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The tables from this news release are available in XLS format and the entire release is available in PDF format.
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Virginia H. Mannering: (202) 606-5304 (GDP) BEA 04-36
Recorded message: (202) 606-5306
Brent Moulton: (202) 606-9606 (Annual Revision)
Carol Moylan: (202) 606-9715
NATIONAL INCOME AND PRODUCT ACCOUNTS
. SECOND QUARTER 2004 GDP (ADVANCE)
. REVISED ESTIMATES: 2001 THROUGH FIRST QUARTER 2004
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 3.0 percent in the second quarter of 2004,
according to advance estimates released by the Bureau of Economic Analysis. In the first quarter, real
GDP increased 4.5 percent (revised).
The Bureau emphasized that the second-quarter "advance" estimates are based on source data that
are incomplete or subject to further revision by the source agency (see the box on page 3). The second-
quarter "preliminary" estimates, based on more comprehensive data, will be released on August 27,
2004.
BOX
The estimates released today reflect revisions in the national income and product accounts
(NIPAs) beginning with the first quarter of 2001. Revisions are usually made each July to incorporate
source data that are more complete, more detailed, and otherwise more consistent than previously
available. This release includes the revised quarterly estimates of GDP, corporate profits, and personal
income and provides an overview of the effects of the revision.
The August 2004 Survey of Current Business will contain NIPA tables and an article describing
the revisions. The revised estimates will be available from BEA's Web site (see page 7).
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 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 major contributors to the increase in real GDP in the second quarter were exports, residential
fixed investment, equipment and software, personal consumption expenditures (PCE), government
spending, and private inventory investment. Imports, which are a subtraction in the calculation of GDP,
increased.
The deceleration in real GDP growth in the second quarter primarily reflected a sharp deceleration
in PCE and a deceleration in private inventory investment that were partly offset by accelerations in
exports and in residential fixed investment.
Final sales of computers contributed 0.04 percentage point to the second-quarter change in real
GDP; the contribution to the first-quarter change was 0.00 percentage point. Motor vehicle output
subtracted 1.01 percentage points from the second-quarter change in real GDP after contributing 0.30
percentage point to the first-quarter change.
The price index for gross domestic purchases, which measures prices paid by U.S. residents,
increased 3.5 percent in the second quarter, compared with an increase of 3.4 percent in the first.
Excluding food and energy prices, the price index for gross domestic purchases increased 2.4 percent in
the second quarter, compared with an increase of 2.5 percent in the first.
Real personal consumption expenditures increased 1.0 percent in the second quarter, compared
with an increase of 4.1 percent in the first. Durable goods purchases decreased 2.5 percent, in contrast to
an increase of 2.2 percent. Nondurable goods decreased 0.1 percent, in contrast to an increase of 6.7
percent. Services expenditures increased 2.3 percent, compared with an increase of 3.3 percent.
Real nonresidential fixed investment increased 8.9 percent in the second quarter, compared with an
increase of 4.2 percent in the first. Nonresidential structures increased 5.2 percent, in contrast to a
decrease of 7.6 percent. Equipment and software increased 10.0 percent, compared with an increase of
8.0 percent. Real residential fixed investment increased 15.4 percent, compared with an increase of 5.0
percent.
Real exports of goods and services increased 13.2 percent in the second quarter, compared with an
increase of 7.3 percent in the first. Real imports of goods and services increased 9.3 percent, compared
with an increase of 10.6 percent.
Real federal government consumption expenditures and gross investment increased 2.7 percent in
the second quarter, compared with an increase of 7.1 percent in the first. National defense increased 1.9
percent, compared with an increase of 10.6 percent. Nondefense increased 4.3 percent, compared with
an increase of 0.2 percent. Real state and local government consumption expenditures and gross
investment increased 2.1 percent, compared with no change in the first.
The real change in private inventories added 0.28 percentage point to the second-quarter change in
real GDP, after adding 1.17 percentage points to the first-quarter change. Private businesses increased
inventories $47.5 billion in the second quarter, following increases of $40.0 billion in the first and $8.6
billion in the fourth quarter of 2003.
Real final sales of domestic product -- GDP less change in private inventories -- increased 2.8
percent in the second quarter, compared with an increase of 3.3 percent in the first.
Gross domestic purchases
Real gross domestic purchases -- purchases by U.S. residents of goods and services wherever
produced -- increased 3.0 percent in the second quarter, compared with an increase of 5.0 percent in the
first.
Disposition of personal income
Current-dollar personal income increased $149.4 billion (6.5 percent) in the second quarter,
compared with an increase of $135.4 billion (5.9 percent) in the first. Personal current taxes increased
$19.9 billion, compared with an increase of $1.0 billion.
Disposable personal income increased $129.5 billion in the second quarter, compared with an
increase of $134.5 billion in the first. Real disposable personal income increased 2.9 percent, compared
with an increase of 3.2 percent.
Personal outlays increased $90.9 billion (4.4 percent) in the second quarter, compared with an
increase of $142.2 billion (7.1 percent) in the first. Personal saving -- disposable personal income less
personal outlays -- was $142.0 billion in the second quarter, compared with $103.4 billion in the first.
The personal saving rate -- saving as a percentage of disposable personal income -- increased from 1.2
percent in the first quarter to 1.7 percent in the second.
Current-dollar GDP
Current-dollar GDP the market value of the nation's output of goods and services -- increased 6.3
percent, or $176.7 billion, in the second quarter to a level of $11,649.3 billion. In the first quarter,
current-dollar GDP increased 7.4 percent, or $201.7 billion.
BOX
Information on the assumptions used for unavailable source data is provided in a technical note
that is posted with the news release on BEA's Web site. Within a few days after the release, a detailed
"Key Source Data and Assumptions" file is posted on the Web site. In the middle of each month, an
analysis of the current quarterly estimates of GDP and related series is made available on the Web site;
click on Survey of Current Business, "Business Situation."
Revision of the National Income and Product Accounts
The revised estimates, which begin with 2001, reflect the results of the regular annual revision of
the national income and product accounts (NIPAs). These revisions, usually made each July, incorporate
newly available and more comprehensive source data, as well as improved estimating methodologies.
Because of the additional data shown, tables 3, 11, and 12 are each divided into two separate tables -- 3A
and 3B, 11A and 11B, and 12A and 12B.
There are also a number of special tables that compare the revised and previously published
estimates for selected periods: Table 1A shows the percent change in real GDP and related measures;
table 1B shows revisions to current-dollar GDP, to national income, and to disposition of personal
income; table 2A shows contributions to the percent change in real GDP; table 4A shows the percent
change in the chain-type price indexes for GDP and related measures; and table 12C shows revisions to
corporate profits by industry.
This section of the release discusses the highlights of the revisions and describes their sources.
Summary of major revisions
. From 2000 to 2003, real GDP grew at an average annual rate of 1.9 percent, the same as in the
previously published estimates. The average annual rate of growth of real GDP from 2000:IV to
2004:I is unchanged at 2.5 percent. Revisions to year-to-year growth rates were small.
. The 2001 downturn and the subsequent recovery are both milder than previously estimated. In the
previously published estimates, real GDP peaked in the fourth quarter of 2000 and then decreased
in each of the next three quarters; in the revised estimates, real GDP decreased in the first quarter
of 2001 but increased in the second -- to a level higher than in the fourth quarter of 2000 -- before
decreasing again in the third quarter. From the fourth quarter of 2000 to the third quarter of 2001,
the revised estimates show that real GDP decreased at an annual rate of 0.2 percent; the previously
published estimates showed a decrease of 0.7 percent. From the third quarter of 2001 to the first
quarter of 2004, the revised estimates show that real GDP increased at an average annual rate of
3.3 percent; the previously published estimates showed an average increase of 3.4 percent.
. The decline in real GDP from the second quarter of 2001 to the third quarter of 2001 is 0.4 percent
(not at an annual rate). The total decline in the previously published estimates from the previous
peak in the fourth quarter of 2000 to the third quarter of 2001 had been 0.5 percent (not at an
annual rate).
. The largest quarterly revisions to the percent change in real GDP were for the second quarter of
2001 (from -0.6 percent to + 1.2 percent), for the first quarter of 2002 (from 4.7 percent to 3.4
percent), and for the second quarter of 2003 (from 3.1 percent to 4.1 percent). For the 13 quarters
from 2001:I to 2004:I the average revision (without regard to sign) was 0.6 percentage point.
. The average annual rate of growth of real disposable personal income from 2000 to 2003 was
revised from 2.7 percent to 2.4 percent.
Revisions to 2001-2003 estimates
The percent change from the preceding year in real GDP was revised up from 0.5 percent to 0.8
percent for 2001, was revised down from 2.2 percent to 1.9 percent for 2002, and was revised down
from 3.1 percent to 3.0 percent for 2003.
For 2001, the largest contributor to the upward revision to real GDP growth was state and local
consumption expenditures and gross investment, but most other components also contributed. For 2002,
the largest contributors to the downward revision were fixed investment in equipment and software,
personal consumption expenditures (PCE) for services, and PCE for nondurable goods; the contributions
of these components were partly offset by an upward revision to state and local consumption
expenditures and gross investment. For 2003, the slight downward revision was attributable to generally
small and mostly offsetting revisions to many components.
The percent change from fourth quarter to fourth quarter in real GDP was revised up from 0.0
percent to 0.2 percent for 2001, was revised down from 2.8 percent to 2.3 percent for 2002, and was
revised up from 4.3 percent to 4.4 percent for 2003.
The percent change from the preceding year in the price index for gross domestic purchases was
unrevised at 2.0 percent for 2001, was revised up from 1.4 percent to 1.5 percent for 2002, and was
revised up from 1.9 percent to 2.0 percent for 2003. For the quarters of 2001 to 2003, the percent change
in the price index was revised up for eight quarters, was revised down for one quarter (0.1 percentage
point for the third quarter of 2003), and was unchanged for three quarters; the largest upward revision
was 0.3 percentage point (first quarter of 2003).
Current-dollar GDP was revised up $27.2 billion, or 0.3 percent, for 2001; was revised up $6.2
billion, or 0.1 percent, for 2002; and was revised up $16.1 billion, or 0.1 percent, for 2003. The percent
change from the preceding year was revised up from 2.9 percent to 3.2 percent for 2001, was revised
down from 3.8 percent to 3.5 percent for 2002, and was revised up from 4.8 percent to 4.9 percent for
2003. Current-dollar GNP (GDP plus net income receipts from the rest of the world) was revised up
$35.7 billion, or 0.4 percent, for 2001; was revised up $11.8 billion, or 0.1 percent, for 2002; and was
revised up $27.6 billion, or 0.3 percent, for 2003. Net income receipts was revised up for all 3 years:
$8.4 billion for 2001, $5.6 billion for 2002, and $11.4 billion for 2003. The revisions to net income
receipts -- which affect GNP, national income, corporate profits, net interest and miscellaneous
payments, and personal interest income -- stem from the revisions to BEA's international transactions
accounts (ITAs) that were released in June. Although the revisions to the ITAs extended back to 1989,
the revisions prior to 2001 are not incorporated into the NIPA's at this time. (An article describing the
revisions to the ITAs was published in the July 2004 issue of the Survey of Current Business.)
National income was revised down $1.4 billion, or less than 0.1 percent, for 2001; was revised
down $65.4 billion, or 0.7 percent, for 2002; and was revised down $28.2 billion, or 0.3 percent, for
2003. For both 2002 and 2003, downward revisions to net interest and miscellaneous payments, to
corporate profits, to nonfarm proprietors' income, and to business current transfer payments (net) more
than offset upward revisions to supplements to wages and salaries.
Corporate profits from current production -- profits before tax with inventory valuation and capital
consumption adjustments -- was revised down for all 3 years: $3.1 billion, or 0.4 percent, for 2001;
$29.6 billion, or 3.3 percent, for 2002; and $48.8 billion, or 4.6 percent, for 2003. For all 3 years,
downward revisions to the capital consumption adjustment more than offset upward revisions to profits
before tax. For all 3 years, downward revisions to profits of domestic nonfinancial corporations more
than offset upward revisions to profits of domestic financial corporations and to profits from the rest of
the world.
Personal income was revised up $11.0 billion, or 0.1 percent, for 2001; was revised down $31.4
billion, or 0.4 percent, for 2002; and was revised down $46.2 billion, or 0.5 percent, for 2003. For 2001,
upward revisions to personal interest income and to nonfarm proprietors' income more than offset a
downward revision to farm proprietors' income. For 2002 and 2003, downward revisions to personal
income receipts on assets, to nonfarm proprietors' income, and to personal current transfer receipts more
than offset upward revisions to supplements to wages and salaries.
Disposable personal income (DPI) (personal income less personal current taxes) was revised up
$17.4 billion, or 0.2 percent, for 2001; was revised down $29.5 billion, or 0.4 percent, for 2002; and was
revised down $56.6 billion, or 0.7 percent, for 2003. The revisions were roughly similar to those to
personal income, reflecting relatively small revisions to personal current taxes. Personal current taxes
was revised down $6.4 billion for 2001, was revised down $1.9 billion for 2002, and was revised up
$10.5 billion for 2003. The percent change from the preceding year in real DPI was revised up from 1.8
percent to 1.9 percent for 2001, was revised down from 3.8 percent to 3.1 percent for 2002, and was
revised down from 2.7 percent to 2.3 percent for 2003.
Personal outlays was revised up $12.3 billion for 2001, was revised down $5.5 billion for 2002,
and was revised up $6.3 billion for 2003. Revisions to PCE accounted for most of the 2001 revision and
more than accounted for the 2002 revision. The 2003 revision was accounted for by revisions to PCE
and to personal current transfer payments. The personal saving rate (personal saving as a percentage of
DPI) was revised up from 1.7 percent to 1.8 percent for 2001, was revised down from 2.3 percent to 2.0
percent for 2002, and was revised down from 2.1 percent to 1.4 percent for 2003.
The statistical discrepancy is current-dollar GDP less current-dollar gross domestic income (GDI).
It arises because most components of GDP and of GDI are estimated independently. GDP measures
final expenditures -- the sum of consumer spending, private investment, net exports, and government
spending. GDI measures the incomes earned in the production of GDP. In concept, GDP is equal to
GDI. In practice, they differ because they are estimated using less than perfectly consistent source data.
As a result of the annual revision, the statistical discrepancy as a percentage of GDP was revised
from -1.1 percent to -0.9 percent for 2001, from -0.7 percent to -0.1 percent for 2002, and from +0.1
percent to +0.2 percent for 2003. The revisions to the discrepancy for 2001 and 2003 reflected larger
upward revisions to GDP than to GDI. For 2002, the revision to the discrepancy mainly reflected a
downward revision to GDI.
New source data
The annual revision incorporated data from the following major federal statistical sources:
Preliminary results from the 2002 Economic Census; Census Bureau annual surveys of merchant
wholesale trade and of retail trade for 2002 and revised monthly indicators for 2001-2003 of merchant
wholesale trade and of retail trade; Census Bureau annual surveys of services for 2002 (revised) and
2003 (preliminary), and of state and local governments for 2001 (revised) and 2002 (preliminary);
Census Bureau monthly survey of construction put-in-place for 2001-2003 (revised); federal government
budget data for fiscal years 2003 and 2004; Internal Revenue Service tabulations of tax returns for
corporations for 2001 (revised) and 2002 (preliminary) and for sole proprietorships and partnerships for
2002; Bureau of Labor Statistics quarterly census of employment and wages for 2003 (revised);
Department of Agriculture farm statistics for 2001-2003; and BEA's ITAs for 2001-2003 (revised). A
table showing the major current-dollar revisions and their sources for each component of GDP, national
income, and personal income will be published in the August 2004 issue of the Survey of Current
Business.
BEA's major national, international, regional, and industry estimates; the Survey of Current
Business; and BEA news releases are available without charge on BEA's Web site:
<www.bea.gov>
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
(202) 606-5362 U.S. international transactions
Most of BEA's estimates and analyses are published in the Survey of Current Business, BEA's
monthly journal. Subscriptions and single copies of the printed Survey are for sale by the
Superintendent of Documents, U.S. Government Printing Office. Internet: <bookstore.gpo.gov>;
phone: 202-512-1800; fax: 202-512-2250; mail: Stop SSOP, Washington, DC 20402-0001.
* * *
Next release -- August 27, 2004, at 8:30 A.M. EDT for:
Gross Domestic Product: Second Quarter 2004 (Preliminary)
Corporate Profits: Second Quarter 2004
Table 1.--Real Gross Domestic Product and Related Measures: Percent Change From Preceding Period
[Quarters seasonally adjusted at annual rates]
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
2000 2001 2002 2003 IV 00 I 01 II 01 III 01 IV 01 I 02 II 02 III 02 IV 02 I 03 II 03 III 03 IV 03 I 04 II 04
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
Gross domestic product (GDP). 3.7 .8 1.9 3.0 2.1 -.5 1.2 -1.4 1.6 3.4 2.4 2.6 .7 1.9 4.1 7.4 4.2 4.5 3.0
Personal consumption expenditures... 4.7 2.5 3.1 3.3 3.4 1.7 1.0 1.8 7.0 1.8 2.8 2.9 2.5 2.7 3.9 5.0 3.6 4.1 1.0
Durable goods..................... 7.3 4.3 6.5 7.4 .7 6.7 -.3 3.1 37.4 -8.5 4.4 14.0 -2.4 -.1 20.6 16.5 3.9 2.2 -2.5
Nondurable goods.................. 3.8 2.0 2.6 3.7 3.7 .5 -.1 2.4 4.9 3.8 .8 -.6 5.3 5.0 1.6 6.9 5.1 6.7 -.1
Services.......................... 4.5 2.4 2.6 2.2 3.9 1.1 1.8 1.2 2.3 3.3 3.5 2.4 2.2 2.1 1.8 1.9 2.8 3.3 2.3
Gross private domestic investment... 5.7 -7.9 -2.4 4.4 -2.3 -13.6 -7.6 -10.5 -22.7 16.8 .3 4.1 -.5 -.8 3.5 22.4 13.9 12.3 12.8
Fixed investment.................. 6.5 -3.0 -4.9 5.1 .7 -2.6 -8.7 -4.5 -10.6 -4.3 -3.5 .2 -.8 2.4 10.9 18.0 10.5 4.5 11.1
Nonresidential.................. 8.7 -4.2 -8.9 3.3 .9 -4.2 -13.6 -6.8 -13.3 -9.7 -9.6 -1.1 -3.2 -.1 11.8 15.7 11.0 4.2 8.9
Structures.................... 6.8 -2.3 -17.8 -5.6 1.2 -8.3 -4.0 6.0 -33.2 -18.5 -22.6 -16.0 -6.6 -13.0 14.5 -1.3 7.9 -7.6 5.2
Equipment and software........ 9.4 -4.9 -5.5 6.4 .8 -2.8 -16.9 -11.4 -4.2 -6.3 -4.5 4.6 -2.0 4.5 11.0 21.7 12.0 8.0 10.0
Residential..................... .8 .4 4.8 8.8 .4 2.2 5.6 1.8 -3.7 9.3 11.3 2.8 4.2 7.5 9.1 22.4 9.6 5.0 15.4
Change in private inventories..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... .....
Net exports of goods and services... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... .....
Exports........................... 8.7 -5.4 -2.3 1.9 -2.7 -5.3 -12.7 -18.2 -10.8 4.7 11.0 3.1 -4.2 -1.5 -1.6 11.3 17.5 7.3 13.2
Goods........................... 11.2 -6.1 -4.1 2.2 -5.4 -5.4 -17.1 -20.0 -8.8 -1.9 14.0 2.9 -10.2 4.0 -.8 10.1 16.1 9.1 14.6
Services........................ 2.9 -3.7 1.8 1.4 4.4 -5.0 -.7 -13.7 -15.3 21.7 4.5 3.5 10.5 -12.7 -3.4 14.1 20.6 3.4 10.0
Imports........................... 13.1 -2.7 3.4 4.4 -1.6 -3.7 -12.6 -10.3 -3.4 12.5 11.4 5.4 9.6 -2.0 2.5 2.8 17.1 10.6 9.3
Goods........................... 13.5 -3.2 3.7 4.7 -1.6 -3.4 -16.9 -8.6 -2.0 10.1 15.3 5.9 8.2 -1.8 5.1 .0 18.4 12.7 8.7
Services........................ 11.1 -.3 1.9 3.1 -1.9 -5.0 12.8 -18.3 -10.4 24.7 -5.8 2.8 16.6 -2.6 -9.4 17.9 11.1 1.2 12.7
Government consumption expenditures
and gross investment............... 2.1 3.4 4.4 2.8 1.3 5.3 7.9 -1.5 8.5 4.7 4.4 2.1 4.0 .2 7.2 .1 1.6 2.5 2.3
Federal........................... .9 3.9 7.5 6.6 -1.0 8.1 9.1 .0 8.8 8.2 12.8 2.9 9.1 .3 22.1 -3.3 4.8 7.1 2.7
National defense................ -.5 3.9 7.7 9.0 1.7 7.0 4.3 2.4 12.5 5.8 11.5 3.4 13.5 -2.7 38.4 -7.7 11.6 10.6 1.9
Nondefense...................... 3.5 3.9 7.1 2.4 -5.7 10.1 18.0 -3.9 2.3 12.6 15.0 1.9 1.6 6.2 -3.9 5.8 -7.5 .2 4.3
State and local................... 2.7 3.2 2.8 .7 2.5 4.0 7.2 -2.3 8.4 2.9 .3 1.7 1.4 .1 -.4 2.2 -.1 .0 2.1
Addenda:
Final sales of domestic product... 3.8 1.6 1.4 3.1 2.6 1.6 1.0 -.4 3.8 .3 1.8 2.0 .7 2.4 5.2 6.8 3.7 3.3 2.8
Gross domestic purchases.......... 4.4 .9 2.5 3.3 2.1 -.4 .7 -.8 2.2 4.4 2.8 2.9 2.4 1.7 4.4 6.4 4.7 5.0 3.0
Final sales to domestic
purchasers....................... 4.5 1.8 2.1 3.4 2.6 1.5 .5 .2 4.3 1.4 2.2 2.4 2.3 2.2 5.4 5.9 4.2 3.9 2.7
Gross national product (GNP)...... 3.7 .8 1.7 3.3 3.0 -1.1 1.5 -2.5 3.9 1.4 2.1 3.0 1.4 1.7 4.4 7.6 5.5 3.9 .....
Disposable personal income........ 4.8 1.9 3.1 2.3 .6 1.3 -1.7 11.5 -5.6 10.8 2.7 -1.7 .2 1.8 4.3 8.2 1.4 3.2 2.9
Current-dollar measures:
GDP............................. 5.9 3.2 3.5 4.9 3.8 2.8 4.4 .2 3.6 4.5 4.2 3.9 2.7 4.9 5.3 8.8 5.7 7.4 6.3
Final sales of domestic product. 6.1 4.1 3.1 5.1 4.5 4.9 4.2 1.2 5.5 1.7 3.3 3.7 2.7 5.3 6.3 8.4 5.4 6.1 6.0
Gross domestic purchases........ 7.0 2.9 4.0 5.4 3.7 2.2 3.0 .2 3.1 5.3 5.6 4.4 4.3 5.7 4.8 8.1 5.9 8.6 6.5
Final sales to domestic
purchasers..................... 7.2 3.8 3.6 5.5 4.4 4.3 2.8 1.2 4.9 2.6 4.7 4.2 4.3 6.0 5.8 7.7 5.7 7.4 6.2
GNP............................. 6.0 3.2 3.4 5.2 4.7 2.1 4.6 -.8 6.0 2.4 3.9 4.3 3.4 4.6 5.6 9.0 7.0 6.8 .....
Disposable personal income...... 7.5 4.1 4.6 4.2 2.4 4.6 .8 12.1 -5.0 11.8 5.7 .2 1.5 5.1 5.0 9.9 2.6 6.6 6.3
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
See "Explanatory Note" at the end of the tables.
Table 1A.--Real Gross Domestic Product and Related Measures: Percent Change From Preceding Period
[Quarters seasonally adjusted at annual rates]
------------------------------------------------------------------------------------------------------------------------------------------------------------------
2000 2001 2002 2003 IV 00 I 01 II 01 III 01 IV 01 I 02 II 02 III 02 IV 02 I 03 II 03 III 03 IV 03 I 04
------------------------------------------------------------------------------------------------------------------------------------------------------------------
Gross domestic product (GDP). 3.7 .8 1.9 3.0 2.1 -.5 1.2 -1.4 1.6 3.4 2.4 2.6 .7 1.9 4.1 7.4 4.2 4.5
Previously published....... 3.7 .5 2.2 3.1 2.1 -.2 -.6 -1.3 2.0 4.7 1.9 3.4 1.3 2.0 3.1 8.2 4.1 3.9
Personal consumption expenditures... 4.7 2.5 3.1 3.3 3.4 1.7 1.0 1.8 7.0 1.8 2.8 2.9 2.5 2.7 3.9 5.0 3.6 4.1
Previously published.............. 4.7 2.5 3.4 3.1 3.4 .5 2.3 1.9 6.2 4.1 2.6 2.0 2.2 2.5 3.3 6.9 3.2 3.8
Durable goods..................... 7.3 4.3 6.5 7.4 .7 6.7 -.3 3.1 37.4 -8.5 4.4 14.0 -2.4 -.1 20.6 16.5 3.9 2.2
Previously published............ 7.3 4.1 6.5 7.4 .7 1.7 9.8 .7 27.3 1.6 .5 5.0 .3 .5 17.7 28.0 .7 -3.7
Nondurable goods.................. 3.8 2.0 2.6 3.7 3.7 .5 -.1 2.4 4.9 3.8 .8 -.6 5.3 5.0 1.6 6.9 5.1 6.7
Previously published............ 3.8 1.9 3.0 3.8 3.7 .4 -1.1 2.9 4.7 6.1 .4 .2 4.6 5.7 1.2 7.3 5.4 6.9
Services.......................... 4.5 2.4 2.6 2.2 3.9 1.1 1.8 1.2 2.3 3.3 3.5 2.4 2.2 2.1 1.8 1.9 2.8 3.3
Previously published............ 4.5 2.4 3.0 2.0 3.9 .3 2.4 1.6 2.8 3.8 4.1 2.2 1.5 1.5 1.7 2.8 2.8 3.9
Gross private domestic investment... 5.7 -7.9 -2.4 4.4 -2.3 -13.6 -7.6 -10.5 -22.7 16.8 .3 4.1 -.5 -.8 3.5 22.4 13.9 12.3
Previously published.............. 5.7 -8.4 -1.2 4.2 -2.3 -11.1 -16.4 -8.5 -17.7 11.1 4.6 11.4 -.6 -3.5 4.7 14.8 14.9 9.4
Fixed investment.................. 6.5 -3.0 -4.9 5.1 .7 -2.6 -8.7 -4.5 -10.6 -4.3 -3.5 .2 -.8 2.4 10.9 18.0 10.5 4.5
Previously published............ 6.5 -3.2 -3.7 4.4 .7 -2.7 -9.2 -5.2 -10.8 -2.5 .6 .6 2.1 1.1 6.1 15.8 9.9 5.0
Nonresidential.................. 8.7 -4.2 -8.9 3.3 .9 -4.2 -13.6 -6.8 -13.3 -9.7 -9.6 -1.1 -3.2 -.1 11.8 15.7 11.0 4.2
Previously published.......... 8.7 -4.5 -7.2 3.0 .9 -4.5 -13.6 -8.4 -14.0 -7.0 -3.0 -1.1 -.1 -.6 7.0 12.8 10.9 5.3
Structures.................... 6.8 -2.3 -17.8 -5.6 1.2 -8.3 -4.0 6.0 -33.2 -18.5 -22.6 -16.0 -6.6 -13.0 14.5 -1.3 7.9 -7.6
Previously published........ 6.8 -2.5 -18.4 -4.6 1.2 -5.9 -5.6 2.2 -35.3 -23.9 -14.5 -14.6 -5.6 -4.0 3.9 -1.8 -1.4 -7.4
Equipment and software........ 9.4 -4.9 -5.5 6.4 .8 -2.8 -16.9 -11.4 -4.2 -6.3 -4.5 4.6 -2.0 4.5 11.0 21.7 12.0 8.0
Previously published........ 9.4 -5.2 -2.8 5.5 .8 -4.0 -16.4 -12.2 -4.1 -.2 1.2 3.7 1.7 .5 8.0 17.6 14.9 9.2
Residential..................... .8 .4 4.8 8.8 .4 2.2 5.6 1.8 -3.7 9.3 11.3 2.8 4.2 7.5 9.1 22.4 9.6 5.0
Previously published.......... .8 .4 4.9 7.5 .4 2.6 3.7 3.1 -2.5 8.7 8.9 4.2 6.8 4.5 4.5 21.9 7.9 4.6
Change in private inventories..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... .....
