News Release
These data have been superseded. Please see our latest releases for current estimates and contact information.
Gross Domestic Product, 2nd quarter 2007 (final); Corporate Profits, 2nd quarter 2007
Available for this release: Full Release (PDF - ) | Technical Note, Tables (XLS - ), Highlights (PDF - )
Sign up for e-mail subscriptions.
Virginia H. Mannering: (202) 606-5304 (GDP) BEA 07-46
Andrew Hodge: (202) 606-5564 (Profits)
Recorded message: (202) 606-5306
GROSS DOMESTIC PRODUCT: SECOND QUARTER 2007 (FINAL)
CORPORATE PROFITS: SECOND QUARTER 2007 (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 3.8 percent in the second quarter of 2007,
according to final estimates released by the Bureau of Economic Analysis. In the first quarter, real GDP
increased 0.6 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
4.0 percent (see "Revisions" on page 3).
The increase in real GDP in the second quarter primarily reflected positive contributions from
personal consumption expenditures (PCE) for services, exports, nonresidential structures, federal
government spending, state and local government spending, and equipment and software that were
partly offset by a negative contribution from residential fixed investment. Imports, which are a
subtraction in the calculation of GDP, decreased.
The acceleration in real GDP growth in the second quarter primarily reflected a downturn in
imports, upturns in federal government spending and in private inventory investment, accelerations in
exports, in nonresidential structures, and in equipment and software, and a smaller decrease in
residential fixed investment that were partly offset by a notable deceleration in PCE.
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.
Final sales of computers contributed 0.21 percentage point to the second-quarter growth in real
GDP after subtracting 0.01 percentage point from the first-quarter growth. Motor vehicle output
contributed 0.03 percentage point to the second-quarter growth in real GDP after contributing 0.18
percentage point to the first-quarter growth.
The price index for gross domestic purchases, which measures prices paid by U.S. residents,
increased 3.8 percent in the second quarter, the same as in the preliminary estimate; this index also
increased 3.8 percent in the first quarter. Excluding food and energy prices, the price index for gross
domestic purchases increased 1.5 percent in the second quarter, compared with an increase of 3.1
percent in the first.
Real personal consumption expenditures increased 1.4 percent in the second quarter, compared
with an increase of 3.7 percent in the first. Real nonresidential fixed investment increased 11.0 percent,
compared with an increase of 2.1 percent. Nonresidential structures increased 26.2 percent, compared
with an increase of 6.4 percent. Equipment and software increased 4.7 percent, compared with an
increase of 0.3 percent. Real residential fixed investment decreased 11.8 percent, compared with a
decrease of 16.3 percent.
Real exports of goods and services increased 7.5 percent in the second quarter, compared with an
increase of 1.1 percent in the first. Real imports of goods and services decreased 2.7 percent, in contrast
to an increase of 3.9 percent.
Real federal government consumption expenditures and gross investment increased 6.0 percent in
the second quarter, in contrast to a decrease of 6.3 percent in the first. National defense increased 8.5
percent, in contrast to a decrease of 10.8 percent. Nondefense increased 0.9 percent, compared with an
increase of 3.8 percent. Real state and local government consumption expenditures and gross
investment increased 3.0 percent, the same increase as in the first.
The real change in private inventories added 0.22 percentage point to the second-quarter change in
real GDP, after subtracting 0.65 percentage point from the first-quarter change. Private businesses
increased inventories $5.8 billion in the second quarter, following increases of $0.1 billion in the first
quarter and $17.4 billion in the fourth.
Real final sales of domestic product -- GDP less change in private inventories -- increased 3.6
percent in the second quarter, compared with an increase of 1.3 percent in the first.
Gross domestic purchases
Real gross domestic purchases -- purchases by U.S. residents of goods and services wherever
produced -- increased 2.4 percent in the second quarter, compared with an increase of 1.1 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 4.0 percent in the second quarter, compared with an increase of 0.7
percent in the first. GNP includes, and GDP excludes, net receipts of income from the rest of the world,
which increased $5.8 billion in the second quarter after increasing $1.8 billion in the first; in the second
quarter, receipts increased $46.1 billion, and payments increased $40.3 billion.
Current-dollar GDP
Current-dollar GDP -- the market value of the nation's output of goods and services -- increased
6.6 percent, or $216.9 billion, in the second quarter to a level of $13,768.8 billion. In the first quarter,
current-dollar GDP increased 4.9 percent, or $159.6 billion.
Revisions
The final estimate of the second-quarter increase in real GDP is 0.2 percentage point, or $3.7
billion, lower than the preliminary estimate issued last month. The downward revision to the percent
change in real GDP primarily reflected an upward revision to imports and a downward revision to
nonresidential structures that were partly offset by an upward revision to equipment and software.
Advance Preliminary Final
(Percent change from preceding quarter)
Real GDP............................... 3.4 4.0 3.8
Current-dollar GDP..................... 6.2 6.7 6.6
Gross domestic purchases price index... 3.9 3.8 3.8
Corporate Profits
Profits from current production (corporate profits with inventory valuation and capital
consumption adjustments) increased $94.7 billion in the second quarter, compared with an increase of
$16.5 billion in the first quarter. Current-production cash flow (net cash flow with inventory valuation
and capital consumption adjustments) -- the internal funds available to corporations for investment --
increased $37.4 billion in the second quarter, compared with an increase of $0.2 billion in the first.
Taxes on corporate income increased $37.6 billion in the second quarter, compared with an
increase of $0.1 billion in the first. Profits after tax with inventory valuation and capital consumption
adjustments increased $57.0 billion in the second quarter, compared with an increase of $16.4 billion in
the first. Dividends increased $24.8 billion, compared with an increase of $23.0 billion; current-
production undistributed profits increased $32.2 billion, in contrast to a decrease of $6.6 billion.
Domestic profits of financial corporations increased $52.7 billion in the second quarter, in contrast
to a decrease of $26.9 billion in the first. Domestic profits of nonfinancial corporations increased $25.3
billion in the second quarter, compared with an increase of $23.2 billion in the first. In the second
quarter, real gross corporate value added increased, and profits per unit of real value added increased.
The increase in profits per unit reflected an increase in unit prices that was partly offset by an increase in
unit labor costs; unit nonlabor costs decreased slightly.
The rest-of-the-world component of profits increased $16.7 billion in the second quarter,
compared with an increase of $20.1 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 depreciation-accounting practices used for federal income tax returns. According to this
measure, domestic profits of financial and nonfinancial corporations increased. The increase in
nonfinancial corporations reflected increases in manufacturing, in wholesale trade, in transportation and
warehousing, and in utilities that were partly offset by decreases in ?other? nonfinancial and in
information. Within manufacturing, the largest increase was in petroleum and coal products.
Profits before tax increased $115.7 billion in the second quarter, compared with an increase of
$26.6 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 decreased $6.5 billion in the second quarter (from -$227.9 billion to -$234.4 billion), in
contrast to an increase of $9.1 billion in the first. The inventory valuation adjustment decreased $14.5
billion (from -$40.2 billion to -$54.7 billion), compared with a decrease of $19.2 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.
* * *
Next release -- October 31, 2007, at 8:30 A.M. EDT for:
Gross Domestic Product: Third Quarter 2007 (Advance)
Table 1.--Real Gross Domestic Product and Related Measures: Percent Change From Preceding Period
[Quarters seasonally adjusted at annual rates]
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
2004 2005 2006 III 03 IV 03 I 04 II 04 III 04 IV 04 I 05 II 05 III 05 IV 05 I 06 II 06 III 06 IV 06 I 07 II 07r
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
Gross domestic product (GDP). 3.6 3.1 2.9 7.5 2.7 3.0 3.5 3.6 2.5 3.1 2.8 4.5 1.2 4.8 2.4 1.1 2.1 .6 3.8
Personal consumption expenditures... 3.6 3.2 3.1 5.8 2.3 4.4 2.4 3.5 4.2 2.4 3.5 4.1 1.2 4.4 2.4 2.8 3.9 3.7 1.4
Durable goods..................... 6.3 4.9 3.8 16.7 .7 5.8 1.9 7.8 7.0 2.2 11.3 6.2 -13.0 16.6 .8 5.6 3.9 8.8 1.7
Nondurable goods.................. 3.5 3.6 3.6 7.7 1.8 4.6 1.5 3.1 4.9 3.5 3.7 2.5 4.7 4.5 2.3 3.2 4.3 3.0 -.5
Services.......................... 3.2 2.7 2.7 2.9 2.8 4.1 3.0 2.9 3.4 1.9 1.8 4.4 2.6 2.1 2.7 2.0 3.7 3.1 2.3
Gross private domestic investment... 9.7 5.6 2.7 17.7 9.3 2.1 20.7 8.0 6.4 5.3 -3.9 7.0 13.4 4.3 .6 -4.1 -14.1 -8.2 4.6
Fixed investment.................. 7.3 6.9 2.4 13.6 5.5 -.2 12.9 9.3 7.3 4.0 7.9 8.0 2.3 7.9 -1.9 -4.7 -7.1 -4.4 3.2
Nonresidential.................. 5.8 7.1 6.6 9.4 2.8 -2.6 10.7 12.3 10.3 3.3 5.0 8.6 3.4 13.3 4.2 5.1 -1.4 2.1 11.0
Structures.................... 1.3 .5 8.4 -.8 -4.7 -.3 6.1 3.6 -.2 2.1 -1.6 -6.3 4.8 15.0 16.4 10.8 7.4 6.4 26.2
Equipment and software........ 7.4 9.6 5.9 13.2 5.6 -3.4 12.4 15.5 14.3 3.8 7.4 14.5 3.1 13.0 -.1 2.9 -4.9 .3 4.7
Residential..................... 10.0 6.6 -4.6 22.2 10.6 4.0 16.7 4.2 2.4 5.3 13.1 6.9 .5 -.7 -11.7 -20.4 -17.2 -16.3 -11.8
Change in private inventories..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... .....
Net exports of goods and services... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... .....
