News Release
These data have been superseded. Please see our latest releases for current estimates and contact information.
Gross Domestic Product and Corporate Profits: Third Quarter 2005 "final" estimates
Available for this release: Full Release (PDF - ) | Technical Note, Tables (XLS - ), Highlights (PDF - )
Sign up for e-mail subscriptions.
Virginia H. Mannering: (202) 606-5304 (GDP) BEA 05-57
Greg Key: (202) 606-9727 (Profits)
Recorded message: (202) 606-5306
GROSS DOMESTIC PRODUCT: THIRD QUARTER 2005 (FINAL)
CORPORATE PROFITS: THIRD QUARTER 2005 (FINAL)
Real gross domestic product -- the output of goods and services produced by labor and property
located in the United States -- increased at an annual rate of 4.1 percent in the third quarter of 2005,
according to final estimates released by the Bureau of Economic Analysis. In the second quarter, real
GDP increased 3.3 percent.
The GDP estimates released today are based on more complete source data than were available for
the preliminary estimates issued last month. In the preliminary estimates, the increase in real GDP was
4.3 percent (see "Revisions" on page 3).
The major contributors to the increase in real GDP in the third quarter were personal consumption
expenditures (PCE), equipment and software, federal government spending, and residential fixed
investment. The contributions of these components were partly offset by a negative contribution from
private inventory investment. Imports, which are a subtraction in the calculation of GDP, increased.
The acceleration in real GDP growth in the third quarter primarily reflected a smaller decrease in
private inventory investment and accelerations in PCE and in federal government spending that were
partly offset by a deceleration in exports, an upturn in imports, and decelerations in state and local
government spending and in residential fixed investment.
Final sales of computers contributed 0.16 percentage point to the third-quarter growth in real
GDP after contributing 0.32 percentage point to the second-quarter growth. Motor vehicle output
contributed 0.56 percentage point to the third-quarter growth in real GDP after subtracting 0.01
percentage point from the second-quarter growth.
FOOTNOTE.--Quarterly estimates are expressed at seasonally adjusted annual
rates, unless otherwise specified. Quarter-to-quarter dollar changes are
differences between these published estimates. Percent changes are calculated
from unrounded data and are annualized. "Real" estimates are in chained (2000)
dollars. Price indexes are chain-type measures.
This news release is available on BEA's Web site at www.bea.gov/newsreleases/rels.htm.
The price index for gross domestic purchases, which measures prices paid by U.S. residents,
increased 4.2 percent in the third quarter, 0.2 percentage point more than the preliminary estimate; this
index increased 3.3 percent in the second quarter. Excluding food and energy prices, the price index for
gross domestic purchases increased 2.5 percent in the third quarter, compared with an increase of 2.1
percent in the second.
Real personal consumption expenditures increased 4.1 percent in the third quarter, compared
with an increase of 3.4 percent in the second. Real nonresidential fixed investment increased 8.5
percent, compared with an increase of 8.8 percent. Nonresidential structures increased 2.2 percent,
compared with an increase of 2.7 percent. Equipment and software increased 10.6 percent, compared
with an increase of 10.9 percent. Real residential fixed investment increased 7.3 percent, compared with
an increase of 10.8 percent.
Real exports of goods and services increased 2.5 percent in the third quarter, compared with an
increase of 10.7 percent in the second. Real imports of goods and services increased 2.4 percent, in
contrast to a decrease of 0.3 percent.
Real federal government consumption expenditures and gross investment increased 7.4 percent
in the third quarter, compared with an increase of 2.4 percent in the second. National defense increased
10.0 percent, compared with an increase of 3.7 percent. Nondefense increased 2.4 percent, in contrast to
a decrease of 0.2 percent. Real state and local government consumption expenditures and gross
investment increased 0.2 percent, compared with an increase of 2.6 percent.
The real change in private inventories subtracted 0.43 percentage point from the third-quarter
change in real GDP after subtracting 2.14 percentage points from the second-quarter change. Private
businesses reduced inventories $13.3 billion in the third quarter, following a decrease of $1.7 billion in
the second quarter and an increase of $58.2 billion in the first.
Real final sales of domestic product -- GDP less change in private inventories -- increased 4.6
percent in the third quarter, compared with an increase of 5.6 percent in the second.
Gross domestic purchases
Real gross domestic purchases -- purchases by U.S. residents of goods and services wherever
produced -- increased 4.0 percent in the third quarter, compared with an increase of 2.1 percent in the
second.
Gross national product
Real gross national product -- the goods and services produced by the labor and property supplied
by U.S. residents -- increased 4.4 percent in the third quarter, compared with an increase of 3.2 percent
in the second. GNP includes, and GDP excludes, net receipts of income from the rest of the world,
which increased $7.6 billion in the third quarter after decreasing $3.6 billion in the second; in the third
quarter, receipts increased 23.8 billion, and payments increased $16.2 billion.
Current-dollar GDP
Current-dollar GDP -- the market value of the nation's output of goods and services -- increased
7.6 percent, or $227.7 billion, in the third quarter to a level of $12,605.7 billion. In the second quarter,
current-dollar GDP increased 6.0 percent, or $179.2 billion.
Revisions
The final estimate of the third-quarter increase in real GDP is 0.2 percentage point, or $3.8
billion, lower than the preliminary estimate issued last month. The downward revision to the percent
change in real GDP reflected a downward revision to personal consumption expenditures for durable
goods and several other smaller downward revisions that were partly offset by an upward revision to
exports of services.
Advance Preliminary Final
(Percent change from preceding quarter)
Real GDP................................ 3.8 4.3 4.1
Current-dollar GDP...................... 7.0 7.4 7.6
Gross domestic purchases price index.... 4.0 4.0 4.2
Corporate Profits
Profits from current production (corporate profits with inventory valuation and capital
consumption adjustments) decreased $54.4 billion in the third quarter, in contrast to an increase of $59.3
billion in the second. Current-production cash flow (net cash flow with inventory valuation and capital
consumption adjustments) -- the internal funds available to corporations for investment -- increased
$44.0 billion in the third quarter, compared with an increase of $41.7 billion in the second.
Third-quarter profits from current production were reduced by $165.3 billion because of
Hurricanes Katrina and Rita, reflecting the net benefits paid by domestic insurance companies and the
uninsured losses of corporate property.
Taxes on corporate income decreased $12.2 billion in the third quarter, in contrast to an increase
of $9.9 billion in the second. Profits after tax with inventory valuation and capital consumption
adjustments decreased $42.2 billion in the third quarter, in contrast to an increase of $49.4 billion in the
second. Dividends increased $13.8 billion, compared with an increase of $11.4 billion; current-
production undistributed profits decreased $56.1 billion, in contrast to an increase of $38.0 billion.
Domestic profits of financial corporations decreased $71.9 billion in the third quarter, compared
with a decrease of $26.9 billion in the second. Domestic profits of nonfinancial corporations decreased
$8.5 billion, in contrast to an increase of $82.5 billion. In the third quarter, real gross corporate value
added increased, and profits per unit of real value added decreased. The decrease in unit profits reflected
increases in both the unit labor and nonlabor costs corporations incurred that were partly offset by an
increase in unit prices.
The rest-of-the-world component of profits increased $25.9 billion in the third quarter, compared
with an increase of $3.7 billion in the second. This measure is calculated as (1) receipts by U.S.
residents of earnings from their foreign affiliates plus dividends received by U.S. residents from
unaffiliated foreign corporations minus (2) payments by U.S. affiliates of earnings to their foreign
parents plus dividends paid by U.S. corporations to unaffiliated foreign residents. The third-quarter
increase was accounted for by an increase in receipts and a decrease in payments.
Profits before tax with inventory valuation adjustment is the best available measure of industry
profits because estimates of the capital consumption adjustment by industry do not exist. This measure
reflects the depreciation-accounting practices used for federal income tax returns. According to this
measure, domestic profits of financial corporations decreased, while domestic profits of nonfinancial
corporations increased. The increase in nonfinancial corporations reflected increases in manufacturing,
in retail trade, in transportation and warehousing, and in "other" nonfinancial industries that were partly
offset by decreases in utilities, in information, and in wholesale trade. Within manufacturing, the
increase reflected increases in all the industries shown except motor vehicles and "other' durable goods
manufacturing.
Profits before tax decreased $19.6 billion in the third quarter, in contrast to an increase of $33.9
billion in the second. The before-tax measure of profits does not reflect, as does profits from current
production, the capital consumption and inventory valuation adjustments. These adjustments convert
depreciation of fixed assets and inventory withdrawals reported on a tax-return, historical-cost basis to
the current-cost measures used in the national income and product accounts. The capital consumption
adjustment decreased $26.3 billion in the third quarter (from -$45.8 billion to -$72.1 billion ), in
contrast to an increase of $5.2 billion in the second. The inventory valuation adjustment decreased $8.6
billion (from -$18.9 billion to -$27.5 billion ), in contrast to an increase of $20.2 billion.
Effective December 21, 2005, chained-dollar gross value added of nonfinancial corporate business
was revised beginning with 2002. The current-dollar gross value added is deflated by a revised chain-
type price index calculated using the gross value added chain-type index for nonfinancial industries from
the annual revision of the GDP-by-industry accounts.
BEA's national, international, regional, and industry estimates; the Survey of Current Business;
and BEA news releases are available without charge on BEA's Web site at www.bea.gov. By visiting
the site, you can also subscribe to receive free e-mail summaries of BEA releases and announcements.
Summary BEA estimates are available on recorded messages at the time of public release at the
following telephone numbers:
(202) 606-5306 Gross domestic product
(202) 606-5303 Personal income and outlays
* * *
Next release -- January 27, 2006, at 8:30 A.M. EST for:
Gross Domestic Product: Fourth Quarter 2005 (Advance)
Release dates in 2006
Gross domestic product
2005: IV and 2005 annual 2006:I 2006:II 2006:III
Advance........... January 27 April 28 July 28 October 27
Preliminary....... February 28 May 25 August 30 November 29
Final............. March 30 June 29 September 28 December 21
Corporate Profits
Preliminary....... .... May 25 August 30 November 29
Final............. March 30 June 29 September 28 December 21
Table 1.--Real Gross Domestic Product and Related Measures: Percent Change From Preceding Period
[Quarters seasonally adjusted at annual rates]
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
2002 2003 2004 IV 01 I 02 II 02 III 02 IV 02 I 03 II 03 III 03 IV 03 I 04 II 04 III 04 IV 04 I 05 II 05 III 05r
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
Gross domestic product (GDP). 1.6 2.7 4.2 1.6 2.7 2.2 2.4 .2 1.7 3.7 7.2 3.6 4.3 3.5 4.0 3.3 3.8 3.3 4.1
Personal consumption expenditures... 2.7 2.9 3.9 7.0 1.4 2.4 2.3 1.4 2.5 3.6 5.8 3.1 4.7 1.9 4.4 4.3 3.5 3.4 4.1
Durable goods..................... 7.1 6.6 6.0 37.4 -4.2 3.6 11.5 -5.2 3.6 15.1 19.8 -.3 4.4 .4 10.8 5.5 2.6 7.9 9.3
Nondurable goods.................. 2.5 3.2 4.7 4.9 3.3 1.3 .3 3.6 3.2 1.9 8.3 3.1 6.6 2.6 3.9 5.5 5.3 3.6 3.5
Services.......................... 1.9 2.0 3.0 2.3 1.8 2.6 1.3 1.8 1.9 2.3 2.0 3.8 3.8 1.8 3.4 3.6 2.8 2.3 3.3
Gross private domestic investment... -2.6 3.9 11.9 -22.7 13.6 1.9 5.8 -1.0 -.4 2.7 17.5 12.0 10.1 20.9 4.6 6.8 8.6 -3.7 5.3
Fixed investment.................. -5.2 3.6 9.7 -10.6 -6.3 -1.4 -.7 -1.4 .8 8.8 14.8 6.9 6.9 15.1 8.4 7.2 7.0 9.5 8.0
Nonresidential.................. -9.2 1.3 9.4 -13.3 -12.8 -6.1 -2.0 -5.0 -1.1 8.4 11.2 4.4 7.9 13.5 11.8 10.4 5.7 8.8 8.5
Structures.................... -17.1 -4.2 2.2 -33.2 -19.0 -19.0 -15.5 -5.3 -8.4 13.3 -.1 1.3 -3.5 8.8 1.4 4.7 -2.0 2.7 2.2
Equipment and software........ -6.2 3.2 11.9 -4.2 -10.4 -.9 3.3 -4.9 1.6 6.7 15.4 5.5 12.0 15.2 15.5 12.4 8.3 10.9 10.6
Residential..................... 4.8 8.4 10.3 -3.7 10.4 9.5 2.0 6.4 4.7 9.6 21.9 11.5 5.2 17.8 2.6 1.6 9.5 10.8 7.3
Change in private inventories..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... .....
