News Release: Gross Domestic Product
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EMBARGOED UNTIL RELEASE AT 8:30 A.M. EDT, FRIDAY, JULY 27, 2007
Virginia H. Mannering: (202) 606-5304 (GDP) BEA 07-34
Recorded message: (202) 606-5306
Brent Moulton: (202) 606-9606 (Annual Revision)
Carol Moylan: (202) 606-9715
NATIONAL INCOME AND PRODUCT ACCOUNTS
* SECOND QUARTER 2007 GDP (ADVANCE)
* REVISED ESTIMATES: 2004 THROUGH FIRST QUARTER 2007
Real gross domestic product -- the output of goods and services produced by labor and property
located in the United States -- increased at an annual rate of 3.4 percent in the second quarter of 2007,
according to advance estimates released by the Bureau of Economic Analysis. In the first quarter, real
GDP increased 0.6 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,
2007.
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 2004. 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 2007 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 new release is available on BEA's Web site at http://www.bea.gov/newsreleases/rels.htm.
The increase in real GDP in the second quarter primarily reflected positive contributions from
personal consumption expenditures (PCE) for services, exports, nonresidential structures, federal
government spending, and state and local government spending that were partly offset by a negative
contribution from residential fixed investment. Imports, which are a subtraction in the calculation of
GDP, decreased.
The acceleration in real GDP growth in the second quarter primarily reflected a downturn in
imports, upturns in federal government spending and in private inventory investment, accelerations in
exports and in nonresidential structures, and a smaller decrease in residential fixed investment that were
partly offset by a notable deceleration in PCE.
Final sales of computers contributed 0.16 percentage point to the second-quarter growth in real
GDP after subtracting 0.01 percentage point from the first-quarter growth. Motor vehicle output
contributed 0.03 percentage point to the second-quarter growth in real GDP after contributing 0.18
percentage point to the first-quarter growth.
The price index for gross domestic purchases, which measures prices paid by U.S. residents,
increased 3.9 percent in the second quarter, compared with an increase of 3.8 percent in the first.
Excluding food and energy prices, the price index for gross domestic purchases increased 1.7 percent
in the second quarter, compared with 3.1 percent in the first.
Real personal consumption expenditures increased 1.3 percent in the second quarter, compared
with an increase of 3.7 percent in the first. Durable goods increased 1.6 percent, compared with an
increase of 8.8 percent. Nondurable goods decreased 0.8 percent, in contrast to an increase of 3.0
percent. Services expenditures increased 2.2 percent, compared with an increase of 3.1 percent.
Real nonresidential fixed investment increased 8.1 percent in the second quarter, compared with
an increase of 2.1 percent in the first. Nonresidential structures increased 22.1 percent, compared with
an increase of 6.4 percent. Equipment and software increased 2.3 percent, compared with an increase of
0.3 percent. Real residential fixed investment decreased 9.3 percent, compared with a decrease of 16.3
percent.
Real exports of goods and services increased 6.4 percent in the second quarter, compared with an
increase of 1.1 percent in the first. Real imports of goods and services decreased 2.6 percent, in contrast
to an increase of 3.9 percent.
Real federal government consumption expenditures and gross investment increased 6.7 percent in
the second quarter, in contrast to a decrease of 6.3 percent in the first. National defense increased 9.5
percent, in contrast to a decrease of 10.8 percent. Nondefense increased 1.3 percent, compared with an
increase of 3.8 percent. Real state and local government consumption expenditures and gross
investment increased 2.9 percent, compared with an increase of 3.0 percent.
The real change in private inventories added 0.15 percentage point to the second-quarter change in
real GDP after subtracting 0.65 percentage point from the first-quarter change. Private businesses
increased inventories $3.6 billion in the second quarter, following increases of $0.1 billion in the first
quarter and $17.4 billion in the fourth.
Real final sales of domestic product -- GDP less change in private inventories -- increased 3.2
percent in the second quarter, compared with an increase of 1.3 percent in the first.
Gross domestic purchases
Real gross domestic purchases -- purchases by U.S. residents of goods and services wherever
produced -- increased 2.1 percent in the second quarter, compared with an increase of 1.1 percent in the
first.
Disposition of personal income
Current-dollar personal income increased $114.3 billion (4.0 percent) in the second quarter,
compared with an increase of $283.9 billion (10.5 percent) in the first. Personal income in the first
quarter was boosted by large bonus payments and the exercise of stock options.
Personal current taxes increased $27.7 billion in the second quarter, compared with an increase of
$58.0 billion in the first.
Disposable personal income increased $86.6 billion (3.5 percent) in the second quarter, compared
with an increase of $225.9 billion (9.5 percent) in the first. Real disposable personal income decreased
0.8 percent, in contrast to an increase of 5.9 percent.
Personal outlays increased $138.3 billion (5.7 percent) in the second quarter, compared with an
increase of $160.3 billion (6.7 percent) in the first. Personal saving -- disposable personal income less
personal outlays -- was $55.9 billion in the second quarter, compared with $107.6 billion in the first.
The personal saving rate -- saving as a percentage of disposable personal income -- was 0.6 percent in
the second quarter, compared with 1.1 percent in the first. Saving from current income may be near zero
or negative when outlays are financed by borrowing (including borrowing financed through credit cards
or home equity loans), by selling investments or other assets, or by using savings from previous periods.
For more information, see the FAQs on "Personal Saving" on BEA's Web site. For a comparison of
personal saving in BEA?s national income and product accounts with personal saving in the Federal
Reserve Board's flow of funds accounts, go to http://www.bea.gov/national/nipaweb/Nipa-Frb.asp.
Current-dollar GDP
Current-dollar GDP -- the market value of the nation's output of goods and services -- increased
6.2 percent, or $204.0 billion, in the second quarter to a level of $13,755.9 billion. In the first quarter,
current-dollar GDP increased 4.9 percent, or $159.6 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 2004, 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 2003-2006, real GDP grew at an average annual rate of 3.2 percent, 0.3 percentage point less
than in the previously published estimates.
* Both the revised and the previously published estimates show similar quarterly patterns of growth
in real GDP. For the 13 quarters from the first quarter of 2004 to the first quarter of 2007, the
average revision (without regard to sign) was 0.5 percentage point. The largest quarterly
revisions to the percent change in real GDP were for the third quarter of 2006 (from 2.0 percent
to 1.1 percent), for the first quarter of 2004 (from 3.9 percent to 3.0 percent), and for the first
quarter of 2006 (from 5.6 percent to 4.8 percent). The largest upward revision was for the third
quarter of 2004 (from 3.1 percent to 3.6 percent).
* The average annual rate of growth of real disposable personal income for 2003-2006 was 2.8
percent, 0.3 percentage point more than in the previously published estimates.
Revisions to 2004-2006 estimates
The percent change from the preceding year in real GDP was revised down for all 3 years: From
3.9 percent to 3.6 percent for 2004, from 3.2 percent to 3.1 percent for 2005, and from 3.3 percent to 2.9
percent for 2006.
For 2004, the largest contributors to the downward revision to real GDP growth were downward
revisions to personal consumption expenditures (PCE) for services and to state and local government
spending, and an upward revision to imports; these revisions were partly offset by an upward revision to
exports. For 2005, the largest contributors to the downward revision were downward revisions to PCE
for nondurable goods, to residential fixed investment, and to PCE for durable goods; these downward
revisions were partly offset by upward revisions to inventory investment and to equipment and software.
For 2006, the largest contributors to the downward revision were downward revisions to inventory
investment, to PCE for durable goods, to state and local government spending, and to exports; these
downward revisions were partly offset by an upward revision to PCE for services.
The percent change from fourth quarter to fourth quarter in real GDP was revised down for all 3
years: From 3.4 percent to 3.1 percent for 2004, from 3.1 percent to 2.9 percent for 2005, and from 3.1
percent to 2.6 percent for 2006. The average annual rate of growth of real GDP from the fourth quarter
of 2003 to the first quarter of 2007 is 2.7 percent, 0.3 percentage point less than in the previously
published estimates.
The percent change from the preceding year in the price index for gross domestic purchases was
unrevised at 3.1 percent for 2004, was revised up from 3.5 percent to 3.7 percent for 2005, and was
revised up from 3.1 percent to 3.3 percent for 2006. For the quarters of 2004 to 2006, the percent
change in the price index was revised up for eight quarters, was revised down for one quarter (the fourth
quarter of 2006), and was unrevised for three quarters; the largest upward revision was 0.4 percentage
point (the first quarter of 2005).
Current-dollar GDP was revised down for all 3 years: $26.6 billion, or 0.2 percent, for 2004;
$21.9 billion, or 0.2 percent, for 2005; and $51.9 billion, or 0.4 percent, for 2006. The percent change
from the preceding year was revised down from 6.9 percent to 6.6 percent for 2004; was revised up from
6.3 percent to 6.4 percent for 2005; and was revised down from 6.3 percent to 6.1 percent for 2006.
Current-dollar GNP (GDP plus net receipts of income from the rest of the world) was revised up $3.4
billion, or less than 0.1 percent, for 2004; was revised up $14.7 billion, or 0.1 percent, for 2005; and was
revised down $23.8 billion, or 0.2 percent, for 2006. Net receipts of income was revised up for all 3
years: $29.9 billion for 2004, $36.7 billion for 2005, and $28.1 billion for 2006. The revisions to net
receipts of income -- 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 1997, the revisions prior to 2004 are not incorporated into the NIPAs at this time.
(An article describing the revisions to the ITAs was published in the July 2007 issue of the Survey of
Current Business.)
National income was revised up $50.9 billion, or 0.5 percent, for 2004; was revised up $75.8
billion, or 0.7 percent, for 2005; and was revised down $55.4 billion, or 0.5 percent, for 2006. For 2004,
the upward revision was primarily accounted for by a large upward revision to corporate profits. For
2005, large upward revisions to net interest and miscellaneous payments and to corporate profits were
partly offset by downward revisions to rental income of persons and to business current transfer
payments. Within compensation of employees, a downward revision to supplements to wages and
salaries was largely offset by an upward revision to wage and salary accruals. For 2006, large
downward revisions to corporate profits, to compensation of employees, and to rental income of persons
were partly offset by a large upward revision to net interest and miscellaneous payments.
Corporate profits from current production -- profits before tax with inventory valuation and capital
consumption adjustments -- was revised up $48.6 billion, or 4.1 percent, for 2004; was revised up $42.1
billion, or 3.2 percent, for 2005; and was revised down $62.0 billion, or 3.8 percent, for 2006. For 2004
and 2005, upward revisions to profits before tax were partly offset by downward revisions to the capital
consumption adjustment. For 2006, a large downward revision to the capital consumption adjustment
accounted for most of the revision, although profits before tax was also revised down.
For 2004, profits of domestic nonfinancial corporations, profits from the rest of the world, and
profits of domestic financial corporations were revised up. For 2005, upward revisions to profits of
domestic financial corporations and to profits from the rest of the world were partly offset by a
downward revision to profits of domestic nonfinancial corporations. For 2006, a large downward
revision to profits of domestic nonfinancial corporations was partly offset by upward revisions to profits
from the rest of the world and to profits of domestic financial corporations.
Personal income was revised down $4.2 billion, or less than 0.1 percent, for 2004; was revised up
$61.9 billion, or 0.6 percent, for 2005; and was revised up $92.2 billion, or 0.8 percent, for 2006. For
2004, a downward revision to rental income of persons was partly offset by an upward revision to
compensation of employees. For 2005, large upward revisions to personal interest income and to
personal dividend income were partly offset by a large downward revision to rental income of persons.
For 2006, large upward revisions to personal interest income and to personal dividend income were
partly offset by downward revisions to compensation of employees, to rental income of persons, and to
proprietors' income. Within compensation of employees, supplements to wages and salaries accounted
for most of the downward revision, although wage and salary disbursements was also revised down. In
addition, contributions for government social insurance, which are subtracted in the calculation of
personal income, was revised down.
Disposable personal income (DPI) (personal income less personal current taxes) was revised down
$0.7 billion, or less than 0.1 percent, for 2004; was revised up $55.9 billion, or 0.6 percent, for 2005;
and was revised up $100.0 billion, or 1.0 percent, for 2006. The revisions were roughly similar to those
to personal income, reflecting relatively small revisions to personal current taxes. Personal current taxes
was revised down $3.5 billion for 2004, was revised up $6.0 billion for 2005, and was revised down
$7.8 billion for 2006. The percent change from the preceding year in real DPI was unrevised at 3.6
percent for 2004, was revised up from 1.2 percent to 1.7 percent for 2005, and was revised up from 2.6
percent to 3.1 percent for 2006.
Personal outlays -- PCE, personal interest payments, and personal current transfer payments -- was
revised down for all 3 years: $8.0 billion for 2004, $23.5 billion for 2005, and $35.2 billion for 2006.
Downward revisions to PCE more than accounted for the revisions for all 3 years. The personal saving
rate (personal saving as a percentage of DPI) was revised up from 2.0 percent to 2.1 percent for 2004,
was revised up from negative 0.4 percent to positive 0.5 percent for 2005, and was revised up from
negative 1.0 percent to positive 0.4 percent for 2006.
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 revised
from 0.6 percent to 0.2 percent for 2004, was revised from 0.6 percent to less than 0.1 percent for 2005,
and was unrevised at negative 0.1 percent for 2006. The revisions to the discrepancy for 2004 and for
2005 reflected downward revisions to GDP and upward revisions to GDI. For 2006, GDP and GDI
were both revised down by similar magnitudes.
Business cycle
From the cyclical trough of GDP in the third quarter of 2001 to the first quarter of 2007, the
revised estimates show that real GDP increased at an average annual rate of 2.7 percent; the previously
published estimates showed an average increase of 2.9 percent.