Exports........................... 9.7 6.9 8.4 11.4 20.8 10.0 6.5 3.1 10.0 6.0 9.5 2.1 10.6 11.5 5.7 5.7 14.3 1.1 7.5
Goods........................... 9.0 7.5 9.9 8.8 19.8 7.4 7.2 6.2 7.2 5.8 13.6 1.9 12.6 15.5 6.5 7.4 9.6 .9 6.6
Services........................ 11.5 5.4 4.8 17.5 23.1 16.2 5.1 -3.4 16.8 6.5 .9 2.6 6.3 2.9 3.9 2.0 26.0 1.6 9.6
Imports........................... 11.3 5.9 5.9 3.7 17.6 12.3 15.2 4.8 13.8 2.1 .8 2.1 16.2 6.9 .9 5.4 1.6 3.9 -2.7
Goods........................... 11.3 6.6 6.0 .6 17.2 11.5 16.6 5.5 14.5 3.2 1.0 2.5 17.3 6.5 1.1 6.2 -.6 4.2 -2.9
Services........................ 11.5 2.3 5.2 21.2 19.6 16.5 8.9 1.8 10.5 -3.5 -.5 .0 10.3 9.5 -.1 1.3 14.2 2.3 -1.7
Government consumption expenditures
and gross investment............... 1.4 .7 1.8 1.5 .7 1.5 1.3 1.6 -1.8 1.3 1.2 3.2 -1.9 4.9 1.0 .8 3.5 -.5 4.1
Federal........................... 4.2 1.5 2.2 .4 3.1 6.1 2.4 6.2 -4.6 2.8 .7 8.6 -6.2 8.4 -1.6 .9 7.3 -6.3 6.0
National defense................ 5.8 1.5 1.9 -5.3 8.1 8.1 2.0 10.9 -9.7 4.6 2.6 10.0 -11.7 6.8 2.3 -1.5 16.9 -10.8 8.5
Nondefense...................... 1.1 1.3 2.8 12.4 -6.0 2.3 3.2 -2.7 6.5 -.8 -3.0 5.8 5.8 11.9 -8.8 6.0 -10.0 3.8 .9
State and local................... -.2 .3 1.6 2.1 -.6 -1.0 .7 -1.1 -.1 .4 1.5 .0 .7 2.9 2.5 .7 1.3 3.0 3.0
Addenda:
Final sales of domestic product... 3.3 3.3 2.8 6.9 2.1 2.6 2.4 3.8 2.7 2.9 4.8 4.6 -.5 5.4 2.0 1.0 3.5 1.3 3.6
Gross domestic purchases.......... 4.1 3.1 2.8 6.6 3.0 3.6 4.8 3.8 3.4 2.6 1.9 4.3 2.5 4.5 1.9 1.3 .8 1.1 2.4
Final sales to domestic
purchasers....................... 3.8 3.3 2.7 6.1 2.5 3.2 3.7 4.0 3.6 2.4 3.7 4.5 .8 5.0 1.5 1.2 2.1 1.7 2.1
Gross national product (GNP)...... 3.8 3.0 2.8 7.3 3.5 3.6 2.6 3.9 1.5 3.6 2.7 5.1 .0 5.2 2.4 .5 2.6 .7 4.0
Disposable personal income........ 3.6 1.7 3.1 6.3 1.7 3.7 2.4 2.9 7.5 -3.3 2.5 -1.2 6.6 4.9 .2 1.7 6.2 5.4 .6
Current-dollar measures:
GDP............................. 6.6 6.4 6.1 9.7 4.9 6.8 7.4 6.0 5.9 7.1 5.5 8.1 4.8 8.4 6.0 3.4 3.8 4.9 6.6
Final sales of domestic product. 6.2 6.6 6.1 9.1 4.4 6.4 6.2 6.1 6.0 6.9 7.5 8.3 3.0 9.0 5.5 3.4 5.2 5.5 6.3
Gross domestic purchases........ 7.3 6.9 6.1 9.1 4.9 8.0 9.2 6.7 7.2 6.3 5.5 9.1 6.3 7.3 6.2 3.8 .9 4.9 6.2
Final sales to domestic
purchasers..................... 7.0 7.1 6.1 8.5 4.4 7.6 8.0 6.8 7.3 6.1 7.4 9.3 4.6 7.9 5.7 3.7 2.1 5.5 6.0
GNP............................. 6.8 6.3 6.0 9.6 5.8 7.4 6.5 6.3 4.8 7.6 5.4 8.7 3.5 8.8 6.0 2.8 4.3 4.9 6.8
Disposable personal income...... 6.4 4.7 5.9 8.9 3.2 7.3 6.3 4.9 10.8 -1.2 6.0 3.0 9.6 6.7 4.5 4.4 5.2 9.1 4.8
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
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]
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
2004 2005 2006 III 03 IV 03 I 04 II 04 III 04 IV 04 I 05 II 05 III 05 IV 05 I 06 II 06 III 06 IV 06 I 07 II 07r
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
Percent change at annual rate:
Gross domestic product.......... 3.6 3.1 2.9 7.5 2.7 3.0 3.5 3.6 2.5 3.1 2.8 4.5 1.2 4.8 2.4 1.1 2.1 .6 3.8
Percentage points at annual rates:
Personal consumption expenditures. 2.56 2.24 2.15 4.13 1.59 3.12 1.73 2.46 2.93 1.68 2.40 2.82 .84 3.00 1.63 1.88 2.68 2.56 1.00
Durable goods................... .53 .40 .31 1.39 .06 .49 .16 .64 .57 .18 .90 .51 -1.13 1.23 .07 .43 .30 .67 .14
Motor vehicles and parts...... .08 .00 -.11 .46 -.29 .09 -.11 .17 .23 -.27 .48 .20 -1.57 .48 -.04 .16 .00 .35 -.10
Furniture and household
equipment.................... .35 .31 .35 .67 .27 .29 .27 .36 .25 .31 .28 .39 .35 .54 .17 .24 .25 .28 .13
Other......................... .10 .09 .07 .26 .08 .11 .00 .10 .09 .13 .14 -.08 .09 .22 -.06 .04 .05 .04 .11
Nondurable goods................ .71 .72 .74 1.53 .36 .92 .31 .62 .97 .71 .74 .50 .93 .91 .47 .64 .86 .61 -.10
Food.......................... .31 .38 .38 .61 .02 .59 .10 .21 .60 .31 .38 .49 .40 .47 .13 .24 .68 .16 -.14
Clothing and shoes............ .14 .17 .13 .31 -.02 .31 -.13 .15 .23 .18 .27 .00 .29 .11 .05 .14 .10 .22 .06
Gasoline, fuel oil, and other
energy goods................. .03 -.02 -.01 .10 .06 .00 .04 -.03 .00 .05 -.11 -.11 .06 .02 .02 .05 -.15 .06 -.12
Other......................... .24 .19 .23 .52 .30 .03 .29 .29 .14 .17 .20 .13 .18 .31 .27 .20 .23 .17 .10
Services........................ 1.32 1.12 1.11 1.21 1.18 1.71 1.25 1.21 1.39 .79 .76 1.81 1.05 .86 1.10 .81 1.52 1.28 .96
Housing....................... .32 .33 .28 .35 .40 .35 .25 .29 .31 .36 .36 .36 .30 .30 .23 .18 .20 .26 .29
Household operation........... .10 .08 -.03 .02 .17 .13 .06 .06 .15 .04 -.02 .33 -.22 -.40 .17 .16 .13 .04 .05
Electricity and gas......... .02 .04 -.05 -.03 .12 .04 -.05 -.05 .15 .03 -.04 .29 -.21 -.42 .14 .17 .07 .03 .02
Other household operation... .08 .03 .02 .05 .05 .08 .11 .12 .01 .01 .02 .04 -.01 .02 .03 -.01 .07 .01 .03
Transportation................ .04 .03 .03 .03 .02 .04 .08 .02 .06 .02 .01 .01 .03 .06 -.03 .06 .11 .07 .11
Medical care.................. .36 .41 .40 .28 .28 .33 .45 .52 .40 .27 .38 .53 .53 .49 .26 .12 .34 .47 .28
Recreation.................... .14 .06 .09 .13 .16 .21 .12 .09 .03 .09 .03 .06 .08 .07 .02 .19 .30 .06 .03
Other......................... .36 .21 .34 .40 .15 .66 .29 .22 .44 .00 .00 .53 .32 .34 .45 .11 .44 .39 .19
Gross private domestic investment. 1.48 .91 .45 2.56 1.39 .30 3.00 1.26 1.04 .89 -.64 1.15 2.13 .78 .13 -.70 -2.50 -1.36 .71
Fixed investment................ 1.10 1.09 .39 2.00 .83 -.07 1.88 1.41 1.14 .68 1.26 1.28 .38 1.27 -.32 -.80 -1.19 -.70 .49
Nonresidential................ .56 .70 .68 .92 .29 -.28 1.00 1.16 1.00 .36 .51 .87 .35 1.31 .44 .53 -.15 .22 1.12
Structures.................. .03 .01 .24 -.02 -.12 -.01 .15 .09 .00 .06 -.04 -.17 .12 .39 .45 .31 .23 .20 .78
Equipment and software...... .53 .69 .44 .95 .41 -.27 .85 1.07 1.01 .30 .55 1.04 .23 .92 -.01 .21 -.38 .02 .34
Information processing
equipment and software... .33 .34 .27 .82 .70 .04 .15 .24 .41 .46 .32 .32 .26 .48 .05 .24 -.06 .56 .36
Computers and peripheral
equipment.............. .08 .17 .12 .26 .21 -.16 .04 .19 .24 .13 .19 .11 .23 .06 .11 .09 .03 .25 .08
Software................ .14 .10 .06 .32 .20 .14 .00 .11 .17 .07 .14 .02 .05 .08 .03 .05 .04 .14 .16
Other................... .12 .08 .10 .23 .29 .05 .12 -.06 .00 .26 -.01 .19 -.01 .34 -.09 .10 -.12 .18 .11
Industrial equipment...... -.04 .09 .05 -.14 -.22 -.14 .09 .19 .06 .15 -.12 .23 .11 -.08 .17 -.04 -.08 -.04 .19
Transportation equipment.. .16 .13 .09 .01 -.13 -.07 .52 .43 .40 -.34 .14 .40 -.21 .46 -.24 .10 -.18 -.20 -.32
Other equipment........... .07 .12 .04 .26 .07 -.10 .09 .20 .13 .04 .21 .09 .07 .06 .00 -.09 -.05 -.30 .11
Residential................... .53 .39 -.29 1.08 .55 .21 .89 .24 .14 .32 .75 .42 .03 -.05 -.76 -1.33 -1.04 -.93 -.62
Change in private inventories... .39 -.18 .06 .56 .56 .37 1.12 -.14 -.11 .21 -1.90 -.14 1.74 -.49 .46 .10 -1.31 -.65 .22