Net exports of goods and services... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... .....
Exports........................... -2.3 1.8 8.4 -10.8 5.2 10.6 2.9 -3.1 -2.9 -2.1 11.5 19.1 5.0 6.9 5.5 7.1 7.5 10.7 2.5
Goods........................... -4.0 1.8 8.9 -8.8 -1.6 14.2 2.2 -9.1 1.5 .0 9.1 17.2 7.5 7.9 8.2 3.7 5.3 16.0 3.2
Services........................ 1.9 1.7 7.4 -15.3 22.9 2.7 4.6 11.7 -11.9 -6.6 17.2 23.7 -.4 4.8 -.6 15.5 12.5 -.4 1.0
Imports........................... 3.4 4.6 10.7 -3.4 11.7 12.5 5.7 9.0 -2.5 3.3 4.1 16.5 12.0 14.5 4.7 11.3 7.4 -.3 2.4
Goods........................... 3.7 4.9 11.0 -2.0 9.2 16.0 6.5 8.1 -2.6 6.3 .9 17.7 12.4 14.7 4.7 13.0 8.2 -1.1 3.5
Services........................ 2.1 3.0 9.6 -10.4 24.7 -3.0 1.7 14.0 -2.2 -10.2 21.4 10.7 10.0 13.7 4.6 3.1 3.7 4.4 -3.2
Government consumption expenditures
and gross investment............... 4.4 2.8 2.2 8.5 4.3 4.8 2.3 4.8 -.3 7.2 .5 .5 3.3 2.3 1.8 .9 1.9 2.5 2.9
Federal........................... 7.0 6.9 5.2 8.8 5.9 12.5 3.0 10.2 .3 22.1 -2.0 3.1 10.7 3.2 3.6 -.6 2.4 2.4 7.4
National defense................ 7.4 8.8 7.0 12.5 3.7 11.5 4.1 14.8 -3.6 37.4 -6.5 7.9 13.8 .8 9.0 -3.3 3.0 3.7 10.0
Nondefense...................... 6.3 3.4 1.8 2.3 10.2 14.1 1.2 2.1 8.0 -2.4 7.2 -5.8 4.9 8.1 -6.4 5.2 1.1 -.2 2.4
State and local................... 3.1 .6 .4 8.4 3.5 1.0 1.9 2.0 -.6 -.3 2.0 -.9 -.7 1.8 .8 1.8 1.6 2.6 .2
Addenda:
Final sales of domestic product... 1.2 2.7 3.9 3.8 -.2 1.7 1.4 .1 1.9 4.6 6.9 2.8 3.8 2.6 4.6 3.3 3.5 5.6 4.6
Gross domestic purchases.......... 2.2 3.0 4.7 2.2 3.6 2.7 2.8 1.7 1.5 4.2 6.5 3.9 5.2 4.7 3.9 4.1 4.0 2.1 4.0
Final sales to domestic
purchasers....................... 1.8 3.0 4.4 4.3 .7 2.2 1.8 1.6 1.7 5.0 6.1 3.2 4.8 3.8 4.5 4.1 3.7 4.2 4.5
Gross national product (GNP)...... 1.5 3.0 4.0 3.9 .8 1.8 2.9 1.0 1.5 4.5 7.2 4.5 3.8 2.2 4.0 2.9 3.9 3.2 4.4
Disposable personal income........ 3.1 2.4 3.4 -5.6 11.6 1.9 -1.6 .2 2.5 4.5 7.2 1.0 3.6 1.2 2.8 9.1 -3.4 .2 -2.0
Current-dollar measures:
GDP............................. 3.4 4.8 7.0 3.6 4.3 3.7 3.9 2.4 4.8 4.8 9.3 5.5 8.1 7.5 5.3 6.1 7.0 6.0 7.6
Final sales of domestic product. 2.9 4.8 6.6 5.5 1.4 3.2 3.0 2.4 5.1 5.7 8.8 4.8 7.5 6.6 6.1 6.2 6.7 8.3 8.1
Gross domestic purchases........ 3.8 5.3 7.7 3.1 4.9 5.2 4.4 3.9 5.7 4.6 8.6 5.6 9.7 9.0 5.9 7.4 7.0 5.5 8.4
Final sales to domestic
purchasers..................... 3.4 5.3 7.4 4.9 2.2 4.8 3.6 3.8 5.9 5.4 8.2 4.9 9.2 8.1 6.6 7.4 6.7 7.6 8.9
GNP............................. 3.2 5.1 6.8 6.0 2.3 3.3 4.4 3.2 4.6 5.7 9.2 6.4 7.7 6.1 5.4 5.7 7.0 5.9 7.8
Disposable personal income...... 4.6 4.3 6.1 -5.0 12.6 4.7 .2 1.9 5.6 5.2 9.4 2.3 7.6 5.1 4.3 12.5 -1.3 3.5 1.6
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
r Revised
See "Explanatory Note" at the end of the tables.
Table 2.--Contributions to Percent Change in Real Gross Domestic Product
[Quarters seasonally adjusted at annual rates]
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
2002 2003 2004 IV 01 I 02 II 02 III 02 IV 02 I 03 II 03 III 03 IV 03 I 04 II 04 III 04 IV 04 I 05 II 05 III 05r
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
Percent change at annual rate:
Gross domestic product.......... 1.6 2.7 4.2 1.6 2.7 2.2 2.4 .2 1.7 3.7 7.2 3.6 4.3 3.5 4.0 3.3 3.8 3.3 4.1
Percentage points at annual rates:
Personal consumption expenditures. 1.90 2.05 2.71 4.71 1.01 1.64 1.57 .97 1.70 2.55 4.13 2.15 3.27 1.33 3.05 3.01 2.44 2.35 2.85
Durable goods................... .61 .57 .51 2.81 -.39 .31 .98 -.47 .31 1.23 1.64 -.03 .38 .03 .88 .45 .22 .64 .76
Motor vehicles and parts...... .23 .19 .06 2.24 -1.07 .02 .89 -.75 .22 .53 .77 -.43 -.02 -.19 .44 .11 -.31 .27 .45
Furniture and household
equipment.................... .29 .26 .34 .39 .50 .23 .06 .21 .03 .48 .63 .30 .31 .24 .34 .21 .32 .17 .37
Other......................... .09 .11 .10 .18 .18 .07 .02 .07 .06 .22 .23 .10 .08 -.02 .10 .14 .20 .20 -.06
Nondurable goods................ .50 .63 .94 .95 .65 .26 .06 .70 .63 .37 1.65 .61 1.31 .53 .78 1.09 1.07 .74 .73
Food.......................... .15 .25 .48 .18 .21 .18 .00 .20 .38 .05 .69 .20 .88 .27 .32 .63 .50 .42 .61
Clothing and shoes............ .14 .14 .17 .27 .23 .04 -.05 .31 -.04 .27 .33 .04 .37 -.09 .17 .25 .15 .20 .08
Gasoline, fuel oil, and other
energy goods................. .04 .01 .03 .24 -.06 .06 .04 -.04 -.01 -.04 .12 .07 -.04 .03 .02 .07 .21 -.11 -.11
Other......................... .18 .22 .26 .27 .27 -.01 .07 .23 .29 .09 .51 .31 .11 .33 .28 .14 .20 .23 .15
Services........................ .79 .85 1.27 .95 .75 1.07 .54 .74 .76 .94 .84 1.57 1.58 .77 1.39 1.47 1.15 .97 1.36
Housing....................... .09 .07 .30 .26 .06 -.03 -.11 -.07 .08 .13 .24 .31 .39 .27 .29 .29 .23 .22 .20
Household operation........... .02 .05 .07 -.15 .07 .29 -.11 .19 .01 -.06 -.02 .25 .07 -.07 .04 .34 .07 -.02 .17
Electricity and gas......... .04 .02 .03 -.07 .11 .25 -.07 .23 -.05 -.13 -.07 .22 .02 -.11 -.05 .37 .02 -.08 .10
Other household operation... -.02 .03 .05 -.08 -.05 .04 -.04 -.04 .07 .07 .05 .03 .05 .05 .10 -.03 .05 .06 .08
Transportation................ -.08 .00 .03 -.17 .01 -.04 -.07 -.01 .07 -.05 .02 .02 .13 -.01 .00 -.01 .06 .06 .05
Medical care.................. .63 .49 .49 .67 .59 .67 .59 .59 .45 .42 .31 .59 .37 .56 .64 .54 .53 .50 .66
Recreation.................... .06 .10 .11 .07 .09 .07 .04 .16 .04 .15 .07 .21 .17 .00 .10 .02 .14 .02 .02
Other......................... .06 .14 .26 .28 -.08 .12 .20 -.12 .10 .35 .22 .19 .44 .02 .33 .29 .11 .18 .26
Gross private domestic investment. -.41 .58 1.82 -3.95 1.92 .30 .87 -.14 -.03 .42 2.53 1.78 1.52 3.10 .75 1.11 1.42 -.63 .87
Fixed investment................ -.84 .54 1.47 -1.81 -1.04 -.23 -.12 -.21 .13 1.26 2.15 1.03 1.04 2.22 1.31 1.13 1.12 1.51 1.31
Nonresidential................ -1.06 .13 .92 -1.63 -1.50 -.66 -.21 -.52 -.10 .79 1.08 .43 .76 1.29 1.15 1.04 .58 .90 .88
Structures.................. -.55 -.11 .06 -1.27 -.60 -.58 -.44 -.14 -.22 .32 .00 .03 -.09 .22 .04 .12 -.05 .07 .06
Equipment and software...... -.51 .24 .86 -.35 -.90 -.09 .23 -.38 .12 .47 1.09 .40 .85 1.07 1.12 .92 .64 .83 .82
Information processing
equipment and software... -.20 .19 .49 -.21 -.28 .06 .23 -.38 .21 .20 .79 .52 .61 .38 .31 .34 .72 .53 .42
Computers and peripheral
equipment.............. .04 .09 .19 .19 .15 -.06 .16 -.04 .07 .10 .21 .17 .20 .18 .16 .27 .31 .23 .11
Software................ -.04 .06 .11 -.19 -.04 .15 .12 -.17 .04 .04 .29 .15 .08 .05 .10 .09 .22 .29 .14
Other................... -.19 .05 .19 -.21 -.38 -.03 -.05 -.17 .10 .05 .29 .20 .33 .16 .05 -.02 .18 .01 .17
Industrial equipment...... -.11 .00 .04 -.21 .01 -.12 .08 .01 .15 -.12 -.04 -.14 .19 -.05 .30 .06 .23 -.27 .20
Transportation equipment.. -.16 -.03 .15 .26 -.53 -.16 -.07 -.02 -.25 .36 .01 -.16 -.04 .56 .23 .39 -.16 .33 .18
Other equipment........... -.04 .08 .18 -.19 -.10 .14 .00 .02 .01 .04 .33 .18 .09 .18 .28 .13 -.14 .23 .02
Residential................... .22 .41 .55 -.18 .46 .43 .09 .30 .23 .47 1.07 .59 .28 .93 .15 .09 .54 .62 .43
Change in private inventories... .43 .05 .35 -2.14 2.95 .53 .98 .08 -.16 -.84 .38 .75 .48 .87 -.56 -.03 .29 -2.14 -.43
Farm.......................... -.02 .03 .03 -.23 .24 -.39 .31 .03 .17 -.21 -.07 .19 -.20 .45 -.01 -.28 -.11 -.09 -.02
Nonfarm....................... .45 .02 .32 -1.91 2.71 .92 .67 .04 -.33 -.63 .45 .57 .68 .42 -.55 .25 .40 -2.05 -.42
Net exports of goods and services. -.69 -.46 -.73 -.66 -.97 -.62 -.49 -1.52 .08 -.66 .48 -.47 -1.16 -1.37 -.17 -.98 -.40 1.11 -.12
Exports......................... -.23 .17 .80 -1.11 .47 .96 .27 -.31 -.29 -.20 1.04 1.69 .49 .67 .53 .70 .74 1.07 .26
Goods......................... -.28 .12 .59 -.63 -.11 .88 .14 -.64 .09 .00 .58 1.05 .50 .53 .55 .25 .37 1.08 .23
Services...................... .06 .05 .22 -.48 .59 .08 .13 .33 -.38 -.20 .46 .64 -.01 .14 -.02 .44 .37 -.01 .03
Imports......................... -.46 -.63 -1.53 .45 -1.44 -1.58 -.76 -1.21 .37 -.46 -.56 -2.16 -1.65 -2.03 -.70 -1.68 -1.14 .04 -.38
Goods......................... -.41 -.56 -1.30 .21 -.95 -1.65 -.72 -.90 .32 -.71 -.10 -1.91 -1.41 -1.71 -.59 -1.60 -1.05 .15 -.46
Services...................... -.05 -.07 -.23 .25 -.48 .07 -.04 -.31 .05 .26 -.46 -.25 -.23 -.32 -.11 -.08 -.10 -.11 .09
Government consumption expenditures
and gross investment............. .80 .53 .41 1.48 .79 .88 .43 .89 -.05 1.37 .11 .10 .62 .43 .35 .17 .35 .47 .54
Federal......................... .43 .45 .36 .51 .36 .76 .20 .64 .03 1.40 -.14 .21 .71 .22 .25 -.04 .17 .17 .52
National defense.............. .29 .37 .32 .46 .14 .45 .17 .59 -.15 1.46 -.31 .35 .60 .04 .41 -.16 .14 .17 .46
Consumption expenditures.... .23 .33 .26 .45 .13 .29 .07 .67 -.19 1.35 -.34 .32 .46 .01 .39 -.26 .34 .04 .37
Gross investment............ .06 .04 .06 .02 .01 .16 .10 -.08 .04 .11 .03 .03 .14 .02 .02 .10 -.20 .13 .09
Nondefense.................... .14 .08 .04 .05 .22 .31 .03 .05 .18 -.06 .17 -.14 .11 .19 -.16 .12 .03 -.01 .06
