News Release
Gross Domestic Product: Second Quarter 2005 "advance" estimates
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Also available: a brief summary of highlights.
2005 Annual Revision of the National Income and Product Accounts
Table Headers and Stubs for the 2005 Annual Revision to the National Income and Product Accounts
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Virginia H. Mannering: (202) 606-5304 (GDP) BEA 05-34
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Brent Moulton: (202) 606-9606 (Annual Revision)
Carol Moylan: (202) 606-9715
NATIONAL INCOME AND PRODUCT ACCOUNTS
. SECOND QUARTER 2005 GDP (ADVANCE)
. REVISED ESTIMATES: 2002 THROUGH FIRST QUARTER 2005
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 3.4 percent in the second quarter of 2005,
according to advance estimates released by the Bureau of Economic Analysis. In the first quarter, real
GDP increased 3.8 percent.
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 31,
2005.
BOX
The estimates released today reflect the annual revision to the national income and product
accounts (NIPAs), beginning with the estimates for the first quarter of 2002. Annual revisions, which
are usually released in July, incorporate source data that are more complete, more detailed, and
otherwise more reliable than those 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 2005 Survey of Current Business will contain NIPA tables and an article describing
the revisions. The revised estimates will be available on BEA's Web site at www.bea.gov.
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 major contributors to the increase in real GDP in the second quarter were personal
consumption expenditures, exports, equipment and software, residential fixed investment, and
government spending. The contribution of these components were partly offset by a negative
contribution from private inventory investment. Imports, which are a subtraction in the calculation of
GDP, decreased.
The deceleration in real GDP growth in the second quarter primarily reflected a downturn in
private inventory investment that was partly offset by a downturn in imports and accelerations in exports
and in equipment and software.
Final sales of computers contributed 0.43 percentage point to the second-quarter change in real
GDP after contributing 0.37 percentage point to the first-quarter change. Motor vehicle output
subtracted 0.08 percentage point from the second-quarter change in real GDP after contributing 0.15
percentage point to the first-quarter change.
The price index for gross domestic purchases, which measures prices paid by U.S. residents,
increased 3.2 percent in the second quarter, compared with an increase of 2.9 percent in the first.
Excluding food and energy prices, the price index for gross domestic purchases increased 2.0 percent in
the second quarter, compared with an increase of 3.0 percent in the first.
Real personal consumption expenditures increased 3.3 percent in the second quarter, compared
with an increase of 3.5 percent in the first. Durable goods purchases increased 8.3 percent, compared
with an increase of 2.6 percent. Nondurable goods purchases increased 3.3 percent, compared with an
increase of 5.3 percent. Services expenditures increased 2.3 percent, compared with an increase of 2.8
percent.
Real nonresidential fixed investment increased 9.0 percent in the second quarter, compared with an
increase of 5.7 percent in the first. Nonresidential structures increased 3.1 percent, in contrast to a
decrease of 2.0 percent. Equipment and software increased 11.0 percent, compared with an increase of
8.3 percent. Real residential fixed investment increased 9.8 percent, compared with an increase of 9.5
percent.
Real exports of goods and services increased 12.6 percent in the second quarter, compared with an
increase of 7.5 percent in the first. Real imports of goods and services decreased 2.0 percent, in contrast
to an increase of 7.4 percent.
Real federal government consumption expenditures and gross investment increased 1.3 percent in
the second quarter, compared with an increase of 2.4 percent in the first. National defense increased 2.0
percent, compared with an increase of 3.0 percent. Nondefense decreased 0.1 percent, in contrast to an
increase of 1.1 percent. Real state and local government consumption expenditures and gross
investment increased 2.4 percent, compared with an increase of 1.6 percent.
The real change in private inventories subtracted 2.32 percentage points from the second-quarter
change in real GDP after adding 0.29 percentage point to the first-quarter change. Private businesses
reduced inventories $6.4 billion in the second quarter, following increases of $58.2 billion in the first
quarter and $50.1 billion in the fourth.
Real final sales of domestic product -- GDP less change in private inventories -- increased 5.8
percent in the second quarter, compared with an increase of 3.5 percent in the first.
Gross domestic purchases
Real gross domestic purchases -- purchases by U.S. residents of goods and services wherever
produced -- increased 1.7 percent in the second quarter, compared with an increase of 4.0 percent in the
first.
Disposition of personal income
Current-dollar personal income increased $143.0 billion (5.8 percent) in the second quarter,
compared with an increase of $64.4 billion (2.6 percent) in the first.
Personal current taxes increased $38.1 billion, compared with an increase of $79.7 billion.
Disposable personal income increased $105.0 billion (4.8 percent) in the second quarter, in
contrast to a decrease of $15.3 billion (0.7 percent) in the first. Real disposable personal income
increased 1.4 percent, in contrast to a decrease of 2.9 percent.
Personal outlays increased $147.1 billion (6.8 percent) in the second quarter, compared with an
increase of $129.6 billion (6.1 percent) in the first. Personal saving -- disposable personal income less
personal outlays -- was $18.4 billion in the second quarter, compared with $60.5 billion in the first. The
personal saving rate -- saving as a percentage of disposable personal income -- decreased from 0.7
percent in the first quarter to 0.2 percent in the second.
Current-dollar GDP
Current-dollar GDP the market value of the nation's output of goods and services -- increased 5.9
percent, or $177.4 billion, in the second quarter to a level of $12,376.2 billion. In the first quarter,
current-dollar GDP increased 7.0 percent, or $203.6 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 2002, 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
. For 2001-2004, real GDP grew at an average annual rate of 2.8 percent, 0.3 percentage point less
than in the previously published estimates. The average annual rate of growth of real GDP from
2001:IV to 2005:I is 3.3 percent, 0.2 percentage point less than in the previously published
estimates. Revisions to year-to-year growth rates were small.
. Both the revised and previously published estimates show similar quarterly patterns of growth in
real GDP. The largest quarterly revisions to the percent change in real GDP were for the first
quarter of 2002 (from 3.4 percent to 2.7 percent), for the fourth quarter of 2002 (from 0.7 percent
to 0.2 percent), for the fourth quarter of 2003 (from 4.2 percent to 3.6 percent), and for the fourth
quarter of 2004 (from 3.8 percent to 3.3 percent). For the 13 quarters from 2002:I to 2005:I, the
average revision (without regard to sign) was 0.3 percentage point.
. The average annual rate of growth of real disposable personal income for 2001-2004 was
unrevised at 3.0 percent.
Revisions to 2002-2004 estimates
The percent change from the preceding year in real GDP was revised down for all 3 years: From
1.9 percent to 1.6 percent for 2002, from 3.0 percent to 2.7 percent for 2003, and from 4.4 percent to 4.2
percent for 2004.
For 2002, the downward revision to real GDP growth was primarily attributable to personal
consumption expenditures (PCE) for services. For 2003, the largest contributors to the downward
revision were fixed investment in equipment and software and PCE; the contributions of these
components were partly offset by an upward revision to change in private nonfarm inventories. For
2004, the largest contributors to the downward revision were a downward revision to fixed investment
in equipment and software and an upward revision to imports of goods and services.
The percent change from fourth quarter to fourth quarter in real GDP was revised down for all 3
years: From 2.3 percent to 1.9 percent for 2002, from 4.4 percent to 4.0 percent for 2003, and from 3.9
percent to 3.8 percent for 2004.
The percent change from the preceding year in the price index for gross domestic purchases was
revised up for all 3 years: From 1.5 percent to 1.6 percent for 2002, from 2.0 percent to 2.2 percent for
2003, and from 2.4 percent to 2.9 percent for 2004. For the quarters of 2002 to 2004, the percent change
in the price index was revised up for nine quarters, was revised down for one quarter (0.1 percentage
point for the third quarter of 2002), and was unchanged for two quarters; the largest upward revision
was 0.8 percentage point (first quarter of 2004).
Current-dollar GDP was revised down for all 3 years: $17.4 billion, or 0.2 percent, for 2002;
$32.8 billion, or 0.3 percent, for 2003; and $0.7 billion, or less than 0.1 percent, for 2004. The percent
change from the preceding year was revised down from 3.5 percent to 3.4 percent for 2002, was revised
down from 4.9 percent to 4.8 percent for 2003, and was revised up from 6.6 percent to 7.0 percent for
2004. Current-dollar GNP (GDP plus net income receipts from the rest of the world) was revised down
$13.9 billion, or 0.1 percent, for 2002; was revised down $19.9 billion, or 0.2 percent, for 2003; and was
revised up $9.1 billion, or 0.1 percent, for 2004. Net income receipts was revised up for all 3 years:
$3.6 billion for 2002, $13.0 billion for 2003, and $9.8 billion for 2004. 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 1991,
the revisions prior to 2002 are not incorporated into the NIPAs at this time. (An article describing the
revisions to the ITAs was published in the July 2005 issue of the Survey of Current Business.)
National income was revised up $3.9 billion, or less than 0.1 percent, for 2002; was revised
down $18.7 billion, or 0.2 percent, for 2003; and was revised down $63.7 billion, or 0.6 percent, for
2004. For both 2003 and 2004, downward revisions to net interest and miscellaneous payments, to
nonfarm proprietors' income, and to rental income of persons more than offset upward revisions to
compensation of employees.
Corporate profits from current production -- profits before tax with inventory valuation and
capital consumption adjustments -- was revised up $11.7 billion, or 1.3 percent, for 2002; was revised
up $10.7 billion, or 1.0 percent, for 2003; and was revised down $20.1 billion, or 1.7 percent, for 2004.
For 2002, profits before tax accounted for most of the revision. For 2003, an upward revision to profits
before tax was partly offset by a downward revision to the capital consumption adjustment. For 2004, a
large upward revision to profits before tax was more than offset by a downward revision to the capital
consumption adjustment.
For 2002 and 2003, upward revisions to profits of both domestic nonfinancial corporations and
domestic financial corporations were partly offset by small downward revisions to profits from the rest
of the world. For 2004, downward revisions to profits of domestic financial corporations and to profits
from the rest of the world were partly offset by a small upward revision to profits of domestic
nonfinancial corporations.
Personal income was revised up for all 3 years: $3.0 billion, or less than 0.1 percent, for 2002;
$7.3 billion, or 0.1 percent, for 2003; and $23.7 billion, or 0.2 percent, for 2004. For 2002, upward
revisions to compensation of employees and to personal dividend income were partly offset by
downward revisions to rental income of persons and to personal interest income. For 2003 and 2004,
upward revisions to compensation of employees, to personal dividend income, to personal current
transfer receipts, and to farm proprietors' income were partly offset by downward revisions to nonfarm
proprietors' income, to rental income of persons, and to personal interest income.
Disposable personal income (DPI) (personal income less personal current taxes) was revised up
for all 3 years: $2.4 billion, or less than 0.1 percent, for 2002; $9.3 billion, or 0.1 percent, for 2003; and
$17.3 billion, or 0.2 percent, for 2004. The revisions were roughly similar to those to personal income,
reflecting relatively small revisions to personal current taxes. Personal current taxes was revised up
$0.6 billion for 2002, was revised down $2.0 billion for 2003, and was revised up $6.5 billion for 2004.
The percent change from the preceding year in real DPI was unrevised at 3.1 percent for 2002, was
revised up from 2.3 percent to 2.4 percent for 2003, and was revised down from 3.7 percent to 3.4
percent for 2004.
Personal outlays -- PCE, personal interest payments, and personal current transfer payments --
was revised down for all 3 years: $23.2 billion for 2002, $53.0 billion for 2003, and $19.4 billion for
2004. Revisions to PCE accounted for most of the revisions for all 3 years. The personal saving rate
(personal saving as a percentage of DPI) was revised up for all 3 years: From 2.0 percent to 2.4 percent
for 2002, from 1.4 percent to 2.1 percent for 2003, and from 1.3 percent to 1.8 percent for 2004.
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 -0.1 percent to -0.2 percent for 2002, from +0.2 percent to +0.4 percent for 2003, and from +0.3
percent to +0.7 percent for 2004. The revision to the discrepancy for 2002 reflected a larger downward
revision to GDP than to GDI. For 2003 and 2004, the revisions to the discrepancy reflected smaller
downward revisions to GDP than to GDI.
Business cycle
The expansion that followed the 2001 downturn is slightly milder than previously estimated.
From the cyclical trough of GDP in the third quarter of 2001 to the first quarter of 2005, the revised
estimates show that real GDP increased at an average annual rate of 3.1 percent; the previously
published estimates showed an average increase of 3.4 percent.
New source data
The annual revision incorporated data from the following major federal statistical sources:
Census Bureau economic census for 2002; Census Bureau annual surveys of manufactures, of merchant
wholesale trade, and of retail trade for 2003 and revised monthly indicators for 2002-2004 of merchant
wholesale trade and of retail trade; Census Bureau annual surveys of services for 2002 and 2003
(revised) and 2004 (preliminary), and of state and local governments for 2002 (revised) and 2003
(preliminary); Census Bureau monthly survey of construction put-in-place for 2002-2004 (revised);
Census Bureau quarterly survey of services for 2004; Census Bureau survey of housing for 2003; federal
government budget data for fiscal years 2004 and 2005; Internal Revenue Service tabulations of tax
returns for corporations for 2002 (revised) and 2003 (preliminary) and for sole proprietorships and
partnerships for 2003; Bureau of Labor Statistics quarterly census of employment and wages for 2004
(revised); Department of Agriculture farm statistics for 2002-2004; and BEA's ITAs for 2002-2004
(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 2005 issue of the Survey of
Current Business.
Changes in methodology
The annual revision also incorporated refinements to estimating methodologies, including the
following. Data from the Census Bureau's new quarterly services survey were incorporated in the
quarterly estimates of investment in software and of consumer spending for services. This new survey is
the federal government's first new economic indicator in nearly 30 years and provides timely
information on economic performance in the services industries. The methods used for calculating the
estimates of implicit services of commercial banks were refined by removing mortgage-backed
securities from the calculation of the reference rate of interest and by using a new indicator series for
extrapolating quarterly depositor services. These refinements have generally reduced the volatility of the
price index for personal consumption expenditures.
* * *
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
(202) 606-5362 U.S. international transactions
* * *
Next release -- August 31, 2005, at 8:30 A.M. EDT for:
Gross Domestic Product: Second Quarter 2005 (Preliminary)
Corporate Profits: Second Quarter 2005
Comparisons of Revisions to GDP
Quarterly estimates of GDP are released on the following schedule: "Advance" estimates, based on
source data that are incomplete or subject to further revision by the source
agency, are released near the end of the first month after the end of
the quarter; as more detailed and more comprehensive data become available,
"preliminary" and "final" estimates are released near the end of the second and third months, respectively. The
"latest" estimates reflect the results of both annual and comprehensive revisions.
Annual revisions are usually carried out each summer and cover the quarters of the most recent calendar
year and of the 2 preceding years. Comprehensive (or benchmark) revisions are carried out at about 5-year
intervals and incorporate definitional and classificational changes that update the accounts to portray more
accurately the evolving U.S. economy and statistical changes that update the accounts to reflect the introduction of
new and improved methodologies and the incorporation of newly available and revised source data.
The table below shows comparisons of the revisions between quarterly percent changes of GDP for the
different vintages of the estimates. These comparisons can be used to assess the likely size of future revisions. For
example, two-thirds of the revisions between the quarterly change in the advance estimate of real GDP and that in
the final estimate were within a range of -0.6 to +0.9 percentage point.
Thus, based on past history, the second-quarter change in real GDP now
estimated at 3.4 percent at an annual rate, is not likely to be revised below
2.8 percent or above 4.3 percent in the next two releases.
Revisions Between Quarterly Percent Changes of GDP: Vintage Comparisons
[Annual rates]
Vintages Average without Range
compared regard to sign Two-thirds Nine-tenths
of revisions of revisions
Current-dollar GDP
Advance to preliminary..... 0.6 -0.5 to 0.8 -0.9 to 1.4
Advance to final........... .7 - .6 to 1.0 -1.0 to 1.6
Preliminary to final....... .3 - .3 to .4 - .6 to .7
Advance to latest.......... 1.3 -1.0 to 1.8 -1.9 to 3.4
Preliminary to latest...... 1.2 - .9 to 1.7 -1.9 to 2.6
Final to latest............ 1.3 -1.0 to 1.9 -2.2 to 2.6
Real GDP
Advance to preliminary..... 0.5 -0.5 to 0.7 -0.9 to 1.2
Advance to final........... .6 - .6 to .9 -1.0 to 1.3
Preliminary to final....... .3 - .3 to .4 - .5 to .6
Advance to latest.......... 1.5 -1.1 to 2.1 -2.5 to 3.3
Preliminary to latest...... 1.4 -1.1 to 1.9 -2.0 to 2.9
Final to latest........... 1.5 -1.2 to 2.1 -2.6 to 3.1
NOTE.--These comparisons are based on the period from 1978 through 2003 for the first three comparisons in each group and on the period from
1978 through 2001 for the last three comparisons in each group.
Table 1.--Real Gross Domestic Product and Related Measures: Percent Change From Preceding Period
[Quarters seasonally adjusted at annual rates]
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
2001 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
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
Gross domestic product (GDP). .8 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 3.4
Personal consumption expenditures... 2.5 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 3.3
Durable goods..................... 4.3 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 8.3
Nondurable goods.................. 2.0 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 3.3
Services.......................... 2.4 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
Gross private domestic investment... -7.9 -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 -4.9
Fixed investment.................. -3.0 -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 9.3
Nonresidential.................. -4.2 -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 9.0
Structures.................... -2.3 -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 3.1
Equipment and software........ -4.9 -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 11.0
Residential..................... .4 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 9.8
Change in private inventories..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... .....
Net exports of goods and services... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... .....
Exports........................... -5.4 -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 12.6
Goods........................... -6.1 -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 14.5
Services........................ -3.7 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 8.3
Imports........................... -2.7 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 -2.0
Goods........................... -3.2 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 -3.7
Services........................ -.3 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 7.1
Government consumption expenditures
and gross investment............... 3.4 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 2.0
Federal........................... 3.9 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 1.3
National defense................ 3.9 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 2.0
Nondefense...................... 3.9 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 -.1
State and local................... 3.2 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 2.4
Addenda:
Final sales of domestic product... 1.6 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 5.8
Gross domestic purchases.......... .9 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 1.7
Final sales to domestic
purchasers....................... 1.8 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 4.0
Gross national product (GNP)...... .8 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 .....
Disposable personal income........ 1.9 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 -2.9 1.4
Current-dollar measures:
GDP............................. 3.2 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 5.9
Final sales of domestic product. 4.1 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 8.4
Gross domestic purchases........ 2.9 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 5.0
Final sales to domestic
purchasers..................... 3.8 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 7.3
GNP............................. 3.2 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 .....
Disposable personal income...... 4.1 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 -.7 4.8
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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]
------------------------------------------------------------------------------------------------------------------------------------------------------------------
2001 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
------------------------------------------------------------------------------------------------------------------------------------------------------------------
Gross domestic product (GDP). .8 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
Previously published....... .8 1.9 3.0 4.4 1.6 3.4 2.4 2.6 .7 1.9 4.1 7.4 4.2 4.5 3.3 4.0 3.8 3.8
Personal consumption expenditures... 2.5 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
Previously published.............. 2.5 3.1 3.3 3.8 7.0 1.8 2.8 2.9 2.5 2.7 3.9 5.0 3.6 4.1 1.6 5.1 4.2 3.6
Durable goods..................... 4.3 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
Previously published............ 4.3 6.5 7.4 6.7 37.4 -8.5 4.4 14.0 -2.4 -.1 20.6 16.5 3.9 2.2 -.3 17.2 3.9 1.8
Nondurable goods.................. 2.0 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
Previously published............ 2.0 2.6 3.7 4.6 4.9 3.8 .8 -.6 5.3 5.0 1.6 6.9 5.1 6.7 .1 4.7 5.9 5.5
Services.......................... 2.4 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
Previously published............ 2.4 2.6 2.2 2.8 2.3 3.3 3.5 2.4 2.2 2.1 1.8 1.9 2.8 3.3 2.7 3.0 3.4 3.1
Gross private domestic investment... -7.9 -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
Previously published.............. -7.9 -2.4 4.4 13.2 -22.7 16.8 .3 4.1 -.5 -.8 3.5 22.4 13.9 12.3 19.0 2.4 13.3 10.9
Fixed investment.................. -3.0 -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
Previously published............ -3.0 -4.9 5.1 10.3 -10.6 -4.3 -3.5 .2 -.8 2.4 10.9 18.0 10.5 4.5 13.9 8.8 10.5 6.6
Nonresidential.................. -4.2 -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
Previously published.......... -4.2 -8.9 3.3 10.6 -13.3 -9.7 -9.6 -1.1 -3.2 -.1 11.8 15.7 11.0 4.2 12.5 13.0 14.5 4.1
Structures.................... -2.3 -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
Previously published........ -2.3 -17.8 -5.6 1.4 -33.2 -18.5 -22.6 -16.0 -6.6 -13.0 14.5 -1.3 7.9 -7.6 6.9 -1.1 2.1 -2.4
Equipment and software........ -4.9 -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
Previously published........ -4.9 -5.5 6.4 13.6 -4.2 -6.3 -4.5 4.6 -2.0 4.5 11.0 21.7 12.0 8.0 14.2 17.5 18.4 6.1
Residential..................... .4 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
Previously published.......... .4 4.8 8.8 9.7 -3.7 9.3 11.3 2.8 4.2 7.5 9.1 22.4 9.6 5.0 16.5 1.6 3.4 11.5
Change in private inventories..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... .....
Net exports of goods and services... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... .....