Farm.......................... .06 -.07 .00 -.06 -.05 .28 .37 -.32 -.14 -.25 .13 .12 .01 -.04 -.23 .10 .25 .04 -.05
Nonfarm....................... .32 -.11 .06 .62 .60 .08 .75 .18 .03 .46 -2.04 -.26 1.73 -.45 .69 .01 -1.56 -.69 .27
Net exports of goods and services. -.68 -.23 -.08 .51 -.47 -.75 -1.50 -.42 -1.07 .26 .83 -.10 -1.41 .13 .49 -.25 1.25 -.51 1.32
Exports......................... .93 .70 .88 1.02 1.81 .95 .64 .31 .97 .60 .95 .22 1.07 1.19 .61 .62 1.51 .13 .85
Goods......................... .60 .53 .73 .55 1.20 .49 .48 .42 .49 .40 .92 .14 .87 1.10 .49 .56 .73 .07 .53
Services...................... .33 .17 .16 .47 .61 .46 .16 -.11 .49 .20 .03 .08 .20 .10 .13 .07 .78 .05 .33
Imports......................... -1.61 -.92 -.96 -.51 -2.29 -1.70 -2.14 -.73 -2.04 -.34 -.12 -.32 -2.47 -1.07 -.12 -.88 -.26 -.63 .47
Goods......................... -1.33 -.86 -.83 -.07 -1.86 -1.32 -1.92 -.69 -1.78 -.43 -.13 -.32 -2.22 -.83 -.12 -.84 .09 -.57 .42
Services...................... -.27 -.06 -.13 -.44 -.43 -.37 -.21 -.05 -.26 .09 .01 .00 -.26 -.24 .00 -.03 -.35 -.06 .05
Government consumption expenditures
and gross investment............. .27 .14 .35 .29 .14 .29 .25 .30 -.35 .25 .22 .60 -.37 .92 .18 .14 .66 -.09 .79
Federal......................... .29 .11 .15 .03 .21 .41 .17 .43 -.33 .19 .05 .59 -.46 .57 -.11 .06 .50 -.46 .41
National defense.............. .27 .07 .09 -.25 .35 .36 .09 .49 -.48 .22 .12 .46 -.59 .31 .11 -.07 .74 -.54 .39
Consumption expenditures.... .21 .04 .05 -.32 .31 .35 .03 .34 -.45 .26 .01 .41 -.57 .30 -.05 .00 .60 -.40 .35
Gross investment............ .06 .03 .04 .07 .05 .01 .06 .15 -.04 -.05 .11 .05 -.02 .01 .15 -.07 .15 -.14 .04
Nondefense.................... .03 .03 .06 .28 -.14 .06 .08 -.06 .15 -.02 -.07 .13 .13 .27 -.22 .14 -.24 .08 .02
Consumption expenditures..... .02 .01 .05 .27 -.12 .07 .03 -.04 .12 -.02 -.08 .07 .06 .23 -.15 .13 -.23 .14 -.02
Gross investment............. .00 .02 .02 .01 -.03 -.02 .05 -.03 .03 .00 .01 .06 .07 .04 -.07 .01 -.02 -.06 .04
State and local................. -.02 .04 .19 .26 -.07 -.12 .09 -.13 -.01 .05 .17 .01 .09 .35 .29 .08 .16 .36 .37
Consumption expenditures.... .01 .07 .13 -.04 .07 -.04 .02 .04 .11 .02 .09 .12 .09 .15 .11 .18 .19 .20 .19
Gross investment............ -.03 -.03 .06 .30 -.15 -.08 .07 -.17 -.12 .03 .08 -.11 .00 .20 .18 -.10 -.03 .17 .18
Addenda:
Goods........................... 1.50 1.36 1.53 5.00 .81 .68 1.10 2.06 1.18 1.32 1.23 1.83 .49 2.95 1.45 1.06 .36 .06 1.65
Services........................ 1.62 1.36 1.36 1.15 1.63 2.17 1.27 1.40 1.41 1.34 .82 2.50 .56 1.39 1.15 1.15 2.50 1.21 1.85
Structures...................... .51 .35 -.01 1.33 .22 .10 1.11 .14 -.03 .42 .76 .14 .14 .48 -.16 -1.14 -.77 -.68 .32
Motor vehicle output............ .14 .14 -.04 .30 -.23 .29 -.21 .87 -.34 .18 .16 .92 -1.21 .51 -.37 .44 -.74 .18 .03
Final sales of computers........ .04 .22 .13 .50 .15 -.28 -.04 .13 .29 .24 .31 .15 .22 .05 .13 .03 .16 -.01 .21
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
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
-------------------------------------------- -------------------------------------------- -------------------------
2006 II 06 III 06 IV 06 I 07 II 07r 2006 II 06 III 06 IV 06 I 07 II 07r 2006 I 07 II 07r
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
Gross domestic product....... 13,194.7 13,155.0 13,266.9 13,392.3 13,551.9 13,768.8 11,319.4 11,306.7 11,336.7 11,395.5 11,412.6 11,520.1 316.0 17.1 107.5
Personal consumption expenditures. 9,224.5 9,183.9 9,305.7 9,373.7 9,540.5 9,674.0 8,044.1 8,009.3 8,063.8 8,141.2 8,215.7 8,244.3 240.5 74.5 28.6
Durable goods................... 1,048.9 1,042.8 1,053.8 1,056.5 1,074.0 1,074.7 1,180.5 1,170.2 1,186.3 1,197.6 1,223.2 1,228.4 43.1 25.6 5.2
Motor vehicles and parts...... 434.2 431.8 437.6 434.8 444.5 441.5 437.3 434.3 439.5 439.6 451.5 448.2 -14.0 11.9 -3.3
Furniture and household
equipment.................... 404.1 401.8 405.1 409.0 414.2 414.5 550.9 544.4 555.4 566.9 579.9 585.9 58.7 13.0 6.0
Other......................... 210.6 209.2 211.1 212.8 215.3 218.8 213.9 212.4 213.6 215.2 216.6 220.2 8.4 1.4 3.6
Nondurable goods................ 2,688.0 2,692.2 2,732.4 2,705.4 2,759.4 2,822.7 2,337.7 2,325.6 2,343.9 2,368.8 2,386.6 2,383.8 82.3 17.8 -2.8
Food.......................... 1,259.3 1,245.9 1,263.2 1,291.7 1,312.2 1,322.7 1,091.8 1,084.4 1,091.4 1,110.7 1,115.3 1,111.4 41.8 4.6 -3.9
Clothing and shoes............ 357.2 354.9 359.6 363.2 371.1 368.4 391.1 388.0 393.3 397.0 405.1 407.5 18.5 8.1 2.4
Gasoline, fuel oil, and other
energy goods................. 340.1 363.3 373.1 306.3 320.9 373.6 198.6 199.0 199.9 197.0 198.2 195.9 -.6 1.2 -2.3
Other......................... 731.4 728.1 736.5 744.3 755.1 758.1 666.2 663.4 669.5 676.5 681.7 684.7 27.1 5.2 3.0
Services........................ 5,487.6 5,448.9 5,519.5 5,611.8 5,707.1 5,776.5 4,545.5 4,531.6 4,554.0 4,595.5 4,630.7 4,656.7 118.2 35.2 26.0
Housing....................... 1,381.3 1,371.1 1,392.5 1,413.9 1,435.1 1,455.4 1,148.3 1,146.0 1,151.0 1,156.6 1,163.7 1,171.6 30.0 7.1 7.9
Household operation........... 501.6 496.7 503.3 509.7 520.0 526.2 412.9 410.9 415.4 419.1 420.1 421.6 -3.6 1.0 1.5
Electricity and gas......... 209.8 206.6 211.3 212.7 220.6 223.5 148.5 147.0 150.9 152.5 153.1 153.6 -4.7 .6 .5
Other household operation... 291.8 290.1 292.1 297.0 299.4 302.7 265.1 264.9 264.7 266.8 267.1 268.1 2.0 .3 1.0
Transportation................ 340.6 338.4 342.5 346.8 349.6 355.1 291.2 289.5 291.0 294.1 296.0 299.2 3.4 1.9 3.2
Medical care.................. 1,587.7 1,578.6 1,596.1 1,617.9 1,656.9 1,674.6 1,300.3 1,298.2 1,301.4 1,310.5 1,323.2 1,330.8 42.1 12.7 7.6
Recreation.................... 381.0 375.7 384.4 392.8 395.3 400.2 321.3 316.8 321.9 330.3 332.0 332.7 9.7 1.7 .7
Other......................... 1,295.3 1,288.4 1,300.5 1,330.7 1,350.1 1,365.0 1,069.9 1,068.6 1,071.6 1,083.5 1,094.1 1,099.3 36.2 10.6 5.2
Gross private domestic investment. 2,209.2 2,239.0 2,224.1 2,152.4 2,117.3 2,139.1 1,919.5 1,948.5 1,928.2 1,856.2 1,816.9 1,837.4 50.2 -39.3 20.5
Fixed investment................ 2,162.5 2,179.5 2,161.3 2,132.4 2,118.9 2,133.9 1,874.7 1,892.3 1,869.6 1,835.5 1,815.2 1,829.3 43.3 -20.3 14.1
Nonresidential................ 1,397.7 1,391.2 1,415.2 1,417.1 1,431.4 1,469.1 1,306.8 1,303.2 1,319.4 1,314.8 1,321.7 1,356.6 81.0 6.9 34.9
Structures.................. 405.1 400.2 416.1 428.4 439.6 464.5 268.6 266.4 273.3 278.3 282.6 299.5 20.8 4.3 16.9
Equipment and software...... 992.6 991.1 999.1 988.7 991.8 1,004.5 1,050.6 1,050.1 1,057.6 1,044.4 1,045.3 1,057.4 58.8 .9 12.1
Information processing
equipment and software... 480.9 479.0 484.9 480.5 497.6 507.7 595.9 592.1 602.0 599.6 623.3 638.5 41.6 23.7 15.2
Computers and peripheral
equipment.............. 91.3 91.7 91.6 90.4 96.6 96.6 ..... ..... ..... ..... ..... ..... ..... ..... .....
