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Gross Domestic Product and Corporate Profits: Second Quarter 2005 "final" estimates
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Virginia H. Mannering: (202) 606-5304 (GDP) BEA 05-43
Greg Key: (202) 606-9727 (Profits)
Recorded message: (202) 606-5306
GROSS DOMESTIC PRODUCT: SECOND QUARTER 2005 (FINAL)
CORPORATE PROFITS: SECOND QUARTER 2005 (FINAL)
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 3.3 percent in the second quarter of 2005,
according to final estimates released by the Bureau of Economic Analysis. In the first quarter, real GDP
increased 3.8 percent.
The GDP estimates released today are based on more complete source data than were available for
the preliminary estimates issued last month. In the preliminary estimates, the increase in real GDP was
also 3.3 percent (see "Revisions" on page 3).
The major contributors to the increase in real GDP in the second quarter were personal
consumption expenditures, exports, equipment and software, residential fixed investment, and
government spending. The contributions of these components were partly offset by a negative
contribution from private inventory investment. Imports, which are a subtraction in the calculation of
GDP, decreased.
The deceleration in real GDP growth in the second quarter primarily reflected a downturn in
private inventory investment that was partly offset by a downturn in imports and an acceleration in
exports.
Final sales of computers contributed 0.32 percentage point to the second-quarter growth in real
GDP after contributing 0.37 percentage point to the first-quarter growth. Motor vehicle output
subtracted 0.01 percentage point from the second-quarter growth in real GDP after contributing 0.15
percentage point to the first-quarter growth.
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. Price indexes are chain-type measures.
This news release is available on BEA's Web site at www.bea.gov/newsreleases/rels.htm.
The price index for gross domestic purchases, which measures prices paid by U.S. residents,
increased 3.3 percent in the second quarter, 0.2 percentage point more than the preliminary estimate; this
index increased 2.9 percent in the first quarter. Excluding food and energy prices, the price index for
gross domestic purchases increased 2.1 percent in the second quarter, compared with an increase of 3.0
percent in the first.
Real personal consumption expenditures increased 3.4 percent in the second quarter, compared
with an increase of 3.5 percent in the first. Real nonresidential fixed investment increased 8.8 percent,
compared with an increase of 5.7 percent. Nonresidential structures increased 2.7 percent, in contrast to
a decrease of 2.0 percent. Equipment and software increased 10.9 percent, compared with an increase of
8.3 percent. Real residential fixed investment increased 10.8 percent, compared with an increase of 9.5
percent.
Real exports of goods and services increased 10.7 percent in the second quarter, compared with an
increase of 7.5 percent in the first. Real imports of goods and services decreased 0.3 percent, in contrast
to an increase of 7.4 percent.
Real federal government consumption expenditures and gross investment increased 2.4 percent in
the second quarter, the same as in the first quarter. National defense increased 3.7 percent, compared
with an increase of 3.0 percent. Nondefense decreased 0.2 percent, in contrast to an increase of 1.1
percent. Real state and local government consumption expenditures and gross investment increased 2.6
percent, compared with an increase of 1.6 percent.
The real change in private inventories subtracted 2.14 percentage points from the second-quarter
change in real GDP after adding 0.29 percentage point to the first-quarter change. Private businesses
reduced inventories $1.7 billion in the second quarter, following increases of $58.2 billion in the first
quarter and $50.1 billion in the fourth.
Real final sales of domestic product -- GDP less change in private inventories -- increased 5.6
percent in the second quarter, compared with an increase of 3.5 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 4.0 percent in the
first.
Gross national product
Real gross national product -- the goods and services produced by the labor and property supplied
by U.S. residents -- increased 3.2 percent in the second quarter, compared with an increase of 3.9
percent in the first. GNP includes, and GDP excludes, net receipts of income from the rest of the world,
which decreased $3.6 billion in the second quarter after increasing $2.4 billion in the first; in the second
quarter, receipts increased $21.3 billion, and payments increased $24.9 billion.
Current-dollar GDP
Current-dollar GDP -- the market value of the nation's output of goods and services -- increased
6.0 percent, or $179.2 billion, in the second quarter to a level of $12,378.0 billion. In the first quarter,
current-dollar GDP increased 7.0 percent, or $203.6 billion.
Revisions
The final estimate of the second-quarter real GDP growth rate is the same as the preliminary
estimate issued last month. A small upward revision to personal consumption expenditures for services
and a small downward revision to imports of services were offset by small downward revisions to
exports of services and to inventory investment.
Advance Preliminary Final
(Percent change from preceding quarter)
Real GDP................................. 3.4 3.3 3.3
Current-dollar GDP....................... 5.9 5.8 6.0
Gross domestic purchases price index..... 3.2 3.1 3.3
Corporate Profits
Profits from current production (corporate profits with inventory valuation and capital
consumption adjustments) increased $59.3 billion in the second quarter. In the first quarter, profits
increased $68.7 billion. Current-production cash flow (net cash flow with inventory valuation and
capital consumption adjustments) -- the internal funds available to corporations for investment --
increased $41.7 billion in the second quarter, compared with an increase of $95.4 billion in the first.
Taxes on corporate income increased $9.9 billion in the second quarter, compared with an
increase of $69.6 billion in the first. Profits after tax with inventory valuation and capital consumption
adjustments increased $49.4 billion in the second quarter, in contrast to a decrease of $0.8 billion in the
first. Dividends increased $11.4 billion, in contrast to a decrease of $94.4 billion; current-production
undistributed profits increased $38.0 billion, compared with an increase of $93.5 billion.
Domestic profits of financial corporations decreased $26.9 billion in the second quarter, in
contrast to an increase of $36.0 billion in the first. Domestic profits of nonfinancial corporations
increased $82.5 billion in the second quarter, compared with an increase of $17.8 billion in the first. In
the second quarter, real gross value added of nonfinancial corporations increased, and profits per unit of
real product increased. The increase in unit profits reflected an increase in unit prices and decreases in
both unit labor and nonlabor costs corporations incurred.
The rest-of-the-world component of profits increased $3.7 billion in the second quarter, compared
with an increase of $14.9 billion in the first. This measure is calculated as (1) receipts by U.S. residents
of earnings from their foreign affiliates plus dividends received by U.S. residents from unaffiliated
foreign corporations minus (2) payments by U.S. affiliates of earnings to their foreign parents plus
dividends paid by U.S. corporations to unaffiliated foreign residents. The second-quarter increase was
accounted for by a larger increase in receipts than in payments.
Profits before tax with inventory valuation adjustment is the best available measure of industry
profits because estimates of the capital consumption adjustment by industry do not exist. This measure
reflects the depreciation-accounting practices used for federal income tax returns. According to this
measure, domestic profits of nonfinancial corporations increased while domestic profits of financial
corporations decreased. The increase in the profits of nonfinancial corporations was widespread; the
largest increases were in manufacturing and in wholesale trade.
Profits before tax increased $33.9 billion in the second quarter, compared with an increase of
$254.2 billion in the first. The before-tax measure of profits does not reflect, as does profits from
current production, the capital consumption and inventory valuation adjustments. These adjustments
convert depreciation of fixed assets and inventory withdrawals reported on a tax-return, historical-cost
basis to the current-cost measures used in the national income and product accounts. The capital
consumption adjustment increased $5.2 billion in the second quarter (from -$51.0 billion to -$45.8
billion), in contrast to a decrease of $190.8 billion in the first. The large increase in first-quarter profits
before tax and the large decrease in the first-quarter capital consumption adjustment reflect the
expiration of the "bonus" depreciation provisions of both the Job Creation and Worker Assistance Act
of 2002 and the Jobs and Growth Tax Relief Reconciliation Act of 2003. The inventory valuation
adjustment increased $20.2 billion (from -$39.1 billion to -$18.9 billion), compared with an increase of
$5.3 billion.
* * *
BEA's national, international, regional, and industry estimates; the Survey of Current Business;
and BEA news releases are available without charge on BEA's Web site at www.bea.gov. By visiting
the site, you can also subscribe to receive free e-mail summaries of BEA releases and announcements.
Summary BEA estimates are available on recorded messages at the time of public release at the
following telephone numbers:
(202) 606-5306 Gross domestic product
(202) 606-5303 Personal income and outlays
* * *
Next release -- October 28, 2005, at 8:30 A.M. EDT for:
Gross Domestic Product: Third Quarter 2005 (Advance)
Table 1.--Real Gross Domestic Product and Related Measures: Percent Change From Preceding Period
[Quarters seasonally adjusted at annual rates]
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
2002 2003 2004 III 01 IV 01 I 02 II 02 III 02 IV 02 I 03 II 03 III 03 IV 03 I 04 II 04 III 04 IV 04 I 05 II 05r
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
Gross domestic product (GDP). 1.6 2.7 4.2 -1.4 1.6 2.7 2.2 2.4 .2 1.7 3.7 7.2 3.6 4.3 3.5 4.0 3.3 3.8 3.3
Personal consumption expenditures... 2.7 2.9 3.9 1.8 7.0 1.4 2.4 2.3 1.4 2.5 3.6 5.8 3.1 4.7 1.9 4.4 4.3 3.5 3.4
Durable goods..................... 7.1 6.6 6.0 3.1 37.4 -4.2 3.6 11.5 -5.2 3.6 15.1 19.8 -.3 4.4 .4 10.8 5.5 2.6 7.9
Nondurable goods.................. 2.5 3.2 4.7 2.4 4.9 3.3 1.3 .3 3.6 3.2 1.9 8.3 3.1 6.6 2.6 3.9 5.5 5.3 3.6
Services.......................... 1.9 2.0 3.0 1.2 2.3 1.8 2.6 1.3 1.8 1.9 2.3 2.0 3.8 3.8 1.8 3.4 3.6 2.8 2.3
Gross private domestic investment... -2.6 3.9 11.9 -10.5 -22.7 13.6 1.9 5.8 -1.0 -.4 2.7 17.5 12.0 10.1 20.9 4.6 6.8 8.6 -3.7
Fixed investment.................. -5.2 3.6 9.7 -4.5 -10.6 -6.3 -1.4 -.7 -1.4 .8 8.8 14.8 6.9 6.9 15.1 8.4 7.2 7.0 9.5
Nonresidential.................. -9.2 1.3 9.4 -6.8 -13.3 -12.8 -6.1 -2.0 -5.0 -1.1 8.4 11.2 4.4 7.9 13.5 11.8 10.4 5.7 8.8
Structures.................... -17.1 -4.2 2.2 6.0 -33.2 -19.0 -19.0 -15.5 -5.3 -8.4 13.3 -.1 1.3 -3.5 8.8 1.4 4.7 -2.0 2.7
Equipment and software........ -6.2 3.2 11.9 -11.4 -4.2 -10.4 -.9 3.3 -4.9 1.6 6.7 15.4 5.5 12.0 15.2 15.5 12.4 8.3 10.9
Residential..................... 4.8 8.4 10.3 1.8 -3.7 10.4 9.5 2.0 6.4 4.7 9.6 21.9 11.5 5.2 17.8 2.6 1.6 9.5 10.8
Change in private inventories..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... .....
Net exports of goods and services... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... .....
