal
income receipts on assets, and personal current transfer receipts.
  2. Equals disposable personal income deflated by the implicit price
deflator for personal consumption expenditures.

                                                 Table 11A.--Corporate Profits
                                                     [Billions of dollars]
-------------------------------------------------------------------------------------------------------------------------------
                                          2002     2003     2004     2005     I 02    II 02   III 02    IV 02     I 03    II 03
-------------------------------------------------------------------------------------------------------------------------------
Corporate profits with inventory
 valuation and capital consumption
 adjustments.........................    886.3    993.1  1,182.6  1,330.7    829.4    864.3    895.4    956.1    923.6    956.2

Less: Taxes on corporate income......    192.6    243.3    300.1    399.3    174.9    188.5    196.9    210.2    234.1    228.9

Equals: Profits after tax with
 inventory valuation and capital
 consumption adjustments.............    693.7    749.9    882.5    931.4    654.5    675.8    698.5    746.0    689.5    727.4
  Net dividends......................    399.2    424.7    539.5    576.9    382.5    396.1    406.1    412.0    411.7    417.4
  Undistributed profits with
   inventory valuation and
   capital consumption
   adjustments.......................    294.5    325.1    343.0    354.5    272.0    279.7    292.4    334.0    277.8    310.0

Cash flow:
  Net cash flow with inventory
   valuation and capital
   consumption adjustments...........  1,036.6  1,084.9  1,139.2  1,211.3  1,013.7  1,021.2  1,034.3  1,077.2  1,030.0  1,067.0
    Undistributed profits with
     inventory valuation and
     capital consumption
     adjustments.....................    294.5    325.1    343.0    354.5    272.0    279.7    292.4    334.0    277.8    310.0
    Consumption of fixed capital.....    742.1    759.8    796.2    856.8    741.7    741.5    741.9    743.3    752.1    757.0

  Less: Inventory valuation
   adjustment........................     -2.2    -13.6    -39.8    -32.6     13.3     -1.6    -11.8     -8.8    -25.8     -3.3

  Equals: Net cash flow..............  1,038.9  1,098.5  1,178.9  1,243.9  1,000.4  1,022.8  1,046.1  1,086.1  1,055.8  1,070.3

Addenda:
  Profits before tax (without
   inventory valuation and capital
   consumption adjustments)..........    768.4    908.1  1,144.3  1,518.7    693.8    742.1    786.4    851.5    859.4    851.1
  Profits after tax (without
   inventory valuation and capital
   consumption adjustments)..........    575.8    664.8    844.2  1,119.4    518.9    553.6    589.5    641.3    625.3    622.2
  Inventory valuation adjustment.....     -2.2    -13.6    -39.8    -32.6     13.3     -1.6    -11.8     -8.8    -25.8     -3.3
  Capital consumption adjustment.....    120.1     98.7     78.1   -155.5    122.4    123.8    120.8    113.4     90.0    108.4
-------------------------------------------------------------------------------------------------------------------------------

                                                Table 11A.--Corporate Profits--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
----------------------------------------------------------------------------------------------------------------------------------------
Corporate profits with inventory
 valuation and capital consumption
 adjustments.........................  1,016.2  1,076.5  1,158.1  1,183.3  1,154.0  1,234.9  1,320.0  1,342.9  1,266.3  1,393.5  1,569.1

Less: Taxes on corporate income......    245.5    264.7    281.3    303.0    297.8    318.1    400.9    392.8    378.9    424.6    456.9

Equals: Profits after tax with
 inventory valuation and capital
 consumption adjustments.............    770.7    811.8    876.8    880.2    856.2    916.8    919.0    950.1    887.5    968.9  1,112.1
  Net dividends......................    427.1    442.8    475.5    503.0    529.0    650.5    554.3    568.2    584.0    601.0    615.7
  Undistributed profits with
   inventory valuation and
   capital consumption
   adjustments.......................    343.6    369.0    401.3    377.2    327.2    266.2    364.7    381.9    303.5    367.9    496.4

Cash flow:
  Net cash flow with inventory
   valuation and capital
   consumption adjustments...........  1,105.9  1,136.9  1,173.2  1,157.0  1,159.5  1,066.9  1,181.0  1,209.8  1,230.7  1,223.9  1,349.2
    Undistributed profits with
     inventory valuation and
     capital consumption
     adjustments.....................    343.6    369.0    401.3    377.2    327.2    266.2    364.7    381.9    303.5    367.9    496.4
    Consumption of fixed capital.....    762.3    767.9    771.9    779.8    832.3    800.7    816.3    827.9    927.2    856.0    852.8

  Less: Inventory valuation
   adjustment........................     -5.3    -19.9    -30.0    -47.5    -38.6    -43.1    -39.2    -21.0    -30.9    -39.2    -22.9

  Equals: Net cash flow..............  1,111.2  1,156.8  1,203.1  1,204.5  1,198.1  1,110.0  1,220.2  1,230.8  1,261.5  1,263.2  1,372.1

Addenda:
  Profits before tax (without
   inventory valuation and capital
   consumption adjustments)..........    918.3  1,003.5  1,091.7  1,144.7  1,125.5  1,215.2  1,492.3  1,508.3  1,475.8  1,598.3  1,740.6
  Profits after tax (without
   inventory valuation and capital
   consumption adjustments)..........    672.7    738.9    810.3    841.7    827.7    897.1  1,091.3  1,115.5  1,096.9  1,173.7  1,283.7
  Inventory valuation adjustment.....     -5.3    -19.9    -30.0    -47.5    -38.6    -43.1    -39.2    -21.0    -30.9    -39.2    -22.9
  Capital consumption adjustment.....    103.3     92.9     96.4     86.0     67.1     62.8   -133.1   -144.5   -178.6   -165.6   -148.6
----------------------------------------------------------------------------------------------------------------------------------------

                              Table 11B.--Corporate Profits: Percent Change From Preceding Period
                                                       [Quarterly rates]
-------------------------------------------------------------------------------------------------------------------------------
                                          2002     2003     2004     2005     I 02    II 02   III 02    IV 02     I 03    II 03
-------------------------------------------------------------------------------------------------------------------------------
Corporate profits with inventory
 valuation and capital consumption
 adjustments.........................     15.5     12.1     19.1     12.5      4.6      4.2      3.6      6.8     -3.4      3.5

Less: Taxes on corporate income......     -5.6     26.3     23.3     33.1     -2.0      7.8      4.5      6.7     11.4     -2.2

Equals: Profits after tax with
 inventory valuation and capital
 consumption adjustments.............     23.2      8.1     17.7      5.5      6.5      3.3      3.4      6.8     -7.6      5.5
  Net dividends......................      7.6      6.4     27.0      6.9      3.8      3.6      2.5      1.5      -.1      1.4
  Undistributed profits with
   inventory valuation and
   capital consumption
   adjustments.......................     53.2     10.4      5.5      3.4     10.5      2.8      4.5     14.2    -16.8     11.6