Software................ 203.3 202.6 204.9 205.9 210.5 216.1 213.0 212.1 213.8 215.1 219.9 225.6 7.3 4.8 5.7
Other................... 186.2 184.7 188.4 184.3 190.5 195.0 204.8 203.3 207.1 202.6 209.2 213.4 13.3 6.6 4.2
Industrial equipment...... 166.7 168.5 169.2 167.5 168.1 176.0 149.6 152.0 150.9 148.4 147.3 152.9 5.3 -1.1 5.6
Transportation equipment.. 171.9 169.5 172.4 168.0 162.9 153.3 155.2 153.3 156.3 150.9 144.8 135.3 10.1 -6.1 -9.5
Other equipment........... 173.2 174.0 172.6 172.7 163.2 167.5 156.2 157.9 155.2 153.7 144.8 148.0 4.3 -8.9 3.2
Residential................... 764.8 788.2 746.1 715.3 687.5 664.8 569.5 587.5 555.0 529.4 506.3 490.7 -27.6 -23.1 -15.6
Change in private inventories... 46.7 59.5 62.8 20.0 -1.6 5.1 40.3 51.4 53.9 17.4 .1 5.8 7.1 -17.3 5.7
Farm.......................... -1.2 -6.6 -3.7 4.7 5.5 4.0 -.9 -5.5 -2.9 3.8 5.0 3.6 -.5 1.2 -1.4
Nonfarm....................... 47.8 66.1 66.5 15.3 -7.0 1.1 41.7 57.6 57.6 13.6 -5.8 1.3 7.7 -19.4 7.1
Net exports of goods and services. -762.0 -780.4 -799.1 -705.3 -714.2 -714.2 -624.5 -626.6 -633.8 -597.3 -612.1 -573.9 -6.5 -14.8 38.2
Exports......................... 1,467.6 1,447.4 1,484.5 1,531.9 1,549.9 1,598.7 1,304.1 1,288.4 1,306.6 1,350.9 1,354.7 1,379.5 100.7 3.8 24.8
Goods......................... 1,030.5 1,016.4 1,047.8 1,072.3 1,084.0 1,115.2 927.4 917.3 933.7 955.4 957.6 973.1 83.9 2.2 15.5
Services...................... 437.1 431.0 436.7 459.6 465.9 483.5 377.1 371.5 373.4 395.6 397.2 406.4 17.3 1.6 9.2
Imports......................... 2,229.6 2,227.8 2,283.6 2,237.2 2,264.0 2,312.9 1,928.6 1,915.0 1,940.4 1,948.2 1,966.8 1,953.4 107.1 18.6 -13.4
Goods......................... 1,880.4 1,879.8 1,933.3 1,879.9 1,902.7 1,947.2 1,646.9 1,636.3 1,661.0 1,658.7 1,675.6 1,663.4 93.3 16.9 -12.2
Services...................... 349.2 348.0 350.3 357.3 361.4 365.7 283.8 281.0 281.9 291.4 293.1 291.9 14.0 1.7 -1.2
Government consumption expenditures
and gross investment............. 2,523.0 2,512.5 2,536.1 2,571.4 2,608.3 2,670.0 1,981.4 1,976.5 1,980.2 1,997.2 1,994.7 2,014.8 35.1 -2.5 20.1
Federal......................... 932.5 926.9 932.0 949.7 946.6 969.5 742.3 737.4 739.2 752.3 740.2 751.0 15.8 -12.1 10.8
National defense.............. 624.3 620.6 620.7 645.2 634.8 654.5 491.5 488.2 486.4 505.8 491.6 501.7 9.1 -14.2 10.1
Consumption expenditures.... 544.8 540.0 542.0 561.5 555.7 573.8 416.6 412.5 412.6 427.7 417.4 426.2 4.9 -10.3 8.8
Gross investment............ 79.5 80.6 78.7 83.7 79.1 80.7 76.6 77.8 75.5 80.1 75.6 77.0 4.9 -4.5 1.4
Nondefense.................... 308.2 306.3 311.3 304.5 311.7 315.0 250.7 249.0 252.7 246.1 248.4 248.9 6.8 2.3 .5
Consumption expenditures.... 268.0 266.7 271.3 264.9 274.0 276.0 212.6 211.4 214.8 208.8 212.5 212.0 4.7 3.7 -.5
Gross investment............ 40.2 39.6 40.0 39.6 37.7 39.1 38.5 38.0 38.3 37.8 35.9 37.2 2.3 -1.9 1.3
State and local................. 1,590.5 1,585.7 1,604.1 1,621.7 1,661.7 1,700.5 1,239.0 1,238.9 1,240.9 1,244.9 1,254.2 1,263.5 19.4 9.3 9.3
Consumption expenditures.... 1,276.5 1,270.0 1,287.7 1,300.8 1,326.7 1,355.9 990.9 988.1 992.7 997.5 1,002.5 1,007.4 13.2 5.0 4.9
Gross investment............ 314.0 315.7 316.4 320.9 335.0 344.5 248.0 250.7 248.1 247.3 251.5 256.0 6.2 4.2 4.5
Residual.......................... ..... ..... ..... ..... ..... ..... -93.4 -86.5 -99.3 -108.2 -130.7 -136.3 ..... ..... .....
Addenda:
Final sales of domestic product. 13,148.0 13,095.5 13,204.1 13,372.3 13,553.5 13,763.6 11,275.9 11,252.1 11,279.7 11,375.8 11,411.6 11,512.8 309.0 35.8 101.2
Gross domestic purchases........ 13,956.7 13,935.4 14,065.9 14,097.6 14,266.1 14,483.0 11,937.1 11,926.1 11,963.6 11,987.1 12,018.7 12,088.9 324.0 31.6 70.2
Final sales to domestic
purchasers..................... 13,910.1 13,875.9 14,003.2 14,077.6 14,267.7 14,477.9 11,893.4 11,871.3 11,906.4 11,967.3 12,017.4 12,081.4 317.0 50.1 64.0
Gross domestic product.......... 13,194.7 13,155.0 13,266.9 13,392.3 13,551.9 13,768.8 11,319.4 11,306.7 11,336.7 11,395.5 11,412.6 11,520.1 316.0 17.1 107.5
Plus: Income receipts from
the rest of the world.......... 691.4 688.9 709.7 733.8 752.2 814.2 595.0 593.2 607.9 628.3 638.2 684.3 112.5 9.9 46.1
Less: Income payments to
the rest of the world.......... 633.4 625.0 664.7 673.7 689.0 743.5 543.6 536.7 568.0 575.1 583.2 623.5 122.8 8.1 40.3
Equals: Gross national product.. 13,252.7 13,218.9 13,311.9 13,452.4 13,615.1 13,839.4 11,370.1 11,362.5 11,375.9 11,447.8 11,466.7 11,580.0 305.4 18.9 113.3
Net domestic product............ 11,579.5 11,552.2 11,638.1 11,737.9 11,881.0 12,085.4 9,872.8 9,867.0 9,884.7 9,928.3 9,937.7 10,037.2 358.1 9.4 99.5
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
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]
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
2004 2005 2006 III 03 IV 03 I 04 II 04 III 04 IV 04 I 05 II 05 III 05 IV 05 I 06 II 06 III 06 IV 06 I 07 II 07r
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
Gross domestic product (GDP). 2.9 3.2 3.2 2.1 2.2 3.7 3.8 2.3 3.2 3.9 2.6 3.5 3.5 3.4 3.5 2.4 1.7 4.2 2.6
Personal consumption expenditures... 2.6 2.9 2.8 2.4 1.5 3.5 3.8 2.0 3.0 2.2 3.4 4.3 2.8 1.7 4.3 2.6 -.9 3.5 4.3
Durable goods..................... -1.8 -.7 -1.3 -4.0 -3.5 -.5 .3 -2.5 .2 .1 -.4 -2.8 -1.1 -1.0 -.7 -1.3 -2.7 -1.9 -1.4
Nondurable goods.................. 3.3 3.7 3.1 3.9 .5 5.3 6.2 1.4 4.7 .3 5.0 9.5 .8 .3 8.6 2.8 -7.9 5.0 10.0
Services.......................... 3.2 3.4 3.4 3.0 3.0 3.5 3.4 3.1 2.8 3.6 3.4 3.3 4.6 3.0 3.2 3.2 3.0 3.8 2.6
Gross private domestic investment... 3.4 4.2 3.5 1.3 3.5 4.1 4.7 3.9 3.9 5.2 2.8 4.0 5.8 4.0 2.5 1.6 2.2 2.0 -.4
Fixed investment.................. 3.4 4.3 3.5 1.3 3.5 4.1 4.7 3.9 3.9 5.3 2.9 4.2 6.0 3.9 2.4 1.5 2.0 1.9 -.3
Nonresidential.................. 1.3 2.9 3.1 .7 1.4 1.1 2.4 1.3 2.5 4.5 2.4 1.6 4.6 3.9 2.8 1.9 2.0 1.9 .0
Structures.................... 6.2 11.7 11.7 2.3 4.2 6.8 7.6 10.1 12.0 12.8 8.7 13.8 17.6 13.0 10.7 5.6 4.6 4.1 -1.1
Equipment and software........ -.3 -.1 .0 .1 .4 -.8 .7 -1.7 -.6 1.8 .3 -2.5 .2 .6 -.2 .4 .8 1.0 .5
Residential..................... 7.3 6.7 4.4 2.6 7.7 9.8 8.8 8.5 6.2 6.6 3.6 8.7 8.5 3.9 1.8 .8 2.1 2.0 -.8
Change in private inventories..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... .....
Net exports of goods and services... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... .....
Exports........................... 3.5 3.6 3.4 .9 3.0 5.5 4.8 1.9 4.2 4.6 3.6 2.5 3.0 2.7 6.0 4.6 -.8 3.6 5.3
Goods........................... 3.7 3.1 3.3 -.7 4.1 6.3 5.2 1.0 3.6 4.3 3.0 1.3 2.3 3.0 6.3 5.2 .1 3.5 5.1
Services........................ 3.2 4.9 3.7 4.7 .7 3.9 3.8 3.8 5.5 5.0 4.9 5.2 4.8 2.2 5.5 3.3 -2.7 3.9 5.8
Imports........................... 4.9 6.3 4.0 2.6 .4 9.2 7.3 5.3 6.9 2.2 9.7 10.3 4.3 -1.5 10.1 4.7 -9.4 1.0 11.9
Goods........................... 4.9 6.5 4.2 2.5 .5 10.0 7.9 5.0 7.0 2.0 10.1 10.9 4.9 -1.9 10.4 5.3 -10.1 .7 13.0
Services........................ 4.4 5.6 3.1 3.1 .0 4.9 4.7 6.7 6.0 3.5 7.7 7.5 1.3 .5 8.4 1.4 -5.3 2.3 6.7
Government consumption expenditures
and gross investment............... 4.5 5.8 4.9 2.5 2.2 7.2 5.0 4.8 5.7 7.5 4.6 6.4 5.0 5.1 5.7 3.0 2.1 6.4 5.5
Federal........................... 4.7 4.8 3.9 1.0 1.1 11.6 5.5 2.5 2.6 11.5 2.3 3.4 .8 9.1 4.0 1.3 .5 5.3 3.8
National defense................ 4.7 5.3 4.1 1.2 1.3 10.6 5.6 2.9 3.1 12.2 2.5 3.5 1.3 9.3 4.2 1.6 -.1 5.0 4.1
Nondefense...................... 4.9 4.0 3.5 .6 .6 13.8 5.2 1.4 1.7 10.1 1.8 3.2 -.2 8.9 3.5 .7 1.7 5.9 3.3
State and local................... 4.3 6.4 5.4 3.3 2.9 4.6 4.7 6.2 7.6 5.2 6.1 8.1 7.6 2.7 6.7 4.0 3.1 7.0 6.5
Addenda:
Final sales of domestic product... 2.9 3.2 3.2 2.1 2.2 3.7 3.8 2.3 3.2 3.9 2.6 3.5 3.5 3.4 3.5 2.3 1.7 4.2 2.7
Gross domestic purchases.......... 3.1 3.7 3.3 2.2 1.9 4.3 4.2 2.8 3.6 3.6 3.5 4.6 3.7 2.7 4.2 2.5 .1 3.8 3.8
Final sales to domestic
purchasers....................... 3.1 3.7 3.3 2.2 1.9 4.3 4.2 2.7 3.6 3.6 3.5 4.6 3.7 2.7 4.2 2.5 .1 3.8 3.8
Gross national product (GNP)...... 2.9 3.2 3.1 2.1 2.2 3.7 3.8 2.3 3.2 3.9 2.6 3.5 3.5 3.4 3.5 2.4 1.7 4.2 2.6
Implicit price deflators:
GDP............................. 2.9 3.2 3.2 2.1 2.2 3.7 3.8 2.3 3.2 3.9 2.6 3.5 3.5 3.4 3.5 2.4 1.7 4.2 2.6
Gross domestic purchases........ 3.1 3.6 3.3 2.3 1.9 4.3 4.2 2.7 3.7 3.6 3.6 4.6 3.7 2.7 4.2 2.5 .1 3.8 3.8
GNP............................. 2.9 3.2 3.2 2.1 2.2 3.7 3.8 2.3 3.2 3.9 2.6 3.5 3.5 3.4 3.5 2.4 1.7 4.2 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
---------------------------------------------------
2004 2005 2006 II 06 III 06 IV 06 I 07 II 07r
-----------------------------------------------------------------------------------------------------------------------------------
Gross domestic product............. 108.748 112.086 115.304 115.175 115.481 116.080 116.254 117.349
Personal consumption expenditures.......... 112.197 115.791 119.359 118.843 119.652 120.801 121.906 122.331
Durable goods............................ 125.652 131.748 136.735 135.542 137.413 138.720 141.680 142.283
Nondurable goods......................... 111.833 115.828 120.051 119.434 120.370 121.650 122.563 122.419
Services................................. 109.726 112.687 115.696 115.341 115.911 116.969 117.865 118.527
Gross private domestic investment.......... 102.003 107.709 110.607 112.274 111.106 106.955 104.690 105.875
Fixed investment......................... 102.012 109.080 111.657 112.705 111.354 109.325 108.113 108.956
Nonresidential......................... 92.873 99.490 106.062 105.770 107.090 106.711 107.277 110.109
Structures........................... 78.760 79.127 85.770 85.063 87.270 88.849 90.241 95.639
Equipment and software............... 98.505 107.935 114.332 114.276 115.100 113.662 113.753 115.075
Residential............................ 125.343 133.608 127.433 131.465 124.190 118.462 113.301 109.791
Change in private inventories............ ..... ..... ..... ..... ..... ..... ..... .....