Exports........................... -2.3 1.8 8.4 -18.2 -10.8 5.2 10.6 2.9 -3.1 -2.9 -2.1 11.5 19.1 5.0 6.9 5.5 7.1 7.5 10.7
Goods........................... -4.0 1.8 8.9 -20.0 -8.8 -1.6 14.2 2.2 -9.1 1.5 .0 9.1 17.2 7.5 7.9 8.2 3.7 5.3 16.0
Services........................ 1.9 1.7 7.4 -13.7 -15.3 22.9 2.7 4.6 11.7 -11.9 -6.6 17.2 23.7 -.4 4.8 -.6 15.5 12.5 -.4
Imports........................... 3.4 4.6 10.7 -10.3 -3.4 11.7 12.5 5.7 9.0 -2.5 3.3 4.1 16.5 12.0 14.5 4.7 11.3 7.4 -.3
Goods........................... 3.7 4.9 11.0 -8.6 -2.0 9.2 16.0 6.5 8.1 -2.6 6.3 .9 17.7 12.4 14.7 4.7 13.0 8.2 -1.1
Services........................ 2.1 3.0 9.6 -18.3 -10.4 24.7 -3.0 1.7 14.0 -2.2 -10.2 21.4 10.7 10.0 13.7 4.6 3.1 3.7 4.4
Government consumption expenditures
and gross investment............... 4.4 2.8 2.2 -1.5 8.5 4.3 4.8 2.3 4.8 -.3 7.2 .5 .5 3.3 2.3 1.8 .9 1.9 2.5
Federal........................... 7.0 6.9 5.2 .0 8.8 5.9 12.5 3.0 10.2 .3 22.1 -2.0 3.1 10.7 3.2 3.6 -.6 2.4 2.4
National defense................ 7.4 8.8 7.0 2.4 12.5 3.7 11.5 4.1 14.8 -3.6 37.4 -6.5 7.9 13.8 .8 9.0 -3.3 3.0 3.7
Nondefense...................... 6.3 3.4 1.8 -3.9 2.3 10.2 14.1 1.2 2.1 8.0 -2.4 7.2 -5.8 4.9 8.1 -6.4 5.2 1.1 -.2
State and local................... 3.1 .6 .4 -2.3 8.4 3.5 1.0 1.9 2.0 -.6 -.3 2.0 -.9 -.7 1.8 .8 1.8 1.6 2.6
Addenda:
Final sales of domestic product... 1.2 2.7 3.9 -.4 3.8 -.2 1.7 1.4 .1 1.9 4.6 6.9 2.8 3.8 2.6 4.6 3.3 3.5 5.6
Gross domestic purchases.......... 2.2 3.0 4.7 -.8 2.2 3.6 2.7 2.8 1.7 1.5 4.2 6.5 3.9 5.2 4.7 3.9 4.1 4.0 2.1
Final sales to domestic
purchasers....................... 1.8 3.0 4.4 .2 4.3 .7 2.2 1.8 1.6 1.7 5.0 6.1 3.2 4.8 3.8 4.5 4.1 3.7 4.2
Gross national product (GNP)...... 1.5 3.0 4.0 -2.5 3.9 .8 1.8 2.9 1.0 1.5 4.5 7.2 4.5 3.8 2.2 4.0 2.9 3.9 3.2
Disposable personal income........ 3.1 2.4 3.4 11.5 -5.6 11.6 1.9 -1.6 .2 2.5 4.5 7.2 1.0 3.6 1.2 2.8 9.1 -3.4 1.5
Current-dollar measures:
GDP............................. 3.4 4.8 7.0 .2 3.6 4.3 3.7 3.9 2.4 4.8 4.8 9.3 5.5 8.1 7.5 5.3 6.1 7.0 6.0
Final sales of domestic product. 2.9 4.8 6.6 1.2 5.5 1.4 3.2 3.0 2.4 5.1 5.7 8.8 4.8 7.5 6.6 6.1 6.2 6.7 8.3
Gross domestic purchases........ 3.8 5.3 7.7 .2 3.1 4.9 5.2 4.4 3.9 5.7 4.6 8.6 5.6 9.7 9.0 5.9 7.4 7.0 5.5
Final sales to domestic
purchasers..................... 3.4 5.3 7.4 1.2 4.9 2.2 4.8 3.6 3.8 5.9 5.4 8.2 4.9 9.2 8.1 6.6 7.4 6.7 7.6
GNP............................. 3.2 5.1 6.8 -.8 6.0 2.3 3.3 4.4 3.2 4.6 5.7 9.2 6.4 7.7 6.1 5.4 5.7 7.0 5.9
Disposable personal income...... 4.6 4.3 6.1 12.1 -5.0 12.6 4.7 .2 1.9 5.6 5.2 9.4 2.3 7.6 5.1 4.3 12.5 -1.3 4.9
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
r Revised.
See "Explanatory Note" at the end of the tables.
Table 2.--Contributions to Percent Change in Real Gross Domestic Product
[Quarters seasonally adjusted at annual rates]
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
2002 2003 2004 III 01 IV 01 I 02 II 02 III 02 IV 02 I 03 II 03 III 03 IV 03 I 04 II 04 III 04 IV 04 I 05 II 05r
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
Percent change at annual rate:
Gross domestic product.......... 1.6 2.7 4.2 -1.4 1.6 2.7 2.2 2.4 .2 1.7 3.7 7.2 3.6 4.3 3.5 4.0 3.3 3.8 3.3
Percentage points at annual rates:
Personal consumption expenditures. 1.90 2.05 2.71 1.20 4.71 1.01 1.64 1.57 .97 1.70 2.55 4.13 2.15 3.27 1.33 3.05 3.01 2.44 2.35
Durable goods................... .61 .57 .51 .26 2.81 -.39 .31 .98 -.47 .31 1.23 1.64 -.03 .38 .03 .88 .45 .22 .64
Motor vehicles and parts...... .23 .19 .06 .16 2.24 -1.07 .02 .89 -.75 .22 .53 .77 -.43 -.02 -.19 .44 .11 -.31 .27
Furniture and household
equipment.................... .29 .26 .34 .15 .39 .50 .23 .06 .21 .03 .48 .63 .30 .31 .24 .34 .21 .32 .17
Other......................... .09 .11 .10 -.06 .18 .18 .07 .02 .07 .06 .22 .23 .10 .08 -.02 .10 .14 .20 .20
Nondurable goods................ .50 .63 .94 .47 .95 .65 .26 .06 .70 .63 .37 1.65 .61 1.31 .53 .78 1.09 1.07 .74
Food.......................... .15 .25 .48 .09 .18 .21 .18 .00 .20 .38 .05 .69 .20 .88 .27 .32 .63 .50 .42
Clothing and shoes............ .14 .14 .17 .04 .27 .23 .04 -.05 .31 -.04 .27 .33 .04 .37 -.09 .17 .25 .15 .20
Gasoline, fuel oil, and other
energy goods................. .04 .01 .03 .11 .24 -.06 .06 .04 -.04 -.01 -.04 .12 .07 -.04 .03 .02 .07 .21 -.11
Other......................... .18 .22 .26 .23 .27 .27 -.01 .07 .23 .29 .09 .51 .31 .11 .33 .28 .14 .20 .23
Services........................ .79 .85 1.27 .47 .95 .75 1.07 .54 .74 .76 .94 .84 1.57 1.58 .77 1.39 1.47 1.15 .97
Housing....................... .09 .07 .30 .21 .26 .06 -.03 -.11 -.07 .08 .13 .24 .31 .39 .27 .29 .29 .23 .22
Household operation........... .02 .05 .07 .03 -.15 .07 .29 -.11 .19 .01 -.06 -.02 .25 .07 -.07 .04 .34 .07 -.02
Electricity and gas......... .04 .02 .03 .00 -.07 .11 .25 -.07 .23 -.05 -.13 -.07 .22 .02 -.11 -.05 .37 .02 -.08
Other household operation... -.02 .03 .05 .02 -.08 -.05 .04 -.04 -.04 .07 .07 .05 .03 .05 .05 .10 -.03 .05 .06
Transportation................ -.08 .00 .03 -.22 -.17 .01 -.04 -.07 -.01 .07 -.05 .02 .02 .13 -.01 .00 -.01 .06 .06
Medical care.................. .63 .49 .49 .70 .67 .59 .67 .59 .59 .45 .42 .31 .59 .37 .56 .64 .54 .53 .50
Recreation.................... .06 .10 .11 .02 .07 .09 .07 .04 .16 .04 .15 .07 .21 .17 .00 .10 .02 .14 .02
Other......................... .06 .14 .26 -.25 .28 -.08 .12 .20 -.12 .10 .35 .22 .19 .44 .02 .33 .29 .11 .18
Gross private domestic investment. -.41 .58 1.82 -1.76 -3.95 1.92 .30 .87 -.14 -.03 .42 2.53 1.78 1.52 3.10 .75 1.11 1.42 -.63
Fixed investment................ -.84 .54 1.47 -.75 -1.81 -1.04 -.23 -.12 -.21 .13 1.26 2.15 1.03 1.04 2.22 1.31 1.13 1.12 1.51
Nonresidential................ -1.06 .13 .92 -.83 -1.63 -1.50 -.66 -.21 -.52 -.10 .79 1.08 .43 .76 1.29 1.15 1.04 .58 .90
Structures.................. -.55 -.11 .06 .19 -1.27 -.60 -.58 -.44 -.14 -.22 .32 .00 .03 -.09 .22 .04 .12 -.05 .07
Equipment and software...... -.51 .24 .86 -1.02 -.35 -.90 -.09 .23 -.38 .12 .47 1.09 .40 .85 1.07 1.12 .92 .64 .83
Information processing
equipment and software... -.20 .19 .49 -.53 -.21 -.28 .06 .23 -.38 .21 .20 .79 .52 .61 .38 .31 .34 .72 .53
Computers and peripheral
equipment.............. .04 .09 .19 -.26 .19 .15 -.06 .16 -.04 .07 .10 .21 .17 .20 .18 .16 .27 .31 .23
Software................ -.04 .06 .11 -.07 -.19 -.04 .15 .12 -.17 .04 .04 .29 .15 .08 .05 .10 .09 .22 .29
Other................... -.19 .05 .19 -.20 -.21 -.38 -.03 -.05 -.17 .10 .05 .29 .20 .33 .16 .05 -.02 .18 .01
Industrial equipment...... -.11 .00 .04 -.27 -.21 .01 -.12 .08 .01 .15 -.12 -.04 -.14 .19 -.05 .30 .06 .23 -.27
Transportation equipment.. -.16 -.03 .15 -.27 .26 -.53 -.16 -.07 -.02 -.25 .36 .01 -.16 -.04 .56 .23 .39 -.16 .33
Other equipment........... -.04 .08 .18 .05 -.19 -.10 .14 .00 .02 .01 .04 .33 .18 .09 .18 .28 .13 -.14 .23
Residential................... .22 .41 .55 .08 -.18 .46 .43 .09 .30 .23 .47 1.07 .59 .28 .93 .15 .09 .54 .62
Change in private inventories... .43 .05 .35 -1.02 -2.14 2.95 .53 .98 .08 -.16 -.84 .38 .75 .48 .87 -.56 -.03 .29 -2.14
Farm.......................... -.02 .03 .03 .09 -.23 .24 -.39 .31 .03 .17 -.21 -.07 .19 -.20 .45 -.01 -.28 -.11 -.09
Nonfarm....................... .45 .02 .32 -1.11 -1.91 2.71 .92 .67 .04 -.33 -.63 .45 .57 .68 .42 -.55 .25 .40 -2.05
Net exports of goods and services. -.69 -.46 -.73 -.56 -.66 -.97 -.62 -.49 -1.52 .08 -.66 .48 -.47 -1.16 -1.37 -.17 -.98 -.40 1.11
Exports......................... -.23 .17 .80 -2.04 -1.11 .47 .96 .27 -.31 -.29 -.20 1.04 1.69 .49 .67 .53 .70 .74 1.07
Goods......................... -.28 .12 .59 -1.60 -.63 -.11 .88 .14 -.64 .09 .00 .58 1.05 .50 .53 .55 .25 .37 1.08
Services...................... .06 .05 .22 -.44 -.48 .59 .08 .13 .33 -.38 -.20 .46 .64 -.01 .14 -.02 .44 .37 -.01
Imports......................... -.46 -.63 -1.53 1.48 .45 -1.44 -1.58 -.76 -1.21 .37 -.46 -.56 -2.16 -1.65 -2.03 -.70 -1.68 -1.14 .04
Goods......................... -.41 -.56 -1.30 1.02 .21 -.95 -1.65 -.72 -.90 .32 -.71 -.10 -1.91 -1.41 -1.71 -.59 -1.60 -1.05 .15
Services...................... -.05 -.07 -.23 .47 .25 -.48 .07 -.04 -.31 .05 .26 -.46 -.25 -.23 -.32 -.11 -.08 -.10 -.11
Government consumption expenditures
and gross investment............. .80 .53 .41 -.28 1.48 .79 .88 .43 .89 -.05 1.37 .11 .10 .62 .43 .35 .17 .35 .47
Federal......................... .43 .45 .36 .00 .51 .36 .76 .20 .64 .03 1.40 -.14 .21 .71 .22 .25 -.04 .17 .17
National defense.............. .29 .37 .32 .09 .46 .14 .45 .17 .59 -.15 1.46 -.31 .35 .60 .04 .41 -.16 .14 .17
Consumption expenditures.... .23 .33 .26 .03 .45 .13 .29 .07 .67 -.19 1.35 -.34 .32 .46 .01 .39 -.26 .34 .04
Gross investment............ .06 .04 .06 .06 .02 .01 .16 .10 -.08 .04 .11 .03 .03 .14 .02 .02 .10 -.20 .13
Nondefense.................... .14 .08 .04 -.09 .05 .22 .31 .03 .05 .18 -.06 .17 -.14 .11 .19 -.16 .12 .03 -.01
Consumption expenditures..... .12 .08 .04 .01 .04 .14 .21 .11 .07 .18 -.19 .29 -.10 .11 .04 -.04 .08 .02 -.09
Gross investment............. .02 .00 .00 -.10 .01 .07 .10 -.08 -.02 .00 .14 -.12 -.04 .00 .15 -.12 .04 .01 .08
State and local................. .37 .08 .05 -.28 .97 .43 .12 .23 .25 -.08 -.04 .25 -.11 -.09 .21 .10 .21 .19 .31
Consumption expenditures.... .29 .06 .04 .39 .38 .30 .24 .17 .15 -.02 -.01 -.01 .02 .00 .07 .14 .16 .08 .08
Gross investment............ .08 .02 .01 -.67 .59 .12 -.12 .06 .10 -.07 -.03 .26 -.13 -.08 .14 -.04 .05 .11 .23
Addenda:
Goods........................... .41 1.10 2.06 -1.89 .88 1.30 .49 1.69 -1.74 1.38 .75 5.19 .96 2.29 1.53 2.10 1.26 1.41 1.58
Services........................ 1.43 1.30 1.59 .93 1.58 1.43 1.95 .98 1.65 .41 2.15 .78 2.20 1.90 .71 1.75 1.82 1.86 .88
Structures...................... -.24 .31 .57 -.44 -.87 .01 -.26 -.29 .29 -.08 .76 1.28 .41 .06 1.26 .13 .23 .53 .85
Motor vehicle output............ .39 .14 .16 -.20 .69 .53 .20 .40 .01 .00 -.09 .72 -.13 .49 -.26 .11 .29 .15 -.01
Final sales of computers........ .03 .15 .15 -.21 .19 -.06 .01 .20 .11 .05 .10 .45 .09 .08 .08 .10 .36 .37 .32
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
r Revised.