Exports........................... -5.4 -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
Previously published............ -5.4 -2.3 1.9 8.6 -10.8 4.7 11.0 3.1 -4.2 -1.5 -1.6 11.3 17.5 7.3 7.3 6.0 3.2 8.9
Goods........................... -6.1 -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
Previously published.......... -6.1 -4.1 2.2 8.8 -8.8 -1.9 14.0 2.9 -10.2 4.0 -.8 10.1 16.1 9.1 6.0 9.5 1.9 7.1
Services........................ -3.7 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
Previously published.......... -3.7 1.8 1.4 8.0 -15.3 21.7 4.5 3.5 10.5 -12.7 -3.4 14.1 20.6 3.4 10.2 -1.8 6.2 13.2
Imports........................... -2.7 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
Previously published............ -2.7 3.4 4.4 9.9 -3.4 12.5 11.4 5.4 9.6 -2.0 2.5 2.8 17.1 10.6 12.6 4.6 11.4 9.6
Goods........................... -3.2 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
Previously published.......... -3.2 3.7 4.7 10.8 -2.0 10.1 15.3 5.9 8.2 -1.8 5.1 .0 18.4 12.7 13.0 5.0 14.9 10.1
Services........................ -.3 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
Previously published.......... -.3 1.9 3.1 5.8 -10.4 24.7 -5.8 2.8 16.6 -2.6 -9.4 17.9 11.1 1.2 10.6 2.8 -5.2 7.2
Government consumption expenditures
and gross investment............... 3.4 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
Previously published............. 3.4 4.4 2.8 1.9 8.5 4.7 4.4 2.1 4.0 .2 7.2 .1 1.6 2.5 2.2 .7 .9 .2
Federal........................... 3.9 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
Previously published............ 3.9 7.5 6.6 4.7 8.8 8.2 12.8 2.9 9.1 .3 22.1 -3.3 4.8 7.1 2.7 4.8 1.2 .6
National defense................ 3.9 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
Previously published.......... 3.9 7.7 9.0 7.3 12.5 5.8 11.5 3.4 13.5 -2.7 38.4 -7.7 11.6 10.6 1.9 10.1 -.6 .5
Nondefense...................... 3.9 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
Previously published.......... 3.9 7.1 2.4 -.5 2.3 12.6 15.0 1.9 1.6 6.2 -3.9 5.8 -7.5 .2 4.4 -5.3 5.3 .9
State and local................... 3.2 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
Previously published............ 3.2 2.8 .7 .4 8.4 2.9 .3 1.7 1.4 .1 -.4 2.2 -.1 .0 1.9 -1.7 .6 -.1
Addenda:
Final sales of domestic product... 1.6 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
Previously published............ 1.6 1.4 3.1 4.0 3.8 .3 1.8 2.0 .7 2.4 5.2 6.8 3.7 3.3 2.5 5.0 3.4 3.0
Gross domestic purchases.......... .9 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
Previously published............ .9 2.5 3.3 4.8 2.2 4.4 2.8 2.9 2.4 1.7 4.4 6.4 4.7 5.0 4.2 3.9 5.0 4.1
Final sales to domestic
purchasers....................... 1.8 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
Previously published........... 1.8 2.1 3.4 4.4 4.3 1.4 2.2 2.4 2.3 2.2 5.4 5.9 4.2 3.9 3.5 4.9 4.5 3.5
Gross national product (GNP)...... .8 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
Previously published............ .8 1.7 3.3 4.3 3.9 1.4 2.1 3.0 1.4 1.7 4.4 7.6 5.5 3.9 1.9 4.0 3.5 3.9
Disposable personal income........ 1.9 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 -2.9
Previously published............ 1.9 3.1 2.3 3.7 -5.6 10.8 2.7 -1.7 .2 1.8 4.3 8.2 1.4 2.4 2.8 2.9 10.8 -1.4
Current-dollar measures:
GDP............................. 3.2 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
Previously published.......... 3.2 3.5 4.9 6.6 3.6 4.5 4.2 3.9 2.7 4.9 5.3 8.8 5.7 7.4 6.6 5.5 6.2 6.7
Final sales of domestic product. 4.1 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
Previously published.......... 4.1 3.1 5.1 6.2 5.5 1.7 3.3 3.7 2.7 5.3 6.3 8.4 5.4 6.1 5.8 6.5 5.7 6.0
Gross domestic purchases........ 2.9 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
Previously published.......... 2.9 4.0 5.4 7.3 3.1 5.3 5.6 4.4 4.3 5.7 4.8 8.1 5.9 8.6 7.9 5.9 8.1 6.9
Final sales to domestic
purchasers..................... 3.8 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
Previously published......... 3.8 3.6 5.5 6.9 4.9 2.6 4.7 4.2 4.3 6.0 5.8 7.7 5.7 7.4 7.1 6.9 7.6 6.2
GNP............................. 3.2 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
Previously published.......... 3.2 3.4 5.2 6.5 6.0 2.4 3.9 4.3 3.4 4.6 5.6 9.0 7.0 6.8 5.2 5.6 5.9 6.8
Disposable personal income...... 4.1 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 -.7
Previously published.......... 4.1 4.6 4.2 6.0 -5.0 11.8 5.7 .2 1.5 5.1 5.0 9.9 2.6 5.8 6.0 4.2 13.8 .4
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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 a
Revised Revisions to percentage of
estimates previously previously
published published
------------------------ ------------------------ ------------------------
2002 2003 2004 2002 2003 2004 2002 2003 2004
---------------------------------------------------------------------------------------------------------------------------------
Gross domestic product (GDP)....... 10,469.6 10,971.2 11,734.3 -17.4 -32.8 -.7 -.2 -.3 .0
Personal consumption expenditures...... 7,350.7 7,709.9 8,214.3 -25.4 -51.0 -15.6 -.3 -.7 -.2
Durable goods........................ 923.9 950.1 987.8 7.7 -.6 -6.1 .8 -.1 -.6
Nondurable goods..................... 2,079.6 2,189.0 2,368.3 -.5 -11.1 -8.7 .0 -.5 -.4
Services............................. 4,347.2 4,570.8 4,858.2 -32.6 -39.3 -.8 -.7 -.9 .0
Gross private domestic investment...... 1,582.1 1,670.4 1,928.1 2.9 4.6 .8 .2 .3 .0
Fixed investment..................... 1,570.2 1,654.9 1,872.6 2.2 -12.1 -11.4 .1 -.7 -.6
Nonresidential..................... 1,066.3 1,082.4 1,198.8 2.4 -12.3 -21.7 .2 -1.1 -1.8
Structures....................... 279.2 276.9 298.4 7.6 15.3 20.2 2.8 5.8 7.3
Equipment and software........... 787.1 805.6 900.4 -5.3 -27.5 -42.0 -.7 -3.3 -4.5
Residential........................ 503.9 572.5 673.8 -.2 .2 10.4 .0 .0 1.6
Change in private inventories........ 11.9 15.4 55.4 .7 16.6 12.0 ..... ..... .....
Net exports of goods and services...... -424.4 -500.9 -624.0 .5 -2.8 -17.8 ..... ..... .....
Exports.............................. 1,005.9 1,045.6 1,173.8 .9 -.6 -1.7 .1 -.1 -.1
Goods.............................. 697.6 724.3 818.1 .6 -2.1 -2.2 .1 -.3 -.3
Services........................... 308.4 321.3 355.7 .4 1.5 .6 .1 .5 .2
Imports.............................. 1,430.3 1,546.5 1,797.8 .4 2.2 16.2 .0 .1 .9
Goods.............................. 1,189.3 1,283.9 1,495.9 -.3 1.9 5.1 .0 .1 .3
Services........................... 241.0 262.6 301.9 .8 .3 11.1 .3 .1 3.8
Government consumption expenditures
and gross investment.................. 1,961.1 2,091.9 2,215.9 4.5 16.4 32.0 .2 .8 1.5
Federal.............................. 679.7 754.8 827.6 -1.1 2.6 17.7 -.2 .3 2.2
National defense................... 437.1 496.7 552.7 -.3 .3 4.8 -.1 .1 .9
Nondefense......................... 242.5 258.2 274.9 -.9 2.5 12.9 -.4 1.0 4.9
State and local...................... 1,281.5 1,337.1 1,388.3 5.7 13.8 14.4 .4 1.0 1.0
Relation of GDP and National Income
Gross domestic product................. 10,469.6 10,971.2 11,734.3 -17.4 -32.8 -.7 -.2 -.3 .0
Plus: Income receipts
from the rest of the world............ 305.7 343.7 415.4 3.9 14.7 9.6 1.3 4.5 2.4
Less: Income payments to
the rest of the world................. 275.0 275.6 361.7 .3 1.7 -.2 .1 .6 -.1
Equals: Gross national product......... 10,500.2 11,039.3 11,788.0 -13.9 -19.9 9.1 -.1 -.2 .1
Less: Consumption of fixed capital..... 1,292.0 1,331.3 1,435.3 -11.9 -22.6 28.0 -.9 -1.7 2.0
Less: Statistical discrepancy.......... -21.0 47.1 76.8 -5.7 21.5 44.9 ..... ..... .....
Equals: National income................ 9,229.3 9,660.9 10,275.9 3.9 -18.7 -63.7 .0 -.2 -.6
Compensation of employees............ 6,091.2 6,321.1 6,687.6 21.7 32.1 36.6 .4 .5 .6
Wage and salary accruals........... 4,980.9 5,111.1 5,389.4 4.6 7.5 16.0 .1 .1 .3
Supplements to wages and
salaries.......................... 1,110.3 1,210.0 1,298.1 17.1 24.5 20.6 1.6 2.1 1.6
Proprietors' income with inventory
valuation and capital
consumption adjustments............. 768.4 810.2 889.6 -1.2 -23.9 -13.2 -.2 -2.9 -1.5
Rental income of persons with
capital consumption adjustment...... 152.9 131.7 134.2 -18.0 -22.1 -30.9 -10.5 -14.4 -18.7
Corporate profits with inventory
valuation and capital
consumption adjustments............. 886.3 1,031.8 1,161.5 11.7 10.7 -20.1 1.3 1.0 -1.7
Net interest and miscellaneous
payments............................ 520.9 528.5 505.5 -12.0 -14.5 -44.0 -2.3 -2.7 -8.0
Taxes on production and imports
less subsidies...................... 724.4 754.8 809.4 .0 3.5 8.8 .0 .5 1.1
Business current transfer payments... 84.3 81.6 91.1 3.4 3.9 9.0 4.2 5.0 11.0
Current surplus of government
enterprises......................... .9 1.3 -3.0 -1.9 -8.2 -9.9 ..... ..... .....
Disposition of personal income
Personal income........................ 8,881.9 9,169.1 9,713.3 3.0 7.3 23.7 .0 .1 .2
Compensation of employees,
received............................ 6,091.2 6,321.1 6,687.6 21.7 32.1 36.6 .4 .5 .6
Wage and salary disbursements...... 4,980.9 5,111.1 5,389.4 4.6 7.5 15.9 .1 .1 .3
Supplements to wages and
salaries.......................... 1,110.3 1,210.0 1,298.1 17.1 24.5 20.6 1.6 2.1 1.6
Proprietors' income with
inventory valuation and capital
consumption adjustments............. 768.4 810.2 889.6 -1.2 -23.9 -13.2 -.2 -2.9 -1.5
Farm............................... 10.6 27.7 35.8 .9 5.9 17.6 9.3 27.1 96.7
Nonfarm............................ 757.8 782.4 853.8 -2.1 -29.9 -30.8 -.3 -3.7 -3.5
Rental income of persons with
capital consumption adjustment...... 152.9 131.7 134.2 -18.0 -22.1 -30.9 -10.5 -14.4 -18.7
Personal income receipts on assets... 1,333.2 1,338.7 1,396.5 -1.4 16.0 9.2 -.1 1.2 .7
Personal interest income........... 936.1 917.6 905.9 -10.6 -12.3 -40.3 -1.1 -1.3 -4.3
Personal dividend income........... 397.2 421.1 490.6 9.3 28.3 49.5 2.4 7.2 11.2
Personal current transfer
receipts............................ 1,286.2 1,344.0 1,427.5 3.5 8.6 21.6 .3 .6 1.5
Less: Contributions for government
social insurance.................... 750.0 776.6 822.2 1.7 3.4 -.4 .2 .4 .0
Less: Personal current taxes........... 1,051.8 999.9 1,049.1 .6 -2.0 6.5 .1 -.2 .6
Equals: Disposable personal income..... 7,830.1 8,169.2 8,664.2 2.4 9.3 17.3 .0 .1 .2
Less: Personal outlays................. 7,645.3 7,996.3 8,512.5 -23.2 -53.0 -19.4 -.3 -.7 -.2
Equals: Personal saving................ 184.7 172.8 151.8 25.5 62.2 36.8 ..... ..... .....
Personal saving as a percentage
of disposable personal income....... 2.4 2.1 1.8 .4 .7 .5 ..... ..... .....
Addenda:
Statistical discrepancy as a
percentage of GDP..................... -.2 .4 .7 -.1 .2 .4 ..... ..... .....
Gross domestic income.................. 10,490.6 10,924.2 11,657.5 -11.7 -54.3 -45.5 -.1 -.5 -.4
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Table 2.--Contributions to Percent Change in Real Gross Domestic Product
[Quarters seasonally adjusted at annual rates]
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
2001 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
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
Percent change at annual rate:
Gross domestic product.......... .8 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 3.4
Percentage points at annual rates:
Personal consumption expenditures. 1.74 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 2.30
Durable goods................... .37 .61 .57 .51 2.81 -.39 .31 .98 -.47 .31 1.23 1.64 -.03 .38 .03 .88 .45 .22 .68
Motor vehicles and parts...... .20 .23 .19 .06 2.24 -1.07 .02 .89 -.75 .22 .53 .77 -.43 -.02 -.19 .44 .11 -.31 .35
Furniture and household
equipment.................... .19 .29 .26 .34 .39 .50 .23 .06 .21 .03 .48 .63 .30 .31 .24 .34 .21 .32 .16
Other......................... -.01 .09 .11 .10 .18 .18 .07 .02 .07 .06 .22 .23 .10 .08 -.02 .10 .14 .20 .17
Nondurable goods................ .40 .50 .63 .94 .95 .65 .26 .06 .70 .63 .37 1.65 .61 1.31 .53 .78 1.09 1.07 .66
Food.......................... .15 .15 .25 .48 .18 .21 .18 .00 .20 .38 .05 .69 .20 .88 .27 .32 .63 .50 .33
Clothing and shoes............ .06 .14 .14 .17 .27 .23 .04 -.05 .31 -.04 .27 .33 .04 .37 -.09 .17 .25 .15 .20
Gasoline, fuel oil, and other
energy goods................. .02 .04 .01 .03 .24 -.06 .06 .04 -.04 -.01 -.04 .12 .07 -.04 .03 .02 .07 .21 -.08
Other......................... .17 .18 .22 .26 .27 .27 -.01 .07 .23 .29 .09 .51 .31 .11 .33 .28 .14 .20 .21
Services........................ .97 .79 .85 1.27 .95 .75 1.07 .54 .74 .76 .94 .84 1.57 1.58 .77 1.39 1.47 1.15 .96
Housing....................... .28 .09 .07 .30 .26 .06 -.03 -.11 -.07 .08 .13 .24 .31 .39 .27 .29 .29 .23 .22
Household operation........... .01 .02 .05 .07 -.15 .07 .29 -.11 .19 .01 -.06 -.02 .25 .07 -.07 .04 .34 .07 .10
Electricity and gas......... -.03 .04 .02 .03 -.07 .11 .25 -.07 .23 -.05 -.13 -.07 .22 .02 -.11 -.05 .37 .02 .05
Other household operation... .03 -.02 .03 .05 -.08 -.05 .04 -.04 -.04 .07 .07 .05 .03 .05 .05 .10 -.03 .05 .05
Transportation................ -.03 -.08 .00 .03 -.17 .01 -.04 -.07 -.01 .07 -.05 .02 .02 .13 -.01 .00 -.01 .06 .06
Medical care.................. .50 .63 .49 .49 .67 .59 .67 .59 .59 .45 .42 .31 .59 .37 .56 .64 .54 .53 .45
Recreation.................... .07 .06 .10 .11 .07 .09 .07 .04 .16 .04 .15 .07 .21 .17 .00 .10 .02 .14 .02
Other......................... .15 .06 .14 .26 .28 -.08 .12 .20 -.12 .10 .35 .22 .19 .44 .02 .33 .29 .11 .11
Gross private domestic investment. -1.39 -.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 -.84
Fixed investment................ -.50 -.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 1.48
Nonresidential................ -.52 -1.06 .13 .92 -1.63 -1.50 -.66 -.21 -.52 -.10 .79 1.08 .43 .76 1.29 1.15 1.04 .58 .92
Structures.................. -.07 -.55 -.11 .06 -1.27 -.60 -.58 -.44 -.14 -.22 .32 .00 .03 -.09 .22 .04 .12 -.05 .08
Equipment and software...... -.44 -.51 .24 .86 -.35 -.90 -.09 .23 -.38 .12 .47 1.09 .40 .85 1.07 1.12 .92 .64 .84
Information processing
equipment and software... -.08 -.20 .19 .49 -.21 -.28 .06 .23 -.38 .21 .20 .79 .52 .61 .38 .31 .34 .72 .44
Computers and peripheral
equipment.............. .02 .04 .09 .19 .19 .15 -.06 .16 -.04 .07 .10 .21 .17 .20 .18 .16 .27 .31 .30
Software................ -.02 -.04 .06 .11 -.19 -.04 .15 .12 -.17 .04 .04 .29 .15 .08 .05 .10 .09 .22 .12
Other................... -.08 -.19 .05 .19 -.21 -.38 -.03 -.05 -.17 .10 .05 .29 .20 .33 .16 .05 -.02 .18 .02
Industrial equipment...... -.14 -.11 .00 .04 -.21 .01 -.12 .08 .01 .15 -.12 -.04 -.14 .19 -.05 .30 .06 .23 -.28
Transportation equipment.. -.18 -.16 -.03 .15 .26 -.53 -.16 -.07 -.02 -.25 .36 .01 -.16 -.04 .56 .23 .39 -.16 .48
Other equipment........... -.04 -.04 .08 .18 -.19 -.10 .14 .00 .02 .01 .04 .33 .18 .09 .18 .28 .13 -.14 .20
Residential................... .02 .22 .41 .55 -.18 .46 .43 .09 .30 .23 .47 1.07 .59 .28 .93 .15 .09 .54 .56
Change in private inventories... -.88 .43 .05 .35 -2.14 2.95 .53 .98 .08 -.16 -.84 .38 .75 .48 .87 -.56 -.03 .29 -2.32
Farm.......................... .02 -.02 .03 .03 -.23 .24 -.39 .31 .03 .17 -.21 -.07 .19 -.20 .45 -.01 -.28 -.11 -.07
Nonfarm....................... -.90 .45 .02 .32 -1.91 2.71 .92 .67 .04 -.33 -.63 .45 .57 .68 .42 -.55 .25 .40 -2.25
Net exports of goods and services. -.20 -.69 -.46 -.73 -.66 -.97 -.62 -.49 -1.52 .08 -.66 .48 -.47 -1.16 -1.37 -.17 -.98 -.40 1.57
Exports......................... -.60 -.23 .17 .80 -1.11 .47 .96 .27 -.31 -.29 -.20 1.04 1.69 .49 .67 .53 .70 .74 1.25
Goods......................... -.48 -.28 .12 .59 -.63 -.11 .88 .14 -.64 .09 .00 .58 1.05 .50 .53 .55 .25 .37 .99
Services...................... -.12 .06 .05 .22 -.48 .59 .08 .13 .33 -.38 -.20 .46 .64 -.01 .14 -.02 .44 .37 .26
Imports......................... .40 -.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 .33
Goods......................... .39 -.41 -.56 -1.30 .21 -.95 -1.65 -.72 -.90 .32 -.71 -.10 -1.91 -1.41 -1.71 -.59 -1.60 -1.05 .51
Services...................... .01 -.05 -.07 -.23 .25 -.48 .07 -.04 -.31 .05 .26 -.46 -.25 -.23 -.32 -.11 -.08 -.10 -.18
Government consumption expenditures
and gross investment............. .60 .80 .53 .41 1.48 .79 .88 .43 .89 -.05 1.37 .11 .10 .62 .43 .35 .17 .35 .38
Federal......................... .23 .43 .45 .36 .51 .36 .76 .20 .64 .03 1.40 -.14 .21 .71 .22 .25 -.04 .17 .09
National defense.............. .15 .29 .37 .32 .46 .14 .45 .17 .59 -.15 1.46 -.31 .35 .60 .04 .41 -.16 .14 .10
Consumption expenditures.... .13 .23 .33 .26 .45 .13 .29 .07 .67 -.19 1.35 -.34 .32 .46 .01 .39 -.26 .34 .03
Gross investment............ .02 .06 .04 .06 .02 .01 .16 .10 -.08 .04 .11 .03 .03 .14 .02 .02 .10 -.20 .06
Nondefense.................... .08 .14 .08 .04 .05 .22 .31 .03 .05 .18 -.06 .17 -.14 .11 .19 -.16 .12 .03 .00
Consumption expenditures..... .08 .12 .08 .04 .04 .14 .21 .11 .07 .18 -.19 .29 -.10 .11 .04 -.04 .08 .02 -.08
Gross investment............. .00 .02 .00 .00 .01 .07 .10 -.08 -.02 .00 .14 -.12 -.04 .00 .15 -.12 .04 .01 .07
State and local................. .37 .37 .08 .05 .97 .43 .12 .23 .25 -.08 -.04 .25 -.11 -.09 .21 .10 .21 .19 .28
Consumption expenditures.... .24 .29 .06 .04 .38 .30 .24 .17 .15 -.02 -.01 -.01 .02 .00 .07 .14 .16 .08 .08
Gross investment............ .13 .08 .02 .01 .59 .12 -.12 .06 .10 -.07 -.03 .26 -.13 -.08 .14 -.04 .05 .11 .21
Addenda:
Goods........................... -.59 .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 1.55
Services........................ 1.30 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 1.08
Structures...................... .04 -.24 .31 .57 -.87 .01 -.26 -.29 .29 -.08 .76 1.28 .41 .06 1.26 .13 .23 .53 .79
Motor vehicle output............ -.17 .39 .14 .16 .69 .53 .20 .40 .01 .00 -.09 .72 -.13 .49 -.26 .11 .29 .15 -.08
Final sales of computers........ .14 .03 .15 .15 .19 -.06 .01 .20 .11 .05 .10 .45 .09 .08 .08 .10 .36 .37 .43
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
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]
------------------------------------------------------------------------------------------------------------------------------------------------------------------
2001 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
------------------------------------------------------------------------------------------------------------------------------------------------------------------
Percent change at annual rate:
Gross domestic product.......... .8 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
Previously published.......... .8 1.9 3.0 4.4 1.6 3.4 2.4 2.6 .7 1.9 4.1 7.4 4.2 4.5 3.3 4.0 3.8 3.8
Percentage points at annual rates:
Personal consumption expenditures. 1.74 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
Previously published............ 1.74 2.14 2.29 2.65 4.71 1.32 1.98 2.02 1.74 1.84 2.72 3.58 2.50 2.90 1.10 3.57 2.92 2.52