Consumption expenditures..... .12 .08 .04 .04 .14 .21 .11 .07 .18 -.19 .29 -.10 .11 .04 -.04 .08 .02 -.09 .08
Gross investment............. .02 .00 .00 .01 .07 .10 -.08 -.02 .00 .14 -.12 -.04 .00 .15 -.12 .04 .01 .08 -.02
State and local................. .37 .08 .05 .97 .43 .12 .23 .25 -.08 -.04 .25 -.11 -.09 .21 .10 .21 .19 .31 .03
Consumption expenditures.... .29 .06 .04 .38 .30 .24 .17 .15 -.02 -.01 -.01 .02 .00 .07 .14 .16 .08 .08 .17
Gross investment............ .08 .02 .01 .59 .12 -.12 .06 .10 -.07 -.03 .26 -.13 -.08 .14 -.04 .05 .11 .23 -.14
Addenda:
Goods........................... .41 1.10 2.06 .88 1.30 .49 1.69 -1.74 1.38 .75 5.19 .96 2.29 1.53 2.10 1.26 1.41 1.58 1.70
Services........................ 1.43 1.30 1.59 1.58 1.43 1.95 .98 1.65 .41 2.15 .78 2.20 1.90 .71 1.75 1.82 1.86 .88 2.09
Structures...................... -.24 .31 .57 -.87 .01 -.26 -.29 .29 -.08 .76 1.28 .41 .06 1.26 .13 .23 .53 .85 .35
Motor vehicle output............ .39 .14 .16 .69 .53 .20 .40 .01 .00 -.09 .72 -.13 .49 -.26 .11 .29 .15 -.01 .56
Final sales of computers........ .03 .15 .15 .19 -.06 .01 .20 .11 .05 .10 .45 .09 .08 .08 .10 .36 .37 .32 .16
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
r Revised
See "Explanatory Note" at the end of the tables.
Table 3.--Gross Domestic Product and Related Measures: Level and Change From Preceding Period
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
Billions of current dollars Billions of chained (2000) dollars
------------------------------------------------------ -------------------------------------------------------------------------------
Seasonally adjusted Seasonally adjusted Change from preceding
at annual rates at annual rates period
-------------------------------------------- -------------------------------------------- -------------------------
2004 III 04 IV 04 I 05 II 05 III 05r 2004 III 04 IV 04 I 05 II 05 III 05r 2004 II 05 III 05r
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
Gross domestic product....... 11,734.3 11,818.8 11,995.2 12,198.8 12,378.0 12,605.7 10,755.7 10,808.9 10,897.1 10,999.3 11,089.2 11,202.3 435.1 89.9 113.1
Personal consumption expenditures. 8,214.3 8,263.2 8,416.1 8,535.8 8,677.0 8,844.0 7,588.6 7,617.5 7,698.8 7,764.9 7,829.5 7,907.9 282.0 64.6 78.4
Durable goods................... 987.8 993.8 1,008.6 1,017.3 1,035.5 1,050.9 1,089.9 1,100.4 1,115.1 1,122.3 1,143.9 1,169.7 61.4 21.6 25.8
Motor vehicles and parts...... 441.8 444.9 452.8 449.6 458.5 468.7 457.0 461.4 464.6 455.0 463.3 477.3 7.3 8.3 14.0
Furniture and household
equipment.................... 354.1 356.9 360.6 366.9 370.0 374.9 442.9 449.2 456.8 469.2 475.9 490.5 46.6 6.7 14.6
Other......................... 191.9 192.0 195.2 200.8 207.0 207.2 195.8 196.0 200.2 206.5 212.9 211.0 11.3 6.4 -1.9
Nondurable goods................ 2,368.3 2,378.4 2,437.1 2,476.6 2,533.7 2,604.9 2,200.4 2,206.9 2,236.5 2,265.6 2,285.9 2,305.8 98.6 20.3 19.9
Food.......................... 1,134.7 1,141.0 1,166.4 1,184.2 1,207.1 1,229.9 1,029.1 1,030.9 1,047.4 1,060.9 1,072.2 1,088.7 49.0 11.3 16.5
Clothing and shoes............ 329.0 328.3 335.2 340.5 344.9 343.9 355.0 354.9 363.0 367.9 374.4 377.2 20.9 6.5 2.8
Gasoline, fuel oil, and other
energy goods................. 249.9 249.3 267.9 275.2 296.4 338.3 201.4 201.3 203.0 207.7 205.2 203.0 2.7 -2.5 -2.2
Other......................... 654.8 659.9 667.6 676.8 685.3 692.8 616.7 621.7 625.5 631.2 637.7 641.9 27.1 6.5 4.2
Services........................ 4,858.2 4,891.0 4,970.4 5,041.8 5,107.8 5,188.3 4,310.9 4,324.0 4,362.1 4,392.0 4,417.6 4,453.5 127.0 25.6 35.9
Housing....................... 1,221.1 1,230.0 1,244.7 1,260.6 1,275.3 1,288.2 1,078.4 1,081.9 1,089.5 1,095.6 1,101.4 1,106.6 30.0 5.8 5.2
Household operation........... 446.2 445.9 457.9 465.3 471.4 484.4 405.6 403.5 412.4 414.3 413.8 418.5 7.4 -.5 4.7
Electricity and gas......... 175.9 173.2 185.9 189.5 192.4 202.1 149.2 145.6 154.7 155.2 153.2 155.5 2.4 -2.0 2.3
Other household operation... 270.2 272.8 272.1 275.8 279.0 282.3 256.3 258.2 257.3 258.8 260.5 262.7 5.0 1.7 2.2
Transportation................ 306.9 308.0 309.2 312.3 318.5 324.1 283.4 283.4 283.0 284.6 286.3 287.6 3.3 1.7 1.3
Medical care.................. 1,401.1 1,415.4 1,441.6 1,470.5 1,492.6 1,522.0 1,233.5 1,241.6 1,255.4 1,269.1 1,282.3 1,299.6 48.6 13.2 17.3
Recreation.................... 338.8 341.0 344.3 350.3 353.1 356.6 302.4 303.6 304.1 307.7 308.3 308.9 11.3 .6 .6
Other......................... 1,144.1 1,150.7 1,172.6 1,182.8 1,196.8 1,213.0 1,006.7 1,009.0 1,016.6 1,019.5 1,024.3 1,031.1 26.0 4.8 6.8
Gross private domestic investment. 1,928.1 1,961.2 2,004.5 2,058.5 2,054.4 2,099.5 1,809.8 1,833.4 1,863.9 1,902.9 1,885.0 1,909.4 192.4 -17.9 24.4
Fixed investment................ 1,872.6 1,908.7 1,952.6 1,998.7 2,058.5 2,119.2 1,755.1 1,780.2 1,811.3 1,842.2 1,884.7 1,921.5 155.1 42.5 36.8
Nonresidential................ 1,198.8 1,219.0 1,252.9 1,280.1 1,313.5 1,348.9 1,186.7 1,204.8 1,235.1 1,252.2 1,279.0 1,305.2 101.7 26.8 26.2
Structures.................. 298.4 302.1 309.8 315.9 325.6 340.2 248.4 249.4 252.3 251.0 252.7 254.1 5.3 1.7 1.4
Equipment and software...... 900.4 916.9 943.1 964.3 987.9 1,008.7 947.6 965.6 994.2 1,014.2 1,040.9 1,067.5 100.8 26.7 26.6
Information processing
equipment and software... 447.0 450.9 456.3 474.6 486.6 494.5 522.4 527.9 539.7 565.1 584.6 600.2 62.7 19.5 15.6
Computers and peripheral
equipment.............. 91.6 92.3 97.5 102.7 105.6 105.0 ..... ..... ..... ..... ..... ..... ..... ..... .....
Software................ 178.5 179.9 181.1 188.3 197.3 201.3 188.8 190.0 192.8 199.8 209.1 213.7 13.1 9.3 4.6
Other................... 176.9 178.6 177.8 183.6 183.6 188.2 188.9 191.1 190.3 196.3 196.5 202.1 22.7 .2 5.6
Industrial equipment...... 145.3 149.3 152.6 161.3 154.9 161.3 139.4 142.8 144.5 150.9 143.2 148.8 4.5 -7.7 5.6
Transportation equipment.. 151.9 155.6 168.4 163.8 172.8 177.9 138.7 142.8 153.3 148.8 158.1 163.3 15.6 9.3 5.2
Other equipment........... 156.2 161.0 165.8 164.6 173.7 175.0 150.0 154.3 158.0 153.9 160.6 161.1 19.3 6.7 .5
Residential................... 673.8 689.7 699.7 718.5 745.0 770.3 561.8 568.8 571.0 584.1 599.3 610.0 52.4 15.2 10.7
Change in private inventories... 55.4 52.5 51.9 59.9 -4.2 -19.7 52.0 50.4 50.1 58.2 -1.7 -13.3 36.5 -59.9 -11.6
Farm.......................... 3.2 7.0 -3.0 -6.5 -8.5 -9.5 2.3 6.3 -.2 -2.3 -4.2 -4.5 2.1 -1.9 -.3
Nonfarm....................... 52.2 45.4 54.8 66.4 4.3 -10.2 49.9 43.7 50.8 61.8 3.4 -8.1 34.4 -58.4 -11.5
Net exports of goods and services. -624.0 -638.0 -685.4 -697.5 -691.0 -730.4 -601.3 -606.5 -634.1 -645.4 -614.2 -617.5 -79.9 31.2 -3.3
Exports......................... 1,173.8 1,183.8 1,217.1 1,253.2 1,297.1 1,314.6 1,117.9 1,125.0 1,144.5 1,165.3 1,195.4 1,202.7 86.7 30.1 7.3
Goods......................... 818.1 829.7 845.0 865.4 904.7 914.8 783.6 793.1 800.3 810.7 841.3 847.9 63.9 30.6 6.6
Services...................... 355.7 354.1 372.1 387.7 392.5 399.9 334.1 331.8 344.0 354.3 353.9 354.8 22.9 -.4 .9
Imports......................... 1,797.8 1,821.8 1,902.5 1,950.6 1,988.1 2,045.1 1,719.2 1,731.5 1,778.6 1,810.7 1,809.6 1,820.2 166.6 -1.1 10.6
Goods......................... 1,495.9 1,515.0 1,588.4 1,627.6 1,661.8 1,718.6 1,452.7 1,461.9 1,507.3 1,537.3 1,532.9 1,546.1 143.5 -4.4 13.2
Services...................... 301.9 306.8 314.1 323.0 326.3 326.4 267.1 270.2 272.3 274.8 277.7 275.5 23.4 2.9 -2.2
Government consumption expenditures
and gross investment............. 2,215.9 2,232.5 2,260.0 2,302.0 2,337.6 2,392.7 1,952.3 1,958.4 1,962.8 1,971.9 1,984.1 1,998.1 41.2 12.2 14.0
Federal......................... 827.6 836.5 840.8 860.2 869.8 892.2 723.7 728.6 727.6 731.8 736.1 749.5 35.9 4.3 13.4
National defense.............. 552.7 562.9 562.0 575.3 582.5 601.7 481.3 487.7 483.7 487.3 491.7 503.6 31.6 4.4 11.9
Consumption expenditures.... 484.2 494.6 490.1 508.9 512.3 528.6 413.3 419.8 413.4 421.9 422.9 432.2 24.8 1.0 9.3
Gross investment............ 68.5 68.3 71.9 66.4 70.2 73.1 68.5 68.2 71.2 65.3 69.2 72.0 7.2 3.9 2.8
Nondefense.................... 274.9 273.6 278.8 285.0 287.3 290.5 242.2 240.6 243.6 244.3 244.2 245.6 4.2 -.1 1.4
Consumption expenditures.... 241.4 241.1 245.1 250.7 250.5 254.3 208.6 207.9 209.9 210.4 208.2 210.1 3.8 -2.2 1.9
Gross investment............ 33.4 32.5 33.8 34.3 36.8 36.3 33.4 32.5 33.6 33.8 36.3 35.6 .3 2.5 -.7
State and local................. 1,388.3 1,395.9 1,419.1 1,441.7 1,467.7 1,500.4 1,228.4 1,229.6 1,235.0 1,239.8 1,247.8 1,248.5 5.1 8.0 .7
Consumption expenditures.... 1,117.7 1,123.9 1,143.1 1,159.0 1,175.7 1,205.7 979.5 980.7 984.8 986.8 988.8 993.3 4.3 2.0 4.5
Gross investment............ 270.6 272.1 276.1 282.7 292.0 294.7 248.9 249.0 250.3 253.2 259.4 255.4 .7 6.2 -4.0
Residual.......................... ..... ..... ..... ..... ..... ..... -26.8 -28.8 -37.5 -48.0 -60.1 -69.6 ..... ..... .....