Exports of goods and services.............. 102.723 109.775 118.957 117.528 119.182 123.222 123.568 125.833
Imports of goods and services.............. 116.546 123.425 130.683 129.764 131.483 132.014 133.272 132.363
Government consumption expenditures and
gross investment.......................... 112.210 113.050 115.092 114.807 115.022 116.007 115.865 117.028
Federal.................................. 123.693 125.524 128.255 127.414 127.708 129.977 127.886 129.756
State and local.......................... 106.384 106.721 108.418 108.407 108.584 108.935 109.748 110.564
Addenda:
Final sales of domestic product.......... 108.804 112.360 115.526 115.282 115.565 116.550 116.916 117.953
Gross domestic purchases................. 110.444 113.894 117.071 116.963 117.331 117.562 117.871 118.560
Final sales to domestic purchasers....... 110.505 114.166 117.292 117.074 117.421 118.021 118.515 119.146
Gross national product................... 109.031 112.265 115.363 115.286 115.422 116.152 116.344 117.493
-----------------------------------------------------------------------------------------------------------------------------------
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
---------------------------------------------------
2004 2005 2006 II 06 III 06 IV 06 I 07 II 07r
-----------------------------------------------------------------------------------------------------------------------------------
Gross domestic product............. 109.462 113.005 116.568 116.350 117.030 117.527 118.750 119.527
Personal consumption expenditures
(PCE)..................................... 108.392 111.588 114.675 114.670 115.406 115.143 116.129 117.345
Durable goods............................ 90.696 90.018 88.857 89.110 88.827 88.213 87.799 87.488
Nondurable goods......................... 107.626 111.561 114.989 115.763 116.576 114.210 115.620 118.413
Services................................. 112.929 116.726 120.725 120.252 121.209 122.122 123.252 124.055
Gross private domestic investment.......... 106.686 111.155 115.090 114.891 115.335 115.958 116.532 116.426
Fixed investment......................... 106.845 111.404 115.352 115.169 115.592 116.162 116.718 116.636
Nonresidential......................... 100.896 103.778 106.961 106.764 107.267 107.789 108.301 108.293
Structures........................... 120.912 135.013 150.806 150.294 152.344 154.071 155.637 155.199
Equipment and software............... 94.600 94.527 94.485 94.379 94.470 94.667 94.892 95.002
Residential............................ 120.587 128.653 134.288 134.137 134.390 135.076 135.736 135.459
Change in private inventories............ ..... ..... ..... ..... ..... ..... ..... .....
Exports of goods and services.............. 104.997 108.803 112.537 112.359 113.641 113.424 114.433 115.912
Imports of goods and services.............. 104.526 111.117 115.610 116.339 117.689 114.834 115.114 118.408
Government consumption expenditures and
gross investment.......................... 114.754 121.435 127.334 127.125 128.076 128.757 130.765 132.527
Federal.................................. 115.322 120.914 125.622 125.686 126.097 126.244 127.886 129.098
State and local.......................... 114.431 121.758 128.370 127.998 129.271 130.272 132.499 134.586
Addenda:
PCE excluding food and energy............ 107.338 109.670 112.130 111.871 112.519 113.052 113.730 114.116
Market-based PCE\1\...................... 107.386 110.307 113.168 113.240 113.926 113.456 114.472 115.784
Market-based PCE excluding food
and energy\1\........................... 105.857 107.667 109.717 109.500 110.072 110.507 111.161 111.498
Final sales of domestic product.......... 109.487 113.040 116.603 116.388 117.065 117.553 118.773 119.555
Gross domestic purchases................. 109.235 113.225 116.920 116.850 117.575 117.609 118.702 119.809
Final sales to domestic purchasers....... 109.259 113.261 116.956 116.890 117.612 117.636 118.727 119.838
Gross national product................... 109.456 112.999 116.558 116.342 117.022 117.515 118.740 119.518
Implicit price deflators:
Gross domestic product................. 109.462 113.000 116.567 116.347 117.026 117.522 118.745 119.519
Final sales of domestic product........ 109.487 113.040 116.603 116.383 117.061 117.550 118.770 119.551
Gross domestic purchases............... 109.234 113.221 116.919 116.848 117.573 117.606 118.700 119.804
Final sales to domestic purchasers..... 109.259 113.261 116.956 116.886 117.610 117.634 118.725 119.837
Gross national product................. 109.455 112.994 116.558 116.338 117.019 117.511 118.736 119.512
-----------------------------------------------------------------------------------------------------------------------------------
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 in appendix table A.
See "Explanatory Note" at the end of the tables.
Table 7.--Real Gross Domestic Product: Percent Change from Preceding Year
-----------------------------------------------------------------------------------------------------------------------------------------------------------------------
1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006
-----------------------------------------------------------------------------------------------------------------------------------------------------------------------
Gross domestic product (GDP).... -.2 3.3 2.7 4.0 2.5 3.7 4.5 4.2 4.5 3.7 .8 1.6 2.5 3.6 3.1 2.9
Personal consumption expenditures...... .2 3.3 3.3 3.7 2.7 3.4 3.8 5.0 5.1 4.7 2.5 2.7 2.8 3.6 3.2 3.1
Durable goods........................ -5.6 5.9 7.8 8.4 4.4 7.8 8.6 11.3 11.7 7.3 4.3 7.1 5.8 6.3 4.9 3.8
Nondurable goods..................... -.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 3.5 3.6 3.6
Services............................. 1.7 3.5 2.8 2.9 2.6 2.9 3.3 4.2 4.0 4.5 2.4 1.9 1.9 3.2 2.7 2.7
Gross private domestic investment...... -8.1 8.1 8.9 13.6 3.1 8.9 12.4 9.8 7.8 5.7 -7.9 -2.6 3.6 9.7 5.6 2.7
Fixed investment..................... -6.5 5.9 8.6 9.3 6.5 9.0 9.2 10.2 8.3 6.5 -3.0 -5.2 3.4 7.3 6.9 2.4
Nonresidential..................... -5.4 3.2 8.7 9.2 10.5 9.3 12.1 11.1 9.2 8.7 -4.2 -9.2 1.0 5.8 7.1 6.6
Structures....................... -11.1 -6.0 -.7 1.8 6.4 5.6 7.3 5.1 -.4 6.8 -2.3 -17.1 -4.1 1.3 .5 8.4
Equipment and software........... -2.6 7.3 12.5 11.9 12.0 10.6 13.8 13.3 12.7 9.4 -4.9 -6.2 2.8 7.4 9.6 5.9
Residential........................ -9.6 13.8 8.2 9.6 -3.2 8.0 1.9 7.6 6.0 .8 .4 4.8 8.4 10.0 6.6 -4.6
Change in private inventories........ ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... .....
Net exports of goods and services...... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... .....