Cash flow:
  Net cash flow with inventory
   valuation and capital
   consumption adjustments...........      9.7      4.7      5.0      6.3      1.9       .7      1.3      4.2     -4.4      3.6
    Undistributed profits with
     inventory valuation and
     capital consumption
     adjustments.....................     53.2     10.4      5.5      3.4     10.5      2.8      4.5     14.2    -16.8     11.6
    Consumption of fixed capital.....     -1.4      2.4      4.8      7.6     -1.0       .0       .0       .2      1.2       .6

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

  Equals: Net cash flow..............     11.3      5.7      7.3      5.5      3.7      2.2      2.3      3.8     -2.8      1.4

Addenda:
  Profits before tax (without
   inventory valuation and capital
   consumption adjustments)..........      8.5     18.2     26.0     32.7      6.6      7.0      6.0      8.3       .9     -1.0
  Profits after tax (without
   inventory valuation and capital
   consumption adjustments)..........     14.3     15.5     27.0     32.6      9.8      6.7      6.5      8.8     -2.5      -.5
  Inventory valuation adjustment.....    .....    .....    .....    .....    .....    .....    .....    .....    .....    .....
  Capital consumption adjustment.....    .....    .....    .....    .....    .....    .....    .....    .....    .....    .....
-------------------------------------------------------------------------------------------------------------------------------

                             Table 11B.--Corporate Profits: Percent Change From Preceding Period--Continued
                                                           [Quarterly rates]
----------------------------------------------------------------------------------------------------------------------------------------
                                        III 03    IV 03     I 04    II 04   III 04    IV 04     I 05    II 05   III 05    IV 05     I 06
----------------------------------------------------------------------------------------------------------------------------------------
Corporate profits with inventory
 valuation and capital consumption
 adjustments.........................      6.3      5.9      7.6      2.2     -2.5      7.0      6.9      1.7     -5.7     10.0     12.6

Less: Taxes on corporate income......      7.3      7.8      6.3      7.7     -1.7      6.8     26.0     -2.0     -3.5     12.1      7.6

Equals: Profits after tax with
 inventory valuation and capital
 consumption adjustments.............      6.0      5.3      8.0       .4     -2.7      7.1       .2      3.4     -6.6      9.2     14.8
  Net dividends......................      2.3      3.7      7.4      5.8      5.2     23.0    -14.8      2.5      2.8      2.9      2.5
  Undistributed profits with
   inventory valuation and
   capital consumption
   adjustments.......................     10.9      7.4      8.8     -6.0    -13.3    -18.6     37.0      4.7    -20.5     21.2     34.9

Cash flow:
  Net cash flow with inventory
   valuation and capital
   consumption adjustments...........      3.6      2.8      3.2     -1.4       .2     -8.0     10.7      2.4      1.7      -.5     10.2
    Undistributed profits with
     inventory valuation and
     capital consumption
     adjustments.....................     10.9      7.4      8.8     -6.0    -13.3    -18.6     37.0      4.7    -20.5     21.2     34.9
    Consumption of fixed capital.....       .7       .7       .5      1.0      6.7     -3.8      1.9      1.4     12.0     -7.7      -.4

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

  Equals: Net cash flow..............      3.8      4.1      4.0       .1      -.5     -7.4      9.9       .9      2.5       .1      8.6

Addenda:
  Profits before tax (without
   inventory valuation and capital
   consumption adjustments)..........      7.9      9.3      8.8      4.9     -1.7      8.0     22.8      1.1     -2.2      8.3      8.9
  Profits after tax (without
   inventory valuation and capital
   consumption adjustments)..........      8.1      9.8      9.7      3.9     -1.7      8.4     21.7      2.2     -1.7      7.0      9.4
  Inventory valuation adjustment.....    .....    .....    .....    .....    .....    .....    .....    .....    .....    .....    .....
  Capital consumption adjustment.....    .....    .....    .....    .....    .....    .....    .....    .....    .....    .....    .....
----------------------------------------------------------------------------------------------------------------------------------------

                                          Table 12A.--Corporate Profits by Industry
                             [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
------------------------------------------------------------------------------------------------------------------------------
    Corporate profits with
     inventory valuation and
     capital consumption
     adjustments....................    886.3    993.1  1,182.6  1,330.7    829.4    864.3    895.4    956.1    923.6    956.2

Domestic industries.................    730.5    827.7  1,006.3  1,133.7    674.4    717.1    740.8    789.6    774.4    797.3
  Financial.........................    301.1    335.6    353.7    369.4    303.8    303.6    299.3    297.8    321.0    327.5
  Nonfinancial......................    429.4    492.1    652.6    764.2    370.6    413.5    441.5    491.8    453.4    469.8

Rest of the world...................    155.8    165.5    176.3    197.0    155.0    147.1    154.6    166.5    149.2    158.9
  Receipts from the rest of the
   world............................    204.4    249.1    302.0    338.0    191.6    202.5    217.3    206.2    229.5    236.3
  Less: Payments to the rest of the
   world............................     48.6     83.6    125.8    141.0     36.6     55.4     62.8     39.7     80.3     77.4

    Corporate profits with
     inventory valuation adjustment.    766.2    894.5  1,104.5  1,486.1    707.0    740.5    774.5    842.7    833.6    847.8

Domestic industries.................    610.4    729.0    928.2  1,289.1    552.0    593.3    620.0    676.2    684.4    688.9
  Financial.........................    276.4    317.3    344.2    389.0    277.9    277.7    274.6    275.3    301.6    307.3
    Federal Reserve banks...........     23.7     20.1     20.0     26.6     24.2     24.5     23.6     22.4     21.8     20.8
    Other financial.................    252.7    297.2    324.1    362.5    253.6    253.3    251.0    252.9    279.8    286.5

  Nonfinancial......................    334.0    411.8    584.0    900.1    274.2    315.6    345.4    400.9    382.8    381.6
    Utilities.......................     10.6     11.6     16.2     30.3      7.1     10.1     12.6     12.8     11.5     10.5
    Manufacturing...................     48.2     76.0    150.2    254.8     27.8     40.0     55.0     70.0     63.6     55.2
      Durable goods.................     -9.9     -5.9     31.3     73.8    -30.6    -13.9      -.2      5.3     -6.8    -13.3
        Fabricated metal products...      8.9      7.9     12.3     20.6      8.4      8.9      8.6      9.8      7.1      8.8
        Machinery...................      1.7      1.5      7.0     13.8      2.0      1.3      1.9      1.5      -.3      1.6
        Computer and electronic
         products...................    -35.3    -15.6     -6.7      3.9    -49.2    -39.7    -28.4    -23.9    -20.5    -19.0
        Electrical equipment,
         appliances, and components.      -.1      2.1       .2      5.7       .3     -1.3       .0       .5      1.6      1.9
        Motor vehicles, bodies and
         trailers, and parts........     -5.0    -12.3    -11.2    -17.9    -10.5     -1.1     -2.9     -5.5     -6.0    -13.5
        Other durable goods.........     20.0     10.5     29.7     47.7     18.4     17.9     20.7     22.9     11.5      6.9