New source data
The annual revision incorporated data from the following major federal statistical sources: Census
Bureau annual surveys of manufactures, of merchant wholesale trade, and of retail trade for 2005 and
revised monthly indicators of manufactures, of merchant wholesale trade, and of retail trade for
2004-2006; Census Bureau annual surveys of services for 2004 (revised), 2005 (revised), and 2006
(preliminary), and of state and local governments for 2003 (revised), 2004 (revised), and 2005
(preliminary); Census Bureau monthly survey of construction put in place for 2004-2006 (revised);
Census Bureau quarterly survey of services for 2004-2006 (revised); Census Bureau American housing
survey for 2005; Census Bureau current population survey/housing vacancy survey for 2006; federal
government budget data for fiscal years 2006 and 2007; Internal Revenue Service tabulations of tax
returns for corporations for 2004 (revised) and 2005 (preliminary) and for sole proprietorships and
partnerships for 2005; Bureau of Labor Statistics quarterly census of employment and wages for 2004-
2006 (revised); Department of Agriculture farm statistics for 2004-2006; and BEA's ITAs for 2004-2006
(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 2007 issue of the Survey of
Current Business.
Changes in methodology
The annual revision also incorporated the following refinement to estimating methodologies:
The price index used for deflating business purchases of new light trucks reflects a new
treatment of special financing incentives (such as ?zero-percent? financing) that is more consistent with
the price index used for deflating personal consumption expenditures for new light trucks. In the revised
estimates, these financing incentives are treated consistently as a financial transaction rather than as a
reduction in the prices used for deflating business truck purchases. Previously, the price index used for
deflating business truck purchases -- a producer price index (PPI) -- treated special financing incentives
as a price reduction; in the revised estimates, the consumer price index (CPI) for light trucks, which does
not treat these incentives as a price reduction, is used for deflation. For inventory investment, beginning
with the first quarter of 2007, a special PPI that excludes special financing incentives is used for
deflation; for 2004-2006, a CPI that excludes special financing is used in the revised estimates.
* * *
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.
* * *
Next release -- August 30, 2007, at 8:30 A.M. EDT for:
Gross Domestic Product: Second Quarter 2007 (Preliminary)
Corporate Profits: Second Quarter 2007
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 revision without regard
to sign
Current-dollar GDP
Advance to preliminary.......... 0.2 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 2003.
Table 1.--Real Gross Domestic Product and Related Measures: Percent Change From Preceding Period
[Quarters seasonally adjusted at annual rates]
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
2003 2004 2005 2006 IV 03 I 04 II 04 III 04 IV 04 I 05 II 05 III 05 IV 05 I 06 II 06 III 06 IV 06 I 07 II 07
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
Gross domestic product (GDP). 2.5 3.6 3.1 2.9 2.7 3.0 3.5 3.6 2.5 3.1 2.8 4.5 1.2 4.8 2.4 1.1 2.1 .6 3.4
Personal consumption expenditures... 2.8 3.6 3.2 3.1 2.3 4.4 2.4 3.5 4.2 2.4 3.5 4.1 1.2 4.4 2.4 2.8 3.9 3.7 1.3
Durable goods..................... 5.8 6.3 4.9 3.8 .7 5.8 1.9 7.8 7.0 2.2 11.3 6.2 -13.0 16.6 .8 5.6 3.9 8.8 1.6
Nondurable goods.................. 3.2 3.5 3.6 3.6 1.8 4.6 1.5 3.1 4.9 3.5 3.7 2.5 4.7 4.5 2.3 3.2 4.3 3.0 -.8
Services.......................... 1.9 3.2 2.7 2.7 2.8 4.1 3.0 2.9 3.4 1.9 1.8 4.4 2.6 2.1 2.7 2.0 3.7 3.1 2.2
Gross private domestic investment... 3.6 9.7 5.6 2.7 9.3 2.1 20.7 8.0 6.4 5.3 -3.9 7.0 13.4 4.3 .6 -4.1 -14.1 -8.2 3.1
Fixed investment.................. 3.4 7.3 6.9 2.4 5.5 -.2 12.9 9.3 7.3 4.0 7.9 8.0 2.3 7.9 -1.9 -4.7 -7.1 -4.4 2.2
Nonresidential.................. 1.0 5.8 7.1 6.6 2.8 -2.6 10.7 12.3 10.3 3.3 5.0 8.6 3.4 13.3 4.2 5.1 -1.4 2.1 8.1
Structures.................... -4.1 1.3 .5 8.4 -4.7 -.3 6.1 3.6 -.2 2.1 -1.6 -6.3 4.8 15.0 16.4 10.8 7.4 6.4 22.1
Equipment and software........ 2.8 7.4 9.6 5.9 5.6 -3.4 12.4 15.5 14.3 3.8 7.4 14.5 3.1 13.0 -.1 2.9 -4.9 .3 2.3
Residential..................... 8.4 10.0 6.6 -4.6 10.6 4.0 16.7 4.2 2.4 5.3 13.1 6.9 .5 -.7 -11.7 -20.4 -17.2 -16.3 -9.3
Change in private inventories..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... .....
Net exports of goods and services... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... .....
Exports........................... 1.3 9.7 6.9 8.4 20.8 10.0 6.5 3.1 10.0 6.0 9.5 2.1 10.6 11.5 5.7 5.7 14.3 1.1 6.4
Goods........................... 1.8 9.0 7.5 9.9 19.8 7.4 7.2 6.2 7.2 5.8 13.6 1.9 12.6 15.5 6.5 7.4 9.6 .9 6.1
Services........................ .0 11.5 5.4 4.8 23.1 16.2 5.1 -3.4 16.8 6.5 .9 2.6 6.3 2.9 3.9 2.0 26.0 1.6 7.2
Imports........................... 4.1 11.3 5.9 5.9 17.6 12.3 15.2 4.8 13.8 2.1 .8 2.1 16.2 6.9 .9 5.4 1.6 3.9 -2.6
Goods........................... 4.9 11.3 6.6 6.0 17.2 11.5 16.6 5.5 14.5 3.2 1.0 2.5 17.3 6.5 1.1 6.2 -.6 4.2 -2.4
Services........................ .0 11.5 2.3 5.2 19.6 16.5 8.9 1.8 10.5 -3.5 -.5 .0 10.3 9.5 -.1 1.3 14.2 2.3 -4.0
Government consumption expenditures
and gross investment............... 2.5 1.4 .7 1.8 .7 1.5 1.3 1.6 -1.8 1.3 1.2 3.2 -1.9 4.9 1.0 .8 3.5 -.5 4.2
Federal........................... 6.8 4.2 1.5 2.2 3.1 6.1 2.4 6.2 -4.6 2.8 .7 8.6 -6.2 8.4 -1.6 .9 7.3 -6.3 6.7
National defense................ 8.7 5.8 1.5 1.9 8.1 8.1 2.0 10.9 -9.7 4.6 2.6 10.0 -11.7 6.8 2.3 -1.5 16.9 -10.8 9.5
Nondefense...................... 3.4 1.1 1.3 2.8 -6.0 2.3 3.2 -2.7 6.5 -.8 -3.0 5.8 5.8 11.9 -8.8 6.0 -10.0 3.8 1.3
State and local................... .2 -.2 .3 1.6 -.6 -1.0 .7 -1.1 -.1 .4 1.5 .0 .7 2.9 2.5 .7 1.3 3.0 2.9
Addenda:
Final sales of domestic product... 2.5 3.3 3.3 2.8 2.1 2.6 2.4 3.8 2.7 2.9 4.8 4.6 -.5 5.4 2.0 1.0 3.5 1.3 3.2
Gross domestic purchases.......... 2.8 4.1 3.1 2.8 3.0 3.6 4.8 3.8 3.4 2.6 1.9 4.3 2.5 4.5 1.9 1.3 .8 1.1 2.1
Final sales to domestic
purchasers....................... 2.8 3.8 3.3 2.7 2.5 3.2 3.7 4.0 3.6 2.4 3.7 4.5 .8 5.0 1.5 1.2 2.1 1.7 1.9
Gross national product (GNP)...... 2.7 3.8 3.0 2.8 3.5 3.6 2.6 3.9 1.5 3.6 2.7 5.1 .0 5.2 2.4 .5 2.6 .7 .....
Disposable personal income........ 2.2 3.6 1.7 3.1 1.7 3.7 2.4 2.9 7.5 -3.3 2.5 -1.2 6.6 4.9 .2 1.7 6.2 5.9 -.8
Current-dollar measures:
GDP............................. 4.7 6.6 6.4 6.1 4.9 6.8 7.4 6.0 5.9 7.1 5.5 8.1 4.8 8.4 6.0 3.4 3.8 4.9 6.2
Final sales of domestic product. 4.7 6.2 6.6 6.1 4.4 6.4 6.2 6.1 6.0 6.9 7.5 8.3 3.0 9.0 5.5 3.4 5.2 5.5 6.0
Gross domestic purchases........ 5.2 7.3 6.9 6.1 4.9 8.0 9.2 6.7 7.2 6.3 5.5 9.1 6.3 7.3 6.2 3.8 .9 4.9 6.1
Final sales to domestic
purchasers..................... 5.2 7.0 7.1 6.1 4.4 7.6 8.0 6.8 7.3 6.1 7.4 9.3 4.6 7.9 5.7 3.7 2.1 5.5 5.9
GNP............................. 4.9 6.8 6.3 6.0 5.8 7.4 6.5 6.3 4.8 7.6 5.4 8.7 3.5 8.8 6.0 2.8 4.3 4.9 .....
Disposable personal income...... 4.2 6.4 4.7 5.9 3.2 7.3 6.3 4.9 10.8 -1.2 6.0 3.0 9.6 6.7 4.5 4.4 5.2 9.5 3.5
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
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]
------------------------------------------------------------------------------------------------------------------------------------------------------------------
2003 2004 2005 2006 IV 03 I 04 II 04 III 04 IV 04 I 05 II 05 III 05 IV 05 I 06 II 06 III 06 IV 06 I 07
------------------------------------------------------------------------------------------------------------------------------------------------------------------
Gross domestic product (GDP). 2.5 3.6 3.1 2.9 2.7 3.0 3.5 3.6 2.5 3.1 2.8 4.5 1.2 4.8 2.4 1.1 2.1 .6
Previously published....... 2.5 3.9 3.2 3.3 2.7 3.9 4.0 3.1 2.6 3.4 3.3 4.2 1.8 5.6 2.6 2.0 2.5 .7
Personal consumption expenditures... 2.8 3.6 3.2 3.1 2.3 4.4 2.4 3.5 4.2 2.4 3.5 4.1 1.2 4.4 2.4 2.8 3.9 3.7
Previously published.............. 2.8 3.9 3.5 3.2 2.3 4.7 2.9 3.9 4.3 2.7 4.2 3.9 .8 4.8 2.6 2.8 4.2 4.2
Durable goods..................... 5.8 6.3 4.9 3.8 .7 5.8 1.9 7.8 7.0 2.2 11.3 6.2 -13.0 16.6 .8 5.6 3.9 8.8
Previously published............ 5.8 6.4 5.5 5.0 .7 6.1 1.7 8.7 6.1 2.4 12.8 9.0 -12.3 19.8 -.1 6.4 4.4 8.7
Nondurable goods.................. 3.2 3.5 3.6 3.6 1.8 4.6 1.5 3.1 4.9 3.5 3.7 2.5 4.7 4.5 2.3 3.2 4.3 3.0
Previously published............ 3.2 3.6 4.5 3.7 1.8 4.3 1.7 3.7 5.4 5.2 4.9 3.4 3.9 5.9 1.4 1.5 5.9 3.2
Services.......................... 1.9 3.2 2.7 2.7 2.8 4.1 3.0 2.9 3.4 1.9 1.8 4.4 2.6 2.1 2.7 2.0 3.7 3.1
Previously published............ 1.9 3.5 2.6 2.6 2.8 4.6 3.8 3.1 3.4 1.6 2.3 3.2 2.0 1.6 3.7 2.8 3.4 3.8
Gross private domestic investment... 3.6 9.7 5.6 2.7 9.3 2.1 20.7 8.0 6.4 5.3 -3.9 7.0 13.4 4.3 .6 -4.1 -14.1 -8.2
Previously published.............. 3.6 9.8 5.4 4.3 9.3 4.8 21.7 2.0 5.1 8.2 -3.6 5.2 16.2 7.8 1.0 -.8 -15.2 -9.6
Fixed investment.................. 3.4 7.3 6.9 2.4 5.5 -.2 12.9 9.3 7.3 4.0 7.9 8.0 2.3 7.9 -1.9 -4.7 -7.1 -4.4
Previously published............ 3.4 7.3 7.5 2.9 5.5 2.2 11.7 7.6 4.9 7.8 10.5 6.3 2.8 8.2 -1.6 -1.2 -9.1 -3.9
Nonresidential.................. 1.0 5.8 7.1 6.6 2.8 -2.6 10.7 12.3 10.3 3.3 5.0 8.6 3.4 13.3 4.2 5.1 -1.4 2.1
Previously published.......... 1.0 5.9 6.8 7.2 2.8 1.7 7.2 10.3 8.3 6.0 5.2 5.9 5.2 13.7 4.4 10.0 -3.1 2.6
Structures.................... -4.1 1.3 .5 8.4 -4.7 -.3 6.1 3.6 -.2 2.1 -1.6 -6.3 4.8 15.0 16.4 10.8 7.4 6.4
Previously published........ -4.1 2.2 1.1 9.0 -4.7 3.3 6.9 3.1 -2.0 5.3 -2.0 -7.0 12.0 8.7 20.3 15.7 .8 4.8
Equipment and software........ 2.8 7.4 9.6 5.9 5.6 -3.4 12.4 15.5 14.3 3.8 7.4 14.5 3.1 13.0 -.1 2.9 -4.9 .3
Previously published........ 2.8 7.3 8.9 6.5 5.6 1.2 7.3 13.0 12.3 6.3 7.9 11.0 2.8 15.6 -1.4 7.7 -4.8 1.7
Residential..................... 8.4 10.0 6.6 -4.6 10.6 4.0 16.7 4.2 2.4 5.3 13.1 6.9 .5 -.7 -11.7 -20.4 -17.2 -16.3
Previously published.......... 8.4 9.9 8.6 -4.2 10.6 3.1 19.8 3.2 -.6 11.1 20.0 7.1 -.9 -.3 -11.1 -18.7 -19.8 -15.8
Change in private inventories..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... .....
Net exports of goods and services... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... .....