Durable goods................... .37 .61 .57 .51 2.81 -.39 .31 .98 -.47 .31 1.23 1.64 -.03 .38 .03 .88 .45 .22
Previously published.......... .37 .56 .63 .57 2.81 -.79 .37 1.16 -.21 -.01 1.64 1.38 .33 .19 -.02 1.37 .33 .15
Motor vehicles and parts...... .20 .23 .19 .06 2.24 -1.07 .02 .89 -.75 .22 .53 .77 -.43 -.02 -.19 .44 .11 -.31
Previously published........ .20 .22 .22 .12 2.24 -1.34 .13 1.09 -.50 -.22 .86 .53 -.07 -.23 -.24 .98 -.02 -.35
Furniture and household
equipment.................... .19 .29 .26 .34 .39 .50 .23 .06 .21 .03 .48 .63 .30 .31 .24 .34 .21 .32
Previously published....... .19 .26 .27 .34 .39 .41 .20 .04 .20 .07 .51 .62 .28 .32 .22 .33 .21 .32
Other......................... -.01 .09 .11 .10 .18 .18 .07 .02 .07 .06 .22 .23 .10 .08 -.02 .10 .14 .20
Previously published........ -.01 .08 .15 .11 .18 .14 .04 .03 .08 .14 .27 .23 .12 .10 .00 .06 .13 .19
Nondurable goods................ .40 .50 .63 .94 .95 .65 .26 .06 .70 .63 .37 1.65 .61 1.31 .53 .78 1.09 1.07
Previously published.......... .40 .51 .73 .91 .95 .76 .15 -.12 1.03 .97 .31 1.38 1.01 1.33 .03 .94 1.19 1.10
Food.......................... .15 .15 .25 .48 .18 .21 .18 .00 .20 .38 .05 .69 .20 .88 .27 .32 .63 .50
Previously published........ .15 .18 .37 .47 .18 .26 .29 -.02 .31 .62 .26 .57 .25 .77 .22 .42 .74 .57
Clothing and shoes............ .06 .14 .14 .17 .27 .23 .04 -.05 .31 -.04 .27 .33 .04 .37 -.09 .17 .25 .15
Previously published........ .06 .12 .12 .19 .27 .25 -.01 -.12 .30 -.02 .23 .27 .11 .43 -.15 .16 .27 .16
Gasoline, fuel oil, and other
energy goods................. .02 .04 .01 .03 .24 -.06 .06 .04 -.04 -.01 -.04 .12 .07 -.04 .03 .02 .07 .21
Previously published....... .02 .02 .01 -.01 .24 .00 -.14 -.01 .21 .01 -.29 .10 .33 -.04 -.29 .05 -.02 .15
Other......................... .17 .18 .22 .26 .27 .27 -.01 .07 .23 .29 .09 .51 .31 .11 .33 .28 .14 .20
Previously published........ .17 .17 .23 .26 .27 .24 .01 .03 .21 .37 .12 .43 .32 .17 .25 .30 .20 .23
Services........................ .97 .79 .85 1.27 .95 .75 1.07 .54 .74 .76 .94 .84 1.57 1.58 .77 1.39 1.47 1.15
Previously published.......... .97 1.08 .93 1.17 .95 1.36 1.46 .98 .93 .87 .77 .83 1.15 1.39 1.10 1.26 1.41 1.26
Housing....................... .28 .09 .07 .30 .26 .06 -.03 -.11 -.07 .08 .13 .24 .31 .39 .27 .29 .29 .23
Previously published........ .28 .29 .15 .19 .26 .42 .33 .19 .13 .12 .11 .16 .09 .23 .21 .25 .24 .26
Household operation........... .01 .02 .05 .07 -.15 .07 .29 -.11 .19 .01 -.06 -.02 .25 .07 -.07 .04 .34 .07
Previously published........ .01 .03 .06 .10 -.15 .09 .24 .01 .16 .01 -.11 .08 .29 .13 -.03 .05 .21 .06
Electricity and gas......... -.03 .04 .02 .03 -.07 .11 .25 -.07 .23 -.05 -.13 -.07 .22 .02 -.11 -.05 .37 .02
Previously published...... -.03 .04 .03 .03 -.07 .11 .19 .04 .19 -.04 -.19 .01 .25 .05 -.13 -.01 .18 -.01
Other household operation... .03 -.02 .03 .05 -.08 -.05 .04 -.04 -.04 .07 .07 .05 .03 .05 .05 .10 -.03 .05
Previously published...... .03 -.01 .04 .07 -.08 -.02 .05 -.03 -.03 .05 .08 .07 .04 .07 .09 .06 .02 .07
Transportation................ -.03 -.08 .00 .03 -.17 .01 -.04 -.07 -.01 .07 -.05 .02 .02 .13 -.01 .00 -.01 .06
Previously published........ -.03 -.08 -.02 .03 -.17 .01 -.04 -.10 -.01 .05 -.07 -.02 -.01 .05 .08 .04 .11 .06
Medical care.................. .50 .63 .49 .49 .67 .59 .67 .59 .59 .45 .42 .31 .59 .37 .56 .64 .54 .53
Previously published........ .50 .66 .46 .44 .67 .74 .63 .59 .55 .39 .40 .40 .36 .38 .52 .59 .50 .55
Recreation.................... .07 .06 .10 .11 .07 .09 .07 .04 .16 .04 .15 .07 .21 .17 .00 .10 .02 .14
Previously published........ .07 .07 .09 .09 .07 .13 .05 .04 .11 .08 .13 .07 .11 .17 .01 .08 -.04 .14
Other......................... .15 .06 .14 .26 .28 -.08 .12 .20 -.12 .10 .35 .22 .19 .44 .02 .33 .29 .11
Previously published........ .15 .11 .20 .32 .28 -.03 .24 .25 -.02 .23 .31 .15 .31 .43 .32 .24 .39 .20
Gross private domestic investment. -1.39 -.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
Previously published............ -1.39 -.37 .66 2.00 -3.95 2.34 .05 .61 -.06 -.10 .54 3.16 2.04 1.86 2.85 .40 2.11 1.79
Fixed investment................ -.50 -.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
Previously published.......... -.50 -.80 .76 1.56 -1.81 -.71 -.55 .02 -.13 .35 1.55 2.59 1.57 .69 2.07 1.37 1.65 1.08
Nonresidential................ -.52 -1.06 .13 .92 -1.63 -1.50 -.66 -.21 -.52 -.10 .79 1.08 .43 .76 1.29 1.15 1.04 .58
Previously published........ -.52 -1.02 .33 1.05 -1.63 -1.13 -1.06 -.12 -.33 -.01 1.10 1.50 1.07 .42 1.21 1.27 1.46 .44
Structures.................. -.07 -.55 -.11 .06 -1.27 -.60 -.58 -.44 -.14 -.22 .32 .00 .03 -.09 .22 .04 .12 -.05
Previously published...... -.07 -.57 -.15 .03 -1.27 -.59 -.70 -.45 -.17 -.33 .32 -.03 .18 -.19 .16 -.03 .05 -.06
Equipment and software...... -.44 -.51 .24 .86 -.35 -.90 -.09 .23 -.38 .12 .47 1.09 .40 .85 1.07 1.12 .92 .64
Previously published...... -.44 -.45 .48 1.01 -.35 -.53 -.36 .33 -.16 .32 .78 1.53 .89 .61 1.05 1.30 1.41 .50
Information processing
equipment and software... -.08 -.20 .19 .49 -.21 -.28 .06 .23 -.38 .21 .20 .79 .52 .61 .38 .31 .34 .72
Previously published... -.08 -.18 .45 .62 -.21 -.29 .04 .38 -.15 .59 .51 1.04 .61 .62 .55 .30 .68 .85
Computers and peripheral
equipment.............. .02 .04 .09 .19 .19 .15 -.06 .16 -.04 .07 .10 .21 .17 .20 .18 .16 .27 .31
Previously published. .02 .09 .24 .22 .19 .18 .03 .25 .08 .25 .30 .39 .25 .06 .22 .18 .41 .41
Software................ -.02 -.04 .06 .11 -.19 -.04 .15 .12 -.17 .04 .04 .29 .15 .08 .05 .10 .09 .22
Previously published.. -.02 -.10 .07 .18 -.19 -.14 -.03 .11 -.16 .12 .07 .28 .14 .24 .13 .10 .30 .22
Other................... -.08 -.19 .05 .19 -.21 -.38 -.03 -.05 -.17 .10 .05 .29 .20 .33 .16 .05 -.02 .18
Previously published.. -.08 -.16 .14 .22 -.21 -.33 .04 .02 -.08 .23 .14 .36 .22 .33 .20 .02 -.03 .21
Industrial equipment...... -.14 -.11 .00 .04 -.21 .01 -.12 .08 .01 .15 -.12 -.04 -.14 .19 -.05 .30 .06 .23
Previously published.... -.14 -.08 .00 .07 -.21 .24 -.21 .02 -.05 .09 -.02 .04 -.06 .08 .03 .31 .10 .05
Transportation equipment.. -.18 -.16 -.03 .15 .26 -.53 -.16 -.07 -.02 -.25 .36 .01 -.16 -.04 .56 .23 .39 -.16
Previously published.... -.18 -.17 -.04 .15 .26 -.39 -.38 -.09 .00 -.31 .25 .14 .14 -.20 .28 .41 .46 -.24
Other equipment........... -.04 -.04 .08 .18 -.19 -.10 .14 .00 .02 .01 .04 .33 .18 .09 .18 .28 .13 -.14
Previously published.... -.04 -.02 .06 .19 -.19 -.10 .18 .02 .04 -.06 .03 .31 .20 .10 .20 .28 .16 -.16
Residential................... .02 .22 .41 .55 -.18 .46 .43 .09 .30 .23 .47 1.07 .59 .28 .93 .15 .09 .54
Previously published........ .02 .22 .43 .51 -.18 .42 .51 .13 .20 .36 .44 1.09 .50 .27 .86 .09 .19 .64
Change in private inventories... -.88 .43 .05 .35 -2.14 2.95 .53 .98 .08 -.16 -.84 .38 .75 .48 .87 -.56 -.03 .29
Previously published.......... -.88 .42 -.10 .44 -2.14 3.05 .60 .59 .07 -.45 -1.01 .57 .47 1.17 .78 -.97 .46 .72
Farm.......................... .02 -.02 .03 .03 -.23 .24 -.39 .31 .03 .17 -.21 -.07 .19 -.20 .45 -.01 -.28 -.11
Previously published........ .02 -.01 .02 .04 -.23 .37 -.47 .24 .02 .06 -.07 .06 .19 .06 -.10 .07 -.08 -.09
Nonfarm....................... -.90 .45 .02 .32 -1.91 2.71 .92 .67 .04 -.33 -.63 .45 .57 .68 .42 -.55 .25 .40
Previously published........ -.90 .44 -.12 .41 -1.91 2.69 1.07 .36 .05 -.51 -.94 .52 .29 1.10 .88 -1.04 .54 .81
Net exports of goods and services. -.20 -.69 -.46 -.73 -.66 -.97 -.62 -.49 -1.52 .08 -.66 .48 -.47 -1.16 -1.37 -.17 -.98 -.40
Previously published............ -.20 -.70 -.43 -.59 -.66 -1.10 -.46 -.43 -1.69 .14 -.50 .64 -.66 -.76 -1.06 -.10 -1.35 -.58
Exports......................... -.60 -.23 .17 .80 -1.11 .47 .96 .27 -.31 -.29 -.20 1.04 1.69 .49 .67 .53 .70 .74
Previously published.......... -.60 -.24 .18 .82 -1.11 .43 .99 .29 -.42 -.15 -.15 1.02 1.55 .70 .70 .59 .32 .87
Goods......................... -.48 -.28 .12 .59 -.63 -.11 .88 .14 -.64 .09 .00 .58 1.05 .50 .53 .55 .25 .37
Previously published........ -.48 -.29 .14 .59 -.63 -.13 .87 .19 -.72 .25 -.06 .64 1.00 .60 .41 .64 .14 .49
Services...................... -.12 .06 .05 .22 -.48 .59 .08 .13 .33 -.38 -.20 .46 .64 -.01 .14 -.02 .44 .37
Previously published........ -.12 .05 .04 .23 -.48 .56 .13 .10 .30 -.40 -.10 .39 .56 .10 .30 -.06 .18 .38
Imports......................... .40 -.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
Previously published.......... .40 -.46 -.61 -1.40 .45 -1.53 -1.45 -.72 -1.27 .29 -.34 -.39 -2.22 -1.46 -1.77 -.69 -1.67 -1.46
Goods......................... .39 -.41 -.56 -1.30 .21 -.95 -1.65 -.72 -.90 .32 -.71 -.10 -1.91 -1.41 -1.71 -.59 -1.60 -1.05
Previously published........ .39 -.42 -.54 -1.27 .21 -1.04 -1.59 -.65 -.91 .22 -.58 .00 -1.96 -1.43 -1.52 -.62 -1.80 -1.28
Services...................... .01 -.05 -.07 -.23 .25 -.48 .07 -.04 -.31 .05 .26 -.46 -.25 -.23 -.32 -.11 -.08 -.10
Previously published........ .01 -.04 -.07 -.14 .25 -.49 .14 -.06 -.36 .06 .24 -.39 -.26 -.03 -.25 -.07 .13 -.17
Government consumption expenditures
and gross investment............. .60 .80 .53 .41 1.48 .79 .88 .43 .89 -.05 1.37 .11 .10 .62 .43 .35 .17 .35
Previously published........... .60 .79 .52 .37 1.48 .85 .81 .40 .75 .05 1.35 .03 .31 .48 .41 .13 .16 .03
Federal......................... .23 .43 .45 .36 .51 .36 .76 .20 .64 .03 1.40 -.14 .21 .71 .22 .25 -.04 .17
Previously published.......... .23 .46 .43 .32 .51 .49 .78 .19 .58 .04 1.40 -.23 .33 .48 .18 .33 .09 .04
National defense.............. .15 .29 .37 .32 .46 .14 .45 .17 .59 -.15 1.46 -.31 .35 .60 .04 .41 -.16 .14
Previously published........ .15 .30 .38 .33 .46 .23 .45 .14 .54 -.11 1.49 -.36 .50 .47 .09 .45 -.03 .02
Consumption expenditures.... .13 .23 .33 .26 .45 .13 .29 .07 .67 -.19 1.35 -.34 .32 .46 .01 .39 -.26 .34
Previously published...... .13 .25 .33 .25 .45 .22 .29 .04 .63 -.16 1.39 -.40 .42 .29 .16 .38 -.20 .21
Gross investment............ .02 .06 .04 .06 .02 .01 .16 .10 -.08 .04 .11 .03 .03 .14 .02 .02 .10 -.20
Previously published...... .02 .06 .05 .08 .02 .00 .16 .11 -.09 .05 .10 .03 .09 .19 -.08 .07 .17 -.19
Nondefense.................... .08 .14 .08 .04 .05 .22 .31 .03 .05 .18 -.06 .17 -.14 .11 .19 -.16 .12 .03
Previously published........ .08 .16 .06 -.01 .05 .27 .33 .05 .04 .15 -.09 .13 -.18 .00 .10 -.12 .11 .02
Consumption expenditures.... .08 .12 .08 .04 .04 .14 .21 .11 .07 .18 -.19 .29 -.10 .11 .04 -.04 .08 .02
Previously published...... .08 .14 .05 -.03 .04 .19 .23 .12 .07 .14 -.23 .23 -.18 -.01 -.01 -.05 .08 .03
Gross investment............ .00 .02 .00 .00 .01 .07 .10 -.08 -.02 .00 .14 -.12 -.04 .00 .15 -.12 .04 .01
Previously published...... .00 .02 .01 .01 .01 .07 .10 -.07 -.03 .00 .13 -.10 .01 .01 .11 -.07 .03 -.01
State and local................. .37 .37 .08 .05 .97 .43 .12 .23 .25 -.08 -.04 .25 -.11 -.09 .21 .10 .21 .19
Previously published.......... .37 .33 .09 .05 .97 .36 .03 .21 .17 .02 -.05 .26 -.02 .00 .23 -.20 .07 -.01
Consumption expenditures.... .24 .29 .06 .04 .38 .30 .24 .17 .15 -.02 -.01 -.01 .02 .00 .07 .14 .16 .08
Previously published...... .24 .21 .07 .05 .38 .10 .16 .11 .14 .02 .04 .01 .08 .02 .00 .12 .11 .04
Gross investment............ .13 .08 .02 .01 .59 .12 -.12 .06 .10 -.07 -.03 .26 -.13 -.08 .14 -.04 .05 .11
Previously published...... .13 .12 .02 .00 .59 .26 -.13 .09 .02 .00 -.09 .25 -.10 -.02 .23 -.32 -.03 -.05
Addenda:
Goods........................... -.59 .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
Previously published.......... -.59 .41 1.41 2.38 .88 1.38 .31 1.54 -1.05 1.39 1.32 5.45 1.90 2.65 .82 2.67 1.99 1.54
Services........................ 1.30 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
Previously published.......... 1.30 1.69 1.35 1.54 1.58 1.94 2.39 1.29 1.71 .54 2.11 .67 1.77 1.76 1.30 1.59 1.71 1.75
Structures...................... .04 -.24 .31 .57 -.87 .01 -.26 -.29 .29 -.08 .76 1.28 .41 .06 1.26 .13 .23 .53
Previously published.......... .04 -.24 .29 .52 -.87 .09 -.32 -.23 .08 .00 .67 1.29 .52 .07 1.19 -.25 .14 .46
Motor vehicle output............ -.17 .39 .14 .16 .69 .53 .20 .40 .01 .00 -.09 .72 -.13 .49 -.26 .11 .29 .15
Previously published.......... -.17 .39 .19 .20 .69 .25 .35 .62 .22 -.46 .11 .84 .11 .30 -.58 .34 .86 .24
Final sales of computers........ .14 .03 .15 .15 .19 -.06 .01 .20 .11 .05 .10 .45 .09 .08 .08 .10 .36 .37
Previously published.......... .14 .08 .31 .20 .19 -.02 .10 .31 .23 .25 .28 .64 .26 .00 .00 .18 .56 .48
------------------------------------------------------------------------------------------------------------------------------------------------------------------
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]
-------------------------------------------------------------------------------------------------------------------------------
2001 2002 2003 2004 I 01 II 01 III 01 IV 01 I 02 II 02
-------------------------------------------------------------------------------------------------------------------------------
Gross domestic product.......... 10,128.0 10,469.6 10,971.2 11,734.3 10,021.5 10,128.9 10,135.1 10,226.3 10,333.3 10,426.6
Personal consumption expenditures.... 7,055.0 7,350.7 7,709.9 8,214.3 6,955.8 7,017.5 7,058.5 7,188.4 7,230.3 7,323.0
Durable goods...................... 883.7 923.9 950.1 987.8 872.1 864.7 865.1 932.8 915.2 918.9
Motor vehicles and parts......... 407.9 429.3 439.1 441.8 395.5 390.8 393.7 451.5 422.8 422.4
Furniture and household
equipment....................... 312.1 323.1 330.3 354.1 312.3 310.7 309.9 315.5 322.0 324.9
Other............................ 163.7 171.6 180.7 191.9 164.3 163.2 161.5 165.8 170.4 171.6
Nondurable goods................... 2,017.1 2,079.6 2,189.0 2,368.3 2,000.0 2,016.6 2,024.2 2,027.5 2,044.9 2,078.9
Food............................. 967.9 1,001.9 1,048.5 1,134.7 953.8 961.9 972.9 983.1 993.3 1,000.3
Clothing and shoes............... 297.7 303.5 310.8 329.0 299.8 297.1 295.0 299.0 303.6 303.8
Gasoline, fuel oil, and other
energy goods.................... 187.1 178.8 209.7 249.9 197.7 198.8 185.9 165.8 159.3 181.3
Other............................ 564.4 595.5 620.0 654.8 548.7 558.8 570.5 579.7 588.7 593.5
Services........................... 4,154.3 4,347.2 4,570.8 4,858.2 4,083.7 4,136.2 4,169.1 4,228.0 4,270.2 4,325.2
Housing.......................... 1,073.7 1,123.1 1,158.0 1,221.1 1,047.0 1,065.6 1,082.3 1,099.9 1,112.9 1,121.1
Household operation.............. 409.0 407.7 428.8 446.2 418.3 409.6 408.8 399.3 400.0 406.9
Electricity and gas............ 156.7 152.5 166.6 175.9 168.9 157.3 154.3 146.2 146.5 153.0
Other household operation...... 252.3 255.2 262.2 270.2 249.4 252.3 254.5 253.2 253.4 253.9
Transportation................... 292.8 288.4 296.8 306.9 297.4 296.1 290.7 287.1 287.7 289.0
Medical care..................... 1,113.8 1,206.2 1,299.4 1,401.1 1,079.5 1,101.0 1,125.4 1,149.4 1,169.4 1,193.4
Recreation....................... 284.1 299.1 318.0 338.8 280.5 282.6 284.9 288.6 292.3 297.0
Other............................ 980.7 1,022.7 1,069.8 1,144.1 960.9 981.2 977.0 1,003.7 1,007.9 1,017.8
Gross private domestic investment.... 1,614.3 1,582.1 1,670.4 1,928.1 1,675.3 1,647.7 1,613.0 1,521.4 1,564.1 1,571.4
Fixed investment................... 1,646.1 1,570.2 1,654.9 1,872.6 1,685.2 1,654.7 1,644.8 1,599.6 1,572.4 1,568.8
Nonresidential................... 1,176.8 1,066.3 1,082.4 1,198.8 1,229.6 1,187.1 1,167.2 1,123.2 1,085.2 1,067.8
Structures..................... 322.6 279.2 276.9 298.4 323.9 325.7 335.8 305.2 292.2 280.9
Equipment and software......... 854.2 787.1 805.6 900.4 905.7 861.4 831.4 818.1 793.0 787.0
Information processing
equipment and software...... 437.0 399.4 405.7 447.0 470.8 442.8 422.0 412.5 402.9 400.3
Computers and peripheral
equipment................. 85.4 77.2 77.6 91.6 97.3 88.3 77.5 78.4 79.7 76.4
Software................... 174.7 167.6 170.0 178.5 182.8 176.1 172.1 167.6 165.9 167.7
Other...................... 177.0 154.5 158.2 176.9 190.6 178.4 172.4 166.5 157.3 156.2
Industrial equipment......... 146.7 135.7 137.1 145.3 160.1 148.4 141.6 136.6 136.7 133.6
Transportation equipment..... 141.7 126.3 127.9 151.9 142.7 142.3 138.2 143.7 130.6 126.9
Other equipment.............. 128.8 125.7 134.8 156.2 132.2 127.9 129.6 125.3 122.8 126.1
Residential...................... 469.3 503.9 572.5 673.8 455.6 467.6 477.6 476.3 487.2 501.0
Change in private inventories...... -31.7 11.9 15.4 55.4 -9.9 -7.0 -31.8 -78.2 -8.3 2.6
Farm............................. .0 -2.5 .2 3.2 3.0 -5.1 -.3 2.3 2.8 -8.9
Nonfarm.......................... -31.7 14.4 15.2 52.2 -12.9 -1.9 -31.5 -80.5 -11.1 11.5
Net exports of goods and services.... -367.0 -424.4 -500.9 -624.0 -392.9 -361.7 -361.9 -351.6 -373.1 -416.1
Exports............................ 1,032.8 1,005.9 1,045.6 1,173.8 1,100.7 1,060.5 1,003.5 966.6 976.4 1,008.2
Goods............................ 731.2 697.6 724.3 818.1 788.9 749.8 704.5 681.7 676.7 703.4
Services......................... 301.6 308.4 321.3 355.7 311.8 310.7 299.0 284.8 299.6 304.8
Imports............................ 1,399.8 1,430.3 1,546.5 1,797.8 1,493.7 1,422.2 1,365.3 1,318.2 1,349.5 1,424.3
Goods............................ 1,167.9 1,189.3 1,283.9 1,495.9 1,258.5 1,181.2 1,135.6 1,096.5 1,115.4 1,187.8
Services......................... 231.9 241.0 262.6 301.9 235.2 241.0 229.8 221.7 234.1 236.5
Government consumption expenditures
and gross investment................ 1,825.6 1,961.1 2,091.9 2,215.9 1,783.3 1,825.4 1,825.6 1,868.2 1,912.0 1,948.3
Federal............................ 612.9 679.7 754.8 827.6 596.2 610.9 614.3 630.1 654.9 675.2
National defense................. 392.6 437.1 496.7 552.7 383.5 388.3 393.0 405.6 418.2 431.1
Consumption expenditures....... 342.4 381.7 436.6 484.2 335.8 338.0 341.4 354.3 366.8 375.4
Gross investment............... 50.2 55.4 60.1 68.5 47.6 50.3 51.6 51.2 51.4 55.7
Nondefense....................... 220.3 242.5 258.2 274.9 212.7 222.6 221.3 224.5 236.6 244.1
Consumption expenditures....... 189.5 209.9 225.3 241.4 182.6 189.9 191.3 194.1 204.5 209.6
Gross investment............... 30.8 32.7 32.8 33.4 30.1 32.7 30.1 30.4 32.1 34.5
State and local.................... 1,212.8 1,281.5 1,337.1 1,388.3 1,187.2 1,214.5 1,211.2 1,238.1 1,257.2 1,273.1
Consumption expenditures....... 969.8 1,025.3 1,074.8 1,117.7 951.7 963.6 976.6 987.1 1,001.8 1,019.4
Gross investment............... 243.0 256.1 262.3 270.6 235.4 250.9 234.6 251.0 255.4 253.7
Addenda:
Final sales of domestic product.... 10,159.7 10,457.7 10,955.8 11,678.9 10,031.4 10,136.0 10,166.9 10,304.5 10,341.6 10,424.0
Gross domestic purchases........... 10,495.0 10,894.0 11,472.1 12,358.3 10,414.4 10,490.6 10,497.0 10,577.9 10,706.4 10,842.7
Final sales to domestic purchasers. 10,526.7 10,882.1 11,456.7 12,302.9 10,424.4 10,497.7 10,528.8 10,656.1 10,714.7 10,840.1
Gross domestic product............. 10,128.0 10,469.6 10,971.2 11,734.3 10,021.5 10,128.9 10,135.1 10,226.3 10,333.3 10,426.6