See "Explanatory Note" at the end of the tables.
Table 3.--Gross Domestic Product and Related Measures: Level and Change From Preceding Period
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
Billions of current dollars Billions of chained (2000) dollars
------------------------------------------------------ -------------------------------------------------------------------------------
Seasonally adjusted Seasonally adjusted Change from preceding
at annual rates at annual rates period
-------------------------------------------- -------------------------------------------- -------------------------
2004 II 04 III 04 IV 04 I 05 II 05r 2004 II 04 III 04 IV 04 I 05 II 05r 2004 I 05 II 05r
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
Gross domestic product....... 11,734.3 11,666.1 11,818.8 11,995.2 12,198.8 12,378.0 10,755.7 10,704.1 10,808.9 10,897.1 10,999.3 11,089.2 435.1 102.2 89.9
Personal consumption expenditures. 8,214.3 8,145.6 8,263.2 8,416.1 8,535.8 8,677.0 7,588.6 7,536.6 7,617.5 7,698.8 7,764.9 7,829.5 282.0 66.1 64.6
Durable goods................... 987.8 974.6 993.8 1,008.6 1,017.3 1,035.5 1,089.9 1,072.5 1,100.4 1,115.1 1,122.3 1,143.9 61.4 7.2 21.6
Motor vehicles and parts...... 441.8 432.4 444.9 452.8 449.6 458.5 457.0 448.1 461.4 464.6 455.0 463.3 7.3 -9.6 8.3
Furniture and household
equipment.................... 354.1 351.7 356.9 360.6 366.9 370.0 442.9 437.1 449.2 456.8 469.2 475.9 46.6 12.4 6.7
Other......................... 191.9 190.5 192.0 195.2 200.8 207.0 195.8 193.1 196.0 200.2 206.5 212.9 11.3 6.3 6.4
Nondurable goods................ 2,368.3 2,355.2 2,378.4 2,437.1 2,476.6 2,533.7 2,200.4 2,186.1 2,206.9 2,236.5 2,265.6 2,285.9 98.6 29.1 20.3
Food.......................... 1,134.7 1,124.8 1,141.0 1,166.4 1,184.2 1,207.1 1,029.1 1,022.5 1,030.9 1,047.4 1,060.9 1,072.2 49.0 13.5 11.3
Clothing and shoes............ 329.0 325.7 328.3 335.2 340.5 344.9 355.0 349.7 354.9 363.0 367.9 374.4 20.9 4.9 6.5
Gasoline, fuel oil, and other
energy goods................. 249.9 253.1 249.3 267.9 275.2 296.4 201.4 201.0 201.3 203.0 207.7 205.2 2.7 4.7 -2.5
Other......................... 654.8 651.5 659.9 667.6 676.8 685.3 616.7 614.1 621.7 625.5 631.2 637.7 27.1 5.7 6.5
Services........................ 4,858.2 4,815.9 4,891.0 4,970.4 5,041.8 5,107.8 4,310.9 4,288.6 4,324.0 4,362.1 4,392.0 4,417.6 127.0 29.9 25.6
Housing....................... 1,221.1 1,213.9 1,230.0 1,244.7 1,260.6 1,275.3 1,078.4 1,074.6 1,081.9 1,089.5 1,095.6 1,101.4 30.0 6.1 5.8
Household operation........... 446.2 440.7 445.9 457.9 465.3 471.4 405.6 402.3 403.5 412.4 414.3 413.8 7.4 1.9 -.5
Electricity and gas......... 175.9 171.8 173.2 185.9 189.5 192.4 149.2 146.9 145.6 154.7 155.2 153.2 2.4 .5 -2.0
Other household operation... 270.2 269.0 272.8 272.1 275.8 279.0 256.3 255.5 258.2 257.3 258.8 260.5 5.0 1.5 1.7
Transportation................ 306.9 305.6 308.0 309.2 312.3 318.5 283.4 283.5 283.4 283.0 284.6 286.3 3.3 1.6 1.7
Medical care.................. 1,401.1 1,387.1 1,415.4 1,441.6 1,470.5 1,492.6 1,233.5 1,225.5 1,241.6 1,255.4 1,269.1 1,282.3 48.6 13.7 13.2
Recreation.................... 338.8 336.1 341.0 344.3 350.3 353.1 302.4 301.1 303.6 304.1 307.7 308.3 11.3 3.6 .6
Other......................... 1,144.1 1,132.4 1,150.7 1,172.6 1,182.8 1,196.8 1,006.7 1,000.7 1,009.0 1,016.6 1,019.5 1,024.3 26.0 2.9 4.8
Gross private domestic investment. 1,928.1 1,928.5 1,961.2 2,004.5 2,058.5 2,054.4 1,809.8 1,813.0 1,833.4 1,863.9 1,902.9 1,885.0 192.4 39.0 -17.9
Fixed investment................ 1,872.6 1,856.6 1,908.7 1,952.6 1,998.7 2,058.5 1,755.1 1,744.5 1,780.2 1,811.3 1,842.2 1,884.7 155.1 30.9 42.5
Nonresidential................ 1,198.8 1,182.7 1,219.0 1,252.9 1,280.1 1,313.5 1,186.7 1,171.6 1,204.8 1,235.1 1,252.2 1,279.0 101.7 17.1 26.8
Structures.................. 298.4 296.3 302.1 309.8 315.9 325.6 248.4 248.5 249.4 252.3 251.0 252.7 5.3 -1.3 1.7
Equipment and software...... 900.4 886.5 916.9 943.1 964.3 987.9 947.6 931.4 965.6 994.2 1,014.2 1,040.9 100.8 20.0 26.7
Information processing
equipment and software... 447.0 444.3 450.9 456.3 474.6 486.6 522.4 517.4 527.9 539.7 565.1 584.6 62.7 25.4 19.5
Computers and peripheral
equipment.............. 91.6 90.0 92.3 97.5 102.7 105.6 ..... ..... ..... ..... ..... ..... ..... ..... .....
Software................ 178.5 176.9 179.9 181.1 188.3 197.3 188.8 186.9 190.0 192.8 199.8 209.1 13.1 7.0 9.3
Other................... 176.9 177.4 178.6 177.8 183.6 183.6 188.9 189.5 191.1 190.3 196.3 196.5 22.7 6.0 .2
Industrial equipment...... 145.3 139.5 149.3 152.6 161.3 154.9 139.4 134.4 142.8 144.5 150.9 143.2 4.5 6.4 -7.7
Transportation equipment.. 151.9 150.3 155.6 168.4 163.8 172.8 138.7 136.7 142.8 153.3 148.8 158.1 15.6 -4.5 9.3
Other equipment........... 156.2 152.4 161.0 165.8 164.6 173.7 150.0 146.4 154.3 158.0 153.9 160.6 19.3 -4.1 6.7
Residential................... 673.8 673.9 689.7 699.7 718.5 745.0 561.8 565.1 568.8 571.0 584.1 599.3 52.4 13.1 15.2
Change in private inventories... 55.4 71.9 52.5 51.9 59.9 -4.2 52.0 65.6 50.4 50.1 58.2 -1.7 36.5 8.1 -59.9
Farm.......................... 3.2 11.2 7.0 -3.0 -6.5 -8.5 2.3 6.7 6.3 -.2 -2.3 -4.2 2.1 -2.1 -1.9
Nonfarm....................... 52.2 60.7 45.4 54.8 66.4 4.3 49.9 58.5 43.7 50.8 61.8 3.4 34.4 11.0 -58.4
Net exports of goods and services. -624.0 -613.1 -638.0 -685.4 -697.5 -691.0 -601.3 -601.7 -606.5 -634.1 -645.4 -614.2 -79.9 -11.3 31.2
Exports......................... 1,173.8 1,163.3 1,183.8 1,217.1 1,253.2 1,297.1 1,117.9 1,110.2 1,125.0 1,144.5 1,165.3 1,195.4 86.7 20.8 30.1
Goods......................... 818.1 811.5 829.7 845.0 865.4 904.7 783.6 777.7 793.1 800.3 810.7 841.3 63.9 10.4 30.6
Services...................... 355.7 351.8 354.1 372.1 387.7 392.5 334.1 332.3 331.8 344.0 354.3 353.9 22.9 10.3 -.4
Imports......................... 1,797.8 1,776.4 1,821.8 1,902.5 1,950.6 1,988.1 1,719.2 1,711.9 1,731.5 1,778.6 1,810.7 1,809.6 166.6 32.1 -1.1
Goods......................... 1,495.9 1,478.3 1,515.0 1,588.4 1,627.6 1,661.8 1,452.7 1,445.2 1,461.9 1,507.3 1,537.3 1,532.9 143.5 30.0 -4.4
Services...................... 301.9 298.1 306.8 314.1 323.0 326.3 267.1 267.2 270.2 272.3 274.8 277.7 23.4 2.5 2.9
Government consumption expenditures
and gross investment............. 2,215.9 2,205.0 2,232.5 2,260.0 2,302.0 2,337.6 1,952.3 1,949.5 1,958.4 1,962.8 1,971.9 1,984.1 41.2 9.1 12.2
Federal......................... 827.6 824.6 836.5 840.8 860.2 869.8 723.7 722.2 728.6 727.6 731.8 736.1 35.9 4.2 4.3
National defense.............. 552.7 547.2 562.9 562.0 575.3 582.5 481.3 477.4 487.7 483.7 487.3 491.7 31.6 3.6 4.4
Consumption expenditures.... 484.2 479.6 494.6 490.1 508.9 512.3 413.3 410.1 419.8 413.4 421.9 422.9 24.8 8.5 1.0
Gross investment............ 68.5 67.6 68.3 71.9 66.4 70.2 68.5 67.7 68.2 71.2 65.3 69.2 7.2 -5.9 3.9
Nondefense.................... 274.9 277.4 273.6 278.8 285.0 287.3 242.2 244.6 240.6 243.6 244.3 244.2 4.2 .7 -.1
Consumption expenditures.... 241.4 241.5 241.1 245.1 250.7 250.5 208.6 208.8 207.9 209.9 210.4 208.2 3.8 .5 -2.2
Gross investment............ 33.4 35.9 32.5 33.8 34.3 36.8 33.4 36.0 32.5 33.6 33.8 36.3 .3 .2 2.5
State and local................. 1,388.3 1,380.4 1,395.9 1,419.1 1,441.7 1,467.7 1,228.4 1,227.1 1,229.6 1,235.0 1,239.8 1,247.8 5.1 4.8 8.0
Consumption expenditures.... 1,117.7 1,108.9 1,123.9 1,143.1 1,159.0 1,175.7 979.5 977.2 980.7 984.8 986.8 988.8 4.3 2.0 2.0
Gross investment............ 270.6 271.5 272.1 276.1 282.7 292.0 248.9 250.1 249.0 250.3 253.2 259.4 .7 2.9 6.2
Residual.......................... ..... ..... ..... ..... ..... ..... -26.8 -20.5 -28.8 -37.5 -48.0 -60.1 ..... ..... .....
