Glossary

The sum of all incomes, net of consumption of fixed capital (CFC), earned in production. Includes both factor incomes and nonfactor charges. It formerly excluded nonfactor charges.

The market value of the goods and services produced by labor and property in the United States less the value of the fixed capital used up in production; equal to gross domestic product (GDP) less consumption of fixed capital (CFC). NDP may be viewed as an estimate of sustainable product, which is a rough measure of the level of consumption that can be maintained while leaving capital assets intact.

Exports of goods and services minus imports of goods and services.

The difference between government current receipts and government current expenditures, formerly called current surplus or deficit (-), national income and product accounts.

A statistic tabulated from the tax returns of sole proprietors and partnerships; used in the estimation of nonfarm proprietors' income by state and county.

An indirect measure of the net acquisition of foreign assets by U.S. residents less the net acquisition of U.S. assets by foreign residents. It is equal to the balance on current account, national income and product accounts less capital transfers to the rest of the world (net).

The market value of goods and services produced by labor and property supplied by U.S. residents, less the value of the fixed capital used up in production; equal to gross national product (GNP) less consumption of fixed capital (CFC).

A profits-like measure that shows business income after subtracting the costs of compensation of employees (received), taxes on production and imports less subsidies, and consumption of fixed capital (CFC) from value added, but before subtracting financing costs and business transfer payments. Consists of the net operating surplus of private enterprises and the current surplus of government enterprises.

Tangible products that can be stored or inventoried and that have an average life of less than three years.

Income from current production not accruing to labor or capital. Includes business current transfer payments (net), taxes on production and imports, and the current surplus of government enterprises less subsidies.

Consists of purchases of both nonresidential structures and equipment and software.

Investment in nonresidential structures consists of new construction (including own-account production), improvements to existing structures, expenditures on new mobile structures, brokers' commissions on sales of structures, and net purchases of used structures by private businesses and by nonprofit institutions from government agencies. New construction includes hotels and motels and mining exploration, shafts, and wells. Nonresidential structures also includes equipment considered to be an integral part of a structure, such as plumbing, heating, and electrical systems.

A classification system developed jointly by the U.S., Canada, and Mexico to provide improved comparability in industrial statistics across North America. NAICS replaced the U.S. Standard Industrial Classification (SIC) system.

U.S. residents' investment abroad.

An adjustment made to the national estimates of personal income to exclude the wages and salaries and related components of the income of U.S. residents employed abroad temporarily (e.g., military personnel stationed abroad). The adjusted national estimates are used in the estimation of state personal income.

A fixed-weighted price index that is computed as the sum of current-period quantities valued at current-period prices divided by the sum of current-period quantities valued at base-period prices.

The goods and services purchased by persons.

Includes taxes paid by persons on income, including realized net capital gains, and on personal property.

Payments consisting of transfer payments by persons to government and to the rest of the world. Payments to government include donations, fees, and fines paid to Federal, state, and local governments, formerly classified as "personal nontax payments."

Consists of income payments to persons for which no current services are performed and net insurance settlements. It is the sum of government social benefits and net current transfer receipts from business.

The dividend income received by persons.

Income received by persons from all sources. It includes income received from participation in production as well as from government and business transfer payments. It is the sum of compensation of employees (received), supplements to wages and salaries, proprietors' income with inventory valuation adjustment (IVA) and capital consumption adjustment (CCAdj), rental income of persons with CCAdj, personal income receipts on assets, and personal current transfer receipts, less contributions for government social insurance.