Exports........................... 1.3 9.7 6.9 8.4 20.8 10.0 6.5 3.1 10.0 6.0 9.5 2.1 10.6 11.5 5.7 5.7 14.3 1.1
Previously published............ 1.3 9.2 6.8 8.9 20.8 7.2 6.2 4.8 9.9 4.7 9.4 3.2 9.6 14.0 6.2 6.8 10.6 .7
Goods........................... 1.8 9.0 7.5 9.9 19.8 7.4 7.2 6.2 7.2 5.8 13.6 1.9 12.6 15.5 6.5 7.4 9.6 .9
Previously published.......... 1.8 9.0 7.5 10.5 19.8 7.1 6.4 8.3 6.1 5.5 12.8 3.7 11.5 17.3 6.0 9.4 8.4 .2
Services........................ .0 11.5 5.4 4.8 23.1 16.2 5.1 -3.4 16.8 6.5 .9 2.6 6.3 2.9 3.9 2.0 26.0 1.6
Previously published.......... .0 9.7 5.1 5.4 23.1 7.5 5.6 -2.8 19.2 2.9 2.0 2.1 5.5 6.7 6.7 .8 16.3 1.9
Imports........................... 4.1 11.3 5.9 5.9 17.6 12.3 15.2 4.8 13.8 2.1 .8 2.1 16.2 6.9 .9 5.4 1.6 3.9
Previously published............ 4.1 10.8 6.1 5.8 17.6 10.2 16.0 4.4 12.0 4.1 1.4 2.5 13.2 9.1 1.4 5.6 -2.6 5.5
Goods........................... 4.9 11.3 6.6 6.0 17.2 11.5 16.6 5.5 14.5 3.2 1.0 2.5 17.3 6.5 1.1 6.2 -.6 4.2
Previously published.......... 4.9 10.9 6.7 5.9 17.2 10.1 17.7 4.7 12.6 4.9 2.0 2.7 14.1 9.4 -.1 7.1 -4.1 6.0
Services........................ .0 11.5 2.3 5.2 19.6 16.5 8.9 1.8 10.5 -3.5 -.5 .0 10.3 9.5 -.1 1.3 14.2 2.3
Previously published.......... .0 10.0 2.8 5.3 19.6 10.9 7.6 3.1 9.0 -.2 -1.5 1.2 8.3 7.4 9.9 -2.6 6.2 2.8
Government consumption expenditures
and gross investment............... 2.5 1.4 .7 1.8 .7 1.5 1.3 1.6 -1.8 1.3 1.2 3.2 -1.9 4.9 1.0 .8 3.5 -.5
Previously published............. 2.5 1.9 .9 2.1 .7 2.9 2.2 1.3 -1.9 1.6 1.1 3.4 -1.1 4.9 .8 1.7 3.4 1.0
Federal........................... 6.8 4.2 1.5 2.2 3.1 6.1 2.4 6.2 -4.6 2.8 .7 8.6 -6.2 8.4 -1.6 .9 7.3 -6.3
Previously published............ 6.8 4.3 1.5 2.0 3.1 7.2 2.5 5.0 -5.2 3.4 .4 9.6 -4.6 8.8 -4.5 1.3 4.6 -3.9
National defense................ 8.7 5.8 1.5 1.9 8.1 8.1 2.0 10.9 -9.7 4.6 2.6 10.0 -11.7 6.8 2.3 -1.5 16.9 -10.8
Previously published.......... 8.7 5.9 1.7 1.9 8.1 9.1 2.0 9.1 -9.1 4.5 2.9 11.2 -9.9 8.9 -2.0 -1.2 12.3 -7.4
Nondefense...................... 3.4 1.1 1.3 2.8 -6.0 2.3 3.2 -2.7 6.5 -.8 -3.0 5.8 5.8 11.9 -8.8 6.0 -10.0 3.8
Previously published.......... 3.4 1.2 1.1 2.1 -6.0 3.6 3.5 -2.9 3.4 1.2 -4.4 6.2 7.1 8.5 -9.3 6.5 -9.6 3.6
State and local................... .2 -.2 .3 1.6 -.6 -1.0 .7 -1.1 -.1 .4 1.5 .0 .7 2.9 2.5 .7 1.3 3.0
Previously published............ .2 .5 .5 2.1 -.6 .5 2.1 -.9 .1 .6 1.5 -.1 1.0 2.7 4.0 1.9 2.7 3.9
Addenda:
Final sales of domestic product... 2.5 3.3 3.3 2.8 2.1 2.6 2.4 3.8 2.7 2.9 4.8 4.6 -.5 5.4 2.0 1.0 3.5 1.3
Previously published............ 2.5 3.5 3.5 3.1 2.1 3.4 2.6 4.0 2.6 3.3 5.6 4.4 -.3 5.6 2.1 1.9 3.7 1.7
Gross domestic purchases.......... 2.8 4.1 3.1 2.8 3.0 3.6 4.8 3.8 3.4 2.6 1.9 4.3 2.5 4.5 1.9 1.3 .8 1.1
Previously published............ 2.8 4.4 3.3 3.2 3.0 4.4 5.5 3.1 3.3 3.4 2.4 4.0 2.7 5.3 2.0 2.0 .8 1.4
Final sales to domestic
purchasers....................... 2.8 3.8 3.3 2.7 2.5 3.2 3.7 4.0 3.6 2.4 3.7 4.5 .8 5.0 1.5 1.2 2.1 1.7
Previously published........... 2.8 4.0 3.6 2.9 2.5 4.0 4.1 4.0 3.2 3.3 4.6 4.2 .7 5.4 1.6 2.0 1.9 2.4
Gross national product (GNP)...... 2.7 3.8 3.0 2.8 3.5 3.6 2.6 3.9 1.5 3.6 2.7 5.1 .0 5.2 2.4 .5 2.6 .7
Previously published............ 2.7 3.8 3.1 3.3 3.5 3.5 2.9 3.3 2.0 3.6 3.0 4.9 .5 6.1 2.3 1.8 3.5 .8
Disposable personal income........ 2.2 3.6 1.7 3.1 1.7 3.7 2.4 2.9 7.5 -3.3 2.5 -1.2 6.6 4.9 .2 1.7 6.2 5.9
Previously published............ 2.2 3.6 1.2 2.6 1.7 3.9 2.4 2.8 7.5 -4.0 .5 -.6 5.5 4.6 -1.5 3.2 6.4 4.8
Current-dollar measures:
GDP............................. 4.7 6.6 6.4 6.1 4.9 6.8 7.4 6.0 5.9 7.1 5.5 8.1 4.8 8.4 6.0 3.4 3.8 4.9
Previously published.......... 4.7 6.9 6.3 6.3 4.9 7.8 7.9 5.3 5.9 7.0 5.8 7.6 5.1 9.0 5.9 3.8 4.1 4.9
Final sales of domestic product. 4.7 6.2 6.6 6.1 4.4 6.4 6.2 6.1 6.0 6.9 7.5 8.3 3.0 9.0 5.5 3.4 5.2 5.5
Previously published.......... 4.7 6.5 6.7 6.1 4.4 7.3 6.4 6.2 5.9 6.9 8.2 7.8 3.0 9.1 5.5 3.8 5.4 5.9
Gross domestic purchases........ 5.2 7.3 6.9 6.1 4.9 8.0 9.2 6.7 7.2 6.3 5.5 9.1 6.3 7.3 6.2 3.8 .9 4.9
Previously published.......... 5.2 7.6 6.9 6.4 4.9 8.9 9.7 5.8 7.0 6.7 5.8 8.5 6.3 8.2 6.1 4.2 1.0 5.1
Final sales to domestic
purchasers..................... 5.2 7.0 7.1 6.1 4.4 7.6 8.0 6.8 7.3 6.1 7.4 9.3 4.6 7.9 5.7 3.7 2.1 5.5
Previously published......... 5.2 7.2 7.2 6.1 4.4 8.5 8.3 6.7 7.0 6.7 8.1 8.8 4.3 8.2 5.7 4.2 2.1 6.1
GNP............................. 4.9 6.8 6.3 6.0 5.8 7.4 6.5 6.3 4.8 7.6 5.4 8.7 3.5 8.8 6.0 2.8 4.3 4.9
Previously published.......... 4.9 6.7 6.2 6.3 5.8 7.4 6.7 5.4 5.3 7.2 5.6 8.4 3.8 9.6 5.7 3.7 5.2 5.0
Disposable personal income...... 4.2 6.4 4.7 5.9 3.2 7.3 6.3 4.9 10.8 -1.2 6.0 3.0 9.6 6.7 4.5 4.4 5.2 9.5
Previously published.......... 4.2 6.4 4.1 5.5 3.2 7.7 6.0 4.7 10.7 -1.8 3.6 3.5 8.6 6.8 2.5 5.7 5.4 8.5
------------------------------------------------------------------------------------------------------------------------------------------------------------------
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
------------------------ ------------------------ ------------------------
2004 2005 2006 2004 2005 2006 2004 2005 2006
---------------------------------------------------------------------------------------------------------------------------------
Gross domestic product (GDP)....... 11,685.9 12,433.9 13,194.7 -26.6 -21.9 -51.9 -.2 -.2 -.4
Personal consumption expenditures...... 8,195.9 8,707.8 9,224.5 -15.6 -34.6 -44.4 -.2 -.4 -.5
Durable goods........................ 983.9 1,023.9 1,048.9 -2.4 -9.2 -21.4 -.2 -.9 -2.0
Nondurable goods..................... 2,343.7 2,516.2 2,688.0 -1.5 -23.1 -26.9 -.1 -.9 -1.0
Services............................. 4,868.3 5,167.8 5,487.6 -11.8 -2.2 3.9 -.2 .0 .1
Gross private domestic investment...... 1,888.6 2,077.2 2,209.2 .6 19.8 -3.3 .0 1.0 -.1
Fixed investment..................... 1,830.0 2,040.3 2,162.5 -.6 4.1 -.4 .0 .2 .0
Nonresidential..................... 1,154.5 1,272.1 1,397.7 -.8 6.4 1.5 -.1 .5 .1
Structures....................... 298.2 334.6 405.1 -2.6 -4.0 -6.1 -.9 -1.2 -1.5
Equipment and software........... 856.3 937.5 992.6 1.8 10.4 7.6 .2 1.1 .8
Residential........................ 675.5 768.2 764.8 .2 -2.2 -1.9 .0 -.3 -.2
Change in private inventories........ 58.6 36.9 46.7 1.3 15.6 -2.9 ..... ..... .....
Net exports of goods and services...... -615.4 -714.6 -762.0 -2.2 2.1 .5 ..... ..... .....
Exports.............................. 1,182.4 1,309.4 1,467.6 4.3 6.3 1.4 .4 .5 .1
Goods.............................. 818.3 907.0 1,030.5 -.5 -.5 -4.9 -.1 -.1 -.5
Services........................... 364.1 402.4 437.1 4.8 6.8 6.3 1.3 1.7 1.5
Imports.............................. 1,797.8 2,023.9 2,229.6 6.4 4.0 .9 .4 .2 .0
Goods.............................. 1,499.5 1,702.0 1,880.4 4.3 3.0 .9 .3 .2 .0
Services........................... 298.3 322.0 349.2 2.1 1.1 .0 .7 .3 .0
Government consumption expenditures
and gross investment.................. 2,216.8 2,363.4 2,523.0 -9.4 -9.4 -4.7 -.4 -.4 -.2
Federal.............................. 825.6 878.4 932.5 -.3 .1 5.9 .0 .0 .6
National defense................... 550.7 588.7 624.3 -.5 -.6 3.3 -.1 -.1 .5
Nondefense......................... 274.9 289.8 308.2 .2 .8 2.6 .1 .3 .9
State and local...................... 1,391.2 1,485.0 1,590.5 -9.1 -9.4 -10.6 -.6 -.6 -.7
Relation of GDP and National Income
Gross domestic product................. 11,685.9 12,433.9 13,194.7 -26.6 -21.9 -51.9 -.2 -.2 -.4
Plus: Income receipts
from the rest of the world............ 437.5 544.1 691.4 27.3 30.8 25.8 6.7 6.0 3.9
Less: Income payments to
the rest of the world................. 361.3 475.6 633.4 -2.6 -5.9 -2.3 -.7 -1.2 -.4
Equals: Gross national product......... 11,762.1 12,502.4 13,252.7 3.4 14.7 -23.8 .0 .1 -.2
Less: Consumption of fixed capital..... 1,436.1 1,609.5 1,615.2 -.1 4.7 38.3 .0 .3 2.4
Less: Statistical discrepancy.......... 19.1 5.4 -18.1 -47.6 -65.6 -6.7 ..... ..... .....
Equals: National income................ 10,306.8 10,887.6 11,655.6 50.9 75.8 -55.4 .5 .7 -.5
Compensation of employees............ 6,656.4 7,029.6 7,448.3 6.1 -.7 -50.1 .1 .0 -.7
Wage and salary accruals........... 5,379.5 5,672.9 6,025.7 2.4 8.1 -17.9 .0 .1 -.3
Supplements to wages and
salaries.......................... 1,276.9 1,356.8 1,422.6 3.7 -8.7 -32.3 .3 -.6 -2.2
Proprietors' income with inventory
valuation and capital
consumption adjustments............. 911.6 969.9 1,006.7 .5 -.8 -8.4 .1 -.1 -.8
Rental income of persons with
capital consumption adjustment...... 118.4 42.9 54.5 -8.6 -29.9 -22.9 -6.8 -41.1 -29.6
Corporate profits with inventory
valuation and capital
consumption adjustments............. 1,231.2 1,372.8 1,553.7 48.6 42.1 -62.0 4.1 3.2 -3.8
Net interest and miscellaneous
payments............................ 491.2 558.0 598.5 6.1 74.6 89.2 1.3 15.4 17.5
Taxes on production and imports
less subsidies...................... 819.2 863.1 917.6 -.2 -2.0 5.1 .0 -.2 .6
Business current transfer payments... 83.0 66.5 90.2 -2.5 -7.7 -2.4 -2.9 -10.4 -2.6
Current surplus of government
enterprises......................... -4.2 -15.1 -13.9 .8 .3 -4.0 ..... ..... .....