Addenda:
Final sales of domestic product. 11,678.9 11,594.2 11,766.3 11,943.3 12,138.9 12,382.1 10,702.4 10,637.4 10,757.1 10,846.0 10,940.3 11,089.2 398.8 94.3 148.9
Gross domestic purchases........ 12,358.3 12,279.1 12,456.8 12,680.6 12,896.3 13,069.0 11,348.7 11,297.4 11,407.0 11,522.0 11,635.4 11,694.8 511.4 113.4 59.4
Final sales to domestic
purchasers..................... 12,302.9 12,207.3 12,404.4 12,628.7 12,836.4 13,073.1 11,295.3 11,230.4 11,354.9 11,470.7 11,576.2 11,694.6 475.2 105.5 118.4
Gross domestic product.......... 11,734.3 11,666.1 11,818.8 11,995.2 12,198.8 12,378.0 10,755.7 10,704.1 10,808.9 10,897.1 10,999.3 11,089.2 435.1 102.2 89.9
Plus: Income receipts from
the rest of the world.......... 415.4 401.2 418.1 462.4 462.3 489.4 383.7 371.4 385.3 423.2 420.4 441.7 58.5 -2.8 21.3
Less: Income payments to
the rest of the world.......... 361.7 354.5 369.6 425.6 422.9 453.9 333.5 327.8 340.0 388.5 383.3 408.2 73.0 -5.2 24.9
Equals: Gross national product.. 11,788.0 11,712.8 11,867.3 12,032.0 12,238.2 12,413.5 10,805.7 10,747.7 10,854.1 10,931.8 11,036.3 11,122.5 420.5 104.5 86.2
Net domestic product............ 10,299.0 10,272.2 10,284.7 10,553.2 10,750.4 10,920.7 9,365.5 9,347.4 9,332.7 9,514.2 9,608.3 9,689.7 364.5 94.1 81.4
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
r Revised.
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 GDP, use table 2.
See "Explanatory Note" at the end of the tables.
Table 4.--Price Indexes for Gross Domestic Product and Related Measures: Percent Change From Preceding Period
[Quarters seasonally adjusted at annual rates]
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
2002 2003 2004 III 01 IV 01 I 02 II 02 III 02 IV 02 I 03 II 03 III 03 IV 03 I 04 II 04 III 04 IV 04 I 05 II 05r
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
Gross domestic product (GDP). 1.7 2.0 2.6 1.6 1.7 1.7 1.5 1.6 2.2 3.1 1.1 1.8 1.9 3.6 3.9 1.5 2.7 3.1 2.6
Personal consumption expenditures... 1.4 1.9 2.6 .6 .6 .9 2.8 1.8 1.7 3.0 .6 2.0 1.3 3.9 3.8 1.5 3.1 2.3 3.3
Durable goods..................... -2.4 -3.5 -1.9 -2.8 -1.6 -3.2 -1.9 -1.8 -2.7 -4.3 -4.3 -4.4 -4.1 .1 -.1 -2.4 .6 .9 -.5
Nondurable goods.................. .5 2.0 3.3 -.9 -4.0 .2 5.4 .9 1.2 5.6 -2.4 3.1 .6 6.0 6.6 .1 4.5 1.3 5.7
Services.......................... 2.7 3.0 3.2 2.0 3.3 2.2 2.6 3.0 2.8 3.4 3.2 2.8 2.8 3.6 3.3 2.9 3.0 3.0 2.9
Gross private domestic investment... .6 1.6 3.1 2.1 .2 -.2 .5 .2 2.9 2.9 -.5 1.7 3.7 3.4 4.6 3.2 2.3 2.6 2.7
Fixed investment.................. .6 1.7 3.2 2.2 .1 -.3 .5 .2 3.0 3.1 -.5 1.7 3.9 3.5 4.6 3.0 2.2 2.6 2.7
Nonresidential.................. -.2 .3 1.3 .3 -1.0 -.1 -.2 -.4 1.1 .1 -1.0 1.2 1.9 1.2 1.8 .9 1.1 3.1 1.9
Structures.................... 4.4 3.5 5.5 6.6 2.1 3.8 5.2 4.3 5.1 4.0 .3 2.9 4.6 7.1 6.8 6.6 5.6 10.3 9.9
Equipment and software........ -1.8 -.9 -.1 -2.0 -2.2 -1.5 -2.1 -2.0 -.3 -1.2 -1.4 .6 1.0 -.8 .2 -.9 -.4 .9 -.7
Residential..................... 2.5 4.8 6.7 6.9 2.8 -.8 2.2 1.5 7.0 9.3 .3 2.7 7.6 8.0 9.7 6.9 4.2 1.6 4.3
Change in private inventories..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... .....
Net exports of goods and services... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... .....
Exports........................... -.4 2.1 3.6 -2.0 -3.5 -1.1 2.8 3.0 .6 4.1 1.0 .9 2.9 5.9 4.8 1.7 4.3 4.6 3.7
Goods........................... -.7 2.0 3.7 -2.6 -3.8 -1.4 2.2 3.3 .5 3.6 1.6 -.7 4.1 6.5 5.3 1.0 3.8 4.5 2.9
Services........................ .4 2.5 3.1 -.6 -2.8 -.3 4.3 2.1 .7 5.2 -.3 4.6 .1 4.4 3.7 3.2 5.6 4.7 5.4
Imports........................... -1.2 3.4 5.0 -5.3 -10.0 -1.7 10.3 3.5 .6 11.2 -4.4 2.6 1.1 9.6 6.6 5.7 6.8 2.9 8.2
Goods........................... -1.8 2.9 5.0 -6.5 -11.3 -2.0 10.8 2.6 .4 11.9 -6.7 2.5 .5 10.1 7.9 5.4 6.9 1.9 9.9
Services........................ 1.7 5.8 4.9 1.2 -3.3 -.3 7.6 8.1 1.4 8.0 7.5 3.2 4.2 7.5 .3 7.4 6.5 7.9 -.2
Government consumption expenditures
and gross investment............... 2.9 3.7 3.7 1.6 1.1 5.2 2.9 2.6 3.6 8.9 .0 2.5 1.4 6.2 5.0 3.2 4.1 5.7 3.7
Federal........................... 3.7 3.9 4.2 2.2 1.8 10.1 .5 1.0 4.6 9.9 1.3 1.2 1.2 9.7 4.9 2.2 2.6 7.0 2.1
National defense................ 3.7 4.4 4.0 2.5 .8 9.1 1.3 2.4 6.9 9.3 1.1 1.3 1.5 7.8 5.6 2.8 2.7 6.6 1.4
Nondefense...................... 3.5 3.0 4.6 1.6 3.4 12.0 -.8 -1.4 .5 11.0 1.6 1.0 .7 13.7 3.6 1.2 2.5 7.9 3.6
State and local................... 2.5 3.7 3.4 1.3 .8 2.7 4.2 3.4 3.0 8.4 -.7 3.2 1.6 4.2 5.0 3.7 4.9 4.9 4.7
Addenda:
Final sales of domestic product... 1.7 2.0 2.6 1.6 1.7 1.7 1.5 1.6 2.3 3.1 1.1 1.8 1.9 3.6 3.8 1.4 2.7 3.1 2.6
Gross domestic purchases.......... 1.6 2.2 2.9 1.0 .6 1.5 2.5 1.7 2.2 4.1 .4 2.0 1.7 4.2 4.1 2.0 3.2 2.9 3.3
Final sales to domestic
purchasers....................... 1.6 2.2 2.9 1.0 .6 1.5 2.5 1.7 2.2 4.1 .4 2.0 1.7 4.2 4.1 2.0 3.2 2.9 3.3
Gross national product (GNP)...... 1.7 2.0 2.6 1.6 1.7 1.7 1.5 1.6 2.2 3.1 1.1 1.8 1.9 3.6 3.8 1.5 2.7 3.1 2.6
Implicit price deflators:
GDP............................. 1.7 2.0 2.6 1.7 2.0 1.5 1.4 1.5 2.2 3.1 1.1 1.9 1.8 3.7 3.9 1.3 2.7 3.0 2.6
Gross domestic purchases........ 1.6 2.2 2.9 1.1 .9 1.3 2.4 1.6 2.2 4.1 .4 2.1 1.6 4.3 4.1 1.9 3.2 2.9 3.3
GNP............................. 1.7 2.0 2.6 1.7 2.0 1.4 1.5 1.5 2.3 3.1 1.1 1.9 1.8 3.7 3.8 1.3 2.7 3.0 2.6
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
r Revised.
See "Explanatory Note" at the end of the tables.
Table 5.--Real Gross Domestic Product, Quantity Indexes
[Index numbers, 2000=100]
-----------------------------------------------------------------------------------------------------------------------------------
Seasonally adjusted
---------------------------------------------------
2002 2003 2004 II 04 III 04 IV 04 I 05 II 05r
-----------------------------------------------------------------------------------------------------------------------------------
Gross domestic product............. 102.362 105.130 109.562 109.037 110.104 111.003 112.044 112.959
Personal consumption expenditures.......... 105.340 108.416 112.601 111.829 113.030 114.236 115.217 116.176
Durable goods............................ 111.752 119.134 126.245 124.231 127.463 129.166 129.999 132.499
Nondurable goods......................... 104.614 107.938 113.000 112.267 113.337 114.857 116.351 117.392
Services................................. 104.366 106.493 109.725 109.156 110.059 111.027 111.789 112.440
Gross private domestic investment.......... 89.724 93.195 104.286 104.469 105.644 107.398 109.645 108.615
Fixed investment......................... 91.997 95.297 104.534 103.905 106.027 107.880 109.722 112.252
Nonresidential......................... 86.969 88.063 96.314 95.095 97.790 100.246 101.633 103.806
Structures........................... 81.029 77.621 79.314 79.361 79.635 80.554 80.145 80.680
Equipment and software............... 89.265 92.154 103.126 101.364 105.087 108.201 110.376 113.274
Residential............................ 105.149 113.989 125.714 126.441 127.267 127.772 130.695 134.100
Change in private inventories............ ..... ..... ..... ..... ..... ..... ..... .....