      Nondurable goods..............     58.1     81.9    118.9    181.0     58.4     54.0     55.2     64.8     70.3     68.6
        Food and beverage and
         tobacco products...........     24.9     23.6     22.4     28.5     27.9     25.7     25.5     20.6     20.6     23.6
        Petroleum and coal products.      1.6     23.3     49.3     70.4      4.8       .8      -.2       .9     18.2     15.0
        Chemical products...........     18.4     19.5     23.8     45.3     16.4     16.4     18.2     22.8     17.2     17.5
        Other nondurable goods......     13.2     15.5     23.4     36.8      9.4     11.0     11.7     20.5     14.3     12.4

    Wholesale trade.................     49.3     55.2     69.9     97.6     48.5     52.6     45.3     50.7     47.3     47.2
    Retail trade....................     79.4     86.8     89.3    113.7     75.7     79.7     80.2     82.1     80.9     89.7
    Transportation and warehousing..      -.9      7.3     11.8     21.0     -1.3     -3.8     -2.0      3.4      3.5      8.6
    Information.....................     -8.5      3.2     37.7     77.5    -17.5    -11.4     -7.8      2.7     -5.1      1.8
    Other nonfinancial..............    155.8    171.7    208.8    305.2    133.8    148.4    162.1    179.2    181.0    168.7

Rest of the world...................    155.8    165.5    176.3    197.0    155.0    147.1    154.6    166.5    149.2    158.9
------------------------------------------------------------------------------------------------------------------------------
 Note. Estimates in this table are based on the 1997 North
 American Industry Classification System (NAICS).

                                         Table 12A.--Corporate Profits by Industry--Continued
                                  [Billions of dollars; quarters seasonally adjusted at annual rates]
---------------------------------------------------------------------------------------------------------------------------------------
                                       III 03    IV 03     I 04    II 04   III 04    IV 04     I 05    II 05   III 05    IV 05     I 06
---------------------------------------------------------------------------------------------------------------------------------------
    Corporate profits with
     inventory valuation and
     capital consumption
     adjustments....................  1,016.2  1,076.5  1,158.1  1,183.3  1,154.0  1,234.9  1,320.0  1,342.9  1,266.3  1,393.5  1,569.1

Domestic industries.................    853.1    885.9    973.3  1,013.4    971.4  1,067.0  1,136.9  1,157.7  1,042.9  1,197.2  1,343.0
  Financial.........................    344.6    349.2    367.8    364.8    296.0    386.1    417.5    373.3    296.1    390.8    442.2
  Nonfinancial......................    508.6    536.6    605.6    648.7    675.4    681.0    719.4    784.3    746.8    806.4    900.9

Rest of the world...................    163.1    190.6    184.8    169.8    182.6    167.8    183.0    185.2    223.4    196.3    226.1
  Receipts from the rest of the
   world............................    250.3    280.2    288.0    297.4    304.3    318.4    320.1    327.4    344.0    360.6    376.3
  Less: Payments to the rest of the
   world............................     87.2     89.5    103.3    127.6    121.7    150.5    137.1    142.2    120.5    164.2    150.2

    Corporate profits with
     inventory valuation adjustment.    912.9    983.6  1,061.7  1,097.2  1,086.9  1,172.1  1,453.1  1,487.4  1,444.9  1,559.1  1,717.7

Domestic industries.................    749.8    793.0    876.9    927.4    904.3  1,004.3  1,270.0  1,302.2  1,221.5  1,362.8  1,491.6
  Financial.........................    326.4    333.8    354.3    353.9    288.5    380.1    433.7    391.7    317.4    413.3    463.9
    Federal Reserve banks...........     19.5     18.2     19.0     19.1     20.1     21.9     23.1     25.9     26.9     30.4     30.9
    Other financial.................    306.9    315.5    335.2    334.8    268.4    358.2    410.7    365.7    290.6    382.9    433.0

  Nonfinancial......................    423.5    459.2    522.7    573.5    615.8    624.2    836.3    910.5    904.1    949.4  1,027.7
    Utilities.......................     11.0     13.2     13.6     15.5     15.7     20.0     29.5     30.9     22.4     38.3     39.7
    Manufacturing...................     77.0    108.2    127.7    147.4    155.0    170.7    235.5    264.0    260.7    258.9    300.7
      Durable goods.................    -11.6      8.1     17.8     29.5     35.7     42.3     60.6     86.2     75.4     72.9    102.2
        Fabricated metal products...      6.9      9.1      9.8     11.7     12.3     15.4     17.4     21.2     22.8     21.2     25.7
        Machinery...................      1.4      3.4      4.7      6.4      9.0      7.9     12.1     13.7     14.5     15.0     19.1
        Computer and electronic
         products...................    -16.4     -6.5     -8.7     -5.7     -6.2     -6.3     -1.8      2.8      6.7      8.0     12.3
        Electrical equipment,
         appliances, and components.      2.3      2.6       .4       .4     -1.5      1.5      3.2      7.2      6.7      5.6      8.4
        Motor vehicles, bodies and
         trailers, and parts........    -15.5    -14.1     -7.2    -13.4    -10.3    -13.8    -15.8    -10.8    -19.8    -25.3    -18.2
        Other durable goods.........      9.7     13.7     18.8     30.2     32.4     37.6     45.5     52.2     44.5     48.5     54.9

      Nondurable goods..............     88.6    100.1    109.8    117.9    119.3    128.4    175.0    177.8    185.2    186.0    198.5
        Food and beverage and
         tobacco products...........     23.1     27.0     24.7     20.8     22.5     21.7     29.4     26.7     29.3     28.6     29.6
        Petroleum and coal products.     26.9     33.3     42.1     52.2     43.7     59.0     65.1     66.4     74.2     76.0     74.5
        Chemical products...........     22.1     21.0     22.1     22.2     27.8     23.1     47.1     46.4     43.3     44.4     54.1
        Other nondurable goods......     16.5     18.8     20.9     22.7     25.3     24.7     33.3     38.3     38.4     37.0     40.1

    Wholesale trade.................     61.0     65.4     64.5     64.8     81.2     69.3     88.2    102.1     94.1    105.9    107.2
    Retail trade....................     89.5     87.3     96.6     91.5     82.5     86.7    102.6    107.3    115.9    129.1    123.0
    Transportation and warehousing..      8.0      9.0     13.5     18.2     10.1      5.6     19.9     22.0     23.1     19.0     27.3
    Information.....................     11.3      4.8     10.8     39.0     55.4     45.8     68.6     79.9     77.8     83.6     89.8
    Other nonfinancial..............    165.7    171.2    196.0    197.2    216.0    226.0    291.9    304.3    310.1    314.6    340.1

Rest of the world...................    163.1    190.6    184.8    169.8    182.6    167.8    183.0    185.2    223.4    196.3    226.1
---------------------------------------------------------------------------------------------------------------------------------------
 Note. Estimates in this table are based on the 1997 North
 American Industry Classification System (NAICS).