Disposition of personal income
Personal income........................ 9,727.2 10,301.1 10,983.4 -4.2 61.9 92.2 .0 .6 .8
Compensation of employees,
received............................ 6,671.4 7,024.6 7,440.8 6.1 -5.7 -45.1 .1 -.1 -.6
Wage and salary disbursements...... 5,394.5 5,667.9 6,018.2 2.4 3.1 -12.9 .0 .1 -.2
Supplements to wages and
salaries.......................... 1,276.9 1,356.8 1,422.6 3.7 -8.7 -32.3 .3 -.6 -2.2
Proprietors' income with
inventory valuation and capital
consumption adjustments............. 911.6 969.9 1,006.7 .5 -.8 -8.4 .1 -.1 -.8
Farm............................... 37.3 30.8 19.4 1.1 .6 -3.2 3.0 2.0 -14.2
Nonfarm............................ 874.3 939.1 987.4 -.6 -1.3 -5.1 -.1 -.1 -.5
Rental income of persons with
capital consumption adjustment...... 118.4 42.9 54.5 -8.6 -29.9 -22.9 -6.8 -41.1 -29.6
Personal income receipts on assets... 1,432.1 1,617.8 1,796.5 4.2 98.4 140.2 .3 6.5 8.5
Personal interest income........... 895.1 1,018.9 1,100.2 4.3 73.9 83.5 .5 7.8 8.2
Personal dividend income........... 537.0 598.9 696.3 -.1 24.5 56.7 .0 4.3 8.9
Personal current transfer
receipts............................ 1,422.5 1,520.7 1,612.5 -4.0 -5.9 10.3 -.3 -.4 .6
Less: Contributions for government
social insurance.................... 828.8 874.8 927.6 2.4 -5.8 -18.1 .3 -.7 -1.9
Less: Personal current taxes........... 1,046.3 1,209.1 1,354.3 -3.5 6.0 -7.8 -.3 .5 -.6
Equals: Disposable personal income..... 8,680.9 9,092.0 9,629.1 -.7 55.9 100.0 .0 .6 1.0
Less: Personal outlays................. 8,499.2 9,047.4 9,590.3 -8.0 -23.5 -35.2 -.1 -.3 -.4
Equals: Personal saving................ 181.7 44.6 38.8 7.4 79.4 135.2 ..... ..... .....
Personal saving as a percentage
of disposable personal income....... 2.1 .5 .4 .1 .9 1.4 ..... ..... .....
Addenda:
Statistical discrepancy as a
percentage of GDP..................... .2 .0 -.1 -.4 -.6 .0 ..... ..... .....
Gross domestic income.................. 11,666.8 12,428.6 13,212.8 21.0 43.8 -45.2 .2 .4 -.3
---------------------------------------------------------------------------------------------------------------------------------
Table 2.--Contributions to Percent Change in Real Gross Domestic Product
[Quarters seasonally adjusted at annual rates]
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
2003 2004 2005 2006 IV 03 I 04 II 04 III 04 IV 04 I 05 II 05 III 05 IV 05 I 06 II 06 III 06 IV 06 I 07 II 07
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
Percent change at annual rate:
Gross domestic product.......... 2.5 3.6 3.1 2.9 2.7 3.0 3.5 3.6 2.5 3.1 2.8 4.5 1.2 4.8 2.4 1.1 2.1 .6 3.4
Percentage points at annual rates:
Personal consumption expenditures. 1.94 2.56 2.24 2.15 1.59 3.12 1.73 2.46 2.93 1.68 2.40 2.82 .84 3.00 1.63 1.88 2.68 2.56 .89
Durable goods................... .50 .53 .40 .31 .06 .49 .16 .64 .57 .18 .90 .51 -1.13 1.23 .07 .43 .30 .67 .13
Motor vehicles and parts...... .12 .08 .00 -.11 -.29 .09 -.11 .17 .23 -.27 .48 .20 -1.57 .48 -.04 .16 .00 .35 -.02
Furniture and household
equipment.................... .27 .35 .31 .35 .27 .29 .27 .36 .25 .31 .28 .39 .35 .54 .17 .24 .25 .28 .09
Other......................... .10 .10 .09 .07 .08 .11 .00 .10 .09 .13 .14 -.08 .09 .22 -.06 .04 .05 .04 .06
Nondurable goods................ .64 .71 .72 .74 .36 .92 .31 .62 .97 .71 .74 .50 .93 .91 .47 .64 .86 .61 -.16
Food.......................... .23 .31 .38 .38 .02 .59 .10 .21 .60 .31 .38 .49 .40 .47 .13 .24 .68 .16 -.20
Clothing and shoes............ .14 .14 .17 .13 -.02 .31 -.13 .15 .23 .18 .27 .00 .29 .11 .05 .14 .10 .22 .05
Gasoline, fuel oil, and other
energy goods................. .01 .03 -.02 -.01 .06 .00 .04 -.03 .00 .05 -.11 -.11 .06 .02 .02 .05 -.15 .06 -.06
Other......................... .26 .24 .19 .23 .30 .03 .29 .29 .14 .17 .20 .13 .18 .31 .27 .20 .23 .17 .05
Services........................ .80 1.32 1.12 1.11 1.18 1.71 1.25 1.21 1.39 .79 .76 1.81 1.05 .86 1.10 .81 1.52 1.28 .92
Housing....................... .10 .32 .33 .28 .40 .35 .25 .29 .31 .36 .36 .36 .30 .30 .23 .18 .20 .26 .29
Household operation........... .06 .10 .08 -.03 .17 .13 .06 .06 .15 .04 -.02 .33 -.22 -.40 .17 .16 .13 .04 -.05
Electricity and gas......... .03 .02 .04 -.05 .12 .04 -.05 -.05 .15 .03 -.04 .29 -.21 -.42 .14 .17 .07 .03 -.08
Other household operation... .03 .08 .03 .02 .05 .08 .11 .12 .01 .01 .02 .04 -.01 .02 .03 -.01 .07 .01 .03
Transportation................ .00 .04 .03 .03 .02 .04 .08 .02 .06 .02 .01 .01 .03 .06 -.03 .06 .11 .07 .15
Medical care.................. .45 .36 .41 .40 .28 .33 .45 .52 .40 .27 .38 .53 .53 .49 .26 .12 .34 .47 .35
Recreation.................... .10 .14 .06 .09 .16 .21 .12 .09 .03 .09 .03 .06 .08 .07 .02 .19 .30 .06 -.03
Other......................... .09 .36 .21 .34 .15 .66 .29 .22 .44 .00 .00 .53 .32 .34 .45 .11 .44 .39 .22
Gross private domestic investment. .54 1.48 .91 .45 1.39 .30 3.00 1.26 1.04 .89 -.64 1.15 2.13 .78 .13 -.70 -2.50 -1.36 .49
Fixed investment................ .51 1.10 1.09 .39 .83 -.07 1.88 1.41 1.14 .68 1.26 1.28 .38 1.27 -.32 -.80 -1.19 -.70 .34
Nonresidential................ .10 .56 .70 .68 .29 -.28 1.00 1.16 1.00 .36 .51 .87 .35 1.31 .44 .53 -.15 .22 .83
Structures.................. -.11 .03 .01 .24 -.12 -.01 .15 .09 .00 .06 -.04 -.17 .12 .39 .45 .31 .23 .20 .66
Equipment and software...... .21 .53 .69 .44 .41 -.27 .85 1.07 1.01 .30 .55 1.04 .23 .92 -.01 .21 -.38 .02 .17
Information processing
equipment and software... .22 .33 .34 .27 .70 .04 .15 .24 .41 .46 .32 .32 .26 .48 .05 .24 -.06 .56 .27
Computers and peripheral
equipment.............. .09 .08 .17 .12 .21 -.16 .04 .19 .24 .13 .19 .11 .23 .06 .11 .09 .03 .25 .03
Software................ .07 .14 .10 .06 .20 .14 .00 .11 .17 .07 .14 .02 .05 .08 .03 .05 .04 .14 .09
Other................... .05 .12 .08 .10 .29 .05 .12 -.06 .00 .26 -.01 .19 -.01 .34 -.09 .10 -.12 .18 .15
Industrial equipment...... .04 -.04 .09 .05 -.22 -.14 .09 .19 .06 .15 -.12 .23 .11 -.08 .17 -.04 -.08 -.04 .21
Transportation equipment.. -.12 .16 .13 .09 -.13 -.07 .52 .43 .40 -.34 .14 .40 -.21 .46 -.24 .10 -.18 -.20 -.41
Other equipment........... .07 .07 .12 .04 .07 -.10 .09 .20 .13 .04 .21 .09 .07 .06 .00 -.09 -.05 -.30 .09
Residential................... .41 .53 .39 -.29 .55 .21 .89 .24 .14 .32 .75 .42 .03 -.05 -.76 -1.33 -1.04 -.93 -.49
Change in private inventories... .04 .39 -.18 .06 .56 .37 1.12 -.14 -.11 .21 -1.90 -.14 1.74 -.49 .46 .10 -1.31 -.65 .15
Farm.......................... .03 .06 -.07 .00 -.05 .28 .37 -.32 -.14 -.25 .13 .12 .01 -.04 -.23 .10 .25 .04 -.02
Nonfarm....................... .00 .32 -.11 .06 .60 .08 .75 .18 .03 .46 -2.04 -.26 1.73 -.45 .69 .01 -1.56 -.69 .17
Net exports of goods and services. -.44 -.68 -.23 -.08 -.47 -.75 -1.50 -.42 -1.07 .26 .83 -.10 -1.41 .13 .49 -.25 1.25 -.51 1.18
Exports......................... .12 .93 .70 .88 1.81 .95 .64 .31 .97 .60 .95 .22 1.07 1.19 .61 .62 1.51 .13 .73
Goods......................... .12 .60 .53 .73 1.20 .49 .48 .42 .49 .40 .92 .14 .87 1.10 .49 .56 .73 .07 .48
Services...................... .00 .33 .17 .16 .61 .46 .16 -.11 .49 .20 .03 .08 .20 .10 .13 .07 .78 .05 .25
Imports......................... -.56 -1.61 -.92 -.96 -2.29 -1.70 -2.14 -.73 -2.04 -.34 -.12 -.32 -2.47 -1.07 -.12 -.88 -.26 -.63 .45
Goods......................... -.56 -1.33 -.86 -.83 -1.86 -1.32 -1.92 -.69 -1.78 -.43 -.13 -.32 -2.22 -.83 -.12 -.84 .09 -.57 .34
Services...................... .00 -.27 -.06 -.13 -.43 -.37 -.21 -.05 -.26 .09 .01 .00 -.26 -.24 .00 -.03 -.35 -.06 .11
Government consumption expenditures
and gross investment............. .47 .27 .14 .35 .14 .29 .25 .30 -.35 .25 .22 .60 -.37 .92 .18 .14 .66 -.09 .82
Federal......................... .44 .29 .11 .15 .21 .41 .17 .43 -.33 .19 .05 .59 -.46 .57 -.11 .06 .50 -.46 .47
National defense.............. .37 .27 .07 .09 .35 .36 .09 .49 -.48 .22 .12 .46 -.59 .31 .11 -.07 .74 -.54 .44
Consumption expenditures.... .32 .21 .04 .05 .31 .35 .03 .34 -.45 .26 .01 .41 -.57 .30 -.05 .00 .60 -.40 .39
Gross investment............ .05 .06 .03 .04 .05 .01 .06 .15 -.04 -.05 .11 .05 -.02 .01 .15 -.07 .15 -.14 .05
Nondefense.................... .08 .03 .03 .06 -.14 .06 .08 -.06 .15 -.02 -.07 .13 .13 .27 -.22 .14 -.24 .08 .03
Consumption expenditures..... .07 .02 .01 .05 -.12 .07 .03 -.04 .12 -.02 -.08 .07 .06 .23 -.15 .13 -.23 .14 .01
Gross investment............. .01 .00 .02 .02 -.03 -.02 .05 -.03 .03 .00 .01 .06 .07 .04 -.07 .01 -.02 -.06 .02
State and local................. .02 -.02 .04 .19 -.07 -.12 .09 -.13 -.01 .05 .17 .01 .09 .35 .29 .08 .16 .36 .35
Consumption expenditures.... .00 .01 .07 .13 .07 -.04 .02 .04 .11 .02 .09 .12 .09 .15 .11 .18 .19 .20 .23
Gross investment............ .02 -.03 -.03 .06 -.15 -.08 .07 -.17 -.12 .03 .08 -.11 .00 .20 .18 -.10 -.03 .17 .12
Addenda:
Goods........................... 1.00 1.50 1.36 1.53 .81 .68 1.10 2.06 1.18 1.32 1.23 1.83 .49 2.95 1.45 1.06 .36 .06 1.18
Services........................ 1.20 1.62 1.36 1.36 1.63 2.17 1.27 1.40 1.41 1.34 .82 2.50 .56 1.39 1.15 1.15 2.50 1.21 1.91
Structures...................... .31 .51 .35 -.01 .22 .10 1.11 .14 -.03 .42 .76 .14 .14 .48 -.16 -1.14 -.77 -.68 .29
Motor vehicle output............ .05 .14 .14 -.04 -.23 .29 -.21 .87 -.34 .18 .16 .92 -1.21 .51 -.37 .44 -.74 .18 .03
Final sales of computers........ .15 .04 .22 .13 .15 -.28 -.04 .13 .29 .24 .31 .15 .22 .05 .13 .03 .16 -.01 .16
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
See "Explanatory Note" at the end of the tables.
