Revised stock of autos held by consumers from trade sources for 1995 and 1996; new stock data for 1997; Census Bureau annual retail trade survey data on sales of goods and gross margin of used car dealers for 1996; revised Census Bureau monthly retail sales data for 1997.
Other motor vehicles
.3
2.6
3.0
87.2
Trucks: Revised Census Bureau annual survey of manufactures (ASM) commodity shipments data for 1995; new ASM shipments data for 1996; trade source unit sales and prices for new trucks for 1997; BEA estimates for used truck transactions from a variety of data sources for 1996 and 1997; revised tabulations of exports and imports for 1995-97.
Goods other than motor vehicles and parts
-.3
9.8
16.2
2,004.1
Of which:
Furniture and household equipment
1.0
3.4
4.0
271.4
Revised Census Bureau annual retail trade survey (ARTS) sales data for 1995; new ARTS data for 1996; revised Census Bureau monthly sales data for 1997.
Other durable goods
.8
1.9
3.6
132.1
Food
-3.3
-1.1
4.5
780.9
Services
-4.2
-5.2
-14.4
3,220.1
Housing
.1
.2
3.3
829.8
Of which:
Owner-occupied nonfarm dwellings—space rent
.2
.8
3.5
590.3
Census Bureau current population survey data on housing units for 1997.
Household operation
-3.8
-1.4
-.5
327.3
Of which:
Water and other sanitary services
-.9
-2.2
-1.9
41.1
Revised Census Bureau Government Finances (GF) tabulations on municipal water and sewerage systems and refuse collection for FY 1996 for 1995 and 1996; new GF tabulations for FY 1997 for 1996 and 1997.
Telephone and telegraph
-2.5
.2
0
104.2
Revised Census Bureau annual survey of communications services (ASCS) data on residential and nonresidential long-distance service revenue for 1995; new ASCS data for 1996; trade source data on cellular telephone revenue for 1997.
Transportation
0
3.9
4.0
240.3
Of which:
User-operated transportation
0
4.1
4.3
192.2
Of which:
Repair, greasing, washing, parking, storage, rental, and leasing
0
3.5
2.4
154.9
Revised trade source data on auto repair at franchised car dealers for 1995; new trade source data for 1996; revised Census Bureau service annual survey (SAS) data for 1995 and 1996; new SAS data for 1997; trade source data on motor vehicle personal lease registrations for 1995-97.
Medical care
3.4
-1.3
-10.8
843.4
Of which:
Hospitals
.2
-3.4
-8.4
334.3
Of which:
Nonprofit
-1.5
-4.4
-8.3
220.0
Trade source data on expenses for FY 1996 for 1995 and 1996; trade source data on community hospital expenses for 1997.
Health insurance
4.3
1.1
-3.4
58.0
Revised Health Care Financing Administration (HCFA) data on net cost of health insurance for 1995; preliminary HCFA data for 1996; and BLS data on employer costs for health insurance for 1996-98 (March).
Other services
-3.9
-6.6
-10.4
979.3
Of which:
Personal business
-.3
-4.9
-5.9
459.1
Of which:
Services furnished without payment by financial intermediaries except life insurance carriers and private noninsured pension plans
-.7
-2.4
3.7
190.9
Revised IRS tabulations of corporate tax return data for 1995; new IRS tabulations for 1996; Federal Deposit Insurance Corporation data, National Credit Union Administration data, Office of Thrift Supervision data, trade source data on investment companies for 1997.
Expense of handling life insurance
.3
-2.5
-8.0
80.2
Revised IRS tabulations of corporate tax return data for 1995; new IRS tabulations for 1996; trade source data on expenses for 1996; BLS tabulations of wages and salaries covered by State unemployment insurance for 1997.
Legal services
.3
.8
-2.0
55.9
Revised Census Bureau service annual survey (SAS) data for 1995 and 1996; new SAS data for 1997.
Recreation
-.3
-3.1
-6.9
200.2
Of which:
Commercial participant amusements
-.2
-1.5
-4.0
49.1
Revised Census Bureau service annual survey (SAS) data for 1995 and 1996; trade source data on casino gambling for 1996; new SAS data for 1997; State gaming commissions data on casino gambling for 1997.