Net exports of goods and services... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... .....
Exports........................... 8.7 -5.4 -2.3 1.9 -2.7 -5.3 -12.7 -18.2 -10.8 4.7 11.0 3.1 -4.2 -1.5 -1.6 11.3 17.5 7.3
Previously published............ 8.7 -5.2 -2.4 2.0 -2.7 -4.5 -13.4 -17.7 -9.8 4.4 8.7 4.3 -3.7 -2.0 -1.1 9.9 20.5 7.5
Goods........................... 11.2 -6.1 -4.1 2.2 -5.4 -5.4 -17.1 -20.0 -8.8 -1.9 14.0 2.9 -10.2 4.0 -.8 10.1 16.1 9.1
Previously published.......... 11.2 -6.1 -4.0 1.9 -5.4 -5.4 -18.1 -18.9 -7.6 -2.6 12.0 4.3 -9.1 1.9 -1.7 8.6 21.3 9.4
Services........................ 2.9 -3.7 1.8 1.4 4.4 -5.0 -.7 -13.7 -15.3 21.7 4.5 3.5 10.5 -12.7 -3.4 14.1 20.6 3.4
Previously published.......... 2.9 -3.1 1.4 2.3 4.4 -2.0 -.6 -14.7 -15.0 22.8 1.6 4.5 9.4 -10.1 .2 12.7 18.9 3.3
Imports........................... 13.1 -2.7 3.4 4.4 -1.6 -3.7 -12.6 -10.3 -3.4 12.5 11.4 5.4 9.6 -2.0 2.5 2.8 17.1 10.6
Previously published............ 13.1 -2.6 3.3 4.0 -1.6 -6.2 -8.6 -10.8 -3.8 8.4 17.1 4.1 8.2 -6.8 9.1 .8 16.4 10.4
Goods........................... 13.5 -3.2 3.7 4.7 -1.6 -3.4 -16.9 -8.6 -2.0 10.1 15.3 5.9 8.2 -1.8 5.1 .0 18.4 12.7
Previously published.......... 13.5 -3.2 3.7 4.8 -1.6 -6.8 -12.2 -9.2 -3.2 6.3 21.9 4.8 7.4 -6.6 13.7 -1.5 18.3 12.2
Services........................ 11.1 -.3 1.9 3.1 -1.9 -5.0 12.8 -18.3 -10.4 24.7 -5.8 2.8 16.6 -2.6 -9.4 17.9 11.1 1.2
Previously published.......... 11.1 .4 1.4 -.1 -1.9 -3.1 12.5 -18.2 -6.9 19.2 -3.6 .7 12.2 -7.5 -10.9 13.4 7.5 1.9
Government consumption expenditures
and gross investment............... 2.1 3.4 4.4 2.8 1.3 5.3 7.9 -1.5 8.5 4.7 4.4 2.1 4.0 .2 7.2 .1 1.6 2.5
Previously published............. 2.1 2.8 3.8 3.3 1.3 5.8 5.8 -4.1 7.4 4.6 4.0 2.5 7.1 -.4 7.4 1.8 -.1 3.0
Federal........................... .9 3.9 7.5 6.6 -1.0 8.1 9.1 .0 8.8 8.2 12.8 2.9 9.1 .3 22.1 -3.3 4.8 7.1
Previously published............ .9 3.7 7.9 8.7 -1.0 8.9 6.7 .0 9.9 8.4 10.5 3.9 18.2 -.2 23.5 1.2 .7 8.5
National defense................ -.5 3.9 7.7 9.0 1.7 7.0 4.3 2.4 12.5 5.8 11.5 3.4 13.5 -2.7 38.4 -7.7 11.6 10.6
Previously published.......... -.5 3.9 8.9 10.6 1.7 7.7 2.6 2.4 14.2 8.2 9.5 4.5 22.1 -5.6 41.9 -1.3 3.0 13.2
Nondefense...................... 3.5 3.9 7.1 2.4 -5.7 10.1 18.0 -3.9 2.3 12.6 15.0 1.9 1.6 6.2 -3.9 5.8 -7.5 .2
Previously published.......... 3.5 3.5 6.2 5.3 -5.7 11.2 14.4 -4.3 2.6 8.7 12.2 2.9 11.4 10.5 -5.0 6.5 -3.7 -.3
State and local................... 2.7 3.2 2.8 .7 2.5 4.0 7.2 -2.3 8.4 2.9 .3 1.7 1.4 .1 -.4 2.2 -.1 .0
Previously published............ 2.7 2.2 1.8 .5 2.5 4.3 5.3 -6.1 6.1 2.7 .7 1.7 1.5 -.5 -.8 2.1 -.5 -.3
Addenda:
Final sales of domestic product... 3.8 1.6 1.4 3.1 2.6 1.6 1.0 -.4 3.8 .3 1.8 2.0 .7 2.4 5.2 6.8 3.7 3.3
Previously published............ 3.8 1.4 1.8 3.2 2.6 1.4 .7 -.7 3.2 2.6 1.3 1.8 1.7 2.7 3.3 8.3 3.4 3.2
Gross domestic purchases.......... 4.4 .9 2.5 3.3 2.1 -.4 .7 -.8 2.2 4.4 2.8 2.9 2.4 1.7 4.4 6.4 4.7 5.0
Previously published............ 4.4 .7 2.8 3.3 2.1 -.7 -.4 -.8 2.4 5.2 3.1 3.4 2.7 1.1 4.3 7.0 4.3 4.4
Final sales to domestic
purchasers....................... 4.5 1.8 2.1 3.4 2.6 1.5 .5 .2 4.3 1.4 2.2 2.4 2.3 2.2 5.4 5.9 4.2 3.9
Previously published........... 4.5 1.6 2.4 3.4 2.6 .9 .9 -.3 3.6 3.2 2.5 1.8 3.1 1.8 4.5 7.2 3.6 3.8
Gross national product (GNP)...... 3.7 .8 1.7 3.3 3.0 -1.1 1.5 -2.5 3.9 1.4 2.1 3.0 1.4 1.7 4.4 7.6 5.5 3.9
Previously published............ 3.7 .5 2.1 3.3 3.0 -1.3 -.6 -1.9 4.6 2.6 1.3 3.8 2.0 1.5 3.3 8.3 5.5 3.4
Disposable personal income........ 4.8 1.9 3.1 2.3 .6 1.3 -1.7 11.5 -5.6 10.8 2.7 -1.7 .2 1.8 4.3 8.2 1.4 3.2
Previously published............ 4.8 1.8 3.8 2.7 .6 -.3 -1.4 12.2 -4.4 10.6 4.1 -.9 .6 2.4 4.9 6.8 1.2 4.9
Current-dollar measures:
GDP............................. 5.9 3.2 3.5 4.9 3.8 2.8 4.4 .2 3.6 4.5 4.2 3.9 2.7 4.9 5.3 8.8 5.7 7.4
Previously published.......... 5.9 2.9 3.8 4.8 3.8 2.9 2.6 .3 3.9 5.4 3.9 4.4 3.1 4.3 4.2 10.0 5.7 6.9
Final sales of domestic product. 6.1 4.1 3.1 5.1 4.5 4.9 4.2 1.2 5.5 1.7 3.3 3.7 2.7 5.3 6.3 8.4 5.4 6.1
Previously published.......... 6.1 3.9 3.3 4.9 4.5 4.5 4.0 .9 4.8 3.8 2.8 3.3 3.5 5.1 4.4 10.1 5.0 6.2
Gross domestic purchases........ 7.0 2.9 4.0 5.4 3.7 2.2 3.0 .2 3.1 5.3 5.6 4.4 4.3 5.7 4.8 8.1 5.9 8.6
Previously published.......... 7.0 2.7 4.2 5.3 3.7 1.9 1.9 .2 3.3 5.8 6.1 4.6 4.5 4.5 4.7 8.9 5.7 8.1
Final sales to domestic
purchasers..................... 7.2 3.8 3.6 5.5 4.4 4.3 2.8 1.2 4.9 2.6 4.7 4.2 4.3 6.0 5.8 7.7 5.7 7.4
Previously published......... 7.2 3.6 3.8 5.4 4.4 3.5 3.3 .7 4.1 4.2 5.0 3.5 4.8 5.3 4.8 9.1 5.0 7.5
GNP............................. 6.0 3.2 3.4 5.2 4.7 2.1 4.6 -.8 6.0 2.4 3.9 4.3 3.4 4.6 5.6 9.0 7.0 6.8
Previously published.......... 6.0 2.8 3.6 5.0 4.7 1.8 2.5 -.3 6.5 3.3 3.3 4.9 3.9 3.9 4.4 10.1 7.1 6.3
Disposable personal income...... 7.5 4.1 4.6 4.2 2.4 4.6 .8 12.1 -5.0 11.8 5.7 .2 1.5 5.1 5.0 9.9 2.6 6.6
Previously published.......... 7.5 3.8 5.2 4.6 2.4 2.9 1.1 12.8 -4.1 11.4 7.2 1.1 2.3 5.3 5.4 8.7 2.2 8.3
------------------------------------------------------------------------------------------------------------------------------------------------------------------
See "Explanatory Note" at the end of the tables.
Table 1B.--Revisions to Current-Dollar Gross Domestic Product, National Income, and Disposition of Personal Income
---------------------------------------------------------------------------------------------------------------------------------
Billions of dollars
------------------------ ------------------------ Revisions as
Revised Revisions to percent of
estimates previously previously
published published
------------------------ ------------------------ ------------------------
2001 2002 2003 2001 2002 2003 2001 2002 2003
---------------------------------------------------------------------------------------------------------------------------------
Gross domestic product (GDP)....... 10,128.0 10,487.0 11,004.0 27.2 6.2 16.1 .3 .1 .1
Personal consumption expenditures...... 7,055.0 7,376.1 7,760.9 9.6 -9.2 3.5 .1 -.1 .0
Durable goods........................ 883.7 916.2 950.7 1.8 4.9 9.1 .2 .5 1.0
Nondurable goods..................... 2,017.1 2,080.1 2,200.1 3.5 -5.9 -9.6 .2 -.3 -.4
Services............................. 4,154.3 4,379.8 4,610.1 4.5 -8.2 3.9 .1 -.2 .1
Gross private domestic investment...... 1,614.3 1,579.2 1,665.8 7.1 -10.0 -4.8 .4 -.6 -.3
Fixed investment..................... 1,646.1 1,568.0 1,667.0 2.7 -15.9 -6.0 .2 -1.0 -.4
Nonresidential..................... 1,176.8 1,063.9 1,094.7 2.7 -16.3 -15.9 .2 -1.5 -1.4
Structures....................... 322.6 271.6 261.6 .5 5.3 2.4 .2 2.0 .9
Equipment and software........... 854.2 792.4 833.1 2.2 -21.5 -18.2 .3 -2.6 -2.1
Residential........................ 469.3 504.1 572.3 .1 .4 9.9 .0 .1 1.8
Change in private inventories........ -31.7 11.2 -1.2 4.4 5.8 1.2 ..... ..... .....
Net exports of goods and services...... -367.0 -424.9 -498.1 -.5 1.4 -3.1 ..... ..... .....
Exports.............................. 1,032.8 1,005.0 1,046.2 -2.3 -1.8 -2.7 -.2 -.2 -.3
Goods.............................. 731.2 697.0 726.4 -.3 -.8 .9 .0 -.1 .1
Services........................... 301.6 308.0 319.8 -2.0 -1.1 -3.6 -.7 -.4 -1.1
Imports.............................. 1,399.8 1,429.9 1,544.3 -1.9 -3.2 .5 -.1 -.2 .0
Goods.............................. 1,167.9 1,189.6 1,282.0 -.1 -.7 -1.3 .0 -.1 -.1
Services........................... 231.9 240.2 262.3 -1.7 -2.5 1.8 -.7 -1.0 .7
Government consumption expenditures
and gross investment.................. 1,825.6 1,956.6 2,075.5 10.9 24.1 20.7 .6 1.2 1.0
Federal.............................. 612.9 680.8 752.2 .0 1.3 -5.0 .0 .2 -.7
National defense................... 392.6 437.4 496.4 -.4 -.9 -.9 -.1 -.2 -.2
Nondefense......................... 220.3 243.4 255.7 .4 2.2 -4.2 .2 .9 -1.6
State and local...................... 1,212.8 1,275.8 1,323.3 11.0 22.7 25.7 .9 1.8 2.0
Relation of GDP and National Income
Gross domestic product................. 10,128.0 10,487.0 11,004.0 27.2 6.2 16.1 .3 .1 .1
Plus: Income receipts
from the rest of the world............ 322.4 301.8 329.0 3.4 2.7 11.7 1.1 .9 3.7
Less: Income payments to
the rest of the world................. 278.8 274.7 273.9 -5.0 -2.9 .3 -1.8 -1.0 .1
Equals: Gross national product......... 10,171.6 10,514.1 11,059.2 35.7 11.8 27.6 .4 .1 .3
Less: Consumption of fixed capital..... 1,281.5 1,303.9 1,353.9 14.6 15.3 43.0 1.2 1.2 3.3
Less: Statistical discrepancy.......... -89.6 -15.3 25.6 22.6 61.9 12.7 ..... ..... .....
Equals: National income................ 8,979.8 9,225.4 9,679.6 -1.4 -65.4 -28.2 .0 -.7 -.3
Compensation of employees............ 5,942.1 6,069.5 6,289.0 1.7 50.4 86.0 .0 .8 1.4
Wage and salary accruals........... 4,942.8 4,976.3 5,103.6 -.1 1.7 3.4 .0 .0 .1
Supplements to wages and
salaries.......................... 999.3 1,093.2 1,185.5 1.7 48.7 82.7 .2 4.7 7.5
Proprietors' income with inventory
valuation and capital
consumption adjustments............. 771.9 769.6 834.1 1.3 -28.1 -12.8 .2 -3.5 -1.5
Rental income of persons with
capital consumption adjustment...... 167.4 170.9 153.8 4.3 -2.1 -10.4 2.6 -1.2 -6.3
Corporate profits with inventory
valuation and capital
consumption adjustments............. 767.3 874.6 1,021.1 -3.1 -29.6 -48.8 -.4 -3.3 -4.6
Net interest and miscellaneous
payments............................ 566.3 532.9 543.0 -2.1 -49.5 -40.2 -.4 -8.5 -6.9
Taxes on production and imports
less subsidies...................... 673.3 724.4 751.3 -1.2 2.6 10.9 -.2 .4 1.5
Business current transfer payments... 92.8 80.9 77.7 .3 -8.9 -17.5 .3 -9.9 -18.4
Current surplus of government
enterprises......................... -1.4 2.8 9.5 -2.6 .0 4.5 ..... ..... .....
Disposition of personal income
Personal income........................ 8,724.1 8,878.9 9,161.8 11.0 -31.4 -46.2 .1 -.4 -.5
Compensation of employees,
received............................ 5,942.1 6,069.5 6,289.0 1.7 50.4 86.0 .0 .8 1.4
Wage and salary disbursements...... 4,942.8 4,976.3 5,103.6 -.1 1.7 3.4 .0 .0 .1
Supplements to wages and
salaries.......................... 999.3 1,093.2 1,185.5 1.7 48.7 82.7 .2 4.7 7.5
Proprietors' income with
inventory valuation and capital
consumption adjustments............. 771.9 769.6 834.1 1.3 -28.1 -12.8 .2 -3.5 -1.5
Farm............................... 19.7 9.7 21.8 -5.3 -4.6 2.3 -21.2 -32.2 11.8
Nonfarm............................ 752.2 759.9 812.3 6.6 -23.5 -15.1 .9 -3.0 -1.8
Rental income of persons with
capital consumption adjustment...... 167.4 170.9 153.8 4.3 -2.1 -10.4 2.6 -1.2 -6.3
Personal income receipts on assets... 1,380.0 1,334.6 1,322.7 5.1 -43.9 -70.6 .4 -3.2 -5.1
Personal interest income........... 1,011.0 946.7 929.9 7.3 -35.7 -34.7 .7 -3.6 -3.6
Personal dividend income........... 369.0 387.9 392.8 -2.2 -8.3 -35.9 -.6 -2.1 -8.4
Personal current transfer
receipts............................ 1,193.9 1,282.7 1,335.4 1.3 -9.5 -42.1 .1 -.7 -3.1
Less: Contributions for government
social insurance.................... 731.1 748.3 773.2 2.6 -2.0 -3.6 .4 -.3 -.5
Less: Personal current taxes........... 1,237.3 1,051.2 1,001.9 -6.4 -1.9 10.5 -.5 -.2 1.1
Equals: Disposable personal income..... 7,486.8 7,827.7 8,159.9 17.4 -29.5 -56.6 .2 -.4 -.7
Less: Personal outlays................. 7,354.5 7,668.5 8,049.3 12.3 -5.5 6.3 .2 -.1 .1
Equals: Personal saving................ 132.3 159.2 110.6 5.1 -24.0 -62.9 ..... ..... .....
Personal saving as a percentage
of disposable personal income....... 1.8 2.0 1.4 .1 -.3 -.7 ..... ..... .....
Addenda:
Statistical discrepancy as a
percentage of GDP..................... -.9 -.1 .2 .2 .6 .1 ..... ..... .....
Gross domestic income.................. 10,217.6 10,502.3 10,978.5 4.6 -55.7 3.6 .0 -.5 .0
---------------------------------------------------------------------------------------------------------------------------------
Table 2.--Contributions to Percent Change in Real Gross Domestic Product
[Quarters seasonally adjusted at annual rates]
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
2000 2001 2002 2003 IV 00 I 01 II 01 III 01 IV 01 I 02 II 02 III 02 IV 02 I 03 II 03 III 03 IV 03 I 04 II 04
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
Percent change at annual rate:
Gross domestic product.......... 3.7 .8 1.9 3.0 2.1 -.5 1.2 -1.4 1.6 3.4 2.4 2.6 .7 1.9 4.1 7.4 4.2 4.5 3.0
Percentage points at annual rates:
Personal consumption expenditures. 3.17 1.74 2.14 2.29 2.29 1.07 .67 1.20 4.71 1.32 1.98 2.02 1.74 1.84 2.72 3.58 2.50 2.90 .73
Durable goods................... .63 .37 .56 .63 .06 .55 -.03 .26 2.81 -.79 .37 1.16 -.21 -.01 1.64 1.38 .33 .19 -.21
Motor vehicles and parts...... .15 .20 .22 .22 .01 .36 -.17 .16 2.24 -1.34 .13 1.09 -.50 -.22 .86 .53 -.07 -.23 -.33
Furniture and household
equipment.................... .35 .19 .26 .27 .07 .23 .16 .15 .39 .41 .20 .04 .20 .07 .51 .62 .28 .32 .15
Other......................... .13 -.01 .08 .15 -.02 -.03 -.03 -.06 .18 .14 .04 .03 .08 .14 .27 .23 .12 .10 -.03
Nondurable goods................ .74 .40 .51 .73 .72 .09 -.03 .47 .95 .76 .15 -.12 1.03 .97 .31 1.38 1.01 1.33 -.01
Food.......................... .33 .15 .18 .37 .14 .24 .05 .09 .18 .26 .29 -.02 .31 .62 .26 .57 .25 .77 .01
Clothing and shoes............ .16 .06 .12 .12 .04 -.06 .05 .04 .27 .25 -.01 -.12 .30 -.02 .23 .27 .11 .43 -.17
Gasoline, fuel oil, and other
energy goods................. -.01 .02 .02 .01 .25 .05 -.33 .11 .24 .00 -.14 -.01 .21 .01 -.29 .10 .33 -.04 -.10
Other......................... .26 .17 .17 .23 .29 -.14 .21 .23 .27 .24 .01 .03 .21 .37 .12 .43 .32 .17 .25
Services........................ 1.80 .97 1.08 .93 1.51 .43 .73 .47 .95 1.36 1.46 .98 .93 .87 .77 .83 1.15 1.39 .95
Housing....................... .29 .28 .29 .15 .28 .31 .28 .21 .26 .42 .33 .19 .13 .12 .11 .16 .09 .23 .21
Household operation........... .19 .01 .03 .06 .41 -.25 -.35 .03 -.15 .09 .24 .01 .16 .01 -.11 .08 .29 .13 -.19
Electricity and gas......... .05 -.03 .04 .03 .40 -.24 -.44 .00 -.07 .11 .19 .04 .19 -.04 -.19 .01 .25 .05 -.30
Other household operation... .14 .03 -.01 .04 .01 -.02 .09 .02 -.08 -.02 .05 -.03 -.03 .05 .08 .07 .04 .07 .12
Transportation................ .08 -.03 -.08 -.02 .01 .05 -.06 -.22 -.17 .01 -.04 -.10 -.01 .05 -.07 -.02 -.01 .05 .06
Medical care.................. .40 .50 .66 .46 .42 .45 .49 .70 .67 .74 .63 .59 .55 .39 .40 .40 .36 .38 .57
Recreation.................... .11 .07 .07 .09 .04 .15 -.03 .02 .07 .13 .05 .04 .11 .08 .13 .07 .11 .17 .00
Other......................... .72 .15 .11 .20 .34 -.28 .39 -.25 .28 -.03 .24 .25 -.02 .23 .31 .15 .31 .43 .31
Gross private domestic investment. .99 -1.39 -.37 .66 -.36 -2.44 -1.28 -1.76 -3.95 2.34 .05 .61 -.06 -.10 .54 3.16 2.04 1.86 1.97
Fixed investment................ 1.09 -.50 -.80 .76 .13 -.43 -1.51 -.75 -1.81 -.71 -.55 .02 -.13 .35 1.55 2.59 1.57 .69 1.68
Nonresidential................ 1.06 -.52 -1.02 .33 .11 -.52 -1.76 -.83 -1.63 -1.13 -1.06 -.12 -.33 -.01 1.10 1.50 1.07 .42 .87
Structures.................. .21 -.07 -.57 -.15 .04 -.29 -.14 .19 -1.27 -.59 -.70 -.45 -.17 -.33 .32 -.03 .18 -.19 .12
Equipment and software...... .85 -.44 -.45 .48 .07 -.24 -1.62 -1.02 -.35 -.53 -.36 .33 -.16 .32 .78 1.53 .89 .61 .75
Information processing
equipment and software... .75 -.08 -.18 .45 .58 -.08 -.93 -.53 -.21 -.29 .04 .38 -.15 .59 .51 1.04 .61 .62 .54
Computers and peripheral
equipment.............. .20 .02 .09 .24 .06 .16 -.22 -.26 .19 .18 .03 .25 .08 .25 .30 .39 .25 .06 .22
Software................ .20 -.02 -.10 .07 .20 .01 -.30 -.07 -.19 -.14 -.03 .11 -.16 .12 .07 .28 .14 .24 .13
Other................... .35 -.08 -.16 .14 .32 -.25 -.42 -.20 -.21 -.33 .04 .02 -.08 .23 .14 .36 .22 .33 .19
Industrial equipment...... .12 -.14 -.08 .00 -.12 .01 -.48 -.27 -.21 .24 -.21 .02 -.05 .09 -.02 .04 -.06 .08 -.02
Transportation equipment.. -.07 -.18 -.17 -.04 -.36 -.22 -.03 -.27 .26 -.39 -.38 -.09 .00 -.31 .25 .14 .14 -.20 .11
Other equipment........... .05 -.04 -.02 .06 -.03 .05 -.19 .05 -.19 -.10 .18 .02 .04 -.06 .03 .31 .20 .10 .12
Residential................... .03 .02 .22 .43 .02 .10 .25 .08 -.18 .42 .51 .13 .20 .36 .44 1.09 .50 .27 .81
Change in private inventories... -.10 -.88 .42 -.10 -.49 -2.01 .23 -1.02 -2.14 3.05 .60 .59 .07 -.45 -1.01 .57 .47 1.17 .28
Farm.......................... .02 .02 -.01 .02 .34 .00 -.28 .09 -.23 .37 -.47 .24 .02 .06 -.07 .06 .19 .06 -.10
Nonfarm....................... -.12 -.90 .44 -.12 -.83 -2.01 .51 -1.11 -1.91 2.69 1.07 .36 .05 -.51 -.94 .52 .29 1.10 .38
Net exports of goods and services. -.86 -.20 -.70 -.43 -.07 -.04 .49 -.56 -.66 -1.10 -.46 -.43 -1.69 .14 -.50 .64 -.66 -.76 -.08
Exports......................... .93 -.60 -.24 .18 -.31 -.59 -1.45 -2.04 -1.11 .43 .99 .29 -.42 -.15 -.15 1.02 1.55 .70 1.25
Goods......................... .84 -.48 -.29 .14 -.45 -.43 -1.43 -1.60 -.63 -.13 .87 .19 -.72 .25 -.06 .64 1.00 .60 .96
Services...................... .09 -.12 .05 .04 .14 -.16 -.02 -.44 -.48 .56 .13 .10 .30 -.40 -.10 .39 .56 .10 .29
Imports......................... -1.79 .40 -.46 -.61 .24 .56 1.94 1.48 .45 -1.53 -1.45 -.72 -1.27 .29 -.34 -.39 -2.22 -1.46 -1.33
Goods......................... -1.55 .39 -.42 -.54 .19 .43 2.23 1.02 .21 -1.04 -1.59 -.65 -.91 .22 -.58 .00 -1.96 -1.43 -1.03
Services...................... -.25 .01 -.04 -.07 .04 .12 -.28 .47 .25 -.49 .14 -.06 -.36 .06 .24 -.39 -.26 -.03 -.30
Government consumption expenditures
and gross investment............. .36 .60 .79 .52 .22 .92 1.35 -.28 1.48 .85 .81 .40 .75 .05 1.35 .03 .31 .48 .43
Federal......................... .05 .23 .46 .43 -.07 .46 .52 .00 .51 .49 .78 .19 .58 .04 1.40 -.23 .33 .48 .19
National defense.............. -.02 .15 .30 .38 .06 .25 .16 .09 .46 .23 .45 .14 .54 -.11 1.49 -.36 .50 .47 .09
Consumption expenditures.... -.03 .13 .25 .33 .11 .26 .06 .03 .45 .22 .29 .04 .63 -.16 1.39 -.40 .42 .29 .16
Gross investment............ .01 .02 .06 .05 -.05 -.01 .10 .06 .02 .00 .16 .11 -.09 .05 .10 .03 .09 .19 -.07
Nondefense.................... .07 .08 .16 .06 -.13 .20 .36 -.09 .05 .27 .33 .05 .04 .15 -.09 .13 -.18 .00 .10
Consumption expenditures..... .10 .08 .14 .05 -.06 .15 .26 .01 .04 .19 .23 .12 .07 .14 -.23 .23 -.18 -.01 -.02
Gross investment............. -.03 .00 .02 .01 -.07 .05 .10 -.10 .01 .07 .10 -.07 -.03 .00 .13 -.10 .01 .01 .12
State and local................. .31 .37 .33 .09 .29 .46 .83 -.28 .97 .36 .03 .21 .17 .02 -.05 .26 -.02 .00 .24
Consumption expenditures.... .18 .24 .21 .07 .21 .24 .24 .39 .38 .10 .16 .11 .14 .02 .04 .01 .08 .02 .01
Gross investment............ .13 .13 .12 .02 .08 .22 .59 -.67 .59 .26 -.13 .09 .02 .00 -.09 .25 -.10 -.02 .23
Addenda:
Goods........................... 1.46 -.59 .41 1.41 .10 -1.57 -.41 -1.89 .88 1.38 .31 1.54 -1.05 1.39 1.32 5.45 1.90 2.65 .83
Services........................ 1.90 1.30 1.69 1.35 1.95 1.04 .98 .93 1.58 1.94 2.39 1.29 1.71 .54 2.11 .67 1.77 1.76 1.10
Structures...................... .30 .04 -.24 .29 .03 .03 .66 -.44 -.87 .09 -.32 -.23 .08 .00 .67 1.29 .52 .07 1.11
Motor vehicle output............ -.07 -.17 .39 .19 -.47 -.69 1.03 -.20 .69 .25 .35 .62 .22 -.46 .11 .84 .11 .30 -1.01
Final sales of computers........ .31 .14 .08 .31 .19 .42 -.13 -.21 .19 -.02 .10 .31 .23 .25 .28 .64 .26 .00 .04
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
See "Explanatory Note" at the end of the tables.