Exports of goods and services.............. 92.430 94.064 101.970 101.269 102.622 104.398 106.295 109.037
Imports of goods and services.............. 100.601 105.205 116.495 115.999 117.328 120.518 122.698 122.620
Government consumption expenditures and
gross investment.......................... 107.969 111.009 113.398 113.236 113.753 114.008 114.537 115.248
Federal.................................. 111.169 118.839 125.038 124.774 125.881 125.704 126.446 127.188
State and local.......................... 106.354 107.042 107.487 107.377 107.592 108.069 108.489 109.183
Addenda:
Final sales of domestic product.......... 102.828 105.564 109.650 108.984 110.211 111.122 112.088 113.613
Gross domestic purchases................. 103.151 106.285 111.301 110.797 111.872 113.000 114.112 114.695
Final sales to domestic purchasers....... 103.603 106.708 111.394 110.754 111.982 113.124 114.164 115.332
Gross national product................... 102.264 105.370 109.637 109.048 110.128 110.916 111.977 112.851
-----------------------------------------------------------------------------------------------------------------------------------
r Revised.
See "Explanatory Note" at the end of the tables.
Table 6.--Price Indexes for Gross Domestic Product
[Index numbers, 2000=100]
-----------------------------------------------------------------------------------------------------------------------------------
Seasonally adjusted
---------------------------------------------------
2002 2003 2004 II 04 III 04 IV 04 I 05 II 05r
-----------------------------------------------------------------------------------------------------------------------------------
Gross domestic product............. 104.193 106.310 109.102 108.976 109.371 110.111 110.950 111.655
Personal consumption expenditures
(PCE)..................................... 103.542 105.520 108.246 108.089 108.484 109.326 109.936 110.832
Durable goods............................ 95.766 92.372 90.631 90.866 90.310 90.449 90.648 90.527
Nondurable goods......................... 102.089 104.151 107.634 107.744 107.781 108.982 109.327 110.854
Services................................. 106.018 109.246 112.695 112.303 113.120 113.955 114.803 115.633
Gross private domestic investment.......... 101.640 103.311 106.555 106.280 107.120 107.733 108.427 109.164
Fixed investment......................... 101.660 103.432 106.697 106.448 107.248 107.831 108.522 109.254
Nonresidential......................... 99.513 99.764 101.025 100.958 101.185 101.455 102.244 102.715
Structures........................... 110.030 113.889 120.124 119.230 121.159 122.827 125.876 128.886
Equipment and software............... 95.956 95.133 95.022 95.168 94.945 94.854 95.067 94.910
Residential............................ 107.240 112.379 119.935 119.294 121.312 122.574 123.062 124.359
Change in private inventories............ ..... ..... ..... ..... ..... ..... ..... .....
Exports of goods and services.............. 99.273 101.398 104.999 104.803 105.242 106.366 107.559 108.534
Imports of goods and services.............. 96.341 99.610 104.571 103.812 105.269 107.026 107.783 109.925
Government consumption expenditures and
gross investment.......................... 105.507 109.460 113.505 113.114 114.003 115.148 116.747 117.820
Federal.................................. 105.631 109.740 114.354 114.191 114.825 115.575 117.550 118.168
State and local.......................... 105.435 109.303 113.022 112.496 113.536 114.914 116.291 117.635
Addenda:
PCE excluding food and energy............ 103.705 105.082 107.156 106.966 107.358 107.980 108.617 109.083
Market-based PCE\1\...................... 103.082 105.009 107.422 107.321 107.627 108.378 108.948 109.860
Market-based PCE excluding food
and energy\1\........................... 103.153 104.348 105.898 105.772 106.050 106.514 107.106 107.506
Final sales of domestic product.......... 104.197 106.330 109.124 109.003 109.389 110.124 110.963 111.667
Gross domestic purchases................. 103.583 105.863 108.899 108.683 109.235 110.092 110.883 111.785
Final sales to domestic purchasers....... 103.586 105.883 108.921 108.709 109.253 110.106 110.898 111.798
Gross national product................... 104.184 106.304 109.094 108.968 109.362 110.100 110.933 111.638
Implicit price deflators:
Gross domestic product................. 104.187 106.305 109.099 108.987 109.343 110.077 110.905 111.622
Final sales of domestic product........ 104.197 106.330 109.124 108.995 109.382 110.117 110.956 111.659
Gross domestic purchases............... 103.577 105.858 108.896 108.690 109.204 110.055 110.837 111.750
Final sales to domestic purchasers..... 103.587 105.883 108.920 108.698 109.242 110.095 110.886 111.787
Gross national product................. 104.179 106.299 109.091 108.980 109.334 110.064 110.890 111.607
-----------------------------------------------------------------------------------------------------------------------------------
r Revised.
1. This index is a supplemental measure that is based on household
expenditures for which there are observable price measures. It
excludes most implicit prices (for example, the services furnished
without payment by financial intermediaries) and the expenses of
nonprofit institutions. Percentage changes for these series are
included in the addenda to table 8 and appendix table A.
See "Explanatory Note" at the end of the tables.
Table 7.--Real Gross Domestic Product: Percent Change from Preceding Year
-----------------------------------------------------------------------------------------------------------------------------------------------------------------------
1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004
-----------------------------------------------------------------------------------------------------------------------------------------------------------------------
Gross domestic product (GDP).... 3.5 1.9 -.2 3.3 2.7 4.0 2.5 3.7 4.5 4.2 4.5 3.7 .8 1.6 2.7 4.2
Personal consumption expenditures...... 2.8 2.0 .2 3.3 3.3 3.7 2.7 3.4 3.8 5.0 5.1 4.7 2.5 2.7 2.9 3.9
Durable goods........................ 2.2 -.3 -5.6 5.9 7.8 8.4 4.4 7.8 8.6 11.3 11.7 7.3 4.3 7.1 6.6 6.0
Nondurable goods..................... 2.8 1.6 -.2 2.0 2.7 3.5 2.2 2.6 2.7 4.0 4.6 3.8 2.0 2.5 3.2 4.7
Services............................. 3.0 2.9 1.7 3.5 2.8 2.9 2.6 2.9 3.3 4.2 4.0 4.5 2.4 1.9 2.0 3.0
Gross private domestic investment...... 4.0 -3.4 -8.1 8.1 8.9 13.6 3.1 8.9 12.4 9.8 7.8 5.7 -7.9 -2.6 3.9 11.9
Fixed investment..................... 3.0 -2.1 -6.5 5.9 8.6 9.3 6.5 9.0 9.2 10.2 8.3 6.5 -3.0 -5.2 3.6 9.7
Nonresidential..................... 5.6 .5 -5.4 3.2 8.7 9.2 10.5 9.3 12.1 11.1 9.2 8.7 -4.2 -9.2 1.3 9.4
Structures....................... 2.0 1.5 -11.1 -6.0 -.7 1.8 6.4 5.6 7.3 5.1 -.4 6.8 -2.3 -17.1 -4.2 2.2
Equipment and software........... 7.3 .0 -2.6 7.3 12.5 11.9 12.0 10.6 13.8 13.3 12.7 9.4 -4.9 -6.2 3.2 11.9
Residential........................ -3.0 -8.6 -9.6 13.8 8.2 9.6 -3.2 8.0 1.9 7.6 6.0 .8 .4 4.8 8.4 10.3
Change in private inventories........ ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... .....
Net exports of goods and services...... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... .....
Exports.............................. 11.5 9.0 6.6 6.9 3.2 8.7 10.1 8.4 11.9 2.4 4.3 8.7 -5.4 -2.3 1.8 8.4
Goods.............................. 11.9 8.4 6.9 7.5 3.3 9.7 11.7 8.8 14.3 2.2 3.8 11.2 -6.1 -4.0 1.8 8.9
Services........................... 10.3 10.5 6.0 5.5 3.2 6.3 6.3 7.2 5.9 2.9 5.6 2.9 -3.7 1.9 1.7 7.4
Imports.............................. 4.4 3.6 -.6 7.0 8.8 11.9 8.0 8.7 13.6 11.6 11.5 13.1 -2.7 3.4 4.6 10.7
Goods.............................. 4.3 3.0 -.1 9.3 10.1 13.3 9.0 9.3 14.4 11.7 12.4 13.5 -3.2 3.7 4.9 11.0
Services........................... 4.9 6.5 -2.6 -2.6 2.9 5.7 3.3 5.5 9.4 11.4 6.9 11.1 -.3 2.1 3.0 9.6
Government consumption expenditures
and gross investment.................. 2.6 3.2 1.1 .5 -.9 .0 .5 1.0 1.9 1.9 3.9 2.1 3.4 4.4 2.8 2.2
Federal.............................. 1.5 2.0 -.2 -1.7 -4.2 -3.7 -2.7 -1.2 -1.0 -1.1 2.2 .9 3.9 7.0 6.9 5.2
National defense................... -.5 .0 -1.1 -5.0 -5.6 -4.9 -3.8 -1.4 -2.8 -2.1 1.9 -.5 3.9 7.4 8.8 7.0
Nondefense......................... 8.3 8.3 2.4 6.9 -.7 -1.2 -.4 -.7 2.6 .7 2.8 3.5 3.9 6.3 3.4 1.8
State and local...................... 3.4 4.1 2.1 2.2 1.4 2.6 2.6 2.3 3.6 3.6 4.7 2.7 3.2 3.1 .6 .4
Addenda:
Final sales of domestic product...... 3.4 2.1 .1 3.0 2.6 3.4 3.0 3.7 4.0 4.2 4.5 3.8 1.6 1.2 2.7 3.9
Gross domestic purchases............. 3.0 1.4 -.8 3.3 3.2 4.4 2.4 3.8 4.8 5.3 5.3 4.4 .9 2.2 3.0 4.7
Final sales to domestic purchasers... 2.8 1.6 -.6 3.1 3.2 3.8 2.8 3.8 4.3 5.3 5.4 4.5 1.8 1.8 3.0 4.4
Gross national product............... 3.5 2.0 -.3 3.3 2.7 3.9 2.6 3.7 4.4 4.0 4.6 3.7 .8 1.5 3.0 4.0
Real disposable personal income...... 2.8 1.9 .5 3.4 1.0 2.7 2.8 3.0 3.5 5.8 3.0 4.8 1.9 3.1 2.4 3.4
Price indexes:
Gross domestic purchases........... 3.8 4.1 3.3 2.3 2.2 2.1 2.1 1.8 1.4 .6 1.6 2.5 2.0 1.6 2.2 2.9
Gross domestic purchases excluding
food and energy................... 3.6 3.7 3.5 2.6 2.3 2.2 2.2 1.5 1.3 1.0 1.4 1.9 1.9 1.9 1.8 2.4
GDP................................ 3.8 3.9 3.5 2.3 2.3 2.1 2.0 1.9 1.7 1.1 1.4 2.2 2.4 1.7 2.0 2.6
GDP excluding food and energy...... 3.6 3.7 3.6 2.5 2.4 2.2 2.1 1.7 1.7 1.2 1.5 2.0 2.1 2.1 1.8 2.5
Personal consumption expenditures.. 4.4 4.6 3.6 2.9 2.3 2.1 2.1 2.2 1.7 .9 1.7 2.5 2.1 1.4 1.9 2.6
-----------------------------------------------------------------------------------------------------------------------------------------------------------------------
Table 8.--Real Gross Domestic Product: Percent Change From Quarter One Year Ago
-----------------------------------------------------------------------------------------------------------------------------------------------------------------------
III 01 IV 01 I 02 II 02 III 02 IV 02 I 03 II 03 III 03 IV 03 I 04 II 04 III 04 IV 04 I 05 II 05r
-----------------------------------------------------------------------------------------------------------------------------------------------------------------------
Gross domestic product (GDP).... .4 .2 1.0 1.3 2.2 1.9 1.6 2.0 3.2 4.0 4.7 4.6 3.8 3.8 3.6 3.6
Personal consumption expenditures
(PCE)................................. 2.0 2.8 2.8 3.1 3.2 1.9 2.1 2.4 3.3 3.8 4.3 3.9 3.5 3.8 3.5 3.9
Durable goods........................ 2.5 10.8 7.8 8.9 11.0 1.2 3.2 6.0 7.9 9.2 9.4 5.8 3.7 5.2 4.7 6.7
Nondurable goods..................... 1.6 1.9 2.6 3.0 2.4 2.1 2.1 2.2 4.2 4.1 4.9 5.1 4.0 4.6 4.3 4.6
Services............................. 2.0 1.6 1.8 2.0 2.0 1.9 1.9 1.8 2.0 2.5 3.0 2.9 3.2 3.1 2.9 3.0
Gross private domestic investment...... -8.6 -13.8 -7.7 -5.4 -1.4 4.9 1.5 1.7 4.4 7.7 10.5 15.1 11.8 10.4 10.1 4.0
Fixed investment..................... -3.8 -6.7 -7.6 -5.8 -4.9 -2.5 -.7 1.8 5.6 7.7 9.3 10.9 9.3 9.4 9.4 8.0
Nonresidential..................... -6.1 -9.6 -11.7 -9.8 -8.7 -6.5 -3.5 .0 3.2 5.6 7.9 9.2 9.4 10.9 10.3 9.2
Structures....................... -1.4 -11.1 -13.9 -17.4 -22.0 -14.9 -12.2 -4.5 -.5 1.2 2.6 1.5 1.9 2.7 3.1 1.7
Equipment and software........... -7.8 -9.0 -10.9 -6.8 -3.2 -3.4 -.3 1.6 4.4 7.2 9.8 11.9 12.0 13.8 12.8 11.7
Residential........................ 2.5 1.4 3.4 4.3 4.4 7.0 5.6 5.6 10.5 11.8 11.9 13.9 9.1 6.6 7.7 6.1
Change in private inventories........ ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... .....