Other
-.1
-1.6
-2.9
151.1
Revised Census Bureau Government Finances (GF) tabulations on lotteries, spectator sports, and high school recreation for FY 1996 for 1995 and 1996; new GF tabulations for FY 1997 for 1996 and 1997; revised Census Bureau service annual survey (SAS) data for 1995 and 1996; new SAS data for 1997.
Fixed investment
4.4
9.1
14.5
1,188.6
Nonresidential structures
.7
1.7
10.0
240.2
Of which:
Nonresidential buildings, excluding farm
0
1.0
2.5
173.3
Of which:
Commercial structures
0
1.2
2.1
87.0
Revised Census Bureau value of construction put in place data for 1996 and 1997.
Mining exploration, shafts, and wells
0
2.0
6.8
22.7
Of which:
Petroleum and natural gas
0
1.7
6.4
20.8
Trade source data on drilling costs for 1996; revised trade source data on footage drilled for 1995-97.
Nonresidential producers' durable equipment
4.0
4.8
3.8
620.5
Information processing and related equipment
.2
-5.7
-5.7
206.6
Of which:
Computers and peripheral equipment
-.7
-4.3
-4.3
81.1
Revised Census Bureau annual survey of manufactures (ASM) product shipments data for 1995; new ASM data for 1996; revised Census Bureau monthly industry shipments data for 1997; revised BEA tabulations of exports and imports for 1995-97.
Industrial equipment
2.3
4.2
3.8
138.6
Revised Census Bureau annual survey of manufactures (ASM) product shipments data for 1995; new ASM data for 1996; revised Census Bureau monthly industry shipments data for 1997; revised BEA tabulations of exports and imports for 1995-97.
Transportation and related equipment
.5
2.7
2.0
152.0
Of which:
Trucks, buses, and truck trailers
.3
2.4
4.5
79.9
Revised Census Bureau annual survey of manufactures (ASM) product shipments data for 1995; new ASM data for 1996; revised tabulations of exports and imports for 1995-96; trade source unit sales and prices for new trucks for 1997.
Autos
-.7
-.5
-2.7
45.7
Revised trade source data on optional equipment percentages for model years 1995 and 1996; new trade source data on prices and optional equipment percentages for domestic autos for model year 1997.
Other equipment
1.3
3.4
4.1
128.3
Revised Census Bureau annual survey of manufactures (ASM) product shipments data for 1995; new ASM data for 1996; revised Census Bureau monthly industry shipments data for 1997; revised BEA tabulations of exports and imports for 1995-97.
Residential fixed investment
-.3
2.6
.7
327.9
Structures
-.3
2.6
.6
319.9
Of which:
New
-.2
2.7
1.6
282.7
Of which:
Improvements
0
2.6
.5
81.5
BLS consumer expenditures survey and Census Bureau landlord survey data for 1996 and 1997.
Change in business inventories
.6
6.2
-1.0
67.4
Farm
-1.4
4.7
-2.4
4.3
Revised USDA data for 1995 and 1996; new USDA data for 1997.
Nonfarm
2.0
1.5
1.4
63.1
Revised information on accounting methods used for inventory reporting in the annual survey of manufactures (ASM), in the annual trade surveys (ATS), and in the annual retail trade surveys (ARTS) for 1995 and 1996; revised data on the cost of inventories for 1995-97.
Change in book value
.6
.5
1.6
52.1
Of which:
Manufacturing
2.6
.6
-.1
19.0
Revised Census Bureau annual survey of manufactures (ASM) inventory book value data for 1995; new ASM data for 1996; revised Census Bureau monthly inventory data for 1997.
Retail trade
1.2
2.9
-.4
5.5
Revised Census Bureau annual retail trade survey (ARTS) inventory book value data for 1995; new ARTS data for 1996; revised BEA estimates based on inventory data from trade sources for 1997; revised Census Bureau monthly inventory data for 1997.
Of which:
Automotive
.2
4.4
.6
.1
Revised Census Bureau annual retail trade survey (ARTS) inventory book value data for 1995; new ARTS data for 1996; revised BEA estimates based on inventory data from trade sources for 1997.
Other than manufacturing and trade
-3.7
-3.4
.7
8.0
Revised IRS tabulations of inventory book value data from corporate tax returns for 1995; new IRS tabulations of inventory book value data from sole proprietorship, partnership, and corporate tax returns for 1996; Census Bureau Quarterly Financial Report data for mining for 1997.