Table 2A.--Contributions to Percent Change in Real Gross Domestic Produc
[Quarters seasonally adjusted at annual rates]
------------------------------------------------------------------------------------------------------------------------------------------------------------------
2000 2001 2002 2003 IV 00 I 01 II 01 III 01 IV 01 I 02 II 02 III 02 IV 02 I 03 II 03 III 03 IV 03 I 04
------------------------------------------------------------------------------------------------------------------------------------------------------------------
Percent change at annual rate:
Gross domestic product.......... 3.7 .8 1.9 3.0 2.1 -.5 1.2 -1.4 1.6 3.4 2.4 2.6 .7 1.9 4.1 7.4 4.2 4.5
Previously published.......... 3.7 .5 2.2 3.1 2.1 -.2 -.6 -1.3 2.0 4.7 1.9 3.4 1.3 2.0 3.1 8.2 4.1 3.9
Percentage points at annual rates:
Personal consumption expenditures. 3.17 1.74 2.14 2.29 2.29 1.07 .67 1.20 4.71 1.32 1.98 2.02 1.74 1.84 2.72 3.58 2.50 2.90
Previously published............ 3.17 1.68 2.38 2.22 2.29 .28 1.52 1.27 4.20 2.92 1.81 1.39 1.57 1.80 2.34 4.89 2.29 2.64
Durable goods................... .63 .37 .56 .63 .06 .55 -.03 .26 2.81 -.79 .37 1.16 -.21 -.01 1.64 1.38 .33 .19
Previously published.......... .63 .36 .55 .61 .06 .15 .80 .06 2.14 .14 .04 .43 .02 .04 1.38 2.23 .06 -.32
Motor vehicles and parts...... .15 .20 .22 .22 .01 .36 -.17 .16 2.24 -1.34 .13 1.09 -.50 -.22 .86 .53 -.07 -.23
Previously published........ .15 .19 .18 .17 .01 .04 .67 -.13 1.58 -.44 -.25 .29 -.33 -.16 .54 1.36 -.35 -.70
Furniture and household
equipment.................... .35 .19 .26 .27 .07 .23 .16 .15 .39 .41 .20 .04 .20 .07 .51 .62 .28 .32
Previously published....... .35 .18 .30 .29 .07 .18 .16 .23 .40 .45 .23 .12 .24 .04 .54 .65 .30 .31
Other......................... .13 -.01 .08 .15 -.02 -.03 -.03 -.06 .18 .14 .04 .03 .08 .14 .27 .23 .12 .10
Previously published........ .13 -.01 .08 .16 -.02 -.07 -.02 -.04 .16 .13 .05 .02 .11 .17 .30 .21 .11 .07
Nondurable goods................ .74 .40 .51 .73 .72 .09 -.03 .47 .95 .76 .15 -.12 1.03 .97 .31 1.38 1.01 1.33
Previously published.......... .74 .37 .60 .76 .72 .06 -.22 .57 .91 1.19 .07 .04 .90 1.13 .25 1.48 1.07 1.36
Food.......................... .33 .15 .18 .37 .14 .24 .05 .09 .18 .26 .29 -.02 .31 .62 .26 .57 .25 .77
Previously published........ .33 .12 .22 .37 .14 .22 -.03 .02 .14 .56 .19 .03 .22 .63 .23 .71 .32 .82
Clothing and shoes............ .16 .06 .12 .12 .04 -.06 .05 .04 .27 .25 -.01 -.12 .30 -.02 .23 .27 .11 .43
Previously published........ .16 .06 .15 .14 .04 -.08 .01 .15 .19 .33 .01 -.01 .21 .09 .21 .27 .04 .40
Gasoline, fuel oil, and other
energy goods................. -.01 .02 .02 .01 .25 .05 -.33 .11 .24 .00 -.14 -.01 .21 .01 -.29 .10 .33 -.04
Previously published....... -.01 .03 .04 .00 .25 .12 -.37 .09 .32 .10 -.20 -.09 .21 .08 -.40 .07 .39 -.07
Other......................... .26 .17 .17 .23 .29 -.14 .21 .23 .27 .24 .01 .03 .21 .37 .12 .43 .32 .17
Previously published........ .26 .15 .20 .26 .29 -.19 .17 .31 .27 .22 .07 .11 .25 .33 .20 .43 .33 .20
Services........................ 1.80 .97 1.08 .93 1.51 .43 .73 .47 .95 1.36 1.46 .98 .93 .87 .77 .83 1.15 1.39
Previously published.......... 1.80 .96 1.23 .85 1.51 .07 .94 .64 1.15 1.58 1.70 .92 .65 .63 .71 1.19 1.16 1.61
Housing....................... .29 .28 .29 .15 .28 .31 .28 .21 .26 .42 .33 .19 .13 .12 .11 .16 .09 .23
Previously published........ .29 .28 .29 .24 .28 .33 .26 .21 .25 .35 .33 .28 .25 .26 .20 .25 .17 .24
Household operation........... .19 .01 .03 .06 .41 -.25 -.35 .03 -.15 .09 .24 .01 .16 .01 -.11 .08 .29 .13
Previously published........ .19 .00 .04 .02 .41 -.27 -.31 -.05 -.17 .18 .36 -.14 .04 .04 -.13 .14 .05 .18
Electricity and gas......... .05 -.03 .04 .03 .40 -.24 -.44 .00 -.07 .11 .19 .04 .19 -.04 -.19 .01 .25 .05
Previously published...... .05 -.02 .04 .00 .40 -.15 -.49 -.04 -.13 .20 .27 -.05 .09 .01 -.21 .06 .02 .13
Other household operation... .14 .03 -.01 .04 .01 -.02 .09 .02 -.08 -.02 .05 -.03 -.03 .05 .08 .07 .04 .07
Previously published...... .14 .02 .00 .02 .01 -.12 .17 -.01 -.04 -.02 .09 -.09 -.05 .03 .08 .08 .03 .05
Transportation................ .08 -.03 -.08 -.02 .01 .05 -.06 -.22 -.17 .01 -.04 -.10 -.01 .05 -.07 -.02 -.01 .05
Previously published........ .08 -.02 -.05 -.07 .01 .03 -.01 -.15 -.14 .10 -.05 -.12 -.09 .01 -.11 -.06 -.08 -.01
Medical care.................. .40 .50 .66 .46 .42 .45 .49 .70 .67 .74 .63 .59 .55 .39 .40 .40 .36 .38
Previously published........ .40 .45 .63 .59 .42 .35 .47 .62 .61 .75 .61 .51 .69 .59 .53 .60 .58 .53
Recreation.................... .11 .07 .07 .09 .04 .15 -.03 .02 .07 .13 .05 .04 .11 .08 .13 .07 .11 .17
Previously published........ .11 .06 .11 .06 .04 .09 -.02 .06 .15 .19 .07 .05 .09 .00 .10 .08 .12 .17
Other......................... .72 .15 .11 .20 .34 -.28 .39 -.25 .28 -.03 .24 .25 -.02 .23 .31 .15 .31 .43
Previously published........ .72 .18 .20 .00 .34 -.45 .56 -.06 .45 .00 .38 .34 -.33 -.28 .13 .19 .33 .49
Gross private domestic investment. .99 -1.39 -.37 .66 -.36 -2.44 -1.28 -1.76 -3.95 2.34 .05 .61 -.06 -.10 .54 3.16 2.04 1.86
Previously published............ .99 -1.47 -.18 .64 -.36 -1.96 -2.92 -1.39 -2.98 1.60 .69 1.66 -.09 -.57 .73 2.17 2.19 1.43
Fixed investment................ 1.09 -.50 -.80 .76 .13 -.43 -1.51 -.75 -1.81 -.71 -.55 .02 -.13 .35 1.55 2.59 1.57 .69
Previously published.......... 1.09 -.54 -.60 .67 .13 -.45 -1.60 -.88 -1.83 -.41 .08 .08 .31 .16 .90 2.30 1.48 .78
Nonresidential................ 1.06 -.52 -1.02 .33 .11 -.52 -1.76 -.83 -1.63 -1.13 -1.06 -.12 -.33 -.01 1.10 1.50 1.07 .42
Previously published........ 1.06 -.56 -.82 .30 .11 -.56 -1.76 -1.02 -1.71 -.81 -.33 -.12 -.01 -.06 .68 1.25 1.08 .54
Structures.................. .21 -.07 -.57 -.15 .04 -.29 -.14 .19 -1.27 -.59 -.70 -.45 -.17 -.33 .32 -.03 .18 -.19
Previously published...... .21 -.08 -.59 -.12 .04 -.20 -.19 .07 -1.36 -.77 -.41 -.40 -.14 -.10 .09 -.04 -.03 -.18
Equipment and software...... .85 -.44 -.45 .48 .07 -.24 -1.62 -1.02 -.35 -.53 -.36 .33 -.16 .32 .78 1.53 .89 .61
Previously published...... .85 -.47 -.23 .42 .07 -.37 -1.57 -1.09 -.35 -.03 .09 .28 .13 .04 .59 1.30 1.11 .71
Information processing
equipment and software... .75 -.08 -.18 .45 .58 -.08 -.93 -.53 -.21 -.29 .04 .38 -.15 .59 .51 1.04 .61 .62
Previously published... .75 -.10 .02 .54 .58 -.20 -.84 -.58 -.15 .09 .37 .53 -.06 .64 .64 1.05 .70 .67
Computers and peripheral
equipment.............. .20 .02 .09 .24 .06 .16 -.22 -.26 .19 .18 .03 .25 .08 .25 .30 .39 .25 .06
Previously published. .20 .02 .11 .24 .06 .16 -.22 -.26 .19 .22 .06 .28 .09 .21 .33 .39 .26 .08
Software................ .20 -.02 -.10 .07 .20 .01 -.30 -.07 -.19 -.14 -.03 .11 -.16 .12 .07 .28 .14 .24
Previously published.. .20 -.04 -.04 .14 .20 -.07 -.24 -.16 -.21 -.05 .09 .21 -.06 .18 .15 .24 .23 .28
Other................... .35 -.08 -.16 .14 .32 -.25 -.42 -.20 -.21 -.33 .04 .02 -.08 .23 .14 .36 .22 .33
Previously published.. .35 -.08 -.05 .16 .32 -.28 -.39 -.16 -.14 -.08 .21 .05 -.10 .26 .15 .41 .20 .30
Industrial equipment...... .12 -.14 -.08 .00 -.12 .01 -.48 -.27 -.21 .24 -.21 .02 -.05 .09 -.02 .04 -.06 .08
Previously published.... .12 -.14 -.09 -.05 -.12 .04 -.53 -.30 -.22 .26 -.21 .00 -.04 -.10 -.02 .02 -.03 .07
Transportation equipment.. -.07 -.18 -.17 -.04 -.36 -.22 -.03 -.27 .26 -.39 -.38 -.09 .00 -.31 .25 .14 .14 -.20
Previously published.... -.07 -.18 -.14 -.11 -.36 -.27 .00 -.25 .24 -.34 -.24 -.26 .20 -.37 -.09 -.05 .25 -.15
Other equipment........... .05 -.04 -.02 .06 -.03 .05 -.19 .05 -.19 -.10 .18 .02 .04 -.06 .03 .31 .20 .10
Previously published.... .05 -.05 -.02 .04 -.03 .06 -.21 .04 -.21 -.04 .17 .00 .04 -.13 .05 .28 .20 .14
Residential................... .03 .02 .22 .43 .02 .10 .25 .08 -.18 .42 .51 .13 .20 .36 .44 1.09 .50 .27
Previously published........ .03 .02 .23 .36 .02 .12 .16 .14 -.12 .40 .41 .20 .32 .22 .22 1.05 .40 .24
Change in private inventories... -.10 -.88 .42 -.10 -.49 -2.01 .23 -1.02 -2.14 3.05 .60 .59 .07 -.45 -1.01 .57 .47 1.17
Previously published.......... -.10 -.93 .41 -.03 -.49 -1.51 -1.32 -.51 -1.15 2.01 .61 1.58 -.40 -.74 -.17 -.13 .71 .65
Farm.......................... .02 .02 -.01 .02 .34 .00 -.28 .09 -.23 .37 -.47 .24 .02 .06 -.07 .06 .19 .06
Previously published........ .02 .02 -.03 .02 .34 .03 -.34 .14 -.26 .39 -.64 .34 -.02 .15 -.09 -.03 .10 -.08
Nonfarm....................... -.12 -.90 .44 -.12 -.83 -2.01 .51 -1.11 -1.91 2.69 1.07 .36 .05 -.51 -.94 .52 .29 1.10
Previously published........ -.12 -.94 .44 -.05 -.83 -1.54 -.99 -.65 -.89 1.62 1.25 1.25 -.38 -.88 -.08 -.10 .61 .73
Net exports of goods and services. -.86 -.20 -.70 -.43 -.07 -.04 .49 -.56 -.66 -1.10 -.46 -.43 -1.69 .14 -.50 .64 -.66 -.76
Previously published............ -.86 -.19 -.70 -.35 -.07 .46 -.25 -.42 -.50 -.65 -1.32 -.15 -1.47 .81 -1.34 .80 -.32 -.71
Exports......................... .93 -.60 -.24 .18 -.31 -.59 -1.45 -2.04 -1.11 .43 .99 .29 -.42 -.15 -.15 1.02 1.55 .70
Previously published.......... .93 -.58 -.24 .20 -.31 -.50 -1.54 -1.99 -1.02 .40 .80 .41 -.37 -.19 -.11 .92 1.81 .72
Goods......................... .84 -.48 -.29 .14 -.45 -.43 -1.43 -1.60 -.63 -.13 .87 .19 -.72 .25 -.06 .64 1.00 .60
Previously published........ .84 -.48 -.29 .13 -.45 -.44 -1.52 -1.50 -.54 -.19 .75 .28 -.64 .13 -.11 .56 1.29 .62
Services...................... .09 -.12 .05 .04 .14 -.16 -.02 -.44 -.48 .56 .13 .10 .30 -.40 -.10 .39 .56 .10
Previously published........ .09 -.10 .04 .07 .14 -.06 -.02 -.48 -.47 .59 .05 .13 .27 -.31 .01 .36 .52 .10
Imports......................... -1.79 .40 -.46 -.61 .24 .56 1.94 1.48 .45 -1.53 -1.45 -.72 -1.27 .29 -.34 -.39 -2.22 -1.46
Previously published.......... -1.79 .39 -.45 -.55 .24 .96 1.29 1.57 .52 -1.05 -2.12 -.56 -1.10 1.00 -1.24 -.12 -2.14 -1.43
Goods......................... -1.55 .39 -.42 -.54 .19 .43 2.23 1.02 .21 -1.04 -1.59 -.65 -.91 .22 -.58 .00 -1.96 -1.43
Previously published........ -1.55 .39 -.42 -.55 .19 .88 1.57 1.10 .35 -.66 -2.20 -.55 -.83 .81 -1.51 .18 -1.96 -1.39
Services...................... -.25 .01 -.04 -.07 .04 .12 -.28 .47 .25 -.49 .14 -.06 -.36 .06 .24 -.39 -.26 -.03
Previously published........ -.25 -.01 -.03 .00 .04 .08 -.28 .47 .16 -.39 .09 -.02 -.27 .19 .27 -.30 -.17 -.05
Government consumption expenditures
and gross investment............. .36 .60 .79 .52 .22 .92 1.35 -.28 1.48 .85 .81 .40 .75 .05 1.35 .03 .31 .48
Previously published........... .36 .48 .69 .62 .22 .99 1.00 -.74 1.28 .85 .72 .46 1.29 -.07 1.36 .34 -.01 .54
Federal......................... .05 .23 .46 .43 -.07 .46 .52 .00 .51 .49 .78 .19 .58 .04 1.40 -.23 .33 .48
Previously published.......... .05 .22 .48 .56 -.07 .50 .38 .00 .57 .52 .64 .26 1.11 -.01 1.46 .09 .05 .57
National defense.............. -.02 .15 .30 .38 .06 .25 .16 .09 .46 .23 .45 .14 .54 -.11 1.49 -.36 .50 .47
Previously published........ -.02 .15 .35 .44 .06 .27 .10 .09 .53 .33 .38 .19 .85 -.25 1.58 -.06 .13 .58
Consumption expenditures.... -.03 .13 .25 .33 .11 .26 .06 .03 .45 .22 .29 .04 .63 -.16 1.39 -.40 .42 .29
Previously published...... -.03 .13 .29 .40 .11 .29 .00 .03 .50 .32 .22 .09 .93 -.19 1.39 -.20 .19 .26
Gross investment............ .01 .02 .06 .05 -.05 -.01 .10 .06 .02 .00 .16 .11 -.09 .05 .10 .03 .09 .19
Previously published...... .01 .02 .06 .04 -.05 -.01 .10 .06 .02 .01 .15 .10 -.07 -.06 .19 .13 -.05 .32
Nondefense.................... .07 .08 .16 .06 -.13 .20 .36 -.09 .05 .27 .33 .05 .04 .15 -.09 .13 -.18 .00
Previously published........ .07 .07 .14 .12 -.13 .23 .28 -.09 .04 .20 .27 .07 .26 .24 -.12 .15 -.09 -.01
Consumption expenditures.... .10 .08 .14 .05 -.06 .15 .26 .01 .04 .19 .23 .12 .07 .14 -.23 .23 -.18 -.01
Previously published...... .10 .07 .12 .11 -.06 .19 .19 -.02 .06 .14 .15 .13 .26 .25 -.26 .23 -.13 -.01
Gross investment............ -.03 .00 .02 .01 -.07 .05 .10 -.10 .01 .07 .10 -.07 -.03 .00 .13 -.10 .01 .01
Previously published...... -.03 .00 .02 .01 -.07 .04 .09 -.07 -.02 .06 .11 -.06 .00 -.01 .14 -.08 .04 .00
State and local................. .31 .37 .33 .09 .29 .46 .83 -.28 .97 .36 .03 .21 .17 .02 -.05 .26 -.02 .00
Previously published.......... .31 .26 .21 .06 .29 .49 .62 -.74 .71 .33 .08 .20 .18 -.06 -.10 .25 -.06 -.03
Consumption expenditures.... .18 .24 .21 .07 .21 .24 .24 .39 .38 .10 .16 .11 .14 .02 .04 .01 .08 .02
Previously published...... .18 .20 .13 .06 .21 .29 .22 .13 .21 .01 .17 .11 .19 .06 -.05 -.02 .04 .02
Gross investment............ .13 .13 .12 .02 .08 .22 .59 -.67 .59 .26 -.13 .09 .02 .00 -.09 .25 -.10 -.02
Previously published...... .13 .06 .08 -.01 .08 .20 .40 -.88 .50 .31 -.09 .09 -.01 -.12 -.05 .27 -.10 -.05
Addenda:
Goods........................... 1.46 -.59 .41 1.41 .10 -1.57 -.41 -1.89 .88 1.38 .31 1.54 -1.05 1.39 1.32 5.45 1.90 2.65
Previously published.......... 1.46 -.71 .71 1.40 .10 -1.17 -2.08 -1.40 1.38 2.54 -.37 2.12 -.92 1.37 .75 5.67 2.30 1.97
Services........................ 1.90 1.30 1.69 1.35 1.95 1.04 .98 .93 1.58 1.94 2.39 1.29 1.71 .54 2.11 .67 1.77 1.76
Previously published.......... 1.90 1.26 1.77 1.50 1.95 .85 1.05 .77 1.61 2.25 2.38 1.37 2.02 .62 2.08 1.27 1.61 1.93
Structures...................... .30 .04 -.24 .29 .03 .03 .66 -.44 -.87 .09 -.32 -.23 .08 .00 .67 1.29 .52 .07
Previously published.......... .30 -.04 -.29 .23 .03 .09 .38 -.65 -1.00 -.08 -.10 -.13 .19 -.02 .26 1.27 .23 .00
Motor vehicle output............ -.07 -.17 .39 .19 -.47 -.69 1.03 -.20 .69 .25 .35 .62 .22 -.46 .11 .84 .11 .30
Previously published.......... -.07 -.17 .38 .09 -.47 -.53 .58 .05 .92 .39 .20 .37 -.18 -.23 .07 .82 .13 -.29
Final sales of computers........ .31 .14 .08 .31 .19 .42 -.13 -.21 .19 -.02 .10 .31 .23 .25 .28 .64 .26 .00
Previously published.......... .31 .14 .10 .31 .19 .45 -.20 -.19 .22 .06 .06 .35 .26 .26 .25 .65 .29 .01
------------------------------------------------------------------------------------------------------------------------------------------------------------------
See "Explanatory Note" at the end of the tables.