Exports.............................. 6.6 6.9 3.2 8.7 10.1 8.4 11.9 2.4 4.3 8.7 -5.4 -2.3 1.3 9.7 6.9 8.4
Goods.............................. 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 9.0 7.5 9.9
Services........................... 6.0 5.5 3.2 6.3 6.3 7.2 5.9 2.9 5.6 2.9 -3.7 1.9 .0 11.5 5.4 4.8
Imports.............................. -.6 7.0 8.8 11.9 8.0 8.7 13.6 11.6 11.5 13.1 -2.7 3.4 4.1 11.3 5.9 5.9
Goods.............................. -.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 11.3 6.6 6.0
Services........................... -2.6 -2.6 2.9 5.7 3.3 5.5 9.4 11.4 6.9 11.1 -.3 2.1 .0 11.5 2.3 5.2
Government consumption expenditures
and gross investment.................. 1.1 .5 -.9 .0 .5 1.0 1.9 1.9 3.9 2.1 3.4 4.4 2.5 1.4 .7 1.8
Federal.............................. -.2 -1.7 -4.2 -3.7 -2.7 -1.2 -1.0 -1.1 2.2 .9 3.9 7.0 6.8 4.2 1.5 2.2
National defense................... -1.1 -5.0 -5.6 -4.9 -3.8 -1.4 -2.8 -2.1 1.9 -.5 3.9 7.4 8.7 5.8 1.5 1.9
Nondefense......................... 2.4 6.9 -.7 -1.2 -.4 -.7 2.6 .7 2.8 3.5 3.9 6.3 3.4 1.1 1.3 2.8
State and local...................... 2.1 2.2 1.4 2.6 2.6 2.3 3.6 3.6 4.7 2.7 3.2 3.1 .2 -.2 .3 1.6
Addenda:
Final sales of domestic product...... .1 3.0 2.6 3.4 3.0 3.7 4.0 4.2 4.5 3.8 1.6 1.2 2.5 3.3 3.3 2.8
Gross domestic purchases............. -.8 3.3 3.2 4.4 2.4 3.8 4.8 5.3 5.3 4.4 .9 2.2 2.8 4.1 3.1 2.8
Final sales to domestic purchasers... -.6 3.1 3.2 3.8 2.8 3.8 4.3 5.3 5.4 4.5 1.8 1.8 2.8 3.8 3.3 2.7
Gross national product............... -.3 3.3 2.7 3.9 2.6 3.7 4.4 4.0 4.6 3.7 .8 1.5 2.7 3.8 3.0 2.8
Real disposable personal income...... .5 3.4 1.0 2.7 2.8 3.0 3.5 5.8 3.0 4.8 1.9 3.1 2.2 3.6 1.7 3.1
Price indexes:
Gross domestic purchases........... 3.3 2.3 2.2 2.1 2.1 1.8 1.4 .6 1.6 2.5 2.0 1.6 2.3 3.1 3.7 3.3
Gross domestic purchases excluding
food and energy................... 3.5 2.6 2.3 2.2 2.2 1.5 1.3 1.0 1.4 1.9 1.9 1.9 1.9 2.7 3.1 2.9
GDP................................ 3.5 2.3 2.3 2.1 2.0 1.9 1.7 1.1 1.4 2.2 2.4 1.7 2.1 2.9 3.2 3.2
GDP excluding food and energy...... 3.6 2.5 2.4 2.2 2.1 1.7 1.7 1.2 1.5 2.0 2.1 2.1 1.9 2.7 3.2 3.1
Personal consumption expenditures.. 3.6 2.9 2.3 2.1 2.1 2.2 1.7 .9 1.7 2.5 2.1 1.4 2.0 2.6 2.9 2.8
-----------------------------------------------------------------------------------------------------------------------------------------------------------------------
Table 8.--Real Gross Domestic Product: Percent Change From Quarter One Year Ago
-----------------------------------------------------------------------------------------------------------------------------------------------------------------------
III 03 IV 03 I 04 II 04 III 04 IV 04 I 05 II 05 III 05 IV 05 I 06 II 06 III 06 IV 06 I 07 II 07r
-----------------------------------------------------------------------------------------------------------------------------------------------------------------------
Gross domestic product (GDP).... 3.1 3.7 4.1 4.1 3.2 3.1 3.2 3.0 3.2 2.9 3.3 3.2 2.4 2.6 1.5 1.9
Personal consumption expenditures
(PCE)................................. 3.2 3.4 4.0 3.7 3.2 3.7 3.1 3.4 3.5 2.8 3.3 3.0 2.7 3.4 3.2 2.9
Durable goods........................ 6.7 8.3 9.8 6.1 4.0 5.6 4.7 7.0 6.6 1.2 4.6 2.1 2.0 6.6 4.7 5.0
Nondurable goods..................... 4.3 3.9 4.1 3.9 2.8 3.5 3.3 3.8 3.6 3.6 3.8 3.5 3.7 3.6 3.2 2.5
Services............................. 2.0 2.2 2.9 3.2 3.2 3.3 2.8 2.5 2.9 2.7 2.7 3.0 2.4 2.6 2.9 2.8
Gross private domestic investment...... 4.4 7.0 7.9 12.2 9.8 9.1 9.9 3.8 3.6 5.3 5.0 6.2 3.4 -3.6 -6.6 -5.7
Fixed investment..................... 5.4 7.2 7.3 7.8 6.8 7.2 8.3 7.1 6.8 5.5 6.5 4.0 .8 -1.6 -4.5 -3.3
Nonresidential..................... 2.9 4.9 4.9 4.9 5.6 7.5 9.1 7.7 6.8 5.1 7.5 7.3 6.4 5.2 2.5 4.1
Structures....................... .1 .2 2.0 .0 1.1 2.3 2.9 1.0 -1.6 -.3 2.7 7.1 11.6 12.3 10.2 12.4
Equipment and software........... 3.9 6.6 6.0 6.7 7.3 9.4 11.4 10.1 9.9 7.1 9.4 7.4 4.6 2.5 -.5 .7
Residential........................ 10.6 11.7 11.6 13.2 8.8 6.7 7.0 6.2 6.9 6.4 4.8 -1.5 -8.5 -12.8 -16.5 -16.5
Change in private inventories........ ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... .....
Net exports of goods and services...... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... .....
Exports.............................. .1 5.8 9.8 12.0 9.9 7.4 6.4 7.1 6.9 7.0 8.4 7.4 8.4 9.3 6.6 7.1
Goods.............................. -.1 7.1 8.4 10.7 10.0 7.0 6.6 8.1 7.0 8.3 10.7 9.0 10.4 9.7 6.1 6.1
Services........................... .5 3.0 13.0 15.3 9.8 8.3 6.0 4.9 6.6 4.1 3.2 3.9 3.8 8.3 7.9 9.4
Imports.............................. 2.8 4.8 9.3 12.1 12.4 11.5 8.8 5.3 4.6 5.1 6.3 6.4 7.2 3.7 2.9 2.0
Goods.............................. 3.2 5.3 9.3 11.3 12.6 11.9 9.8 5.9 5.2 5.8 6.6 6.7 7.6 3.2 2.7 1.7
Services........................... 1.0 2.2 9.2 16.4 11.5 9.3 4.3 1.9 1.5 1.4 4.7 4.8 5.2 6.1 4.3 3.9
Government consumption expenditures
and gross investment.................. 2.7 1.7 2.5 1.3 1.3 .7 .6 .6 .9 .9 1.8 1.8 1.2 2.5 1.2 1.9
Federal.............................. 7.3 5.5 7.1 3.0 4.4 2.4 1.6 1.2 1.8 1.3 2.7 2.1 .3 3.7 .0 1.8
National defense................... 9.1 7.5 10.8 3.1 7.2 2.5 1.7 1.8 1.6 1.1 1.6 1.5 -1.3 5.9 1.2 2.8
Nondefense......................... 4.0 1.9 .3 2.8 -.9 2.3 1.5 -.1 2.1 1.9 5.0 3.4 3.4 -.7 -2.5 .0
State and local...................... .3 -.4 -.1 .3 -.5 -.4 .0 .2 .5 .7 1.3 1.5 1.7 1.8 1.9 2.0
Addenda:
Final sales of domestic product...... 3.2 3.7 4.0 3.5 2.7 2.8 2.9 3.5 3.7 2.9 3.5 2.8 1.9 3.0 1.9 2.3
Gross domestic purchases............. 3.3 3.6 4.3 4.5 3.8 3.9 3.7 2.9 3.1 2.8 3.3 3.3 2.5 2.1 1.2 1.4
Final sales to domestic purchasers... 3.4 3.7 4.2 3.9 3.3 3.6 3.4 3.4 3.5 2.9 3.5 2.9 2.1 2.4 1.6 1.8
Gross national product............... 3.3 3.9 4.6 4.2 3.4 2.9 2.9 2.9 3.2 2.8 3.2 3.2 2.0 2.7 1.5 1.9
Real disposable personal income...... 3.3 3.7 4.2 3.5 2.7 4.1 2.3 2.3 1.3 1.1 3.1 2.6 3.3 3.2 3.4 3.4
Price indexes:
Gross domestic purchases........... 2.3 2.2 2.2 3.1 3.3 3.7 3.5 3.4 3.8 3.8 3.6 3.8 3.3 2.4 2.6 2.5
Gross domestic purchases excluding
food and energy................... 1.9 1.9 2.1 2.7 2.9 3.1 3.2 3.0 3.0 3.1 2.9 3.1 3.0 2.8 2.8 2.3
GDP................................ 2.2 2.2 2.3 2.9 3.0 3.2 3.3 3.0 3.3 3.4 3.2 3.5 3.2 2.7 2.9 2.7
GDP excluding food and energy...... 1.9 1.9 2.1 2.7 2.9 3.2 3.3 3.1 3.2 3.3 3.1 3.3 3.2 2.9 2.9 2.5
PCE................................ 1.9 1.9 2.0 2.8 2.7 3.1 2.8 2.6 3.2 3.2 3.1 3.3 2.9 1.9 2.3 2.3
PCE excluding food and energy...... 1.3 1.4 1.8 2.1 2.1 2.2 2.3 2.1 2.1 2.2 2.0 2.2 2.4 2.3 2.4 2.0
Market-based PCE\1\................ 1.8 1.6 1.6 2.4 2.3 2.8 2.4 2.4 3.1 3.0 2.9 3.2 2.7 1.6 2.2 2.2
Market-based PCE excluding food
and energy\1\..................... 1.1 1.0 1.3 1.5 1.4 1.6 1.8 1.7 1.7 1.7 1.6 1.9 2.1 2.0 2.2 1.8
-----------------------------------------------------------------------------------------------------------------------------------------------------------------------
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
---------------------------------------------------
2004 2005 2006 II 06 III 06 IV 06 I 07 II 07r
-----------------------------------------------------------------------------------------------------------------------------------
Gross domestic product..................... 11,685.9 12,433.9 13,194.7 13,155.0 13,266.9 13,392.3 13,551.9 13,768.8
Plus: Income receipts from the rest of the
world..................................... 437.5 544.1 691.4 688.9 709.7 733.8 752.2 814.2
Less: Income payments to the rest of the
world..................................... 361.3 475.6 633.4 625.0 664.7 673.7 689.0 743.5
Equals: Gross national product............. 11,762.1 12,502.4 13,252.7 13,218.9 13,311.9 13,452.4 13,615.1 13,839.4
Less: Consumption of fixed capital......... 1,436.1 1,609.5 1,615.2 1,602.8 1,628.8 1,654.4 1,670.9 1,683.4
Less: Statistical discrepancy.............. 19.1 5.4 -18.1 -2.6 -2.5 -46.6 -66.3 -88.8
Equals: National income.................... 10,306.8 10,887.6 11,655.6 11,618.7 11,685.6 11,844.6 12,010.5 12,244.9
Compensation of employees................ 6,656.4 7,029.6 7,448.3 7,371.9 7,442.5 7,649.9 7,764.9 7,874.9
Wage and salary accruals............... 5,379.5 5,672.9 6,025.7 5,958.4 6,015.8 6,203.0 6,294.4 6,388.7
Supplements to wages and salaries...... 1,276.9 1,356.8 1,422.6 1,413.5 1,426.7 1,446.9 1,470.5 1,486.2
Proprietors' income with inventory
valuation and capital consumption
adjustments............................. 911.6 969.9 1,006.7 1,013.5 1,003.6 1,009.8 1,027.4 1,038.4
Rental income of persons with capital
consumption adjustment.................. 118.4 42.9 54.5 55.4 52.9 50.9 53.2 62.1
Corporate profits with inventory
valuation and capital consumption
adjustments............................. 1,231.2 1,372.8 1,553.7 1,575.5 1,592.5 1,531.2 1,547.7 1,642.4
Net interest and miscellaneous payments.. 491.2 558.0 598.5 611.0 594.2 596.0 599.6 592.4
Taxes on production and imports less
subsidies............................... 819.2 863.1 917.6 916.2 922.9 931.1 943.8 956.8
Business current transfer payments....... 83.0 66.5 90.2 88.6 91.4 91.8 91.8 92.8