Net exports of goods and services
2.1
3.6
7.7
-93.4
Revised BEA balance of payments accounts estimates for 1995-97.
Exports
1.0
2.9
8.3
965.4
Goods
-.1
.8
2.0
688.3
Services
1.0
2.2
6.3
277.1
Imports
-1.2
-.7
.7
1,058.8
Goods
.1
0
-.2
888.3
Services
-1.2
-.7
.8
170.4
Government consumption expenditures and gross investment
.9
-1.5
1.9
1,454.6
Federal consumption expenditures and gross investment
-.5
-1.6
-3.6
520.2
Of which:
National defense
-.2
-1.8
-4.3
346.0
Of which:
Consumption expenditures
-.4
-1.6
-4.6
306.3
Of which:
Services
-.4
-.3
-4.7
278.2
Of which:
Compensation of general government employees, except force-account construction
-.3
-1.4
-2.6
133.3
Of which:
Military
-.6
-1.5
-2.5
84.2
Revised FY 1997 Federal budget data for 1996 and 1997; preliminary FY 1998 Federal budget data for 1997.
State and local consumption expenditures and gross investment
1.3
.1
5.5
934.4
Consumption expenditures
-3.4
-6.2
-4.1
758.8
Of which:
Services
-3.2
-6.1
-3.6
662.9
Of which:
Compensation of general government employees, except force-account construction
-1.5
-4.3
-3.9
566.7
Revised BLS tabulations of wages and salaries of employees covered by State unemployment insurance for 1995 and 1996; new BLS tabulations for 1997; revised Census Bureau Government Finances (GF) tabulations of retirement plans for FY 1995 and FY 1996 for 1995 and 1996; and new GF tabulations for FY 1997 for 1996 and 1997.
Other services
-1.9
-2.6
-1.2
35.7
Revised Census Bureau Government Finances (GF) tabulations for FY 1995 and FY 1996 for 1995 and 1996; new GF tabulations for FY 1997 for 1996 and 1997.
Gross investment
4.7
6.4
9.6
175.6
Structures
2.1
2.4
4.0
142.4
Revised Census Bureau Government Finances (GF) tabulations for FY 1995 and FY 1996 for 1995 and 1996; new GF tabulations for FY 1997 for 1996 and 1997; revised Census Bureau value of construction put in place data for 1995-97.
Equipment
2.6
3.9
5.6
33.2
Revised Census Bureau Government Finances (GF) tabulations for FY 1995 and FY 1996 for 1995 and 1996; new GF tabulations for FY 1997 for 1996 and 1997.
Gross domestic product
4.2
25.6
31.0
8,110.9
Plus: Net receipts of factor income
12.3
10.7
11.8
-8.0
Revised BEA balance of payments accounts estimates for 1995-97.
Receipts of factor income from the rest of the world
2.4
1.2
3.3
265.5
Payments of factor income to the rest of the world
Revised postal service data for 1995; new Postal Service data 1996 and 1997; revised Office of Personnel Management data for 1995 and 1996; revised FY 1996 and FY 1997 Federal Budget data for 1995 and 1996; preliminary FY 1998 Federal Budget data for 1997.
State and local
0
-.2
2.2
486.7
Revised BLS tabulations of wages and salaries of employees covered by State unemployment insurance for 1995 and 1996; new BLS tabulations for 1997.
Private
-.7
.3
13.6
3,225.7
Revised BLS tabulations of wage and salaries of employees covered by State unemployment insurance for 1995 and 1996; new BLS tabulations for 1997; revised USDA data on farm wages for 1995 and 1996; new USDA data for 1997; new balance of payments data on rest-of-the-world wage and salary accruals for 1995-97.
Wage accruals less disbursements
.3
8.2
2.5
3.7
Revised BLS tabulations of wage and salaries of employees covered by State unemployment insurance for 1995 and 1996; new BLS tabulations for 1997.
Supplements to wages and salaries
-5.9
-24.7
-31.3
793.7
Employer contributions for social insurance
-.7
-4.0
-7.7
400.7
Of which:
State and local social insurance funds
-1.0
-3.9
-6.8
56.7
Revised Census Bureau Government Finances (GF) tabulations for FY 1995 and FY 1996 for 1995 and 1996; new GF tabulations for FY 1997 for 1996 and 1997.