Table 3A.--Gross Domestic Product and Related Measures
[Billions of dollars; quarters seasonally adjusted at annual rates]
-------------------------------------------------------------------------------------------------------------------------------
2000 2001 2002 2003 I 00 II 00 III 00 IV 00 I 01 II 01
-------------------------------------------------------------------------------------------------------------------------------
Gross domestic product.......... 9,817.0 10,128.0 10,487.0 11,004.0 9,629.4 9,822.8 9,862.1 9,953.6 10,021.5 10,128.9
Personal consumption expenditures.... 6,739.4 7,055.0 7,376.1 7,760.9 6,613.9 6,688.1 6,783.9 6,871.6 6,955.8 7,017.5
Durable goods...................... 863.3 883.7 916.2 950.7 876.9 854.2 861.3 860.9 872.1 864.7
Motor vehicles and parts......... 386.5 407.9 426.1 440.1 402.3 376.9 382.6 384.3 395.5 390.8
Furniture and household
equipment....................... 312.9 312.1 319.9 328.0 311.4 313.4 314.7 312.2 312.3 310.7
Other............................ 163.9 163.7 170.1 182.6 163.3 163.8 164.1 164.4 164.3 163.2
Nondurable goods................... 1,947.2 2,017.1 2,080.1 2,200.1 1,894.2 1,938.3 1,965.8 1,990.5 2,000.0 2,016.6
Food............................. 925.2 967.9 1,005.8 1,064.5 906.9 922.1 932.0 939.7 953.8 961.9
Clothing and shoes............... 297.7 297.7 302.1 307.2 292.8 296.1 300.3 301.6 299.8 297.1
Gasoline, fuel oil, and other
energy goods.................... 191.5 187.1 177.5 208.2 182.9 188.6 193.7 200.8 197.7 198.8
Other............................ 532.9 564.4 594.7 620.1 511.6 531.5 539.9 548.4 548.7 558.8
Services........................... 3,928.8 4,154.3 4,379.8 4,610.1 3,842.8 3,895.6 3,956.7 4,020.3 4,083.7 4,136.2
Housing.......................... 1,006.5 1,073.7 1,144.8 1,188.4 983.8 998.8 1,013.6 1,029.6 1,047.0 1,065.6
Household operation.............. 390.1 409.0 409.0 431.3 372.0 385.4 393.7 409.4 418.3 409.6
Electricity and gas............ 143.3 156.7 152.6 167.3 128.6 138.7 145.4 160.6 168.9 157.3
Other household operation...... 246.8 252.3 256.4 264.0 243.4 246.7 248.3 248.8 249.4 252.3
Transportation................... 291.3 292.8 288.0 294.0 286.8 290.9 292.5 294.7 297.4 296.1
Medical care..................... 1,026.8 1,113.8 1,210.3 1,301.1 998.1 1,017.0 1,036.9 1,055.2 1,079.5 1,101.0
Recreation....................... 268.3 284.1 299.6 317.2 260.7 266.1 271.8 274.4 280.5 282.6
Other............................ 945.9 980.7 1,028.2 1,078.1 941.4 937.3 948.2 956.9 960.9 981.2
Gross private domestic investment.... 1,735.5 1,614.3 1,579.2 1,665.8 1,672.3 1,781.7 1,749.0 1,738.9 1,675.3 1,647.7
Fixed investment................... 1,679.0 1,646.1 1,568.0 1,667.0 1,642.4 1,685.4 1,690.6 1,697.5 1,685.2 1,654.7
Nonresidential................... 1,232.1 1,176.8 1,063.9 1,094.7 1,193.9 1,236.5 1,247.5 1,250.3 1,229.6 1,187.1
Structures..................... 313.2 322.6 271.6 261.6 295.2 310.4 321.1 326.0 323.9 325.7
Equipment and software......... 918.9 854.2 792.4 833.1 898.7 926.1 926.5 924.2 905.7 861.4
Information processing
equipment and software...... 467.6 437.0 400.5 431.2 446.4 466.5 473.6 484.0 470.8 442.8
Computers and peripheral
equipment................. 101.4 85.4 81.4 95.3 96.2 103.5 103.8 102.2 97.3 88.3
Software................... 176.2 174.7 161.7 165.8 168.7 174.8 177.9 183.2 182.8 176.1
Other...................... 190.0 177.0 157.3 170.0 181.5 188.1 191.9 198.5 190.6 178.4
Industrial equipment......... 159.2 146.7 138.6 139.8 156.0 159.5 162.1 159.3 160.1 148.4
Transportation equipment..... 160.8 141.7 126.0 126.6 165.6 166.7 160.3 150.8 142.7 142.3
Other equipment.............. 131.2 128.8 127.3 135.5 130.7 133.4 130.6 130.1 132.2 127.9
Residential...................... 446.9 469.3 504.1 572.3 448.5 448.8 443.1 447.2 455.6 467.6
Change in private inventories...... 56.5 -31.7 11.2 -1.2 29.9 96.3 58.4 41.4 -9.9 -7.0
Farm............................. -1.3 .0 -1.5 .3 -11.5 3.3 -.8 3.7 3.0 -5.1
Nonfarm.......................... 57.8 -31.7 12.7 -1.5 41.3 93.0 59.2 37.7 -12.9 -1.9
Net exports of goods and services.... -379.5 -367.0 -424.9 -498.1 -346.4 -366.9 -400.7 -403.9 -392.9 -361.7
Exports............................ 1,096.3 1,032.8 1,005.0 1,046.2 1,055.1 1,091.8 1,122.4 1,115.8 1,100.7 1,060.5
Goods............................ 784.3 731.2 697.0 726.4 749.2 776.9 810.9 800.4 788.9 749.8
Services......................... 311.9 301.6 308.0 319.8 305.9 315.0 311.5 315.4 311.8 310.7
Imports............................ 1,475.8 1,399.8 1,429.9 1,544.3 1,401.5 1,458.7 1,523.1 1,519.7 1,493.7 1,422.2
Goods............................ 1,243.5 1,167.9 1,189.6 1,282.0 1,177.0 1,229.6 1,284.9 1,282.3 1,258.5 1,181.2
Services......................... 232.3 231.9 240.2 262.3 224.5 229.1 238.3 237.3 235.2 241.0
Government consumption expenditures
and gross investment................ 1,721.6 1,825.6 1,956.6 2,075.5 1,689.6 1,720.0 1,729.9 1,746.9 1,783.3 1,825.4
Federal............................ 578.8 612.9 680.8 752.2 565.3 586.6 581.2 582.0 596.2 610.9
National defense................. 370.3 392.6 437.4 496.4 360.9 375.2 371.3 373.8 383.5 388.3
Consumption expenditures....... 321.5 342.4 382.0 436.1 311.9 326.2 322.1 325.7 335.8 338.0
Gross investment............... 48.8 50.2 55.4 60.4 49.0 49.0 49.3 48.1 47.6 50.3
Nondefense....................... 208.5 220.3 243.4 255.7 204.4 211.4 209.9 208.2 212.7 222.6
Consumption expenditures....... 177.8 189.5 210.7 222.5 173.8 178.9 179.4 179.2 182.6 189.9
Gross investment............... 30.7 30.8 32.7 33.2 30.6 32.5 30.5 29.0 30.1 32.7
State and local.................... 1,142.8 1,212.8 1,275.8 1,323.3 1,124.3 1,133.4 1,148.6 1,164.9 1,187.2 1,214.5
Consumption expenditures....... 917.8 969.8 1,016.5 1,058.5 900.6 910.8 923.4 936.3 951.7 963.6
Gross investment............... 225.0 243.0 259.3 264.9 223.7 222.6 225.3 228.6 235.4 250.9
Addenda:
Final sales of domestic product.... 9,760.5 10,159.7 10,475.9 11,005.3 9,599.6 9,726.5 9,803.7 9,912.2 10,031.4 10,136.0
Gross domestic purchases........... 10,196.4 10,495.0 10,911.9 11,502.2 9,975.8 10,189.7 10,262.8 10,357.5 10,414.4 10,490.6
Final sales to domestic purchasers. 10,140.0 10,526.7 10,900.7 11,503.4 9,946.0 10,093.4 10,204.4 10,316.0 10,424.4 10,497.7
Gross domestic product............. 9,817.0 10,128.0 10,487.0 11,004.0 9,629.4 9,822.8 9,862.1 9,953.6 10,021.5 10,128.9
Plus: Income receipts
from the rest of the world........ 382.7 322.4 301.8 329.0 362.9 386.0 379.7 402.1 361.8 337.8
Less: Income payments to
the rest of the world............. 343.7 278.8 274.7 273.9 330.4 349.2 348.1 347.2 323.0 293.2
Equals: Gross national product..... 9,855.9 10,171.6 10,514.1 11,059.2 9,661.9 9,859.6 9,893.6 10,008.4 10,060.2 10,173.5
Net domestic product............... 8,629.1 8,846.5 9,183.1 9,650.1 8,476.3 8,645.8 8,662.1 8,732.3 8,781.0 8,858.1
-------------------------------------------------------------------------------------------------------------------------------
See "Explanatory Note" at the end of the tables.
Table 3A.--Gross Domestic Product and Related Measures--Continued
[Billions of dollars; quarters seasonally adjusted at annual rates]
-------------------------------------------------------------------------------------------------------------------------------------------------
III 01 IV 01 I 02 II 02 III 02 IV 02 I 03 II 03 III 03 IV 03 I 04 II 04
-------------------------------------------------------------------------------------------------------------------------------------------------
Gross domestic product.......... 10,135.1 10,226.3 10,338.2 10,445.7 10,546.5 10,617.5 10,744.6 10,884.0 11,116.7 11,270.9 11,472.6 11,649.3
Personal consumption expenditures.... 7,058.5 7,188.4 7,236.9 7,339.3 7,428.0 7,500.0 7,609.8 7,696.3 7,822.5 7,914.9 8,060.2 8,146.2
Durable goods...................... 865.1 932.8 903.5 907.5 932.8 920.8 912.1 946.8 972.7 971.1 976.3 970.0
Motor vehicles and parts......... 393.7 451.5 414.5 415.8 444.6 429.7 421.4 442.4 452.5 444.1 438.4 429.7
Furniture and household
equipment....................... 309.9 315.5 319.8 321.9 318.5 319.4 316.8 323.9 333.3 338.0 345.0 346.7
Other............................ 161.5 165.8 169.3 169.8 169.7 171.6 174.0 180.5 186.9 189.0 193.0 193.7
Nondurable goods................... 2,024.2 2,027.5 2,046.8 2,077.7 2,081.3 2,114.6 2,167.5 2,163.6 2,219.2 2,250.1 2,316.6 2,353.8
Food............................. 972.9 983.1 994.6 1,004.1 1,006.2 1,018.4 1,039.5 1,052.2 1,074.6 1,091.8 1,120.3 1,131.2
Clothing and shoes............... 295.0 299.0 303.9 303.2 297.7 303.6 299.9 303.6 311.0 314.4 325.0 322.5
Gasoline, fuel oil, and other
energy goods.................... 185.9 165.8 160.4 176.7 180.4 192.4 219.1 195.6 207.6 210.7 229.7 249.1
Other............................ 570.5 579.7 588.0 593.7 596.9 600.2 608.9 612.3 626.0 633.1 641.5 651.0
Services........................... 4,169.1 4,228.0 4,286.5 4,354.0 4,413.9 4,464.7 4,530.2 4,585.9 4,630.6 4,693.6 4,767.3 4,822.4
Housing.......................... 1,082.3 1,099.9 1,121.8 1,140.0 1,153.2 1,164.2 1,174.5 1,182.7 1,193.4 1,202.8 1,215.4 1,232.6
Household operation.............. 408.8 399.3 400.6 406.7 410.9 417.7 426.6 428.9 431.8 438.1 445.6 443.2
Electricity and gas............ 154.3 146.2 146.5 151.6 153.0 159.2 164.9 166.3 166.7 171.2 175.7 169.2
Other household operation...... 254.5 253.2 254.1 255.0 258.0 258.5 261.6 262.6 265.0 266.8 270.0 273.9
Transportation................... 290.7 287.1 287.6 288.8 287.2 288.3 291.5 293.0 295.1 296.5 297.8 299.9
Medical care..................... 1,125.4 1,149.4 1,173.7 1,197.9 1,222.5 1,247.0 1,267.6 1,290.5 1,312.1 1,334.0 1,356.8 1,381.8
Recreation....................... 284.9 288.6 293.6 297.8 300.9 306.0 310.8 315.5 319.0 323.4 330.8 332.9
Other............................ 977.0 1,003.7 1,009.3 1,022.9 1,039.2 1,041.5 1,059.3 1,075.3 1,079.1 1,098.8 1,120.9 1,132.0
Gross private domestic investment.... 1,613.0 1,521.4 1,568.5 1,577.0 1,581.3 1,589.9 1,596.6 1,611.1 1,696.6 1,758.8 1,819.7 1,891.2
Fixed investment................... 1,644.8 1,599.6 1,577.4 1,563.0 1,562.2 1,569.5 1,586.0 1,626.4 1,700.2 1,755.2 1,783.5 1,846.6
Nonresidential................... 1,167.2 1,123.2 1,091.4 1,061.2 1,055.0 1,048.1 1,046.4 1,072.7 1,113.3 1,146.3 1,158.8 1,188.1
Structures..................... 335.8 305.2 290.0 273.4 262.7 260.1 253.6 262.3 262.3 268.2 266.0 273.2
Equipment and software......... 831.4 818.1 801.4 787.8 792.3 788.0 792.8 810.4 851.1 878.1 892.8 914.9
Information processing
equipment and software...... 422.0 412.5 401.7 398.2 404.9 397.2 407.9 419.3 442.8 454.7 468.5 481.2
Computers and peripheral
equipment................. 77.5 78.4 80.5 79.5 83.1 82.6 85.6 91.5 99.7 104.5 104.4 109.1
Software................... 172.1 167.6 163.3 160.6 163.8 159.3 161.0 162.8 169.1 170.5 176.8 179.9
Other...................... 172.4 166.5 157.9 158.2 158.0 155.3 161.4 165.0 174.0 179.7 187.4 192.2
Industrial equipment......... 141.6 136.6 142.5 136.9 137.9 136.9 139.7 139.3 140.8 139.5 143.1 143.6
Transportation equipment..... 138.2 143.7 134.3 125.1 120.7 123.9 116.1 121.4 128.8 140.0 134.5 138.4
Other equipment.............. 129.6 125.3 122.9 127.6 128.7 130.1 129.0 130.3 138.7 144.0 146.6 151.7
Residential...................... 477.6 476.3 486.0 501.8 507.2 521.4 539.6 553.8 586.9 609.0 624.6 658.5
Change in private inventories...... -31.8 -78.2 -8.9 14.0 19.1 20.4 10.6 -15.3 -3.7 3.5 36.2 44.6
Farm............................. -.3 2.3 3.0 -.9 -4.2 -4.0 1.9 .9 -.9 -.9 1.0 -2.4
Nonfarm.......................... -31.5 -80.5 -11.9 14.9 23.3 24.4 8.7 -16.2 -2.8 4.5 35.2 47.0
Net exports of goods and services.... -361.9 -351.6 -376.3 -415.4 -431.1 -476.6 -503.3 -497.6 -488.8 -502.8 -546.8 -561.0
Exports............................ 1,003.5 966.6 975.0 1,008.1 1,023.4 1,013.5 1,019.8 1,018.1 1,047.7 1,099.2 1,134.3 1,183.1
Goods............................ 704.5 681.7 676.3 702.6 713.5 695.5 708.4 709.8 725.9 761.3 790.3 828.6
Services......................... 299.0 284.8 298.7 305.5 310.0 318.0 311.4 308.3 321.7 337.9 344.1 354.5
Imports............................ 1,365.3 1,318.2 1,351.3 1,423.5 1,454.5 1,490.1 1,523.0 1,515.7 1,536.4 1,602.0 1,681.2 1,744.1
Goods............................ 1,135.6 1,096.5 1,117.7 1,188.5 1,213.4 1,238.9 1,268.7 1,262.6 1,270.3 1,326.4 1,399.2 1,454.3
Services......................... 229.8 221.7 233.6 235.1 241.1 251.1 254.3 253.1 266.1 275.6 282.0 289.8
Government consumption expenditures
and gross investment................ 1,825.6 1,868.2 1,909.2 1,944.9 1,968.3 2,004.2 2,041.4 2,074.2 2,086.4 2,100.0 2,139.5 2,172.9
Federal............................ 614.3 630.1 654.2 676.6 684.4 708.2 723.4 761.1 756.7 767.5 793.3 804.3
National defense................. 393.0 405.6 418.5 431.7 438.5 461.0 467.4 506.7 498.1 513.6 534.1 541.2
Consumption expenditures....... 341.4 354.3 367.1 376.0 380.0 404.8 410.1 446.7 437.1 450.2 465.2 473.5
Gross investment............... 51.6 51.2 51.4 55.7 58.4 56.2 57.3 59.9 61.0 63.4 69.0 67.7
Nondefense....................... 221.3 224.5 235.8 244.9 245.9 247.2 256.0 254.4 258.7 253.9 259.1 263.1
Consumption expenditures....... 191.3 194.1 203.7 210.3 213.4 215.5 224.2 219.0 225.9 221.1 225.9 226.3
Gross investment............... 30.1 30.4 32.1 34.6 32.5 31.7 31.8 35.4 32.8 32.8 33.2 36.7
State and local.................... 1,211.2 1,238.1 1,255.0 1,268.3 1,283.9 1,296.0 1,318.0 1,313.1 1,329.7 1,332.6 1,346.3 1,368.6
Consumption expenditures....... 976.6 987.1 996.2 1,011.5 1,023.8 1,034.6 1,054.8 1,051.8 1,061.0 1,066.3 1,079.8 1,091.2
Gross investment............... 234.6 251.0 258.8 256.9 260.1 261.4 263.2 261.4 268.7 266.2 266.4 277.4
Addenda:
Final sales of domestic product.... 10,166.9 10,304.5 10,347.2 10,431.7 10,527.4 10,597.1 10,734.0 10,899.3 11,120.4 11,267.4 11,436.4 11,604.8
Gross domestic purchases........... 10,497.0 10,577.9 10,714.6 10,861.2 10,977.6 11,094.1 11,247.8 11,381.6 11,605.5 11,773.7 12,019.4 12,210.3
Final sales to domestic purchasers. 10,528.8 10,656.1 10,723.5 10,847.1 10,958.5 11,073.7 11,237.3 11,397.0 11,609.2 11,770.1 11,983.2 12,165.7
Gross domestic product............. 10,135.1 10,226.3 10,338.2 10,445.7 10,546.5 10,617.5 10,744.6 10,884.0 11,116.7 11,270.9 11,472.6 11,649.3
Plus: Income receipts
from the rest of the world........ 306.0 284.2 288.5 304.5 312.9 301.2 304.8 309.8 329.8 371.8 373.8 .....
Less: Income payments to
the rest of the world............. 289.3 209.6 265.0 288.6 287.8 257.5 268.0 264.7 278.2 284.6 300.3 .....
Equals: Gross national product..... 10,151.8 10,300.9 10,361.7 10,461.6 10,571.7 10,661.2 10,781.3 10,929.0 11,168.3 11,358.1 11,546.1 .....
Net domestic product............... 8,802.4 8,944.5 9,051.2 9,147.8 9,237.2 9,296.1 9,410.5 9,537.0 9,756.2 9,896.7 10,117.6 10,279.3
-------------------------------------------------------------------------------------------------------------------------------------------------
See "Explanatory Note" at the end of the tables.
Table 3B.--Real Gross Domestic Product and Related Measures
[Billions of chained (2000) dollars; quarters seasonally adjusted at annual rates]
-------------------------------------------------------------------------------------------------------------------------------
2000 2001 2002 2003 I 00 II 00 III 00 IV 00 I 01 II 01
-------------------------------------------------------------------------------------------------------------------------------
Gross domestic product.......... 9,817.0 9,890.7 10,074.8 10,381.3 9,695.6 9,847.9 9,836.6 9,887.7 9,875.6 9,905.9
Personal consumption expenditures.... 6,739.4 6,910.4 7,123.4 7,355.6 6,661.3 6,703.3 6,768.0 6,825.0 6,853.1 6,870.3
Durable goods...................... 863.3 900.7 959.6 1,030.6 872.8 851.3 863.8 865.4 879.5 878.9
Motor vehicles and parts......... 386.5 405.8 428.7 452.1 403.3 376.1 383.2 383.5 392.6 388.6
Furniture and household
equipment....................... 312.9 331.8 360.7 393.5 306.7 311.3 315.9 317.8 323.8 328.1
Other............................ 163.9 163.2 170.9 186.5 162.9 163.9 164.7 164.1 163.3 162.6
Nondurable goods................... 1,947.2 1,986.7 2,037.4 2,112.4 1,917.2 1,944.0 1,955.0 1,972.7 1,975.2 1,974.7
Food............................. 925.2 940.2 958.4 995.1 916.1 925.6 927.8 931.2 937.1 938.3
Clothing and shoes............... 297.7 303.7 316.7 330.2 291.3 296.4 301.1 302.1 300.5 301.8
Gasoline, fuel oil, and other
energy goods.................... 191.5 193.4 196.0 197.3 191.6 190.2 189.1 195.2 196.4 188.4
Other............................ 532.9 549.2 566.3 589.6 518.4 531.9 537.1 544.1 540.8 546.0
Services........................... 3,928.8 4,023.2 4,128.6 4,220.3 3,871.1 3,908.2 3,949.3 3,986.8 3,997.9 4,016.0
Housing.......................... 1,006.5 1,033.7 1,062.0 1,076.1 995.7 1,003.3 1,009.9 1,016.9 1,024.4 1,031.2
Household operation.............. 390.1 391.0 394.1 400.2 376.3 388.6 392.5 403.0 397.6 389.5
Electricity and gas............ 143.3 140.9 144.7 147.2 133.9 142.0 143.8 153.6 148.5 138.8
Other household operation...... 246.8 250.2 249.4 253.0 242.4 246.8 248.9 249.2 248.8 251.0
Transportation................... 291.3 288.0 279.9 277.7 289.9 291.9 291.6 291.7 292.9 291.5
Medical care..................... 1,026.8 1,075.2 1,139.3 1,184.3 1,010.7 1,022.0 1,032.1 1,042.5 1,053.5 1,065.7
Recreation....................... 268.3 274.9 281.5 290.3 264.2 267.6 270.1 271.1 274.7 274.1
Other............................ 945.9 960.3 971.1 990.7 934.1 934.9 953.2 961.7 954.6 964.2
Gross private domestic investment.... 1,735.5 1,598.4 1,560.7 1,628.8 1,678.0 1,788.6 1,742.6 1,732.7 1,670.3 1,637.4
Fixed investment................... 1,679.0 1,629.4 1,548.9 1,627.3 1,651.1 1,689.1 1,686.4 1,689.4 1,678.2 1,640.5
Nonresidential................... 1,232.1 1,180.5 1,075.6 1,110.8 1,196.7 1,238.6 1,245.2 1,247.9 1,234.4 1,190.2
Structures..................... 313.2 306.1 251.6 237.4 299.9 312.5 319.7 320.6 313.8 310.6
Equipment and software......... 918.9 874.2 826.5 879.2 896.7 926.0 925.5 927.3 920.8 879.2
Information processing
equipment and software...... 467.6 459.0 439.6 492.4 442.9 465.7 473.8 488.1 485.7 461.4
Computers and peripheral
equipment................. ..... ..... ..... ..... ..... ..... ..... ..... ..... .....
Software................... 176.2 173.8 163.6 171.2 171.4 175.8 176.2 181.2 181.4 174.1
Other...................... 190.0 181.7 164.3 179.4 179.9 187.7 192.3 200.2 193.7 182.9
Industrial equipment......... 159.2 145.7 137.4 137.6 156.3 159.7 161.9 159.0 159.3 147.3
Transportation equipment..... 160.8 142.8 125.6 121.6 166.1 167.0 159.5 150.7 145.3 144.5
Other equipment.............. 131.2 126.9 124.5 131.2 131.3 133.6 130.4 129.6 130.9 126.3
Residential...................... 446.9 448.5 470.0 511.2 454.5 450.4 441.2 441.6 444.0 450.1
Change in private inventories...... 56.5 -31.7 11.7 -.8 26.9 99.3 56.2 43.5 -7.8 -2.5
Farm............................. -1.3 .0 -1.6 .3 -14.5 6.1 -2.7 5.7 5.5 -1.3
Nonfarm.......................... 57.8 -31.8 13.5 -1.1 41.5 93.2 58.8 37.8 -13.5 -1.1
Net exports of goods and services.... -379.5 -399.1 -472.1 -518.5 -350.6 -374.5 -395.6 -397.2 -398.2 -385.2
Exports............................ 1,096.3 1,036.7 1,012.3 1,031.8 1,060.9 1,092.0 1,120.0 1,112.3 1,097.2 1,060.6
Goods............................ 784.3 736.3 706.4 721.7 751.9 776.6 810.0 798.9 787.8 751.7
Services......................... 311.9 300.4 305.7 309.9 309.0 315.3 310.0 313.4 309.4 308.9
Imports............................ 1,475.8 1,435.8 1,484.4 1,550.3 1,411.5 1,466.5 1,515.6 1,509.5 1,495.4 1,445.8
Goods............................ 1,243.5 1,204.1 1,248.5 1,307.3 1,187.1 1,236.3 1,277.7 1,272.7 1,261.6 1,204.7
Services......................... 232.3 231.6 235.9 243.3 224.4 230.1 237.9 236.8 233.7 240.9
Government consumption expenditures
and gross investment................ 1,721.6 1,780.3 1,857.9 1,909.4 1,707.3 1,730.5 1,721.5 1,727.1 1,749.6 1,783.0
Federal............................ 578.8 601.4 646.6 689.6 568.2 591.2 578.6 577.2 588.5 601.4
National defense................. 370.3 384.9 414.6 451.8 362.6 377.1 369.9 371.5 377.9 381.9
Consumption expenditures....... 321.5 334.1 358.2 390.3 313.8 328.1 320.7 323.4 329.8 331.3
Gross investment............... 48.8 50.8 56.6 61.6 48.9 49.0 49.3 48.1 48.0 50.6
Nondefense....................... 208.5 216.5 232.0 237.6 205.6 214.0 208.7 205.6 210.6 219.5
Consumption expenditures....... 177.8 185.8 199.0 204.0 174.8 181.5 178.2 176.8 180.6 187.1
Gross investment............... 30.7 30.7 32.9 33.5 30.8 32.6 30.4 28.8 30.1 32.5
State and local.................... 1,142.8 1,179.0 1,211.4 1,219.8 1,139.2 1,139.3 1,142.9 1,149.9 1,161.1 1,181.6
Consumption expenditures....... 917.8 941.2 962.2 969.0 912.4 916.3 918.7 923.7 929.6 935.6
Gross investment............... 225.0 237.8 249.2 250.9 226.8 223.0 224.2 226.2 231.5 246.2
Residual............................. .1 1.2 -.9 -14.9 -.7 -.2 -.3 .2 .7 -.9
Addenda:
Final sales of domestic product.... 9,760.5 9,920.9 10,063.2 10,379.9 9,668.8 9,748.4 9,780.4 9,844.3 9,883.2 9,908.7
Gross domestic purchases........... 10,196.4 10,290.1 10,544.6 10,895.7 10,046.5 10,222.4 10,232.1 10,284.7 10,273.2 10,291.3
Final sales to domestic purchasers. 10,140.0 10,320.5 10,533.0 10,894.2 10,019.6 10,122.9 10,176.0 10,241.4 10,280.8 10,294.2
Gross domestic product............. 9,817.0 9,890.7 10,074.8 10,381.3 9,695.6 9,847.9 9,836.6 9,887.7 9,875.6 9,905.9
Plus: Income receipts
from the rest of the world........ 382.7 316.1 291.7 311.9 366.0 387.2 378.7 398.8 356.6 331.1
Less: Income payments to
the rest of the world............. 343.7 273.2 264.9 259.2 332.7 349.8 347.5 344.9 318.7 287.1
Equals: Gross national product..... 9,855.9 9,933.6 10,101.7 10,433.9 9,729.0 9,885.3 9,867.8 9,941.6 9,913.6 9,949.8
Net domestic product............... 8,629.1 8,616.2 8,777.9 9,045.8 8,537.6 8,669.3 8,638.5 8,671.2 8,640.8 8,642.1
-------------------------------------------------------------------------------------------------------------------------------
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 gross domestic product, use table 2.
See "Explanatory Note" at the end of the tables.
Table 3B.--Real Gross Domestic Product and Related Measures--Continued
[Billions of chained (2000) dollars; quarters seasonally adjusted at annual rates]
-------------------------------------------------------------------------------------------------------------------------------------------------
III 01 IV 01 I 02 II 02 III 02 IV 02 I 03 II 03 III 03 IV 03 I 04 II 04
-------------------------------------------------------------------------------------------------------------------------------------------------
Gross domestic product.......... 9,871.1 9,910.0 9,993.5 10,052.6 10,117.3 10,135.9 10,184.4 10,287.4 10,472.8 10,580.7 10,697.5 10,778.0
Personal consumption expenditures.... 6,900.5 7,017.6 7,049.7 7,099.2 7,149.9 7,194.6 7,242.2 7,311.4 7,401.7 7,466.8 7,543.0 7,562.5
Durable goods...................... 885.6 958.7 937.8 947.8 979.3 973.4 973.2 1,020.0 1,059.6 1,069.7 1,075.5 1,068.7
Motor vehicles and parts......... 392.7 449.4 415.1 418.6 447.1 433.9 428.0 451.3 465.6 463.5 456.7 446.7
Furniture and household
equipment....................... 332.2 343.0 354.4 360.1 361.2 367.2 369.3 385.2 405.0 414.6 425.6 431.0
Other............................ 161.2 165.6 169.2 170.3 170.9 173.2 177.0 184.4 190.5 194.0 196.9 196.1
Nondurable goods................... 1,986.5 2,010.3 2,029.3 2,033.2 2,030.2 2,056.8 2,082.0 2,090.1 2,125.3 2,152.0 2,187.3 2,187.0
Food............................. 940.6 945.0 951.4 958.4 958.0 965.8 981.4 988.0 1,002.2 1,008.6 1,028.4 1,028.6
Clothing and shoes............... 302.9 309.8 316.4 316.2 312.9 321.2 320.6 327.1 334.9 338.2 351.2 346.0
Gasoline, fuel oil, and other
energy goods.................... 191.1 197.7 197.8 193.7 193.4 199.3 199.5 192.1 194.6 203.3 202.1 199.6
Other............................ 551.7 558.4 564.4 564.7 565.5 570.7 579.9 582.8 593.6 602.1 606.6 613.4
Services........................... 4,027.8 4,051.2 4,084.1 4,119.7 4,143.8 4,166.9 4,188.7 4,207.7 4,227.9 4,256.7 4,291.7 4,316.3
Housing.......................... 1,036.5 1,042.8 1,052.8 1,060.8 1,065.5 1,068.7 1,071.6 1,074.3 1,078.1 1,080.3 1,086.0 1,091.4
Household operation.............. 390.3 386.6 388.5 394.5 394.7 398.9 399.5 396.8 398.7 406.0 409.3 404.4
Electricity and gas............ 138.9 137.3 139.6 144.2 145.1 149.9 149.0 144.5 144.7 150.6 151.9 144.5
Other household operation...... 251.6 249.4 248.9 250.3 249.5 248.9 250.2 252.3 254.2 255.2 257.1 260.3
Transportation................... 285.9 281.6 282.0 280.9 278.5 278.2 279.3 277.7 277.1 276.7 278.1 279.6
Medical care..................... 1,082.7 1,099.1 1,117.1 1,132.5 1,147.0 1,160.5 1,170.0 1,179.7 1,189.3 1,198.3 1,207.9 1,222.3
Recreation....................... 274.5 276.2 279.5 280.7 281.6 284.4 286.4 289.6 291.2 294.1 298.3 298.4
Other............................ 957.8 964.6 963.8 969.7 975.8 975.4 981.1 988.8 992.5 1,000.3 1,011.2 1,019.1
Gross private domestic investment.... 1,592.6 1,493.4 1,552.5 1,553.7 1,569.2 1,567.3 1,564.0 1,577.6 1,659.4 1,714.1 1,764.5 1,818.4
Fixed investment................... 1,621.9 1,577.0 1,559.6 1,545.9 1,546.6 1,543.5 1,552.7 1,593.4 1,660.6 1,702.7 1,721.4 1,767.5
Nonresidential................... 1,169.3 1,128.2 1,099.8 1,072.4 1,069.5 1,060.9 1,060.5 1,090.6 1,131.1 1,161.0 1,173.0 1,198.1
Structures..................... 315.1 284.9 270.7 253.9 243.0 238.9 230.7 238.7 237.9 242.4 237.7 240.7
Equipment and software......... 852.9 843.8 830.1 820.6 829.8 825.5 834.6 856.7 899.7 925.6 943.7 966.4
Information processing
equipment and software...... 447.3 441.7 434.1 435.5 446.5 442.2 460.0 475.7 507.1 526.6 547.0 565.0
Computers and peripheral
equipment................. ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... .....