Net exports of goods and services...... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... .....
Exports.............................. -9.9 -11.9 -9.5 -4.0 1.6 3.8 1.7 -1.3 .7 6.0 8.1 10.5 9.0 6.1 6.7 7.7
Goods.............................. -12.2 -13.0 -12.2 -4.9 1.1 1.1 1.9 -1.5 .2 6.7 8.3 10.4 10.1 6.8 6.2 8.2
Services........................... -4.0 -8.9 -2.8 -2.0 2.8 10.2 1.4 -1.0 1.9 4.5 7.8 10.9 6.4 4.6 7.9 6.5
Imports.............................. -7.2 -7.6 -4.1 2.1 6.4 9.7 6.0 3.8 3.4 5.1 8.8 11.7 11.8 10.6 9.4 5.7
Goods.............................. -7.8 -7.9 -5.0 3.2 7.2 9.9 6.8 4.5 3.1 5.3 9.2 11.2 12.3 11.1 10.1 6.1
Services........................... -3.7 -5.9 .7 -3.0 2.4 8.8 2.4 .5 5.0 4.2 7.3 13.8 9.7 7.7 6.2 3.9
Government consumption expenditures
and gross investment.................. 3.2 5.0 4.7 4.0 4.9 4.0 2.9 3.5 3.0 1.9 2.9 1.7 2.0 2.1 1.7 1.8
Federal.............................. 4.0 6.4 5.9 6.7 7.5 7.8 6.4 8.6 7.2 5.5 8.1 3.6 5.1 4.2 2.1 1.9
National defense................... 3.8 6.5 5.6 7.4 7.9 8.4 6.5 12.2 9.2 7.5 12.1 3.7 7.8 4.9 2.3 3.0
Nondefense......................... 4.2 6.3 6.3 5.5 6.8 6.8 6.2 2.1 3.6 1.6 .8 3.5 .0 2.8 1.8 -.2
State and local...................... 2.8 4.2 4.1 2.6 3.6 2.1 1.1 .7 .8 .0 .0 .5 .2 .9 1.5 1.7
Addenda:
Final sales of domestic product...... 1.2 1.5 1.0 1.2 1.7 .8 1.3 2.0 3.3 4.0 4.5 4.0 3.4 3.6 3.5 4.2
Gross domestic purchases............. .4 .4 1.4 1.9 2.8 2.7 2.2 2.5 3.4 4.0 4.9 5.1 4.4 4.5 4.2 3.5
Final sales to domestic purchasers... 1.2 1.6 1.4 1.9 2.3 1.6 1.9 2.5 3.6 4.0 4.7 4.5 4.1 4.3 4.1 4.1
Gross national product............... .2 .4 .9 1.0 2.3 1.6 1.8 2.4 3.5 4.4 5.0 4.4 3.6 3.2 3.2 3.5
Real disposable personal income...... 2.8 1.2 3.7 4.6 1.4 2.9 .7 1.4 3.6 3.8 4.1 3.2 2.1 4.1 2.3 2.4
Price indexes:
Gross domestic purchases........... 1.9 1.6 1.3 1.4 1.6 1.9 2.6 2.1 2.1 2.0 2.1 3.0 3.0 3.4 3.1 2.9
Gross domestic purchases excluding
food and energy................... 1.9 2.1 2.0 1.9 1.9 1.7 1.9 1.7 1.7 1.7 1.9 2.5 2.6 2.7 2.6 2.4
GDP................................ 2.4 2.4 2.0 1.6 1.6 1.7 2.1 2.0 2.1 2.0 2.1 2.8 2.7 2.9 2.8 2.5
GDP excluding food and energy...... 2.1 2.3 2.3 2.1 2.0 1.9 2.0 1.8 1.8 1.7 1.9 2.5 2.6 2.8 2.7 2.5
PCE................................ 2.0 1.7 1.2 1.2 1.5 1.8 2.3 1.8 1.8 1.7 1.9 2.7 2.6 3.1 2.7 2.5
PCE excluding food and energy...... 2.0 2.2 1.8 1.8 1.9 1.6 1.5 1.3 1.2 1.3 1.7 2.0 2.0 2.2 2.2 2.0
Market-based PCE\1\................ 1.9 1.3 .7 .9 1.1 1.7 2.3 1.7 1.8 1.6 1.7 2.5 2.3 2.8 2.4 2.4
Market-based PCE excluding food
and energy\1\..................... 1.8 1.8 1.5 1.5 1.5 1.4 1.3 1.2 1.1 1.0 1.3 1.5 1.5 1.7 1.8 1.6
-----------------------------------------------------------------------------------------------------------------------------------------------------------------------
r Revised.
1. This index is a supplemental measure that is based on household
expenditures for which there are observable price measures. It
excludes most implicit prices (for example, the services furnished
without payment by financial intermediaries) and the expenses of
nonprofit institutions.
Table 9.--Relation of Gross Domestic Product, Gross National Product, and National Income
[Billions of dollars]
-----------------------------------------------------------------------------------------------------------------------------------
Seasonally adjusted at annual rates
---------------------------------------------------
2002 2003 2004 II 04 III 04 IV 04 I 05 II 05r
-----------------------------------------------------------------------------------------------------------------------------------
Gross domestic product..................... 10,469.6 10,971.2 11,734.3 11,666.1 11,818.8 11,995.2 12,198.8 12,378.0
Plus: Income receipts from the rest of the
world..................................... 305.7 343.7 415.4 401.2 418.1 462.4 462.3 489.4
Less: Income payments to the rest of the
world..................................... 275.0 275.6 361.7 354.5 369.6 425.6 422.9 453.9
Equals: Gross national product............. 10,500.2 11,039.3 11,788.0 11,712.8 11,867.3 12,032.0 12,238.2 12,413.5
Less: Consumption of fixed capital......... 1,292.0 1,331.3 1,435.3 1,393.8 1,534.1 1,442.0 1,448.4 1,457.2
Less: Statistical discrepancy.............. -21.0 47.1 76.8 108.1 90.8 30.6 39.4 37.6
Equals: National income.................... 9,229.3 9,660.9 10,275.9 10,210.9 10,242.4 10,559.3 10,750.4 10,918.7
Compensation of employees................ 6,091.2 6,321.1 6,687.6 6,602.1 6,724.2 6,895.8 7,001.7 7,100.9
Wage and salary accruals............... 4,980.9 5,111.1 5,389.4 5,316.6 5,422.0 5,562.9 5,629.9 5,710.2
Supplements to wages and salaries...... 1,110.3 1,210.0 1,298.1 1,285.5 1,302.3 1,332.9 1,371.8 1,390.6
Proprietors' income with inventory
valuation and capital consumption
adjustments............................. 768.4 810.2 889.6 898.4 889.1 900.9 917.9 936.6
Rental income of persons with capital
consumption adjustment.................. 152.9 131.7 134.2 141.8 122.1 128.7 118.0 104.4
Corporate profits with inventory
valuation and capital consumption
adjustments............................. 886.3 1,031.8 1,161.5 1,162.0 1,117.2 1,219.5 1,288.2 1,347.5
Net interest and miscellaneous payments.. 520.9 528.5 505.5 512.2 497.5 492.7 498.3 488.7
Taxes on production and imports less
subsidies............................... 724.4 754.8 809.4 806.0 812.3 824.4 833.2 848.0
Business current transfer payments....... 84.3 81.6 91.1 90.7 83.0 102.6 99.0 99.6
Current surplus of government
enterprises............................. .9 1.3 -3.0 -2.2 -3.0 -5.2 -6.1 -7.0
Addendum:
Gross domestic income.................... 10,490.6 10,924.2 11,657.5 11,558.0 11,728.0 11,964.6 12,159.4 12,340.4
-----------------------------------------------------------------------------------------------------------------------------------
r Revised.
Table 10.--Personal Income and Its Disposition
[Billions of dollars]
-----------------------------------------------------------------------------------------------------------------------------------
Seasonally adjusted at annual rates
---------------------------------------------------
2002 2003 2004 II 04 III 04 IV 04 I 05 II 05r
-----------------------------------------------------------------------------------------------------------------------------------
Personal income\1\......................... 8,881.9 9,169.1 9,713.3 9,614.3 9,729.2 10,024.8 10,073.4 10,221.2
Compensation of employees, received...... 6,091.2 6,321.1 6,687.6 6,603.6 6,724.2 6,895.8 7,001.7 7,100.9
Wage and salary disbursements.......... 4,980.9 5,111.1 5,389.4 5,318.1 5,422.0 5,562.9 5,629.9 5,710.2
Supplements to wages and salaries...... 1,110.3 1,210.0 1,298.1 1,285.5 1,302.3 1,332.9 1,371.8 1,390.6
Proprietors' income with inventory
valuation and capital consumption
adjustments............................. 768.4 810.2 889.6 898.4 889.1 900.9 917.9 936.6
Farm................................... 10.6 27.7 35.8 44.1 29.7 24.6 24.7 19.6
Nonfarm................................ 757.8 782.4 853.8 854.2 859.4 876.3 893.2 917.1
Rental income of persons with capital
consumption adjustment.................. 152.9 131.7 134.2 141.8 122.1 128.7 118.0 104.4
Personal income receipts on assets....... 1,333.2 1,338.7 1,396.5 1,363.9 1,378.2 1,493.6 1,407.9 1,439.8
Personal interest income............... 936.1 917.6 905.9 905.1 904.7 907.4 915.4 936.0
Personal dividend income............... 397.2 421.1 490.6 458.8 473.5 586.2 492.5 503.8
Personal current transfer receipts....... 1,286.2 1,344.0 1,427.5 1,419.8 1,441.5 1,449.2 1,488.8 1,509.6
Less: Contributions for government
social insurance........................ 750.0 776.6 822.2 813.0 825.9 843.5 861.0 870.1
Less: Personal current taxes............... 1,051.8 999.9 1,049.1 1,034.0 1,058.4 1,094.3 1,171.4 1,212.6
Equals: Disposable personal income......... 7,830.1 8,169.2 8,664.2 8,580.3 8,670.9 8,930.4 8,902.0 9,008.6
Less: Personal outlays..................... 7,645.3 7,996.3 8,512.5 8,439.1 8,566.3 8,725.0 8,854.6 9,001.2
Equals: Personal saving.................... 184.7 172.8 151.8 141.2 104.6 205.4 47.4 7.4
Personal saving as a percentage of
disposable personal income.............. 2.4 2.1 1.8 1.6 1.2 2.3 .5 .1
Addendum:
Disposable personal income, billions of
chained (2000) dollars\2\............... 7,562.2 7,741.8 8,004.3 7,938.8 7,993.3 8,169.2 8,098.1 8,128.7
-----------------------------------------------------------------------------------------------------------------------------------
r Revised.
1. Personal income is also equal to national income less corporate
profits with inventory valuation and capital consumption adjustments,
taxes on production and imports less subsidies, contributions for
government social insurance, net interest and miscellaneous payments,
business current transfer payments, current surplus of government
enterprises, and wage accruals less disbursements, plus personal
income receipts on assets, and personal current transfer receipts.