Other labor income
-5.2
-20.6
-23.7
392.9
Of which:
Pension and profit-sharing plans
-4.8
-16.2
80.6
DOL tabulations of data on employer contributions to pension and profit-sharing plans for 1995; DOL pension and wage cost per hour data for 1995-97. IRS tabulations of corporate tax return data on pension, profit sharing, stock, annuity for 1995 and 1996.
Group health and life insurance
-.4
-5.9
268.0
BLS data on employer costs for health and life insurance for 1996-98 (March).
Proprietors' income with IVA and CCAdj
-.9
7.4
6.7
551.2
Farm
-1.0
1.7
-5.2
35.5
Of which:
Proprietors' income with IVA
-1.1
1.7
-5.3
43.0
Revised USDA data for 1995 and 1996; new USDA data for 1997; revised IRS tabulations of corporate tax return data for 1995; new IRS tabulations for 1996.
Nonfarm
.1
5.7
12.0
515.8
Of which:
Proprietors' income
3.9
6.3
10.8
485.3
New IRS tabulations of sole proprietorship and partnership tax return data for 1996.
CCAdj
-2.6
-.2
1.0
29.9
Capital consumption allowances: New IRS tabulations of sole proprietorship and partnership tax return data for 1996.
Consumption of fixed capital: Revised BEA fixed investment and price estimates for 1995-97.
Rental income of persons with CCAdj
.9
3.9
10.3
158.2
Of which:
Rental income of persons
2.0
5.1
11.3
208.6
Revised Federal Reserve Board mortgage debt outstanding data for 1995-97; revised USDA data on rent on farms owned by nonoperator landlords for 1995 and 1996; new USDA data for 1997; BLS consumer expenditure survey data on maintenance and repairs for 1996 and 1997; trade source data on property insurance for 1996; Census Bureau current population survey data on owner- and tenant-occupied units for 1997.
Corporate profits with IVA and CCAdj
22.4
14.5
12.9
817.9
Profits before tax
13.0
3.6
4.6
734.4
Revised IRS tabulations of corporate tax return data for 1995; new IRS tabulations for 1996; regulatory agency and public financial reports profits data for 1997.
Of which:
Construction
-.4
2.2
-2.3
18.0
Manufacturing
1.1
-11.0
-11.1
212.2
Transportation
-.1
3.1
1.5
17.0
Electric, gas, and sanitary services
-.6
-1.9
-2.1
39.5
Retail trade
1.5
3.3
5.5
60.1
Finance, insurance, and real estate
8.3
8.9
12.9
138.1
Financial
7.0
7.2
10.5
130.0
Nonfinancial
1.3
1.7
2.4
8.1
Rest of the world
2.8
.5
.4
99.0
Revised BEA balance of payments accounts estimates for 1995-97.
Receipts from the rest of the world
3.7
1.8
3.6
149.5
Less: Payments to the rest of the world
.9
1.4
3.1
50.4
IVA
1.7
1.3
1.4
6.9
CCAdj
7.8
9.6
6.9
76.6
Capital consumption allowances: Revised IRS tabulations of corporate tax return data for 1995; new IRS tabulations for 1996.
Consumption of fixed capital: Revised BEA fixed investment and price estimates for 1995-97.
Revised IRS tabulations of corporate tax return data for 1995; new IRS tabulations for 1996; new IRS tabulations of sole proprietorship and partnership tax return data for 1996; revised Federal Reserve Board flow-of-funds accounts data for 1995-97; revised USDA data on interest paid by farmers for 1995 and 1996; new USDA data for 1997; revised trade source data on investment companies, Federal Deposit Insurance Corporation data, Office of Thrift Supervision data, and Housing and Urban Development survey of mortgage lending activity data for 1997.
Of which:
Financial corporations
5.8
-31.1
615.1
Nonfinancial corporations
.8
13.3
375.3
Sole proprietorships and partnerships
0
7.9
137.8
Other private business
-1.9
-3.4
316.7
Persons
-.9
-1.6
6.7
161.5
Revised Federal Reserve Board consumer credit data for 1995-97.
Government
-.3
-2.0
-2.3
316.9
Revised Census Bureau Government Finances (GF) tabulations for FY 1995 and FY 1996 for 1995 and 1996; new GF tabulations for FY 1997 for 1996 and 1997.
Monetary interest received
2.2
-17.4
2,038.1
Domestic business
18.2
-2.2
1,373.6
Revised IRS tabulations of corporate tax return data for 1995; new IRS tabulations for 1996; new IRS tabulations of sole proprietorship and partnership tax return data for 1996; revised Federal Reserve Board flow-of-funds accounts data for 1997; Federal Deposit Insurance Corporation data and Office of Thrift Supervision data for 1997.
Of which:
Financial corporations
20.8
-5.9
1,092.7
Nonfinancial corporations
-2.8
-2.0
237.0
Financial sole proprietorships and partnerships
0
5.7
43.8
Persons
-13.3
-10.2
311.8
Government
8.2
6.1
151.1
Federal
-.1
-2.0
20.9
Revised FY 1997 Federal budget data for 1996 and 1997; preliminary FY 1998 Federal budget data for 1997; revised BEA balance of payments accounts estimates for 1995-97.
State and local
8.3
8.1
130.2
Revised Census Bureau Government Finances (GF) tabulations for FY 1995 and FY 1996 for 1995 and 1996; new GF tabulations for FY 1997 for 1996 and 1997.
Rest of the world
-10.9
-11.2
201.6
Revised BEA balance of payments accounts estimates for 1995-97.
Life insurance carriers and private noninsured pension plans
.1
-3.7
244.6
Revised Federal Reserve Board (FRB) flow-of-funds accounts data on private noninsured pension plans for 1995-97; trade source data on life insurance companies for 1996.
Interest received
.1
-5.1
541.2
Revised Federal Reserve Board (FRB) flow-of-funds accounts assets data for 1995 and 1996; new FRB data for 1997; Federal Deposit Insurance Corporation data for 1997.
Of which:
Persons
-.7
-6.1
5.3
435.5
From banks, credit agencies, and investment companies
-.7
-2.4
3.7
190.9
From life insurance carriers and private noninsured pension plans
.1
-3.7
1.5
244.6
Consumption of fixed capital
4.0
1.9
3.9
871.8
Of which:
Private
4.0
1.6
3.3
720.2
Revised BEA fixed investment and price estimates for 1995-97.
Of which:
Corporate
2.2
-.3
1.7
477.3
Capital consumption allowances
8.0
9.8
10.1
760.5
Corporate
10.0
9.3
8.6
554.0
Revised IRS tabulations of corporate tax return data for 1995; new IRS tabulations for 1996; revised BEA fixed investment estimates for 1995-97.
Noncorporate
-2.0
.5
1.4
206.5
New IRS tabulations of sole proprietorship and partnership tax return data for 1996; revised BEA fixed investment estimates for 1995-97.
Less: CCAdj
4.0
8.3
6.8
40.4
CCAdj is calculated as consumption of fixed capital less capital consumption allowances.
Corporate
7.8
9.6
6.9
76.6
Noncorporate
-3.7
-1.4
0
-36.2
Of which:
Nonfarm proprietors' income
-2.6
-.2
1.0
29.9
Government
0
.3
.6
151.6
Nonfactor incomes
-.8
5.2
11.8
640.4
Of which:
Indirect business tax and nontax liability
-1.6
1.6
7.8
627.2
Federal
-1.0
-1.3
2.5
93.8
Treasury Department income tax collections data for 1995-97.
State and local
-.6
3.0
5.3
533.4
Revised Census Bureau Government Finances (GF) tabulations for FY 1995 and FY 1996 for 1995 and 1996; new GF tabulations for FY 1997 for 1996 and 1997; revised Census Bureau quarterly tax revenue data for 1995 and 1996; new tax revenue data for 1997.
Less: Subsidies less current surplus of government enterprises
-.1
-3.4
-4.2
21.9
Of which:
Federal
-1.6
-5.0
-5.9
32.5
Revised FY 1997 Federal budget data for 1996 and 1997; preliminary FY 1998 Federal budget data for 1997; new FY 1995-97 Postal Service financial data for 1995-97
For consumption of enterprise fixed capital: Perpetual-inventory calculations at current cost based on gross investment and on investment prices for 1995-97. See also entries for gross investment.
Addenda:
Gross domestic income
2.5
-2.1
.8
8,166.7
National income
11.4
1.5
-3.2
6,646.5
See entries under "gross national income."