Current surplus of government
enterprises............................. -4.2 -15.1 -13.9 -13.4 -14.5 -16.0 -17.8 -15.0
Addendum:
Gross domestic income.................... 11,666.8 12,428.6 13,212.8 13,157.5 13,269.4 13,438.9 13,618.2 13,857.6
-----------------------------------------------------------------------------------------------------------------------------------
r Revised
Table 10.--Personal Income and Its Disposition
[Billions of dollars]
-----------------------------------------------------------------------------------------------------------------------------------
Seasonally adjusted at annual rates
---------------------------------------------------
2004 2005 2006 II 06 III 06 IV 06 I 07 II 07r
-----------------------------------------------------------------------------------------------------------------------------------
Personal income\1\......................... 9,727.2 10,301.1 10,983.4 10,915.5 11,030.9 11,200.2 11,469.2 11,619.2
Compensation of employees, received...... 6,671.4 7,024.6 7,440.8 7,371.9 7,442.5 7,599.9 7,764.9 7,849.9
Wage and salary disbursements.......... 5,394.5 5,667.9 6,018.2 5,958.4 6,015.8 6,153.0 6,294.4 6,363.7
Supplements to wages and salaries...... 1,276.9 1,356.8 1,422.6 1,413.5 1,426.7 1,446.9 1,470.5 1,486.2
Proprietors' income with inventory
valuation and capital consumption
adjustments............................. 911.6 969.9 1,006.7 1,013.5 1,003.6 1,009.8 1,027.4 1,038.4
Farm................................... 37.3 30.8 19.4 14.6 18.1 23.9 29.1 33.1
Nonfarm................................ 874.3 939.1 987.4 998.9 985.5 985.8 998.3 1,005.3
Rental income of persons with capital
consumption adjustment.................. 118.4 42.9 54.5 55.4 52.9 50.9 53.2 62.1
Personal income receipts on assets....... 1,432.1 1,617.8 1,796.5 1,795.7 1,828.1 1,836.6 1,882.9 1,930.0
Personal interest income............... 895.1 1,018.9 1,100.2 1,112.7 1,119.7 1,102.8 1,126.1 1,148.4
Personal dividend income............... 537.0 598.9 696.3 682.9 708.4 733.8 756.8 781.6
Personal current transfer receipts....... 1,422.5 1,520.7 1,612.5 1,599.1 1,630.6 1,647.7 1,710.7 1,717.1
Less: Contributions for government
social insurance........................ 828.8 874.8 927.6 920.1 926.8 944.6 969.8 978.4
Less: Personal current taxes............... 1,046.3 1,209.1 1,354.3 1,342.6 1,355.2 1,401.0 1,454.7 1,485.6
Equals: Disposable personal income......... 8,680.9 9,092.0 9,629.1 9,572.9 9,675.8 9,799.2 10,014.5 10,133.6
Less: Personal outlays..................... 8,499.2 9,047.4 9,590.3 9,542.9 9,677.1 9,757.2 9,917.5 10,069.2
Equals: Personal saving.................... 181.7 44.6 38.8 30.0 -1.4 42.0 97.0 64.4
Personal saving as a percentage of
disposable personal income.............. 2.1 .5 .4 .3 .0 .4 1.0 .6
Addendum:
Disposable personal income, billions of
chained (2000) dollars\2\............... 8,008.9 8,147.9 8,396.9 8,348.6 8,384.5 8,510.7 8,623.9 8,636.0
-----------------------------------------------------------------------------------------------------------------------------------
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
--------------------------------------- ------------------------------- -------
2004 2005 2006 II 06 III 06 IV 06 I 07 II 07r 2005 2006 III 06 IV 06 I 07 II 07r II 07r
-------------------------------------------------------------------------------------------------------------------------------------------------------------
Corporate profits with inventory
valuation and capital consumption
adjustments......................... 1,231.2 1,372.8 1,553.7 1,575.5 1,592.5 1,531.2 1,547.7 1,642.4 11.5 13.2 1.1 -3.8 1.1 6.1 4.2
Less: Taxes on corporate income...... 307.4 392.9 453.9 460.0 470.4 452.4 452.5 490.1 27.8 15.5 2.3 -3.8 .0 8.3 6.6
Equals: Profits after tax with
inventory valuation and capital
consumption adjustments............. 923.9 979.9 1,099.8 1,115.6 1,122.1 1,078.8 1,095.2 1,152.2 6.1 12.2 .6 -3.9 1.5 5.2 3.3
Net dividends...................... 539.5 601.4 698.9 685.6 711.1 736.4 759.4 784.2 11.5 16.2 3.7 3.6 3.1 3.3 14.4
Undistributed profits with
inventory valuation and capital
consumption adjustments........... 384.4 378.6 400.9 430.0 411.1 342.4 335.8 368.0 -1.5 5.9 -4.4 -16.7 -1.9 9.6 -14.4
Cash flow:
Net cash flow with inventory
valuation and capital consumption
adjustments....................... 1,181.5 1,235.4 1,290.9 1,314.2 1,308.3 1,251.3 1,251.5 1,288.9 4.6 4.5 -.4 -4.4 .0 3.0 -1.9
Undistributed profits with
inventory valuation and capital
consumption adjustments......... 384.4 378.6 400.9 430.0 411.1 342.4 335.8 368.0 -1.5 5.9 -4.4 -16.7 -1.9 9.6 -14.4
Consumption of fixed capital..... 797.1 856.8 890.0 884.2 897.3 908.9 915.7 920.8 7.5 3.9 1.5 1.3 .7 .6 4.1
Less: Inventory valuation
adjustment........................ -43.1 -36.2 -36.3 -57.7 -35.2 -21.0 -40.2 -54.7 ..... ..... ..... ..... ..... ..... .....
Equals: Net cash flow.............. 1,224.6 1,271.6 1,327.2 1,371.9 1,343.6 1,272.2 1,291.7 1,343.6 3.8 4.4 -2.1 -5.3 1.5 4.0 -2.1
Addenda:
Profits before tax (without
inventory valuation and capital
consumption adjustments).......... 1,204.7 1,579.6 1,805.8 1,842.3 1,851.4 1,789.2 1,815.8 1,931.5 31.1 14.3 .5 -3.4 1.5 6.4 4.8
Profits after tax (without
inventory valuation and capital
consumption adjustments).......... 897.3 1,186.7 1,351.9 1,382.4 1,381.0 1,336.8 1,363.3 1,441.4 32.2 13.9 -.1 -3.2 2.0 5.7 4.3
Inventory valuation adjustment..... -43.1 -36.2 -36.3 -57.7 -35.2 -21.0 -40.2 -54.7 ..... ..... ..... ..... ..... ..... .....
Capital consumption adjustment..... 69.7 -170.6 -215.8 -209.1 -223.7 -237.0 -227.9 -234.4 ..... ..... ..... ..... ..... ..... .....
-------------------------------------------------------------------------------------------------------------------------------------------------------------
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
--------------------------------------- ----------------------------------------------
2004 2005 2006 II 06 III 06 IV 06 I 07 II 07r 2005 2006 III 06 IV 06 I 07 II 07r
-------------------------------------------------------------------------------------------------------------------------------------------------------------
Corporate profits with inventory
valuation and capital consumption
adjustments............................. 1,231.2 1,372.8 1,553.7 1,575.5 1,592.5 1,531.2 1,547.7 1,642.4 141.6 180.9 17.0 -61.3 16.5 94.7
Domestic industries.......................... 1,037.8 1,154.6 1,296.4 1,316.1 1,342.8 1,253.5 1,249.8 1,327.8 116.8 141.8 26.7 -89.3 -3.7 78.0
Financial.................................. 356.2 405.5 482.2 498.6 476.3 495.6 468.7 521.4 49.3 76.7 -22.3 19.3 -26.9 52.7
Nonfinancial............................... 681.6 749.1 814.3 817.5 866.4 757.9 781.1 806.4 67.5 65.2 48.9 -108.5 23.2 25.3
Rest of the world............................ 193.4 218.2 257.3 259.4 249.8 277.8 297.9 314.6 24.8 39.1 -9.6 28.0 20.1 16.7
Receipts from the rest of the world........ 316.4 358.7 419.8 420.6 425.9 438.7 448.7 482.6 42.3 61.1 5.3 12.8 10.0 33.9
Less: Payments to the rest of the world.... 123.0 140.6 162.5 161.2 176.1 160.9 150.8 168.0 17.6 21.9 14.9 -15.2 -10.1 17.2
Corporate profits with inventory
valuation adjustment.................... 1,161.6 1,543.4 1,769.5 1,784.6 1,816.2 1,768.2 1,775.6 1,876.8 381.8 226.1 31.6 -48.0 7.4 101.2
Domestic industries.......................... 968.2 1,325.2 1,512.2 1,525.2 1,566.4 1,490.4 1,477.7 1,562.1 357.0 187.0 41.2 -76.0 -12.7 84.4
Financial.................................. 348.9 423.6 505.3 521.0 500.3 521.0 493.0 546.4 74.7 81.7 -20.7 20.7 -28.0 53.4
Federal Reserve banks.................... 20.0 26.6 33.8 33.8 35.9 34.8 38.5 39.2 6.6 7.2 2.1 -1.1 3.7 .7
Other financial.......................... 328.9 397.1 471.4 487.3 464.4 486.2 454.5 507.2 68.2 74.3 -22.9 21.8 -31.7 52.7
Nonfinancial............................... 619.3 901.6 1,006.9 1,004.2 1,066.1 969.5 984.7 1,015.7 282.3 105.3 61.9 -96.6 15.2 31.0
Utilities................................ 18.6 28.4 35.7 35.3 37.8 37.8 36.4 41.2 9.8 7.3 2.5 .0 -1.4 4.8
Manufacturing............................ 152.7 251.2 293.4 298.0 319.5 280.2 298.9 347.0 98.5 42.2 21.5 -39.3 18.7 48.1
Durable goods.......................... 38.3 85.1 95.9 81.8 101.8 107.2 113.0 117.2 46.8 10.8 20.0 5.4 5.8 4.2
Fabricated metal products............ 11.9 17.3 20.3 18.9 19.3 22.5 23.3 22.2 5.4 3.0 .4 3.2 .8 -1.1
Machinery............................ 7.2 16.0 19.3 19.5 18.3 18.7 21.8 22.5 8.8 3.3 -1.2 .4 3.1 .7
Computer and electronic products..... -4.9 10.1 7.7 7.8 7.1 6.2 9.0 7.7 15.0 -2.4 -.7 -.9 2.8 -1.3
Electrical equipment, appliances,
and components...................... .3 -3.7 -1.9 -2.9 -1.6 .2 1.3 .7 -4.0 1.8 1.3 1.8 1.1 -.6
Motor vehicles, bodies and trailers,
and parts........................... -7.6 .1 -1.1 -2.8 -1.4 1.3 4.6 12.3 7.7 -1.2 1.4 2.7 3.3 7.7
Other durable goods.................. 31.3 45.3 51.7 41.4 60.1 58.3 52.9 51.8 14.0 6.4 18.7 -1.8 -5.4 -1.1
Nondurable goods....................... 114.5 166.0 197.5 216.1 217.6 173.0 185.9 229.8 51.5 31.5 1.5 -44.6 12.9 43.9
Food and beverage and tobacco