Table 2A.--Contributions to Percent Change in Real Gross Domestic Produc
[Quarters seasonally adjusted at annual rates]
------------------------------------------------------------------------------------------------------------------------------------------------------------------
2003 2004 2005 2006 IV 03 I 04 II 04 III 04 IV 04 I 05 II 05 III 05 IV 05 I 06 II 06 III 06 IV 06 I 07
------------------------------------------------------------------------------------------------------------------------------------------------------------------
Percent change at annual rate:
Gross domestic product.......... 2.5 3.6 3.1 2.9 2.7 3.0 3.5 3.6 2.5 3.1 2.8 4.5 1.2 4.8 2.4 1.1 2.1 .6
Previously published.......... 2.5 3.9 3.2 3.3 2.7 3.9 4.0 3.1 2.6 3.4 3.3 4.2 1.8 5.6 2.6 2.0 2.5 .7
Percentage points at annual rates:
Personal consumption expenditures. 1.94 2.56 2.24 2.15 1.59 3.12 1.73 2.46 2.93 1.68 2.40 2.82 .84 3.00 1.63 1.88 2.68 2.56
Previously published............ 1.94 2.71 2.44 2.24 1.59 3.30 2.07 2.74 2.97 1.94 2.94 2.76 .53 3.38 1.81 1.96 2.93 2.89
Durable goods................... .50 .53 .40 .31 .06 .49 .16 .64 .57 .18 .90 .51 -1.13 1.23 .07 .43 .30 .67
Previously published.......... .50 .54 .45 .41 .06 .51 .14 .71 .50 .20 1.02 .74 -1.08 1.50 -.01 .50 .35 .67
Motor vehicles and parts...... .12 .08 .00 -.11 -.29 .09 -.11 .17 .23 -.27 .48 .20 -1.57 .48 -.04 .16 .00 .35
Previously published........ .12 .07 .02 -.04 -.29 .09 -.14 .22 .17 -.29 .50 .38 -1.51 .60 -.04 .28 -.15 .38
Furniture and household
equipment.................... .27 .35 .31 .35 .27 .29 .27 .36 .25 .31 .28 .39 .35 .54 .17 .24 .25 .28
Previously published....... .27 .35 .29 .36 .27 .33 .28 .36 .21 .27 .28 .40 .33 .65 .10 .20 .38 .27
Other......................... .10 .10 .09 .07 .08 .11 .00 .10 .09 .13 .14 -.08 .09 .22 -.06 .04 .05 .04
Previously published........ .10 .11 .14 .09 .08 .10 .01 .13 .12 .21 .24 -.03 .10 .26 -.06 .03 .12 .03
Nondurable goods................ .64 .71 .72 .74 .36 .92 .31 .62 .97 .71 .74 .50 .93 .91 .47 .64 .86 .61
Previously published.......... .64 .73 .90 .76 .36 .86 .34 .74 1.07 1.04 .98 .70 .79 1.20 .30 .32 1.18 .65
Food.......................... .23 .31 .38 .38 .02 .59 .10 .21 .60 .31 .38 .49 .40 .47 .13 .24 .68 .16
Previously published........ .23 .33 .51 .41 .02 .54 .16 .28 .70 .53 .55 .61 .39 .64 .19 -.07 .62 .14
Clothing and shoes............ .14 .14 .17 .13 -.02 .31 -.13 .15 .23 .18 .27 .00 .29 .11 .05 .14 .10 .22
Previously published........ .14 .14 .17 .14 -.02 .32 -.14 .18 .19 .17 .25 .08 .27 .23 -.10 .15 .18 .21
Gasoline, fuel oil, and other
energy goods................. .01 .03 -.02 -.01 .06 .00 .04 -.03 .00 .05 -.11 -.11 .06 .02 .02 .05 -.15 .06
Previously published....... .01 .02 -.01 -.02 .06 .00 .00 -.04 .01 .12 -.10 -.15 -.06 -.03 .02 .14 .03 .14
Other......................... .26 .24 .19 .23 .30 .03 .29 .29 .14 .17 .20 .13 .18 .31 .27 .20 .23 .17
Previously published........ .26 .24 .23 .23 .30 .00 .32 .32 .16 .21 .28 .16 .19 .36 .19 .11 .35 .17
Services........................ .80 1.32 1.12 1.11 1.18 1.71 1.25 1.21 1.39 .79 .76 1.81 1.05 .86 1.10 .81 1.52 1.28
Previously published.......... .80 1.45 1.09 1.07 1.18 1.92 1.59 1.30 1.39 .70 .94 1.32 .83 .67 1.52 1.14 1.41 1.57
Housing....................... .10 .32 .33 .28 .40 .35 .25 .29 .31 .36 .36 .36 .30 .30 .23 .18 .20 .26
Previously published........ .10 .40 .30 .24 .40 .49 .42 .37 .32 .29 .28 .24 .18 .24 .25 .27 .33 .24
Household operation........... .06 .10 .08 -.03 .17 .13 .06 .06 .15 .04 -.02 .33 -.22 -.40 .17 .16 .13 .04
Previously published........ .06 .10 .08 -.02 .17 .11 .10 .06 .25 .01 .04 .09 .01 -.58 .31 .35 .13 .30
Electricity and gas......... .03 .02 .04 -.05 .12 .04 -.05 -.05 .15 .03 -.04 .29 -.21 -.42 .14 .17 .07 .03
Previously published...... .03 .02 .04 -.05 .12 .06 -.06 -.07 .25 .00 .00 .03 .03 -.58 .23 .32 .08 .26
Other household operation... .03 .08 .03 .02 .05 .08 .11 .12 .01 .01 .02 .04 -.01 .02 .03 -.01 .07 .01
Previously published...... .03 .08 .04 .03 .05 .05 .16 .13 .00 .01 .04 .06 -.02 .00 .08 .04 .05 .04
Transportation................ .00 .04 .03 .03 .02 .04 .08 .02 .06 .02 .01 .01 .03 .06 -.03 .06 .11 .07
Previously published........ .00 .03 .00 .04 .02 .05 .06 .00 .04 .02 -.03 -.04 .00 .10 .04 .03 .10 .08
Medical care.................. .45 .36 .41 .40 .28 .33 .45 .52 .40 .27 .38 .53 .53 .49 .26 .12 .34 .47
Previously published........ .45 .37 .43 .42 .28 .33 .47 .53 .43 .32 .40 .53 .44 .52 .31 .25 .42 .51
Recreation.................... .10 .14 .06 .09 .16 .21 .12 .09 .03 .09 .03 .06 .08 .07 .02 .19 .30 .06
Previously published........ .10 .14 .08 .06 .16 .18 .13 .09 .05 .13 .05 .05 .04 .09 .02 .08 .09 -.02
Other......................... .09 .36 .21 .34 .15 .66 .29 .22 .44 .00 .00 .53 .32 .34 .45 .11 .44 .39
Previously published........ .09 .41 .20 .33 .15 .76 .42 .24 .30 -.07 .20 .44 .16 .31 .58 .15 .33 .46
Gross private domestic investment. .54 1.48 .91 .45 1.39 .30 3.00 1.26 1.04 .89 -.64 1.15 2.13 .78 .13 -.70 -2.50 -1.36
Previously published............ .54 1.49 .87 .70 1.39 .74 3.17 .32 .82 1.32 -.61 .84 2.51 1.31 .17 -.13 -2.71 -1.59
Fixed investment................ .51 1.10 1.09 .39 .83 -.07 1.88 1.41 1.14 .68 1.26 1.28 .38 1.27 -.32 -.80 -1.19 -.70
Previously published.......... .51 1.11 1.17 .47 .83 .34 1.72 1.16 .77 1.22 1.62 1.02 .46 1.34 -.27 -.19 -1.54 -.62
Nonresidential................ .10 .56 .70 .68 .29 -.28 1.00 1.16 1.00 .36 .51 .87 .35 1.31 .44 .53 -.15 .22
Previously published........ .10 .58 .67 .73 .29 .18 .69 .97 .81 .59 .51 .59 .52 1.36 .45 1.01 -.34 .27
Structures.................. -.11 .03 .01 .24 -.12 -.01 .15 .09 .00 .06 -.04 -.17 .12 .39 .45 .31 .23 .20
Previously published...... -.11 .06 .03 .26 -.12 .08 .17 .08 -.05 .14 -.06 -.20 .31 .25 .56 .46 .03 .15
Equipment and software...... .21 .53 .69 .44 .41 -.27 .85 1.07 1.01 .30 .55 1.04 .23 .92 -.01 .21 -.38 .02
Previously published...... .21 .52 .64 .47 .41 .10 .52 .90 .86 .45 .56 .78 .21 1.11 -.10 .55 -.36 .12
Information processing
equipment and software... .22 .33 .34 .27 .70 .04 .15 .24 .41 .46 .32 .32 .26 .48 .05 .24 -.06 .56
Previously published... .22 .36 .30 .31 .70 .30 .05 .21 .33 .43 .29 .26 .25 .74 -.04 .35 -.07 .60
Computers and peripheral
equipment.............. .09 .08 .17 .12 .21 -.16 .04 .19 .24 .13 .19 .11 .23 .06 .11 .09 .03 .25
Previously published. .09 .10 .12 .10 .21 -.03 -.03 .21 .17 .10 .10 .06 .16 .15 .03 .13 .00 .26
Software................ .07 .14 .10 .06 .20 .14 .00 .11 .17 .07 .14 .02 .05 .08 .03 .05 .04 .14
Previously published.. .07 .15 .09 .10 .20 .17 .03 .12 .16 .03 .12 .07 .04 .18 .07 .09 .05 .13
Other................... .05 .12 .08 .10 .29 .05 .12 -.06 .00 .26 -.01 .19 -.01 .34 -.09 .10 -.12 .18
Previously published.. .05 .11 .10 .11 .29 .16 .05 -.12 .00 .30 .06 .13 .04 .40 -.14 .13 -.11 .21
Industrial equipment...... .04 -.04 .09 .05 -.22 -.14 .09 .19 .06 .15 -.12 .23 .11 -.08 .17 -.04 -.08 -.04
Previously published.... .04 -.05 .10 .07 -.22 -.09 -.05 .19 .05 .16 -.07 .23 .19 -.05 .16 .00 -.07 -.04
Transportation equipment.. -.12 .16 .13 .09 -.13 -.07 .52 .43 .40 -.34 .14 .40 -.21 .46 -.24 .10 -.18 -.20
Previously published.... -.12 .14 .15 .00 -.13 -.08 .46 .39 .40 -.14 .11 .27 -.31 .31 -.32 .15 -.22 -.13
Other equipment........... .07 .07 .12 .04 .07 -.10 .09 .20 .13 .04 .21 .09 .07 .06 .00 -.09 -.05 -.30
Previously published.... .07 .07 .09 .08 .07 -.04 .06 .10 .08 .01 .24 .03 .08 .11 .09 .05 -.01 -.31
Residential................... .41 .53 .39 -.29 .55 .21 .89 .24 .14 .32 .75 .42 .03 -.05 -.76 -1.33 -1.04 -.93
Previously published........ .41 .53 .50 -.27 .55 .16 1.03 .18 -.04 .63 1.11 .43 -.06 -.02 -.72 -1.20 -1.21 -.89
Change in private inventories... .04 .39 -.18 .06 .56 .37 1.12 -.14 -.11 .21 -1.90 -.14 1.74 -.49 .46 .10 -1.31 -.65
Previously published.......... .04 .38 -.30 .23 .56 .40 1.44 -.84 .05 .09 -2.23 -.18 2.05 -.03 .44 .06 -1.16 -.97
Farm.......................... .03 .06 -.07 .00 -.05 .28 .37 -.32 -.14 -.25 .13 .12 .01 -.04 -.23 .10 .25 .04
Previously published........ .03 .07 -.06 .03 -.05 .27 .61 -.48 -.38 .16 -.26 .28 .14 -.01 -.09 .02 -.01 .01
Nonfarm....................... .00 .32 -.11 .06 .60 .08 .75 .18 .03 .46 -2.04 -.26 1.73 -.45 .69 .01 -1.56 -.69
Previously published........ .00 .31 -.24 .21 .60 .13 .84 -.35 .43 -.06 -1.97 -.46 1.90 -.02 .54 .05 -1.15 -.98
Net exports of goods and services. -.44 -.68 -.23 -.08 -.47 -.75 -1.50 -.42 -1.07 .26 .83 -.10 -1.41 .13 .49 -.25 1.25 -.51
Previously published............ -.44 -.65 -.26 -.02 -.47 -.73 -1.62 -.20 -.81 -.16 .72 -.06 -1.07 -.04 .42 -.19 1.59 -.81
Exports......................... .12 .93 .70 .88 1.81 .95 .64 .31 .97 .60 .95 .22 1.07 1.19 .61 .62 1.51 .13
Previously published.......... .12 .88 .68 .93 1.81 .69 .60 .46 .96 .47 .94 .33 .97 1.41 .66 .73 1.14 .08
Goods......................... .12 .60 .53 .73 1.20 .49 .48 .42 .49 .40 .92 .14 .87 1.10 .49 .56 .73 .07
Previously published........ .12 .60 .52 .76 1.20 .47 .43 .55 .42 .38 .88 .27 .80 1.20 .45 .71 .65 .01
Services...................... .00 .33 .17 .16 .61 .46 .16 -.11 .49 .20 .03 .08 .20 .10 .13 .07 .78 .05
Previously published........ .00 .28 .16 .17 .61 .22 .17 -.09 .54 .09 .06 .06 .17 .21 .21 .03 .50 .06
Imports......................... -.56 -1.61 -.92 -.96 -2.29 -1.70 -2.14 -.73 -2.04 -.34 -.12 -.32 -2.47 -1.07 -.12 -.88 -.26 -.63
Previously published.......... -.56 -1.53 -.94 -.95 -2.29 -1.42 -2.22 -.66 -1.77 -.63 -.22 -.39 -2.04 -1.46 -.24 -.93 .45 -.88
Goods......................... -.56 -1.33 -.86 -.83 -1.86 -1.32 -1.92 -.69 -1.78 -.43 -.13 -.32 -2.22 -.83 -.12 -.84 .09 -.57
Previously published........ -.56 -1.29 -.87 -.82 -1.86 -1.17 -2.03 -.59 -1.55 -.64 -.26 -.36 -1.84 -1.27 .01 -1.00 .61 -.81
Services...................... .00 -.27 -.06 -.13 -.43 -.37 -.21 -.05 -.26 .09 .01 .00 -.26 -.24 .00 -.03 -.35 -.06
Previously published........ .00 -.24 -.07 -.14 -.43 -.25 -.18 -.08 -.22 .01 .04 -.03 -.20 -.19 -.25 .07 -.16 -.07
Government consumption expenditures
and gross investment............. .47 .27 .14 .35 .14 .29 .25 .30 -.35 .25 .22 .60 -.37 .92 .18 .14 .66 -.09
Previously published........... .47 .36 .17 .40 .14 .55 .43 .24 -.37 .31 .21 .64 -.21 .94 .16 .32 .64 .19
Federal......................... .44 .29 .11 .15 .21 .41 .17 .43 -.33 .19 .05 .59 -.46 .57 -.11 .06 .50 -.46
Previously published.......... .44 .30 .11 .14 .21 .49 .18 .34 -.38 .23 .03 .66 -.33 .61 -.32 .09 .31 -.28
National defense.............. .37 .27 .07 .09 .35 .36 .09 .49 -.48 .22 .12 .46 -.59 .31 .11 -.07 .74 -.54