              Table 12B.--Corporate Profits by Industry: Change From Preceding Period
                                       [Billions of dollars]
---------------------------------------------------------------------------------------------------
                                       2002   2003   2004   2005  II 02 III 02  IV 02   I 03  II 03
---------------------------------------------------------------------------------------------------
    Corporate profits with
     inventory valuation and
     capital consumption
     adjustments....................  119.0  106.8  189.5  148.1   34.9   31.1   60.7  -32.5   32.6

Domestic industries.................  132.9   97.2  178.6  127.4   42.7   23.7   48.8  -15.2   22.9
  Financial.........................   60.7   34.5   18.1   15.7    -.2   -4.3   -1.5   23.2    6.5
  Nonfinancial......................   72.2   62.7  160.5  111.6   42.9   28.0   50.3  -38.4   16.4

Rest of the world...................  -13.9    9.7   10.8   20.7   -7.9    7.5   11.9  -17.3    9.7
  Receipts from the rest of the
   world............................   21.8   44.7   52.9   36.0   10.9   14.8  -11.1   23.3    6.8
  Less: Payments to the rest of the
   world............................   35.7   35.0   42.2   15.2   18.8    7.4  -23.1   40.6   -2.9

    Corporate profits with
     inventory valuation adjustment.   47.0  128.3  210.0  381.6   33.5   34.0   68.2   -9.1   14.2

Domestic industries.................   60.9  118.6  199.2  360.9   41.3   26.7   56.2    8.2    4.5
  Financial.........................   48.8   40.9   26.9   44.8    -.2   -3.1     .7   26.3    5.7
    Federal Reserve banks...........   -4.6   -3.6    -.1    6.6     .3    -.9   -1.2    -.6   -1.0
    Other financial.................   53.4   44.5   26.9   38.4    -.3   -2.3    1.9   26.9    6.7

  Nonfinancial......................   12.0   77.8  172.2  316.1   41.4   29.8   55.5  -18.1   -1.2
    Utilities.......................  -14.1    1.0    4.6   14.1    3.0    2.5     .2   -1.3   -1.0
    Manufacturing...................   -4.4   27.8   74.2  104.6   12.2   15.0   15.0   -6.4   -8.4
      Durable goods.................   15.5    4.0   37.2   42.5   16.7   13.7    5.5  -12.1   -6.5
        Fabricated metal products...   -1.0   -1.0    4.4    8.3     .5    -.3    1.2   -2.7    1.7
        Machinery...................   -1.0    -.2    5.5    6.8    -.7     .6    -.4   -1.8    1.9
        Computer and electronic
         products...................   13.2   19.7    8.9   10.6    9.5   11.3    4.5    3.4    1.5
        Electrical equipment,
         appliances, and components.   -2.0    2.2   -1.9    5.5   -1.6    1.3     .5    1.1     .3
        Motor vehicles, bodies and
         trailers, and parts........    4.2   -7.3    1.1   -6.7    9.4   -1.8   -2.6    -.5   -7.5
        Other durable goods.........    2.2   -9.5   19.2   18.0    -.5    2.8    2.2  -11.4   -4.6

      Nondurable goods..............  -19.9   23.8   37.0   62.1   -4.4    1.2    9.6    5.5   -1.7
        Food and beverage and
         tobacco products...........   -3.1   -1.3   -1.2    6.1   -2.2    -.2   -4.9     .0    3.0
        Petroleum and coal products.  -28.0   21.7   26.0   21.1   -4.0   -1.0    1.1   17.3   -3.2
        Chemical products...........    5.8    1.1    4.3   21.5     .0    1.8    4.6   -5.6     .3
        Other nondurable goods......    5.4    2.3    7.9   13.4    1.6     .7    8.8   -6.2   -1.9

    Wholesale trade.................   -2.8    5.9   14.7   27.7    4.1   -7.3    5.4   -3.4    -.1
    Retail trade....................    8.4    7.4    2.5   24.4    4.0     .5    1.9   -1.2    8.8
    Transportation and warehousing..   -2.2    8.2    4.5    9.2   -2.5    1.8    5.4     .1    5.1
    Information.....................   17.1   11.7   34.5   39.8    6.1    3.6   10.5   -7.8    6.9
    Other nonfinancial..............    9.9   15.9   37.1   96.4   14.6   13.7   17.1    1.8  -12.3

Rest of the world...................  -13.9    9.7   10.8   20.7   -7.9    7.5   11.9  -17.3    9.7
---------------------------------------------------------------------------------------------------
 Note. Estimates in this table are based on the 1997 North
 American Industry Classification System (NAICS).

               Table 12B.--Corporate Profits by Industry: Change From Preceding Period--Continued
                                              [Billions of dollars]
-----------------------------------------------------------------------------------------------------------------
                                     III 03  IV 03   I 04  II 04 III 04  IV 04   I 05  II 05 III 05  IV 05   I 06
-----------------------------------------------------------------------------------------------------------------
    Corporate profits with
     inventory valuation and
     capital consumption
     adjustments....................   60.0   60.3   81.6   25.2  -29.3   80.9   85.1   22.9  -76.6  127.2  175.6

Domestic industries.................   55.8   32.8   87.4   40.1  -42.0   95.6   69.9   20.8 -114.8  154.3  145.8
  Financial.........................   17.1    4.6   18.6   -3.0  -68.8   90.1   31.4  -44.2  -77.2   94.7   51.4
  Nonfinancial......................   38.8   28.0   69.0   43.1   26.7    5.6   38.4   64.9  -37.5   59.6   94.5

Rest of the world...................    4.2   27.5   -5.8  -15.0   12.8  -14.8   15.2    2.2   38.2  -27.1   29.8
  Receipts from the rest of the
   world............................   14.0   29.9    7.8    9.4    6.9   14.1    1.7    7.3   16.6   16.6   15.7
  Less: Payments to the rest of the
   world............................    9.8    2.3   13.8   24.3   -5.9   28.8  -13.4    5.1  -21.7   43.7  -14.0

    Corporate profits with
     inventory valuation adjustment.   65.1   70.7   78.1   35.5  -10.3   85.2  281.0   34.3  -42.5  114.2  158.6