2. Equals disposable personal income deflated by the implicit price
deflator for personal consumption expenditures.
Table 11.--Corporate Profits: Level and Percent Change
-------------------------------------------------------------------------------------------------------------------------------------------------------------
Billions of dollars Percent change from preceding period
---------------------------------------------------------------- ------------------------------------------------------
Seasonally adjusted Quarterly Quarter one
at annual rates rates year ago
--------------------------------------- ------------------------------- -------
2002 2003 2004 II 04 III 04 IV 04 I 05 II 05r 2003 2004 III 04 IV 04 I 05 II 05r II 05r
-------------------------------------------------------------------------------------------------------------------------------------------------------------
Corporate profits with inventory
valuation and capital consumption
adjustments......................... 886.3 1,031.8 1,161.5 1,162.0 1,117.2 1,219.5 1,288.2 1,347.5 16.4 12.6 -3.9 9.2 5.6 4.6 16.0
Less: Taxes on corporate income...... 192.6 232.1 271.1 274.7 259.0 293.0 362.6 372.5 20.5 16.8 -5.7 13.1 23.7 2.7 35.6
Equals: Profits after tax with
inventory valuation and capital
consumption adjustments............. 693.7 799.7 890.3 887.3 858.2 926.4 925.6 975.0 15.3 11.3 -3.3 8.0 -.1 5.3 9.9
Net dividends...................... 399.2 423.2 493.0 460.9 475.9 589.3 494.9 506.3 6.0 16.5 3.2 23.8 -16.0 2.3 9.8
Undistributed profits with
inventory valuation and capital
consumption adjustments........... 294.5 376.5 397.3 426.4 382.3 337.2 430.7 468.7 27.8 5.5 -10.3 -11.8 27.7 8.8 9.9
Cash flow:
Net cash flow with inventory
valuation and capital consumption
adjustments....................... 1,036.6 1,130.8 1,196.9 1,208.9 1,219.1 1,143.8 1,239.2 1,280.9 9.1 5.8 .8 -6.2 8.3 3.4 6.0
Undistributed profits with
inventory valuation and capital
consumption adjustments......... 294.5 376.5 397.3 426.4 382.3 337.2 430.7 468.7 27.8 5.5 -10.3 -11.8 27.7 8.8 9.9
Consumption of fixed capital..... 742.1 754.4 799.6 782.5 836.8 806.7 808.5 812.2 1.7 6.0 6.9 -3.6 .2 .5 3.8
Less: Inventory valuation
adjustment........................ -2.2 -13.3 -39.6 -48.3 -36.9 -44.4 -39.1 -18.9 ..... ..... ..... ..... ..... ..... .....
Equals: Net cash flow.............. 1,038.9 1,144.1 1,236.6 1,257.2 1,256.0 1,188.3 1,278.3 1,299.8 10.1 8.1 -.1 -5.4 7.6 1.7 3.4
Addenda:
Profits before tax (without
inventory valuation and capital
consumption adjustments).......... 768.4 937.2 1,059.3 1,064.9 1,018.2 1,124.1 1,378.3 1,412.2 22.0 13.0 -4.4 10.4 22.6 2.5 32.6
Profits after tax (without
inventory valuation and capital
consumption adjustments).......... 575.8 705.1 788.2 790.2 759.2 831.1 1,015.7 1,039.7 22.4 11.8 -3.9 9.5 22.2 2.4 31.6
Inventory valuation adjustment..... -2.2 -13.3 -39.6 -48.3 -36.9 -44.4 -39.1 -18.9 ..... ..... ..... ..... ..... ..... .....
Capital consumption adjustment..... 120.1 107.9 141.8 145.4 135.8 139.8 -51.0 -45.8 -10.2 31.4 -6.6 2.9 -136.5 -10.1 -131.5
-------------------------------------------------------------------------------------------------------------------------------------------------------------
r Revised.
Table 12.--Corporate Profits by Industry: Level and Change From Preceding Period
[Billions of dollars]
-------------------------------------------------------------------------------------------------------------------------------------------------------------
Level Change from preceding period
---------------------------------------------------------------- ----------------------------------------------
Seasonally adjusted at annual rates
--------------------------------------- ----------------------------------------------
2002 2003 2004 II 04 III 04 IV 04 I 05 II 05r 2003 2004 III 04 IV 04 I 05 II 05r
-------------------------------------------------------------------------------------------------------------------------------------------------------------
Corporate profits with inventory
valuation and capital consumption
adjustments............................. 886.3 1,031.8 1,161.5 1,162.0 1,117.2 1,219.5 1,288.2 1,347.5 145.5 129.7 -44.8 102.3 68.7 59.3
Domestic industries.......................... 730.5 855.8 976.6 985.1 931.3 1,040.9 1,094.8 1,150.3 125.3 120.8 -53.8 109.6 53.9 55.5
Financial.................................. 301.1 330.9 322.7 338.5 264.4 341.6 377.6 350.7 29.8 -8.2 -74.1 77.2 36.0 -26.9
Nonfinancial............................... 429.4 524.9 653.9 646.6 666.9 699.3 717.1 799.6 95.5 129.0 20.3 32.4 17.8 82.5
Rest of the world............................ 155.8 176.0 184.9 176.9 185.9 178.6 193.5 197.2 20.2 8.9 9.0 -7.3 14.9 3.7
Receipts from the rest of the world........ 204.4 255.7 309.5 303.0 309.4 332.6 313.5 328.2 51.3 53.8 6.4 23.2 -19.1 14.7
Less: Payments to the rest of the world.... 48.6 79.7 124.6 126.1 123.6 154.0 120.1 131.0 31.1 44.9 -2.5 30.4 -33.9 10.9
Corporate profits with inventory
valuation adjustment.................... 766.2 923.9 1,019.7 1,016.5 981.3 1,079.7 1,339.2 1,393.3 157.7 95.8 -35.2 98.4 259.5 54.1
Domestic industries.......................... 610.4 747.9 834.8 839.7 795.5 901.1 1,145.7 1,196.1 137.5 86.9 -44.2 105.6 244.6 50.4
Financial.................................. 276.4 313.0 300.6 316.1 242.8 319.4 377.2 349.5 36.6 -12.4 -73.3 76.6 57.8 -27.7
Federal Reserve banks.................... 23.7 20.2 20.3 19.3 20.2 22.2 23.1 26.2 -3.5 .1 .9 2.0 .9 3.1
Other financial.......................... 252.7 292.8 280.3 296.8 222.7 297.1 354.2 323.2 40.1 -12.5 -74.1 74.4 57.1 -31.0
Nonfinancial............................... 334.0 434.9 534.2 523.6 552.7 581.7 768.5 846.6 100.9 99.3 29.1 29.0 186.8 78.1
Utilities................................ 10.6 11.4 12.1 11.7 11.4 14.1 23.7 26.4 .8 .7 -.3 2.7 9.6 2.7
Manufacturing............................ 48.2 80.7 118.9 107.3 116.2 154.7 170.2 204.7 32.5 38.2 8.9 38.5 15.5 34.5
Durable goods.......................... -9.9 -4.1 34.8 27.1 42.2 58.8 35.5 59.9 5.8 38.9 15.1 16.6 -23.3 24.4
Fabricated metal products............ 8.9 8.5 10.3 9.1 9.8 13.1 8.8 11.4 -.4 1.8 .7 3.3 -4.3 2.6
Machinery............................ 1.7 1.4 1.0 1.4 3.4 -2.6 .9 2.9 -.3 -.4 2.0 -6.0 3.5 2.0
Computer and electronic products..... -35.3 -16.1 -3.2 -5.8 1.3 -.2 .5 4.2 19.2 12.9 7.1 -1.5 .7 3.7
Electrical equipment, appliances,
and components...................... -.1 1.9 .3 2.0 -3.0 6.8 -1.3 5.5 2.0 -1.6 -5.0 9.8 -8.1 6.8
Motor vehicles, bodies and trailers,
and parts........................... -5.0 -11.6 -3.4 -7.7 -.7 1.3 -20.8 -15.7 -6.6 8.2 7.0 2.0 -22.1 5.1
Other durable goods.................. 20.0 11.9 29.9 28.1 31.4 40.5 47.3 51.6 -8.1 18.0 3.3 9.1 6.8 4.3
Nondurable goods....................... 58.1 84.8 84.0 80.3 73.9 95.9 134.7 144.8 26.7 -.8 -6.4 22.0 38.8 10.1
Food and beverage and tobacco
products............................ 24.9 23.5 24.0 23.7 23.4 20.5 39.6 37.7 -1.4 .5 -.3 -2.9 19.1 -1.9
Petroleum and coal products.......... 1.6 23.6 31.0 27.6 19.5 49.2 62.8 66.3 22.0 7.4 -8.1 29.7 13.6 3.5
Chemical products.................... 18.4 20.8 13.5 14.4 16.3 8.4 18.8 20.5 2.4 -7.3 1.9 -7.9 10.4 1.7
Other nondurable goods............... 13.2 16.9 15.6 14.6 14.7 17.8 13.5 20.3 3.7 -1.3 .1 3.1 -4.3 6.8
Wholesale trade.......................... 49.3 56.3 63.5 61.3 69.1 66.9 81.4 98.1 7.0 7.2 7.8 -2.2 14.5 16.7
Retail trade............................. 79.4 87.7 90.0 92.9 81.9 87.7 104.6 109.1 8.3 2.3 -11.0 5.8 16.9 4.5
Transportation and warehousing........... -.9 8.1 8.4 15.0 6.1 1.7 22.9 27.9 9.0 .3 -8.9 -4.4 21.2 5.0
Information.............................. -8.5 -1.9 17.0 20.3 33.0 21.0 46.7 53.5 6.6 18.9 12.7 -12.0 25.7 6.8
Other nonfinancial....................... 155.8 192.4 224.3 215.1 235.0 235.6 318.9 326.9 36.6 31.9 19.9 .6 83.3 8.0
Rest of the world............................ 155.8 176.0 184.9 176.9 185.9 178.6 193.5 197.2 20.2 8.9 9.0 -7.3 14.9 3.7
-------------------------------------------------------------------------------------------------------------------------------------------------------------
r Revised.
Note.--Estimates in this table are based on the 1997 North
American Industry Classification System (NAICS).