Previously published........ .37 .27 .08 .09 .35 .41 .09 .41 -.45 .21 .13 .52 -.49 .41 -.09 -.06 .55 -.36
Consumption expenditures.... .32 .21 .04 .05 .31 .35 .03 .34 -.45 .26 .01 .41 -.57 .30 -.05 .00 .60 -.40
Previously published...... .32 .22 .05 .05 .31 .40 .00 .34 -.44 .25 .03 .45 -.47 .37 -.17 -.04 .43 -.30
Gross investment............ .05 .06 .03 .04 .05 .01 .06 .15 -.04 -.05 .11 .05 -.02 .01 .15 -.07 .15 -.14
Previously published...... .05 .05 .03 .04 .05 .00 .10 .08 -.01 -.04 .10 .07 -.02 .05 .08 -.02 .11 -.06
Nondefense.................... .08 .03 .03 .06 -.14 .06 .08 -.06 .15 -.02 -.07 .13 .13 .27 -.22 .14 -.24 .08
Previously published........ .08 .03 .03 .05 -.14 .09 .08 -.07 .08 .03 -.11 .14 .16 .20 -.23 .15 -.23 .08
Consumption expenditures.... .07 .02 .01 .05 -.12 .07 .03 -.04 .12 -.02 -.08 .07 .06 .23 -.15 .13 -.23 .14
Previously published...... .07 .03 .00 .04 -.12 .11 .03 -.06 .05 .01 -.09 .08 .05 .16 -.10 .13 -.19 .11
Gross investment............ .01 .00 .02 .02 -.03 -.02 .05 -.03 .03 .00 .01 .06 .07 .04 -.07 .01 -.02 -.06
Previously published...... .01 .00 .02 .01 -.03 -.03 .05 -.01 .03 .01 -.02 .06 .11 .03 -.12 .02 -.04 -.03
State and local................. .02 -.02 .04 .19 -.07 -.12 .09 -.13 -.01 .05 .17 .01 .09 .35 .29 .08 .16 .36
Previously published.......... .02 .06 .06 .26 -.07 .06 .25 -.10 .01 .08 .18 -.01 .13 .33 .48 .23 .33 .47
Consumption expenditures.... .00 .01 .07 .13 .07 -.04 .02 .04 .11 .02 .09 .12 .09 .15 .11 .18 .19 .20
Previously published...... .00 .10 .08 .18 .07 .19 .15 .08 .15 .02 .05 .14 .09 .17 .20 .30 .33 .26
Gross investment............ .02 -.03 -.03 .06 -.15 -.08 .07 -.17 -.12 .03 .08 -.11 .00 .20 .18 -.10 -.03 .17
Previously published...... .02 -.04 -.02 .08 -.15 -.13 .11 -.18 -.14 .06 .13 -.15 .03 .16 .28 -.08 .00 .21
Addenda:
Goods........................... 1.00 1.50 1.36 1.53 .81 .68 1.10 2.06 1.18 1.32 1.23 1.83 .49 2.95 1.45 1.06 .36 .06
Previously published.......... 1.00 1.56 1.43 1.90 .81 1.20 .99 1.56 1.43 1.51 1.09 2.07 .97 3.86 1.12 1.17 1.25 -.32
Services........................ 1.20 1.62 1.36 1.36 1.63 2.17 1.27 1.40 1.41 1.34 .82 2.50 .56 1.39 1.15 1.15 2.50 1.21
Previously published.......... 1.20 1.84 1.31 1.37 1.63 2.59 1.74 1.48 1.47 1.07 1.04 2.02 .46 1.39 1.40 1.63 2.32 1.63
Structures...................... .31 .51 .35 -.01 .22 .10 1.11 .14 -.03 .42 .76 .14 .14 .48 -.16 -1.14 -.77 -.68
Previously published.......... .31 .51 .49 .05 .22 .05 1.31 .06 -.29 .82 1.13 .09 .33 .33 .04 -.84 -1.11 -.61
Motor vehicle output............ .05 .14 .14 -.04 -.23 .29 -.21 .87 -.34 .18 .16 .92 -1.21 .51 -.37 .44 -.74 .18
Previously published.......... .05 .12 .20 -.06 -.23 .33 -.24 .52 .06 .38 -.03 .70 -.71 .12 -.31 .76 -1.18 .22
Final sales of computers........ .15 .04 .22 .13 .15 -.28 -.04 .13 .29 .24 .31 .15 .22 .05 .13 .03 .16 -.01
Previously published.......... .15 .06 .16 .11 .15 -.13 -.14 .15 .26 .16 .20 .08 .20 .07 .04 .07 .22 .02
------------------------------------------------------------------------------------------------------------------------------------------------------------------
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]
-------------------------------------------------------------------------------------------------------------------------------
2003 2004 2005 2006 I 03 II 03 III 03 IV 03 I 04 II 04
-------------------------------------------------------------------------------------------------------------------------------
Gross domestic product.......... 10,960.8 11,685.9 12,433.9 13,194.7 10,705.6 10,831.8 11,086.1 11,219.5 11,405.5 11,610.3
Personal consumption expenditures.... 7,703.6 8,195.9 8,707.8 9,224.5 7,548.1 7,628.4 7,782.6 7,855.3 8,010.1 8,135.0
Durable goods...................... 942.7 983.9 1,023.9 1,048.9 911.5 937.3 964.4 957.4 969.6 974.8
Motor vehicles and parts......... 431.7 436.8 444.9 434.2 419.3 433.8 443.3 430.4 432.5 431.6
Furniture and household
equipment....................... 331.5 355.7 378.2 404.1 320.2 326.9 337.2 341.7 347.8 352.8
Other............................ 179.4 191.3 200.7 210.6 172.0 176.6 183.8 185.4 189.3 190.4
Nondurable goods................... 2,190.2 2,343.7 2,516.2 2,688.0 2,159.0 2,155.4 2,216.8 2,229.5 2,284.2 2,327.7
Food............................. 1,046.0 1,113.1 1,183.8 1,259.3 1,026.8 1,033.8 1,056.6 1,066.7 1,090.5 1,104.0
Clothing and shoes............... 310.9 325.0 341.7 357.2 303.0 307.8 316.8 316.1 323.6 321.1
Gasoline, fuel oil, and other
energy goods.................... 209.6 249.7 301.8 340.1 218.2 198.9 212.3 209.1 228.4 250.3
Other............................ 623.7 655.9 688.8 731.4 611.0 615.0 631.2 637.7 641.7 652.2
Services........................... 4,570.8 4,868.3 5,167.8 5,487.6 4,477.7 4,535.6 4,601.4 4,668.4 4,756.3 4,832.4
Housing.......................... 1,161.8 1,226.8 1,298.7 1,381.3 1,142.3 1,151.5 1,167.2 1,186.2 1,201.8 1,219.0
Household operation.............. 429.4 449.0 481.0 501.6 424.4 429.1 429.9 434.1 441.6 445.5
Electricity and gas............ 167.3 175.4 198.7 209.8 164.4 168.3 167.2 169.2 173.2 173.3
Other household operation...... 262.1 273.5 282.3 291.8 260.0 260.8 262.7 264.8 268.4 272.2
Transportation................... 297.3 308.2 324.2 340.6 293.0 295.3 299.2 301.6 303.5 306.4
Medical care..................... 1,300.5 1,395.5 1,492.6 1,587.7 1,267.5 1,290.1 1,311.5 1,333.0 1,357.7 1,383.4
Recreation....................... 317.7 341.8 358.8 381.0 309.6 315.0 320.3 325.9 334.4 340.0
Other............................ 1,064.0 1,147.1 1,212.4 1,295.3 1,040.8 1,054.6 1,073.2 1,087.6 1,117.2 1,138.3
Gross private domestic investment.... 1,664.1 1,888.6 2,077.2 2,209.2 1,606.4 1,617.1 1,690.5 1,742.3 1,769.6 1,875.6
Fixed investment................... 1,649.8 1,830.0 2,040.3 2,162.5 1,583.3 1,620.6 1,678.7 1,716.4 1,732.6 1,806.6
Nonresidential................... 1,077.4 1,154.5 1,272.1 1,397.7 1,044.0 1,067.4 1,093.3 1,104.8 1,100.4 1,135.5
Structures..................... 277.2 298.2 334.6 405.1 269.9 279.2 280.2 279.6 284.0 293.5
Equipment and software......... 800.2 856.3 937.5 992.6 774.1 788.2 813.2 825.2 816.4 842.0
Information processing
equipment and software...... 406.7 429.6 457.4 480.9 393.8 394.9 412.5 425.5 424.1 426.3
Computers and peripheral
equipment................. 77.8 80.3 89.0 91.3 75.3 73.5 79.1 83.4 77.7 77.4
Software................... 171.4 183.0 193.8 203.3 166.1 167.5 174.6 177.4 180.9 180.3
Other...................... 157.5 166.4 174.6 186.2 152.4 153.9 158.8 164.7 165.5 168.6
Industrial equipment......... 140.7 139.7 156.1 166.7 141.1 144.9 141.3 135.4 132.8 136.5
Transportation equipment..... 118.3 142.9 159.5 171.9 110.4 117.3 121.3 124.3 123.1 138.3
Other equipment.............. 134.5 144.0 164.6 173.2 128.8 131.1 138.1 139.9 136.4 140.8
Residential...................... 572.4 675.5 768.2 764.8 539.3 553.2 585.4 611.6 632.2 671.1
Change in private inventories...... 14.3 58.6 36.9 46.7 23.0 -3.5 11.8 25.9 37.0 69.0
Farm............................. .4 8.0 -.5 -1.2 3.9 .3 -.4 -2.2 6.2 16.7
Nonfarm.......................... 13.9 50.5 37.4 47.8 19.1 -3.8 12.2 28.1 30.7 52.3
Net exports of goods and services.... -499.4 -615.4 -714.6 -762.0 -499.3 -501.3 -495.2 -501.8 -543.2 -603.1
Exports............................ 1,040.8 1,182.4 1,309.4 1,467.6 1,012.4 1,010.8 1,040.7 1,099.1 1,140.9 1,172.8
Goods............................ 724.4 818.3 907.0 1,030.5 706.8 707.5 721.3 762.1 787.6 811.7
Services......................... 316.4 364.1 402.4 437.1 305.7 303.3 319.4 337.0 353.2 361.1
Imports............................ 1,540.2 1,797.8 2,023.9 2,229.6 1,511.7 1,512.1 1,535.9 1,600.9 1,684.1 1,775.8
Goods............................ 1,283.9 1,499.5 1,702.0 1,880.4 1,262.7 1,266.8 1,276.6 1,329.7 1,399.0 1,481.3
Services......................... 256.2 298.3 322.0 349.2 249.0 245.3 259.3 271.2 285.1 294.6
Government consumption expenditures
and gross investment................ 2,092.5 2,216.8 2,363.4 2,523.0 2,050.3 2,087.7 2,108.2 2,123.7 2,169.1 2,202.8
Federal............................ 756.4 825.6 878.4 932.5 725.9 762.2 764.8 772.8 806.2 821.9
National defense................. 497.2 550.7 588.7 624.3 467.4 506.9 501.5 513.1 536.5 546.5
Consumption expenditures....... 436.8 482.9 515.8 544.8 410.6 446.9 439.7 450.0 472.7 480.4
Gross investment............... 60.4 67.8 72.9 79.5 56.8 60.0 61.8 63.2 63.8 66.1
Nondefense....................... 259.2 274.9 289.8 308.2 258.5 255.3 263.3 259.7 269.7 275.3
Consumption expenditures....... 226.0 240.8 252.7 268.0 226.3 221.6 229.4 226.5 236.9 240.8
Gross investment............... 33.3 34.1 37.0 40.2 32.2 33.8 33.9 33.1 32.9 34.5
State and local.................... 1,336.0 1,391.2 1,485.0 1,590.5 1,324.4 1,325.5 1,343.3 1,350.9 1,362.9 1,381.0
Consumption expenditures....... 1,073.8 1,120.3 1,197.2 1,276.5 1,065.2 1,066.7 1,076.2 1,086.9 1,099.2 1,110.2
Gross investment............... 262.2 270.9 287.8 314.0 259.2 258.7 267.1 264.0 263.7 270.8
Addenda:
Final sales of domestic product.... 10,946.5 11,627.3 12,397.0 13,148.0 10,682.6 10,835.4 11,074.3 11,193.6 11,368.6 11,541.3
Gross domestic purchases........... 11,460.2 12,301.3 13,148.5 13,956.7 11,204.8 11,333.1 11,581.3 11,721.3 11,948.7 12,213.3
Final sales to domestic purchasers. 11,445.9 12,242.7 13,111.6 13,910.1 11,181.8 11,336.7 11,569.5 11,695.4 11,911.8 12,144.3
Gross domestic product............. 10,960.8 11,685.9 12,433.9 13,194.7 10,705.6 10,831.8 11,086.1 11,219.5 11,405.5 11,610.3
Plus: Income receipts
from the rest of the world........ 336.8 437.5 544.1 691.4 315.6 323.6 337.2 370.8 407.5 425.4
Less: Income payments to
the rest of the world............. 280.0 361.3 475.6 633.4 276.2 267.0 283.6 293.1 311.3 352.6
Equals: Gross national product..... 11,017.6 11,762.1 12,502.4 13,252.7 10,744.9 10,888.4 11,139.8 11,297.3 11,501.7 11,683.1
Net domestic product............... 9,624.3 10,249.8 10,824.5 11,579.5 9,388.6 9,502.4 9,743.5 9,862.6 10,031.9 10,216.0
-------------------------------------------------------------------------------------------------------------------------------
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 04 IV 04 I 05 II 05 III 05 IV 05 I 06 II 06 III 06 IV 06 I 07 II 07
-------------------------------------------------------------------------------------------------------------------------------------------------
Gross domestic product.......... 11,779.4 11,948.5 12,154.0 12,317.4 12,558.8 12,705.5 12,964.6 13,155.0 13,266.9 13,392.3 13,551.9 13,755.9