Domestic industries.................   60.9   43.2   83.9   50.5  -23.1  100.0  265.7   32.2  -80.7  141.3  128.8
  Financial.........................   19.1    7.4   20.5    -.4  -65.4   91.6   53.6  -42.0  -74.3   95.9   50.6
    Federal Reserve banks...........   -1.3   -1.3     .8     .1    1.0    1.8    1.2    2.8    1.0    3.5     .5
    Other financial.................   20.4    8.6   19.7    -.4  -66.4   89.8   52.5  -45.0  -75.1   92.3   50.1

  Nonfinancial......................   41.9   35.7   63.5   50.8   42.3    8.4  212.1   74.2   -6.4   45.3   78.3
    Utilities.......................     .5    2.2     .4    1.9     .2    4.3    9.5    1.4   -8.5   15.9    1.4
    Manufacturing...................   21.8   31.2   19.5   19.7    7.6   15.7   64.8   28.5   -3.3   -1.8   41.8
      Durable goods.................    1.7   19.7    9.7   11.7    6.2    6.6   18.3   25.6  -10.8   -2.5   29.3
        Fabricated metal products...   -1.9    2.2     .7    1.9     .6    3.1    2.0    3.8    1.6   -1.6    4.5
        Machinery...................    -.2    2.0    1.3    1.7    2.6   -1.1    4.2    1.6     .8     .5    4.1
        Computer and electronic
         products...................    2.6    9.9   -2.2    3.0    -.5    -.1    4.5    4.6    3.9    1.3    4.3
        Electrical equipment,
         appliances, and components.     .4     .3   -2.2     .0   -1.9    3.0    1.7    4.0    -.5   -1.1    2.8
        Motor vehicles, bodies and
         trailers, and parts........   -2.0    1.4    6.9   -6.2    3.1   -3.5   -2.0    5.0   -9.0   -5.5    7.1
        Other durable goods.........    2.8    4.0    5.1   11.4    2.2    5.2    7.9    6.7   -7.7    4.0    6.4

      Nondurable goods..............   20.0   11.5    9.7    8.1    1.4    9.1   46.6    2.8    7.4     .8   12.5
        Food and beverage and
         tobacco products...........    -.5    3.9   -2.3   -3.9    1.7    -.8    7.7   -2.7    2.6    -.7    1.0
        Petroleum and coal products.   11.9    6.4    8.8   10.1   -8.5   15.3    6.1    1.3    7.8    1.8   -1.5
        Chemical products...........    4.6   -1.1    1.1     .1    5.6   -4.7   24.0    -.7   -3.1    1.1    9.7
        Other nondurable goods......    4.1    2.3    2.1    1.8    2.6    -.6    8.6    5.0     .1   -1.4    3.1

    Wholesale trade.................   13.8    4.4    -.9     .3   16.4  -11.9   18.9   13.9   -8.0   11.8    1.3
    Retail trade....................    -.2   -2.2    9.3   -5.1   -9.0    4.2   15.9    4.7    8.6   13.2   -6.1
    Transportation and warehousing..    -.6    1.0    4.5    4.7   -8.1   -4.5   14.3    2.1    1.1   -4.1    8.3
    Information.....................    9.5   -6.5    6.0   28.2   16.4   -9.6   22.8   11.3   -2.1    5.8    6.2
    Other nonfinancial..............   -3.0    5.5   24.8    1.2   18.8   10.0   65.9   12.4    5.8    4.5   25.5

Rest of the world...................    4.2   27.5   -5.8  -15.0   12.8  -14.8   15.2    2.2   38.2  -27.1   29.8
-----------------------------------------------------------------------------------------------------------------
 Note. Estimates in this table are based on the 1997 North
 American Industry Classification System (NAICS).

                                     Table 12C.--Revisions to Corporate Profits by Industry
---------------------------------------------------------------------------------------------------------------------------------
                                                               Billions of dollars
                                             ------------------------      ------------------------           Revisions as a
                                                      Revised                   Revisions to                   percentage of
                                                     estimates                   previously                     previously
                                                                                 published                      published
                                             ------------------------      ------------------------      ------------------------
                                             2003      2004      2005      2003      2004      2005      2003      2004      2005
---------------------------------------------------------------------------------------------------------------------------------
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

  Domestic industries..................     827.7   1,006.3   1,133.7     -28.1      29.7     -12.6      -3.3       3.0      -1.1
    Financial..........................     335.6     353.7     369.4       4.7      31.0      21.7       1.4       9.6       6.2
    Nonfinancial.......................     492.1     652.6     764.2     -32.8      -1.3     -34.4      -6.2       -.2      -4.3

  Rest of the world....................     165.5     176.3     197.0     -10.5      -8.6      -8.6      -6.0      -4.7      -4.2
    Receipts from the rest of the
     world.............................     249.1     302.0     338.0      -6.6      -7.5       3.8      -2.6      -2.4       1.1
    Less: Payments to the rest of the
     world.............................      83.6     125.8     141.0       3.9       1.2      12.5       4.9       1.0       9.7

Corporate profits with
 inventory valuation adjustment........     894.5   1,104.5   1,486.1     -29.4      84.8      79.3      -3.2       8.3       5.6

  Domestic industries..................     729.0     928.2   1,289.1     -18.9      93.4      87.9      -2.5      11.2       7.3
    Financial..........................     317.3     344.2     389.0       4.3      43.6      42.0       1.4      14.5      12.1
      Federal Reserve banks............      20.1      20.0      26.6       -.1       -.3       -.2       -.5      -1.5       -.7
      Other financial..................     297.2     324.1     362.5       4.4      43.8      42.2       1.5      15.6      13.2

    Nonfinancial.......................     411.8     584.0     900.1     -23.1      49.8      45.9      -5.3       9.3       5.4
      Utilities........................      11.6      16.2      30.3        .2       4.1       2.9       1.8      33.9      10.6
      Manufacturing....................      76.0     150.2     254.8      -4.7      31.3      46.9      -5.8      26.3      22.6
        Durable goods..................      -5.9      31.3      73.8      -1.8      -3.5      17.9     .....     .....     .....
        Nondurable goods...............      81.9     118.9     181.0      -2.9      34.9      29.0      -3.4      41.5      19.1

      Wholesale trade..................      55.2      69.9      97.6      -1.1       6.4       3.7      -2.0      10.1       3.9
      Retail trade.....................      86.8      89.3     113.7       -.9       -.7      -1.5      -1.0       -.8      -1.3
      Transportation and warehousing...       7.3      11.8      21.0       -.8       3.4      -7.2      -9.9      40.5     -25.5
      Information......................       3.2      37.7      77.5       5.1      20.7      26.4     .....     .....     .....
      Other nonfinancial...............     171.7     208.8     305.2     -20.7     -15.5     -25.2     -10.8      -6.9      -7.6

  Rest of the world....................     165.5     176.3     197.0     -10.5      -8.6      -8.6      -6.0      -4.7      -4.2

