Table 1.—Major Definitional and Classificational Changes

Change Components affected Initial year of revision
Recognize business and government expenditures for software as fixed investmentPrivate fixed investment in equipment and software, government consumption expenditures and gross investment, proprietors' income, consumption of fixed capital, corporate profits, subsidies less current surplus of government enterprises, personal saving, and government current surplus or deficit1959
Reclassify government employee retirement plansPCE, government consumption expenditures and gross investment, employer contributions for social insurance, personal contributions for social insurance, other labor income, personal saving, personal income, personal outlays, personal dividend income, dividends received by government, personal interest income, net interest paid by government, transfer payments to persons from government, transfer payments to the rest of the world from government (net), transfer payments to the rest of the world from persons (net), and government current surplus or deficit1929
Modify the treatment of private noninsured pension plansCorporate profits, dividends, rental income of persons, personal dividend income, net interest, and personal interest income1946
Reclassify certain transactions as capital transfersCorporate profits, subsidies less current surplus of government enterprises, personal tax and nontax payments, personal saving, transfer payments to the rest of the world from persons (net), transfer payments to the rest of the world from government (net), government current surplus or deficit, and net foreign investment1929
Redefine dividend payments by regulated investment companies to exclude distributions that reflect capital gains incomeDividends, undistributed profits, personal dividend income, and personal saving1946/1/
Redefine the value of imputed services of regulated investment companiesPCE, government consumption expenditures and gross investment, personal interest income, net interest, and net interest paid by government1959
Reclassify several government taxes and transfer programsPCE, S&L government consumption expenditures and gross investment, employer contributions for social insurance, personal contributions for social insurance, subsidies less current surplus of government enterprises, transfer payments to persons, personal tax and nontax payments, personal saving, government current surplus or deficit, and the statistical discrepancy1938 (Federal)
1973 (S&L)
Reclassify as financial transactions the implicit subsidies associated with Federal direct loan housing programsNet interest, subsidies less current surplus of government enterprises, and net interest paid by government1968
Reclassify directors' feesProprietors' income, other labor income, the statistical discrepancy, and personal saving1929

1. This change will affect the estimates through 1981 (see the section in the text).

PCE Personal consumption expenditures

S&L State and local

DCSIMG