Personal income
-78.7
-70.0
-89.9
6,784.0
See entries under "gross national income" and additional sources below.
Wage and salary disbursements, other labor income, proprietors' income with IVA and CCAdj, and rental income of persons with CCAdj
-6.2
-10.7
5.7
4,992.1
Wage and salary disbursements
-1.0
-1.4
12.4
3,889.8
Other labor income
-5.2
-20.6
-23.7
392.9
Proprietors' income with IVA and CCAdj
-.9
7.4
6.7
551.2
Rental income of persons with CCAdj
.9
3.9
10.3
158.2
Personal dividend income
-59.1
-43.0
-61.2
260.3
Revised IRS tabulations of corporate tax return data for 1995; new IRs tabulations for 1996; regulatory agency and public financial statements data on dividends for 1997. The revisions also reflect a methodological improvement affecting the treatment of capital gains distributions of regulated investment companies, which resulted in downward revisions of $28.5 billion for 1995, $49.5 billion for 1996, and $61.5 billion for 1997.
Personal interest income
-14.0
-16.3
-21.3
747.3
See entries under "net interest."
Net interest
-4.5
-6.5
-16.7
432.0
See entries under "net interest."
Domestic business
-14.2
-16.8
-28.2
535.9
Rest of the world
9.6
10.4
11.6
-103.9
Net interest paid by government
-8.5
-8.3
-11.3
153.8
See entries under "net interest."
Federal
0
1.3
.9
231.2
State and local
-8.6
-9.6
-12.2
-77.4
Interest paid by persons
-.9
-1.6
6.7
161.5
See entries under "net interest."
Transfer payments to persons
.9
0
-10.7
1,110.4
Of which:
From government
.1
-.5
-10.8
1,083.3
Federal
-.5
.8
-3.1
779.2
Revised FY 1997 Federal budget data for 1996; preliminary FY 1998 Federal Budget data for 1997.
State and local
.6
-1.3
-7.7
304.1
Of which:
Medical care
0
0
-5.9
165.1
New Health Care Financing Administration tabulations for 1997.
Less: Personal contributions for social insurance
.5
0
2.5
326.2
Of which:
Federal
.2
-.2
2.1
303.0
New Social Security Administration data on taxable wages for 1997; new BLS tabulations of employer contributions to the unemployment insurance trust fund for 1997; Monthly Treasury Statement contributions to the unemployment trust fund for 1997; Monthly Treasury Statement data on contributions to the military retirement fund for 1997.
Less: Personal tax and nontax payments
-.1
3.6
.3
989.0
Federal
.3
.3
-5.3
769.1
Social Security Administration taxable wage data for 1997; Treasury Department personal income tax collections data for 1996 and 1997.
State and local
-.5
3.3
5.6
219.9
Revised Census Bureau Government Finances (GF) tabulations for FY 1995 and FY 1996 for 1995 and 1996; new GF tabulations for FY 1997 for 1996 and 1997; revised Census Bureau quarterly tax revenue data for 1995 and 1996; new Census Bureau tax revenue data for 1997.
Equals: Disposable personal income
-78.7
-73.6
-90.1
5,795.1
Less: Personal outlays
-3.9
7.4
15.6
5,674.1
Personal consumption expenditures
-3.8
8.1
7.9
5,493.7
See entries under "personal consumption expenditures."
Interest paid by persons
-.9
-1.6
6.7
161.5
See entries under "net interest."
Equals: Personal saving
-74.8
-81.1
-105.7
121.0
1. In these descriptions, "new" indicates this is the first time that
data from the specific source are being incorporated into the component
estimate for the given year and "revised" indicates that data from the
specific source were incorporated previously and now revised data from that
source are being incorporated.
2. The statistical discrepancy is gross national product (GNP) less gross
national income (GNI); it is also the difference between gross domestic
product (GDP) and gross domestic income (GDI), which is GNI less net receipts
of factor income. The statistical discrepancy arises because the product-side
measures of GNP and GDP are estimated independently from the income-side
measures of GNI and GDI.
3. Net interest is the sum of monetary interest paid by domestic business
and by the rest of the world and imputed interest paid by domestic financial
corporate business, less monetary interest received by domestic business and
by the rest of the world and imputed interest received by domestic business
and by the rest of the world.