Table 13.--Gross Value Added of Nonfinancial Domestic Corporate Business
-----------------------------------------------------------------------------------------------------------------------------------
Seasonally adjusted at annual rates
---------------------------------------------------
2002 2003 2004 II 04 III 04 IV 04 I 05 II 05r
-----------------------------------------------------------------------------------------------------------------------------------
Billions of dollars
----------------------------------------------------------------------------------------
Gross value added of nonfinancial
corporate business.................... 5,371.7 5,595.7 5,995.4 5,922.8 6,038.0 6,198.9 6,282.8 6,443.0
Consumption of fixed capital............... 643.6 652.6 690.3 675.7 722.0 696.2 697.5 700.4
Net value added............................ 4,728.2 4,943.1 5,305.1 5,247.1 5,316.1 5,502.8 5,585.3 5,742.6
Compensation of employees................ 3,611.9 3,703.2 3,906.8 3,850.5 3,928.5 4,042.0 4,105.4 4,169.5
Wage and salary accruals............... 2,969.9 3,007.8 3,168.6 3,119.2 3,189.3 3,284.5 3,323.6 3,376.8
Supplements to wages and salaries...... 642.0 695.4 738.3 731.4 739.2 757.5 781.8 792.7
Taxes on production and imports less
subsidies............................... 465.5 486.5 519.1 516.2 520.6 529.9 537.7 547.9
Net operating surplus.................... 650.8 753.4 879.2 880.4 866.9 930.9 942.2 1,025.2
Net interest and miscellaneous
payments.............................. 167.4 166.2 164.9 166.2 162.1 162.1 167.0 167.3
Business current transfer payments..... 54.0 62.4 60.4 67.6 37.9 69.5 58.0 58.4
Corporate profits with inventory
valuation and capital consumption
adjustments........................... 429.4 524.9 653.9 646.6 666.9 699.3 717.1 799.6
Taxes on corporate income............ 97.0 126.5 165.9 165.2 171.8 180.8 231.9 248.6
Profits after tax with inventory
valuation and capital consumption
adjustments......................... 332.3 398.3 487.9 481.4 495.1 518.5 485.2 550.9
Net dividends...................... 254.8 295.5 361.2 323.6 327.3 465.0 306.7 297.6
Undistributed profits with
inventory valuation and capital
consumption adjustments........... 77.5 102.8 126.7 157.8 167.8 53.5 178.5 253.4
Addenda:
Profits before tax (without inventory
valuation and capital consumption
adjustments)............................ 336.3 448.1 573.9 571.9 589.5 626.1 807.6 865.5
Profits after tax (without inventory
valuation and capital consumption
adjustments)............................ 239.2 321.6 407.9 406.7 417.7 445.3 575.6 616.9
Inventory valuation adjustment........... -2.2 -13.3 -39.6 -48.3 -36.9 -44.4 -39.1 -18.9
Capital consumption adjustment........... 95.3 90.0 119.7 123.0 114.2 117.6 -51.3 -47.0
----------------------------------------------------------------------------------------
Billions of chained (2000) dollars
----------------------------------------------------------------------------------------
Gross value added of nonfinancial
corporate business\1\................. 5,270.2 5,412.5 5,700.9 5,613.9 5,742.0 5,879.5 5,926.8 6,056.5
Consumption of fixed capital\2\............ 618.2 629.4 656.5 644.4 685.2 657.3 660.2 663.6
Net value added\3\......................... 4,651.9 4,783.1 5,044.4 4,969.6 5,056.9 5,222.2 5,266.5 5,392.9
----------------------------------------------------------------------------------------
Dollars
----------------------------------------------------------------------------------------
Price, costs, and profits per unit of real
gross value added of nonfinancial
corporate business:
Price per unit of real gross value added
of nonfinancial corporate business\4\... 1.019 1.034 1.052 1.055 1.052 1.054 1.060 1.064
Compensation of employees (unit labor
cost)................................... .685 .684 .685 .686 .684 .687 .693 .688
Unit nonlabor cost....................... .253 .253 .252 .254 .251 .248 .247 .244
Consumption of fixed capital........... .122 .121 .121 .120 .126 .118 .118 .116
Taxes on production and imports less
subsidies plus business current
transfer payments..................... .099 .101 .102 .104 .097 .102 .101 .100
Net interest and miscellaneous payments .032 .031 .029 .030 .028 .028 .028 .028
Corporate profits with inventory valuation
and capital consumption adjustments (unit
profits from current production)........ .081 .097 .115 .115 .116 .119 .121 .132
Taxes on corporate income.............. .018 .023 .029 .029 .030 .031 .039 .041
Profits after tax with inventory
valuation and capital consumption
adjustments........................... .063 .074 .086 .086 .086 .088 .082 .091
-----------------------------------------------------------------------------------------------------------------------------------
r Revised.
1. The current-dollar gross value added is deflated using the
gross value added chain-type price index for nonfinancial industries
from the GDP-by-industry accounts. For periods when this price index
is not available, the chain-type price index for GDP goods and
structures is used.
2. Chained-dollar consumption of fixed capital of nonfinancial
corporate business is calculated as the product of the chain-type
quantity index and the 2000 current-dollar value of the corresponding
series, divided by 100.
3. Chained-dollar net value added of nonfinancial corporate
business is the difference between the gross value added and the
consumption of fixed capital.
4. The deflator for gross value added of nonfinancial corporate
business divided by 100.
Note.--Estimates in this table are based on the 1997 North
American Industry Classification System (NAICS).
Appendix Table A.--Real Gross Domestic Product and Related Aggregates and Price Indexes: Percent Change From Preceding Period
[Quarters seasonally adjusted at annual rates]
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
2002 2003 2004 III 01 IV 01 I 02 II 02 III 02 IV 02 I 03 II 03 III 03 IV 03 I 04 II 04 III 04 IV 04 I 05 II 05r
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
Gross domestic product (GDP) and
related aggregates:
GDP............................... 1.6 2.7 4.2 -1.4 1.6 2.7 2.2 2.4 .2 1.7 3.7 7.2 3.6 4.3 3.5 4.0 3.3 3.8 3.3
Goods............................. 1.2 3.4 6.5 -5.5 2.6 3.9 1.5 5.2 -5.2 4.3 2.3 16.8 2.9 7.2 4.7 6.6 3.9 4.4 5.0
Services.......................... 2.5 2.2 2.7 1.7 2.8 2.5 3.4 1.7 2.9 .7 3.7 1.3 3.8 3.3 1.2 3.0 3.2 3.2 1.5
Structures........................ -2.5 3.2 5.7 -4.3 -8.5 -.1 -2.7 -3.0 3.1 -.9 8.2 13.6 4.1 .6 13.1 1.2 2.2 5.2 8.4
Motor vehicle output.............. 11.5 3.8 4.6 -5.7 22.0 15.5 5.7 11.6 .5 .3 -2.5 22.6 -3.6 14.4 -7.3 3.0 8.8 4.3 -.3
GDP excuding motor vehicle
output........................... 1.3 2.7 4.2 -1.2 .9 2.3 2.1 2.0 .2 1.8 3.9 6.7 3.8 3.9 3.9 4.0 3.1 3.8 3.4
Final sales of computers\1\....... 2.9 20.2 20.4 -19.4 23.7 -7.6 .7 29.3 15.3 7.1 14.4 78.0 11.9 10.2 10.3 13.3 56.5 54.9 45.4
GDP excluding final sales of
computers........................ 1.6 2.6 4.1 -1.2 1.4 2.8 2.2 2.2 .1 1.7 3.6 6.8 3.5 4.2 3.4 3.9 3.0 3.5 3.0
Farm gross value added\2\......... 6.8 8.4 .0 -20.4 94.2 -64.0 133.6 63.9 34.2 -22.3 27.0 -34.1 -13.1 89.8 -31.5 -11.3 -17.1 7.3 -31.1
Nonfarm business gross value
added\3\......................... 1.5 3.3 4.8 -2.9 1.2 3.5 1.4 3.1 .1 2.0 4.7 10.4 2.8 4.2 4.6 4.6 3.9 4.3 4.4
Price indexes:
GDP............................... 1.7 2.0 2.6 1.6 1.7 1.7 1.5 1.6 2.2 3.1 1.1 1.8 1.9 3.6 3.9 1.5 2.7 3.1 2.6
GDP excluding food and energy..... 2.1 1.8 2.5 2.1 2.6 2.1 1.8 1.6 2.0 2.6 .9 1.6 1.7 3.3 3.4 2.0 2.6 2.9 2.4
GDP excluding final sales of
computers........................ 2.0 2.2 2.7 1.8 1.9 1.9 1.7 1.7 2.4 3.2 1.2 2.0 1.9 3.7 3.9 1.6 2.9 3.3 2.8
Gross domestic purchases.......... 1.6 2.2 2.9 1.0 .6 1.5 2.5 1.7 2.2 4.1 .4 2.0 1.7 4.2 4.1 2.0 3.2 2.9 3.3
Gross domestic purchases excluding
food and energy.................. 1.9 1.8 2.4 1.8 2.3 1.8 1.7 1.6 1.8 2.5 1.0 1.7 1.8 3.4 3.2 2.0 2.4 3.0 2.1
Gross domestic purchases excluding
final sales of computers to
domestic purchasers.............. 1.8 2.4 3.0 1.3 .9 1.7 2.6 1.9 2.4 4.3 .5 2.2 1.8 4.3 4.3 2.2 3.4 3.1 3.5
Personal consumption expenditures
(PCE)............................ 1.4 1.9 2.6 .6 .6 .9 2.8 1.8 1.7 3.0 .6 2.0 1.3 3.9 3.8 1.5 3.1 2.3 3.3
Personal consumption expenditures
excluding food and energy........ 1.8 1.3 2.0 1.4 2.6 1.3 1.8 1.9 1.2 1.1 1.0 1.5 1.4 2.7 2.5 1.5 2.3 2.4 1.7
Market-based PCE\4\............... 1.1 1.9 2.3 .8 -.5 .6 2.8 1.7 1.7 3.1 .5 1.9 .9 3.4 3.7 1.1 2.8 2.1 3.4
Market-based PCE excluding food
and energy\4\.................... 1.5 1.2 1.5 1.9 1.6 .9 1.6 1.7 1.2 .8 1.0 1.4 .9 1.9 2.0 1.1 1.8 2.2 1.5
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
r Revised.
1. For some components of final sales of computers, includes
computer parts.
2. Farm output less intermediate goods and services purchased.
3. Consists of GDP less gross value added of farm, of
households and institutions, and of general government.
4. This index is a supplemental measure that is based on household
expenditures for which there are observable price measures. It
excludes most implicit prices (for example, the services furnished
without payment by financial intermediaries) and the expenses of
nonprofit institutions.
See "Explanatory Note" at the end of the tables.
Explanatory Note: NIPA Measures of Quantities and Prices
Current-dollar GDP is a measure of the market value of goods, services, and structures produced in
the economy in a particular period. Changes in current-dollar GDP can be decomposed into quantity and
price components. Quantities, or "real" measures, and prices are expressed as index numbers with the
reference year -- at present, the year 2000 -- equal to 100.
Annual changes in quantities and prices are calculated using a Fisher formula that incorporates
weights from two adjacent years. (Quarterly changes in quantities and prices are calculated using a
Fisher formula that incorporates weights from two adjacent quarters; quarterly indexes are adjusted for
consistency to the annual indexes before percent changes are calculated.) For example, the 2003-04
annual percent change in real GDP uses prices for 2003 and 2004 as weights, and the 2003-04 annual
percent change in GDP prices uses quantities for 2003 and 2004 as weights. These annual changes are
"chained" (multiplied) together to form time series of quantity and price indexes. Percent changes in
Fisher indexes are not affected by the choice of reference year. (BEA also publishes a measure of the
price level known as the implicit price deflator (IPD), which is calculated as the ratio of the
current-dollar value to the corresponding chained-dollar value, multiplied by 100. The values of the IPD
are very close to the values of the corresponding "chain-type" price index.)
Index numbers of quantity and price indexes for GDP and its major components are presented in this
release in tables 5 and 6. Percent changes from the preceding period are presented in tables 1, 4, 7, and 8.
Contributions by major components to changes in real GDP are presented in table 2.
Measures of real GDP and its major components are also presented in dollar-denominated form,
designated "chained (2000) dollar estimates." For most series, these estimates, which are presented in
table 3, are computed by multiplying the current-dollar value in 2000 by a corresponding quantity index
number and then dividing by 100. For example, if a current-dollar GDP component equaled $100 in
2000 and if real output for this component increased 10 percent in 2001, then the chained (2000) dollar
value of this component in 2001 would be $110 (= $100 x 110 / 100). Percent changes calculated from
chained-dollar estimates and from chain-type quantity indexes are the same; any differences will be small
and due to rounding.
Chained-dollar values for the detailed GDP components will not necessarily sum to the chained-dollar
estimate of GDP (or to any intermediate aggregate). This is because the relative prices used as weights
for any period other than the reference year differ from those of the reference year. A measure of the
extent of such differences is provided by a "residual" line, which indicates the difference between GDP
(or other major aggregate) and the sum of the most detailed components in the table. For periods close to
the reference year, when there usually has not been much change in the relative prices that are used as
weights, the residuals tend to be small, and the chained-dollar estimates can be used to approximate the
contributions to growth and to aggregate the detailed estimates. For periods further from the reference
year, the residuals tend to be larger, and the chained-dollar estimates are less useful for analyses of
contributions to growth. Thus, the contributions to percent change shown in table 2 provide a better
measure of the composition of GDP growth. In particular, for components for which relative prices are
changing rapidly, calculation of contributions using chained-dollar estimates may be misleading even just
a few years from the reference year.
Reference: "Chained-Dollar Indexes: Issues, Tips on Their Use, and Upcoming Changes," November
2003 Survey, pp. 8-16.
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