Plus: Income receipts
from the rest of the world........ 322.4 305.7 343.7 415.4 361.8 337.8 306.0 284.2 294.5 307.1
Less: Income payments to
the rest of the world............. 278.8 275.0 275.6 361.7 323.0 293.2 289.3 209.6 268.3 290.5
Equals: Gross national product..... 10,171.6 10,500.2 11,039.3 11,788.0 10,060.2 10,173.5 10,151.8 10,300.9 10,359.5 10,443.3
Net domestic product............... 8,846.5 9,177.6 9,639.9 10,299.0 8,781.0 8,858.1 8,802.4 8,944.5 9,051.3 9,138.4
-------------------------------------------------------------------------------------------------------------------------------
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 02 IV 02 I 03 II 03 III 03 IV 03 I 04 II 04 III 04 IV 04 I 05 II 05
-------------------------------------------------------------------------------------------------------------------------------------------------
Gross domestic product.......... 10,527.4 10,591.1 10,717.0 10,844.6 11,087.4 11,236.0 11,457.1 11,666.1 11,818.8 11,995.2 12,198.8 12,376.2
Personal consumption expenditures.... 7,396.6 7,453.1 7,555.2 7,635.3 7,782.4 7,866.6 8,032.3 8,145.6 8,263.2 8,416.1 8,535.8 8,676.3
Durable goods...................... 940.1 921.5 919.7 942.2 974.7 963.6 974.2 974.6 993.8 1,008.6 1,017.3 1,036.6
Motor vehicles and parts......... 446.6 425.2 427.2 438.1 454.6 436.4 437.0 432.4 444.9 452.8 449.6 461.1
Furniture and household
equipment....................... 322.2 323.3 319.5 325.9 335.3 340.6 347.2 351.7 356.9 360.6 366.9 369.6
Other............................ 171.4 173.0 173.1 178.3 184.8 186.6 189.9 190.5 192.0 195.2 200.8 205.9
Nondurable goods................... 2,085.1 2,109.7 2,156.0 2,153.1 2,213.5 2,233.6 2,302.7 2,355.2 2,378.4 2,437.1 2,476.6 2,531.8
Food............................. 1,002.4 1,011.6 1,026.6 1,033.7 1,058.9 1,074.9 1,106.5 1,124.8 1,141.0 1,166.4 1,184.2 1,204.4
Clothing and shoes............... 300.2 306.5 302.8 307.0 316.1 317.3 326.7 325.7 328.3 335.2 340.5 344.9
Gasoline, fuel oil, and other
energy goods.................... 184.5 190.0 218.0 201.2 211.5 207.9 229.4 253.1 249.3 267.9 275.2 297.4
Other............................ 598.0 601.7 608.6 611.1 626.9 633.5 640.1 651.5 659.9 667.6 676.8 685.1
Services........................... 4,371.4 4,421.8 4,479.5 4,540.0 4,594.2 4,669.5 4,755.4 4,815.9 4,891.0 4,970.4 5,041.8 5,107.9
Housing.......................... 1,126.2 1,132.2 1,141.8 1,149.5 1,162.4 1,178.4 1,195.8 1,213.9 1,230.0 1,244.7 1,260.6 1,275.2
Household operation.............. 407.9 415.9 424.7 428.2 427.9 434.3 440.0 440.7 445.9 457.9 465.3 475.2
Electricity and gas............ 151.3 159.1 164.2 167.1 165.1 169.8 172.9 171.8 173.2 185.9 189.5 196.4
Other household operation...... 256.6 256.8 260.4 261.1 262.9 264.5 267.1 269.0 272.8 272.1 275.8 278.7
Transportation................... 287.7 289.4 293.0 294.9 298.4 300.8 304.8 305.6 308.0 309.2 312.3 318.6
Medical care..................... 1,218.0 1,244.0 1,265.2 1,288.6 1,308.1 1,335.9 1,360.1 1,387.1 1,415.4 1,441.6 1,470.5 1,494.1
Recreation....................... 300.3 306.6 310.2 315.6 319.4 326.6 333.9 336.1 341.0 344.3 350.3 352.9
Other............................ 1,031.2 1,033.8 1,044.6 1,063.2 1,078.0 1,093.5 1,120.8 1,132.4 1,150.7 1,172.6 1,182.8 1,191.9
Gross private domestic investment.... 1,592.9 1,600.1 1,610.0 1,619.3 1,694.2 1,757.9 1,818.2 1,928.5 1,961.2 2,004.5 2,058.5 2,044.1
Fixed investment................... 1,566.8 1,572.8 1,588.2 1,619.7 1,683.7 1,728.2 1,772.7 1,856.6 1,908.7 1,952.6 1,998.7 2,054.2
Nonresidential................... 1,061.4 1,050.7 1,048.2 1,066.8 1,098.8 1,116.0 1,140.7 1,182.7 1,219.0 1,252.9 1,280.1 1,314.1
Structures..................... 272.1 271.7 268.4 277.1 279.0 283.0 285.3 296.3 302.1 309.8 315.9 325.8
Equipment and software......... 789.3 779.0 779.8 789.7 819.8 833.0 855.3 886.5 916.9 943.1 964.3 988.3
Information processing
equipment and software...... 403.7 390.6 392.0 395.3 412.9 422.8 436.5 444.3 450.9 456.3 474.6 484.3
Computers and peripheral
equipment................. 78.1 74.8 73.9 75.0 79.1 82.3 86.6 90.0 92.3 97.5 102.7 107.8
Software................... 171.0 166.0 165.6 166.7 173.0 174.6 176.1 176.9 179.9 181.1 188.3 192.6
Other...................... 154.7 149.9 152.5 153.6 160.8 165.9 173.9 177.4 178.6 177.8 183.6 183.9
Industrial equipment......... 136.0 136.4 140.7 137.6 136.9 133.3 139.9 139.5 149.3 152.6 161.3 154.6
Transportation equipment..... 123.1 124.7 119.0 127.2 131.6 133.7 133.3 150.3 155.6 168.4 163.8 176.9
Other equipment.............. 126.5 127.3 128.1 129.5 138.4 143.3 145.6 152.4 161.0 165.8 164.6 172.5
Residential...................... 505.4 522.1 540.0 552.9 584.9 612.2 632.0 673.9 689.7 699.7 718.5 740.1
Change in private inventories...... 26.0 27.3 21.8 -.4 10.6 29.8 45.5 71.9 52.5 51.9 59.9 -10.0
Farm............................. -2.2 -1.6 3.2 -1.9 -2.5 1.9 -2.3 11.2 7.0 -3.0 -6.5 -7.8
Nonfarm.......................... 28.2 28.8 18.6 1.5 13.1 27.8 47.8 60.7 45.4 54.8 66.4 -2.2
Net exports of goods and services.... -433.8 -474.6 -502.6 -500.6 -495.3 -505.0 -559.6 -613.1 -638.0 -685.4 -697.5 -679.8
Exports............................ 1,022.9 1,016.2 1,018.8 1,016.1 1,046.6 1,101.1 1,130.8 1,163.3 1,183.8 1,217.1 1,253.2 1,302.5
Goods............................ 713.0 697.1 705.8 708.6 723.1 759.8 786.1 811.5 829.7 845.0 865.4 902.0
Services......................... 309.9 319.1 313.0 307.5 323.5 341.3 344.7 351.8 354.1 372.1 387.7 400.5
Imports............................ 1,456.7 1,490.8 1,521.4 1,516.6 1,541.9 1,606.1 1,690.3 1,776.4 1,821.8 1,902.5 1,950.6 1,982.3
Goods............................ 1,214.5 1,239.7 1,266.8 1,264.3 1,275.0 1,329.5 1,401.9 1,478.3 1,515.0 1,588.4 1,627.6 1,652.9
Services......................... 242.2 251.1 254.6 252.3 266.9 276.6 288.5 298.1 306.8 314.1 323.0 329.3
Government consumption expenditures
and gross investment................ 1,971.8 2,012.5 2,054.4 2,090.5 2,106.2 2,116.5 2,166.2 2,205.0 2,232.5 2,260.0 2,302.0 2,335.5
Federal............................ 682.0 706.6 724.0 763.4 761.8 770.0 808.3 824.6 836.5 840.8 860.2 867.7
National defense................. 438.0 461.1 467.2 507.2 500.3 512.0 538.7 547.2 562.9 562.0 575.3 580.3
Consumption expenditures....... 379.8 404.8 409.9 447.0 439.4 450.0 472.5 479.6 494.6 490.1 508.9 512.1
Gross investment............... 58.3 56.3 57.3 60.2 61.0 61.9 66.2 67.6 68.3 71.9 66.4 68.1
Nondefense....................... 243.9 245.5 256.8 256.3 261.5 258.0 269.6 277.4 273.6 278.8 285.0 287.4
Consumption expenditures....... 211.6 213.7 224.9 220.6 229.0 226.8 238.1 241.5 241.1 245.1 250.7 250.9
Gross investment............... 32.3 31.8 32.0 35.7 32.4 31.2 31.5 35.9 32.5 33.8 34.3 36.6
State and local.................... 1,289.8 1,305.9 1,330.4 1,327.1 1,344.4 1,346.5 1,357.9 1,380.4 1,395.9 1,419.1 1,441.7 1,467.8
Consumption expenditures....... 1,033.6 1,046.7 1,070.8 1,067.8 1,077.7 1,082.9 1,095.1 1,108.9 1,123.9 1,143.1 1,159.0 1,175.9
Gross investment............... 256.2 259.3 259.7 259.3 266.7 263.6 262.8 271.5 272.1 276.1 282.7 292.0
Addenda:
Final sales of domestic product.... 10,501.4 10,563.9 10,695.2 10,845.0 11,076.9 11,206.2 11,411.6 11,594.2 11,766.3 11,943.3 12,138.9 12,386.2
Gross domestic purchases........... 10,961.2 11,065.7 11,219.6 11,345.2 11,582.8 11,741.1 12,016.7 12,279.1 12,456.8 12,680.6 12,896.3 13,055.9
Final sales to domestic purchasers. 10,935.2 11,038.4 11,197.8 11,345.6 11,572.2 11,711.3 11,971.1 12,207.3 12,404.4 12,628.7 12,836.4 13,066.0
Gross domestic product............. 10,527.4 10,591.1 10,717.0 10,844.6 11,087.4 11,236.0 11,457.1 11,666.1 11,818.8 11,995.2 12,198.8 12,376.2
Plus: Income receipts
from the rest of the world........ 317.7 303.3 316.5 329.1 344.3 384.9 380.0 401.2 418.1 462.4 462.3 .....
Less: Income payments to
the rest of the world............. 288.1 253.3 271.5 262.2 277.0 291.7 297.0 354.5 369.6 425.6 422.9 .....
Equals: Gross national product..... 10,557.0 10,641.1 10,761.9 10,911.4 11,154.8 11,329.2 11,540.1 11,712.8 11,867.3 12,032.0 12,238.2 .....
Net domestic product............... 9,232.5 9,288.4 9,405.1 9,520.7 9,750.3 9,883.6 10,086.0 10,272.2 10,284.7 10,553.2 10,750.4 10,920.1
-------------------------------------------------------------------------------------------------------------------------------------------------
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]
-------------------------------------------------------------------------------------------------------------------------------
2001 2002 2003 2004 I 01 II 01 III 01 IV 01 I 02 II 02
-------------------------------------------------------------------------------------------------------------------------------
Gross domestic product.......... 9,890.7 10,048.8 10,320.6 10,755.7 9,875.6 9,905.9 9,871.1 9,910.0 9,977.3 10,031.6
Personal consumption expenditures.... 6,910.4 7,099.3 7,306.6 7,588.6 6,853.1 6,870.3 6,900.5 7,017.6 7,042.2 7,083.5
Durable goods...................... 900.7 964.8 1,028.5 1,089.9 879.5 878.9 885.6 958.7 948.4 956.9
Motor vehicles and parts......... 405.8 429.0 449.7 457.0 392.6 388.6 392.7 449.4 422.1 422.5
Furniture and household
equipment....................... 331.8 364.3 396.3 442.9 323.8 328.1 332.2 343.0 356.9 363.5
Other............................ 163.2 172.4 184.5 195.8 163.3 162.6 161.2 165.6 170.3 172.1
Nondurable goods................... 1,986.7 2,037.1 2,101.8 2,200.4 1,975.2 1,974.7 1,986.5 2,010.3 2,026.8 2,033.4
Food............................. 940.2 954.6 980.1 1,029.1 937.1 938.3 940.6 945.0 950.2 954.5
Clothing and shoes............... 303.7 318.3 334.1 355.0 300.5 301.8 302.9 309.8 315.9 317.0
Gasoline, fuel oil, and other
energy goods.................... 193.4 197.4 198.7 201.4 196.4 188.4 191.1 197.7 195.9 197.6
Other............................ 549.2 567.1 589.6 616.7 540.8 546.0 551.7 558.4 565.0 564.6
Services........................... 4,023.2 4,100.4 4,183.9 4,310.9 3,997.9 4,016.0 4,027.8 4,051.2 4,069.4 4,095.7
Housing.......................... 1,033.7 1,042.1 1,048.4 1,078.4 1,024.4 1,031.2 1,036.5 1,042.8 1,044.4 1,043.7
Household operation.............. 391.0 393.2 398.2 405.6 397.6 389.5 390.3 386.6 388.0 395.1
Electricity and gas............ 140.9 144.9 146.8 149.2 148.5 138.8 138.9 137.3 139.8 145.8
Other household operation...... 250.2 248.3 251.3 256.3 248.8 251.0 251.6 249.4 248.3 249.2
Transportation................... 288.0 280.2 280.1 283.4 292.9 291.5 285.9 281.6 281.9 281.0
Medical care..................... 1,075.2 1,136.6 1,184.9 1,233.5 1,053.5 1,065.7 1,082.7 1,099.1 1,113.5 1,129.9
Recreation....................... 274.9 281.2 291.1 302.4 274.7 274.1 274.5 276.2 278.5 280.1
Other............................ 960.3 966.6 980.7 1,006.7 954.6 964.2 957.8 964.6 962.7 965.5
Gross private domestic investment.... 1,598.4 1,557.1 1,617.4 1,809.8 1,670.3 1,637.4 1,592.6 1,493.4 1,541.7 1,549.0
Fixed investment................... 1,629.4 1,544.6 1,600.0 1,755.1 1,678.2 1,640.5 1,621.9 1,577.0 1,551.5 1,545.9
Nonresidential................... 1,180.5 1,071.5 1,085.0 1,186.7 1,234.4 1,190.2 1,169.3 1,128.2 1,090.3 1,073.3
Structures..................... 306.1 253.8 243.1 248.4 313.8 310.6 315.1 284.9 270.3 256.4
Equipment and software......... 874.2 820.2 846.8 947.6 920.8 879.2 852.9 843.8 820.9 819.0
Information processing
equipment and software...... 459.0 437.4 459.7 522.4 485.7 461.4 447.3 441.7 435.0 437.1
Computers and peripheral
equipment................. ..... ..... ..... ..... ..... ..... ..... ..... ..... .....
Software................... 173.8 169.7 175.7 188.8 181.4 174.1 172.3 167.4 166.3 170.2
Other...................... 181.7 161.1 166.2 188.9 193.7 182.9 177.8 172.2 162.9 162.6
Industrial equipment......... 145.7 134.5 134.9 139.4 159.3 147.3 140.6 135.4 135.8 132.7
Transportation equipment..... 142.8 126.0 123.1 138.7 145.3 144.5 137.6 144.0 130.4 126.1
Other equipment.............. 126.9 122.9 130.7 150.0 130.9 126.3 127.6 122.8 120.3 123.8
Residential...................... 448.5 469.9 509.4 561.8 444.0 450.1 452.1 447.8 459.0 469.5
Change in private inventories...... -31.7 12.5 15.5 52.0 -7.8 -2.5 -29.9 -86.7 -10.2 2.6
Farm............................. .0 -2.5 .2 2.3 5.5 -1.3 1.0 -5.1 .9 -9.4
Nonfarm.......................... -31.8 15.2 15.5 49.9 -13.5 -1.1 -31.1 -81.7 -11.1 12.4
Net exports of goods and services.... -399.1 -471.3 -521.4 -601.3 -398.2 -385.2 -398.4 -414.5 -441.3 -458.9
Exports............................ 1,036.7 1,013.3 1,031.2 1,117.9 1,097.2 1,060.6 1,008.7 980.3 992.8 1,018.0
Goods............................ 736.3 707.0 719.7 783.6 787.8 751.7 710.9 694.7 691.8 715.2
Services......................... 300.4 306.0 311.2 334.1 309.4 308.9 297.7 285.6 300.7 302.7
Imports............................ 1,435.8 1,484.6 1,552.6 1,719.2 1,495.4 1,445.8 1,407.1 1,394.9 1,434.0 1,476.9
Goods............................ 1,204.1 1,248.2 1,309.2 1,452.7 1,261.6 1,204.7 1,177.9 1,172.1 1,198.2 1,243.4
Services......................... 231.6 236.5 243.7 267.1 233.7 240.9 229.0 222.8 235.4 233.6
Government consumption expenditures
and gross investment................ 1,780.3 1,858.8 1,911.1 1,952.3 1,749.6 1,783.0 1,776.1 1,812.7 1,832.0 1,853.4
Federal............................ 601.4 643.4 687.8 723.7 588.5 601.4 601.5 614.2 623.2 641.7
National defense................. 384.9 413.2 449.7 481.3 377.9 381.9 384.1 395.6 399.2 410.2
Consumption expenditures....... 334.1 356.7 388.5 413.3 329.8 331.3 332.1 343.1 346.5 353.5
Gross investment............... 50.8 56.7 61.3 68.5 48.0 50.6 52.1 52.5 52.7 57.0
Nondefense....................... 216.5 230.2 238.0 242.2 210.6 219.5 217.3 218.6 224.0 231.5
Consumption expenditures....... 185.8 197.3 204.8 208.6 180.6 187.1 187.3 188.2 191.8 196.9
Gross investment............... 30.7 32.9 33.1 33.4 30.1 32.5 30.0 30.4 32.2 34.7
State and local.................... 1,179.0 1,215.4 1,223.3 1,228.4 1,161.1 1,181.6 1,174.6 1,198.5 1,208.9 1,211.8
Consumption expenditures....... 941.2 969.4 975.2 979.5 929.6 935.6 945.2 954.5 961.9 967.8
Gross investment............... 237.8 246.1 248.2 248.9 231.5 246.2 229.4 244.0 247.0 244.0
Residual............................. 1.2 -1.1 -6.2 -26.8 .7 -.9 3.3 1.4 -1.8 -.2
Addenda:
Final sales of domestic product.... 9,920.9 10,036.5 10,303.6 10,702.4 9,883.2 9,908.7 9,899.9 9,992.3 9,986.8 10,028.4
Gross domestic purchases........... 10,290.1 10,517.7 10,837.3 11,348.7 10,273.2 10,291.3 10,270.1 10,325.6 10,418.0 10,488.5
Final sales to domestic purchasers. 10,320.5 10,505.3 10,820.1 11,295.3 10,280.8 10,294.2 10,299.1 10,408.4 10,427.5 10,485.3
Gross domestic product............. 9,890.7 10,048.8 10,320.6 10,755.7 9,875.6 9,905.9 9,871.1 9,910.0 9,977.3 10,031.6
Plus: Income receipts
from the rest of the world........ 316.1 295.2 325.2 383.7 356.6 331.1 299.2 277.5 286.6 297.2
Less: Income payments to
the rest of the world............. 273.2 265.1 260.5 333.5 318.7 287.1 282.6 204.3 259.8 280.3
Equals: Gross national product..... 9,933.6 10,079.0 10,385.2 10,805.7 9,913.6 9,949.8 9,887.7 9,983.1 10,004.1 10,048.6
Net domestic product............... 8,616.2 8,761.8 9,001.0 9,365.5 8,640.8 8,642.1 8,547.2 8,634.8 8,700.2 8,747.8
-------------------------------------------------------------------------------------------------------------------------------
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 02 IV 02 I 03 II 03 III 03 IV 03 I 04 II 04 III 04 IV 04 I 05 II 05
-------------------------------------------------------------------------------------------------------------------------------------------------
Gross domestic product.......... 10,090.7 10,095.8 10,138.6 10,230.4 10,410.9 10,502.6 10,612.5 10,704.1 10,808.9 10,897.1 10,999.3 11,092.0
Personal consumption expenditures.... 7,123.2 7,148.2 7,192.2 7,256.8 7,360.7 7,416.4 7,501.4 7,536.6 7,617.5 7,698.8 7,764.9 7,828.3
Durable goods...................... 983.4 970.4 979.1 1,014.0 1,061.0 1,060.0 1,071.6 1,072.5 1,100.4 1,115.1 1,122.3 1,144.9
Motor vehicles and parts......... 445.6 425.9 431.6 445.9 466.8 454.4 453.9 448.1 461.4 464.6 455.0 465.9
Furniture and household
equipment....................... 365.2 371.6 372.5 387.4 407.5 417.7 428.4 437.1 449.2 456.8 469.2 475.3
Other............................ 172.7 174.4 176.1 182.2 188.5 191.3 193.7 193.1 196.0 200.2 206.5 211.7
Nondurable goods................... 2,035.0 2,053.1 2,069.5 2,079.1 2,121.2 2,137.3 2,171.9 2,186.1 2,206.9 2,236.5 2,265.6 2,283.9
Food............................. 954.4 959.5 969.2 970.5 987.7 992.8 1,015.5 1,022.5 1,030.9 1,047.4 1,060.9 1,069.8
Clothing and shoes............... 315.7 324.4 323.4 331.1 340.4 341.5 352.6 349.7 354.9 363.0 367.9 374.4
Gasoline, fuel oil, and other
energy goods.................... 198.7 197.5 197.4 196.4 199.5 201.4 200.3 201.0 201.3 203.0 207.7 206.0
Other............................ 566.5 572.2 579.5 581.8 594.5 602.5 605.3 614.1 621.7 625.5 631.2 637.2
Services........................... 4,109.0 4,127.4 4,146.5 4,169.7 4,190.2 4,229.4 4,269.0 4,288.6 4,324.0 4,362.1 4,392.0 4,417.4
Housing.......................... 1,041.0 1,039.3 1,041.3 1,044.5 1,050.1 1,057.7 1,067.6 1,074.6 1,081.9 1,089.5 1,095.6 1,101.3
Household operation.............. 392.4 397.3 397.9 396.4 395.9 402.4 404.2 402.3 403.5 412.4 414.3 417.1
Electricity and gas............ 144.1 149.8 148.6 145.5 143.8 149.2 149.7 146.9 145.6 154.7 155.2 156.4
Other household operation...... 248.3 247.3 249.1 250.9 252.2 252.9 254.3 255.5 258.2 257.3 258.8 260.3
Transportation................... 279.1 279.0 280.6 279.4 280.0 280.4 283.8 283.5 283.4 283.0 284.6 286.3
Medical care..................... 1,144.4 1,158.8 1,169.8 1,180.1 1,187.6 1,202.2 1,211.4 1,225.5 1,241.6 1,255.4 1,269.1 1,281.0
Recreation....................... 281.1 285.1 286.1 289.8 291.5 296.8 301.1 301.1 303.6 304.1 307.7 308.2
Other............................ 970.5 967.6 970.2 979.0 984.4 989.2 1,000.2 1,000.7 1,009.0 1,016.6 1,019.5 1,022.4
Gross private domestic investment.... 1,570.9 1,567.0 1,565.3 1,575.8 1,640.6 1,687.9 1,729.1 1,813.0 1,833.4 1,863.9 1,902.9 1,879.0
Fixed investment................... 1,543.2 1,537.8 1,540.9 1,573.7 1,629.0 1,656.3 1,684.4 1,744.5 1,780.2 1,811.3 1,842.2 1,883.6
Nonresidential................... 1,068.0 1,054.5 1,051.6 1,072.9 1,101.8 1,113.7 1,135.1 1,171.6 1,204.8 1,235.1 1,252.2 1,279.5
Structures..................... 245.8 242.5 237.3 244.8 244.7 245.5 243.4 248.5 249.4 252.3 251.0 253.0
Equipment and software......... 825.7 815.4 818.7 832.0 862.4 874.0 899.1 931.4 965.6 994.2 1,014.2 1,041.1
Information processing
equipment and software...... 444.2 433.3 439.4 445.3 469.0 485.3 504.8 517.4 527.9 539.7 565.1 581.4
Computers and peripheral
equipment................. ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... .....