Corporate profits before tax without
 inventory valuation and capital
 consumption adjustments...............     908.1   1,144.3   1,518.7     -29.1      85.0      80.4      -3.1       8.0       5.6

Addenda:
  Corporate profits after tax with
   inventory valuation and capital
   consumption adjustments.............     749.9     882.5     931.4     -49.8      -7.8     -42.4      -6.2       -.9      -4.4

  Net cash flow with inventory
   valuation and capital
   consumption adjustments.............   1,084.9   1,139.2   1,211.3     -45.9     -57.7     -92.0      -4.1      -4.8      -7.1
    Undistributed profits with
     inventory valuation and
     capital consumption
     adjustments.......................     325.1     343.0     354.5     -51.4     -54.3    -105.1     -13.7     -13.7     -22.9
    Consumption of fixed capital.......     759.8     796.2     856.8       5.4      -3.4      13.2        .7       -.4       1.6

  Less: Inventory valuation
   adjustment..........................     -13.6     -39.8     -32.6       -.3       -.2      -1.1     .....     .....     .....

  Equals: Net cash flow................   1,098.5   1,178.9   1,243.9     -45.6     -57.7     -90.8      -4.0      -4.7      -6.8
---------------------------------------------------------------------------------------------------------------------------------

                               Table 13.--Gross Value Added of Nonfinancial Domestic Corporate Business
                                            [Quarters seasonally adjusted at annual rates]
--------------------------------------------------------------------------------------------------------------------------------------
                                                 2002     2003     2004     2005     I 02    II 02   III 02    IV 02     I 03    II 03
--------------------------------------------------------------------------------------------------------------------------------------
                                                                               Billions of dollars
                                            ------------------------------------------------------------------------------------------

    Gross value added of nonfinancial
     corporate business.....................  5,371.7  5,558.4  5,932.9  6,369.7  5,284.6  5,358.3  5,395.6  5,448.4  5,443.9  5,501.6

Consumption of fixed capital................    643.6    657.5    686.2    739.7    643.3    643.4    643.4    644.2    651.8    655.5

Net value added.............................  4,728.2  4,900.9  5,246.7  5,630.1  4,641.3  4,715.0  4,752.1  4,804.2  4,792.1  4,846.1

  Compensation of employees.................  3,611.9  3,703.2  3,873.4  4,099.7  3,576.7  3,616.8  3,626.4  3,627.4  3,631.3  3,680.1
    Wage and salary accruals................  2,969.9  3,019.4  3,158.4  3,335.1  2,963.2  2,977.8  2,972.9  2,965.8  2,958.0  2,999.6
    Supplements to wages and salaries.......    642.0    683.8    714.9    764.6    613.5    639.0    653.6    661.7    673.3    680.6
  Taxes on production and imports less
   subsidies................................    465.5    488.5    522.9    558.1    454.3    462.8    470.2    474.8    479.2    476.9
  Net operating surplus.....................    650.8    709.2    850.4    972.2    610.2    635.3    655.5    702.0    681.6    689.1
    Net interest and miscellaneous
     payments...............................    167.4    152.6    137.8    156.6    186.1    168.5    160.1    155.0    167.2    155.5
    Business current transfer payments......     54.0     64.4     60.0     51.4     53.6     53.2     53.8     55.2     61.0     63.8
    Corporate profits with inventory
     valuation and capital consumption
     adjustments............................    429.4    492.1    652.6    764.2    370.6    413.5    441.5    491.8    453.4    469.8
      Taxes on corporate income.............     97.0    135.7    185.3    251.4     78.2     91.9    102.0    116.0    129.4    123.5
      Profits after tax with inventory
       valuation and capital consumption
       adjustments..........................    332.3    356.4    467.4    512.9    292.3    321.6    339.5    375.8    324.0    346.4
        Net dividends.......................    254.8    292.7    366.9    228.5    245.0    257.8    245.5    270.9    245.5    333.1
        Undistributed profits with
         inventory valuation and capital
         consumption adjustments............     77.5     63.8    100.5    284.4     47.3     63.7     94.0    105.0     78.5     13.3

Addenda:
  Profits before tax (without inventory
   valuation and capital consumption
   adjustments).............................    336.3    425.4    623.8    932.6    260.9    317.2    357.2    409.8    408.6    384.9
  Profits after tax (without inventory
   valuation and capital consumption
   adjustments).............................    239.2    289.7    438.6    681.3    182.7    225.3    255.2    293.7    279.2    261.5
  Inventory valuation adjustment............     -2.2    -13.6    -39.8    -32.6     13.3     -1.6    -11.8     -8.8    -25.8     -3.3
  Capital consumption adjustment............     95.3     80.3     68.6   -135.8     96.4     97.9     96.1     90.9     70.6     88.2
                                            ------------------------------------------------------------------------------------------
                                                                        Billions of chained (2000) dollars
                                            ------------------------------------------------------------------------------------------

    Gross value added of nonfinancial
     corporate business\1\..................  5,269.7  5,382.1  5,654.5  5,959.9  5,194.6  5,265.4  5,296.0  5,322.8  5,293.8  5,337.8

Consumption of fixed capital\2\.............    618.2    630.5    650.9    681.6    614.1    617.1    619.6    622.0    626.5    629.2
Net value added\3\..........................  4,651.5  4,751.6  5,003.6  5,278.3  4,580.5  4,648.3  4,676.4  4,700.8  4,667.4  4,708.6
                                            ------------------------------------------------------------------------------------------
                                                                      Dollars; quarters seasonally adjusted
                                            ------------------------------------------------------------------------------------------
Price, costs, and profits per unit of real
 gross value added of nonfinancial
 corporate business:


  Price per unit of real gross value added
   of nonfinancial corporate business\4\....    1.019    1.033    1.049    1.069    1.017    1.018    1.019    1.024    1.028    1.031

  Compensation of employees (unit labor
   cost)....................................     .685     .688     .685     .688     .689     .687     .685     .681     .686     .689

  Unit nonlabor cost........................     .253     .253     .248     .252     .258     .252     .250     .250     .257     .253
    Consumption of fixed capital............     .122     .122     .121     .124     .124     .122     .121     .121     .123     .123
    Taxes on production and imports less
     subsidies plus business current
     transfer payments......................     .099     .103     .103     .102     .098     .098     .099     .100     .102     .101
    Net interest and miscellaneous payments.     .032     .028     .024     .026     .036     .032     .030     .029     .032     .029

  Corporate profits with inventory valuation
   and capital consumption adjustments (unit
   profits from current production).........     .081     .091     .115     .128     .071     .079     .083     .092     .086     .088
    Taxes on corporate income...............     .018     .025     .033     .042     .015     .017     .019     .022     .024     .023
    Profits after tax with inventory
     valuation and capital consumption
     adjustments............................     .063     .066     .083     .086     .056     .061     .064     .071     .061     .065
--------------------------------------------------------------------------------------------------------------------------------------
  1. The current-dollar gross value added is deflated using the
gross value added chain-type price index for nonfinancial industries
from the GDP-by-industry accounts.  For periods when this price index
is not available, the chain-type price index for GDP goods and
structures is used.
  2. Chained-dollar consumption of fixed capital of nonfinancial
corporate business is calculated as the product of the chain-type
quantity index and the 2000 current-dollar value of the corresponding
series, divided by 100.
  3. Chained-dollar net value added of nonfinancial corporate
business is the difference between the gross value added and the
consumption of fixed capital.
  4. The deflator for gross value added of nonfinancial corporate
business divided by 100.
Note.--Estimates in this table are based on the 1997 North
American Industry Classification System (NAICS).