Personal consumption expenditures.... 8,245.1 8,393.3 8,488.8 8,632.6 8,810.5 8,899.3 9,034.7 9,183.9 9,305.7 9,373.7 9,540.5 9,671.9
Durable goods...................... 986.9 1,004.1 1,009.7 1,036.0 1,044.1 1,005.7 1,042.6 1,042.8 1,053.8 1,056.5 1,074.0 1,074.6
Motor vehicles and parts......... 436.5 446.7 442.9 459.0 462.7 415.1 432.7 431.8 437.6 434.8 444.5 444.0
Furniture and household
equipment....................... 358.6 363.7 369.3 375.3 380.7 387.6 400.6 401.8 405.1 409.0 414.2 413.3
Other............................ 191.8 193.7 197.4 201.7 200.7 203.0 209.3 209.2 211.1 212.8 215.3 217.3
Nondurable goods................... 2,353.5 2,409.3 2,432.1 2,484.3 2,557.0 2,591.3 2,622.1 2,692.2 2,732.4 2,705.4 2,759.4 2,820.6
Food............................. 1,117.0 1,140.8 1,153.0 1,174.5 1,193.9 1,213.8 1,236.4 1,245.9 1,263.2 1,291.7 1,312.2 1,320.5
Clothing and shoes............... 324.6 330.6 336.2 342.1 340.2 348.6 351.3 354.9 359.6 363.2 371.1 367.9
Gasoline, fuel oil, and other
energy goods.................... 250.9 269.1 266.0 283.2 331.3 326.8 317.9 363.3 373.1 306.3 320.9 375.7
Other............................ 661.0 668.8 676.9 684.5 691.7 702.1 716.6 728.1 736.5 744.3 755.1 756.4
Services........................... 4,904.6 4,979.9 5,047.0 5,112.3 5,209.4 5,302.4 5,370.0 5,448.9 5,519.5 5,611.8 5,707.1 5,776.8
Housing.......................... 1,235.2 1,251.2 1,271.2 1,289.5 1,307.4 1,326.8 1,347.8 1,371.1 1,392.5 1,413.9 1,435.1 1,455.4
Household operation.............. 450.9 457.8 464.9 470.1 487.4 501.7 496.8 496.7 503.3 509.7 520.0 522.6
Electricity and gas............ 174.4 180.8 185.4 188.7 203.9 216.9 208.8 206.6 211.3 212.7 220.6 220.0
Other household operation...... 276.6 277.0 279.5 281.4 283.5 284.8 288.0 290.1 292.1 297.0 299.4 302.6
Transportation................... 309.4 313.5 317.2 322.1 326.7 331.0 334.7 338.4 342.5 346.8 349.6 356.0
Medical care..................... 1,409.3 1,431.5 1,454.8 1,477.0 1,503.9 1,534.8 1,558.3 1,578.6 1,596.1 1,617.9 1,656.9 1,678.9
Recreation....................... 344.7 348.1 352.8 355.5 360.4 366.5 371.1 375.7 384.4 392.8 395.3 398.4
Other............................ 1,155.0 1,177.9 1,186.2 1,198.1 1,223.7 1,241.6 1,261.4 1,288.4 1,300.5 1,330.7 1,350.1 1,365.6
Gross private domestic investment.... 1,929.7 1,979.5 2,029.6 2,024.7 2,078.5 2,176.0 2,221.1 2,239.0 2,224.1 2,152.4 2,117.3 2,135.0
Fixed investment................... 1,864.7 1,916.1 1,960.4 2,012.5 2,072.7 2,115.5 2,176.8 2,179.5 2,161.3 2,132.4 2,118.9 2,132.5
Nonresidential................... 1,172.7 1,209.5 1,233.1 1,255.7 1,287.0 1,312.6 1,367.3 1,391.2 1,415.2 1,417.1 1,431.4 1,460.6
Structures..................... 303.4 312.0 323.3 328.8 334.2 352.0 375.7 400.2 416.1 428.4 439.6 461.4
Equipment and software......... 869.3 897.4 909.7 926.9 952.9 960.5 991.7 991.1 999.1 988.7 991.8 999.3
Information processing
equipment and software...... 430.3 437.9 448.4 455.0 460.6 465.7 479.1 479.0 484.9 480.5 497.6 505.3
Computers and peripheral
equipment................. 80.6 85.5 86.0 88.7 88.7 92.6 91.7 91.7 91.6 90.4 96.6 94.6
Software................... 183.7 187.0 190.0 194.3 194.7 196.3 199.9 202.6 204.9 205.9 210.5 214.4
Other...................... 166.0 165.4 172.4 172.0 177.1 176.7 187.5 184.7 188.4 184.3 190.5 196.3
Industrial equipment......... 143.2 146.5 152.6 150.7 158.2 162.8 161.5 168.5 169.2 167.5 168.1 176.7
Transportation equipment..... 148.9 161.3 153.0 157.0 166.1 161.7 177.6 169.5 172.4 168.0 162.9 150.3
Other equipment.............. 146.9 151.8 155.7 164.2 168.0 170.4 173.5 174.0 172.6 172.7 163.2 166.9
Residential...................... 692.0 706.6 727.3 756.8 785.7 803.0 809.4 788.2 746.1 715.3 687.5 671.9
Change in private inventories...... 65.0 63.4 69.3 12.2 5.8 60.5 44.3 59.5 62.8 20.0 -1.6 2.5
Farm............................. 6.8 2.4 -5.5 -1.1 2.2 2.4 1.0 -6.6 -3.7 4.7 5.5 5.0
Nonfarm.......................... 58.1 61.0 74.7 13.2 3.6 58.1 43.3 66.1 66.5 15.3 -7.0 -2.6
Net exports of goods and services.... -632.6 -682.6 -671.1 -679.8 -725.0 -782.4 -763.3 -780.4 -799.1 -705.3 -714.2 -721.6
Exports............................ 1,187.3 1,228.6 1,260.8 1,301.2 1,316.0 1,359.6 1,406.6 1,447.4 1,484.5 1,531.9 1,549.9 1,593.1
Goods............................ 826.0 848.0 869.2 904.0 911.1 943.7 985.4 1,016.4 1,047.8 1,072.3 1,084.0 1,112.9
Services......................... 361.3 380.7 391.5 397.2 404.9 415.9 421.2 431.0 436.7 459.6 465.9 480.2
Imports............................ 1,820.0 1,911.2 1,931.9 1,981.0 2,041.0 2,141.9 2,169.9 2,227.8 2,283.6 2,237.2 2,264.0 2,314.6
Goods............................ 1,519.3 1,598.4 1,619.2 1,662.8 1,717.0 1,808.9 1,828.7 1,879.8 1,933.3 1,879.9 1,902.7 1,951.5
Services......................... 300.7 312.8 312.7 318.1 323.9 333.1 341.1 348.0 350.3 357.3 361.4 363.1
Government consumption expenditures
and gross investment................ 2,237.3 2,258.2 2,306.7 2,339.8 2,394.8 2,412.5 2,472.1 2,512.5 2,536.1 2,571.4 2,608.3 2,670.5
Federal............................ 839.4 835.0 864.0 870.4 896.0 883.4 921.5 926.9 932.0 949.7 946.6 969.9
National defense................. 564.9 555.0 577.7 585.0 604.3 587.7 610.8 620.6 620.7 645.2 634.8 655.1
Consumption expenditures....... 494.1 484.5 508.1 511.9 529.8 513.3 535.7 540.0 542.0 561.5 555.7 574.3
Gross investment............... 70.8 70.5 69.6 73.1 74.5 74.5 75.1 80.6 78.7 83.7 79.1 80.8
Nondefense....................... 274.5 280.0 286.2 285.4 291.7 295.7 310.7 306.3 311.3 304.5 311.7 314.9
Consumption expenditures....... 240.6 245.0 251.0 249.8 254.3 255.8 269.2 266.7 271.3 264.9 274.0 276.5
Gross investment............... 33.9 35.0 35.2 35.5 37.4 39.9 41.5 39.6 40.0 39.6 37.7 38.4
State and local.................... 1,397.9 1,423.2 1,442.7 1,469.5 1,498.7 1,529.0 1,550.6 1,585.7 1,604.1 1,621.7 1,661.7 1,700.6
Consumption expenditures....... 1,124.8 1,147.0 1,162.9 1,182.3 1,208.9 1,234.7 1,247.4 1,270.0 1,287.7 1,300.8 1,326.7 1,357.9
Gross investment............... 273.1 276.2 279.9 287.2 289.8 294.4 303.2 315.7 316.4 320.9 335.0 342.7
Addenda:
Final sales of domestic product.... 11,714.4 11,885.0 12,084.7 12,305.2 12,553.1 12,645.0 12,920.3 13,095.5 13,204.1 13,372.3 13,553.5 13,753.4
Gross domestic purchases........... 12,412.0 12,631.1 12,825.1 12,997.2 13,283.8 13,487.8 13,727.9 13,935.4 14,065.9 14,097.6 14,266.1 14,477.4
Final sales to domestic purchasers. 12,347.0 12,567.6 12,755.8 12,985.0 13,278.0 13,427.3 13,683.6 13,875.9 14,003.2 14,077.6 14,267.7 14,475.0
Gross domestic product............. 11,779.4 11,948.5 12,154.0 12,317.4 12,558.8 12,705.5 12,964.6 13,155.0 13,266.9 13,392.3 13,551.9 13,755.9
Plus: Income receipts
from the rest of the world........ 446.5 470.6 499.1 523.3 558.1 595.9 633.3 688.9 709.7 733.8 752.2 .....
Less: Income payments to
the rest of the world............. 363.5 417.9 429.0 455.6 471.2 546.3 570.4 625.0 664.7 673.7 689.0 .....
Equals: Gross national product..... 11,862.3 12,001.1 12,224.0 12,385.1 12,645.7 12,755.0 13,027.5 13,218.9 13,311.9 13,452.4 13,615.1 .....
Net domestic product............... 10,244.8 10,506.5 10,687.3 10,825.0 10,655.0 11,130.6 11,389.8 11,552.2 11,638.1 11,737.9 11,881.0 12,069.2
-------------------------------------------------------------------------------------------------------------------------------------------------
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]
-------------------------------------------------------------------------------------------------------------------------------
2003 2004 2005 2006 I 03 II 03 III 03 IV 03 I 04 II 04
-------------------------------------------------------------------------------------------------------------------------------
Gross domestic product.......... 10,301.0 10,675.8 11,003.4 11,319.4 10,126.0 10,212.7 10,398.7 10,467.0 10,543.6 10,634.2
Personal consumption expenditures.... 7,295.3 7,561.4 7,803.6 8,044.1 7,184.9 7,249.3 7,352.9 7,394.3 7,475.1 7,520.5
Durable goods...................... 1,020.6 1,084.8 1,137.4 1,180.5 971.4 1,009.8 1,049.6 1,051.4 1,066.2 1,071.3
Motor vehicles and parts......... 442.1 450.8 451.3 437.3 424.8 442.3 454.8 446.4 448.9 445.7
Furniture and household
equipment....................... 397.8 445.1 492.2 550.9 373.3 388.7 410.0 419.1 429.1 438.8
Other............................ 183.2 195.1 205.5 213.9 174.9 180.6 187.5 189.9 193.0 192.9
Nondurable goods................... 2,103.0 2,177.6 2,255.4 2,337.7 2,072.5 2,084.2 2,123.0 2,132.5 2,156.7 2,164.9
Food............................. 977.7 1,009.4 1,050.0 1,091.8 969.4 970.3 985.3 985.8 1,000.8 1,003.4
Clothing and shoes............... 334.2 350.7 372.6 391.1 323.9 332.2 340.8 340.1 349.5 345.6
Gasoline, fuel oil, and other
energy goods.................... 198.5 201.2 199.2 198.6 197.2 196.8 199.3 201.0 200.9 201.8
Other............................ 593.2 618.0 639.1 666.2 582.1 585.7 598.6 606.5 607.1 615.0
Services........................... 4,178.8 4,311.0 4,427.3 4,545.5 4,143.3 4,161.3 4,190.7 4,220.2 4,262.9 4,294.6
Housing.......................... 1,051.9 1,083.8 1,118.3 1,148.3 1,042.0 1,046.3 1,054.7 1,064.6 1,073.3 1,079.7
Household operation.............. 398.8 408.5 416.5 412.9 397.5 397.4 398.0 402.3 405.5 407.1
Electricity and gas............ 147.5 149.1 153.2 148.5 148.6 146.7 145.9 148.8 149.8 148.6
Other household operation...... 251.2 259.5 263.1 265.1 248.7 250.7 252.1 253.3 255.5 258.6
Transportation................... 280.6 284.6 287.8 291.2 280.7 279.9 280.7 281.2 282.3 284.3
Medical care..................... 1,180.8 1,216.5 1,258.2 1,300.3 1,170.5 1,177.4 1,184.2 1,191.0 1,199.0 1,210.3
Recreation....................... 290.8 305.0 311.6 321.3 285.6 289.2 292.2 296.2 301.5 304.4
Other............................ 975.3 1,011.7 1,033.7 1,069.9 966.5 970.4 980.2 984.1 1,000.5 1,007.9
Gross private domestic investment.... 1,613.1 1,770.2 1,869.3 1,919.5 1,561.8 1,574.4 1,639.7 1,676.5 1,685.3 1,766.3
Fixed investment................... 1,596.9 1,712.8 1,831.4 1,874.7 1,536.3 1,575.6 1,626.7 1,648.9 1,647.9 1,698.7
Nonresidential................... 1,081.8 1,144.3 1,225.8 1,306.8 1,047.5 1,074.5 1,098.8 1,106.5 1,099.1 1,127.5
Structures..................... 243.5 246.7 247.8 268.6 238.2 246.5 246.0 243.1 242.9 246.5
Equipment and software......... 843.1 905.1 991.8 1,050.6 813.3 831.7 857.8 869.5 861.9 887.4
Information processing
equipment and software...... 462.7 505.7 554.3 595.9 442.1 446.0 470.4 492.4 494.2 499.3
Computers and peripheral
equipment................. ..... ..... ..... ..... ..... ..... ..... ..... ..... .....