Software................... 172.3 167.4 163.8 162.9 165.9 161.7 164.9 166.8 174.6 178.5 185.6 189.5
Other...................... 177.8 172.2 163.7 164.9 165.4 163.2 169.6 173.7 183.9 190.4 200.2 206.0
Industrial equipment......... 140.6 135.4 141.5 136.0 136.6 135.4 137.9 137.3 138.4 136.8 139.0 138.6
Transportation equipment..... 137.6 144.0 134.1 124.3 121.9 121.9 113.9 120.5 124.3 127.8 122.7 125.7
Other equipment.............. 127.6 122.8 120.4 125.1 125.7 126.7 125.2 126.1 134.0 139.3 142.1 145.3
Residential...................... 452.1 447.8 457.8 470.3 473.6 478.5 487.3 497.9 523.8 535.9 542.5 562.3
Change in private inventories...... -29.9 -86.7 -7.4 7.9 22.7 23.8 9.6 -17.6 -3.5 8.6 40.0 47.5
Farm............................. 1.0 -5.1 4.4 -7.9 -1.7 -1.2 .1 -1.8 -.7 3.5 5.1 3.0
Nonfarm.......................... -31.1 -81.7 -11.9 16.1 24.6 25.3 9.6 -15.7 -2.7 4.6 34.5 44.9
Net exports of goods and services.... -398.4 -414.5 -444.9 -458.1 -469.8 -515.4 -511.7 -525.2 -508.7 -528.3 -550.1 -552.8
Exports............................ 1,008.7 980.3 991.6 1,017.8 1,025.5 1,014.5 1,010.6 1,006.5 1,033.8 1,076.2 1,095.4 1,129.9
Goods............................ 710.9 694.7 691.4 714.4 719.5 700.5 707.3 705.9 723.1 750.6 767.2 793.7
Services......................... 297.7 285.6 300.0 303.3 305.9 313.6 303.1 300.4 310.5 325.4 328.1 336.0
Imports............................ 1,407.1 1,394.9 1,436.5 1,475.9 1,495.3 1,529.8 1,522.3 1,531.7 1,542.5 1,604.5 1,645.5 1,682.6
Goods............................ 1,177.9 1,172.1 1,200.7 1,244.2 1,262.1 1,287.2 1,281.3 1,297.3 1,297.3 1,353.2 1,394.1 1,423.4
Services......................... 229.0 222.8 235.4 232.0 233.6 242.7 241.2 235.3 245.2 251.7 252.4 260.1
Government consumption expenditures
and gross investment................ 1,776.1 1,812.7 1,833.5 1,853.4 1,863.1 1,881.6 1,882.5 1,915.3 1,916.0 1,923.7 1,935.8 1,946.8
Federal............................ 601.5 614.2 626.4 645.5 650.1 664.5 665.0 699.0 693.1 701.2 713.3 718.1
National defense................. 384.1 395.6 401.3 412.3 415.8 429.2 426.2 462.3 453.1 465.7 477.6 479.9
Consumption expenditures....... 332.1 343.1 348.6 355.7 356.5 371.9 367.8 401.0 391.1 401.4 408.5 412.5
Gross investment............... 52.1 52.5 52.6 56.8 59.6 57.2 58.5 61.2 62.1 64.6 69.9 67.9
Nondefense....................... 217.3 218.6 225.2 233.2 234.3 235.3 238.8 236.5 239.9 235.2 235.4 237.9
Consumption expenditures....... 187.3 188.2 193.0 198.5 201.4 203.2 206.6 200.9 206.7 202.0 201.8 201.2
Gross investment............... 30.0 30.4 32.2 34.8 32.8 32.0 32.1 35.7 33.1 33.2 33.6 37.0
State and local.................... 1,174.6 1,198.5 1,207.2 1,208.0 1,213.1 1,217.3 1,217.7 1,216.3 1,222.9 1,222.5 1,222.4 1,228.7
Consumption expenditures....... 945.2 954.5 957.0 960.9 963.7 967.3 967.7 968.6 968.8 970.9 971.5 971.8
Gross investment............... 229.4 244.0 250.3 247.1 249.5 250.1 250.1 247.7 254.3 251.6 251.0 257.2
Residual............................. 3.3 1.4 -1.4 .3 -2.4 -.5 -1.6 -8.2 -23.5 -26.7 -31.3 -35.7
Addenda:
Final sales of domestic product.... 9,899.9 9,992.3 10,000.4 10,044.9 10,095.2 10,112.5 10,173.3 10,302.5 10,473.9 10,569.6 10,655.8 10,728.8
Gross domestic purchases........... 10,270.1 10,325.6 10,437.7 10,508.9 10,584.8 10,646.7 10,692.0 10,808.1 10,978.3 11,104.3 11,241.9 11,324.7
Final sales to domestic purchasers. 10,299.1 10,408.4 10,444.7 10,501.1 10,562.7 10,623.3 10,680.8 10,823.3 10,979.4 11,093.2 11,200.1 11,275.4
Gross domestic product............. 9,871.1 9,910.0 9,993.5 10,052.6 10,117.3 10,135.9 10,184.4 10,287.4 10,472.8 10,580.7 10,697.5 10,778.0
Plus: Income receipts
from the rest of the world........ 299.2 277.5 281.0 294.8 301.8 289.1 290.1 294.5 312.1 350.7 349.6 .....
Less: Income payments to
the rest of the world............. 282.6 204.3 257.4 278.7 276.7 246.7 254.4 251.2 263.2 268.0 280.3 .....
Equals: Gross national product..... 9,887.7 9,983.1 10,017.2 10,068.9 10,142.4 10,178.4 10,220.3 10,330.8 10,521.7 10,663.3 10,766.7 .....
Net domestic product............... 8,547.2 8,634.8 8,711.2 8,760.3 8,815.3 8,824.7 8,864.9 8,957.6 9,132.0 9,228.4 9,344.1 9,417.3
-------------------------------------------------------------------------------------------------------------------------------------------------
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 gross domestic product, 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]
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
2000 2001 2002 2003 IV 00 I 01 II 01 III 01 IV 01 I 02 II 02 III 02 IV 02 I 03 II 03 III 03 IV 03 I 04 II 04
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
Gross domestic product (GDP). 2.2 2.4 1.7 1.8 1.8 3.3 3.1 1.6 1.7 1.4 1.5 1.7 2.0 2.7 1.1 1.4 1.6 2.8 3.2
Personal consumption expenditures... 2.5 2.1 1.4 1.9 1.8 3.3 2.6 .6 .6 .9 2.9 2.0 1.4 3.2 .7 1.6 1.2 3.3 3.3
Durable goods..................... -1.6 -1.9 -2.7 -3.4 -1.0 -1.4 -3.1 -2.8 -1.6 -3.8 -2.5 -2.1 -2.8 -3.7 -3.8 -4.4 -4.3 .0 -.1
Nondurable goods.................. 4.0 1.5 .6 2.0 1.4 1.4 3.5 -.9 -4.0 .0 5.4 1.3 1.2 5.1 -2.2 3.5 .5 5.3 6.7
Services.......................... 2.7 3.3 2.7 3.0 2.6 5.3 3.4 2.0 3.3 2.3 2.8 3.2 2.4 3.8 3.1 2.0 2.7 3.0 2.3
Gross private domestic investment... 1.0 1.0 .2 1.1 .8 .0 1.5 2.1 .2 -1.0 -.1 -.5 2.6 1.4 -.1 1.2 2.7 2.1 3.6
Fixed investment.................. 1.1 1.0 .2 1.2 .9 -.3 1.8 2.2 .1 -1.1 -.1 -.4 2.7 1.9 -.3 1.2 2.8 2.0 3.4
Nonresidential.................. -.1 -.3 -.8 -.4 .0 -2.3 .6 .3 -1.0 -1.3 -1.1 -1.3 .6 -.5 -1.3 .3 1.2 .3 1.5
Structures.................... 3.9 5.4 2.4 2.1 5.0 6.0 6.5 6.6 2.1 .0 2.1 1.6 3.0 3.9 .0 1.3 1.4 4.8 5.8
Equipment and software........ -1.3 -2.3 -1.9 -1.2 -1.7 -5.1 -1.5 -2.0 -2.2 -1.7 -2.2 -2.2 -.1 -1.9 -1.7 .0 1.2 -1.1 .2
Residential..................... 4.4 4.6 2.5 4.4 3.4 5.5 5.0 6.9 2.8 -.8 2.1 1.6 7.1 6.8 1.7 3.1 5.8 5.4 7.0
Change in private inventories..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... .....
Net exports of goods and services... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... .....
Exports........................... 1.7 -.4 -.4 2.1 .4 .1 -1.3 -2.0 -3.5 -1.2 3.0 3.0 .4 4.1 1.0 .8 3.2 5.7 4.5
Goods........................... 1.1 -.7 -.7 2.0 .4 -.1 -1.6 -2.6 -3.8 -1.4 2.2 3.3 .5 3.5 1.6 -.6 4.2 6.4 5.5
Services........................ 3.1 .4 .4 2.4 .6 .6 -.7 -.6 -2.8 -.6 4.8 2.4 .3 5.4 -.6 4.0 .9 4.0 2.5
Imports........................... 4.2 -2.5 -1.2 3.4 .7 -3.0 -5.9 -5.3 -10.0 -1.9 10.5 3.4 .5 11.3 -4.3 2.6 .9 9.6 5.9
Goods........................... 4.8 -3.0 -1.8 2.9 .8 -3.8 -6.6 -6.5 -11.3 -2.0 10.8 2.6 .4 12.0 -6.7 2.4 .4 9.9 7.4
Services........................ 1.4 .1 1.7 5.9 .3 1.5 -2.2 1.2 -3.3 -1.2 8.8 7.7 .9 7.9 8.4 3.6 3.5 8.3 -1.0
Government consumption expenditures
and gross investment............... 4.1 2.5 2.7 3.2 2.7 3.1 1.8 1.6 1.1 4.2 3.1 2.7 3.3 7.4 -.5 2.2 1.0 5.1 4.0
Federal........................... 3.2 1.9 3.3 3.6 1.6 1.9 1.1 2.2 1.8 7.4 1.4 1.8 5.1 8.5 .3 1.1 1.0 6.6 2.9
National defense................ 3.2 2.0 3.4 4.2 .9 3.5 .7 2.5 .8 7.1 1.6 2.9 7.7 8.6 -.3 1.1 1.3 5.7 3.4
Nondefense...................... 3.2 1.7 3.1 2.6 2.7 -1.0 1.8 1.6 3.4 8.0 1.1 -.2 .5 8.2 1.4 1.0 .3 8.3 1.8
State and local................... 4.5 2.9 2.4 3.0 3.2 3.8 2.1 1.3 .8 2.5 4.0 3.2 2.4 6.8 -1.0 2.9 1.0 4.2 4.7
Addenda:
Final sales of domestic product... 2.2 2.4 1.7 1.8 1.8 3.3 3.2 1.6 1.7 1.3 1.5 1.7 2.0 2.8 1.1 1.4 1.6 2.7 3.2
Gross domestic purchases.......... 2.5 2.0 1.5 2.0 1.8 2.7 2.3 1.0 .6 1.2 2.5 1.8 1.9 3.7 .4 1.7 1.4 3.4 3.5
Final sales to domestic
purchasers....................... 2.5 2.0 1.5 2.0 1.8 2.7 2.3 1.0 .6 1.1 2.5 1.8 1.9 3.8 .3 1.7 1.4 3.4 3.4
Gross national product (GNP)...... 2.2 2.4 1.6 1.8 1.8 3.3 3.1 1.6 1.7 1.3 1.5 1.7 2.0 2.7 1.1 1.5 1.6 2.8 .....
Implicit price deflators:
GDP............................. 2.2 2.4 1.7 1.8 1.6 3.3 3.1 1.7 2.0 1.0 1.8 1.3 2.0 2.9 1.1 1.3 1.4 2.7 3.2
Gross domestic purchases........ 2.5 2.0 1.5 2.0 1.6 2.7 2.2 1.1 .9 .8 2.8 1.4 1.9 3.9 .4 1.6 1.2 3.4 3.4
GNP............................. 2.2 2.4 1.6 1.8 1.6 3.2 3.1 1.7 2.0 1.0 1.8 1.3 2.0 2.9 1.1 1.3 1.4 2.7 .....
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
See "Explanatory Note" at the end of the tables.
Table 4A.--Price Indexes for Gross Domestic Product and Related Measures: Percent Change From Preceding Period
[Quarters seasonally adjusted at annual rates]
------------------------------------------------------------------------------------------------------------------------------------------------------------------
2000 2001 2002 2003 IV 00 I 01 II 01 III 01 IV 01 I 02 II 02 III 02 IV 02 I 03 II 03 III 03 IV 03 I 04
------------------------------------------------------------------------------------------------------------------------------------------------------------------
Gross domestic product (GDP). 2.2 2.4 1.7 1.8 1.8 3.3 3.1 1.6 1.7 1.4 1.5 1.7 2.0 2.7 1.1 1.4 1.6 2.8
Previously published....... 2.2 2.4 1.5 1.7 1.8 3.2 3.2 1.6 1.6 1.1 1.5 1.5 1.7 2.3 1.1 1.6 1.5 2.8
Personal consumption expenditures... 2.5 2.1 1.4 1.9 1.8 3.3 2.6 .6 .6 .9 2.9 2.0 1.4 3.2 .7 1.6 1.2 3.3
Previously published.............. 2.5 2.0 1.4 1.8 1.8 3.2 2.5 .5 .4 .7 2.9 2.0 1.7 2.8 .5 1.8 1.0 3.2
Durable goods..................... -1.6 -1.9 -2.7 -3.4 -1.0 -1.4 -3.1 -2.8 -1.6 -3.8 -2.5 -2.1 -2.8 -3.7 -3.8 -4.4 -4.3 .0
Previously published............ -1.6 -1.9 -2.9 -3.7 -1.0 -1.3 -3.1 -2.8 -2.2 -3.5 -2.9 -3.0 -3.0 -4.4 -3.9 -4.0 -3.9 -.3
Nondurable goods.................. 4.0 1.5 .6 2.0 1.4 1.4 3.5 -.9 -4.0 .0 5.4 1.3 1.2 5.1 -2.2 3.5 .5 5.3
Previously published............ 4.0 1.5 .5 2.1 1.4 1.3 3.7 -.9 -4.3 -.1 5.7 1.4 1.0 5.1 -2.1 3.8 .5 5.3
Services.......................... 2.7 3.3 2.7 3.0 2.6 5.3 3.4 2.0 3.3 2.3 2.8 3.2 2.4 3.8 3.1 2.0 2.7 3.0
Previously published............ 2.7 3.2 2.7 2.9 2.6 5.1 3.2 1.8 3.3 2.0 2.8 3.4 3.1 3.2 2.7 2.0 2.3 2.9
Gross private domestic investment... 1.0 1.0 .2 1.1 .8 .0 1.5 2.1 .2 -1.0 -.1 -.5 2.6 1.4 -.1 1.2 2.7 2.1
Previously published.............. 1.0 1.1 .0 .9 .8 .3 1.3 2.3 .0 -.7 -.7 -1.0 1.6 1.3 .0 2.0 3.6 2.8
Fixed investment.................. 1.1 1.0 .2 1.2 .9 -.3 1.8 2.2 .1 -1.1 -.1 -.4 2.7 1.9 -.3 1.2 2.8 2.0
Previously published............ 1.1 1.1 .1 1.1 .9 .1 1.6 2.4 .0 -.8 -.7 -.7 1.7 1.9 .0 2.1 3.7 3.0
Nonresidential.................. -.1 -.3 -.8 -.4 .0 -2.3 .6 .3 -1.0 -1.3 -1.1 -1.3 .6 -.5 -1.3 .3 1.2 .3
Previously published.......... -.1 -.2 -.9 -.2 .0 -1.8 .2 .6 -1.2 -1.3 -1.5 -1.5 .4 -.3 -1.2 1.6 1.8 1.0
Structures.................... 3.9 5.4 2.4 2.1 5.0 6.0 6.5 6.6 2.1 .0 2.1 1.6 3.0 3.9 .0 1.3 1.4 4.8
Previously published........ 3.9 5.5 1.4 2.1 5.0 6.5 6.9 6.3 1.2 -.9 .5 .3 1.1 3.8 1.1 2.7 4.7 5.6
Equipment and software........ -1.3 -2.3 -1.9 -1.2 -1.7 -5.1 -1.5 -2.0 -2.2 -1.7 -2.2 -2.2 -.1 -1.9 -1.7 .0 1.2 -1.1
Previously published........ -1.3 -2.2 -1.7 -.9 -1.7 -4.7 -2.1 -1.6 -2.1 -1.4 -2.1 -2.1 .2 -1.6 -1.8 1.2 1.0 -.3
Residential..................... 4.4 4.6 2.5 4.4 3.4 5.5 5.0 6.9 2.8 -.8 2.1 1.6 7.1 6.8 1.7 3.1 5.8 5.4
Previously published.......... 4.4 4.6 2.4 3.9 3.4 5.3 5.1 7.0 2.9 .3 1.1 .9 4.5 6.4 2.2 3.1 7.5 7.1
Change in private inventories..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... .....
Net exports of goods and services... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... .....
Exports........................... 1.7 -.4 -.4 2.1 .4 .1 -1.3 -2.0 -3.5 -1.2 3.0 3.0 .4 4.1 1.0 .8 3.2 5.7
Previously published............ 1.7 -.4 -.4 2.1 .4 .1 -1.2 -2.1 -3.6 -1.2 2.9 3.3 .6 3.6 .8 1.6 2.6 5.7
Goods........................... 1.1 -.7 -.7 2.0 .4 -.1 -1.6 -2.6 -3.8 -1.4 2.2 3.3 .5 3.5 1.6 -.6 4.2 6.4
Previously published.......... 1.1 -.7 -.7 2.0 .4 -.1 -1.6 -2.6 -3.8 -1.4 2.1 3.3 .6 3.5 1.7 -.2 3.6 6.4
Services........................ 3.1 .4 .4 2.4 .6 .6 -.7 -.6 -2.8 -.6 4.8 2.4 .3 5.4 -.6 4.0 .9 4.0
Previously published.......... 3.1 .4 .3 2.2 .6 .6 -.3 -1.0 -3.0 -.9 4.6 3.2 .6 3.8 -1.3 5.7 .4 4.3
Imports........................... 4.2 -2.5 -1.2 3.4 .7 -3.0 -5.9 -5.3 -10.0 -1.9 10.5 3.4 .5 11.3 -4.3 2.6 .9 9.6
Previously published............ 4.2 -2.5 -1.0 3.6 .7 -2.8 -6.0 -5.3 -9.8 -1.6 10.5 3.7 .8 11.7 -4.1 2.7 .9 9.5
Goods........................... 4.8 -3.0 -1.8 2.9 .8 -3.8 -6.6 -6.5 -11.3 -2.0 10.8 2.6 .4 12.0 -6.7 2.4 .4 9.9
Previously published.......... 4.8 -3.0 -1.7 2.9 .8 -3.7 -6.6 -6.6 -11.1 -2.1 10.7 2.7 .5 11.8 -6.8 2.6 .3 9.8
Services........................ 1.4 .1 1.7 5.9 .3 1.5 -2.2 1.2 -3.3 -1.2 8.8 7.7 .9 7.9 8.4 3.6 3.5 8.3
Previously published.......... 1.4 .2 2.5 7.4 .3 2.1 -3.0 1.4 -2.9 .7 9.3 8.6 2.0 11.3 10.4 3.3 3.8 8.0
Government consumption expenditures
and gross investment............... 4.1 2.5 2.7 3.2 2.7 3.1 1.8 1.6 1.1 4.2 3.1 2.7 3.3 7.4 -.5 2.2 1.0 5.1
Previously published............. 4.1 2.6 2.6 2.9 2.7 2.7 2.2 2.0 1.4 3.6 3.3 2.2 1.8 7.3 .1 1.7 .7 5.2
Federal........................... 3.2 1.9 3.3 3.6 1.6 1.9 1.1 2.2 1.8 7.4 1.4 1.8 5.1 8.5 .3 1.1 1.0 6.6
Previously published............ 3.2 2.1 2.7 2.5 1.6 2.0 1.6 2.4 1.7 5.9 2.3 1.2 -.5 7.7 1.4 1.3 .3 7.2
National defense................ 3.2 2.0 3.4 4.2 .9 3.5 .7 2.5 .8 7.1 1.6 2.9 7.7 8.6 -.3 1.1 1.3 5.7
Previously published.......... 3.2 2.2 2.5 2.6 .9 3.6 1.6 2.4 .8 5.2 2.3 1.8 -.6 8.0 1.2 1.3 .4 6.5
Nondefense...................... 3.2 1.7 3.1 2.6 2.7 -1.0 1.8 1.6 3.4 8.0 1.1 -.2 .5 8.2 1.4 1.0 .3 8.3
Previously published.......... 3.2 1.9 3.2 2.3 2.7 -.7 1.8 2.3 3.6 7.3 2.1 .2 -.4 7.2 1.6 1.3 .1 8.6
State and local................... 4.5 2.9 2.4 3.0 3.2 3.8 2.1 1.3 .8 2.5 4.0 3.2 2.4 6.8 -1.0 2.9 1.0 4.2
Previously published............ 4.5 2.9 2.5 3.1 3.2 3.0 2.5 1.8 1.3 2.4 3.8 2.7 3.0 7.1 -.7 2.0 1.0 4.0
Addenda:
Final sales of domestic product... 2.2 2.4 1.7 1.8 1.8 3.3 3.2 1.6 1.7 1.3 1.5 1.7 2.0 2.8 1.1 1.4 1.6 2.7
Previously published............ 2.2 2.4 1.5 1.7 1.8 3.1 3.2 1.6 1.6 1.1 1.4 1.5 1.8 2.4 1.1 1.6 1.5 2.9
Gross domestic purchases.......... 2.5 2.0 1.5 2.0 1.8 2.7 2.3 1.0 .6 1.2 2.5 1.8 1.9 3.7 .4 1.7 1.4 3.4
Previously published............ 2.5 2.0 1.4 1.9 1.8 2.6 2.3 1.0 .5 1.0 2.4 1.6 1.7 3.4 .4 1.8 1.3 3.5
Final sales to domestic
purchasers....................... 2.5 2.0 1.5 2.0 1.8 2.7 2.3 1.0 .6 1.1 2.5 1.8 1.9 3.8 .3 1.7 1.4 3.4
Previously published........... 2.5 2.0 1.4 1.9 1.8 2.6 2.3 1.0 .5 .9 2.4 1.6 1.7 3.5 .4 1.8 1.4 3.5
Gross national product (GNP)...... 2.2 2.4 1.6 1.8 1.8 3.3 3.1 1.6 1.7 1.3 1.5 1.7 2.0 2.7 1.1 1.5 1.6 2.8
Previously published............ 2.2 2.4 1.5 1.7 1.8 3.2 3.1 1.6 1.6 1.1 1.5 1.5 1.7 2.3 1.1 1.7 1.5 2.8
Implicit price deflators:
GDP............................. 2.2 2.4 1.7 1.8 1.6 3.3 3.1 1.7 2.0 1.0 1.8 1.3 2.0 2.9 1.1 1.3 1.4 2.7
Previously published.......... 2.2 2.4 1.5 1.7 1.6 3.1 3.2 1.6 1.9 .7 1.9 1.0 1.8 2.3 1.1 1.6 1.5 2.9
Gross domestic purchases........ 2.5 2.0 1.5 2.0 1.6 2.7 2.2 1.1 .9 .8 2.8 1.4 1.9 3.9 .4 1.6 1.2 3.4
Previously published.......... 2.5 2.0 1.4 1.9 1.6 2.6 2.3 1.0 .8 .6 2.9 1.2 1.8 3.4 .4 1.8 1.3 3.5
GNP............................. 2.2 2.4 1.6 1.8 1.6 3.2 3.1 1.7 2.0 1.0 1.8 1.3 2.0 2.9 1.1 1.3 1.4 2.7
Previously published.......... 2.2 2.4 1.5 1.7 1.6 3.1 3.2 1.6 1.9 .7 2.0 1.0 1.8 2.3 1.1 1.6 1.5 2.9
------------------------------------------------------------------------------------------------------------------------------------------------------------------
See "Explanatory Note" at the end of the tables.
Table 5.--Real Gross Domestic Product, Quantity Indexes
[Index numbers, 2000=100; quarters seasonally adjusted]
---------------------------------------------------------------------------------------------------------------------------
2000 2001 2002 2003 I 00 II 00 III 00 IV 00 I 01 II 01
---------------------------------------------------------------------------------------------------------------------------
Gross domestic product............. 100.000 100.751 102.626 105.749 98.764 100.315 100.200 100.721 100.597 100.906
Personal consumption expenditures.......... 100.000 102.537 105.698 109.143 98.841 99.465 100.424 101.270 101.687 101.942
Durable goods............................ 100.000 104.327 111.150 119.378 101.097 98.609 100.056 100.238 101.877 101.802
Nondurable goods......................... 100.000 102.027 104.630 108.481 98.458 99.835 100.398 101.309 101.438 101.409
Services................................. 100.000 102.403 105.085 107.418 98.530 99.474 100.521 101.475 101.758 102.218
Gross private domestic investment.......... 100.000 92.103 89.928 93.852 96.691 103.060 100.411 99.838 96.245 94.350
Fixed investment......................... 100.000 97.047 92.253 96.924 98.339 100.600 100.443 100.619 99.953 97.709
Nonresidential......................... 100.000 95.817 87.302 90.157 97.126 100.526 101.066 101.282 100.192 96.600
Structures........................... 100.000 97.737 80.346 75.810 95.744 99.785 102.088 102.383 100.191 99.168
Equipment and software............... 100.000 95.136 89.947 95.679 97.587 100.778 100.723 100.912 100.210 95.683
Residential............................ 100.000 100.357 105.178 114.392 101.689 100.786 98.718 98.807 99.342 100.714
Change in private inventories............ ..... ..... ..... ..... ..... ..... ..... ..... ..... .....