                              Table 13.--Gross Value Added of Nonfinancial Domestic Corporate Business--Continued
                                                [Quarters seasonally adjusted at annual rates]
-----------------------------------------------------------------------------------------------------------------------------------------------
                                               III 03    IV 03     I 04    II 04   III 04    IV 04     I 05    II 05   III 05    IV 05     I 06
-----------------------------------------------------------------------------------------------------------------------------------------------
                                                                                    Billions of dollars
                                            ---------------------------------------------------------------------------------------------------

    Gross value added of nonfinancial
     corporate business.....................  5,603.3  5,684.6  5,780.2  5,878.9  5,992.9  6,079.6  6,193.9  6,324.4  6,425.7  6,534.8  6,727.4

Consumption of fixed capital................    659.3    663.4    666.0    672.3    716.8    689.7    703.3    713.2    804.9    737.2    733.7

Net value added.............................  4,944.0  5,021.2  5,114.1  5,206.6  5,276.1  5,389.9  5,490.6  5,611.3  5,620.8  5,797.6  5,993.7

  Compensation of employees.................  3,727.0  3,774.5  3,794.8  3,834.5  3,897.7  3,966.5  4,010.2  4,049.9  4,140.7  4,198.0  4,280.3
    Wage and salary accruals................  3,040.0  3,080.0  3,094.2  3,125.6  3,178.2  3,235.7  3,264.1  3,292.7  3,369.0  3,414.5  3,481.3
    Supplements to wages and salaries.......    687.0    694.5    700.6    708.8    719.5    730.8    746.1    757.1    771.7    783.5    799.0
  Taxes on production and imports less
   subsidies................................    495.3    502.4    511.8    519.5    524.8    535.6    545.6    556.8    562.9    567.2    576.7
  Net operating surplus.....................    721.8    744.2    807.5    852.7    853.6    887.7    934.7  1,004.6    917.3  1,032.4  1,136.8
    Net interest and miscellaneous
     payments...............................    147.2    140.6    135.4    137.5    137.8    140.3    148.8    152.9    159.3    165.1    175.1
    Business current transfer payments......     66.0     66.9     66.5     66.6     40.4     66.5     66.4     67.3     11.1     60.9     60.9
    Corporate profits with inventory
     valuation and capital consumption
     adjustments............................    508.6    536.6    605.6    648.7    675.4    681.0    719.4    784.3    746.8    806.4    900.9
      Taxes on corporate income.............    135.8    154.0    164.3    186.0    199.2    191.6    238.4    244.9    255.8    266.4    280.9
      Profits after tax with inventory
       valuation and capital consumption
       adjustments..........................    372.7    382.7    441.3    462.7    476.2    489.4    481.0    539.4    491.0    540.0    620.0
        Net dividends.......................    292.7    299.6    340.8    298.3    339.2    489.3    364.6    303.0    126.3    120.1    377.7
        Undistributed profits with
         inventory valuation and capital
         consumption adjustments............     80.0     83.1    100.4    164.4    137.0       .1    116.5    236.5    364.7    419.9    242.3

Addenda:
  Profits before tax (without inventory
   valuation and capital consumption
   adjustments).............................    428.8    479.1    552.7    621.0    654.3    667.3    875.5    931.4    935.0    988.7  1,050.6
  Profits after tax (without inventory
   valuation and capital consumption
   adjustments).............................    293.0    325.2    388.3    435.1    455.1    475.7    637.1    686.5    679.2    722.3    769.7
  Inventory valuation adjustment............     -5.3    -19.9    -30.0    -47.5    -38.6    -43.1    -39.2    -21.0    -30.9    -39.2    -22.9
  Capital consumption adjustment............     85.1     77.5     82.9     75.1     59.6     56.8   -116.9   -126.2   -157.3   -143.0   -126.8
                                            ---------------------------------------------------------------------------------------------------
                                                                            Billions of chained (2000) dollars
                                            ---------------------------------------------------------------------------------------------------

    Gross value added of nonfinancial
     corporate business\1\..................  5,417.8  5,479.0  5,554.5  5,603.9  5,707.4  5,752.0  5,829.7  5,935.2  5,994.7  6,079.8  6,211.9

Consumption of fixed capital\2\.............    631.8    634.4    636.2    639.7    678.6    648.9    656.5    660.5    738.9    670.5    666.1
Net value added\3\..........................  4,786.0  4,844.5  4,918.3  4,964.2  5,028.8  5,103.1  5,173.2  5,274.7  5,255.8  5,409.3  5,545.8
                                            ---------------------------------------------------------------------------------------------------
                                                                           Dollars; quarters seasonally adjusted
                                            ---------------------------------------------------------------------------------------------------
Price, costs, and profits per unit of real
 gross value added of nonfinancial
 corporate business:

  Price per unit of real gross value added
   of nonfinancial corporate business\4\....    1.034    1.038    1.041    1.049    1.050    1.057    1.062    1.066    1.072    1.075    1.083

  Compensation of employees (unit labor
   cost)....................................     .688     .689     .683     .684     .683     .690     .688     .682     .691     .690     .689

  Unit nonlabor cost........................     .253     .251     .248     .250     .249     .249     .252     .251     .257     .251     .249
    Consumption of fixed capital............     .122     .121     .120     .120     .126     .120     .121     .120     .134     .121     .118
    Taxes on production and imports less
     subsidies plus business current
     transfer payments......................     .104     .104     .104     .105     .099     .105     .105     .105     .096     .103     .103
    Net interest and miscellaneous payments.     .027     .026     .024     .025     .024     .024     .026     .026     .027     .027     .028

  Corporate profits with inventory valuation
   and capital consumption adjustments (unit
   profits from current production).........     .094     .098     .109     .116     .118     .118     .123     .132     .125     .133     .145
    Taxes on corporate income...............     .025     .028     .030     .033     .035     .033     .041     .041     .043     .044     .045
    Profits after tax with inventory
     valuation and capital consumption
     adjustments............................     .069     .070     .079     .083     .083     .085     .083     .091     .082     .089     .100
-----------------------------------------------------------------------------------------------------------------------------------------------
  1. The current-dollar gross value added is deflated using the
gross value added chain-type price index for nonfinancial industries
from the GDP-by-industry accounts.  For periods when this price index
is not available, the chain-type price index for GDP goods and
structures is used.
  2. Chained-dollar consumption of fixed capital of nonfinancial
corporate business is calculated as the product of the chain-type
quantity index and the 2000 current-dollar value of the corresponding
series, divided by 100.
  3. Chained-dollar net value added of nonfinancial corporate
business is the difference between the gross value added and the
consumption of fixed capital.
  4. The deflator for gross value added of nonfinancial corporate
business divided by 100.
Note.--Estimates in this table are based on the 1997 North
American Industry Classification System (NAICS).