Software................... 173.4 168.7 169.8 171.0 178.9 183.2 185.5 186.9 190.0 192.8 199.8 203.8
Other...................... 161.7 157.1 159.7 161.1 169.1 174.9 184.7 189.5 191.1 190.3 196.3 197.0
Industrial equipment......... 134.7 134.9 138.8 135.6 134.5 130.7 135.9 134.4 142.8 144.5 150.9 142.9
Transportation equipment..... 124.1 123.5 116.7 126.3 126.6 122.6 121.9 136.7 142.8 153.3 148.8 162.1
Other equipment.............. 123.6 124.1 124.5 125.5 134.0 138.8 141.3 146.4 154.3 158.0 153.9 159.5
Residential...................... 471.8 479.3 484.8 496.0 521.2 535.7 542.4 565.1 568.8 571.0 584.1 597.9
Change in private inventories...... 28.0 29.5 24.0 -.4 9.3 29.0 41.9 65.6 50.4 50.1 58.2 -6.4
Farm............................. -1.1 -.2 4.2 -1.4 -3.1 1.2 -3.5 6.7 6.3 -.2 -2.3 -3.6
Nonfarm.......................... 29.3 29.9 19.7 1.0 13.0 28.1 46.8 58.5 43.7 50.8 61.8 -2.1
Net exports of goods and services.... -472.2 -513.0 -510.7 -528.4 -516.2 -530.2 -563.0 -601.7 -606.5 -634.1 -645.4 -601.3
Exports............................ 1,025.2 1,017.2 1,009.7 1,004.5 1,032.2 1,078.4 1,091.8 1,110.2 1,125.0 1,144.5 1,165.3 1,200.3
Goods............................ 719.0 702.1 704.7 704.7 720.3 749.3 763.1 777.7 793.1 800.3 810.7 838.6
Services......................... 306.1 314.7 304.8 299.6 311.7 328.8 328.5 332.3 331.8 344.0 354.3 361.5
Imports............................ 1,497.4 1,530.2 1,520.4 1,532.9 1,548.4 1,608.6 1,654.8 1,711.9 1,731.5 1,778.6 1,810.7 1,801.6
Goods............................ 1,263.1 1,287.9 1,279.4 1,299.1 1,302.1 1,356.3 1,396.6 1,445.2 1,461.9 1,507.3 1,537.3 1,522.8
Services......................... 234.6 242.4 241.1 234.7 246.3 252.7 258.8 267.2 270.2 272.3 274.8 279.6
Government consumption expenditures
and gross investment................ 1,863.9 1,885.8 1,884.4 1,917.5 1,920.1 1,922.6 1,938.4 1,949.5 1,958.4 1,962.8 1,971.9 1,981.6
Federal............................ 646.5 662.3 662.8 696.8 693.2 698.5 716.5 722.2 728.6 727.6 731.8 734.2
National defense................. 414.4 428.9 425.0 460.1 452.5 461.2 476.4 477.4 487.7 483.7 487.3 489.8
Consumption expenditures....... 355.2 371.5 366.7 398.7 390.5 398.2 409.7 410.1 419.8 413.4 421.9 422.7
Gross investment............... 59.6 57.4 58.5 61.4 62.2 63.1 67.1 67.7 68.2 71.2 65.3 67.2
Nondefense....................... 232.2 233.4 237.9 236.4 240.6 237.0 239.9 244.6 240.6 243.6 244.3 244.2
Consumption expenditures....... 199.5 201.2 205.5 200.7 207.7 205.2 207.9 208.8 207.9 209.9 210.4 208.4
Gross investment............... 32.6 32.1 32.2 35.9 32.7 31.6 31.7 36.0 32.5 33.6 33.8 36.0
State and local.................... 1,217.5 1,223.6 1,221.6 1,220.7 1,226.8 1,224.1 1,221.8 1,227.1 1,229.6 1,235.0 1,239.8 1,247.2
Consumption expenditures....... 972.0 975.7 975.3 975.1 974.8 975.4 975.3 977.2 980.7 984.8 986.8 988.7
Gross investment............... 245.5 247.9 246.3 245.5 252.2 248.7 246.4 250.1 249.0 250.3 253.2 258.8
Residual............................. -3.3 1.0 1.2 .8 -12.4 -13.1 -20.7 -20.5 -28.8 -37.5 -48.0 -61.1
Addenda:
Final sales of domestic product.... 10,063.5 10,067.3 10,114.7 10,228.2 10,399.5 10,471.8 10,568.9 10,637.4 10,757.1 10,846.0 10,940.3 11,096.8
Gross domestic purchases........... 10,560.4 10,604.1 10,644.7 10,753.8 10,923.1 11,027.6 11,168.8 11,297.4 11,407.0 11,522.0 11,635.4 11,685.0
Final sales to domestic purchasers. 10,533.1 10,575.4 10,620.8 10,751.6 10,911.6 10,996.6 11,125.1 11,230.4 11,354.9 11,470.7 11,576.2 11,689.6
Gross domestic product............. 10,090.7 10,095.8 10,138.6 10,230.4 10,410.9 10,502.6 10,612.5 10,704.1 10,808.9 10,897.1 10,999.3 11,092.0
Plus: Income receipts
from the rest of the world........ 306.2 291.0 300.6 312.3 325.4 362.4 354.8 371.4 385.3 423.2 420.4 .....
Less: Income payments to
the rest of the world............. 277.3 243.1 257.2 248.5 261.5 274.6 277.5 327.8 340.0 388.5 383.3 .....
Equals: Gross national product..... 10,119.7 10,143.8 10,182.0 10,294.1 10,474.7 10,590.0 10,689.5 10,747.7 10,854.1 10,931.8 11,036.3 .....
Net domestic product............... 8,800.3 8,798.7 8,833.1 8,916.1 9,086.6 9,168.1 9,267.6 9,347.4 9,332.7 9,514.2 9,608.3 9,692.5
-------------------------------------------------------------------------------------------------------------------------------------------------
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]
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
2001 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
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
Gross domestic product (GDP). 2.4 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 2.4
Personal consumption expenditures... 2.1 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
Durable goods..................... -1.9 -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
Nondurable goods.................. 1.5 .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 5.8
Services.......................... 3.3 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
Gross private domestic investment... 1.0 .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 2.0
Fixed investment.................. 1.0 .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 2.1
Nonresidential.................. -.3 -.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 1.8
Structures.................... 5.4 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 9.7
Equipment and software........ -2.3 -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 -.6
Residential..................... 4.6 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 2.5
Change in private inventories..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... .....
Net exports of goods and services... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... .....
Exports........................... -.4 -.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
Goods........................... -.7 -.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 3.1
Services........................ .4 .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 5.1
Imports........................... -2.5 -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 8.8
Goods........................... -3.0 -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 10.5
Services........................ .1 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 .8
Government consumption expenditures
and gross investment............... 2.5 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 3.9
Federal........................... 1.9 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 2.2
National defense................ 2.0 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 1.5
Nondefense...................... 1.7 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 3.7
State and local................... 2.9 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 4.9
Addenda:
Final sales of domestic product... 2.4 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 2.4
Gross domestic purchases.......... 2.0 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 3.2
Final sales to domestic
purchasers....................... 2.0 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 3.2
Gross national product (GNP)...... 2.4 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 .....
Implicit price deflators:
GDP............................. 2.4 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 2.4
Gross domestic purchases........ 2.0 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
GNP............................. 2.4 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 .....
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
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]
------------------------------------------------------------------------------------------------------------------------------------------------------------------
2001 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
------------------------------------------------------------------------------------------------------------------------------------------------------------------
Gross domestic product (GDP). 2.4 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
Previously published....... 2.4 1.7 1.8 2.2 1.7 1.4 1.5 1.7 2.0 2.7 1.1 1.4 1.6 2.8 3.2 1.4 2.3 2.9
Personal consumption expenditures... 2.1 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
Previously published.............. 2.1 1.4 1.9 2.2 .6 .9 2.9 2.0 1.4 3.2 .7 1.6 1.2 3.3 3.1 1.3 2.7 1.9
Durable goods..................... -1.9 -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
Previously published............ -1.9 -2.7 -3.4 -2.0 -1.6 -3.8 -2.5 -2.1 -2.8 -3.7 -3.8 -4.4 -4.3 .0 -.1 -3.1 .1 .9
Nondurable goods.................. 1.5 .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
Previously published............ 1.5 .6 2.0 3.3 -4.0 .0 5.4 1.3 1.2 5.1 -2.2 3.5 .5 5.3 6.6 .9 4.7 1.3
Services.......................... 3.3 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
Previously published............ 3.3 2.7 3.0 2.5 3.3 2.3 2.8 3.2 2.4 3.8 3.1 2.0 2.7 3.0 2.1 2.3 2.2 2.5
Gross private domestic investment... 1.0 .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
Previously published.............. 1.0 .2 1.1 2.5 .2 -1.0 -.1 -.5 2.6 1.4 -.1 1.2 2.7 2.1 4.4 2.9 2.4 2.0
Fixed investment.................. 1.0 .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
Previously published............ 1.0 .2 1.2 2.5 .1 -1.1 -.1 -.4 2.7 1.9 -.3 1.2 2.8 2.0 4.3 3.0 2.4 1.9
Nonresidential.................. -.3 -.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
Previously published.......... -.3 -.8 -.4 .8 -1.0 -1.3 -1.1 -1.3 .6 -.5 -1.3 .3 1.2 .3 1.7 .9 1.6 2.4
Structures.................... 5.4 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
Previously published........ 5.4 2.4 2.1 4.9 2.1 .0 2.1 1.6 3.0 3.9 .0 1.3 1.4 4.8 7.6 9.8 10.9 9.6
Equipment and software........ -2.3 -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
Previously published........ -2.3 -1.9 -1.2 -.4 -2.2 -1.7 -2.2 -2.2 -.1 -1.9 -1.7 .0 1.2 -1.1 .1 -1.6 -.9 .4
Residential..................... 4.6 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
Previously published.......... 4.6 2.5 4.4 5.7 2.8 -.8 2.1 1.6 7.1 6.8 1.7 3.1 5.8 5.4 9.1 6.8 3.8 1.1
Change in private inventories..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... .....
Net exports of goods and services... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... .....
Exports........................... -.4 -.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
Previously published............ -.4 -.4 2.1 3.5 -3.5 -1.2 3.0 3.0 .4 4.1 1.0 .8 3.2 5.7 4.6 1.6 3.9 4.3
Goods........................... -.7 -.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
Previously published.......... -.7 -.7 2.0 3.8 -3.8 -1.4 2.2 3.3 .5 3.5 1.6 -.6 4.2 6.4 5.3 1.2 3.9 4.5
Services........................ .4 .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
Previously published.......... .4 .4 2.4 2.8 -2.8 -.6 4.8 2.4 .3 5.4 -.6 4.0 .9 4.0 3.2 2.7 3.9 3.9
Imports........................... -2.5 -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
Previously published............ -2.5 -1.2 3.4 4.9 -10.0 -1.9 10.5 3.4 .5 11.3 -4.3 2.6 .9 9.6 6.4 5.1 7.7 2.3
Goods........................... -3.0 -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
Previously published.......... -3.0 -1.8 2.9 4.9 -11.3 -2.0 10.8 2.6 .4 12.0 -6.7 2.4 .4 9.9 7.8 5.2 7.1 1.9
Services........................ .1 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
Previously published.......... .1 1.7 5.9 4.9 -3.3 -1.2 8.8 7.7 .9 7.9 8.4 3.6 3.5 8.3 -.5 5.0 10.9 5.0
Government consumption expenditures
and gross investment............... 2.5 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
Previously published............. 2.5 2.7 3.2 3.2 1.1 4.2 3.1 2.7 3.3 7.4 -.5 2.2 1.0 5.1 4.3 3.6 4.2 6.3
Federal........................... 1.9 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
Previously published............ 1.9 3.3 3.6 2.9 1.8 7.4 1.4 1.8 5.1 8.5 .3 1.1 1.0 6.6 3.0 1.7 2.3 8.1
National defense................ 2.0 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
Previously published.......... 2.0 3.4 4.2 2.8 .8 7.1 1.6 2.9 7.7 8.6 -.3 1.1 1.3 5.7 3.5 1.9 2.4 8.1
Nondefense...................... 1.7 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
Previously published.......... 1.7 3.1 2.6 3.0 3.4 8.0 1.1 -.2 .5 8.2 1.4 1.0 .3 8.3 1.9 1.3 2.2 8.1
State and local................... 2.9 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
Previously published............ 2.9 2.4 3.0 3.4 .8 2.5 4.0 3.2 2.4 6.8 -1.0 2.9 1.0 4.2 5.2 4.7 5.3 5.2
Addenda:
Final sales of domestic product... 2.4 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
Previously published............ 2.4 1.7 1.8 2.2 1.7 1.3 1.5 1.7 2.0 2.8 1.1 1.4 1.6 2.7 3.2 1.4 2.3 2.9
Gross domestic purchases.......... 2.0 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
Previously published............ 2.0 1.5 2.0 2.4 .6 1.2 2.5 1.8 1.9 3.7 .4 1.7 1.4 3.4 3.5 1.9 2.9 2.7
Final sales to domestic
purchasers....................... 2.0 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
Previously published........... 2.0 1.5 2.0 2.4 .6 1.1 2.5 1.8 1.9 3.8 .3 1.7 1.4 3.4 3.5 1.9 2.9 2.7
Gross national product (GNP)...... 2.4 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
Previously published............ 2.4 1.6 1.8 2.2 1.7 1.3 1.5 1.7 2.0 2.7 1.1 1.5 1.6 2.8 3.2 1.4 2.3 2.9
Implicit price deflators:
GDP............................. 2.4 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
Previously published.......... 2.4 1.7 1.8 2.1 2.0 1.0 1.8 1.3 2.0 2.9 1.1 1.3 1.4 2.7 3.2 1.4 2.3 2.9
Gross domestic purchases........ 2.0 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
Previously published.......... 2.0 1.5 2.0 2.4 .9 .8 2.8 1.4 1.9 3.9 .4 1.6 1.2 3.4 3.5 2.0 2.9 2.6
GNP............................. 2.4 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
Previously published.......... 2.4 1.6 1.8 2.1 2.0 1.0 1.8 1.3 2.0 2.9 1.1 1.3 1.4 2.7 3.2 1.5 2.3 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]
---------------------------------------------------------------------------------------------------------------------------
2001 2002 2003 2004 I 01 II 01 III 01 IV 01 I 02 II 02
---------------------------------------------------------------------------------------------------------------------------
Gross domestic product............. 100.751 102.362 105.130 109.562 100.597 100.906 100.551 100.948 101.633 102.186
Personal consumption expenditures.......... 102.537 105.340 108.416 112.601 101.687 101.942 102.391 104.128 104.494 105.106
Durable goods............................ 104.327 111.752 119.134 126.245 101.877 101.802 102.576 111.051 109.858 110.840
Nondurable goods......................... 102.027 104.614 107.938 113.000 101.438 101.409 102.018 103.242 104.085 104.426
Services................................. 102.403 104.366 106.493 109.725 101.758 102.218 102.519 103.114 103.579 104.247
Gross private domestic investment.......... 92.103 89.724 93.195 104.286 96.245 94.350 91.768 86.051 88.835 89.255
Fixed investment......................... 97.047 91.997 95.297 104.534 99.953 97.709 96.603 93.924 92.405 92.076
Nonresidential......................... 95.817 86.969 88.063 96.314 100.192 96.600 94.908 91.569 88.489 87.116
Structures........................... 97.737 81.029 77.621 79.314 100.191 99.168 100.621 90.968 86.299 81.879
Equipment and software............... 95.136 89.265 92.154 103.126 100.210 95.683 92.820 91.831 89.335 89.130
Residential............................ 100.357 105.149 113.989 125.714 99.342 100.714 101.166 100.206 102.707 105.066
Change in private inventories............ ..... ..... ..... ..... ..... ..... ..... ..... ..... .....
Exports of goods and services.............. 94.565 92.430 94.064 101.970 100.083 96.748 92.009 89.422 90.557 92.858
Imports of goods and services.............. 97.291 100.601 105.205 116.495 101.330 97.972 95.345 94.518 97.172 100.078
Government consumption expenditures and
gross investment.......................... 103.412 107.969 111.009 113.398 101.628 103.567 103.164 105.289 106.411 107.658
Federal.................................. 103.908 111.169 118.839 125.038 101.679 103.910 103.920 106.124 107.667 110.873
State and local.......................... 103.162 106.354 107.042 107.487 101.601 103.394 102.784 104.869 105.782 106.033
Addenda:
Final sales of domestic product.......... 101.644 102.828 105.564 109.650 101.257 101.519 101.428 102.375 102.319 102.745
Gross domestic purchases................. 100.918 103.151 106.285 111.301 100.753 100.930 100.722 101.267 102.173 102.864
Final sales to domestic purchasers....... 101.781 103.603 106.708 111.394 101.389 101.521 101.569 102.647 102.836 103.406
Gross national product................... 100.788 102.264 105.370 109.637 100.585 100.953 100.323 101.291 101.504 101.955
---------------------------------------------------------------------------------------------------------------------------
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 02 IV 02 I 03 II 03 III 03 IV 03 I 04 II 04 III 04 IV 04 I 05 II 05
-------------------------------------------------------------------------------------------------------------------------------------------
Gross domestic product............. 102.788 102.840 103.276 104.211 106.050 106.984 108.104 109.037 110.104 111.003 112.044 112.988
Personal consumption expenditures.......... 105.695 106.066 106.719 107.678 109.219 110.046 111.307 111.829 113.030 114.236 115.217 116.157
Durable goods............................ 113.908 112.404 113.407 117.456 122.891 122.784 124.119 124.231 127.463 129.166 129.999 132.619
Nondurable goods......................... 104.507 105.439 106.282 106.775 108.934 109.762 111.540 112.267 113.337 114.857 116.351 117.291
Services................................. 104.585 105.055 105.539 106.131 106.652 107.649 108.657 109.156 110.059 111.027 111.789 112.435
Gross private domestic investment.......... 90.517 90.290 90.194 90.798 94.533 97.257 99.632 104.469 105.644 107.398 109.645 108.270
Fixed investment......................... 91.914 91.593 91.779 93.732 97.023 98.652 100.323 103.905 106.027 107.880 109.722 112.190
Nonresidential......................... 86.687 85.584 85.353 87.082 89.423 90.394 92.126 95.095 97.790 100.246 101.633 103.853
Structures........................... 78.500 77.438 75.763 78.173 78.146 78.400 77.704 79.361 79.635 80.554 80.145 80.768
Equipment and software............... 89.855 88.739 89.097 90.549 93.852 95.117 97.851 101.364 105.087 108.201 110.376 113.301
Residential............................ 105.582 107.242 108.474 110.989 116.631 119.861 121.376 126.441 127.267 127.772 130.695 133.790
Change in private inventories............ ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... .....
Exports of goods and services.............. 93.520 92.784 92.103 91.624 94.159 98.373 99.591 101.269 102.622 104.398 106.295 109.487
Imports of goods and services.............. 101.467 103.688 103.023 103.872 104.923 109.003 112.134 115.999 117.328 120.518 122.698 122.078
Government consumption expenditures and
gross investment.......................... 108.266 109.539 109.454 111.378 111.528 111.675 112.595 113.236 113.753 114.008 114.537 115.101
Federal.................................. 111.700 114.438 114.521 120.383 119.770 120.680 123.791 124.774 125.881 125.704 126.446 126.856
State and local.......................... 106.532 107.067 106.895 106.814 107.351 107.109 106.911 107.377 107.592 108.069 108.489 109.131
Addenda:
Final sales of domestic product.......... 103.105 103.143 103.629 104.792 106.547 107.288 108.283 108.984 110.211 111.122 112.088 113.691
Gross domestic purchases................. 103.569 103.998 104.396 105.466 107.127 108.151 109.536 110.797 111.872 113.000 114.112 114.599
Final sales to domestic purchasers....... 103.877 104.294 104.742 106.032 107.610 108.448 109.715 110.754 111.982 113.124 114.164 115.283
Gross national product................... 102.677 102.921 103.309 104.446 106.278 107.448 108.458 109.048 110.128 110.916 111.977 .....
-------------------------------------------------------------------------------------------------------------------------------------------
See "Explanatory Note" at the end of the tables.
Table 6.--Price Indexes for Gross Domestic Product
[Index numbers, 2000=100; quarters seasonally adjusted]
---------------------------------------------------------------------------------------------------------------------------
2001 2002 2003 2004 I 01 II 01 III 01 IV 01 I 02 II 02
---------------------------------------------------------------------------------------------------------------------------
Gross domestic product............. 102.402 104.193 106.310 109.102 101.507 102.290 102.690 103.122 103.553 103.944
Personal consumption expenditures
(PCE)..................................... 102.094 103.542 105.520 108.246 101.502 102.146 102.291 102.437 102.673 103.385
Durable goods............................ 98.114 95.766 92.372 90.631 99.137 98.369 97.669 97.279 96.496 96.029
Nondurable goods......................... 101.531 102.089 104.151 107.634 101.256 102.121 101.895 100.852 100.895 102.238
Services................................. 103.257 106.018 109.246 112.695 102.149 102.997 103.512 104.368 104.937 105.608
Gross private domestic investment.......... 101.013 101.640 103.311 106.555 100.454 100.839 101.355 101.405 101.347 101.472
Fixed investment......................... 101.023 101.660 103.432 106.697 100.410 100.856 101.399 101.427 101.348 101.480
Nonresidential......................... 99.683 99.513 99.764 101.025 99.605 99.743 99.818 99.564 99.542 99.485
Structures........................... 105.403 110.030 113.889 120.124 103.196 104.835 106.512 107.069 108.065 109.455
Equipment and software............... 97.708 95.956 95.133 95.022 98.376 97.996 97.497 96.964 96.607 96.087
Residential............................ 104.633 107.240 112.379 119.935 102.628 103.889 105.639 106.377 106.151 106.720
Change in private inventories............ ..... ..... ..... ..... ..... ..... ..... ..... ..... .....
Exports of goods and services.............. 99.624 99.273 101.398 104.999 100.345 100.017 99.512 98.623 98.360 99.048
Imports of goods and services.............. 97.497 96.341 99.610 104.571 99.926 98.416 97.089 94.556 94.146 96.474
Government consumption expenditures and
gross investment.......................... 102.544 105.507 109.460 113.505 101.929 102.384 102.792 103.072 104.378 105.126
Federal.................................. 101.907 105.631 109.740 114.354 101.309 101.587 102.143 102.589 105.098 105.231
State and local.......................... 102.868 105.435 109.303 113.022 102.245 102.789 103.121 103.315 103.997 105.064
Addenda:
PCE excluding food and energy............ 101.904 103.705 105.082 107.156 101.172 101.688 102.052 102.706 103.031 103.504
Market-based PCE\1\...................... 101.941 103.082 105.009 107.422 101.479 102.003 102.205 102.079 102.236 102.937
Market-based PCE excluding food
and energy\1\........................... 101.668 103.153 104.348 105.898 101.072 101.408 101.890 102.304 102.546 102.957
Final sales of domestic product.......... 102.406 104.197 106.330 109.124 101.503 102.296 102.700 103.127 103.554 103.946
Gross domestic purchases................. 101.994 103.583 105.863 108.899 101.403 101.974 102.223 102.378 102.755 103.385
Final sales to domestic purchasers....... 101.998 103.586 105.883 108.921 101.398 101.978 102.232 102.382 102.756 103.387
Gross national product................... 102.399 104.184 106.304 109.094 101.510 102.286 102.685 103.114 103.543 103.935
Implicit price deflators:
Gross domestic product................. 102.399 104.187 106.305 109.099 101.478 102.252 102.675 103.191 103.568 103.938
Final sales of domestic product........ 102.407 104.197 106.330 109.124 101.500 102.293 102.698 103.125 103.552 103.945
Gross domestic purchases............... 101.992 103.577 105.858 108.896 101.375 101.937 102.210 102.443 102.768 103.378
Final sales to domestic purchasers..... 101.998 103.587 105.883 108.920 101.396 101.977 102.231 102.381 102.754 103.384
Gross national product................. 102.396 104.179 106.299 109.091 101.480 102.248 102.671 103.183 103.552 103.928
---------------------------------------------------------------------------------------------------------------------------
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 6.--Price Indexes for Gross Domestic Product--Continued
[Index numbers, 2000=100; quarters seasonally adjusted]
-------------------------------------------------------------------------------------------------------------------------------------------
III 02 IV 02 I 03 II 03 III 03 IV 03 I 04 II 04 III 04 IV 04 I 05 II 05
-------------------------------------------------------------------------------------------------------------------------------------------
Gross domestic product............. 104.347 104.926 105.724 106.019 106.500 106.996 107.951 108.976 109.371 110.111 110.950 111.612
Personal consumption expenditures
(PCE)..................................... 103.841 104.268 105.051 105.220 105.734 106.076 107.084 108.089 108.484 109.326 109.936 110.841
Durable goods............................ 95.594 94.946 93.906 92.879 91.833 90.868 90.898 90.866 90.310 90.449 90.648 90.536
Nondurable goods......................... 102.464 102.760 104.179 103.560 104.356 104.509 106.031 107.744 107.781 108.982 109.327 110.866
Services................................. 106.390 107.137 108.036 108.887 109.647 110.414 111.402 112.303 113.120 113.955 114.803 115.640
Gross private domestic investment.......... 101.512 102.229 102.954 102.831 103.255 104.202 105.086 106.280 107.120 107.733 108.427 108.978
Fixed investment......................... 101.532 102.279 103.071 102.933 103.370 104.354 105.263 106.448 107.248 107.831 108.522 109.082
Nonresidential......................... 99.380 99.645 99.676 99.436 99.733 100.211 100.502 100.958 101.185 101.455 102.244 102.713
Structures........................... 110.612 111.988 113.093 113.182 113.996 115.287 117.279 119.230 121.159 122.827 125.876 128.813
Equipment and software............... 95.598 95.534 95.251 94.916 95.061 95.304 95.121 95.168 94.945 94.854 95.067 94.926
Residential............................ 107.130 108.960 111.420 111.508 112.261 114.330 116.561 119.294 121.312 122.574 123.062 123.821
Change in private inventories............ ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... .....