Exports of goods and services.............. 100.000 94.565 92.343 94.116 96.770 99.608 102.163 101.458 100.083 96.748
Imports of goods and services.............. 100.000 97.291 100.585 105.048 95.643 99.371 102.700 102.286 101.330 97.972
Government consumption expenditures and
gross investment.......................... 100.000 103.412 107.918 110.906 99.169 100.517 99.995 100.318 101.628 103.567
Federal.................................. 100.000 103.908 111.725 119.140 98.169 102.139 99.970 99.722 101.679 103.910
State and local.......................... 100.000 103.162 105.999 106.739 99.679 99.696 100.007 100.618 101.601 103.394
Addenda:
Final sales of domestic product.......... 100.000 101.644 103.102 106.346 99.061 99.876 100.204 100.859 101.257 101.519
Gross domestic purchases................. 100.000 100.918 103.414 106.858 98.529 100.255 100.350 100.866 100.753 100.930
Final sales to domestic purchasers....... 100.000 101.781 103.876 107.438 98.813 99.832 100.355 101.000 101.389 101.521
Gross national product................... 100.000 100.788 102.494 105.865 98.712 100.298 100.121 100.870 100.585 100.953
---------------------------------------------------------------------------------------------------------------------------
See "Explanatory Note" at the end of the tables.
Table 5.--Real Gross Domestic Product, Quantity Indexes--Continued
[Index numbers, 2000=100; quarters seasonally adjusted]
-------------------------------------------------------------------------------------------------------------------------------------------
III 01 IV 01 I 02 II 02 III 02 IV 02 I 03 II 03 III 03 IV 03 I 04 II 04
-------------------------------------------------------------------------------------------------------------------------------------------
Gross domestic product............. 100.551 100.948 101.798 102.400 103.059 103.249 103.743 104.792 106.681 107.780 108.969 109.789
Personal consumption expenditures.......... 102.391 104.128 104.604 105.339 106.092 106.755 107.461 108.488 109.828 110.794 111.925 112.213
Durable goods............................ 102.576 111.051 108.624 109.789 113.433 112.755 112.731 118.146 122.733 123.902 124.572 123.791
Nondurable goods......................... 102.018 103.242 104.217 104.416 104.261 105.626 106.923 107.338 109.145 110.517 112.331 112.312
Services................................. 102.519 103.114 103.951 104.859 105.472 106.060 106.615 107.099 107.613 108.346 109.237 109.861
Gross private domestic investment.......... 91.768 86.051 89.458 89.524 90.418 90.311 90.119 90.902 95.616 98.771 101.672 104.778
Fixed investment......................... 96.603 93.924 92.891 92.072 92.117 91.932 92.479 94.902 98.904 101.412 102.529 105.271
Nonresidential......................... 94.908 91.569 89.263 87.037 86.805 86.103 86.075 88.518 91.802 94.235 95.204 97.246
Structures........................... 100.621 90.968 86.440 81.065 77.601 76.279 73.674 76.203 75.955 77.406 75.886 76.851
Equipment and software............... 92.820 91.831 90.340 89.301 90.304 89.842 90.829 93.235 97.917 100.735 102.699 105.171
Residential............................ 101.166 100.206 102.448 105.228 105.967 107.071 109.032 111.420 117.201 119.916 121.400 125.831
Change in private inventories............ ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... .....
Exports of goods and services.............. 92.009 89.422 90.449 92.841 93.545 92.536 92.182 91.813 94.300 98.170 99.924 103.066
Imports of goods and services.............. 95.345 94.518 97.340 100.011 101.325 103.665 103.151 103.792 104.522 108.725 111.504 114.019
Government consumption expenditures and
gross investment.......................... 103.164 105.289 106.502 107.658 108.221 109.292 109.346 111.251 111.290 111.738 112.443 113.083
Federal.................................. 103.920 106.124 108.235 111.535 112.326 114.804 114.891 120.765 119.751 121.154 123.249 124.070
State and local.......................... 102.784 104.869 105.631 105.701 106.152 106.514 106.551 106.432 107.006 106.968 106.965 107.512
Addenda:
Final sales of domestic product.......... 101.428 102.375 102.458 102.914 103.429 103.607 104.230 105.553 107.309 108.290 109.173 109.921
Gross domestic purchases................. 100.722 101.267 102.366 103.064 103.809 104.416 104.860 105.999 107.668 108.904 110.253 111.065
Final sales to domestic purchasers....... 101.569 102.647 103.005 103.562 104.169 104.767 105.334 106.739 108.279 109.401 110.455 111.198
Gross national product................... 100.323 101.291 101.637 102.161 102.907 103.272 103.697 104.818 106.755 108.192 109.241 .....
-------------------------------------------------------------------------------------------------------------------------------------------
See "Explanatory Note" at the end of the tables.
Table 6.--Price Indexes for Gross Domestic Product
[Index numbers, 2000=100; quarters seasonally adjusted]
---------------------------------------------------------------------------------------------------------------------------
2000 2001 2002 2003 I 00 II 00 III 00 IV 00 I 01 II 01
---------------------------------------------------------------------------------------------------------------------------
Gross domestic product............. 100.000 102.402 104.097 106.003 99.292 99.780 100.241 100.687 101.507 102.290
Personal consumption expenditures.......... 100.000 102.094 103.548 105.511 99.296 99.777 100.239 100.687 101.502 102.146
Durable goods............................ 100.000 98.114 95.475 92.244 100.471 100.337 99.715 99.477 99.137 98.369
Nondurable goods......................... 100.000 101.531 102.097 104.154 98.816 99.717 100.562 100.905 101.256 102.121
Services................................. 100.000 103.257 106.083 109.237 99.276 99.685 100.194 100.845 102.149 102.997
Gross private domestic investment.......... 100.000 101.013 101.221 102.304 99.496 99.788 100.253 100.463 100.454 100.839
Fixed investment......................... 100.000 101.023 101.232 102.435 99.481 99.788 100.252 100.479 100.410 100.856
Nonresidential......................... 100.000 99.683 98.909 98.546 99.772 99.841 100.191 100.195 99.605 99.743
Structures........................... 100.000 105.403 107.908 110.176 98.482 99.366 100.455 101.697 103.196 104.835
Equipment and software............... 100.000 97.708 95.868 94.754 100.212 100.005 100.102 99.681 98.376 97.996
Residential............................ 100.000 104.633 107.246 111.951 98.683 99.635 100.418 101.263 102.628 103.889
Change in private inventories............ ..... ..... ..... ..... ..... ..... ..... ..... ..... .....
Exports of goods and services.............. 100.000 99.624 99.275 101.395 99.461 99.989 100.223 100.327 100.345 100.017
Imports of goods and services.............. 100.000 97.497 96.326 99.615 99.321 99.487 100.506 100.686 99.926 98.416
Government consumption expenditures and
gross investment.......................... 100.000 102.544 105.313 108.702 98.970 99.395 100.486 101.149 101.929 102.384
Federal.................................. 100.000 101.907 105.288 109.081 99.489 99.223 100.449 100.838 101.309 101.587
State and local.......................... 100.000 102.868 105.317 108.485 98.707 99.483 100.504 101.306 102.245 102.789
Addenda:
Final sales of domestic product.......... 100.000 102.406 104.100 106.025 99.288 99.779 100.241 100.691 101.503 102.296
Gross domestic purchases................. 100.000 101.994 103.489 105.571 99.275 99.714 100.283 100.727 101.403 101.974
Final sales to domestic purchasers....... 100.000 101.998 103.491 105.592 99.271 99.714 100.283 100.732 101.398 101.978
Gross national product................... 100.000 102.399 104.087 105.997 99.287 99.775 100.245 100.693 101.510 102.286
Implicit price deflators:
Gross domestic product................. 100.000 102.399 104.092 105.998 99.317 99.745 100.259 100.666 101.478 102.252
Final sales of domestic product........ 100.000 102.407 104.100 106.025 99.284 99.776 100.238 100.689 101.500 102.293
Gross domestic purchases............... 100.000 101.992 103.484 105.566 99.297 99.680 100.299 100.707 101.375 101.937
Final sales to domestic purchasers..... 100.000 101.998 103.491 105.592 99.265 99.709 100.280 100.729 101.396 101.977
Gross national product................. 100.000 102.396 104.082 105.992 99.311 99.741 100.262 100.672 101.480 102.248
---------------------------------------------------------------------------------------------------------------------------
See "Explanatory Note" at the end of the tables.
Table 6.--Price Indexes for Gross Domestic Product--Continued
[Index numbers, 2000=100; quarters seasonally adjusted]
-------------------------------------------------------------------------------------------------------------------------------------------
III 01 IV 01 I 02 II 02 III 02 IV 02 I 03 II 03 III 03 IV 03 I 04 II 04
-------------------------------------------------------------------------------------------------------------------------------------------
Gross domestic product............. 102.690 103.122 103.470 103.853 104.280 104.786 105.490 105.780 106.158 106.586 107.314 108.161
Personal consumption expenditures.......... 102.291 102.437 102.660 103.386 103.894 104.250 105.080 105.269 105.689 106.005 106.860 107.724
Durable goods............................ 97.669 97.279 96.343 95.743 95.244 94.570 93.688 92.787 91.757 90.747 90.741 90.724
Nondurable goods......................... 101.895 100.852 100.861 102.193 102.520 102.814 104.108 103.520 104.423 104.564 105.914 107.635
Services................................. 103.512 104.368 104.963 105.693 106.524 107.153 108.158 108.993 109.529 110.266 111.085 111.730
Gross private domestic investment.......... 101.355 101.405 101.142 101.106 100.992 101.644 102.001 101.969 102.276 102.968 103.514 104.429
Fixed investment......................... 101.399 101.427 101.136 101.101 101.008 101.685 102.154 102.085 102.401 103.101 103.618 104.492
Nonresidential......................... 99.818 99.564 99.240 98.957 98.642 98.798 98.668 98.354 98.431 98.729 98.793 99.164
Structures........................... 106.512 107.069 107.075 107.638 108.061 108.858 109.911 109.906 110.255 110.633 111.926 113.527
Equipment and software............... 97.497 96.964 96.547 96.004 95.474 95.447 94.981 94.585 94.588 94.862 94.611 94.670
Residential............................ 105.639 106.377 106.165 106.711 107.125 108.981 110.780 111.253 112.097 113.675 115.179 117.145
Change in private inventories............ ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... .....
Exports of goods and services.............. 99.512 98.623 98.337 99.057 99.798 99.906 100.920 101.160 101.355 102.146 103.565 104.721
Imports of goods and services.............. 97.089 94.556 94.108 96.482 97.296 97.416 100.059 98.959 99.606 99.837 102.163 103.647
Government consumption expenditures and
gross investment.......................... 102.792 103.072 104.134 104.943 105.651 106.523 108.445 108.299 108.898 109.167 110.522 111.611
Federal.................................. 102.143 102.589 104.446 104.820 105.285 106.601 108.804 108.892 109.181 109.447 111.203 112.001
State and local.......................... 103.121 103.315 103.965 105.000 105.836 106.468 108.237 107.959 108.736 109.007 110.131 111.390
Addenda:
Final sales of domestic product.......... 102.700 103.127 103.469 103.853 104.284 104.794 105.516 105.799 106.179 106.608 107.332 108.171
Gross domestic purchases................. 102.223 102.378 102.673 103.298 103.747 104.237 105.190 105.287 105.721 106.086 106.980 107.891
Final sales to domestic purchasers....... 102.232 102.382 102.672 103.298 103.751 104.244 105.214 105.305 105.741 106.107 106.997 107.901
Gross national product................... 102.685 103.114 103.459 103.843 104.269 104.778 105.481 105.772 106.156 106.579 107.308 .....
Implicit price deflators:
Gross domestic product................. 102.675 103.191 103.450 103.911 104.243 104.752 105.500 105.799 106.148 106.523 107.246 108.085
Final sales of domestic product........ 102.698 103.125 103.468 103.851 104.282 104.792 105.511 105.793 106.173 106.601 107.325 108.164
Gross domestic purchases............... 102.210 102.443 102.653 103.352 103.711 104.202 105.199 105.306 105.713 106.028 106.916 107.820
Final sales to domestic purchasers..... 102.231 102.381 102.670 103.295 103.748 104.240 105.210 105.300 105.735 106.102 106.992 107.896
Gross national product................. 102.671 103.183 103.439 103.901 104.232 104.743 105.490 105.791 106.146 106.516 107.240 .....
-------------------------------------------------------------------------------------------------------------------------------------------
See "Explanatory Note" at the end of the tables.
Table 7.--Real Gross Domestic Product: Percent Change from Preceding Year
---------------------------------------------------------------------------------------------------------------------------------------------------------------------
1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003
---------------------------------------------------------------------------------------------------------------------------------------------------------------------
Gross domestic product (GDP).... 3.5 3.4 4.1 3.5 1.9 -.2 3.3 2.7 4.0 2.5 3.7 4.5 4.2 4.5 3.7 .8 1.9 3.0
Personal consumption expenditures...... 4.1 3.3 4.1 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 3.1 3.3
Durable goods........................ 9.7 1.7 6.0 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 6.5 7.4
Nondurable goods..................... 3.6 2.4 3.3 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 2.6 3.7
Services............................. 2.9 4.3 4.0 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 2.6 2.2
Gross private domestic investment...... -.7 3.1 2.4 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 -2.4 4.4
Fixed investment..................... 1.2 .6 3.3 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 -4.9 5.1
Nonresidential..................... -2.9 -.1 5.2 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 -8.9 3.3
Structures....................... -11.0 -2.9 .6 2.0 1.5 -11.1 -6.0 -.7 1.8 6.4 5.6 7.3 5.1 -.4 6.8 -2.3 -17.8 -5.6
Equipment and software........... 1.9 1.4 7.5 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 -5.5 6.4
Residential........................ 12.3 2.0 -1.0 -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 8.8
Change in private inventories........ ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... .....
Net exports of goods and services...... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... .....
Exports.............................. 7.7 10.8 16.0 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 1.9
Goods.............................. 5.1 11.1 18.8 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 -4.1 2.2
Services........................... 14.6 10.1 9.0 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 1.8 1.4
Imports.............................. 8.6 5.9 3.9 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 4.4
Goods.............................. 10.2 4.6 4.0 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 4.7
Services........................... 1.2 11.7 3.4 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 1.9 3.1
Government consumption expenditures
and gross investment.................. 6.1 2.5 1.3 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
Federal.............................. 5.7 3.6 -1.6 1.5 2.0 -.2 -1.7 -4.2 -3.7 -2.7 -1.2 -1.0 -1.1 2.2 .9 3.9 7.5 6.6
National defense................... 6.4 4.7 -.5 -.5 .0 -1.1 -5.0 -5.6 -4.9 -3.8 -1.4 -2.8 -2.1 1.9 -.5 3.9 7.7 9.0
Nondefense......................... 3.5 .3 -5.1 8.3 8.3 2.4 6.9 -.7 -1.2 -.4 -.7 2.6 .7 2.8 3.5 3.9 7.1 2.4
State and local...................... 6.4 1.5 3.7 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 2.8 .7
Addenda:
Final sales of domestic product...... 3.8 3.0 4.3 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 1.4 3.1
Gross domestic purchases............. 3.7 3.1 3.2 3.0 1.4 -.8 3.3 3.2 4.4 2.4 3.8 4.8 5.3 5.3 4.4 .9 2.5 3.3
Final sales to domestic purchasers... 4.0 2.7 3.4 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 2.1 3.4
Gross national product............... 3.2 3.3 4.2 3.5 2.0 -.3 3.3 2.7 3.9 2.6 3.7 4.4 4.0 4.6 3.7 .8 1.7 3.3
Real disposable personal income...... 3.1 1.7 4.3 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 2.3
Price indexes:
Gross domestic purchases........... 2.3 3.1 3.4 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 1.5 2.0
Gross domestic purchases excluding
food and energy................... 3.2 3.1 3.7 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 1.8 1.6
GDP................................ 2.2 2.7 3.4 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 1.8
GDP excluding food and energy...... 2.6 2.8 3.4 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 2.0 1.6
Personal consumption expenditures.. 2.4 3.5 4.0 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
---------------------------------------------------------------------------------------------------------------------------------------------------------------------
Table 8.--Real Gross Domestic Product: Percent Change From Quarter One Year Ago
---------------------------------------------------------------------------------------------------------------------------------------------------------------------
I 00 II 00 III 00 IV 00 I 01 II 01 III 01 IV 01 I 02 II 02 III 02 IV 02 I 03 II 03 III 03 IV 03 I 04 II 04
---------------------------------------------------------------------------------------------------------------------------------------------------------------------
Gross domestic product (GDP).... 4.1 4.8 3.5 2.2 1.9 .6 .4 .2 1.2 1.5 2.5 2.3 1.9 2.3 3.5 4.4 5.0 4.8
Personal consumption expenditures...... 5.5 4.6 4.5 4.1 2.9 2.5 2.0 2.8 2.9 3.3 3.6 2.5 2.7 3.0 3.5 3.8 4.2 3.4
Durable goods........................ 13.7 5.9 5.2 4.7 .8 3.2 2.5 10.8 6.6 7.8 10.6 1.5 3.8 7.6 8.2 9.9 10.5 4.8
Nondurable goods..................... 3.7 4.1 4.3 3.0 3.0 1.6 1.6 1.9 2.7 3.0 2.2 2.3 2.6 2.8 4.7 4.6 5.1 4.6
Services............................. 4.7 4.5 4.4 4.5 3.3 2.8 2.0 1.6 2.2 2.6 2.9 2.9 2.6 2.1 2.0 2.2 2.5 2.6
Gross private domestic investment...... 4.4 11.2 5.8 1.4 -.5 -8.5 -8.6 -13.8 -7.1 -5.1 -1.5 5.0 .7 1.5 5.7 9.4 12.8 15.3
Fixed investment..................... 7.8 7.7 5.5 5.1 1.6 -2.9 -3.8 -6.7 -7.1 -5.8 -4.6 -2.1 -.4 3.1 7.4 10.3 10.9 10.9
Nonresidential..................... 9.4 9.9 7.9 7.8 3.2 -3.9 -6.1 -9.6 -10.9 -9.9 -8.5 -6.0 -3.6 1.7 5.8 9.4 10.6 9.9
Structures....................... 2.7 6.3 9.6 8.8 4.6 -.6 -1.4 -11.1 -13.7 -18.3 -22.9 -16.1 -14.8 -6.0 -2.1 1.5 3.0 .9
Equipment and software........... 11.7 11.1 7.3 7.5 2.7 -5.1 -7.8 -9.0 -9.8 -6.7 -2.7 -2.2 .5 4.4 8.4 12.1 13.1 12.8
Residential........................ 3.7 1.9 -.7 -1.9 -2.3 -.1 2.5 1.4 3.1 4.5 4.7 6.9 6.4 5.9 10.6 12.0 11.3 12.9
Change in private inventories........ ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... .....
Net exports of goods and services...... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... .....
Exports.............................. 8.2 10.2 10.1 6.5 3.4 -2.9 -9.9 -11.9 -9.6 -4.0 1.7 3.5 1.9 -1.1 .8 6.1 8.4 12.3
Goods.............................. 10.2 12.6 13.7 8.5 4.8 -3.2 -12.2 -13.0 -12.2 -5.0 1.2 .8 2.3 -1.2 .5 7.1 8.5 12.4
Services........................... 3.6 4.5 1.6 1.8 .1 -2.0 -4.0 -8.9 -3.1 -1.8 2.7 9.8 1.0 -.9 1.5 3.8 8.3 11.8
Imports.............................. 13.6 14.0 13.8 11.2 5.9 -1.4 -7.2 -7.6 -3.9 2.1 6.3 9.7 6.0 3.8 3.2 4.9 8.1 9.9
Goods.............................. 14.3 14.6 14.1 11.3 6.3 -2.6 -7.8 -7.9 -4.8 3.3 7.1 9.8 6.7 4.3 2.8 5.1 8.8 9.7
Services........................... 10.1 11.1 12.4 10.6 4.2 4.7 -3.7 -5.9 .7 -3.7 2.0 8.9 2.4 1.4 5.0 3.7 4.7 10.5
Government consumption expenditures
and gross investment.................. 2.7 3.5 1.7 .4 2.5 3.0 3.2 5.0 4.8 4.0 4.9 3.8 2.7 3.3 2.8 2.2 2.8 1.6
Federal.............................. .9 4.6 .3 -2.2 3.6 1.7 4.0 6.4 6.4 7.3 8.1 8.2 6.1 8.3 6.6 5.5 7.3 2.7
National defense................... -.4 3.6 -1.6 -3.5 4.2 1.3 3.8 6.5 6.2 8.0 8.2 8.5 6.2 12.1 9.0 8.5 12.1 3.8
Nondefense......................... 3.4 6.3 3.9 .3 2.5 2.6 4.2 6.3 6.9 6.2 7.8 7.6 6.1 1.4 2.4 .0 -1.5 .6
State and local...................... 3.6 2.9 2.4 1.7 1.9 3.7 2.8 4.2 4.0 2.2 3.3 1.6 .9 .7 .8 .4 .4 1.0
Addenda:
Final sales of domestic product...... 4.6 4.2 3.5 2.9 2.2 1.6 1.2 1.5 1.2 1.4 2.0 1.2 1.7 2.6 3.8 4.5 4.7 4.1
Gross domestic purchases............. 4.9 5.5 4.2 3.0 2.3 .7 .4 .4 1.6 2.1 3.1 3.1 2.4 2.8 3.7 4.3 5.1 4.8
Final sales to domestic purchasers... 5.4 4.9 4.2 3.6 2.6 1.7 1.2 1.6 1.6 2.0 2.6 2.1 2.3 3.1 3.9 4.4 4.9 4.2
Gross national product............... 4.1 4.8 3.5 2.4 1.9 .7 .2 .4 1.0 1.2 2.6 2.0 2.0 2.6 3.7 4.8 5.3 .....
Real disposable personal income...... 4.4 4.9 5.7 4.4 2.4 1.3 2.8 1.2 3.5 4.6 1.4 2.9 .7 1.1 3.5 3.9 4.2 3.9
Price indexes:
Gross domestic purchases........... 2.6 2.5 2.5 2.4 2.1 2.3 1.9 1.6 1.3 1.3 1.5 1.8 2.5 1.9 1.9 1.8 1.7 2.5
Gross domestic purchases excluding
food and energy................... 1.9 1.8 1.9 1.8 1.7 1.8 1.9 2.1 1.9 1.8 1.8 1.6 1.8 1.6 1.5 1.4 1.5 1.9
GDP................................ 2.1 2.1 2.3 2.2 2.2 2.5 2.4 2.4 1.9 1.5 1.5 1.6 2.0 1.9 1.8 1.7 1.7 2.3
GDP excluding food and energy...... 2.1 2.0 2.1 2.0 1.8 2.0 2.1 2.3 2.2 2.0 1.9 1.7 1.9 1.6 1.5 1.4 1.4 1.9
Personal consumption expenditures.. 2.7 2.5 2.4 2.3 2.2 2.4 2.0 1.7 1.1 1.2 1.6 1.8 2.4 1.8 1.7 1.7 1.7 2.3
---------------------------------------------------------------------------------------------------------------------------------------------------------------------
Table 9.--Relation of Gross Domestic Product, Gross National Product, and National Income
[Billions of dollars; quarters seasonally adjusted at annual rates]
-------------------------------------------------------------------------------------------------------------------------------------
2000 2001 2002 2003 I 00 II 00 III 00 IV 00 I 01 II 01
-------------------------------------------------------------------------------------------------------------------------------------
Gross domestic product..................... 9,817.0 10,128.0 10,487.0 11,004.0 9,629.4 9,822.8 9,862.1 9,953.6 10,021.5 10,128.9
Plus: Income receipts from the rest of the
world..................................... 382.7 322.4 301.8 329.0 362.9 386.0 379.7 402.1 361.8 337.8
Less: Income payments to the rest of the
world..................................... 343.7 278.8 274.7 273.9 330.4 349.2 348.1 347.2 323.0 293.2
Equals: Gross national product............. 9,855.9 10,171.6 10,514.1 11,059.2 9,661.9 9,859.6 9,893.6 10,008.4 10,060.2 10,173.5
Less: Consumption of fixed capital......... 1,187.8 1,281.5 1,303.9 1,353.9 1,153.1 1,177.0 1,199.9 1,221.3 1,240.5 1,270.8
Less: Statistical discrepancy.............. -127.2 -89.6 -15.3 25.6 -171.7 -67.8 -164.6 -104.6 -167.8 -98.8
Equals: National income.................... 8,795.2 8,979.8 9,225.4 9,679.6 8,680.5 8,750.4 8,858.3 8,891.7 8,987.6 9,001.5
Compensation of employees................ 5,782.7 5,942.1 6,069.5 6,289.0 5,694.1 5,727.2 5,837.4 5,871.9 5,946.2 5,944.6
Wage and salary accruals............... 4,829.2 4,942.8 4,976.3 5,103.6 4,760.0 4,783.2 4,874.9 4,898.8 4,961.1 4,951.4
Supplements to wages and salaries...... 953.4 999.3 1,093.2 1,185.5 934.1 944.0 962.5 973.1 985.1 993.2
Proprietors' income with inventory
valuation and capital consumption
adjustments............................. 728.4 771.9 769.6 834.1 709.3 726.5 735.6 742.1 769.4 770.6
Rental income of persons with capital
consumption adjustment.................. 150.3 167.4 170.9 153.8 153.8 148.5 148.2 150.5 155.3 161.7
Corporate profits with inventory
valuation and capital consumption
adjustments............................. 817.9 767.3 874.6 1,021.1 832.6 833.0 811.8 794.3 778.7 783.1
Net interest and miscellaneous payments.. 559.0 566.3 532.9 543.0 548.3 560.6 564.3 563.0 565.2 569.9
Taxes on production and imports less
subsidies............................... 664.6 673.3 724.4 751.3 653.2 662.6 667.9 674.6 672.8 667.9
Business current transfer payments....... 87.1 92.8 80.9 77.7 81.3 85.0 88.9 93.1 98.3 104.8
Current surplus of government
enterprises............................. 5.3 -1.4 2.8 9.5 7.9 7.1 4.2 2.2 1.7 -1.1
Addendum:
Gross domestic income.................... 9,944.1 10,217.6 10,502.3 10,978.5 9,801.1 9,890.6 10,026.6 10,058.2 10,189.3 10,227.7
-------------------------------------------------------------------------------------------------------------------------------------
Table 9.--Relation of Gross Domestic Product, Gross National Product, and National Income--Continued
[Billions of dollars; quarters seasonally adjusted at annual rates]
-------------------------------------------------------------------------------------------------------------------------------------------------------
III 01 IV 01 I 02 II 02 III 02 IV 02 I 03 II 03 III 03 IV 03 I 04 II 04
-------------------------------------------------------------------------------------------------------------------------------------------------------
Gross domestic product..................... 10,135.1 10,226.3 10,338.2 10,445.7 10,546.5 10,617.5 10,744.6 10,884.0 11,116.7 11,270.9 11,472.6 11,649.3
Plus: Income receipts from the rest of the
world..................................... 306.0 284.2 288.5 304.5 312.9 301.2 304.8 309.8 329.8 371.8 373.8 .....