Addenda:
Final sales of domestic product. 11,678.9 11,766.3 11,943.3 12,138.9 12,382.1 12,625.4 10,702.4 10,757.1 10,846.0 10,940.3 11,089.2 11,214.4 398.8 148.9 125.2
Gross domestic purchases........ 12,358.3 12,456.8 12,680.6 12,896.3 13,069.0 13,336.1 11,348.7 11,407.0 11,522.0 11,635.4 11,694.8 11,811.2 511.4 59.4 116.4
Final sales to domestic
purchasers..................... 12,302.9 12,404.4 12,628.7 12,836.4 13,073.1 13,355.8 11,295.3 11,354.9 11,470.7 11,576.2 11,694.6 11,823.0 475.2 118.4 128.4
Gross domestic product.......... 11,734.3 11,818.8 11,995.2 12,198.8 12,378.0 12,605.7 10,755.7 10,808.9 10,897.1 10,999.3 11,089.2 11,202.3 435.1 89.9 113.1
Plus: Income receipts from
the rest of the world.......... 415.4 418.1 462.4 462.3 489.4 520.8 383.7 385.3 423.2 420.4 441.7 465.5 58.5 21.3 23.8
Less: Income payments to
the rest of the world.......... 361.7 369.6 425.6 422.9 453.9 476.6 333.5 340.0 388.5 383.3 408.2 424.4 73.0 24.9 16.2
Equals: Gross national product.. 11,788.0 11,867.3 12,032.0 12,238.2 12,413.5 12,650.0 10,805.7 10,854.1 10,931.8 11,036.3 11,122.5 11,243.2 420.5 86.2 120.7
Net domestic product............ 10,299.0 10,284.7 10,553.2 10,750.4 10,920.7 10,741.9 9,365.5 9,332.7 9,514.2 9,608.3 9,689.7 9,456.1 364.5 81.4 -233.6
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
r Revised
Note.--Users are cautioned that particularly for components that
exhibit rapid change in prices relative to other prices in the
economy, the chained-dollar estimates should not be used to measure
the component's relative importance or its contribution to the
growth rate of more aggregate series. For accurate estimates of
the contributions to percent changes in real GDP, use table 2.
See "Explanatory Note" at the end of the tables.
Table 4.--Price Indexes for Gross Domestic Product and Related Measures: Percent Change From Preceding Period
[Quarters seasonally adjusted at annual rates]
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
2002 2003 2004 IV 01 I 02 II 02 III 02 IV 02 I 03 II 03 III 03 IV 03 I 04 II 04 III 04 IV 04 I 05 II 05 III 05r
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
Gross domestic product (GDP). 1.7 2.0 2.6 1.7 1.7 1.5 1.6 2.2 3.1 1.1 1.8 1.9 3.6 3.9 1.5 2.7 3.1 2.6 3.3
Personal consumption expenditures... 1.4 1.9 2.6 .6 .9 2.8 1.8 1.7 3.0 .6 2.0 1.3 3.9 3.8 1.5 3.1 2.3 3.3 3.7
Durable goods..................... -2.4 -3.5 -1.9 -1.6 -3.2 -1.9 -1.8 -2.7 -4.3 -4.3 -4.4 -4.1 .1 -.1 -2.4 .6 .9 -.5 -3.0
Nondurable goods.................. .5 2.0 3.3 -4.0 .2 5.4 .9 1.2 5.6 -2.4 3.1 .6 6.0 6.6 .1 4.5 1.3 5.7 7.9
Services.......................... 2.7 3.0 3.2 3.3 2.2 2.6 3.0 2.8 3.4 3.2 2.8 2.8 3.6 3.3 2.9 3.0 3.0 2.9 3.1
Gross private domestic investment... .6 1.6 3.1 .2 -.2 .5 .2 2.9 2.9 -.5 1.7 3.7 3.4 4.6 3.2 2.3 2.6 2.7 3.7
Fixed investment.................. .6 1.7 3.2 .1 -.3 .5 .2 3.0 3.1 -.5 1.7 3.9 3.5 4.6 3.0 2.2 2.6 2.7 4.0
Nonresidential.................. -.2 .3 1.3 -1.0 -.1 -.2 -.4 1.1 .1 -1.0 1.2 1.9 1.2 1.8 .9 1.1 3.1 1.9 2.5
Structures.................... 4.4 3.5 5.5 2.1 3.8 5.2 4.3 5.1 4.0 .3 2.9 4.6 7.1 6.8 6.6 5.6 10.3 9.9 16.5
Equipment and software........ -1.8 -.9 -.1 -2.2 -1.5 -2.1 -2.0 -.3 -1.2 -1.4 .6 1.0 -.8 .2 -.9 -.4 .9 -.7 -1.8
Residential..................... 2.5 4.8 6.7 2.8 -.8 2.2 1.5 7.0 9.3 .3 2.7 7.6 8.0 9.7 6.9 4.2 1.6 4.3 6.5
Change in private inventories..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... .....
Net exports of goods and services... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... .....
Exports........................... -.4 2.1 3.6 -3.5 -1.1 2.8 3.0 .6 4.1 1.0 .9 2.9 5.9 4.8 1.7 4.3 4.6 3.7 2.9
Goods........................... -.7 2.0 3.7 -3.8 -1.4 2.2 3.3 .5 3.6 1.6 -.7 4.1 6.5 5.3 1.0 3.8 4.5 2.9 1.3
Services........................ .4 2.5 3.1 -2.8 -.3 4.3 2.1 .7 5.2 -.3 4.6 .1 4.4 3.7 3.2 5.6 4.7 5.4 6.7
Imports........................... -1.2 3.4 5.0 -10.0 -1.7 10.3 3.5 .6 11.2 -4.4 2.6 1.1 9.6 6.6 5.7 6.8 2.9 8.2 9.4
Goods........................... -1.8 2.9 5.0 -11.3 -2.0 10.8 2.6 .4 11.9 -6.7 2.5 .5 10.1 7.9 5.4 6.9 1.9 9.9 10.6
Services........................ 1.7 5.8 4.9 -3.3 -.3 7.6 8.1 1.4 8.0 7.5 3.2 4.2 7.5 .3 7.4 6.5 7.9 -.2 3.4
Government consumption expenditures
and gross investment............... 2.9 3.7 3.7 1.1 5.2 2.9 2.6 3.6 8.9 .0 2.5 1.4 6.2 5.0 3.2 4.1 5.7 3.7 6.7
Federal........................... 3.7 3.9 4.2 1.8 10.1 .5 1.0 4.6 9.9 1.3 1.2 1.2 9.7 4.9 2.2 2.6 7.0 2.1 3.0
National defense................ 3.7 4.4 4.0 .8 9.1 1.3 2.4 6.9 9.3 1.1 1.3 1.5 7.8 5.6 2.8 2.7 6.6 1.4 3.5
Nondefense...................... 3.5 3.0 4.6 3.4 12.0 -.8 -1.4 .5 11.0 1.6 1.0 .7 13.7 3.6 1.2 2.5 7.9 3.6 2.1
State and local................... 2.5 3.7 3.4 .8 2.7 4.2 3.4 3.0 8.4 -.7 3.2 1.6 4.2 5.0 3.7 4.9 4.9 4.7 9.0
Addenda:
Final sales of domestic product... 1.7 2.0 2.6 1.7 1.7 1.5 1.6 2.3 3.1 1.1 1.8 1.9 3.6 3.8 1.4 2.7 3.1 2.6 3.3
Gross domestic purchases.......... 1.6 2.2 2.9 .6 1.5 2.5 1.7 2.2 4.1 .4 2.0 1.7 4.2 4.1 2.0 3.2 2.9 3.3 4.2
Final sales to domestic
purchasers....................... 1.6 2.2 2.9 .6 1.5 2.5 1.7 2.2 4.1 .4 2.0 1.7 4.2 4.1 2.0 3.2 2.9 3.3 4.3
Gross national product (GNP)...... 1.7 2.0 2.6 1.7 1.7 1.5 1.6 2.2 3.1 1.1 1.8 1.9 3.6 3.8 1.5 2.7 3.1 2.6 3.3
Implicit price deflators:
GDP............................. 1.7 2.0 2.6 2.0 1.5 1.4 1.5 2.2 3.1 1.1 1.9 1.8 3.7 3.9 1.3 2.7 3.0 2.6 3.3
Gross domestic purchases........ 1.6 2.2 2.9 .9 1.3 2.4 1.6 2.2 4.1 .4 2.1 1.6 4.3 4.1 1.9 3.2 2.9 3.3 4.2
GNP............................. 1.7 2.0 2.6 2.0 1.4 1.5 1.5 2.3 3.1 1.1 1.9 1.8 3.7 3.8 1.3 2.7 3.0 2.6 3.3
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
r Revised
See "Explanatory Note" at the end of the tables.
Table 5.--Real Gross Domestic Product, Quantity Indexes
[Index numbers, 2000=100]
-----------------------------------------------------------------------------------------------------------------------------------
Seasonally adjusted
---------------------------------------------------
2002 2003 2004 III 04 IV 04 I 05 II 05 III 05r
-----------------------------------------------------------------------------------------------------------------------------------
Gross domestic product............. 102.362 105.130 109.562 110.104 111.003 112.044 112.959 114.112
Personal consumption expenditures.......... 105.340 108.416 112.601 113.030 114.236 115.217 116.176 117.338
Durable goods............................ 111.752 119.134 126.245 127.463 129.166 129.999 132.499 135.492
Nondurable goods......................... 104.614 107.938 113.000 113.337 114.857 116.351 117.392 118.413
Services................................. 104.366 106.493 109.725 110.059 111.027 111.789 112.440 113.353
Gross private domestic investment.......... 89.724 93.195 104.286 105.644 107.398 109.645 108.615 110.023
Fixed investment......................... 91.997 95.297 104.534 106.027 107.880 109.722 112.252 114.443
Nonresidential......................... 86.969 88.063 96.314 97.790 100.246 101.633 103.806 105.935
Structures........................... 81.029 77.621 79.314 79.635 80.554 80.145 80.680 81.123
Equipment and software............... 89.265 92.154 103.126 105.087 108.201 110.376 113.274 116.170
Residential............................ 105.149 113.989 125.714 127.267 127.772 130.695 134.100 136.484
Change in private inventories............ ..... ..... ..... ..... ..... ..... ..... .....