Exports of goods and services.............. 99.772 99.911 100.909 101.165 101.401 102.116 103.584 104.803 105.242 106.366 107.559 108.535
Imports of goods and services.............. 97.304 97.441 100.069 98.938 99.580 99.853 102.177 103.812 105.269 107.026 107.783 110.087
Government consumption expenditures and
gross investment.......................... 105.795 106.728 109.030 109.026 109.695 110.087 111.755 113.114 114.003 115.148 116.747 117.869
Federal.................................. 105.502 106.696 109.238 109.579 109.902 110.241 112.825 114.191 114.825 115.575 117.550 118.187
State and local.......................... 105.943 106.734 108.909 108.714 109.582 110.005 111.141 112.496 113.536 114.914 116.291 117.700
Addenda:
PCE excluding food and energy............ 103.984 104.300 104.591 104.859 105.259 105.620 106.319 106.966 107.358 107.980 108.617 109.093
Market-based PCE\1\...................... 103.361 103.795 104.597 104.735 105.232 105.472 106.362 107.321 107.627 108.378 108.948 109.877
Market-based PCE excluding food
and energy\1\........................... 103.403 103.708 103.924 104.173 104.530 104.767 105.255 105.772 106.050 106.514 107.106 107.526
Final sales of domestic product.......... 104.352 104.936 105.743 106.036 106.521 107.021 107.980 109.003 109.389 110.124 110.963 111.627
Gross domestic purchases................. 103.816 104.374 105.418 105.513 106.040 106.483 107.586 108.683 109.235 110.092 110.883 111.769
Final sales to domestic purchasers....... 103.820 104.383 105.437 105.530 106.060 106.506 107.614 108.709 109.253 110.106 110.898 111.785
Gross national product................... 104.339 104.919 105.719 106.013 106.495 106.990 107.946 108.968 109.362 110.100 110.933 .....
Implicit price deflators:
Gross domestic product................. 104.328 104.907 105.705 106.004 106.498 106.983 107.958 108.987 109.343 110.077 110.905 111.578
Final sales of domestic product........ 104.351 104.933 105.739 106.030 106.514 107.013 107.973 108.995 109.382 110.117 110.956 111.620
Gross domestic purchases............... 103.795 104.353 105.401 105.499 106.039 106.470 107.592 108.690 109.204 110.055 110.837 111.732
Final sales to domestic purchasers..... 103.817 104.379 105.432 105.524 106.054 106.499 107.605 108.698 109.242 110.095 110.886 111.774
Gross national product................. 104.321 104.903 105.695 105.997 106.493 106.981 107.957 108.980 109.334 110.064 110.890 .....
-------------------------------------------------------------------------------------------------------------------------------------------
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
---------------------------------------------------------------------------------------------------------------------------------------------------------------------
1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004
---------------------------------------------------------------------------------------------------------------------------------------------------------------------
Gross domestic product (GDP).... 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 1.6 2.7 4.2
Personal consumption expenditures...... 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 2.7 2.9 3.9
Durable goods........................ 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 7.1 6.6 6.0
Nondurable goods..................... 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 2.5 3.2 4.7
Services............................. 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 1.9 2.0 3.0
Gross private domestic investment...... 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 -2.6 3.9 11.9
Fixed investment..................... .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 -5.2 3.6 9.7
Nonresidential..................... -.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 -9.2 1.3 9.4
Structures....................... -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 -17.1 -4.2 2.2
Equipment and software........... 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 -6.2 3.2 11.9
Residential........................ 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 8.4 10.3
Change in private inventories........ ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... .....
Net exports of goods and services...... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... .....
Exports.............................. 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 1.8 8.4
Goods.............................. 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 -4.0 1.8 8.9
Services........................... 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 1.9 1.7 7.4
Imports.............................. 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 4.6 10.7
Goods.............................. 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 4.9 11.0
Services........................... 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 2.1 3.0 9.6
Government consumption expenditures
and gross investment.................. 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 2.2
Federal.............................. 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 7.0 6.9 5.2
National defense................... 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 7.4 8.8 7.0
Nondefense......................... .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 6.3 3.4 1.8
State and local...................... 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 3.1 .6 .4
Addenda:
Final sales of domestic product...... 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 1.2 2.7 3.9
Gross domestic purchases............. 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 2.2 3.0 4.7
Final sales to domestic purchasers... 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 1.8 3.0 4.4
Gross national product............... 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 1.5 3.0 4.0
Real disposable personal income...... 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 2.4 3.4
Price indexes:
Gross domestic purchases........... 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 1.6 2.2 2.9
Gross domestic purchases excluding
food and energy................... 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 1.9 1.8 2.4
GDP................................ 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 2.0 2.6
GDP excluding food and energy...... 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 2.1 1.8 2.5
Personal consumption expenditures.. 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 2.6
---------------------------------------------------------------------------------------------------------------------------------------------------------------------
Table 8.--Real Gross Domestic Product: Percent Change From Quarter One Year Ago
---------------------------------------------------------------------------------------------------------------------------------------------------------------------
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 III 04 IV 04 I 05 II 05
---------------------------------------------------------------------------------------------------------------------------------------------------------------------
Gross domestic product (GDP).... 1.9 .6 .4 .2 1.0 1.3 2.2 1.9 1.6 2.0 3.2 4.0 4.7 4.6 3.8 3.8 3.6 3.6
Personal consumption expenditures
(PCE)................................. 2.9 2.5 2.0 2.8 2.8 3.1 3.2 1.9 2.1 2.4 3.3 3.8 4.3 3.9 3.5 3.8 3.5 3.9
Durable goods........................ .8 3.2 2.5 10.8 7.8 8.9 11.0 1.2 3.2 6.0 7.9 9.2 9.4 5.8 3.7 5.2 4.7 6.8
Nondurable goods..................... 3.0 1.6 1.6 1.9 2.6 3.0 2.4 2.1 2.1 2.2 4.2 4.1 4.9 5.1 4.0 4.6 4.3 4.5
Services............................. 3.3 2.8 2.0 1.6 1.8 2.0 2.0 1.9 1.9 1.8 2.0 2.5 3.0 2.9 3.2 3.1 2.9 3.0
Gross private domestic investment...... -.5 -8.5 -8.6 -13.8 -7.7 -5.4 -1.4 4.9 1.5 1.7 4.4 7.7 10.5 15.1 11.8 10.4 10.1 3.6
Fixed investment..................... 1.6 -2.9 -3.8 -6.7 -7.6 -5.8 -4.9 -2.5 -.7 1.8 5.6 7.7 9.3 10.9 9.3 9.4 9.4 8.0
Nonresidential..................... 3.2 -3.9 -6.1 -9.6 -11.7 -9.8 -8.7 -6.5 -3.5 .0 3.2 5.6 7.9 9.2 9.4 10.9 10.3 9.2
Structures....................... 4.6 -.6 -1.4 -11.1 -13.9 -17.4 -22.0 -14.9 -12.2 -4.5 -.5 1.2 2.6 1.5 1.9 2.7 3.1 1.8
Equipment and software........... 2.7 -5.1 -7.8 -9.0 -10.9 -6.8 -3.2 -3.4 -.3 1.6 4.4 7.2 9.8 11.9 12.0 13.8 12.8 11.8
Residential........................ -2.3 -.1 2.5 1.4 3.4 4.3 4.4 7.0 5.6 5.6 10.5 11.8 11.9 13.9 9.1 6.6 7.7 5.8
Change in private inventories........ ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... .....
Net exports of goods and services...... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... .....
Exports.............................. 3.4 -2.9 -9.9 -11.9 -9.5 -4.0 1.6 3.8 1.7 -1.3 .7 6.0 8.1 10.5 9.0 6.1 6.7 8.1
Goods.............................. 4.8 -3.2 -12.2 -13.0 -12.2 -4.9 1.1 1.1 1.9 -1.5 .2 6.7 8.3 10.4 10.1 6.8 6.2 7.8
Services........................... .1 -2.0 -4.0 -8.9 -2.8 -2.0 2.8 10.2 1.4 -1.0 1.9 4.5 7.8 10.9 6.4 4.6 7.9 8.8
Imports.............................. 5.9 -1.4 -7.2 -7.6 -4.1 2.1 6.4 9.7 6.0 3.8 3.4 5.1 8.8 11.7 11.8 10.6 9.4 5.2
Goods.............................. 6.3 -2.6 -7.8 -7.9 -5.0 3.2 7.2 9.9 6.8 4.5 3.1 5.3 9.2 11.2 12.3 11.1 10.1 5.4
Services........................... 4.2 4.7 -3.7 -5.9 .7 -3.0 2.4 8.8 2.4 .5 5.0 4.2 7.3 13.8 9.7 7.7 6.2 4.6
Government consumption expenditures
and gross investment.................. 2.5 3.0 3.2 5.0 4.7 4.0 4.9 4.0 2.9 3.5 3.0 1.9 2.9 1.7 2.0 2.1 1.7 1.6
Federal.............................. 3.6 1.7 4.0 6.4 5.9 6.7 7.5 7.8 6.4 8.6 7.2 5.5 8.1 3.6 5.1 4.2 2.1 1.7
National defense................... 4.2 1.3 3.8 6.5 5.6 7.4 7.9 8.4 6.5 12.2 9.2 7.5 12.1 3.7 7.8 4.9 2.3 2.6
Nondefense......................... 2.5 2.6 4.2 6.3 6.3 5.5 6.8 6.8 6.2 2.1 3.6 1.6 .8 3.5 .0 2.8 1.8 -.2
State and local...................... 1.9 3.7 2.8 4.2 4.1 2.6 3.6 2.1 1.1 .7 .8 .0 .0 .5 .2 .9 1.5 1.6
Addenda:
Final sales of domestic product...... 2.2 1.6 1.2 1.5 1.0 1.2 1.7 .8 1.3 2.0 3.3 4.0 4.5 4.0 3.4 3.6 3.5 4.3
Gross domestic purchases............. 2.3 .7 .4 .4 1.4 1.9 2.8 2.7 2.2 2.5 3.4 4.0 4.9 5.1 4.4 4.5 4.2 3.4
Final sales to domestic purchasers... 2.6 1.7 1.2 1.6 1.4 1.9 2.3 1.6 1.9 2.5 3.6 4.0 4.7 4.5 4.1 4.3 4.1 4.1
Gross national product............... 1.9 .7 .2 .4 .9 1.0 2.3 1.6 1.8 2.4 3.5 4.4 5.0 4.4 3.6 3.2 3.2 .....
Real disposable personal income...... 2.4 1.3 2.8 1.2 3.7 4.6 1.4 2.9 .7 1.4 3.6 3.8 4.1 3.2 2.1 4.1 2.5 2.5
Price indexes:
Gross domestic purchases........... 2.1 2.3 1.9 1.6 1.3 1.4 1.6 1.9 2.6 2.1 2.1 2.0 2.1 3.0 3.0 3.4 3.1 2.8
Gross domestic purchases excluding
food and energy................... 1.7 1.8 1.9 2.1 2.0 1.9 1.9 1.7 1.9 1.7 1.7 1.7 1.9 2.5 2.6 2.7 2.6 2.3
GDP................................ 2.2 2.5 2.4 2.4 2.0 1.6 1.6 1.7 2.1 2.0 2.1 2.0 2.1 2.8 2.7 2.9 2.8 2.4
GDP excluding food and energy...... 1.8 2.0 2.1 2.3 2.3 2.1 2.0 1.9 2.0 1.8 1.8 1.7 1.9 2.5 2.6 2.8 2.7 2.4
PCE................................ 2.2 2.4 2.0 1.7 1.2 1.2 1.5 1.8 2.3 1.8 1.8 1.7 1.9 2.7 2.6 3.1 2.7 2.5
PCE excluding food and energy...... 1.6 1.8 2.0 2.2 1.8 1.8 1.9 1.6 1.5 1.3 1.2 1.3 1.7 2.0 2.0 2.2 2.2 2.0
Market-based PCE\1\................ 2.2 2.3 1.9 1.3 .7 .9 1.1 1.7 2.3 1.7 1.8 1.6 1.7 2.5 2.3 2.8 2.4 2.4
Market-based PCE excluding food
and energy\1\..................... 1.5 1.7 1.8 1.8 1.5 1.5 1.5 1.4 1.3 1.2 1.1 1.0 1.3 1.5 1.5 1.7 1.8 1.7
---------------------------------------------------------------------------------------------------------------------------------------------------------------------
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; quarters seasonally adjusted at annual rates]
-------------------------------------------------------------------------------------------------------------------------------------
2001 2002 2003 2004 I 01 II 01 III 01 IV 01 I 02 II 02
-------------------------------------------------------------------------------------------------------------------------------------
Gross domestic product..................... 10,128.0 10,469.6 10,971.2 11,734.3 10,021.5 10,128.9 10,135.1 10,226.3 10,333.3 10,426.6
Plus: Income receipts from the rest of the
world..................................... 322.4 305.7 343.7 415.4 361.8 337.8 306.0 284.2 294.5 307.1
Less: Income payments to the rest of the
world..................................... 278.8 275.0 275.6 361.7 323.0 293.2 289.3 209.6 268.3 290.5
Equals: Gross national product............. 10,171.6 10,500.2 11,039.3 11,788.0 10,060.2 10,173.5 10,151.8 10,300.9 10,359.5 10,443.3
Less: Consumption of fixed capital......... 1,281.5 1,292.0 1,331.3 1,435.3 1,240.5 1,270.8 1,332.7 1,281.8 1,282.0 1,288.2
Less: Statistical discrepancy.............. -89.6 -21.0 47.1 76.8 -167.8 -98.8 -71.1 -20.9 -53.6 -56.7
Equals: National income.................... 8,979.8 9,229.3 9,660.9 10,275.9 8,987.6 9,001.5 8,890.3 9,039.9 9,131.1 9,211.7
Compensation of employees................ 5,942.1 6,091.2 6,321.1 6,687.6 5,946.2 5,944.6 5,939.3 5,938.3 6,025.3 6,091.5
Wage and salary accruals............... 4,942.8 4,980.9 5,111.1 5,389.4 4,961.1 4,951.4 4,935.2 4,923.4 4,961.2 4,989.4
Supplements to wages and salaries...... 999.3 1,110.3 1,210.0 1,298.1 985.1 993.2 1,004.1 1,014.8 1,064.2 1,102.1
Proprietors' income with inventory
valuation and capital consumption
adjustments............................. 771.9 768.4 810.2 889.6 769.4 770.6 773.4 774.2 763.0 763.5
Rental income of persons with capital
consumption adjustment.................. 167.4 152.9 131.7 134.2 155.3 161.7 176.4 176.2 172.1 167.7
Corporate profits with inventory
valuation and capital consumption
adjustments............................. 767.3 886.3 1,031.8 1,161.5 778.7 783.1 714.5 793.0 829.4 864.3
Net interest and miscellaneous payments.. 566.3 520.9 528.5 505.5 565.2 569.9 565.5 564.8 545.8 519.3
Taxes on production and imports less
subsidies............................... 673.3 724.4 754.8 809.4 672.8 667.9 658.2 694.5 706.1 720.8
Business current transfer payments....... 92.8 84.3 81.6 91.1 98.3 104.8 65.7 102.5 91.1 85.8
Current surplus of government
enterprises............................. -1.4 .9 1.3 -3.0 1.7 -1.1 -2.9 -3.4 -1.6 -1.2
Addendum:
Gross domestic income.................... 10,217.6 10,490.6 10,924.2 11,657.5 10,189.3 10,227.7 10,206.3 10,247.2 10,386.9 10,483.3
-------------------------------------------------------------------------------------------------------------------------------------
Table 9.--Relation of Gross Domestic Product, Gross National Product, and National Income--Continued
[Billions of dollars; quarters seasonally adjusted at annual rates]
-------------------------------------------------------------------------------------------------------------------------------------------------------
III 02 IV 02 I 03 II 03 III 03 IV 03 I 04 II 04 III 04 IV 04 I 05 II 05
-------------------------------------------------------------------------------------------------------------------------------------------------------
Gross domestic product..................... 10,527.4 10,591.1 10,717.0 10,844.6 11,087.4 11,236.0 11,457.1 11,666.1 11,818.8 11,995.2 12,198.8 12,376.2
Plus: Income receipts from the rest of the
world..................................... 317.7 303.3 316.5 329.1 344.3 384.9 380.0 401.2 418.1 462.4 462.3 .....
Less: Income payments to the rest of the
world..................................... 288.1 253.3 271.5 262.2 277.0 291.7 297.0 354.5 369.6 425.6 422.9 .....
Equals: Gross national product............. 10,557.0 10,641.1 10,761.9 10,911.4 11,154.8 11,329.2 11,540.1 11,712.8 11,867.3 12,032.0 12,238.2 .....
Less: Consumption of fixed capital......... 1,294.9 1,302.7 1,311.8 1,323.8 1,337.2 1,352.5 1,371.1 1,393.8 1,534.1 1,442.0 1,448.4 1,456.1
Less: Statistical discrepancy.............. 14.6 11.7 16.6 14.4 85.3 72.0 77.8 108.1 90.8 30.6 21.3 .....
Equals: National income.................... 9,247.5 9,326.7 9,433.6 9,573.2 9,732.3 9,904.8 10,091.2 10,210.9 10,242.4 10,559.3 10,768.4 .....
Compensation of employees................ 6,114.5 6,133.4 6,210.4 6,286.6 6,360.1 6,427.4 6,528.2 6,602.1 6,724.2 6,895.8 7,019.8 7,111.1
Wage and salary accruals............... 4,988.5 4,984.5 5,031.1 5,086.4 5,139.8 5,187.3 5,256.3 5,316.6 5,422.0 5,562.9 5,646.8 5,715.9
Supplements to wages and salaries...... 1,126.0 1,148.9 1,179.4 1,200.2 1,220.2 1,240.1 1,271.9 1,285.5 1,302.3 1,332.9 1,373.1 1,395.2
Proprietors' income with inventory
valuation and capital consumption
adjustments............................. 769.1 778.1 778.3 801.4 821.1 840.0 870.2 898.4 889.1 900.9 917.9 942.4
Rental income of persons with capital
consumption adjustment.................. 142.9 129.2 137.7 125.4 120.4 143.2 144.2 141.8 122.1 128.7 118.0 102.1
Corporate profits with inventory
valuation and capital consumption
adjustments............................. 895.4 956.1 951.5 1,005.0 1,057.5 1,113.1 1,147.3 1,162.0 1,117.2 1,219.5 1,288.2 .....
Net interest and miscellaneous payments.. 507.0 511.5 530.9 532.4 528.1 522.7 519.9 512.2 497.5 492.7 498.3 485.1
Taxes on production and imports less
subsidies............................... 733.3 737.2 741.6 740.1 762.1 775.2 794.8 806.0 812.3 824.4 833.2 845.8
Business current transfer payments....... 81.4 78.8 79.0 80.5 82.5 84.3 88.2 90.7 83.0 102.6 99.0 100.7
Current surplus of government
enterprises............................. 4.0 2.3 4.1 1.8 .4 -1.1 -1.6 -2.2 -3.0 -5.2 -6.1 -7.2
Addendum:
Gross domestic income.................... 10,512.8 10,579.4 10,700.4 10,830.2 11,002.1 11,164.0 11,379.3 11,558.0 11,728.0 11,964.6 12,177.5 .....