Less: Income payments to the rest of the
world..................................... 289.3 209.6 265.0 288.6 287.8 257.5 268.0 264.7 278.2 284.6 300.3 .....
Equals: Gross national product............. 10,151.8 10,300.9 10,361.7 10,461.6 10,571.7 10,661.2 10,781.3 10,929.0 11,168.3 11,358.1 11,546.1 .....
Less: Consumption of fixed capital......... 1,332.7 1,281.8 1,287.1 1,297.9 1,309.3 1,321.5 1,334.0 1,347.0 1,360.6 1,374.2 1,355.0 1,370.1
Less: Statistical discrepancy.............. -71.1 -20.9 -61.8 -58.7 20.8 38.4 39.6 13.2 36.6 12.8 39.6 .....
Equals: National income.................... 8,890.3 9,039.9 9,136.5 9,222.3 9,241.6 9,301.3 9,407.7 9,568.8 9,771.1 9,971.1 10,151.5 .....
Compensation of employees................ 5,939.3 5,938.3 6,010.2 6,068.3 6,086.0 6,113.4 6,179.1 6,245.6 6,324.7 6,406.7 6,512.8 6,600.6
Wage and salary accruals............... 4,935.2 4,923.4 4,956.2 4,980.3 4,981.2 4,987.3 5,024.7 5,072.0 5,128.6 5,188.9 5,262.5 5,329.1
Supplements to wages and salaries...... 1,004.1 1,014.8 1,054.0 1,088.0 1,104.8 1,126.0 1,154.3 1,173.7 1,196.1 1,217.8 1,250.4 1,271.4
Proprietors' income with inventory
valuation and capital consumption
adjustments............................. 773.4 774.2 762.2 769.0 770.4 776.7 794.0 825.7 852.0 864.7 872.1 902.8
Rental income of persons with capital
consumption adjustment.................. 176.4 176.2 179.7 184.7 165.4 153.8 155.5 144.1 148.8 167.1 172.8 173.8
Corporate profits with inventory
valuation and capital consumption
adjustments............................. 714.5 793.0 838.2 868.4 876.2 915.4 912.0 986.2 1,057.1 1,129.1 1,165.6 .....
Net interest and miscellaneous payments.. 565.5 564.8 549.2 527.3 526.8 528.3 541.3 542.8 542.8 545.3 554.5 546.9
Taxes on production and imports less
subsidies............................... 658.2 694.5 708.4 723.4 732.8 733.1 740.7 737.7 757.4 769.4 782.9 795.0
Business current transfer payments....... 65.7 102.5 89.6 81.3 78.0 74.6 74.8 76.9 78.9 80.1 82.7 83.5
Current surplus of government
enterprises............................. -2.9 -3.4 -.9 -.1 6.0 6.0 10.3 9.8 9.3 8.7 8.1 7.6
Addendum:
Gross domestic income.................... 10,206.3 10,247.2 10,400.1 10,504.4 10,525.7 10,579.1 10,704.9 10,870.8 11,080.1 11,258.1 11,433.0 .....
-------------------------------------------------------------------------------------------------------------------------------------------------------
Table 10.--Personal Income and Its Disposition
[Billions of dollars; quarters seasonally adjusted at annual rates]
-------------------------------------------------------------------------------------------------------------------------------------
2000 2001 2002 2003 I 00 II 00 III 00 IV 00 I 01 II 01
-------------------------------------------------------------------------------------------------------------------------------------
Personal income\1\......................... 8,429.7 8,724.1 8,878.9 9,161.8 8,266.2 8,372.3 8,514.4 8,565.8 8,688.7 8,719.9
Compensation of employees, received...... 5,782.7 5,942.1 6,069.5 6,289.0 5,694.1 5,727.2 5,837.4 5,871.9 5,946.2 5,944.6
Wage and salary disbursements.......... 4,829.2 4,942.8 4,976.3 5,103.6 4,760.0 4,783.2 4,874.9 4,898.8 4,961.1 4,951.4
Supplements to wages and salaries...... 953.4 999.3 1,093.2 1,185.5 934.1 944.0 962.5 973.1 985.1 993.2
Proprietors' income with inventory
valuation and capital consumption
adjustments............................. 728.4 771.9 769.6 834.1 709.3 726.5 735.6 742.1 769.4 770.6
Farm................................... 22.7 19.7 9.7 21.8 23.2 23.8 23.0 20.7 21.9 19.2
Nonfarm................................ 705.7 752.2 759.9 812.3 686.1 702.7 712.6 721.4 747.5 751.5
Rental income of persons with capital
consumption adjustment.................. 150.3 167.4 170.9 153.8 153.8 148.5 148.2 150.5 155.3 161.7
Personal income receipts on assets....... 1,387.0 1,380.0 1,334.6 1,322.7 1,349.9 1,385.6 1,406.2 1,406.5 1,397.4 1,388.7
Personal interest income............... 1,011.0 1,011.0 946.7 929.9 991.5 1,010.2 1,021.4 1,020.8 1,020.2 1,020.6
Personal dividend income............... 376.1 369.0 387.9 392.8 358.4 375.4 384.7 385.7 377.2 368.2
Personal current transfer receipts....... 1,084.0 1,193.9 1,282.7 1,335.4 1,054.6 1,080.8 1,094.8 1,106.0 1,149.6 1,185.7
Less: Contributions for government
social insurance........................ 702.7 731.1 748.3 773.2 695.5 696.3 707.7 711.2 729.2 731.5
Less: Personal current taxes............... 1,235.7 1,237.3 1,051.2 1,001.9 1,207.0 1,231.1 1,248.0 1,256.6 1,296.6 1,312.3
Equals: Disposable personal income......... 7,194.0 7,486.8 7,827.7 8,159.9 7,059.2 7,141.2 7,266.4 7,309.3 7,392.1 7,407.6
Less: Personal outlays..................... 7,025.6 7,354.5 7,668.5 8,049.3 6,888.0 6,970.0 7,076.3 7,168.1 7,253.5 7,318.8
Equals: Personal saving.................... 168.5 132.3 159.2 110.6 171.2 171.3 190.1 141.2 138.6 88.7
Personal saving as a percentage of
disposable personal income.............. 2.3 1.8 2.0 1.4 2.4 2.4 2.6 1.9 1.9 1.2
Addendum:
Disposable personal income, billions of
chained (2000) dollars\2\............... 7,194.0 7,333.3 7,559.5 7,733.8 7,109.7 7,157.5 7,249.3 7,259.6 7,283.0 7,252.1
-------------------------------------------------------------------------------------------------------------------------------------
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 10.--Personal Income and Its Disposition--Continued
[Billions of dollars; quarters seasonally adjusted at annual rates]
-------------------------------------------------------------------------------------------------------------------------------------------------------
III 01 IV 01 I 02 II 02 III 02 IV 02 I 03 II 03 III 03 IV 03 I 04 II 04
-------------------------------------------------------------------------------------------------------------------------------------------------------
Personal income\1\......................... 8,733.1 8,754.8 8,803.6 8,897.1 8,895.7 8,919.2 9,002.2 9,105.7 9,209.3 9,330.0 9,465.4 9,614.8
Compensation of employees, received...... 5,939.3 5,938.3 6,010.2 6,068.3 6,086.0 6,113.4 6,177.7 6,247.0 6,324.7 6,406.7 6,511.3 6,602.0
Wage and salary disbursements.......... 4,935.2 4,923.5 4,956.2 4,980.3 4,981.2 4,987.3 5,023.3 5,073.3 5,128.6 5,188.9 5,261.0 5,330.6
Supplements to wages and salaries...... 1,004.1 1,014.8 1,054.0 1,088.0 1,104.8 1,126.0 1,154.3 1,173.7 1,196.1 1,217.8 1,250.4 1,271.4
Proprietors' income with inventory
valuation and capital consumption
adjustments............................. 773.4 774.2 762.2 769.0 770.4 776.7 794.0 825.7 852.0 864.7 872.1 902.8
Farm................................... 17.7 20.0 10.8 10.4 8.7 8.8 13.8 24.1 24.8 24.7 17.9 18.6
Nonfarm................................ 755.7 754.1 751.4 758.6 761.7 767.9 780.2 801.6 827.2 840.0 854.2 884.2
Rental income of persons with capital
consumption adjustment.................. 176.4 176.2 179.7 184.7 165.4 153.8 155.5 144.1 148.8 167.1 172.8 173.8
Personal income receipts on assets....... 1,373.3 1,360.3 1,337.8 1,340.2 1,333.7 1,326.7 1,325.9 1,324.7 1,314.4 1,325.8 1,337.1 1,351.9
Personal interest income............... 1,009.2 994.0 961.2 953.1 940.5 932.1 932.4 932.4 922.8 932.0 936.2 941.2
Personal dividend income............... 364.1 366.4 376.6 387.1 393.2 394.6 393.5 392.3 391.6 393.8 400.9 410.6
Personal current transfer receipts....... 1,202.6 1,237.8 1,259.4 1,284.0 1,289.1 1,298.1 1,311.4 1,333.1 1,346.2 1,350.7 1,379.0 1,400.8
Less: Contributions for government
social insurance........................ 731.9 731.9 745.7 749.1 748.9 749.6 762.4 768.9 776.7 785.0 806.9 816.5
Less: Personal current taxes............... 1,110.3 1,230.0 1,065.8 1,052.1 1,046.7 1,040.3 1,025.7 1,030.7 941.7 1,009.4 1,010.4 1,030.3
Equals: Disposable personal income......... 7,622.8 7,524.8 7,737.8 7,845.0 7,849.0 7,878.8 7,976.5 8,075.0 8,267.6 8,320.5 8,455.0 8,584.5
Less: Personal outlays..................... 7,361.2 7,484.4 7,528.5 7,635.0 7,722.9 7,787.6 7,897.0 7,982.9 8,107.8 8,209.4 8,351.6 8,442.5
Equals: Personal saving.................... 261.6 40.5 209.3 210.0 126.1 91.2 79.5 92.1 159.8 111.1 103.4 142.0
Personal saving as a percentage of
disposable personal income.............. 3.4 .5 2.7 2.7 1.6 1.2 1.0 1.1 1.9 1.3 1.2 1.7
Addendum:
Disposable personal income, billions of
chained (2000) dollars\2\............... 7,452.2 7,346.0 7,537.6 7,588.4 7,555.1 7,558.0 7,591.2 7,671.1 7,822.9 7,849.6 7,912.5 7,969.3
-------------------------------------------------------------------------------------------------------------------------------------------------------
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 11A.--Corporate Profits
[Billions of dollars]
-------------------------------------------------------------------------------------------------------------------------------
2000 2001 2002 2003 I 00 II 00 III 00 IV 00 I 01 II 01
-------------------------------------------------------------------------------------------------------------------------------
Corporate profits with inventory
valuation and capital consumption
adjustments......................... 817.9 767.3 874.6 1,021.1 832.6 833.0 811.8 794.3 778.7 783.1
Less: Taxes on corporate income...... 265.2 204.1 183.8 234.9 280.8 272.5 260.3 247.1 222.5 217.9
Equals: Profits after tax with
inventory valuation and capital
consumption adjustments............. 552.7 563.2 690.7 786.2 551.8 560.5 551.5 547.2 556.2 565.2
Net dividends...................... 377.9 370.9 390.0 395.3 360.3 377.3 386.6 387.6 379.2 370.1
Undistributed profits with
inventory valuation and
capital consumption
adjustments....................... 174.8 192.3 300.7 390.9 191.6 183.2 164.9 159.6 177.0 195.1
Cash flow:
Net cash flow with inventory
valuation and capital
consumption adjustments........... 864.8 944.8 1,058.5 1,173.4 858.5 866.2 863.0 871.6 901.9 934.2
Undistributed profits with
inventory valuation and
capital consumption
adjustments..................... 174.8 192.3 300.7 390.9 191.6 183.2 164.9 159.6 177.0 195.1
Consumption of fixed capital..... 690.0 752.5 757.8 782.5 666.9 683.0 698.2 712.0 724.9 739.1
Less: Inventory valuation
adjustment........................ -14.1 11.3 -1.2 -14.1 -28.6 -11.3 -6.3 -10.1 -4.1 1.1
Equals: Net cash flow.............. 878.9 933.5 1,059.8 1,187.5 887.1 877.5 869.3 881.7 906.0 933.2
Addenda:
Profits before tax (without
inventory valuation and capital
consumption adjustments).......... 773.4 707.9 758.0 874.5 795.4 784.8 762.6 750.8 754.6 755.0
Profits after tax (without
inventory valuation and capital
consumption adjustments).......... 508.2 503.8 574.2 639.6 514.6 512.2 502.3 503.7 532.1 537.1
Inventory valuation adjustment..... -14.1 11.3 -1.2 -14.1 -28.6 -11.3 -6.3 -10.1 -4.1 1.1
Capital consumption adjustment..... 58.6 48.1 117.8 160.8 65.8 59.6 55.5 53.6 28.2 27.1
-------------------------------------------------------------------------------------------------------------------------------
Table 11A.--Corporate Profits--Continued
[Billions of dollars; quarters seasonally adjusted at annual rates]
----------------------------------------------------------------------------------------------------------------------------------------
III 01 IV 01 I 02 II 02 III 02 IV 02 I 03 II 03 III 03 IV 03 I 04
----------------------------------------------------------------------------------------------------------------------------------------
Corporate profits with inventory
valuation and capital consumption
adjustments......................... 714.5 793.0 838.2 868.4 876.2 915.4 912.0 986.2 1,057.1 1,129.1 1,165.6
Less: Taxes on corporate income...... 197.6 178.6 168.9 183.5 188.3 194.7 224.0 224.6 238.7 252.3 256.5
Equals: Profits after tax with
inventory valuation and capital
consumption adjustments............. 516.9 614.4 669.3 685.0 687.9 720.6 688.0 761.7 818.4 876.8 909.1
Net dividends...................... 366.0 368.4 378.7 389.2 395.3 396.9 396.0 394.7 394.1 396.4 403.4
Undistributed profits with
inventory valuation and
capital consumption
adjustments....................... 150.9 246.1 290.6 295.8 292.6 323.7 292.0 367.0 424.2 480.4 505.7
Cash flow:
Net cash flow with inventory
valuation and capital
consumption adjustments........... 947.8 995.3 1,040.3 1,050.7 1,053.1 1,090.0 1,064.5 1,146.0 1,210.0 1,273.2 1,279.1
Undistributed profits with
inventory valuation and
capital consumption
adjustments..................... 150.9 246.1 290.6 295.8 292.6 323.7 292.0 367.0 424.2 480.4 505.7
Consumption of fixed capital..... 797.0 749.2 749.7 754.9 760.5 766.3 772.5 779.0 785.8 792.9 773.4
Less: Inventory valuation
adjustment........................ 18.0 30.4 15.9 1.6 -11.8 -10.6 -27.4 -1.0 -3.8 -24.3 -37.0
Equals: Net cash flow.............. 929.9 964.9 1,024.4 1,049.1 1,064.9 1,100.7 1,091.9 1,147.0 1,213.8 1,297.6 1,316.1
Addenda:
Profits before tax (without
inventory valuation and capital
consumption adjustments).......... 671.1 650.9 695.8 745.9 773.0 817.4 826.1 824.5 881.0 966.2 962.4
Profits after tax (without
inventory valuation and capital
consumption adjustments).......... 473.6 472.4 526.9 562.4 584.8 622.7 602.1 600.0 642.3 713.9 705.9
Inventory valuation adjustment..... 18.0 30.4 15.9 1.6 -11.8 -10.6 -27.4 -1.0 -3.8 -24.3 -37.0
Capital consumption adjustment..... 25.4 111.7 126.6 121.0 115.0 108.6 113.3 162.7 179.9 187.2 240.2
----------------------------------------------------------------------------------------------------------------------------------------
Table 11B.--Corporate Profits: Percent Change From Preceding Period
[Quarterly rates]
-------------------------------------------------------------------------------------------------------------
2001 2002 2003 II 00 III 00 IV 00 I 01 II 01
-------------------------------------------------------------------------------------------------------------
Corporate profits with inventory
valuation and capital consumption
adjustments......................... -6.2 14.0 16.8 .0 -2.6 -2.2 -2.0 .6
Less: Taxes on corporate income...... -23.0 -9.9 27.8 -2.9 -4.5 -5.1 -9.9 -2.1
Equals: Profits after tax with
inventory valuation and capital
consumption adjustments............. 1.9 22.6 13.8 1.6 -1.6 -.8 1.6 1.6
Net dividends...................... -1.9 5.2 1.4 4.7 2.5 .3 -2.2 -2.4
Undistributed profits with
inventory valuation and
capital consumption
adjustments....................... 10.0 56.4 30.0 -4.3 -10.0 -3.2 10.9 10.2
Cash flow:
Net cash flow with inventory
valuation and capital
consumption adjustments........... 9.2 12.0 10.9 .9 -.4 1.0 3.5 3.6
Undistributed profits with
inventory valuation and
capital consumption
adjustments..................... 10.0 56.4 30.0 -4.3 -10.0 -3.2 10.9 10.2
Consumption of fixed capital..... 9.1 .7 3.3 2.4 2.2 2.0 1.8 2.0
Less: Inventory valuation
adjustment........................ ..... ..... ..... ..... ..... ..... ..... .....
Equals: Net cash flow.............. 6.2 13.5 12.1 -1.1 -.9 1.4 2.8 3.0
Addenda:
Profits before tax (without
inventory valuation and capital
consumption adjustments).......... -8.5 7.1 15.4 -1.3 -2.8 -1.5 .5 .0
Profits after tax (without
inventory valuation and capital
consumption adjustments).......... -.9 14.0 11.4 -.5 -1.9 .3 5.6 .9
Inventory valuation adjustment..... ..... ..... ..... ..... ..... ..... ..... .....
Capital consumption adjustment..... -17.9 144.9 36.5 -9.4 -6.9 -3.3 -47.3 -4.1
-------------------------------------------------------------------------------------------------------------
Table 11B.--Corporate Profits: Percent Change From Preceding Period--Continued
[Quarterly rates]
----------------------------------------------------------------------------------------------------------------------------------------
III 01 IV 01 I 02 II 02 III 02 IV 02 I 03 II 03 III 03 IV 03 I 04
----------------------------------------------------------------------------------------------------------------------------------------
Corporate profits with inventory
valuation and capital consumption
adjustments......................... -8.8 11.0 5.7 3.6 .9 4.5 -.4 8.1 7.2 6.8 3.2
Less: Taxes on corporate income...... -9.3 -9.6 -5.4 8.6 2.6 3.4 15.0 .2 6.3 5.7 1.6
Equals: Profits after tax with
inventory valuation and capital
consumption adjustments............. -8.5 18.9 8.9 2.3 .4 4.8 -4.5 10.7 7.4 7.1 3.7
Net dividends...................... -1.1 .6 2.8 2.8 1.6 .4 -.2 -.3 -.1 .6 1.8
Undistributed profits with
inventory valuation and
capital consumption
adjustments....................... -22.7 63.1 18.1 1.8 -1.1 10.6 -9.8 25.7 15.6 13.2 5.3
Cash flow:
Net cash flow with inventory
valuation and capital
consumption adjustments........... 1.5 5.0 4.5 1.0 .2 3.5 -2.3 7.7 5.6 5.2 .5
Undistributed profits with
inventory valuation and
capital consumption
adjustments..................... -22.7 63.1 18.1 1.8 -1.1 10.6 -9.8 25.7 15.6 13.2 5.3
Consumption of fixed capital..... 7.8 -6.0 .1 .7 .7 .8 .8 .8 .9 .9 -2.5
Less: Inventory valuation
adjustment........................ ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... .....
Equals: Net cash flow.............. -.4 3.8 6.2 2.4 1.5 3.4 -.8 5.0 5.8 6.9 1.4
Addenda:
Profits before tax (without
inventory valuation and capital
consumption adjustments).......... -11.1 -3.0 6.9 7.2 3.6 5.7 1.1 -.2 6.8 9.7 -.4
Profits after tax (without
inventory valuation and capital
consumption adjustments).......... -11.8 -.2 11.5 6.8 4.0 6.5 -3.3 -.4 7.1 11.2 -1.1
Inventory valuation adjustment..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... .....
Capital consumption adjustment..... -6.2 339.8 13.3 -4.4 -4.9 -5.6 4.3 43.6 10.6 4.1 28.3
----------------------------------------------------------------------------------------------------------------------------------------
Table 12A.--Corporate Profits by Industry
[Billions of dollars; quarters seasonally adjusted at annual rates]
------------------------------------------------------------------------------------------------------------
2000 2001 2002 2003 I 01 II 01 III 01 IV 01
------------------------------------------------------------------------------------------------------------
Corporate profits with
inventory valuation and
capital consumption
adjustments.................... 817.9 767.3 874.6 1,021.1 778.7 783.1 714.5 793.0
Domestic industries................. 672.2 597.6 716.8 844.2 618.6 612.1 567.9 591.8
Financial......................... 184.7 240.4 298.4 327.8 234.4 232.4 226.8 268.1
Nonfinancial...................... 487.5 357.2 418.4 516.4 384.2 379.7 341.1 323.7
Rest of the world................... 145.7 169.7 157.8 176.9 160.1 171.0 146.6 201.2
Receipts from the rest of the
world............................ 202.5 182.6 206.0 250.7 191.2 186.3 176.1 176.8
Less: Payments to the rest of the
world............................ 56.8 12.9 48.2 73.8 31.1 15.3 29.5 -24.4
Corporate profits with
inventory valuation adjustment. 759.3 719.2 756.8 860.4 750.5 756.0 689.1 681.3
Domestic industries................. 613.6 549.5 599.0 683.4 590.4 585.0 542.5 480.2
Financial......................... 200.2 227.6 276.2 299.8 230.8 224.0 211.8 243.7
Federal Reserve banks........... 30.8 28.3 22.9 19.2 31.1 29.1 27.6 25.5
Other financial................. 169.4 199.3 253.3 280.6 199.7 194.9 184.2 218.2
Nonfinancial...................... 413.4 322.0 322.8 383.6 359.6 361.0 330.8 236.5
Utilities....................... 24.4 24.7 11.4 18.8 27.2 29.3 26.1 16.2
Manufacturing................... 144.3 52.6 50.7 67.3 87.8 79.8 49.1 -6.3
Durable goods................. 60.0 -25.4 -8.3 -3.5 17.1 -5.1 -38.3 -75.5
Fabricated metal products... 15.5 9.9 9.3 10.1 12.1 10.7 9.6 7.1
Machinery................... 8.2 2.7 1.6 -.5 12.1 4.2 -6.7 1.1
Computer and electronic
products................... 4.0 -48.5 -32.9 -15.4 -18.7 -37.2 -59.3 -78.6
Electrical equipment,
appliances, and components. 5.6 1.9 -.2 -3.2 4.3 2.1 1.1 .0
Motor vehicles, bodies and
trailers, and parts........ -1.0 -9.2 -6.0 -6.2 -7.7 -9.9 -6.1 -13.2
Other durable goods......... 27.7 17.8 19.8 11.8 15.0 25.0 23.1 8.3
Nondurable goods.............. 84.3 78.0 58.9 70.7 70.7 84.9 87.4 69.2
Food and beverage and
tobacco products........... 25.4 28.0 24.1 27.7 22.3 30.4 28.8 30.3
Petroleum and coal products. 26.9 29.6 4.0 14.8 34.4 33.3 32.3 18.6
Chemical products........... 14.2 12.6 17.1 21.2 5.6 14.0 16.2 14.6
Other nondurable goods...... 17.8 7.8 13.6 7.1 8.3 7.2 10.1 5.7
Wholesale trade................. 59.7 52.1 51.0 47.9 46.7 47.8 53.8 60.2
Retail trade.................... 59.6 71.0 78.1 77.7 66.7 66.3 72.3 78.6
Transportation and warehousing.. 14.9 1.3 -1.3 10.5 2.9 4.1 3.3 -5.2
Information..................... -17.6 -25.6 -11.2 -.7 -21.5 -21.1 -25.4 -34.4
Other nonfinancial.............. 128.2 145.9 144.2 162.1 149.8 154.9 151.5 127.4
Rest of the world................... 145.7 169.7 157.8 176.9 160.1 171.0 146.6 201.2
------------------------------------------------------------------------------------------------------------
Note. Estimates in this table are based on the 1997 North
American Industry Classification System (NAICS).
Table 12A.--Corporate Profits by Industry--Continued
[Billions of dollars; quarters seasonally adjusted at annual rates]
---------------------------------------------------------------------------------------------------------------------
I 02 II 02 III 02 IV 02 I 03 II 03 III 03 IV 03 I 04
---------------------------------------------------------------------------------------------------------------------
Corporate profits with
inventory valuation and
capital consumption
adjustments.................... 838.2 868.4 876.2 915.4 912.0 986.2 1,057.1 1,129.1 1,165.6
Domestic industries................. 683.2 717.1 721.1 745.7 755.1 824.9 883.7 913.3 960.3
Financial......................... 297.3 302.4 299.3 294.7 315.0 323.8 336.4 335.9 355.7
Nonfinancial...................... 385.8 414.8 421.8 451.1 440.1 501.1 547.3 577.3 604.6
Rest of the world................... 155.1 151.3 155.1 169.6 157.0 161.4 173.4 215.8 205.3
Receipts from the rest of the
world............................ 189.5 205.1 218.2 211.2 225.9 230.5 253.1 293.4 299.0
Less: Payments to the rest of the
world............................ 34.4 53.7 63.1 41.6 68.9 69.1 79.7 77.5 93.7
Corporate profits with
inventory valuation adjustment. 711.7 747.5 761.2 806.8 798.7 823.5 877.2 941.9 925.4
Domestic industries................. 556.6 596.2 606.1 637.1 641.8 662.2 703.8 726.1 720.0
Financial......................... 274.7 279.9 277.1 272.9 292.5 295.4 306.1 305.3 313.7
Federal Reserve banks........... 23.8 23.7 22.6 21.4 20.9 19.9 18.5 17.6 18.2
Other financial................. 250.9 256.2 254.5 251.6 271.6 275.5 287.6 287.8 295.5
Nonfinancial...................... 281.9 316.2 329.0 364.2 349.2 366.8 397.6 420.7 406.4
Utilities....................... 8.2 10.8 12.9 13.5 17.1 15.3 18.6 24.3 23.2
Manufacturing................... 33.0 46.4 57.5 65.6 54.8 54.1 66.8 93.4 81.5
Durable goods................. -26.1 -10.0 .5 2.6 -7.2 -8.5 -7.5 9.3 2.8
Fabricated metal products... 8.8 9.3 9.0 10.3 6.4 10.6 10.1 13.2 11.8
Machinery................... 2.5 1.7 1.8 .4 -3.4 -.9 1.1 1.1 2.2
Computer and electronic
products................... -47.1 -37.0 -25.7 -21.6 -17.5 -14.8 -15.2 -14.0 -17.2
Electrical equipment,
appliances, and components. 1.5 -.4 -.2 -1.5 -1.5 -2.7 -4.3 -4.4 -8.1
Motor vehicles, bodies and
trailers, and parts........ -11.0 -2.5 -4.2 -6.3 .6 -9.0 -11.4 -5.0 -.5
Other durable goods......... 19.3 18.8 19.9 21.4 8.1 8.4 12.2 18.4 14.6
Nondurable goods.............. 59.1 56.4 57.1 63.0 62.0 62.6 74.2 84.1 78.6
Food and beverage and
tobacco products........... 27.4 24.7 24.5 20.0 22.5 25.4 28.6 34.2 31.1
Petroleum and coal products. 3.8 2.8 4.0 5.5 15.2 12.5 12.6 18.7 24.5
Chemical products........... 16.2 15.4 16.5 20.5 20.0 18.9 24.5 21.3 14.1
Other nondurable goods...... 11.7 13.5 12.1 17.1 4.3 5.8 8.5 9.8 8.9
Wholesale trade................. 51.3 57.0 46.5 49.3 43.1 45.1 53.1 50.1 46.0
Retail trade.................... 76.3 79.8 78.7 77.7 74.7 82.6 78.9 74.7 80.0
Transportation and warehousing.. -1.0 -4.1 -2.7 2.4 5.2 12.4 11.9 12.4 11.7
Information..................... -17.5 -13.7 -11.7 -1.8 -6.5 -1.8 6.7 -1.0 -6.6
Other nonfinancial.............. 131.6 140.0 147.8 157.4 160.8 159.1 161.7 166.8 170.7
Rest of the world................... 155.1 151.3 155.1 169.6 157.0 161.4 173.4 215.8 205.3
---------------------------------------------------------------------------------------------------------------------
Note. Estimates in this table are based on the 1997 North
American Industry Classification System (NAICS).
Table 12B.--Corporate Profits by Industry: Change From Preceding Period
[Billions of dollars]
---------------------------------------------------------------------------------------------------------------------------------------------
2001 2002 2003 II 01 III 01 IV 01 I 02 II 02 III 02 IV 02 I 03 II 03 III 03 IV 03 I 04
---------------------------------------------------------------------------------------------------------------------------------------------
Corporate profits with
inventory valuation and
capital consumption
adjustments.................... -50.6 107.3 146.5 4.4 -68.6 78.5 45.2 30.2 7.8 39.2 -3.4 74.2 70.9 72.0 36.5
Domestic industries................. -74.6 119.2 127.4 -6.5 -44.2 23.9 91.4 33.9 4.0 24.6 9.4 69.8 58.8 29.6 47.0
Financial......................... 55.7 58.0 29.4 -2.0 -5.6 41.3 29.2 5.1 -3.1 -4.6 20.3 8.8 12.6 -.5 19.8
Nonfinancial...................... -130.3 61.2 98.0 -4.5 -38.6 -17.4 62.1 29.0 7.0 29.3 -11.0 61.0 46.2 30.0 27.3
Rest of the world................... 24.0 -11.9 19.1 10.9 -24.4 54.6 -46.1 -3.8 3.8 14.5 -12.6 4.4 12.0 42.4 -10.5
Receipts from the rest of the
world............................ -19.9 23.4 44.7 -4.9 -10.2 .7 12.7 15.6 13.1 -7.0 14.7 4.6 22.6 40.3 5.6
Less: Payments to the rest of the
world............................ -43.9 35.3 25.6 -15.8 14.2 -53.9 58.8 19.3 9.4 -21.5 27.3 .2 10.6 -2.2 16.2
Corporate profits with
inventory valuation adjustment. -40.1 37.6 103.6 5.5 -66.9 -7.8 30.4 35.8 13.7 45.6 -8.1 24.8 53.7 64.7 -16.5
Domestic industries................. -64.1 49.5 84.4 -5.4 -42.5 -62.3 76.4 39.6 9.9 31.0 4.7 20.4 41.6 22.3 -6.1
Financial......................... 27.4 48.6 23.6 -6.8 -12.2 31.9 31.0 5.2 -2.8 -4.2 19.6 2.9 10.7 -.8 8.4
Federal Reserve banks........... -2.5 -5.4 -3.7 -2.0 -1.5 -2.1 -1.7 -.1 -1.1 -1.2 -.5 -1.0 -1.4 -.9 .6
Other financial................. 29.9 54.0 27.3 -4.8 -10.7 34.0 32.7 5.3 -1.7 -2.9 20.0 3.9 12.1 .2 7.7
Nonfinancial...................... -91.4 .8 60.8 1.4 -30.2 -94.3 45.4 34.3 12.8 35.2 -15.0 17.6 30.8 23.1 -14.3
Utilities....................... .3 -13.3 7.4 2.1 -3.2 -9.9 -8.0 2.6 2.1 .6 3.6 -1.8 3.3 5.7 -1.1
Manufacturing................... -91.7 -1.9 16.6 -8.0 -30.7 -55.4 39.3 13.4 11.1 8.1 -10.8 -.7 12.7 26.6 -11.9
Durable goods................. -85.4 17.1 4.8 -22.2 -33.2 -37.2 49.4 16.1 10.5 2.1 -9.8 -1.3 1.0 16.8 -6.5
Fabricated metal products... -5.6 -.6 .8 -1.4 -1.1 -2.5 1.7 .5 -.3 1.3 -3.9 4.2 -.5 3.1 -1.4
Machinery................... -5.5 -1.1 -2.1 -7.9 -10.9 7.8 1.4 -.8 .1 -1.4 -3.8 2.5 2.0 .0 1.1
Computer and electronic
products................... -52.5 15.6 17.5 -18.5 -22.1 -19.3 31.5 10.1 11.3 4.1 4.1 2.7 -.4 1.2 -3.2
Electrical equipment,
appliances, and components. -3.7 -2.1 -3.0 -2.2 -1.0 -1.1 1.5 -1.9 .2 -1.3 .0 -1.2 -1.6 -.1 -3.7
Motor vehicles, bodies and
trailers, and parts........ -8.2 3.2 -.2 -2.2 3.8 -7.1 2.2 8.5 -1.7 -2.1 6.9 -9.6 -2.4 6.4 4.5
Other durable goods......... -9.9 2.0 -8.0 10.0 -1.9 -14.8 11.0 -.5 1.1 1.5 -13.3 .3 3.8 6.2 -3.8
Nondurable goods.............. -6.3 -19.1 11.8 14.2 2.5 -18.2 -10.1 -2.7 .7 5.9 -1.0 .6 11.6 9.9 -5.5
Food and beverage and
tobacco products........... 2.6 -3.9 3.6 8.1 -1.6 1.5 -2.9 -2.7 -.2 -4.5 2.5 2.9 3.2 5.6 -3.1
Petroleum and coal products. 2.7 -25.6 10.8 -1.1 -1.0 -13.7 -14.8 -1.0 1.2 1.5 9.7 -2.7 .1 6.1 5.8
Chemical products........... -1.6 4.5 4.1 8.4 2.2 -1.6 1.6 -.8 1.1 4.0 -.5 -1.1 5.6 -3.2 -7.2
Other nondurable goods...... -10.0 5.8 -6.5 -1.1 2.9 -4.4 6.0 1.8 -1.4 5.0 -12.8 1.5 2.7 1.3 -.9
Wholesale trade................. -7.6 -1.1 -3.1 1.1 6.0 6.4 -8.9 5.7 -10.5 2.8 -6.2 2.0 8.0 -3.0 -4.1
Retail trade.................... 11.4 7.1 -.4 -.4 6.0 6.3 -2.3 3.5 -1.1 -1.0 -3.0 7.9 -3.7 -4.2 5.3
Transportation and warehousing.. -13.6 -2.6 11.8 1.2 -.8 -8.5 4.2 -3.1 1.4 5.1 2.8 7.2 -.5 .5 -.7
Information..................... -8.0 14.4 10.5 .4 -4.3 -9.0 16.9 3.8 2.0 9.9 -4.7 4.7 8.5 -7.7 -5.6
Other nonfinancial.............. 17.7 -1.7 17.9 5.1 -3.4 -24.1 4.2 8.4 7.8 9.6 3.4 -1.7 2.6 5.1 3.9
Rest of the world................... 24.0 -11.9 19.1 10.9 -24.4 54.6 -46.1 -3.8 3.8 14.5 -12.6 4.4 12.0 42.4 -10.5
---------------------------------------------------------------------------------------------------------------------------------------------
Note. Estimates in this table are based on the 1997 North
American Industry Classification System (NAICS).
Table 12C.--Revisions to Corporate Profits by Industry
---------------------------------------------------------------------------------------------------------------------------------
Billions of dollars
------------------------ ------------------------ Revisions as
Revised Revisions to percent of
estimates previously previously
published published
------------------------ ------------------------ ------------------------
2001 2002 2003 2001 2002 2003 2001 2002 2003
---------------------------------------------------------------------------------------------------------------------------------
Corporate profits with
inventory valuation and
capital consumption
adjustments........................... 767.3 874.6 1,021.1 -3.1 -29.6 -48.8 -.4 -3.3 -4.6
Domestic industries.................. 597.6 716.8 844.2 -11.3 -34.0 -60.7 -1.9 -4.5 -6.7
Financial.......................... 240.4 298.4 327.8 27.1 39.3 39.9 12.7 15.2 13.9
Nonfinancial....................... 357.2 418.4 516.4 -38.4 -73.3 -100.6 -9.7 -14.9 -16.3
Rest of the world.................... 169.7 157.8 176.9 8.2 4.4 11.9 5.1 2.9 7.2
Receipts from the rest of the
world............................. 182.6 206.0 250.7 4.0 3.6 11.3 2.2 1.8 4.7
Less: Payments to the rest of the
world............................. 12.9 48.2 73.8 -4.2 -.9 -.6 -24.6 -1.8 -.8
Corporate profits with
inventory valuation adjustment........ 719.2 756.8 860.4 13.3 14.1 16.6 1.9 1.9 2.0
Domestic industries.................. 549.5 599.0 683.4 5.1 9.6 4.7 .9 1.6 .7
Financial.......................... 227.6 276.2 299.8 2.0 21.1 31.0 .9 8.3 11.5
Federal Reserve banks............ 28.3 22.9 19.2 .0 .0 -.4 .0 .0 -2.0
Other financial.................. 199.3 253.3 280.6 2.0 21.1 31.4 1.0 9.1 12.6
Nonfinancial....................... 322.0 322.8 383.6 3.2 -11.5 -26.4 1.0 -3.4 -6.4
Utilities........................ 24.7 11.4 18.8 .6 -10.6 -5.6 2.5 -48.2 -23.0
Manufacturing.................... 52.6 50.7 67.3 -1.4 -22.6 -29.3 -2.6 -30.8 -30.3
Durable goods.................. -25.4 -8.3 -3.5 -.5 -17.1 -23.7 2.0 -194.3 -117.3
Nondurable goods............... 78.0 58.9 70.7 -.9 -5.7 -5.7 -1.1 -8.8 -7.5
Wholesale trade.................. 52.1 51.0 47.9 .5 1.9 2.5 1.0 3.9 5.5
Retail trade..................... 71.0 78.1 77.7 -.1 1.4 -2.4 -.1 1.8 -3.0
Transportation and warehousing... 1.3 -1.3 10.5 1.4 1.0 -1.4 ..... ..... .....
Information...................... -25.6 -11.2 -.7 1.6 9.0 4.7 -5.9 -44.6 -87.0
Other nonfinancial............... 145.9 144.2 162.1 .6 8.7 5.1 .4 6.4 3.2
Rest of the world.................... 169.7 157.8 176.9 8.2 4.4 11.9 5.1 2.9 7.2
Corporate profits before tax without
inventory valuation and capital
consumption adjustments............... 707.9 758.0 874.5 11.1 13.0 18.1 1.6 1.7 2.1
Addenda:
Corporate profits after tax with
inventory valuation and capital
consumption adjustments............. 563.2 690.7 786.2 -6.1 -18.4 -58.8 -1.1 -2.6 -7.0
Net cash flow with inventory
valuation and capital
consumption adjustments............. 944.8 1,058.5 1,173.4 7.5 .3 9.3 .8 .0 .8
Undistributed profits with
inventory valuation and
capital consumption
adjustments....................... 192.3 300.7 390.9 -3.7 -10.1 -23.2 -1.9 -3.2 -5.6
Consumption of fixed capital....... 752.5 757.8 782.5 11.2 10.5 32.4 1.5 1.4 4.3
Less: Inventory valuation
adjustment.......................... 11.3 -1.2 -14.1 2.2 1.0 -1.5 ..... ..... .....
Equals: Net cash flow................ 933.5 1,059.8 1,187.5 5.3 -.6 10.8 .6 -.1 .9
---------------------------------------------------------------------------------------------------------------------------------
Table 13.--Gross Value Added of Nonfinancial Domestic Corporate Business
[Quarters seasonally adjusted at annual rates]
--------------------------------------------------------------------------------------------------------------------
2000 2001 2002 2003 I 01 II 01 III 01 IV 01
--------------------------------------------------------------------------------------------------------------------
Billions of dollars
------------------------------------------------------------------------
Gross value added of nonfinancial
corporate business..................... 5,272.2 5,293.5 5,377.7 5,606.8 5,315.8 5,321.3 5,279.1 5,257.7
Consumption of fixed capital................ 567.8 646.8 655.7 676.4 616.6 635.9 683.6 651.1
Net value added............................. 4,704.3 4,646.7 4,722.0 4,930.5 4,699.1 4,685.4 4,595.5 4,606.6
Compensation of employees................. 3,544.4 3,595.9 3,601.3 3,696.2 3,616.6 3,604.8 3,587.6 3,574.5
Wage and salary accruals................ 2,989.8 3,016.5 2,971.0 3,006.9 3,042.8 3,027.7 3,006.4 2,989.3
Supplements to wages and salaries....... 554.5 579.3 630.3 689.3 573.8 577.1 581.1 585.2
Taxes on production and imports less
subsidies................................ 443.4 439.1 465.1 483.4 444.4 437.1 423.3 451.5
Net operating surplus..................... 716.5 611.8 655.5 750.8 638.2 643.6 584.7 580.6
Net interest and miscellaneous
payments............................... 191.7 204.0 181.7 170.8 202.0 207.0 205.8 201.3
Business current transfer payments...... 48.4 50.6 55.5 63.5 51.9 56.9 37.8 55.5
Corporate profits with inventory
valuation and capital consumption
adjustments............................ 476.4 357.2 418.4 516.4 384.2 379.7 341.1 323.7
Taxes on corporate income............. 170.2 111.7 89.0 130.0 127.6 126.2 110.9 82.0
Profits after tax with inventory
valuation and capital consumption
adjustments.......................... 306.2 245.5 329.4 386.4 256.6 253.5 230.2 241.7
Net dividends....................... 251.3 245.4 254.9 275.4 248.4 233.3 252.2 247.8
Undistributed profits with
inventory valuation and capital
consumption adjustments............ 54.8 .1 74.5 111.0 8.2 20.1 -22.0 -6.0
Addenda:
Profits before tax (without inventory
valuation and capital consumption
adjustments)............................. 423.9 310.6 324.1 397.7 363.7 359.9 312.8 206.1
Profits after tax (without inventory
valuation and capital consumption
adjustments)............................. 253.7 198.9 235.1 267.7 236.1 233.7 201.9 124.1
Inventory valuation adjustment............ -14.1 11.3 -1.2 -14.1 -4.1 1.1 18.0 30.4
Capital consumption adjustment............ 66.6 35.2 95.6 132.9 24.6 18.7 10.4 87.3
------------------------------------------------------------------------
Billions of chained (2000) dollars
------------------------------------------------------------------------
Gross value added of nonfinancial
corporate business\1\.................. 5,272.2 5,229.7 5,306.6 5,520.2 5,295.0 5,259.0 5,199.6 5,165.2
Consumption of fixed capital\2\............. 567.8 615.8 628.0 647.2 595.7 606.5 646.8 614.4
Net value added\3\.......................... 4,704.3 4,613.8 4,678.6 4,873.0 4,699.3 4,652.5 4,552.9 4,550.8
------------------------------------------------------------------------
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\.... 1.000 1.012 1.013 1.016 1.004 1.012 1.015 1.018
Compensation of employees (unit labor
cost).................................... .672 .688 .679 .670 .683 .685 .690 .692
Unit nonlabor cost........................ .237 .257 .256 .253 .248 .254 .260 .263
Consumption of fixed capital............ .108 .124 .124 .123 .116 .121 .131 .126
Taxes on production and imports less
subsidies plus business current
transfer payments...................... .093 .094 .098 .099 .094 .094 .089 .098
Net interest and miscellaneous payments. .036 .039 .034 .031 .038 .039 .040 .039
Corporate profits with inventory valuation
and capital consumption adjustments (unit
profits from current production)......... .090 .068 .079 .094 .073 .072 .066 .063
Taxes on corporate income............... .032 .021 .017 .024 .024 .024 .021 .016
Profits after tax with inventory
valuation and capital consumption
adjustments............................ .058 .047 .062 .070 .048 .048 .044 .047
--------------------------------------------------------------------------------------------------------------------
1. Effective with the estimates scheduled for release on November 30,
2004, chained-dollar gross value added of nonfinancial corporate
business for 1929 to 2004 will be revised. The current-dollar value
added will be deflated by a revised chain-type price index calculated
using the gross value added chain-type price index for nonfinancial
industries from the comprehensive revision to the GDP-by-industry
accounts.
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).
Table 13.--Gross Value Added of Nonfinancial Domestic Corporate Business--Continued
[Quarters seasonally adjusted at annual rates]
-----------------------------------------------------------------------------------------------------------------------------
I 02 II 02 III 02 IV 02 I 03 II 03 III 03 IV 03 I 04
-----------------------------------------------------------------------------------------------------------------------------
Billions of dollars
---------------------------------------------------------------------------------
Gross value added of nonfinancial
corporate business..................... 5,309.6 5,375.6 5,392.8 5,432.9 5,443.0 5,547.8 5,669.0 5,767.5 5,856.2
Consumption of fixed capital................ 648.1 653.2 658.2 663.3 668.5 673.7 679.0 684.3 671.8
Net value added............................. 4,661.5 4,722.5 4,734.6 4,769.5 4,774.5 4,874.1 4,990.0 5,083.3 5,184.4
Compensation of employees................. 3,571.2 3,605.1 3,610.3 3,618.7 3,627.4 3,668.5 3,717.9 3,771.0 3,834.8
Wage and salary accruals................ 2,965.1 2,976.1 2,971.4 2,971.4 2,956.9 2,985.5 3,022.4 3,062.8 3,105.5
Supplements to wages and salaries....... 606.1 629.0 638.9 647.3 670.6 683.1 695.4 708.3 729.4
Taxes on production and imports less
subsidies................................ 456.4 464.7 469.7 469.8 477.1 472.6 489.0 495.0 501.1
Net operating surplus..................... 633.9 652.7 654.5 681.0 669.9 733.0 783.2 817.2 848.5
Net interest and miscellaneous
payments............................... 193.3 183.6 177.4 172.5 171.4 169.6 170.2 172.1 174.8
Business current transfer payments...... 54.8 54.3 55.3 57.4 58.4 62.3 65.7 67.8 69.0
Corporate profits with inventory
valuation and capital consumption
adjustments............................ 385.8 414.8 421.8 451.1 440.1 501.1 547.3 577.3 604.6
Taxes on corporate income............. 73.2 86.5 93.6 102.6 120.5 120.5 132.2 146.8 147.7
Profits after tax with inventory
valuation and capital consumption
adjustments.......................... 312.7 328.2 328.2 348.5 319.5 380.6 415.1 430.5 456.9
Net dividends....................... 250.2 259.5 243.7 266.3 255.5 307.0 265.6 273.6 270.6
Undistributed profits with
inventory valuation and capital
consumption adjustments............ 62.5 68.7 84.5 82.3 64.0 73.6 149.5 156.9 186.2
Addenda:
Profits before tax (without inventory
valuation and capital consumption
adjustments)............................. 266.0 314.6 340.8 374.8 376.6 367.8 401.4 445.0 443.4
Profits after tax (without inventory
valuation and capital consumption
adjustments)............................. 192.8 228.1 247.2 272.2 256.1 247.3 269.2 298.2 295.6
Inventory valuation adjustment............ 15.9 1.6 -11.8 -10.6 -27.4 -1.0 -3.8 -24.3 -37.0
Capital consumption adjustment............ 104.0 98.5 92.8 86.9 90.8 134.3 149.7 156.6 198.3
---------------------------------------------------------------------------------
Billions of chained (2000) dollars
---------------------------------------------------------------------------------
Gross value added of nonfinancial
corporate business\1\.................. 5,237.8 5,299.7 5,330.5 5,358.4 5,366.5 5,463.8 5,579.6 5,670.7 5,727.9
Consumption of fixed capital\2\............. 618.6 625.3 631.4 636.8 639.7 644.5 649.5 655.1 654.1
Net value added\3\.......................... 4,619.3 4,674.5 4,699.1 4,721.5 4,726.8 4,819.3 4,930.1 5,015.6 5,073.8
---------------------------------------------------------------------------------
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\.... 1.014 1.014 1.012 1.014 1.014 1.015 1.016 1.017 1.022
Compensation of employees (unit labor
cost).................................... .682 .680 .677 .675 .676 .671 .666 .665 .670
Unit nonlabor cost........................ .259 .256 .254 .254 .257 .252 .252 .250 .248
Consumption of fixed capital............ .124 .123 .123 .124 .125 .123 .122 .121 .117
Taxes on production and imports less
subsidies plus business current
transfer payments...................... .098 .098 .098 .098 .100 .098 .099 .099 .100
Net interest and miscellaneous payments. .037 .035 .033 .032 .032 .031 .031 .030 .031
Corporate profits with inventory valuation
and capital consumption adjustments (unit
profits from current production)......... .074 .078 .079 .084 .082 .092 .098 .102 .106
Taxes on corporate income............... .014 .016 .018 .019 .022 .022 .024 .026 .026
Profits after tax with inventory
valuation and capital consumption
adjustments............................ .060 .062 .062 .065 .060 .070 .074 .076 .080
-----------------------------------------------------------------------------------------------------------------------------
1. Effective with the estimates scheduled for release on November 30,
2004, chained-dollar gross value added of nonfinancial corporate
business for 1929 to 2004 will be revised. The current-dollar value
added will be deflated by a revised chain-type price index calculated
using the gross value added chain-type price index for nonfinancial
industries from the comprehensive revision to the GDP-by-industry
accounts.
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]
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
2000 2001 2002 2003 IV 00 I 01 II 01 III 01 IV 01 I 02 II 02 III 02 IV 02 I 03 II 03 III 03 IV 03 I 04 II 04
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
Gross domestic product (GDP) and
related aggregates:
GDP............................... 3.7 .8 1.9 3.0 2.1 -.5 1.2 -1.4 1.6 3.4 2.4 2.6 .7 1.9 4.1 7.4 4.2 4.5 3.0
Goods............................. 4.1 -1.7 1.2 4.3 .2 -4.5 -1.3 -5.5 2.6 4.1 .9 4.7 -3.2 4.3 4.1 17.7 5.8 8.2 2.5
Services.......................... 3.4 2.4 3.0 2.3 3.6 1.9 1.8 1.7 2.8 3.4 4.2 2.2 3.0 .9 3.6 1.1 3.1 3.0 1.9
Structures........................ 3.2 .4 -2.4 3.0 .4 .4 7.0 -4.3 -8.5 .9 -3.3 -2.4 .9 .0 7.3 13.9 5.4 .7 11.8
Motor vehicle output.............. -1.8 -4.7 11.6 4.2 -12.6 -18.5 36.3 -5.7 22.0 7.3 10.3 18.4 6.0 -12.4 3.0 26.3 2.9 8.8 -25.5
GDP excluding motor vehicle
output........................... 3.9 1.0 1.5 3.0 2.7 .2 .2 -1.2 .9 3.3 2.1 2.1 .5 2.5 4.1 6.8 4.2 4.3 4.2
Final sales of computers\1\....... 31.2 13.8 8.8 41.0 18.6 48.2 -11.2 -19.4 23.7 -3.7 12.2 46.0 30.9 35.1 37.8 93.7 29.0 .1 3.8
GDP excluding final sales of
computers........................ 3.4 .6 1.8 2.8 1.9 -.9 1.4 -1.2 1.4 3.4 2.3 2.3 .5 1.7 3.8 6.8 4.0 4.5 3.0
Farm gross value added\2\......... 13.7 -8.3 6.5 4.0 -18.2 -1.3 -31.0 -20.4 94.2 -39.2 69.9 26.1 -19.5 -13.9 52.3 .5 -30.6 -31.3 -21.8
Nonfarm business gross value
added\3\......................... 3.8 .4 1.8 3.8 2.2 -1.1 1.2 -2.9 1.2 4.0 1.7 3.6 1.4 2.4 5.3 9.3 4.6 5.7 3.8
Price indexes:
GDP............................... 2.2 2.4 1.7 1.8 1.8 3.3 3.1 1.6 1.7 1.4 1.5 1.7 2.0 2.7 1.1 1.4 1.6 2.8 3.2
GDP excluding food and energy..... 2.0 2.1 2.0 1.6 1.7 2.4 2.3 2.1 2.6 1.7 1.8 1.6 1.7 2.3 .8 1.1 1.5 2.3 2.6
GDP excluding final sales of
computers........................ 2.4 2.7 1.9 2.0 1.9 3.8 3.3 1.8 1.9 1.6 1.7 1.9 2.2 2.9 1.2 1.6 1.7 2.9 3.3
Gross domestic purchases.......... 2.5 2.0 1.5 2.0 1.8 2.7 2.3 1.0 .6 1.2 2.5 1.8 1.9 3.7 .4 1.7 1.4 3.4 3.5
Gross domestic purchases excluding
food and energy.................. 1.9 1.9 1.8 1.6 1.4 2.3 2.0 1.8 2.3 1.5 1.7 1.6 1.6 2.2 1.0 1.2 1.5 2.5 2.4
Gross domestic purchases excluding
final sales of computers to
domestic purchasers.............. 2.8 2.3 1.7 2.2 2.0 3.3 2.6 1.3 .9 1.4 2.6 2.0 2.1 4.0 .5 1.9 1.5 3.6 3.6
Personal consumption expenditures. 2.5 2.1 1.4 1.9 1.8 3.3 2.6 .6 .6 .9 2.9 2.0 1.4 3.2 .7 1.6 1.2 3.3 3.3
Personal consumption expenditures
excluding food and energy........ 1.7 1.9 1.8 1.3 1.5 2.8 2.1 1.4 2.6 1.2 2.0 2.0 .9 1.5 1.1 .9 1.3 2.1 1.8
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
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.
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 2002-03
annual percent change in real GDP uses prices for 2002 and 2003 as weights, and the 2002-03 annual
percent change in GDP prices uses quantities for 2002 and 2003 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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