Exports of goods and services.............. 92.430 94.064 101.970 102.622 104.398 106.295 109.037 109.710
Imports of goods and services.............. 100.601 105.205 116.495 117.328 120.518 122.698 122.620 123.340
Government consumption expenditures and
gross investment.......................... 107.969 111.009 113.398 113.753 114.008 114.537 115.248 116.063
Federal.................................. 111.169 118.839 125.038 125.881 125.704 126.446 127.188 129.491
State and local.......................... 106.354 107.042 107.487 107.592 108.069 108.489 109.183 109.246
Addenda:
Final sales of domestic product.......... 102.828 105.564 109.650 110.211 111.122 112.088 113.613 114.896
Gross domestic purchases................. 103.151 106.285 111.301 111.872 113.000 114.112 114.695 115.836
Final sales to domestic purchasers....... 103.603 106.708 111.394 111.982 113.124 114.164 115.332 116.598
Gross national product................... 102.264 105.370 109.637 110.128 110.916 111.977 112.851 114.076
-----------------------------------------------------------------------------------------------------------------------------------
r Revised
See "Explanatory Note" at the end of the tables.
Table 6.--Price Indexes for Gross Domestic Product
[Index numbers, 2000=100]
-----------------------------------------------------------------------------------------------------------------------------------
Seasonally adjusted
---------------------------------------------------
2002 2003 2004 III 04 IV 04 I 05 II 05 III 05r
-----------------------------------------------------------------------------------------------------------------------------------
Gross domestic product............. 104.193 106.310 109.102 109.371 110.111 110.950 111.655 112.567
Personal consumption expenditures
(PCE)..................................... 103.542 105.520 108.246 108.484 109.326 109.936 110.832 111.846
Durable goods............................ 95.766 92.372 90.631 90.310 90.449 90.648 90.527 89.839
Nondurable goods......................... 102.089 104.151 107.634 107.781 108.982 109.327 110.854 112.985
Services................................. 106.018 109.246 112.695 113.120 113.955 114.803 115.633 116.508
Gross private domestic investment.......... 101.640 103.311 106.555 107.120 107.733 108.427 109.164 110.169
Fixed investment......................... 101.660 103.432 106.697 107.248 107.831 108.522 109.254 110.318
Nonresidential......................... 99.513 99.764 101.025 101.185 101.455 102.244 102.715 103.358
Structures........................... 110.030 113.889 120.124 121.159 122.827 125.876 128.886 133.914
Equipment and software............... 95.956 95.133 95.022 94.945 94.854 95.067 94.910 94.491
Residential............................ 107.240 112.379 119.935 121.312 122.574 123.062 124.359 126.335
Change in private inventories............ ..... ..... ..... ..... ..... ..... ..... .....
Exports of goods and services.............. 99.273 101.398 104.999 105.242 106.366 107.559 108.534 109.323
Imports of goods and services.............. 96.341 99.610 104.571 105.269 107.026 107.783 109.925 112.413
Government consumption expenditures and
gross investment.......................... 105.507 109.460 113.505 114.003 115.148 116.747 117.820 119.751
Federal.................................. 105.631 109.740 114.354 114.825 115.575 117.550 118.168 119.056
State and local.......................... 105.435 109.303 113.022 113.536 114.914 116.291 117.635 120.186
Addenda:
PCE excluding food and energy............ 103.705 105.082 107.156 107.358 107.980 108.617 109.083 109.450
Market-based PCE\1\...................... 103.082 105.009 107.422 107.627 108.378 108.948 109.860 110.917
Market-based PCE excluding food
and energy\1\........................... 103.153 104.348 105.898 106.050 106.514 107.106 107.506 107.797
Final sales of domestic product.......... 104.197 106.330 109.124 109.389 110.124 110.963 111.667 112.589
Gross domestic purchases................. 103.583 105.863 108.899 109.235 110.092 110.883 111.785 112.953
Final sales to domestic purchasers....... 103.586 105.883 108.921 109.253 110.106 110.898 111.798 112.976
Gross national product................... 104.184 106.304 109.094 109.362 110.100 110.933 111.638 112.550
Implicit price deflators:
Gross domestic product................. 104.187 106.305 109.099 109.343 110.077 110.905 111.622 112.527
Final sales of domestic product........ 104.197 106.330 109.124 109.382 110.117 110.956 111.659 112.582
Gross domestic purchases............... 103.577 105.858 108.896 109.204 110.055 110.837 111.750 112.911
Final sales to domestic purchasers..... 103.587 105.883 108.920 109.242 110.095 110.886 111.787 112.965
Gross national product................. 104.179 106.299 109.091 109.334 110.064 110.890 111.607 112.512
-----------------------------------------------------------------------------------------------------------------------------------
r Revised
1. This index is a supplemental measure that is based on household
expenditures for which there are observable price measures. It
excludes most implicit prices (for example, the services furnished
without payment by financial intermediaries) and the expenses of
nonprofit institutions. Percentage changes for these series are
included in the addenda to table 8 and appendix table A.
See "Explanatory Note" at the end of the tables.
Table 7.--Real Gross Domestic Product: Percent Change from Preceding Year
-----------------------------------------------------------------------------------------------------------------------------------------------------------------------
1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004
-----------------------------------------------------------------------------------------------------------------------------------------------------------------------
Gross domestic product (GDP).... 3.5 1.9 -.2 3.3 2.7 4.0 2.5 3.7 4.5 4.2 4.5 3.7 .8 1.6 2.7 4.2
Personal consumption expenditures...... 2.8 2.0 .2 3.3 3.3 3.7 2.7 3.4 3.8 5.0 5.1 4.7 2.5 2.7 2.9 3.9
Durable goods........................ 2.2 -.3 -5.6 5.9 7.8 8.4 4.4 7.8 8.6 11.3 11.7 7.3 4.3 7.1 6.6 6.0
Nondurable goods..................... 2.8 1.6 -.2 2.0 2.7 3.5 2.2 2.6 2.7 4.0 4.6 3.8 2.0 2.5 3.2 4.7
Services............................. 3.0 2.9 1.7 3.5 2.8 2.9 2.6 2.9 3.3 4.2 4.0 4.5 2.4 1.9 2.0 3.0
Gross private domestic investment...... 4.0 -3.4 -8.1 8.1 8.9 13.6 3.1 8.9 12.4 9.8 7.8 5.7 -7.9 -2.6 3.9 11.9
Fixed investment..................... 3.0 -2.1 -6.5 5.9 8.6 9.3 6.5 9.0 9.2 10.2 8.3 6.5 -3.0 -5.2 3.6 9.7
Nonresidential..................... 5.6 .5 -5.4 3.2 8.7 9.2 10.5 9.3 12.1 11.1 9.2 8.7 -4.2 -9.2 1.3 9.4
Structures....................... 2.0 1.5 -11.1 -6.0 -.7 1.8 6.4 5.6 7.3 5.1 -.4 6.8 -2.3 -17.1 -4.2 2.2
Equipment and software........... 7.3 .0 -2.6 7.3 12.5 11.9 12.0 10.6 13.8 13.3 12.7 9.4 -4.9 -6.2 3.2 11.9
Residential........................ -3.0 -8.6 -9.6 13.8 8.2 9.6 -3.2 8.0 1.9 7.6 6.0 .8 .4 4.8 8.4 10.3
Change in private inventories........ ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... .....
Net exports of goods and services...... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... .....
Exports.............................. 11.5 9.0 6.6 6.9 3.2 8.7 10.1 8.4 11.9 2.4 4.3 8.7 -5.4 -2.3 1.8 8.4
Goods.............................. 11.9 8.4 6.9 7.5 3.3 9.7 11.7 8.8 14.3 2.2 3.8 11.2 -6.1 -4.0 1.8 8.9
Services........................... 10.3 10.5 6.0 5.5 3.2 6.3 6.3 7.2 5.9 2.9 5.6 2.9 -3.7 1.9 1.7 7.4
Imports.............................. 4.4 3.6 -.6 7.0 8.8 11.9 8.0 8.7 13.6 11.6 11.5 13.1 -2.7 3.4 4.6 10.7
Goods.............................. 4.3 3.0 -.1 9.3 10.1 13.3 9.0 9.3 14.4 11.7 12.4 13.5 -3.2 3.7 4.9 11.0
Services........................... 4.9 6.5 -2.6 -2.6 2.9 5.7 3.3 5.5 9.4 11.4 6.9 11.1 -.3 2.1 3.0 9.6
Government consumption expenditures
and gross investment.................. 2.6 3.2 1.1 .5 -.9 .0 .5 1.0 1.9 1.9 3.9 2.1 3.4 4.4 2.8 2.2
Federal.............................. 1.5 2.0 -.2 -1.7 -4.2 -3.7 -2.7 -1.2 -1.0 -1.1 2.2 .9 3.9 7.0 6.9 5.2
National defense................... -.5 .0 -1.1 -5.0 -5.6 -4.9 -3.8 -1.4 -2.8 -2.1 1.9 -.5 3.9 7.4 8.8 7.0
Nondefense......................... 8.3 8.3 2.4 6.9 -.7 -1.2 -.4 -.7 2.6 .7 2.8 3.5 3.9 6.3 3.4 1.8
State and local...................... 3.4 4.1 2.1 2.2 1.4 2.6 2.6 2.3 3.6 3.6 4.7 2.7 3.2 3.1 .6 .4
Addenda:
Final sales of domestic product...... 3.4 2.1 .1 3.0 2.6 3.4 3.0 3.7 4.0 4.2 4.5 3.8 1.6 1.2 2.7 3.9
Gross domestic purchases............. 3.0 1.4 -.8 3.3 3.2 4.4 2.4 3.8 4.8 5.3 5.3 4.4 .9 2.2 3.0 4.7
Final sales to domestic purchasers... 2.8 1.6 -.6 3.1 3.2 3.8 2.8 3.8 4.3 5.3 5.4 4.5 1.8 1.8 3.0 4.4
Gross national product............... 3.5 2.0 -.3 3.3 2.7 3.9 2.6 3.7 4.4 4.0 4.6 3.7 .8 1.5 3.0 4.0
Real disposable personal income...... 2.8 1.9 .5 3.4 1.0 2.7 2.8 3.0 3.5 5.8 3.0 4.8 1.9 3.1 2.4 3.4
Price indexes:
Gross domestic purchases........... 3.8 4.1 3.3 2.3 2.2 2.1 2.1 1.8 1.4 .6 1.6 2.5 2.0 1.6 2.2 2.9
Gross domestic purchases excluding
food and energy................... 3.6 3.7 3.5 2.6 2.3 2.2 2.2 1.5 1.3 1.0 1.4 1.9 1.9 1.9 1.8 2.4
GDP................................ 3.8 3.9 3.5 2.3 2.3 2.1 2.0 1.9 1.7 1.1 1.4 2.2 2.4 1.7 2.0 2.6
GDP excluding food and energy...... 3.6 3.7 3.6 2.5 2.4 2.2 2.1 1.7 1.7 1.2 1.5 2.0 2.1 2.1 1.8 2.5
Personal consumption expenditures.. 4.4 4.6 3.6 2.9 2.3 2.1 2.1 2.2 1.7 .9 1.7 2.5 2.1 1.4 1.9 2.6
-----------------------------------------------------------------------------------------------------------------------------------------------------------------------
Table 8.--Real Gross Domestic Product: Percent Change From Quarter One Year Ago
-----------------------------------------------------------------------------------------------------------------------------------------------------------------------
IV 01 I 02 II 02 III 02 IV 02 I 03 II 03 III 03 IV 03 I 04 II 04 III 04 IV 04 I 05 II 05 III 05r
-----------------------------------------------------------------------------------------------------------------------------------------------------------------------
Gross domestic product (GDP).... .2 1.0 1.3 2.2 1.9 1.6 2.0 3.2 4.0 4.7 4.6 3.8 3.8 3.6 3.6 3.6
Personal consumption expenditures
(PCE)................................. 2.8 2.8 3.1 3.2 1.9 2.1 2.4 3.3 3.8 4.3 3.9 3.5 3.8 3.5 3.9 3.8
Durable goods........................ 10.8 7.8 8.9 11.0 1.2 3.2 6.0 7.9 9.2 9.4 5.8 3.7 5.2 4.7 6.7 6.3
Nondurable goods..................... 1.9 2.6 3.0 2.4 2.1 2.1 2.2 4.2 4.1 4.9 5.1 4.0 4.6 4.3 4.6 4.5
Services............................. 1.6 1.8 2.0 2.0 1.9 1.9 1.8 2.0 2.5 3.0 2.9 3.2 3.1 2.9 3.0 3.0
Gross private domestic investment...... -13.8 -7.7 -5.4 -1.4 4.9 1.5 1.7 4.4 7.7 10.5 15.1 11.8 10.4 10.1 4.0 4.1
Fixed investment..................... -6.7 -7.6 -5.8 -4.9 -2.5 -.7 1.8 5.6 7.7 9.3 10.9 9.3 9.4 9.4 8.0 7.9
Nonresidential..................... -9.6 -11.7 -9.8 -8.7 -6.5 -3.5 .0 3.2 5.6 7.9 9.2 9.4 10.9 10.3 9.2 8.3
Structures....................... -11.1 -13.9 -17.4 -22.0 -14.9 -12.2 -4.5 -.5 1.2 2.6 1.5 1.9 2.7 3.1 1.7 1.9
Equipment and software........... -9.0 -10.9 -6.8 -3.2 -3.4 -.3 1.6 4.4 7.2 9.8 11.9 12.0 13.8 12.8 11.7 10.5
Residential........................ 1.4 3.4 4.3 4.4 7.0 5.6 5.6 10.5 11.8 11.9 13.9 9.1 6.6 7.7 6.1 7.2
Change in private inventories........ ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... .....