products............................ 24.2 27.8 29.2 27.9 30.4 31.8 30.1 35.4 3.6 1.4 2.5 1.4 -1.7 5.3
Petroleum and coal products.......... 48.9 89.8 110.4 125.6 128.7 85.2 94.9 136.5 40.9 20.6 3.1 -43.5 9.7 41.6
Chemical products.................... 25.4 29.7 37.6 41.5 40.6 31.7 41.0 41.8 4.3 7.9 -.9 -8.9 9.3 .8
Other nondurable goods............... 16.0 18.7 20.3 21.2 17.9 24.3 20.0 16.1 2.7 1.6 -3.3 6.4 -4.3 -3.9
Wholesale trade.......................... 79.2 95.2 97.0 85.4 118.1 91.1 97.8 104.9 16.0 1.8 32.7 -27.0 6.7 7.1
Retail trade............................. 91.1 114.4 124.5 119.6 126.9 132.1 134.3 134.4 23.3 10.1 7.3 5.2 2.2 .1
Transportation and warehousing........... 14.1 28.2 41.9 45.9 47.7 40.0 39.1 45.8 14.1 13.7 1.8 -7.7 -.9 6.7
Information.............................. 43.9 74.8 85.4 83.2 81.5 91.5 109.5 92.9 30.9 10.6 -1.7 10.0 18.0 -16.6
Other nonfinancial....................... 219.7 309.5 329.0 336.7 334.5 296.7 268.7 249.5 89.8 19.5 -2.2 -37.8 -28.0 -19.2
Rest of the world............................ 193.4 218.2 257.3 259.4 249.8 277.8 297.9 314.6 24.8 39.1 -9.6 28.0 20.1 16.7
-------------------------------------------------------------------------------------------------------------------------------------------------------------
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
---------------------------------------------------
2004 2005 2006 II 06 III 06 IV 06 I 07 II 07r
-----------------------------------------------------------------------------------------------------------------------------------
Billions of dollars
----------------------------------------------------------------------------------------
Gross value added of nonfinancial
corporate business.................... 5,956.4 6,319.4 6,689.4 6,639.8 6,739.1 6,784.5 6,865.0 6,967.2
Consumption of fixed capital............... 687.4 742.3 772.8 767.6 779.5 789.8 795.7 800.1
Net value added............................ 5,269.0 5,577.1 5,916.6 5,872.2 5,959.6 5,994.7 6,069.3 6,167.1
Compensation of employees................ 3,865.2 4,078.5 4,316.7 4,269.2 4,306.4 4,442.1 4,494.1 4,557.5
Wage and salary accruals............... 3,159.7 3,334.8 3,543.8 3,501.0 3,532.3 3,657.5 3,695.5 3,753.2
Supplements to wages and salaries...... 705.5 743.6 772.9 768.2 774.1 784.6 798.6 804.3
Taxes on production and imports less
subsidies............................... 523.9 558.7 584.9 583.9 587.3 592.1 599.7 607.8
Net operating surplus.................... 879.9 940.0 1,015.0 1,019.1 1,065.9 960.5 975.6 1,001.8
Net interest and miscellaneous
payments.............................. 138.9 132.5 133.2 135.0 132.3 133.6 136.0 136.2
Business current transfer payments..... 59.3 58.3 67.6 66.7 67.2 68.9 58.5 59.2
Corporate profits with inventory
valuation and capital consumption
adjustments........................... 681.6 749.1 814.3 817.5 866.4 757.9 781.1 806.4
Taxes on corporate income............ 191.0 263.4 288.2 288.8 300.6 285.2 298.6 321.6
Profits after tax with inventory
valuation and capital consumption
adjustments......................... 490.7 485.7 526.0 528.6 565.8 472.7 482.5 484.7
Net dividends...................... 367.0 199.2 448.6 405.2 463.2 532.2 483.7 491.1
Undistributed profits with
inventory valuation and capital
consumption adjustments........... 123.7 286.5 77.4 123.5 102.6 -59.5 -1.2 -6.4
Addenda:
Profits before tax (without inventory
valuation and capital consumption
adjustments)............................ 662.4 937.8 1,043.2 1,061.9 1,101.4 990.4 1,024.9 1,070.5
Profits after tax (without inventory
valuation and capital consumption
adjustments)............................ 471.4 674.4 755.0 773.0 800.7 705.3 726.3 748.8
Inventory valuation adjustment........... -43.1 -36.2 -36.3 -57.7 -35.2 -21.0 -40.2 -54.7
Capital consumption adjustment........... 62.4 -152.5 -192.7 -186.7 -199.7 -211.6 -203.6 -209.4
----------------------------------------------------------------------------------------
Billions of chained (2000) dollars
----------------------------------------------------------------------------------------
Gross value added of nonfinancial
corporate business\1\................. 5,652.3 5,806.6 6,012.1 5,965.7 6,039.7 6,076.2 6,089.6 6,159.1
Consumption of fixed capital\2\............ 651.4 682.4 686.9 683.1 690.4 698.1 701.7 705.1
Net value added\3\......................... 5,001.0 5,124.2 5,325.3 5,282.6 5,349.2 5,378.1 5,387.9 5,454.0
----------------------------------------------------------------------------------------
Dollars; quarters seasonally adjusted
----------------------------------------------------------------------------------------
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\... 1.054 1.088 1.113 1.113 1.116 1.117 1.127 1.131
Compensation of employees (unit labor
cost)................................... .684 .702 .718 .716 .713 .731 .738 .740
Unit nonlabor cost....................... .250 .257 .260 .261 .259 .261 .261 .260
Consumption of fixed capital........... .122 .128 .129 .129 .129 .130 .131 .130
Taxes on production and imports less
subsidies plus business current
transfer payments..................... .103 .106 .109 .109 .108 .109 .108 .108
Net interest and miscellaneous payments .025 .023 .022 .023 .022 .022 .022 .022
Corporate profits with inventory valuation
and capital consumption adjustments (unit
profits from current production)........ .121 .129 .135 .137 .143 .125 .128 .131
Taxes on corporate income.............. .034 .045 .048 .048 .050 .047 .049 .052
Profits after tax with inventory
valuation and capital consumption
adjustments........................... .087 .084 .087 .089 .094 .078 .079 .079
-----------------------------------------------------------------------------------------------------------------------------------
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]
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
2004 2005 2006 III 03 IV 03 I 04 II 04 III 04 IV 04 I 05 II 05 III 05 IV 05 I 06 II 06 III 06 IV 06 I 07 II 07r
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
Gross domestic product (GDP) and
related aggregates:
GDP............................... 3.6 3.1 2.9 7.5 2.7 3.0 3.5 3.6 2.5 3.1 2.8 4.5 1.2 4.8 2.4 1.1 2.1 .6 3.8
Goods............................. 4.7 4.3 5.0 16.2 2.5 2.1 3.4 6.6 3.7 4.2 3.9 5.8 1.5 9.6 4.6 3.4 1.1 .2 5.4
Services.......................... 2.8 2.3 2.3 1.9 2.8 3.8 2.2 2.4 2.4 2.3 1.4 4.4 1.0 2.4 2.0 2.0 4.4 2.1 3.1
Structures........................ 5.2 3.4 -.1 14.1 2.2 1.0 11.5 1.3 -.3 4.0 7.3 1.2 1.2 4.3 -1.4 -9.9 -7.0 -6.2 3.0
Motor vehicle output.............. 4.0 4.2 -1.3 8.9 -6.5 8.8 -6.1 29.0 -9.6 5.4 4.7 30.6 -30.5 17.0 -10.9 15.1 -21.6 6.2 1.0
GDP excuding motor vehicle
output........................... 3.6 3.0 3.0 7.4 3.0 2.8 3.8 2.8 3.0 3.0 2.7 3.6 2.5 4.4 2.9 .6 2.9 .4 3.9
Final sales of computers\1\....... 5.4 35.1 19.4 90.4 20.0 -31.0 -6.6 19.8 50.1 39.5 51.7 21.8 34.2 7.3 20.7 5.1 27.0 -1.3 35.7
GDP excluding final sales of
computers........................ 3.6 2.9 2.8 7.0 2.5 3.3 3.6 3.5 2.3 2.8 2.5 4.3 1.0 4.8 2.3 1.0 1.9 .6 3.6
Farm gross value added\2\......... 8.1 5.9 .6 -34.7 -36.1 149.5 -30.8 18.9 40.8 -10.9 14.0 -3.0 6.0 -8.9 17.5 -12.4 .8 -12.5 14.8
Nonfarm business gross value
added\3\......................... 4.1 3.6 3.2 11.0 1.6 2.6 5.0 3.8 2.6 3.9 3.2 5.6 .9 5.7 2.4 .8 2.6 .3 4.2
Price indexes:
GDP............................... 2.9 3.2 3.2 2.1 2.2 3.7 3.8 2.3 3.2 3.9 2.6 3.5 3.5 3.4 3.5 2.4 1.7 4.2 2.6
GDP excluding food and energy..... 2.7 3.2 3.1 1.7 2.1 3.5 3.4 2.8 3.1 4.1 2.6 2.9 3.5 3.4 3.2 2.6 2.4 3.3 1.6
GDP excluding final sales of
computers........................ 3.0 3.4 3.3 2.2 2.3 3.8 3.8 2.4 3.4 4.1 2.7 3.6 3.7 3.5 3.6 2.5 1.8 4.3 2.8
Gross domestic purchases.......... 3.1 3.7 3.3 2.2 1.9 4.3 4.2 2.8 3.6 3.6 3.5 4.6 3.7 2.7 4.2 2.5 .1 3.8 3.8
Gross domestic purchases excluding
food and energy.................. 2.7 3.1 2.9 1.8 2.0 3.5 3.4 2.6 2.8 4.0 2.6 2.7 3.2 3.2 3.2 2.5 2.3 3.1 1.5
Gross domestic purchases excluding
final sales of computers to
domestic purchasers.............. 3.2 3.9 3.5 2.4 2.0 4.4 4.3 2.9 3.9 3.8 3.7 4.8 3.9 2.9 4.5 2.7 .2 3.9 4.0
Personal consumption expenditures
(PCE)............................ 2.6 2.9 2.8 2.4 1.5 3.5 3.8 2.0 3.0 2.2 3.4 4.3 2.8 1.7 4.3 2.6 -.9 3.5 4.3
Personal consumption expenditures
excluding food and energy........ 2.1 2.2 2.2 1.8 1.6 2.4 2.7 1.7 2.1 2.6 2.1 1.7 2.4 2.0 2.9 2.3 1.9 2.4 1.4
Market-based PCE\4\............... 2.3 2.7 2.6 2.2 .9 3.2 3.4 1.5 2.9 1.9 3.1 4.3 2.6 1.5 4.3 2.4 -1.6 3.6 4.7
Market-based PCE excluding food
and energy\4\.................... 1.5 1.7 1.9 1.4 .9 1.8 1.9 1.1 1.8 2.3 1.5 1.2 1.9 1.8 2.6 2.1 1.6 2.4 1.2
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
r Revised
1. Some components of final sales of computers include
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 2005-06
annual percent change in real GDP uses prices for 2005 and 2006 as weights, and the 2005-06 annual
percent change in GDP prices uses quantities for 2005 and 2006 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, 8,
and Appendix Table A. 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.