Software................... 177.3 193.6 205.7 213.0 170.4 171.8 180.6 186.3 190.5 190.5
Other...................... 167.1 181.1 191.5 204.8 160.2 162.4 168.7 177.0 179.2 183.0
Industrial equipment......... 138.4 134.0 144.3 149.6 139.1 142.7 138.9 132.8 129.1 131.5
Transportation equipment..... 113.8 130.6 145.1 155.2 108.3 116.6 116.8 113.5 112.0 125.5
Other equipment.............. 130.4 138.3 151.9 156.2 125.1 127.1 133.8 135.5 132.7 135.3
Residential...................... 509.4 560.2 597.1 569.5 484.1 496.3 521.8 535.2 540.5 561.7
Change in private inventories...... 14.3 54.3 33.2 40.3 24.3 -2.7 10.5 25.0 35.0 64.9
Farm............................. .4 5.9 -.4 -.9 4.8 .4 -1.2 -2.4 4.4 12.9
Nonfarm.......................... 14.0 48.2 34.0 41.7 19.2 -3.2 12.0 28.1 30.4 50.5
Net exports of goods and services.... -518.9 -593.8 -618.0 -624.5 -507.2 -526.9 -513.8 -527.8 -549.1 -591.1
Exports............................ 1,026.1 1,126.1 1,203.4 1,304.1 1,003.3 999.0 1,026.3 1,075.8 1,101.8 1,119.4
Goods............................ 719.8 784.4 843.5 927.4 705.6 703.5 718.4 751.6 765.1 778.5
Services......................... 306.2 341.4 359.8 377.1 297.6 295.5 307.6 324.0 336.4 340.6
Imports............................ 1,545.0 1,719.9 1,821.5 1,928.6 1,510.5 1,525.9 1,540.0 1,603.6 1,650.9 1,710.5
Goods............................ 1,309.3 1,457.0 1,553.6 1,646.9 1,275.3 1,301.7 1,303.7 1,356.5 1,393.9 1,448.3
Services......................... 236.6 263.9 269.8 283.8 235.7 225.9 237.0 247.8 257.5 263.0
Government consumption expenditures
and gross investment................ 1,904.8 1,931.8 1,946.3 1,981.4 1,879.3 1,907.5 1,914.5 1,918.0 1,925.4 1,931.8
Federal............................ 687.1 715.9 726.5 742.3 662.5 693.0 693.7 699.0 709.5 713.7
National defense................. 449.0 475.0 482.4 491.5 424.2 458.4 452.2 461.1 470.2 472.5
Consumption expenditures....... 387.5 407.6 411.7 416.6 366.3 397.1 389.4 397.0 405.6 406.4
Gross investment............... 61.7 68.0 71.7 76.6 58.0 61.2 63.0 64.4 64.7 66.5
Nondefense....................... 238.0 240.7 243.9 250.7 238.4 234.5 241.5 237.8 239.1 241.0
Consumption expenditures....... 204.5 206.7 207.9 212.6 205.8 200.6 207.2 204.2 205.9 206.5
Gross investment............... 33.5 34.0 36.2 38.5 32.5 34.0 34.2 33.5 33.0 34.5
State and local.................... 1,217.8 1,215.8 1,219.6 1,239.0 1,216.9 1,214.4 1,220.8 1,219.0 1,215.9 1,218.1
Consumption expenditures....... 969.8 970.8 977.7 990.9 971.1 969.3 968.4 970.2 969.2 969.6
Gross investment............... 248.1 245.0 241.8 248.0 245.7 245.1 252.6 248.8 246.7 248.6
Residual............................. -6.4 -17.3 -49.3 -93.4 1.6 1.1 -11.3 -15.2 -12.7 -9.9
Addenda:
Final sales of domestic product.... 10,285.1 10,619.8 10,966.9 11,275.9 10,100.9 10,213.7 10,385.9 10,440.0 10,507.1 10,568.5
Gross domestic purchases........... 10,815.5 11,261.4 11,613.1 11,937.1 10,629.0 10,734.6 10,908.7 10,989.5 11,086.3 11,216.9
Final sales to domestic purchasers. 10,799.5 11,205.2 11,576.4 11,893.4 10,603.9 10,735.6 10,895.9 10,962.4 11,049.6 11,150.9
Gross domestic product............. 10,301.0 10,675.8 11,003.4 11,319.4 10,126.0 10,212.7 10,398.7 10,467.0 10,543.6 10,634.2
Plus: Income receipts
from the rest of the world........ 318.3 401.3 482.5 595.0 299.6 306.9 318.2 348.4 378.8 391.5
Less: Income payments to
the rest of the world............. 264.0 330.9 420.8 543.6 261.7 252.6 266.9 274.7 289.1 324.1
Equals: Gross national product..... 10,355.3 10,746.0 11,064.7 11,370.1 10,163.8 10,266.9 10,449.9 10,540.5 10,633.0 10,701.4
Net domestic product............... 8,981.2 9,292.5 9,514.7 9,872.8 8,818.9 8,897.5 9,074.4 9,134.0 9,200.5 9,281.3
-------------------------------------------------------------------------------------------------------------------------------
Note. Users are cautioned that particularly for components
that exhibit rapid change in prices relative to other prices in the
economy, the chained-dollar estimates should not be used to measure
the component's relative importance or its contribution to the
growth rate of more aggregate series. For accurate estimates of the
contributions to percent changes in real gross domestic product, use table 2.
See "Explanatory Note" at the end of the tables.
Table 3B.--Real Gross Domestic Product and Related Measures--Continued
[Billions of chained (2000) dollars; quarters seasonally adjusted at annual rates]
-------------------------------------------------------------------------------------------------------------------------------------------------
III 04 IV 04 I 05 II 05 III 05 IV 05 I 06 II 06 III 06 IV 06 I 07 II 07
-------------------------------------------------------------------------------------------------------------------------------------------------
Gross domestic product.......... 10,728.7 10,796.4 10,878.4 10,954.1 11,074.3 11,107.2 11,238.7 11,306.7 11,336.7 11,395.5 11,412.6 11,507.9
Personal consumption expenditures.... 7,585.5 7,664.3 7,709.4 7,775.2 7,852.8 7,876.9 7,961.9 8,009.3 8,063.8 8,141.2 8,215.7 8,241.4
Durable goods...................... 1,091.5 1,110.1 1,116.0 1,146.3 1,163.5 1,123.8 1,167.8 1,170.2 1,186.3 1,197.6 1,223.2 1,228.2
Motor vehicles and parts......... 450.9 457.8 449.6 464.4 470.7 420.4 435.7 434.3 439.5 439.6 451.5 450.8
Furniture and household
equipment....................... 451.7 460.8 472.6 483.4 499.0 513.8 536.8 544.4 555.4 566.9 579.9 584.2
Other............................ 195.9 198.7 202.9 207.3 204.6 207.4 214.5 212.4 213.6 215.2 216.6 218.6
Nondurable goods................... 2,181.4 2,207.5 2,226.8 2,247.2 2,260.9 2,286.8 2,312.3 2,325.6 2,343.9 2,368.8 2,386.6 2,381.8
Food............................. 1,008.9 1,024.7 1,032.9 1,043.1 1,056.3 1,067.6 1,080.7 1,084.4 1,091.4 1,110.7 1,115.3 1,109.5
Clothing and shoes............... 350.2 357.5 363.4 372.3 372.3 382.3 386.2 388.0 393.3 397.0 405.1 407.0
Gasoline, fuel oil, and other
energy goods.................... 201.1 200.9 202.0 199.5 197.2 198.3 198.6 199.0 199.9 197.0 198.2 197.0
Other............................ 623.0 626.9 631.7 637.4 641.1 646.2 655.3 663.4 669.5 676.5 681.7 683.2
Services........................... 4,325.2 4,361.1 4,381.3 4,401.3 4,449.1 4,477.5 4,501.0 4,531.6 4,554.0 4,595.5 4,630.7 4,655.9
Housing.......................... 1,087.1 1,095.1 1,104.4 1,113.9 1,123.3 1,131.6 1,139.7 1,146.0 1,151.0 1,156.6 1,163.7 1,171.6
Household operation.............. 408.8 412.8 413.8 413.3 422.2 416.4 406.3 410.9 415.4 419.1 420.1 418.7
Electricity and gas............ 147.2 150.9 151.6 150.7 157.8 152.9 143.7 147.0 150.9 152.5 153.1 151.2
Other household operation...... 261.8 262.0 262.3 262.8 263.8 263.5 264.1 264.9 264.7 266.8 267.1 268.0
Transportation................... 285.0 286.6 287.2 287.6 287.8 288.7 290.2 289.5 291.0 294.1 296.0 300.1
Medical care..................... 1,223.3 1,233.5 1,240.4 1,250.3 1,264.0 1,278.1 1,291.2 1,298.2 1,301.4 1,310.5 1,323.2 1,332.7
Recreation....................... 306.7 307.4 309.7 310.4 312.0 314.2 316.1 316.8 321.9 330.3 332.0 331.2
Other............................ 1,013.5 1,024.8 1,024.7 1,024.6 1,038.4 1,047.0 1,056.1 1,068.6 1,071.6 1,083.5 1,094.1 1,100.0
Gross private domestic investment.... 1,800.5 1,828.8 1,852.6 1,834.3 1,865.3 1,924.9 1,945.4 1,948.5 1,928.2 1,856.2 1,816.9 1,831.0
Fixed investment................... 1,736.7 1,767.7 1,785.3 1,819.8 1,854.9 1,865.6 1,901.4 1,892.3 1,869.6 1,835.5 1,815.2 1,825.0
Nonresidential................... 1,160.7 1,189.7 1,199.5 1,214.1 1,239.5 1,250.0 1,289.7 1,303.2 1,319.4 1,314.8 1,321.7 1,347.6
Structures..................... 248.7 248.6 249.8 248.9 244.8 247.7 256.5 266.4 273.3 278.3 282.6 297.1
Equipment and software......... 920.0 951.2 960.0 977.4 1,011.1 1,018.7 1,050.2 1,050.1 1,057.6 1,044.4 1,045.3 1,051.2
Information processing
equipment and software...... 507.5 521.7 537.4 548.8 560.5 570.6 589.8 592.1 602.0 599.6 623.3 634.8
Computers and peripheral
equipment................. ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... .....
Software................... 193.9 199.3 201.6 206.0 206.7 208.3 211.0 212.1 213.8 215.1 219.9 223.2
Other...................... 181.2 181.0 188.9 188.3 194.6 194.2 206.3 203.3 207.1 202.6 209.2 214.6
Industrial equipment......... 136.9 138.7 142.8 139.4 145.9 149.2 147.0 152.0 150.9 148.4 147.3 153.5
Transportation equipment..... 137.0 147.9 138.2 142.0 153.2 147.0 160.3 153.3 156.3 150.9 144.8 132.5
Other equipment.............. 140.8 144.5 145.7 151.6 154.2 156.1 157.8 157.9 155.2 153.7 144.8 147.5
Residential...................... 567.5 570.9 578.3 596.4 606.4 607.2 606.1 587.5 555.0 529.4 506.3 494.2
Change in private inventories...... 60.1 57.2 63.4 10.1 5.9 53.6 38.4 51.4 53.9 17.4 .1 3.6
Farm............................. 4.8 1.3 -4.4 -1.3 1.8 2.2 .8 -5.5 -2.9 3.8 5.0 4.3
Nonfarm.......................... 55.4 56.4 69.0 11.5 3.9 51.6 38.0 57.6 57.6 13.6 -5.8 -1.8
Net exports of goods and services.... -602.7 -632.3 -624.4 -601.0 -604.1 -642.6 -640.1 -626.6 -633.8 -597.3 -612.1 -577.9
Exports............................ 1,128.0 1,155.3 1,172.4 1,199.3 1,205.6 1,236.4 1,270.6 1,288.4 1,306.6 1,350.9 1,354.7 1,375.9
Goods............................ 790.2 804.0 815.4 841.8 845.7 871.1 903.0 917.3 933.7 955.4 957.6 971.8
Services......................... 337.7 351.0 356.6 357.5 359.8 365.3 368.0 371.5 373.4 395.6 397.2 404.2
Imports............................ 1,730.8 1,787.7 1,796.8 1,800.3 1,809.7 1,879.0 1,910.7 1,915.0 1,940.4 1,948.2 1,966.8 1,953.7
Goods............................ 1,467.7 1,518.1 1,530.1 1,534.0 1,543.6 1,606.5 1,631.8 1,636.3 1,661.0 1,658.7 1,675.6 1,665.6
Services......................... 264.1 270.8 268.4 268.1 268.1 274.7 281.0 281.0 281.9 291.4 293.1 290.1
Government consumption expenditures
and gross investment................ 1,939.4 1,930.6 1,936.8 1,942.5 1,957.6 1,948.2 1,971.8 1,976.5 1,980.2 1,997.2 1,994.7 2,015.6
Federal............................ 724.5 716.0 721.0 722.2 737.3 725.5 740.4 737.4 739.2 752.3 740.2 752.3
National defense................. 484.8 472.7 478.1 481.1 492.7 477.7 485.5 488.2 486.4 505.8 491.6 502.8
Consumption expenditures....... 414.7 403.7 410.1 410.3 420.4 406.1 413.6 412.5 412.6 427.7 417.4 427.2
Gross investment.............