Net exports of goods and services...... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... .....
Exports.............................. -11.9 -9.5 -4.0 1.6 3.8 1.7 -1.3 .7 6.0 8.1 10.5 9.0 6.1 6.7 7.7 6.9
Goods.............................. -13.0 -12.2 -4.9 1.1 1.1 1.9 -1.5 .2 6.7 8.3 10.4 10.1 6.8 6.2 8.2 6.9
Services........................... -8.9 -2.8 -2.0 2.8 10.2 1.4 -1.0 1.9 4.5 7.8 10.9 6.4 4.6 7.9 6.5 6.9
Imports.............................. -7.6 -4.1 2.1 6.4 9.7 6.0 3.8 3.4 5.1 8.8 11.7 11.8 10.6 9.4 5.7 5.1
Goods.............................. -7.9 -5.0 3.2 7.2 9.9 6.8 4.5 3.1 5.3 9.2 11.2 12.3 11.1 10.1 6.1 5.8
Services........................... -5.9 .7 -3.0 2.4 8.8 2.4 .5 5.0 4.2 7.3 13.8 9.7 7.7 6.2 3.9 2.0
Government consumption expenditures
and gross investment.................. 5.0 4.7 4.0 4.9 4.0 2.9 3.5 3.0 1.9 2.9 1.7 2.0 2.1 1.7 1.8 2.0
Federal.............................. 6.4 5.9 6.7 7.5 7.8 6.4 8.6 7.2 5.5 8.1 3.6 5.1 4.2 2.1 1.9 2.9
National defense................... 6.5 5.6 7.4 7.9 8.4 6.5 12.2 9.2 7.5 12.1 3.7 7.8 4.9 2.3 3.0 3.3
Nondefense......................... 6.3 6.3 5.5 6.8 6.8 6.2 2.1 3.6 1.6 .8 3.5 .0 2.8 1.8 -.2 2.1
State and local...................... 4.2 4.1 2.6 3.6 2.1 1.1 .7 .8 .0 .0 .5 .2 .9 1.5 1.7 1.5
Addenda:
Final sales of domestic product...... 1.5 1.0 1.2 1.7 .8 1.3 2.0 3.3 4.0 4.5 4.0 3.4 3.6 3.5 4.2 4.3
Gross domestic purchases............. .4 1.4 1.9 2.8 2.7 2.2 2.5 3.4 4.0 4.9 5.1 4.4 4.5 4.2 3.5 3.5
Final sales to domestic purchasers... 1.6 1.4 1.9 2.3 1.6 1.9 2.5 3.6 4.0 4.7 4.5 4.1 4.3 4.1 4.1 4.1
Gross national product............... .4 .9 1.0 2.3 1.6 1.8 2.4 3.5 4.4 5.0 4.4 3.6 3.2 3.2 3.5 3.6
Real disposable personal income...... 1.2 3.7 4.6 1.4 2.9 .7 1.4 3.6 3.8 4.1 3.2 2.1 4.1 2.3 2.1 .8
Price indexes:
Gross domestic purchases........... 1.6 1.3 1.4 1.6 1.9 2.6 2.1 2.1 2.0 2.1 3.0 3.0 3.4 3.1 2.9 3.4
Gross domestic purchases excluding
food and energy................... 2.1 2.0 1.9 1.9 1.7 1.9 1.7 1.7 1.7 1.9 2.5 2.6 2.7 2.6 2.4 2.5
GDP................................ 2.4 2.0 1.6 1.6 1.7 2.1 2.0 2.1 2.0 2.1 2.8 2.7 2.9 2.8 2.5 2.9
GDP excluding food and energy...... 2.3 2.3 2.1 2.0 1.9 2.0 1.8 1.8 1.7 1.9 2.5 2.6 2.8 2.7 2.5 2.7
PCE................................ 1.7 1.2 1.2 1.5 1.8 2.3 1.8 1.8 1.7 1.9 2.7 2.6 3.1 2.7 2.5 3.1
PCE excluding food and energy...... 2.2 1.8 1.8 1.9 1.6 1.5 1.3 1.2 1.3 1.7 2.0 2.0 2.2 2.2 2.0 1.9
Market-based PCE\1\................ 1.3 .7 .9 1.1 1.7 2.3 1.7 1.8 1.6 1.7 2.5 2.3 2.8 2.4 2.4 3.1
Market-based PCE excluding food
and energy\1\..................... 1.8 1.5 1.5 1.5 1.4 1.3 1.2 1.1 1.0 1.3 1.5 1.5 1.7 1.8 1.6 1.6
-----------------------------------------------------------------------------------------------------------------------------------------------------------------------
r Revised
1. This index is a supplemental measure that is based on household
expenditures for which there are observable price measures. It
excludes most implicit prices (for example, the services furnished
without payment by financial intermediaries) and the expenses of
nonprofit institutions.
Table 9.--Relation of Gross Domestic Product, Gross National Product, and National Income
[Billions of dollars]
-----------------------------------------------------------------------------------------------------------------------------------
Seasonally adjusted at annual rates
---------------------------------------------------
2002 2003 2004 III 04 IV 04 I 05 II 05 III 05r
-----------------------------------------------------------------------------------------------------------------------------------
Gross domestic product..................... 10,469.6 10,971.2 11,734.3 11,818.8 11,995.2 12,198.8 12,378.0 12,605.7
Plus: Income receipts from the rest of the
world..................................... 305.7 343.7 415.4 418.1 462.4 462.3 489.4 520.8
Less: Income payments to the rest of the
world..................................... 275.0 275.6 361.7 369.6 425.6 422.9 453.9 476.6
Equals: Gross national product............. 10,500.2 11,039.3 11,788.0 11,867.3 12,032.0 12,238.2 12,413.5 12,650.0
Less: Consumption of fixed capital......... 1,292.0 1,331.3 1,435.3 1,534.1 1,442.0 1,448.4 1,457.2 1,863.8
Less: Statistical discrepancy.............. -21.0 47.1 76.8 90.8 30.6 39.4 78.3 66.5
Equals: National income.................... 9,229.3 9,660.9 10,275.9 10,242.4 10,559.3 10,750.4 10,878.0 10,719.6
Compensation of employees................ 6,091.2 6,321.1 6,687.6 6,724.2 6,895.8 7,001.7 7,060.2 7,155.4
Wage and salary accruals............... 4,980.9 5,111.1 5,389.4 5,422.0 5,562.9 5,629.9 5,672.3 5,741.6
Supplements to wages and salaries...... 1,110.3 1,210.0 1,298.1 1,302.3 1,332.9 1,371.8 1,387.9 1,413.8
Proprietors' income with inventory
valuation and capital consumption
adjustments............................. 768.4 810.2 889.6 889.1 900.9 917.9 936.6 932.4
Rental income of persons with capital
consumption adjustment.................. 152.9 131.7 134.2 122.1 128.7 118.0 104.4 -11.1
Corporate profits with inventory
valuation and capital consumption
adjustments............................. 886.3 1,031.8 1,161.5 1,117.2 1,219.5 1,288.2 1,347.5 1,293.1
Net interest and miscellaneous payments.. 520.9 528.5 505.5 497.5 492.7 498.3 488.7 497.6
Taxes on production and imports less
subsidies............................... 724.4 754.8 809.4 812.3 824.4 833.2 848.0 853.4
Business current transfer payments....... 84.3 81.6 91.1 83.0 102.6 99.0 99.6 21.8
Current surplus of government
enterprises............................. .9 1.3 -3.0 -3.0 -5.2 -6.1 -7.0 -22.8
Addendum:
Gross domestic income.................... 10,490.6 10,924.2 11,657.5 11,728.0 11,964.6 12,159.4 12,299.7 12,539.2
-----------------------------------------------------------------------------------------------------------------------------------
r Revised
Table 10.--Personal Income and Its Disposition
[Billions of dollars]
-----------------------------------------------------------------------------------------------------------------------------------
Seasonally adjusted at annual rates
---------------------------------------------------
2002 2003 2004 III 04 IV 04 I 05 II 05 III 05r
-----------------------------------------------------------------------------------------------------------------------------------
Personal income\1\......................... 8,881.9 9,169.1 9,713.3 9,729.2 10,024.8 10,073.4 10,185.7 10,231.0
Compensation of employees, received...... 6,091.2 6,321.1 6,687.6 6,724.2 6,895.8 7,001.7 7,060.2 7,155.4
Wage and salary disbursements.......... 4,980.9 5,111.1 5,389.4 5,422.0 5,562.9 5,629.9 5,672.3 5,741.6
Supplements to wages and salaries...... 1,110.3 1,210.0 1,298.1 1,302.3 1,332.9 1,371.8 1,387.9 1,413.8
Proprietors' income with inventory
valuation and capital consumption
adjustments............................. 768.4 810.2 889.6 889.1 900.9 917.9 936.6 932.4
Farm................................... 10.6 27.7 35.8 29.7 24.6 24.7 19.6 18.0
Nonfarm................................ 757.8 782.4 853.8 859.4 876.3 893.2 917.1 914.3
Rental income of persons with capital
consumption adjustment.................. 152.9 131.7 134.2 122.1 128.7 118.0 104.4 -11.1
Personal income receipts on assets....... 1,333.2 1,338.7 1,396.5 1,378.2 1,493.6 1,407.9 1,439.8 1,468.9
Personal interest income............... 936.1 917.6 905.9 904.7 907.4 915.4 936.0 951.2
Personal dividend income............... 397.2 421.1 490.6 473.5 586.2 492.5 503.8 517.6
Personal current transfer receipts....... 1,286.2 1,344.0 1,427.5 1,441.5 1,449.2 1,488.8 1,509.6 1,558.1
Less: Contributions for government
social insurance........................ 750.0 776.6 822.2 825.9 843.5 861.0 864.9 872.6
Less: Personal current taxes............... 1,051.8 999.9 1,049.1 1,058.4 1,094.3 1,171.4 1,206.0 1,215.9
Equals: Disposable personal income......... 7,830.1 8,169.2 8,664.2 8,670.9 8,930.4 8,902.0 8,979.7 9,015.1
Less: Personal outlays..................... 7,645.3 7,996.3 8,512.5 8,566.3 8,725.0 8,854.6 9,001.2 9,173.9
Equals: Personal saving.................... 184.7 172.8 151.8 104.6 205.4 47.4 -21.5 -158.9
Personal saving as a percentage of
disposable personal income.............. 2.4 2.1 1.8 1.2 2.3 .5 -.2 -1.8
Addendum:
Disposable personal income, billions of
chained (2000) dollars\2\............... 7,562.2 7,741.8 8,004.3 7,993.3 8,169.2 8,098.1 8,102.6 8,060.8
-----------------------------------------------------------------------------------------------------------------------------------
r Revised
1. Personal income is also equal to national income less corporate
profits with inventory valuation and capital consumption adjustments,
taxes on production and imports less subsidies, contributions for
government social insurance, net interest and miscellaneous payments,
business current transfer payments, current surplus of government
enterprises, and wage accruals less disbursements, plus personal
income receipts on assets, and personal current transfer receipts.