                      Appendix Table A.--Real Gross Domestic Product and Related Aggregates and Price Indexes: Percent Change From Preceding Period
                                                             [Quarters seasonally adjusted at annual rates]
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                       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) and
 related aggregates:
  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

  Goods.............................    1.2    3.1    4.9    4.6   -5.2    3.9    1.6   16.2    2.5    3.7    3.0    5.0    4.6    4.9    3.5    6.7    3.1   12.8    3.0
  Services..........................    2.5    2.1    3.2    2.3    2.9     .1    3.6    1.9    2.8    4.5    3.0    2.5    2.5    1.8    1.8    3.5     .8    2.4    2.5
  Structures........................   -2.5    3.3    5.2    4.6    3.1   -1.0    9.2   14.1    2.2     .5   13.6     .6   -2.7    8.0   11.1     .7    3.1    2.9     .4

  Motor vehicle output..............   11.5    1.3    3.5    5.9     .5  -11.8   10.9    8.9   -6.5    9.9   -7.1   16.6    1.9   12.0    -.7   22.6  -19.1    3.8  -10.1
  GDP excluding motor vehicle
   output...........................    1.3    2.6    3.9    3.1     .2    1.7    3.2    7.4    3.0    3.6    4.5    2.7    2.6    3.1    3.4    3.6    2.6    5.6    2.9

  Final sales of computers\1\.......    2.9   20.8    8.2   24.5   15.3   16.9   -2.5   90.4   20.0  -16.0  -17.4   23.0   42.8   24.3   31.5   11.6   33.8    9.5   -3.9
  GDP excluding final sales of
   computers........................    1.6    2.4    3.9    3.1     .1    1.1    3.5    7.0    2.5    4.0    4.2    3.0    2.4    3.3    3.1    4.1    1.6    5.6    2.5

  Farm gross value added\2\.........    6.8    8.4    7.4    1.0   34.2  -16.1   26.6  -34.7  -36.1  120.0  -17.4   19.4   23.7   -2.0  -24.6   11.3    8.1   14.1   13.5

  Nonfarm business gross value
   added\3\.........................    1.5    3.1    4.3    3.8     .1    1.2    4.3   11.0    1.6    3.6    5.2    3.2    2.4    4.2    4.4    4.9    1.8    6.7    2.5

Price indexes:
  GDP...............................    1.7    2.1    2.8    3.0    2.2    3.1    1.3    2.1    2.2    3.7    3.7    2.1    3.2    3.5    2.4    3.3    3.3    3.3    3.3
  GDP excluding food and energy.....    2.1    1.9    2.7    3.0    2.0    2.7    1.1    1.7    2.1    3.4    3.4    2.6    3.1    3.4    2.4    2.8    3.3    3.1    3.0
  GDP excluding final sales of
   computers........................    2.0    2.3    2.9    3.2    2.4    3.3    1.4    2.2    2.3    3.8    3.7    2.2    3.4    3.7    2.6    3.4    3.4    3.4    3.5

  Gross domestic purchases..........    1.6    2.3    3.1    3.5    2.2    4.1     .6    2.2    1.9    4.3    4.1    2.6    3.6    3.2    3.3    4.4    3.5    2.7    4.0
  Gross domestic purchases excluding
   food and energy..................    1.9    1.9    2.7    2.8    1.8    2.6    1.3    1.8    2.0    3.5    3.3    2.5    2.9    3.4    2.3    2.5    3.0    3.0    2.9
  Gross domestic purchases excluding
   final sales of computers to
   domestic purchasers..............    1.8    2.5    3.2    3.7    2.4    4.4     .7    2.4    2.0    4.4    4.2    2.8    3.8    3.4    3.5    4.6    3.7    2.9    4.2

  Personal consumption expenditures
   (PCE)............................    1.4    2.0    2.6    2.9    1.7    3.1     .7    2.4    1.5    3.7    3.6    1.9    3.0    2.3    3.1    4.1    2.9    2.0    4.1
  Personal consumption expenditures
   excluding food and energy........    1.8    1.4    2.0    2.1    1.2    1.1    1.3    1.8    1.6    2.5    2.5    1.7    2.3    2.4    1.9    1.6    2.5    2.1    2.9
  Market-based PCE\4\...............    1.1    1.9    2.3    2.7    1.7    3.1     .3    2.2     .9    3.3    3.4    1.5    2.9    2.1    3.1    4.3    2.5    1.7    4.2
  Market-based PCE excluding food
   and energy\4\....................    1.5    1.1    1.5    1.7    1.2     .7    1.0    1.4     .9    1.7    1.9    1.2    1.8    2.2    1.7    1.2    1.9    1.6    2.7
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  1. Some components of final sales of computers include
computer parts.
  2. Farm output less intermediate goods and services purchased.
  3. Consists of GDP less gross value added of farm, of
households and institutions, and of general government.
  4. This index is a supplemental measure that is based on household
expenditures for which there are observable price measures.  It
excludes most implicit prices (for example, the services furnished
without payment by financial intermediaries) and the expenses of
nonprofit institutions.
  See "Explanatory Note" at the end of the tables.



     Explanatory Note: NIPA Measures of Quantities and Prices


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

     Annual changes in quantities and prices are calculated using a Fisher formula that incorporates
weights from two adjacent years.  (Quarterly changes in quantities and prices are calculated using a
Fisher formula that incorporates weights from two adjacent quarters; quarterly indexes are adjusted for
consistency to the annual indexes before percent changes are calculated.)  For example, the 2004-05
annual percent change in real GDP uses prices for 2004 and 2005 as weights, and the 2004-05 annual
percent change in GDP prices uses quantities for 2004 and 2005 as weights.  These annual changes are
"chained" (multiplied) together to form time series of quantity and price indexes.  Percent changes in
Fisher indexes are not affected by the choice of reference year.  (BEA also publishes a measure of the
price level known as the implicit price deflator (IPD), which is calculated as the ratio of the
current-dollar value to the corresponding chained-dollar value, multiplied by 100.  The values of the IPD
are very close to the values of the corresponding "chain-type" price index.)

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

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

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

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