-------------------------------------------------------------------------------------------------------------------------------------------------------
Table 10.--Personal Income and Its Disposition
[Billions of dollars; quarters seasonally adjusted at annual rates]
-------------------------------------------------------------------------------------------------------------------------------------
2001 2002 2003 2004 I 01 II 01 III 01 IV 01 I 02 II 02
-------------------------------------------------------------------------------------------------------------------------------------
Personal income\1\......................... 8,724.1 8,881.9 9,169.1 9,713.3 8,688.7 8,719.9 8,733.1 8,754.8 8,814.7 8,892.0
Compensation of employees, received...... 5,942.1 6,091.2 6,321.1 6,687.6 5,946.2 5,944.6 5,939.3 5,938.3 6,025.3 6,091.5
Wage and salary disbursements.......... 4,942.8 4,980.9 5,111.1 5,389.4 4,961.1 4,951.4 4,935.2 4,923.5 4,961.2 4,989.4
Supplements to wages and salaries...... 999.3 1,110.3 1,210.0 1,298.1 985.1 993.2 1,004.1 1,014.8 1,064.2 1,102.1
Proprietors' income with inventory
valuation and capital consumption
adjustments............................. 771.9 768.4 810.2 889.6 769.4 770.6 773.4 774.2 763.0 763.5
Farm................................... 19.7 10.6 27.7 35.8 21.9 19.2 17.7 20.0 8.9 4.0
Nonfarm................................ 752.2 757.8 782.4 853.8 747.5 751.5 755.7 754.1 754.1 759.4
Rental income of persons with capital
consumption adjustment.................. 167.4 152.9 131.7 134.2 155.3 161.7 176.4 176.2 172.1 167.7
Personal income receipts on assets....... 1,380.0 1,333.2 1,338.7 1,396.5 1,397.4 1,388.7 1,373.3 1,360.3 1,340.6 1,336.5
Personal interest income............... 1,011.0 936.1 917.6 905.9 1,020.2 1,020.6 1,009.2 994.0 960.1 942.4
Personal dividend income............... 369.0 397.2 421.1 490.6 377.2 368.2 364.1 366.4 380.5 394.1
Personal current transfer receipts....... 1,193.9 1,286.2 1,344.0 1,427.5 1,149.6 1,185.7 1,202.6 1,237.8 1,260.9 1,284.0
Less: Contributions for government
social insurance........................ 731.1 750.0 776.6 822.2 729.2 731.5 731.9 731.9 747.1 751.1
Less: Personal current taxes............... 1,237.3 1,051.8 999.9 1,049.1 1,296.6 1,312.3 1,110.3 1,230.0 1,063.2 1,050.3
Equals: Disposable personal income......... 7,486.8 7,830.1 8,169.2 8,664.2 7,392.1 7,407.6 7,622.8 7,524.8 7,751.5 7,841.7
Less: Personal outlays..................... 7,354.5 7,645.3 7,996.3 8,512.5 7,253.5 7,318.8 7,361.2 7,484.4 7,526.1 7,620.5
Equals: Personal saving.................... 132.3 184.7 172.8 151.8 138.6 88.7 261.6 40.5 225.4 221.2
Personal saving as a percentage of
disposable personal income.............. 1.8 2.4 2.1 1.8 1.9 1.2 3.4 .5 2.9 2.8
Addendum:
Disposable personal income, billions of
chained (2000) dollars\2\............... 7,333.3 7,562.2 7,741.8 8,004.3 7,283.0 7,252.1 7,452.2 7,346.0 7,549.9 7,585.2
-------------------------------------------------------------------------------------------------------------------------------------
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 02 IV 02 I 03 II 03 III 03 IV 03 I 04 II 04 III 04 IV 04 I 05 II 05
-------------------------------------------------------------------------------------------------------------------------------------------------------
Personal income\1\......................... 8,895.4 8,925.5 9,013.7 9,118.6 9,215.4 9,328.7 9,484.8 9,614.3 9,729.2 10,024.8 10,089.2 10,232.2
Compensation of employees, received...... 6,114.5 6,133.4 6,209.0 6,288.0 6,360.1 6,427.4 6,526.7 6,603.6 6,724.2 6,895.8 7,019.8 7,111.1
Wage and salary disbursements.......... 4,988.5 4,984.5 5,029.7 5,087.8 5,139.8 5,187.3 5,254.8 5,318.1 5,422.0 5,562.9 5,646.8 5,715.9
Supplements to wages and salaries...... 1,126.0 1,148.9 1,179.4 1,200.2 1,220.2 1,240.1 1,271.9 1,285.5 1,302.3 1,332.9 1,373.1 1,395.2
Proprietors' income with inventory
valuation and capital consumption
adjustments............................. 769.1 778.1 778.3 801.4 821.1 840.0 870.2 898.4 889.1 900.9 917.9 942.4
Farm................................... 11.0 18.4 20.5 27.2 28.2 35.1 44.8 44.1 29.7 24.6 24.7 25.2
Nonfarm................................ 758.1 759.7 757.8 774.1 793.0 804.8 825.4 854.2 859.4 876.3 893.2 917.2
Rental income of persons with capital
consumption adjustment.................. 142.9 129.2 137.7 125.4 120.4 143.2 144.2 141.8 122.1 128.7 118.0 102.1
Personal income receipts on assets....... 1,327.4 1,328.5 1,334.6 1,340.5 1,337.6 1,342.1 1,350.4 1,363.9 1,378.2 1,493.6 1,407.9 1,437.6
Personal interest income............... 923.3 918.4 920.6 922.6 915.1 912.2 906.6 905.1 904.7 907.4 915.4 933.8
Personal dividend income............... 404.1 410.0 414.0 417.9 422.4 429.9 443.9 458.8 473.5 586.2 492.5 503.8
Personal current transfer receipts....... 1,292.7 1,307.1 1,319.8 1,336.9 1,356.8 1,362.3 1,399.6 1,419.8 1,441.5 1,449.2 1,488.8 1,509.9
Less: Contributions for government
social insurance........................ 751.1 750.9 765.8 773.6 780.7 786.3 806.3 813.0 825.9 843.5 863.3 870.9
Less: Personal current taxes............... 1,050.0 1,043.8 1,024.3 1,026.9 940.8 1,007.6 1,009.6 1,034.0 1,058.4 1,094.3 1,174.0 1,212.1
Equals: Disposable personal income......... 7,845.4 7,881.7 7,989.4 8,091.7 8,274.6 8,321.0 8,475.3 8,580.3 8,670.9 8,930.4 8,915.1 9,020.1
Less: Personal outlays..................... 7,692.4 7,742.4 7,835.4 7,922.1 8,069.5 8,158.4 8,319.4 8,439.1 8,566.3 8,725.0 8,854.6 9,001.7
Equals: Personal saving.................... 153.0 139.3 154.0 169.6 205.1 162.6 155.8 141.2 104.6 205.4 60.5 18.4
Personal saving as a percentage of
disposable personal income.............. 2.0 1.8 1.9 2.1 2.5 2.0 1.8 1.6 1.2 2.3 .7 .2
Addendum:
Disposable personal income, billions of
chained (2000) dollars\2\............... 7,555.5 7,559.3 7,605.5 7,690.5 7,826.2 7,844.8 7,915.1 7,938.8 7,993.3 8,169.2 8,110.0 8,138.4
-------------------------------------------------------------------------------------------------------------------------------------------------------
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]
-------------------------------------------------------------------------------------------------------------------------------
2001 2002 2003 2004 I 01 II 01 III 01 IV 01 I 02 II 02
-------------------------------------------------------------------------------------------------------------------------------
Corporate profits with inventory
valuation and capital consumption
adjustments......................... 767.3 886.3 1,031.8 1,161.5 778.7 783.1 714.5 793.0 829.4 864.3
Less: Taxes on corporate income...... 204.1 192.6 232.1 271.1 222.5 217.9 197.6 178.6 174.9 188.5
Equals: Profits after tax with
inventory valuation and capital
consumption adjustments............. 563.2 693.7 799.7 890.3 556.2 565.2 516.9 614.4 654.5 675.8
Net dividends...................... 370.9 399.2 423.2 493.0 379.2 370.1 366.0 368.4 382.5 396.1
Undistributed profits with
inventory valuation and
capital consumption
adjustments....................... 192.3 294.5 376.5 397.3 177.0 195.1 150.9 246.1 272.0 279.7
Cash flow:
Net cash flow with inventory
valuation and capital
consumption adjustments........... 944.8 1,036.6 1,130.8 1,196.9 901.9 934.2 947.8 995.3 1,013.7 1,021.2
Undistributed profits with
inventory valuation and
capital consumption
adjustments..................... 192.3 294.5 376.5 397.3 177.0 195.1 150.9 246.1 272.0 279.7
Consumption of fixed capital..... 752.5 742.1 754.4 799.6 724.9 739.1 797.0 749.2 741.7 741.5
Less: Inventory valuation
adjustment........................ 11.3 -2.2 -13.3 -39.6 -4.1 1.1 18.0 30.4 13.3 -1.6
Equals: Net cash flow.............. 933.5 1,038.9 1,144.1 1,236.6 906.0 933.2 929.9 964.9 1,000.4 1,022.8
Addenda:
Profits before tax (without
inventory valuation and capital
consumption adjustments).......... 707.9 768.4 937.2 1,059.3 754.6 755.0 671.1 650.9 693.8 742.1
Profits after tax (without
inventory valuation and capital
consumption adjustments).......... 503.8 575.8 705.1 788.2 532.1 537.1 473.6 472.4 518.9 553.6
Inventory valuation adjustment..... 11.3 -2.2 -13.3 -39.6 -4.1 1.1 18.0 30.4 13.3 -1.6
Capital consumption adjustment..... 48.1 120.1 107.9 141.8 28.2 27.1 25.4 111.7 122.4 123.8
-------------------------------------------------------------------------------------------------------------------------------
Table 11A.--Corporate Profits--Continued
[Billions of dollars; quarters seasonally adjusted at annual rates]
----------------------------------------------------------------------------------------------------------------------------------------
III 02 IV 02 I 03 II 03 III 03 IV 03 I 04 II 04 III 04 IV 04 I 05
----------------------------------------------------------------------------------------------------------------------------------------
Corporate profits with inventory
valuation and capital consumption
adjustments......................... 895.4 956.1 951.5 1,005.0 1,057.5 1,113.1 1,147.3 1,162.0 1,117.2 1,219.5 1,288.2
Less: Taxes on corporate income...... 196.9 210.2 223.9 221.7 235.3 247.5 257.9 274.7 259.0 293.0 362.6
Equals: Profits after tax with
inventory valuation and capital
consumption adjustments............. 698.5 746.0 727.6 783.3 822.2 865.6 889.4 887.3 858.2 926.4 925.6
Net dividends...................... 406.1 412.0 416.3 419.9 424.6 432.0 445.9 460.9 475.9 589.3 494.9
Undistributed profits with
inventory valuation and
capital consumption
adjustments....................... 292.4 334.0 311.3 363.4 397.7 433.6 443.5 426.4 382.3 337.2 430.7
Cash flow:
Net cash flow with inventory
valuation and capital
consumption adjustments........... 1,034.3 1,077.2 1,057.6 1,114.1 1,154.3 1,197.4 1,216.0 1,208.9 1,219.1 1,143.8 1,239.2
Undistributed profits with
inventory valuation and
capital consumption
adjustments..................... 292.4 334.0 311.3 363.4 397.7 433.6 443.5 426.4 382.3 337.2 430.7
Consumption of fixed capital..... 741.9 743.3 746.3 750.7 756.6 763.8 772.4 782.5 836.8 806.7 808.5
Less: Inventory valuation
adjustment........................ -11.8 -8.8 -25.0 -2.1 -5.1 -20.8 -28.9 -48.3 -36.9 -44.4 -39.1
Equals: Net cash flow.............. 1,046.1 1,086.1 1,082.6 1,116.3 1,159.4 1,218.2 1,244.9 1,257.2 1,256.0 1,188.3 1,278.3
Addenda:
Profits before tax (without
inventory valuation and capital
consumption adjustments).......... 786.4 851.5 883.0 893.1 949.0 1,023.4 1,030.2 1,064.9 1,018.2 1,124.1 1,378.3
Profits after tax (without
inventory valuation and capital
consumption adjustments).......... 589.5 641.3 659.1 671.4 713.8 775.9 772.3 790.2 759.2 831.1 1,015.7
Inventory valuation adjustment..... -11.8 -8.8 -25.0 -2.1 -5.1 -20.8 -28.9 -48.3 -36.9 -44.4 -39.1
Capital consumption adjustment..... 120.8 113.4 93.4 114.0 113.5 110.5 146.1 145.4 135.8 139.8 -51.0
----------------------------------------------------------------------------------------------------------------------------------------
Table 11B.--Corporate Profits: Percent Change From Preceding Period
[Quarterly rates]
-------------------------------------------------------------------------------------------------------------------------------
2001 2002 2003 2004 I 01 II 01 III 01 IV 01 I 02 II 02
-------------------------------------------------------------------------------------------------------------------------------
Corporate profits with inventory
valuation and capital consumption
adjustments......................... -6.2 15.5 16.4 12.6 -2.0 .6 -8.8 11.0 4.6 4.2
Less: Taxes on corporate income...... -23.0 -5.6 20.5 16.8 -9.9 -2.1 -9.3 -9.6 -2.0 7.8
Equals: Profits after tax with
inventory valuation and capital
consumption adjustments............. 1.9 23.2 15.3 11.3 1.6 1.6 -8.5 18.9 6.5 3.3
Net dividends...................... -1.9 7.6 6.0 16.5 -2.2 -2.4 -1.1 .6 3.8 3.6
Undistributed profits with
inventory valuation and
capital consumption
adjustments....................... 10.0 53.2 27.8 5.5 10.9 10.2 -22.7 63.1 10.5 2.8
Cash flow:
Net cash flow with inventory
valuation and capital
consumption adjustments........... 9.2 9.7 9.1 5.8 3.5 3.6 1.5 5.0 1.9 .7
Undistributed profits with
inventory valuation and
capital consumption
adjustments..................... 10.0 53.2 27.8 5.5 10.9 10.2 -22.7 63.1 10.5 2.8
Consumption of fixed capital..... 9.1 -1.4 1.7 6.0 1.8 2.0 7.8 -6.0 -1.0 .0
Less: Inventory valuation
adjustment........................ ..... ..... ..... ..... ..... ..... ..... ..... ..... .....
Equals: Net cash flow.............. 6.2 11.3 10.1 8.1 2.8 3.0 -.4 3.8 3.7 2.2
Addenda:
Profits before tax (without
inventory valuation and capital
consumption adjustments).......... -8.5 8.5 22.0 13.0 .5 .0 -11.1 -3.0 6.6 7.0
Profits after tax (without
inventory valuation and capital
consumption adjustments).......... -.9 14.3 22.4 11.8 5.6 .9 -11.8 -.2 9.8 6.7
Inventory valuation adjustment..... ..... ..... ..... ..... ..... ..... ..... ..... ..... .....
Capital consumption adjustment..... -17.9 149.8 -10.2 31.4 -47.3 -4.1 -6.2 339.8 9.6 1.2
-------------------------------------------------------------------------------------------------------------------------------
Table 11B.--Corporate Profits: Percent Change From Preceding Period--Continued
[Quarterly rates]
----------------------------------------------------------------------------------------------------------------------------------------
III 02 IV 02 I 03 II 03 III 03 IV 03 I 04 II 04 III 04 IV 04 I 05
----------------------------------------------------------------------------------------------------------------------------------------
Corporate profits with inventory
valuation and capital consumption
adjustments......................... 3.6 6.8 -.5 5.6 5.2 5.3 3.1 1.3 -3.9 9.2 5.6
Less: Taxes on corporate income...... 4.5 6.7 6.5 -1.0 6.1 5.2 4.2 6.5 -5.7 13.1 23.7
Equals: Profits after tax with
inventory valuation and capital
consumption adjustments............. 3.4 6.8 -2.5 7.7 5.0 5.3 2.8 -.2 -3.3 8.0 -.1
Net dividends...................... 2.5 1.5 1.0 .9 1.1 1.7 3.2 3.4 3.2 23.8 -16.0
Undistributed profits with
inventory valuation and
capital consumption
adjustments....................... 4.5 14.2 -6.8 16.7 9.4 9.0 2.3 -3.9 -10.3 -11.8 27.7
Cash flow:
Net cash flow with inventory
valuation and capital
consumption adjustments........... 1.3 4.2 -1.8 5.3 3.6 3.7 1.5 -.6 .8 -6.2 8.3
Undistributed profits with
inventory valuation and
capital consumption
adjustments..................... 4.5 14.2 -6.8 16.7 9.4 9.0 2.3 -3.9 -10.3 -11.8 27.7
Consumption of fixed capital..... .0 .2 .4 .6 .8 1.0 1.1 1.3 6.9 -3.6 .2
Less: Inventory valuation
adjustment........................ ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... .....
Equals: Net cash flow.............. 2.3 3.8 -.3 3.1 3.9 5.1 2.2 1.0 -.1 -5.4 7.6
Addenda:
Profits before tax (without
inventory valuation and capital
consumption adjustments).......... 6.0 8.3 3.7 1.1 6.3 7.8 .7 3.4 -4.4 10.4 22.6
Profits after tax (without
inventory valuation and capital
consumption adjustments).......... 6.5 8.8 2.8 1.9 6.3 8.7 -.5 2.3 -3.9 9.5 22.2
Inventory valuation adjustment..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... .....
Capital consumption adjustment..... -2.4 -6.1 -17.6 22.0 -.4 -2.7 32.2 -.4 -6.6 2.9 -136.5
----------------------------------------------------------------------------------------------------------------------------------------
Table 12A.--Corporate Profits by Industry
[Billions of dollars; quarters seasonally adjusted at annual rates]
------------------------------------------------------------------------------------------------------------------------------
2001 2002 2003 2004 I 01 II 01 III 01 IV 01 I 02 II 02
------------------------------------------------------------------------------------------------------------------------------
Corporate profits with
inventory valuation and
capital consumption
adjustments.................... 767.3 886.3 1,031.8 1,161.5 778.7 783.1 714.5 793.0 829.4 864.3
Domestic industries................. 597.6 730.5 855.8 976.6 618.6 612.1 567.9 591.8 674.4 717.1
Financial......................... 240.4 301.1 330.9 322.7 234.4 232.4 226.8 268.1 303.8 303.6
Nonfinancial...................... 357.2 429.4 524.9 653.9 384.2 379.7 341.1 323.7 370.6 413.5
Rest of the world................... 169.7 155.8 176.0 184.9 160.1 171.0 146.6 201.2 155.0 147.1
Receipts from the rest of the
world............................ 182.6 204.4 255.7 309.5 191.2 186.3 176.1 176.8 191.6 202.5
Less: Payments to the rest of the
world............................ 12.9 48.6 79.7 124.6 31.1 15.3 29.5 -24.4 36.6 55.4
Corporate profits with
inventory valuation adjustment. 719.2 766.2 923.9 1,019.7 750.5 756.0 689.1 681.3 707.0 740.5
Domestic industries................. 549.5 610.4 747.9 834.8 590.4 585.0 542.5 480.2 552.0 593.3
Financial......................... 227.6 276.4 313.0 300.6 230.8 224.0 211.8 243.7 277.9 277.7
Federal Reserve banks........... 28.3 23.7 20.2 20.3 31.1 29.1 27.6 25.5 24.2 24.5
Other financial................. 199.3 252.7 292.8 280.3 199.7 194.9 184.2 218.2 253.6 253.3
Nonfinancial...................... 322.0 334.0 434.9 534.2 359.6 361.0 330.8 236.5 274.2 315.6
Utilities....................... 24.7 10.6 11.4 12.1 27.2 29.3 26.1 16.2 7.1 10.1
Manufacturing................... 52.6 48.2 80.7 118.9 87.8 79.8 49.1 -6.3 27.8 40.0
Durable goods................. -25.4 -9.9 -4.1 34.8 17.1 -5.1 -38.3 -75.5 -30.6 -13.9
Fabricated metal products... 9.9 8.9 8.5 10.3 12.1 10.7 9.6 7.1 8.4 8.9
Machinery................... 2.7 1.7 1.4 1.0 12.1 4.2 -6.7 1.1 2.0 1.3
Computer and electronic
products................... -48.5 -35.3 -16.1 -3.2 -18.7 -37.2 -59.3 -78.6 -49.2 -39.7
Electrical equipment,
appliances, and components. 1.9 -.1 1.9 .3 4.3 2.1 1.1 .0 .3 -1.3
Motor vehicles, bodies and
trailers, and parts........ -9.2 -5.0 -11.6 -3.4 -7.7 -9.9 -6.1 -13.2 -10.5 -1.1
Other durable goods......... 17.8 20.0 11.9 29.9 15.0 25.0 23.1 8.3 18.4 17.9
Nondurable goods.............. 78.0 58.1 84.8 84.0 70.7 84.9 87.4 69.2 58.4 54.0
Food and beverage and
tobacco products........... 28.0 24.9 23.5 24.0 22.3 30.4 28.8 30.3 27.9 25.7
Petroleum and coal products. 29.6 1.6 23.6 31.0 34.4 33.3 32.3 18.6 4.8 .8
Chemical products........... 12.6 18.4 20.8 13.5 5.6 14.0 16.2 14.6 16.4 16.4
Other nondurable goods...... 7.8 13.2 16.9 15.6 8.3 7.2 10.1 5.7 9.4 11.0
Wholesale trade................. 52.1 49.3 56.3 63.5 46.7 47.8 53.8 60.2 48.5 52.6
Retail trade.................... 71.0 79.4 87.7 90.0 66.7 66.3 72.3 78.6 75.7 79.7
Transportation and warehousing.. 1.3 -.9 8.1 8.4 2.9 4.1 3.3 -5.2 -1.3 -3.8
Information..................... -25.6 -8.5 -1.9 17.0 -21.5 -21.1 -25.4 -34.4 -17.5 -11.4
Other nonfinancial.............. 145.9 155.8 192.4 224.3 149.8 154.9 151.5 127.4 133.8 148.4
Rest of the world................... 169.7 155.8 176.0 184.9 160.1 171.0 146.6 201.2 155.0 147.1
------------------------------------------------------------------------------------------------------------------------------
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]
---------------------------------------------------------------------------------------------------------------------------------------
III 02 IV 02 I 03 II 03 III 03 IV 03 I 04 II 04 III 04 IV 04 I 05
---------------------------------------------------------------------------------------------------------------------------------------
Corporate profits with
inventory valuation and
capital consumption
adjustments.................... 895.4 956.1 951.5 1,005.0 1,057.5 1,113.1 1,147.3 1,162.0 1,117.2 1,219.5 1,288.2
Domestic industries................. 740.8 789.6 796.9 835.2 882.8 908.1 949.1 985.1 931.3 1,040.9 1,094.8
Financial......................... 299.3 297.8 322.2 327.7 338.3 335.3 346.4 338.5 264.4 341.6 377.6
Nonfinancial...................... 441.5 491.8 474.8 507.5 544.4 572.8 602.7 646.6 666.9 699.3 717.1
Rest of the world................... 154.6 166.5 154.5 169.8 174.7 205.0 198.2 176.9 185.9 178.6 193.5
Receipts from the rest of the
world............................ 217.3 206.2 230.1 241.7 257.2 293.9 293.0 303.0 309.4 332.6 313.5
Less: Payments to the rest of the
world............................ 62.8 39.7 75.6 71.9 82.5 88.8 94.8 126.1 123.6 154.0 120.1
Corporate profits with
inventory valuation adjustment. 774.5 842.7 858.0 891.0 944.0 1,002.6 1,001.2 1,016.5 981.3 1,079.7 1,339.2
Domestic industries................. 620.0 676.2 703.5 721.2 769.2 797.6 803.0 839.7 795.5 901.1 1,145.7
Financial......................... 274.6 275.3 304.8 309.0 320.4 317.9 324.1 316.1 242.8 319.4 377.2
Federal Reserve banks........... 23.6 22.4 22.0 20.9 19.5 18.5 19.4 19.3 20.2 22.2 23.1
Other financial................. 251.0 252.9 282.8 288.2 300.9 299.4 304.7 296.8 222.7 297.1 354.2
Nonfinancial...................... 345.4 400.9 398.7 412.2 448.9 479.7 479.0 523.6 552.7 581.7 768.5
Utilities....................... 12.6 12.8 12.3 10.4 10.7 12.3 11.0 11.7 11.4 14.1 23.7
Manufacturing................... 55.0 70.0 70.9 68.0 79.2 104.8 97.3 107.3 116.2 154.7 170.2
Durable goods................. -.2 5.3 -7.3 -10.4 -8.7 10.1 11.2 27.1 42.2 58.8 35.5
Fabricated metal products... 8.6 9.8 6.0 9.2 8.4 10.5 9.3 9.1 9.8 13.1 8.8
Machinery................... 1.9 1.5 -1.1 1.2 3.0 2.4 1.8 1.4 3.4 -2.6 .9
Computer and electronic
products................... -28.4 -23.9 -20.9 -18.0 -16.1 -9.7 -8.0 -5.8 1.3 -.2 .5
Electrical equipment,
appliances, and components. .0 .5 3.3 2.6 .9 .8 -4.7 2.0 -3.0 6.8 -1.3
Motor vehicles, bodies and
trailers, and parts........ -2.9 -5.5 -2.3 -14.1 -17.9 -12.4 -6.6 -7.7 -.7 1.3 -20.8
Other durable goods......... 20.7 22.9 7.6 8.7 12.9 18.5 19.4 28.1 31.4 40.5 47.3
Nondurable goods.............. 55.2 64.8 78.3 78.3 88.0 94.6 86.2 80.3 73.9 95.9 134.7
Food and beverage and
tobacco products........... 25.5 20.6 20.2 21.6 22.9 29.3 28.1 23.7 23.4 20.5 39.6
Petroleum and coal products. -.2 .9 24.6 21.6 22.1 25.9 27.7 27.6 19.5 49.2 62.8
Chemical products........... 18.2 22.8 20.3 18.8 23.8 20.3 15.1 14.4 16.3 8.4 18.8
Other nondurable goods...... 11.7 20.5 13.2 16.3 19.1 19.1 15.2 14.6 14.7 17.8 13.5
Wholesale trade................. 45.3 50.7 48.6 50.3 62.1 64.1 56.8 61.3 69.1 66.9 81.4
Retail trade.................... 80.2 82.1 81.4 90.4 90.3 88.8 97.5 92.9 81.9 87.7 104.6
Transportation and warehousing.. -2.0 3.4 4.6 9.8 8.9 9.3 11.0 15.0 6.1 1.7 22.9
Information..................... -7.8 2.7 -7.0 -4.3 4.9 -1.1 -6.5 20.3 33.0 21.0 46.7
Other nonfinancial.............. 162.1 179.2 187.9 187.7 192.6 201.5 211.8 215.1 235.0 235.6 318.9
Rest of the world................... 154.6 166.5 154.5 169.8 174.7 205.0 198.2 176.9 185.9 178.6 193.5
---------------------------------------------------------------------------------------------------------------------------------------