2. Equals disposable personal income deflated by the implicit price
deflator for personal consumption expenditures.
Table 11.--Corporate Profits: Level and Percent Change
-------------------------------------------------------------------------------------------------------------------------------------------------------------
Billions of dollars Percent change from preceding period
---------------------------------------------------------------- ------------------------------------------------------
Seasonally adjusted Quarterly Quarter one
at annual rates rates year ago
--------------------------------------- ------------------------------- -------
2002 2003 2004 III 04 IV 04 I 05 II 05 III 05r 2003 2004 IV 04 I 05 II 05 III 05r III 05r
-------------------------------------------------------------------------------------------------------------------------------------------------------------
Corporate profits with inventory
valuation and capital consumption
adjustments......................... 886.3 1,031.8 1,161.5 1,117.2 1,219.5 1,288.2 1,347.5 1,293.1 16.4 12.6 9.2 5.6 4.6 -4.0 15.7
Less: Taxes on corporate income...... 192.6 232.1 271.1 259.0 293.0 362.6 372.5 360.3 20.5 16.8 13.1 23.7 2.7 -3.3 39.1
Equals: Profits after tax with
inventory valuation and capital
consumption adjustments............. 693.7 799.7 890.3 858.2 926.4 925.6 975.0 932.8 15.3 11.3 8.0 -.1 5.3 -4.3 8.7
Net dividends...................... 399.2 423.2 493.0 475.9 589.3 494.9 506.3 520.1 6.0 16.5 23.8 -16.0 2.3 2.7 9.3
Undistributed profits with
inventory valuation and capital
consumption adjustments........... 294.5 376.5 397.3 382.3 337.2 430.7 468.7 412.6 27.8 5.5 -11.8 27.7 8.8 -12.0 7.9
Cash flow:
Net cash flow with inventory
valuation and capital consumption
adjustments....................... 1,036.6 1,130.8 1,196.9 1,219.1 1,143.8 1,239.2 1,280.9 1,324.9 9.1 5.8 -6.2 8.3 3.4 3.4 8.7
Undistributed profits with
inventory valuation and capital
consumption adjustments......... 294.5 376.5 397.3 382.3 337.2 430.7 468.7 412.6 27.8 5.5 -11.8 27.7 8.8 -12.0 7.9
Consumption of fixed capital..... 742.1 754.4 799.6 836.8 806.7 808.5 812.2 912.3 1.7 6.0 -3.6 .2 .5 12.3 9.0
Less: Inventory valuation
adjustment........................ -2.2 -13.3 -39.6 -36.9 -44.4 -39.1 -18.9 -27.5 ..... ..... ..... ..... ..... ..... .....
Equals: Net cash flow.............. 1,038.9 1,144.1 1,236.6 1,256.0 1,188.3 1,278.3 1,299.8 1,352.4 10.1 8.1 -5.4 7.6 1.7 4.0 7.7
Addenda:
Profits before tax (without
inventory valuation and capital
consumption adjustments).......... 768.4 937.2 1,059.3 1,018.2 1,124.1 1,378.3 1,412.2 1,392.6 22.0 13.0 10.4 22.6 2.5 -1.4 36.8
Profits after tax (without
inventory valuation and capital
consumption adjustments).......... 575.8 705.1 788.2 759.2 831.1 1,015.7 1,039.7 1,032.3 22.4 11.8 9.5 22.2 2.4 -.7 36.0
Inventory valuation adjustment..... -2.2 -13.3 -39.6 -36.9 -44.4 -39.1 -18.9 -27.5 ..... ..... ..... ..... ..... ..... .....
Capital consumption adjustment..... 120.1 107.9 141.8 135.8 139.8 -51.0 -45.8 -72.1 -10.2 31.4 2.9 -136.5 -10.1 57.3 -153.1
-------------------------------------------------------------------------------------------------------------------------------------------------------------
r Revised
Table 12.--Corporate Profits by Industry: Level and Change From Preceding Period
[Billions of dollars]
-------------------------------------------------------------------------------------------------------------------------------------------------------------
Level Change from preceding period
---------------------------------------------------------------- ----------------------------------------------
Seasonally adjusted at annual rates
--------------------------------------- ----------------------------------------------
2002 2003 2004 III 04 IV 04 I 05 II 05 III 05r 2003 2004 IV 04 I 05 II 05 III 05r
-------------------------------------------------------------------------------------------------------------------------------------------------------------
Corporate profits with inventory
valuation and capital consumption
adjustments............................. 886.3 1,031.8 1,161.5 1,117.2 1,219.5 1,288.2 1,347.5 1,293.1 145.5 129.7 102.3 68.7 59.3 -54.4
Domestic industries.......................... 730.5 855.8 976.6 931.3 1,040.9 1,094.8 1,150.3 1,069.9 125.3 120.8 109.6 53.9 55.5 -80.4
Financial.................................. 301.1 330.9 322.7 264.4 341.6 377.6 350.7 278.8 29.8 -8.2 77.2 36.0 -26.9 -71.9
Nonfinancial............................... 429.4 524.9 653.9 666.9 699.3 717.1 799.6 791.1 95.5 129.0 32.4 17.8 82.5 -8.5
Rest of the world............................ 155.8 176.0 184.9 185.9 178.6 193.5 197.2 223.1 20.2 8.9 -7.3 14.9 3.7 25.9
Receipts from the rest of the world........ 204.4 255.7 309.5 309.4 332.6 313.5 328.2 338.3 51.3 53.8 23.2 -19.1 14.7 10.1
Less: Payments to the rest of the world.... 48.6 79.7 124.6 123.6 154.0 120.1 131.0 115.1 31.1 44.9 30.4 -33.9 10.9 -15.9
Corporate profits with inventory
valuation adjustment.................... 766.2 923.9 1,019.7 981.3 1,079.7 1,339.2 1,393.3 1,365.1 157.7 95.8 98.4 259.5 54.1 -28.2
Domestic industries.......................... 610.4 747.9 834.8 795.5 901.1 1,145.7 1,196.1 1,142.0 137.5 86.9 105.6 244.6 50.4 -54.1
Financial.................................. 276.4 313.0 300.6 242.8 319.4 377.2 349.5 278.7 36.6 -12.4 76.6 57.8 -27.7 -70.8
Federal Reserve banks.................... 23.7 20.2 20.3 20.2 22.2 23.1 26.2 27.0 -3.5 .1 2.0 .9 3.1 .8
Other financial.......................... 252.7 292.8 280.3 222.7 297.1 354.2 323.2 251.7 40.1 -12.5 74.4 57.1 -31.0 -71.5
Nonfinancial............................... 334.0 434.9 534.2 552.7 581.7 768.5 846.6 863.3 100.9 99.3 29.0 186.8 78.1 16.7
Utilities................................ 10.6 11.4 12.1 11.4 14.1 23.7 26.4 19.7 .8 .7 2.7 9.6 2.7 -6.7
Manufacturing............................ 48.2 80.7 118.9 116.2 154.7 170.2 204.7 218.6 32.5 38.2 38.5 15.5 34.5 13.9
Durable goods.......................... -9.9 -4.1 34.8 42.2 58.8 35.5 59.9 62.0 5.8 38.9 16.6 -23.3 24.4 2.1
Fabricated metal products............ 8.9 8.5 10.3 9.8 13.1 8.8 11.4 15.7 -.4 1.8 3.3 -4.3 2.6 4.3
Machinery............................ 1.7 1.4 1.0 3.4 -2.6 .9 2.9 7.6 -.3 -.4 -6.0 3.5 2.0 4.7
Computer and electronic products..... -35.3 -16.1 -3.2 1.3 -.2 .5 4.2 6.7 19.2 12.9 -1.5 .7 3.7 2.5
Electrical equipment, appliances,
and components...................... -.1 1.9 .3 -3.0 6.8 -1.3 5.5 8.6 2.0 -1.6 9.8 -8.1 6.8 3.1
Motor vehicles, bodies and trailers,
and parts........................... -5.0 -11.6 -3.4 -.7 1.3 -20.8 -15.7 -25.3 -6.6 8.2 2.0 -22.1 5.1 -9.6
Other durable goods.................. 20.0 11.9 29.9 31.4 40.5 47.3 51.6 48.8 -8.1 18.0 9.1 6.8 4.3 -2.8
Nondurable goods....................... 58.1 84.8 84.0 73.9 95.9 134.7 144.8 156.6 26.7 -.8 22.0 38.8 10.1 11.8
Food and beverage and tobacco
products............................ 24.9 23.5 24.0 23.4 20.5 39.6 37.7 40.8 -1.4 .5 -2.9 19.1 -1.9 3.1
Petroleum and coal products.......... 1.6 23.6 31.0 19.5 49.2 62.8 66.3 70.8 22.0 7.4 29.7 13.6 3.5 4.5
Chemical products.................... 18.4 20.8 13.5 16.3 8.4 18.8 20.5 22.7 2.4 -7.3 -7.9 10.4 1.7 2.2
Other nondurable goods............... 13.2 16.9 15.6 14.7 17.8 13.5 20.3 22.3 3.7 -1.3 3.1 -4.3 6.8 2.0
Wholesale trade.......................... 49.3 56.3 63.5 69.1 66.9 81.4 98.1 95.4 7.0 7.2 -2.2 14.5 16.7 -2.7
Retail trade............................. 79.4 87.7 90.0 81.9 87.7 104.6 109.1 116.9 8.3 2.3 5.8 16.9 4.5 7.8
Transportation and warehousing........... -.9 8.1 8.4 6.1 1.7 22.9 27.9 32.9 9.0 .3 -4.4 21.2 5.0 5.0
Information.............................. -8.5 -1.9 17.0 33.0 21.0 46.7 53.5 50.2 6.6 18.9 -12.0 25.7 6.8 -3.3
Other nonfinancial....................... 155.8 192.4 224.3 235.0 235.6 318.9 326.9 329.6 36.6 31.9 .6 83.3 8.0 2.7
Rest of the world............................ 155.8 176.0 184.9 185.9 178.6 193.5 197.2 223.1 20.2 8.9 -7.3 14.9 3.7 25.9
-------------------------------------------------------------------------------------------------------------------------------------------------------------
r Revised
Note.--Estimates in this table are based on the 1997 North
American Industry Classification System (NAICS).