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 2004 II 01 III 01 IV 01 I 02 II 02
---------------------------------------------------------------------------------------------------
Corporate profits with
inventory valuation and
capital consumption
adjustments.................... -50.6 119.0 145.5 129.7 4.4 -68.6 78.5 36.4 34.9
Domestic industries................. -74.6 132.9 125.3 120.8 -6.5 -44.2 23.9 82.6 42.7
Financial......................... 55.7 60.7 29.8 -8.2 -2.0 -5.6 41.3 35.7 -.2
Nonfinancial...................... -130.3 72.2 95.5 129.0 -4.5 -38.6 -17.4 46.9 42.9
Rest of the world................... 24.0 -13.9 20.2 8.9 10.9 -24.4 54.6 -46.2 -7.9
Receipts from the rest of the
world............................ -19.9 21.8 51.3 53.8 -4.9 -10.2 .7 14.8 10.9
Less: Payments to the rest of the
world............................ -43.9 35.7 31.1 44.9 -15.8 14.2 -53.9 61.0 18.8
Corporate profits with
inventory valuation adjustment. -40.1 47.0 157.7 95.8 5.5 -66.9 -7.8 25.7 33.5
Domestic industries................. -64.1 60.9 137.5 86.9 -5.4 -42.5 -62.3 71.8 41.3
Financial......................... 27.4 48.8 36.6 -12.4 -6.8 -12.2 31.9 34.2 -.2
Federal Reserve banks........... -2.5 -4.6 -3.5 .1 -2.0 -1.5 -2.1 -1.3 .3
Other financial................. 29.9 53.4 40.1 -12.5 -4.8 -10.7 34.0 35.4 -.3
Nonfinancial...................... -91.4 12.0 100.9 99.3 1.4 -30.2 -94.3 37.7 41.4
Utilities....................... .3 -14.1 .8 .7 2.1 -3.2 -9.9 -9.1 3.0
Manufacturing................... -91.7 -4.4 32.5 38.2 -8.0 -30.7 -55.4 34.1 12.2
Durable goods................. -85.4 15.5 5.8 38.9 -22.2 -33.2 -37.2 44.9 16.7
Fabricated metal products... -5.6 -1.0 -.4 1.8 -1.4 -1.1 -2.5 1.3 .5
Machinery................... -5.5 -1.0 -.3 -.4 -7.9 -10.9 7.8 .9 -.7
Computer and electronic
products................... -52.5 13.2 19.2 12.9 -18.5 -22.1 -19.3 29.4 9.5
Electrical equipment,
appliances, and components. -3.7 -2.0 2.0 -1.6 -2.2 -1.0 -1.1 .3 -1.6
Motor vehicles, bodies and
trailers, and parts........ -8.2 4.2 -6.6 8.2 -2.2 3.8 -7.1 2.7 9.4
Other durable goods......... -9.9 2.2 -8.1 18.0 10.0 -1.9 -14.8 10.1 -.5
Nondurable goods.............. -6.3 -19.9 26.7 -.8 14.2 2.5 -18.2 -10.8 -4.4
Food and beverage and
tobacco products........... 2.6 -3.1 -1.4 .5 8.1 -1.6 1.5 -2.4 -2.2
Petroleum and coal products. 2.7 -28.0 22.0 7.4 -1.1 -1.0 -13.7 -13.8 -4.0
Chemical products........... -1.6 5.8 2.4 -7.3 8.4 2.2 -1.6 1.8 .0
Other nondurable goods...... -10.0 5.4 3.7 -1.3 -1.1 2.9 -4.4 3.7 1.6
Wholesale trade................. -7.6 -2.8 7.0 7.2 1.1 6.0 6.4 -11.7 4.1
Retail trade.................... 11.4 8.4 8.3 2.3 -.4 6.0 6.3 -2.9 4.0
Transportation and warehousing.. -13.6 -2.2 9.0 .3 1.2 -.8 -8.5 3.9 -2.5
Information..................... -8.0 17.1 6.6 18.9 .4 -4.3 -9.0 16.9 6.1
Other nonfinancial.............. 17.7 9.9 36.6 31.9 5.1 -3.4 -24.1 6.4 14.6
Rest of the world................... 24.0 -13.9 20.2 8.9 10.9 -24.4 54.6 -46.2 -7.9
---------------------------------------------------------------------------------------------------
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--Continued
[Billions of dollars]
-----------------------------------------------------------------------------------------------------------------
III 02 IV 02 I 03 II 03 III 03 IV 03 I 04 II 04 III 04 IV 04 I 05
-----------------------------------------------------------------------------------------------------------------
Corporate profits with
inventory valuation and
capital consumption
adjustments.................... 31.1 60.7 -4.6 53.5 52.5 55.6 34.2 14.7 -44.8 102.3 68.7
Domestic industries................. 23.7 48.8 7.3 38.3 47.6 25.3 41.0 36.0 -53.8 109.6 53.9
Financial......................... -4.3 -1.5 24.4 5.5 10.6 -3.0 11.1 -7.9 -74.1 77.2 36.0
Nonfinancial...................... 28.0 50.3 -17.0 32.7 36.9 28.4 29.9 43.9 20.3 32.4 17.8
Rest of the world................... 7.5 11.9 -12.0 15.3 4.9 30.3 -6.8 -21.3 9.0 -7.3 14.9
Receipts from the rest of the
world............................ 14.8 -11.1 23.9 11.6 15.5 36.7 -.9 10.0 6.4 23.2 -19.1
Less: Payments to the rest of the
world............................ 7.4 -23.1 35.9 -3.7 10.6 6.3 6.0 31.3 -2.5 30.4 -33.9
Corporate profits with
inventory valuation adjustment. 34.0 68.2 15.3 33.0 53.0 58.6 -1.4 15.3 -35.2 98.4 259.5
Domestic industries................. 26.7 56.2 27.3 17.7 48.0 28.4 5.4 36.7 -44.2 105.6 244.6
Financial......................... -3.1 .7 29.5 4.2 11.4 -2.5 6.2 -8.0 -73.3 76.6 57.8
Federal Reserve banks........... -.9 -1.2 -.4 -1.1 -1.4 -1.0 .9 -.1 .9 2.0 .9
Other financial................. -2.3 1.9 29.9 5.4 12.7 -1.5 5.3 -7.9 -74.1 74.4 57.1
Nonfinancial...................... 29.8 55.5 -2.2 13.5 36.7 30.8 -.7 44.6 29.1 29.0 186.8
Utilities....................... 2.5 .2 -.5 -1.9 .3 1.6 -1.3 .7 -.3 2.7 9.6
Manufacturing................... 15.0 15.0 .9 -2.9 11.2 25.6 -7.5 10.0 8.9 38.5 15.5
Durable goods................. 13.7 5.5 -12.6 -3.1 1.7 18.8 1.1 15.9 15.1 16.6 -23.3
Fabricated metal products... -.3 1.2 -3.8 3.2 -.8 2.1 -1.2 -.2 .7 3.3 -4.3
Machinery................... .6 -.4 -2.6 2.3 1.8 -.6 -.6 -.4 2.0 -6.0 3.5
Computer and electronic
products................... 11.3 4.5 3.0 2.9 1.9 6.4 1.7 2.2 7.1 -1.5 .7
Electrical equipment,
appliances, and components. 1.3 .5 2.8 -.7 -1.7 -.1 -5.5 6.7 -5.0 9.8 -8.1
Motor vehicles, bodies and
trailers, and parts........ -1.8 -2.6 3.2 -11.8 -3.8 5.5 5.8 -1.1 7.0 2.0 -22.1
Other durable goods......... 2.8 2.2 -15.3 1.1 4.2 5.6 .9 8.7 3.3 9.1 6.8
Nondurable goods.............. 1.2 9.6 13.5 .0 9.7 6.6 -8.4 -5.9 -6.4 22.0 38.8
Food and beverage and
tobacco products........... -.2 -4.9 -.4 1.4 1.3 6.4 -1.2 -4.4 -.3 -2.9 19.1
Petroleum and coal products. -1.0 1.1 23.7 -3.0 .5 3.8 1.8 -.1 -8.1 29.7 13.6
Chemical products........... 1.8 4.6 -2.5 -1.5 5.0 -3.5 -5.2 -.7 1.9 -7.9 10.4
Other nondurable goods...... .7 8.8 -7.3 3.1 2.8 .0 -3.9 -.6 .1 3.1 -4.3
Wholesale trade................. -7.3 5.4 -2.1 1.7 11.8 2.0 -7.3 4.5 7.8 -2.2 14.5
Retail trade.................... .5 1.9 -.7 9.0 -.1 -1.5 8.7 -4.6 -11.0 5.8 16.9
Transportation and warehousing.. 1.8 5.4 1.2 5.2 -.9 .4 1.7 4.0 -8.9 -4.4 21.2
Information..................... 3.6 10.5 -9.7 2.7 9.2 -6.0 -5.4 26.8 12.7 -12.0 25.7
Other nonfinancial.............. 13.7 17.1 8.7 -.2 4.9 8.9 10.3 3.3 19.9 .6 83.3
Rest of the world................... 7.5 11.9 -12.0 15.3 4.9 30.3 -6.8 -21.3 9.0 -7.3 14.9
-----------------------------------------------------------------------------------------------------------------
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 a
Revised Revisions to percentage of
estimates previously previously
published published
------------------------ ------------------------ ------------------------
2002 2003 2004 2002 2003 2004 2002 2003 2004
---------------------------------------------------------------------------------------------------------------------------------
Corporate profits with
inventory valuation and
capital consumption
adjustments........................... 886.3 1,031.8 1,161.5 11.7 10.7 -20.1 1.3 1.0 -1.7
Domestic industries.................. 730.5 855.8 976.6 13.7 11.6 -13.0 1.9 1.4 -1.3
Financial.......................... 301.1 330.9 322.7 2.7 3.1 -13.7 .9 .9 -4.1
Nonfinancial....................... 429.4 524.9 653.9 11.0 8.5 .8 2.6 1.6 .1
Rest of the world.................... 155.8 176.0 184.9 -2.0 -.9 -7.1 -1.3 -.5 -3.7
Receipts from the rest of the
world............................. 204.4 255.7 309.5 -1.6 5.0 -5.9 -.8 2.0 -1.9
Less: Payments to the rest of the
world............................. 48.6 79.7 124.6 .4 5.9 1.2 .8 8.0 1.0
Corporate profits with
inventory valuation adjustment........ 766.2 923.9 1,019.7 9.4 63.5 77.3 1.2 7.4 8.2
Domestic industries.................. 610.4 747.9 834.8 11.4 64.5 84.4 1.9 9.4 11.2
Financial.......................... 276.4 313.0 300.6 .2 13.2 6.6 .1 4.4 2.2
Federal Reserve banks............ 23.7 20.2 20.3 .8 1.0 1.2 3.5 5.2 6.3
Other financial.................. 252.7 292.8 280.3 -.6 12.2 5.4 -.2 4.3 2.0
Nonfinancial....................... 334.0 434.9 534.2 11.2 51.3 77.8 3.5 13.4 17.0
Utilities........................ 10.6 11.4 12.1 -.8 -7.4 -11.2 -7.0 -39.4 -48.1
Manufacturing.................... 48.2 80.7 118.9 -2.5 13.4 13.0 -4.9 19.9 12.3
Durable goods.................. -9.9 -4.1 34.8 -1.6 -.6 10.9 19.3 17.1 45.6
Nondurable goods............... 58.1 84.8 84.0 -.8 14.1 2.0 -1.4 19.9 2.4
Wholesale trade.................. 49.3 56.3 63.5 -1.7 8.4 8.9 -3.3 17.5 16.3
Retail trade..................... 79.4 87.7 90.0 1.3 10.0 17.8 1.7 12.9 24.7
Transportation and warehousing... -.9 8.1 8.4 .4 -2.4 -1.3 -30.8 -22.9 -13.4
Information...................... -8.5 -1.9 17.0 2.7 -1.2 7.5 -24.1 171.4 78.9
Other nonfinancial............... 155.8 192.4 224.3 11.6 30.3 43.1 8.0 18.7 23.8
Rest of the world.................... 155.8 176.0 184.9 -2.0 -.9 -7.1 -1.3 -.5 -3.7
Corporate profits before tax without
inventory valuation and capital
consumption adjustments............... 768.4 937.2 1,059.3 10.4 62.7 74.0 1.4 7.2 7.5
Addenda:
Corporate profits after tax with
inventory valuation and capital
consumption adjustments............. 693.7 799.7 890.3 3.0 13.5 -22.1 .4 1.7 -2.4
Net cash flow with inventory
valuation and capital
consumption adjustments............. 1,036.6 1,130.8 1,196.9 -21.9 -42.6 -67.7 -2.1 -3.6 -5.4
Undistributed profits with
inventory valuation and
capital consumption
adjustments....................... 294.5 376.5 397.3 -6.2 -14.4 -71.2 -2.1 -3.7 -15.2
Consumption of fixed capital....... 742.1 754.4 799.6 -15.7 -28.1 3.5 -2.1 -3.6 .4
Less: Inventory valuation
adjustment.......................... -2.2 -13.3 -39.6 -1.0 .8 3.3 ..... ..... .....
Equals: Net cash flow................ 1,038.9 1,144.1 1,236.6 -20.9 -43.4 -70.9 -2.0 -3.7 -5.4
---------------------------------------------------------------------------------------------------------------------------------
Table 13.--Gross Value Added of Nonfinancial Domestic Corporate Business
[Quarters seasonally adjusted at annual rates]
--------------------------------------------------------------------------------------------------------------------------------------
2001 2002 2003 2004 I 01 II 01 III 01 IV 01 I 02 II 02
--------------------------------------------------------------------------------------------------------------------------------------
Billions of dollars
------------------------------------------------------------------------------------------
Gross value added of nonfinancial
corporate business..................... 5,293.5 5,371.7 5,595.7 5,995.4 5,315.8 5,321.3 5,279.1 5,257.7 5,284.6 5,358.3
Consumption of fixed capital................ 646.8 643.6 652.6 690.3 616.6 635.9 683.6 651.1 643.3 643.4
Net value added............................. 4,646.7 4,728.2 4,943.1 5,305.1 4,699.1 4,685.4 4,595.5 4,606.6 4,641.3 4,715.0
Compensation of employees................. 3,595.9 3,611.9 3,703.2 3,906.8 3,616.6 3,604.8 3,587.6 3,574.5 3,576.7 3,616.8
Wage and salary accruals................ 3,016.5 2,969.9 3,007.8 3,168.6 3,042.8 3,027.7 3,006.4 2,989.3 2,963.2 2,977.8
Supplements to wages and salaries....... 579.3 642.0 695.4 738.3 573.8 577.1 581.1 585.2 613.5 639.0
Taxes on production and imports less
subsidies................................ 439.1 465.5 486.5 519.1 444.4 437.1 423.3 451.5 454.3 462.8
Net operating surplus..................... 611.8 650.8 753.4 879.2 638.2 643.6 584.7 580.6 610.2 635.3
Net interest and miscellaneous
payments............................... 204.0 167.4 166.2 164.9 202.0 207.0 205.8 201.3 186.1 168.5
Business current transfer payments...... 50.6 54.0 62.4 60.4 51.9 56.9 37.8 55.5 53.6 53.2
Corporate profits with inventory
valuation and capital consumption
adjustments............................ 357.2 429.4 524.9 653.9 384.2 379.7 341.1 323.7 370.6 413.5
Taxes on corporate income............. 111.7 97.0 126.5 165.9 127.6 126.2 110.9 82.0 78.2 91.9
Profits after tax with inventory
valuation and capital consumption
adjustments.......................... 245.5 332.3 398.3 487.9 256.6 253.5 230.2 241.7 292.3 321.6
Net dividends....................... 245.4 254.8 295.5 361.2 248.4 233.3 252.2 247.8 245.0 257.8
Undistributed profits with
inventory valuation and capital
consumption adjustments............ .1 77.5 102.8 126.7 8.2 20.1 -22.0 -6.0 47.3 63.7
Addenda:
Profits before tax (without inventory
valuation and capital consumption
adjustments)............................. 310.6 336.3 448.1 573.9 363.7 359.9 312.8 206.1 260.9 317.2
Profits after tax (without inventory
valuation and capital consumption
adjustments)............................. 198.9 239.2 321.6 407.9 236.1 233.7 201.9 124.1 182.7 225.3
Inventory valuation adjustment............ 11.3 -2.2 -13.3 -39.6 -4.1 1.1 18.0 30.4 13.3 -1.6
Capital consumption adjustment............ 35.2 95.3 90.0 119.7 24.6 18.7 10.4 87.3 96.4 97.9
------------------------------------------------------------------------------------------
Billions of chained (2000) dollars
------------------------------------------------------------------------------------------
Gross value added of nonfinancial
corporate business\1\.................. 5,224.5 5,270.2 5,412.5 5,700.9 5,285.9 5,256.7 5,197.6 5,158.0 5,195.4 5,266.4
Consumption of fixed capital\2\............. 615.8 618.2 629.4 656.5 595.7 606.5 646.8 614.4 614.1 617.1
Net value added\3\.......................... 4,608.7 4,651.9 4,783.1 5,044.4 4,690.2 4,650.2 4,550.8 4,543.5 4,581.3 4,649.3
------------------------------------------------------------------------------------------
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\.... 1.013 1.019 1.034 1.052 1.006 1.012 1.016 1.019 1.017 1.017
Compensation of employees (unit labor
cost).................................... .688 .685 .684 .685 .684 .686 .690 .693 .688 .687
Unit nonlabor cost........................ .257 .253 .253 .252 .249 .254 .261 .263 .258 .252
Consumption of fixed capital............ .124 .122 .121 .121 .117 .121 .132 .126 .124 .122
Taxes on production and imports less
subsidies plus business current
transfer payments...................... .094 .099 .101 .102 .094 .094 .089 .098 .098 .098
Net interest and miscellaneous payments. .039 .032 .031 .029 .038 .039 .040 .039 .036 .032
Corporate profits with inventory valuation
and capital consumption adjustments (unit
profits from current production)......... .068 .081 .097 .115 .073 .072 .066 .063 .071 .079
Taxes on corporate income............... .021 .018 .023 .029 .024 .024 .021 .016 .015 .017
Profits after tax with inventory
valuation and capital consumption
adjustments............................ .047 .063 .074 .086 .049 .048 .044 .047 .056 .061
--------------------------------------------------------------------------------------------------------------------------------------
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).
Table 13.--Gross Value Added of Nonfinancial Domestic Corporate Business--Continued
[Quarters seasonally adjusted at annual rates]
-----------------------------------------------------------------------------------------------------------------------------------------------
III 02 IV 02 I 03 II 03 III 03 IV 03 I 04 II 04 III 04 IV 04 I 05
-----------------------------------------------------------------------------------------------------------------------------------------------
Billions of dollars
---------------------------------------------------------------------------------------------------
Gross value added of nonfinancial
corporate business..................... 5,395.6 5,448.4 5,456.5 5,541.8 5,650.0 5,734.4 5,822.0 5,922.8 6,038.0 6,198.9 6,295.7
Consumption of fixed capital................ 643.4 644.2 646.1 649.6 654.3 660.2 667.4 675.7 722.0 696.2 697.5
Net value added............................. 4,752.1 4,804.2 4,810.4 4,892.2 4,995.7 5,074.2 5,154.7 5,247.1 5,316.1 5,502.8 5,598.2
Compensation of employees................. 3,626.4 3,627.4 3,636.8 3,682.2 3,726.1 3,767.8 3,806.3 3,850.5 3,928.5 4,042.0 4,118.3
Wage and salary accruals................ 2,972.9 2,965.8 2,956.6 2,990.8 3,026.3 3,057.5 3,081.4 3,119.2 3,189.3 3,284.5 3,335.6
Supplements to wages and salaries....... 653.6 661.7 680.3 691.4 699.8 710.3 724.9 731.4 739.2 757.5 782.8
Taxes on production and imports less
subsidies................................ 470.2 474.8 478.3 474.9 493.1 499.8 509.8 516.2 520.6 529.9 537.7
Net operating surplus..................... 655.5 702.0 695.2 735.2 776.5 806.6 838.5 880.4 866.9 930.9 942.2
Net interest and miscellaneous
payments............................... 160.1 155.0 161.3 166.1 168.4 168.9 169.1 166.2 162.1 162.1 167.0
Business current transfer payments...... 53.8 55.2 59.1 61.6 63.7 65.0 66.7 67.6 37.9 69.5 58.0
Corporate profits with inventory
valuation and capital consumption
adjustments............................ 441.5 491.8 474.8 507.5 544.4 572.8 602.7 646.6 666.9 699.3 717.1
Taxes on corporate income............. 102.0 116.0 119.3 116.7 128.1 141.9 145.9 165.2 171.8 180.8 231.9
Profits after tax with inventory
valuation and capital consumption
adjustments.......................... 339.5 375.8 355.4 390.7 416.3 430.9 456.8 481.4 495.1 518.5 485.2
Net dividends....................... 245.5 270.9 267.1 320.9 291.5 302.5 329.2 323.6 327.3 465.0 306.7
Undistributed profits with
inventory valuation and capital
consumption adjustments............ 94.0 105.0 88.3 69.9 124.8 128.4 127.7 157.8 167.8 53.5 178.5
Addenda:
Profits before tax (without inventory
valuation and capital consumption
adjustments)............................. 357.2 409.8 423.7 414.3 454.0 500.5 507.9 571.9 589.5 626.1 807.6
Profits after tax (without inventory
valuation and capital consumption
adjustments)............................. 255.2 293.7 304.4 297.6 325.8 358.6 362.0 406.7 417.7 445.3 575.6
Inventory valuation adjustment............ -11.8 -8.8 -25.0 -2.1 -5.1 -20.8 -28.9 -48.3 -36.9 -44.4 -39.1
Capital consumption adjustment............ 96.1 90.9 76.0 95.3 95.6 93.1 123.8 123.0 114.2 117.6 -51.3
---------------------------------------------------------------------------------------------------
Billions of chained (2000) dollars
---------------------------------------------------------------------------------------------------
Gross value added of nonfinancial
corporate business\1\.................. 5,296.6 5,322.3 5,298.7 5,369.6 5,460.3 5,521.3 5,568.1 5,613.9 5,742.0 5,879.5 5,939.0
Consumption of fixed capital\2\............. 619.6 622.0 624.3 627.4 630.9 635.0 639.1 644.4 685.2 657.3 660.2
Net value added\3\.......................... 4,676.9 4,700.2 4,674.4 4,742.2 4,829.4 4,886.3 4,929.1 4,969.6 5,056.9 5,222.2 5,278.7
---------------------------------------------------------------------------------------------------
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 1.024 1.030 1.032 1.035 1.039 1.046 1.055 1.052 1.054 1.060
Compensation of employees (unit labor
cost).................................... .685 .682 .686 .686 .682 .682 .684 .686 .684 .687 .693
Unit nonlabor cost........................ .250 .250 .253 .252 .253 .253 .254 .254 .251 .248 .245
Consumption of fixed capital............ .121 .121 .122 .121 .120 .120 .120 .120 .126 .118 .117
Taxes on production and imports less
subsidies plus business current
transfer payments...................... .099 .100 .101 .100 .102 .102 .104 .104 .097 .102 .100
Net interest and miscellaneous payments. .030 .029 .030 .031 .031 .031 .030 .030 .028 .028 .028
Corporate profits with inventory valuation
and capital consumption adjustments (unit
profits from current production)......... .083 .092 .090 .095 .100 .104 .108 .115 .116 .119 .121
Taxes on corporate income............... .019 .022 .023 .022 .023 .026 .026 .029 .030 .031 .039
Profits after tax with inventory
valuation and capital consumption
adjustments............................ .064 .071 .067 .073 .076 .078 .082 .086 .086 .088 .082
-----------------------------------------------------------------------------------------------------------------------------------------------
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]
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
2001 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
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
Gross domestic product (GDP) and
related aggregates:
GDP............................... .8 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 3.4
Goods............................. -1.7 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 4.8
Services.......................... 2.4 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 1.9
Structures........................ .4 -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 7.8
Motor vehicle output.............. -4.7 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 -2.2
GDP excluding motor vehicle
output........................... 1.0 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 3.6
Final sales of computers\1\....... 13.8 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 63.3
GDP excluding final sales of
computers........................ .6 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
Farm gross value added\2\......... -8.3 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 -8.4
Nonfarm business gross value
added\3\......................... .4 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
Price indexes:
GDP............................... 2.4 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 2.4
GDP excluding food and energy..... 2.1 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 2.3
GDP excluding final sales of
computers........................ 2.7 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 2.6
Gross domestic purchases.......... 2.0 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 3.2
Gross domestic purchases excluding
food and energy.................. 1.9 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 2.0
Gross domestic purchases excluding
final sales of computers to
domestic purchasers.............. 2.3 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
Personal consumption expenditures
(PCE)............................ 2.1 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
Personal consumption expenditures
excluding food and energy........ 1.9 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 1.8
Market-based PCE\4\............... 1.9 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 3.5
Market-based PCE excluding food
and energy\4\.................... 1.7 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 1.6
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
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.