Table 13.--Gross Value Added of Nonfinancial Domestic Corporate Business
-----------------------------------------------------------------------------------------------------------------------------------
Seasonally adjusted at annual rates
---------------------------------------------------
2002 2003 2004 III 04 IV 04 I 05 II 05 III 05r
-----------------------------------------------------------------------------------------------------------------------------------
Billions of dollars
----------------------------------------------------------------------------------------
Gross value added of nonfinancial
corporate business.................... 5,371.7 5,595.7 5,995.4 6,038.0 6,198.9 6,282.8 6,414.0 6,512.1
Consumption of fixed capital............... 643.6 652.6 690.3 722.0 696.2 697.5 700.4 792.8
Net value added............................ 4,728.2 4,943.1 5,305.1 5,316.1 5,502.8 5,585.3 5,713.6 5,719.3
Compensation of employees................ 3,611.9 3,703.2 3,906.8 3,928.5 4,042.0 4,105.4 4,140.5 4,198.8
Wage and salary accruals............... 2,969.9 3,007.8 3,168.6 3,189.3 3,284.5 3,323.6 3,349.9 3,393.9
Supplements to wages and salaries...... 642.0 695.4 738.3 739.2 757.5 781.8 790.6 804.9
Taxes on production and imports less
subsidies............................... 465.5 486.5 519.1 520.6 529.9 537.7 547.9 553.7
Net operating surplus.................... 650.8 753.4 879.2 866.9 930.9 942.2 1,025.2 966.8
Net interest and miscellaneous
payments.............................. 167.4 166.2 164.9 162.1 162.1 167.0 167.3 172.8
Business current transfer payments..... 54.0 62.4 60.4 37.9 69.5 58.0 58.4 2.9
Corporate profits with inventory
valuation and capital consumption
adjustments........................... 429.4 524.9 653.9 666.9 699.3 717.1 799.6 791.1
Taxes on corporate income............ 97.0 126.5 165.9 171.8 180.8 231.9 248.6 258.0
Profits after tax with inventory
valuation and capital consumption
adjustments......................... 332.3 398.3 487.9 495.1 518.5 485.2 550.9 533.1
Net dividends...................... 254.8 295.5 361.2 327.3 465.0 306.7 297.6 181.7
Undistributed profits with
inventory valuation and capital
consumption adjustments........... 77.5 102.8 126.7 167.8 53.5 178.5 253.4 351.4
Addenda:
Profits before tax (without inventory
valuation and capital consumption
adjustments)............................ 336.3 448.1 573.9 589.5 626.1 807.6 865.5 890.8
Profits after tax (without inventory
valuation and capital consumption
adjustments)............................ 239.2 321.6 407.9 417.7 445.3 575.6 616.9 632.8
Inventory valuation adjustment........... -2.2 -13.3 -39.6 -36.9 -44.4 -39.1 -18.9 -27.5
Capital consumption adjustment........... 95.3 90.0 119.7 114.2 117.6 -51.3 -47.0 -72.2
----------------------------------------------------------------------------------------
Billions of chained (2000) dollars
----------------------------------------------------------------------------------------
Gross value added of nonfinancial
corporate business\1\................. 5,269.7 5,418.2 5,714.1 5,756.2 5,895.9 5,943.3 6,046.0 6,107.0
Consumption of fixed capital\2\............ 618.2 629.4 656.5 685.2 657.3 660.2 663.6 745.2
Net value added\3\......................... 4,651.5 4,788.8 5,057.6 5,071.0 5,238.6 5,283.1 5,382.4 5,361.7
----------------------------------------------------------------------------------------
Dollars
----------------------------------------------------------------------------------------
Price, costs, and profits per unit of real
gross value added of nonfinancial
corporate business:
Price per unit of real gross value added
of nonfinancial corporate business\4\... 1.019 1.033 1.049 1.049 1.051 1.057 1.061 1.066
Compensation of employees (unit labor
cost)................................... .685 .683 .684 .682 .686 .691 .685 .688
Unit nonlabor cost....................... .253 .252 .251 .250 .247 .245 .244 .249
Consumption of fixed capital........... .122 .120 .121 .125 .118 .117 .116 .130
Taxes on production and imports less
subsidies plus business current
transfer payments..................... .099 .101 .101 .097 .102 .100 .100 .091
Net interest and miscellaneous payments .032 .031 .029 .028 .027 .028 .028 .028
Corporate profits with inventory valuation
and capital consumption adjustments (unit
profits from current production)........ .081 .097 .114 .116 .119 .121 .132 .130
Taxes on corporate income.............. .018 .023 .029 .030 .031 .039 .041 .042
Profits after tax with inventory
valuation and capital consumption
adjustments........................... .063 .074 .085 .086 .088 .082 .091 .087
-----------------------------------------------------------------------------------------------------------------------------------
r Revised
1. The current-dollar gross value added is deflated using the
gross value added chain-type price index for nonfinancial industries
from the GDP-by-industry accounts. For periods when this price index
is not available, the chain-type price index for GDP goods and
structures is used.
2. Chained-dollar consumption of fixed capital of nonfinancial
corporate business is calculated as the product of the chain-type
quantity index and the 2000 current-dollar value of the corresponding
series, divided by 100.
3. Chained-dollar net value added of nonfinancial corporate
business is the difference between the gross value added and the
consumption of fixed capital.
4. The deflator for gross value added of nonfinancial corporate
business divided by 100.
Note.--Estimates in this table are based on the 1997 North
American Industry Classification System (NAICS).
Appendix Table A.--Real Gross Domestic Product and Related Aggregates and Price Indexes: Percent Change From Preceding Period
[Quarters seasonally adjusted at annual rates]
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
2002 2003 2004 IV 01 I 02 II 02 III 02 IV 02 I 03 II 03 III 03 IV 03 I 04 II 04 III 04 IV 04 I 05 II 05 III 05r
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
Gross domestic product (GDP) and
related aggregates:
GDP............................... 1.6 2.7 4.2 1.6 2.7 2.2 2.4 .2 1.7 3.7 7.2 3.6 4.3 3.5 4.0 3.3 3.8 3.3 4.1
Goods............................. 1.2 3.4 6.5 2.6 3.9 1.5 5.2 -5.2 4.3 2.3 16.8 2.9 7.2 4.7 6.6 3.9 4.4 5.0 5.3
Services.......................... 2.5 2.2 2.7 2.8 2.5 3.4 1.7 2.9 .7 3.7 1.3 3.8 3.3 1.2 3.0 3.2 3.2 1.5 3.6
Structures........................ -2.5 3.2 5.7 -8.5 -.1 -2.7 -3.0 3.1 -.9 8.2 13.6 4.1 .6 13.1 1.2 2.2 5.2 8.4 3.3
Motor vehicle output.............. 11.5 3.8 4.6 22.0 15.5 5.7 11.6 .5 .3 -2.5 22.6 -3.6 14.4 -7.3 3.0 8.8 4.3 -.3 17.6
GDP excuding motor vehicle
output........................... 1.3 2.7 4.2 .9 2.3 2.1 2.0 .2 1.8 3.9 6.7 3.8 3.9 3.9 4.0 3.1 3.8 3.4 3.7
Final sales of computers\1\....... 2.9 20.2 20.4 23.7 -7.6 .7 29.3 15.3 7.1 14.4 78.0 11.9 10.2 10.3 13.3 56.5 54.9 45.4 20.3
GDP excluding final sales of
computers........................ 1.6 2.6 4.1 1.4 2.8 2.2 2.2 .1 1.7 3.6 6.8 3.5 4.2 3.4 3.9 3.0 3.5 3.0 4.0
Farm gross value added\2\......... 6.8 8.4 .0 94.2 -64.0 133.6 63.9 34.2 -22.3 27.0 -34.1 -13.1 89.8 -31.5 -11.3 -17.1 7.3 -31.1 20.9
Nonfarm business gross value
added\3\......................... 1.5 3.3 4.8 1.2 3.5 1.4 3.1 .1 2.0 4.7 10.4 2.8 4.2 4.6 4.6 3.9 4.3 4.4 4.7
Price indexes:
GDP............................... 1.7 2.0 2.6 1.7 1.7 1.5 1.6 2.2 3.1 1.1 1.8 1.9 3.6 3.9 1.5 2.7 3.1 2.6 3.3
GDP excluding food and energy..... 2.1 1.8 2.5 2.6 2.1 1.8 1.6 2.0 2.6 .9 1.6 1.7 3.3 3.4 2.0 2.6 2.9 2.4 2.8
GDP excluding final sales of
computers........................ 2.0 2.2 2.7 1.9 1.9 1.7 1.7 2.4 3.2 1.2 2.0 1.9 3.7 3.9 1.6 2.9 3.3 2.8 3.5
Gross domestic purchases.......... 1.6 2.2 2.9 .6 1.5 2.5 1.7 2.2 4.1 .4 2.0 1.7 4.2 4.1 2.0 3.2 2.9 3.3 4.2
Gross domestic purchases excluding
food and energy.................. 1.9 1.8 2.4 2.3 1.8 1.7 1.6 1.8 2.5 1.0 1.7 1.8 3.4 3.2 2.0 2.4 3.0 2.1 2.5
Gross domestic purchases excluding
final sales of computers to
domestic purchasers.............. 1.8 2.4 3.0 .9 1.7 2.6 1.9 2.4 4.3 .5 2.2 1.8 4.3 4.3 2.2 3.4 3.1 3.5 4.5
Personal consumption expenditures
(PCE)............................ 1.4 1.9 2.6 .6 .9 2.8 1.8 1.7 3.0 .6 2.0 1.3 3.9 3.8 1.5 3.1 2.3 3.3 3.7
Personal consumption expenditures
excluding food and energy........ 1.8 1.3 2.0 2.6 1.3 1.8 1.9 1.2 1.1 1.0 1.5 1.4 2.7 2.5 1.5 2.3 2.4 1.7 1.4
Market-based PCE\4\............... 1.1 1.9 2.3 -.5 .6 2.8 1.7 1.7 3.1 .5 1.9 .9 3.4 3.7 1.1 2.8 2.1 3.4 3.9
Market-based PCE excluding food
and energy\4\.................... 1.5 1.2 1.5 1.6 .9 1.6 1.7 1.2 .8 1.0 1.4 .9 1.9 2.0 1.1 1.8 2.2 1.5 1.1
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
r Revised
1. For some components of final sales of computers, includes
computer parts.
2. Farm output less intermediate goods and services purchased.
3. Consists of GDP less gross value added of farm, of
households and institutions, and of general government.
4. This index is a supplemental measure that is based on household
expenditures for which there are observable price measures. It
excludes most implicit prices (for example, the services furnished
without payment by financial intermediaries) and the expenses of
nonprofit institutions.
See "Explanatory Note" at the end of the tables.
Explanatory Note: NIPA Measures of Quantities and Prices
Current-dollar GDP is a measure of the market value of goods, services, and structures produced in
the economy in a particular period. Changes in current-dollar GDP can be decomposed into quantity and
price components. Quantities, or "real" measures, and prices are expressed as index numbers with the
reference year -- at present, the year 2000 -- equal to 100.
Annual changes in quantities and prices are calculated using a Fisher formula that incorporates
weights from two adjacent years. (Quarterly changes in quantities and prices are calculated using a
Fisher formula that incorporates weights from two adjacent quarters; quarterly indexes are adjusted for
consistency to the annual indexes before percent changes are calculated.) For example, the 2003-04
annual percent change in real GDP uses prices for 2003 and 2004 as weights, and the 2003-04 annual
percent change in GDP prices uses quantities for 2003 and 2004 as weights. These annual changes are
"chained" (multiplied) together to form time series of quantity and price indexes. Percent changes in
Fisher indexes are not affected by the choice of reference year. (BEA also publishes a measure of the
price level known as the implicit price deflator (IPD), which is calculated as the ratio of the
current-dollar value to the corresponding chained-dollar value, multiplied by 100. The values of the IPD
are very close to the values of the corresponding "chain-type" price index.)
Index numbers of quantity and price indexes for GDP and its major components are presented in this
release in tables 5 and 6. Percent changes from the preceding period are presented in tables 1, 4, 7, and 8.
Contributions by major components to changes in real GDP are presented in table 2.
Measures of real GDP and its major components are also presented in dollar-denominated form,
designated "chained (2000) dollar estimates." For most series, these estimates, which are presented in
table 3, are computed by multiplying the current-dollar value in 2000 by a corresponding quantity index
number and then dividing by 100. For example, if a current-dollar GDP component equaled $100 in
2000 and if real output for this component increased 10 percent in 2001, then the chained (2000) dollar
value of this component in 2001 would be $110 (= $100 x 110 / 100). Percent changes calculated from
chained-dollar estimates and from chain-type quantity indexes are the same; any differences will be small
and due to rounding.
Chained-dollar values for the detailed GDP components will not necessarily sum to the chained-dollar
estimate of GDP (or to any intermediate aggregate). This is because the relative prices used as weights
for any period other than the reference year differ from those of the reference year. A measure of the
extent of such differences is provided by a "residual" line, which indicates the difference between GDP
(or other major aggregate) and the sum of the most detailed components in the table. For periods close to
the reference year, when there usually has not been much change in the relative prices that are used as
weights, the residuals tend to be small, and the chained-dollar estimates can be used to approximate the
contributions to growth and to aggregate the detailed estimates. For periods further from the reference
year, the residuals tend to be larger, and the chained-dollar estimates are less useful for analyses of
contributions to growth. Thus, the contributions to percent change shown in table 2 provide a better
measure of the composition of GDP growth. In particular, for components for which relative prices are
changing rapidly, calculation of contributions using chained-dollar estimates may be misleading even just
a few years from the reference year.
Reference: "Chained-Dollar Indexes: Issues, Tips on Their Use, and Upcoming Changes," November
2003 Survey, pp. 8-16.
Last updated:
