News Release
Gross Domestic Product: Third Quarter 2007 "advance" estimates
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Virginia H. Mannering: (202) 606-5304 BEA 07-50
Recorded message: (202) 606-5306
GROSS DOMESTIC PRODUCT: THIRD QUARTER 2007 (ADVANCE)
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 3.9 percent in the third quarter of 2007,
according to advance estimates released by the Bureau of Economic Analysis. In the second quarter,
real GDP increased 3.8 percent.
The Bureau emphasized that the third-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 third-
quarter "preliminary" estimates, based on more comprehensive data, will be released on November 29,
2007.
The increase in real GDP in the third quarter reflected positive contributions from personal
consumption expenditures (PCE), exports, federal government spending, equipment and software,
nonresidential structures, private inventory investment, and state and local government spending that
were partly offset by a negative contribution from residential fixed investment. Imports, which are a
subtraction in the calculation of GDP, increased.
The slight acceleration in real GDP growth in the third quarter primarily reflected accelerations in
PCE and in exports that were partly offset by an upturn in imports, a larger decrease in residential fixed
investment, and a deceleration in nonresidential structures.
Final sales of computers contributed 0.29 percentage point to the third-quarter growth in real GDP
after contributing 0.21 percentage point to the second-quarter growth. Motor vehicle output contributed
0.33 percentage point to the third-quarter growth in real GDP after contributing 0.03 percentage point to
the second-quarter growth.
FOOTNOTE.--Quarterly estimates are expressed at seasonally adjusted annual rates, unless otherwise
specified. Quarter-to-quarter dollar changes are differences between these published estimates. Percent
changes are calculated from unrounded data and are annualized. "Real" estimates are in chained (2000)
dollars. Price indexes are chain-type measures.
This news release is available on BEA's Web site at www.bea.gov/newsreleases/rels.htm.
The price index for gross domestic purchases, which measures prices paid by U.S. residents,
increased 1.6 percent in the third quarter, compared with an increase of 3.8 percent in the second.
Excluding food and energy prices, the price index for gross domestic purchases increased 1.7 percent in
the third quarter, compared with an increase of 1.5 percent in the second.
Real personal consumption expenditures increased 3.0 percent in the third quarter, compared with
an increase of 1.4 percent in the second. Durable goods increased 4.4 percent, compared with an
increase of 1.7 percent. Nondurable goods increased 2.7 percent, in contrast to a decrease of 0.5
percent. Services expenditures increased 2.9 percent, compared with an increase of 2.3 percent.
Real nonresidential fixed investment increased 7.9 percent in the third quarter, compared with an
increase of 11.0 percent in the second. Nonresidential structures increased 12.3 percent, compared with
an increase of 26.2 percent. Equipment and software increased 5.9 percent, compared with an increase
of 4.7 percent. Real residential fixed investment decreased 20.1 percent, compared with a decrease of
11.8 percent.
Real exports of goods and services increased 16.2 percent in the third quarter, compared with an
increase of 7.5 percent in the second. Real imports of goods and services increased 5.2 percent, in
contrast to a decrease of 2.7 percent.
Real federal government consumption expenditures and gross investment increased 6.8 percent in
the third quarter, compared with an increase of 6.0 percent in the second. National defense increased 9.7
percent, compared with an increase of 8.5 percent. Nondefense increased 0.9 percent, the same increase
as in the second. Real state and local government consumption expenditures and gross investment
increased 2.0 percent, compared with an increase of 3.0 percent.
The real change in private inventories added 0.36 percentage point to the third-quarter change in
real GDP after adding 0.22 percentage point to the second-quarter change. Private businesses increased
inventories $15.7 billion in the third quarter, following increases of $5.8 billion in the second quarter
and $0.1 billion in the first.
Real final sales of domestic product -- GDP less change in private inventories -- increased 3.5
percent in the third quarter, compared with an increase of 3.6 percent in the second.
Gross domestic purchases
Real gross domestic purchases -- purchases by U.S. residents of goods and services wherever
produced -- increased 2.8 percent in the third quarter, compared with an increase of 2.4 percent in the
second.
Disposition of personal income
Current-dollar personal income increased $165.2 billion (5.8 percent) in the third quarter,
compared with an increase of $150.0 billion (5.3 percent) in the second.
Personal current taxes increased $14.0 billion in the third quarter, compared with an increase of
$30.9 billion in the second.
Disposable personal income increased $151.2 billion (6.1 percent) in the third quarter, compared
with an increase of $119.1 billion (4.8 percent) in the second. Real disposable personal income
increased 4.4 percent, compared with an increase of 0.6 percent.
Personal outlays increased $129.1 billion (5.2 percent) in the third quarter, compared with an
increase of $151.7 billion (6.3 percent) in the second. Personal saving -- disposable personal income
less personal outlays -- was $86.5 billion in the third quarter, compared with $64.4 billion in the second.
The personal saving rate -- saving as a percentage of disposable personal income -- was 0.8 percent in
the third quarter, compared with 0.6 percent in the second. Saving from current income may be near
zero or negative when outlays are financed by borrowing (including borrowing financed through credit
cards or home equity loans), by selling investments or other assets, or by using savings from previous
periods. For more information, see the FAQs on "Personal Saving" on BEA's Web site. For a
comparison of personal saving in BEA's national income and product accounts with personal saving in
the Federal Reserve Board's flow of funds accounts, go to
/national/nipaweb/Nipa-Frb.asp.
Current-dollar GDP
Current-dollar GDP -- the market value of the nation's output of goods and services -- increased
4.7 percent, or $157.9 billion, in the third quarter to a level of $13,926.7 billion. In the second quarter,
current-dollar GDP increased 6.6 percent, or $216.9 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, "GDP and the Economy."
* * *
BEA's national, international, regional, and industry estimates; the Survey of Current Business;
and BEA news releases are available without charge on BEA's Web site at www.bea.gov. By visiting
the site, you can also subscribe to receive free e-mail summaries of BEA releases and announcements.
* * *
Next release -- November 29, 2007, at 8:30 A.M. EST for:
Gross Domestic Product: Third Quarter 2007 (Preliminary)
Corporate Profits: Third Quarter 2007
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, which cover the quarters of the 3 most recent calendar years, are usually carried out each
summer and incorporate newly available major annual source data. Comprehensive (or benchmark) revisions
are carried out at about 5-year intervals and incorporate major periodic source data, as well as improvements in
concepts and methods that update the accounts to portray more accurately the evolving U.S. economy.
The table below shows comparisons of the revisions between quarterly percent changes of current-dollar and
real GDP for the different vintages of the estimates. From the advance estimate to the preliminary estimate (one
month later), the average revision to real GDP without regard to sign is 0.5 percentage point, while from the advance
estimate to the final estimate (two months later), it is 0.6 percentage point. From the advance estimate to the latest
estimate, the average revision without regard to sign is 1.2 percentage points. The average revision (with regard to
sign) from the advance estimate to the latest estimate is 0.3 percentage point, which is larger than the average
revisions from the advance estimate to the preliminary or to the final estimates. The larger average revisions to the
latest estimate reflect the fact that comprehensive revisions include major improvements such as the introduction of
chain indexes and the capitalization of software. The current quarterly estimates correctly indicate the direction of change of
real GDP 98 percent of the time, correctly indicate whether it is accelerating or decelerating 74 percent of the time,
and correctly indicate whether real GDP growth is above, near, or below trend growth more than three-fifths of the
time.
Revisions Between Quarterly Percent Changes of GDP: Vintage Comparisons
[Annual rates]
Vintages Average Average without Standard deviation of
compared regard to sign revisions without regard
to sign
Current-dollar GDP
Advance to preliminary.......... 0.2 0.5 0.4
Advance to final................ .2 .7 .4
Preliminary to final............ .0 .3 .2
Advance to latest............... .4 1.1 .9
Real GDP
Advance to preliminary.......... 0.1 0.5 0.4
Advance to final................ .1 .6 .4
Preliminary to final............ .0 .3 .2
Advance to latest............... .3 1.2 1.0
NOTE.--These comparisons are based on the period from 1983 through 2004.
Table 1.--Real Gross Domestic Product and Related Measures: Percent Change From Preceding Period
[Quarters seasonally adjusted at annual rates]
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
2004 2005 2006 IV 03 I 04 II 04 III 04 IV 04 I 05 II 05 III 05 IV 05 I 06 II 06 III 06 IV 06 I 07 II 07 III 07
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
Gross domestic product (GDP). 3.6 3.1 2.9 2.7 3.0 3.5 3.6 2.5 3.1 2.8 4.5 1.2 4.8 2.4 1.1 2.1 .6 3.8 3.9
Personal consumption expenditures... 3.6 3.2 3.1 2.3 4.4 2.4 3.5 4.2 2.4 3.5 4.1 1.2 4.4 2.4 2.8 3.9 3.7 1.4 3.0
Durable goods..................... 6.3 4.9 3.8 .7 5.8 1.9 7.8 7.0 2.2 11.3 6.2 -13.0 16.6 .8 5.6 3.9 8.8 1.7 4.4
Nondurable goods.................. 3.5 3.6 3.6 1.8 4.6 1.5 3.1 4.9 3.5 3.7 2.5 4.7 4.5 2.3 3.2 4.3 3.0 -.5 2.7
Services.......................... 3.2 2.7 2.7 2.8 4.1 3.0 2.9 3.4 1.9 1.8 4.4 2.6 2.1 2.7 2.0 3.7 3.1 2.3 2.9
Gross private domestic investment... 9.7 5.6 2.7 9.3 2.1 20.7 8.0 6.4 5.3 -3.9 7.0 13.4 4.3 .6 -4.1 -14.1 -8.2 4.6 .8
Fixed investment.................. 7.3 6.9 2.4 5.5 -.2 12.9 9.3 7.3 4.0 7.9 8.0 2.3 7.9 -1.9 -4.7 -7.1 -4.4 3.2 -1.5
Nonresidential.................. 5.8 7.1 6.6 2.8 -2.6 10.7 12.3 10.3 3.3 5.0 8.6 3.4 13.3 4.2 5.1 -1.4 2.1 11.0 7.9
Structures.................... 1.3 .5 8.4 -4.7 -.3 6.1 3.6 -.2 2.1 -1.6 -6.3 4.8 15.0 16.4 10.8 7.4 6.4 26.2 12.3
Equipment and software........ 7.4 9.6 5.9 5.6 -3.4 12.4 15.5 14.3 3.8 7.4 14.5 3.1 13.0 -.1 2.9 -4.9 .3 4.7 5.9
Residential..................... 10.0 6.6 -4.6 10.6 4.0 16.7 4.2 2.4 5.3 13.1 6.9 .5 -.7 -11.7 -20.4 -17.2 -16.3 -11.8 -20.1
Change in private inventories..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... .....
Net exports of goods and services... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... .....
Exports........................... 9.7 6.9 8.4 20.8 10.0 6.5 3.1 10.0 6.0 9.5 2.1 10.6 11.5 5.7 5.7 14.3 1.1 7.5 16.2
Goods........................... 9.0 7.5 9.9 19.8 7.4 7.2 6.2 7.2 5.8 13.6 1.9 12.6 15.5 6.5 7.4 9.6 .9 6.6 23.0
Services........................ 11.5 5.4 4.8 23.1 16.2 5.1 -3.4 16.8 6.5 .9 2.6 6.3 2.9 3.9 2.0 26.0 1.6 9.6 1.6
Imports........................... 11.3 5.9 5.9 17.6 12.3 15.2 4.8 13.8 2.1 .8 2.1 16.2 6.9 .9 5.4 1.6 3.9 -2.7 5.2
Goods........................... 11.3 6.6 6.0 17.2 11.5 16.6 5.5 14.5 3.2 1.0 2.5 17.3 6.5 1.1 6.2 -.6 4.2 -2.9 6.2
Services........................ 11.5 2.3 5.2 19.6 16.5 8.9 1.8 10.5 -3.5 -.5 .0 10.3 9.5 -.1 1.3 14.2 2.3 -1.7 .4
Government consumption expenditures
and gross investment............... 1.4 .7 1.8 .7 1.5 1.3 1.6 -1.8 1.3 1.2 3.2 -1.9 4.9 1.0 .8 3.5 -.5 4.1 3.7
Federal........................... 4.2 1.5 2.2 3.1 6.1 2.4 6.2 -4.6 2.8 .7 8.6 -6.2 8.4 -1.6 .9 7.3 -6.3 6.0 6.8
National defense................ 5.8 1.5 1.9 8.1 8.1 2.0 10.9 -9.7 4.6 2.6 10.0 -11.7 6.8 2.3 -1.5 16.9 -10.8 8.5 9.7
Nondefense...................... 1.1 1.3 2.8 -6.0 2.3 3.2 -2.7 6.5 -.8 -3.0 5.8 5.8 11.9 -8.8 6.0 -10.0 3.8 .9 .9
State and local................... -.2 .3 1.6 -.6 -1.0 .7 -1.1 -.1 .4 1.5 .0 .7 2.9 2.5 .7 1.3 3.0 3.0 2.0
Addenda:
Final sales of domestic product... 3.3 3.3 2.8 2.1 2.6 2.4 3.8 2.7 2.9 4.8 4.6 -.5 5.4 2.0 1.0 3.5 1.3 3.6 3.5
Gross domestic purchases.......... 4.1 3.1 2.8 3.0 3.6 4.8 3.8 3.4 2.6 1.9 4.3 2.5 4.5 1.9 1.3 .8 1.1 2.4 2.8
Final sales to domestic
purchasers....................... 3.8 3.3 2.7 2.5 3.2 3.7 4.0 3.6 2.4 3.7 4.5 .8 5.0 1.5 1.2 2.1 1.7 2.1 2.5
Gross national product (GNP)...... 3.8 3.0 2.8 3.5 3.6 2.6 3.9 1.5 3.6 2.7 5.1 .0 5.2 2.4 .5 2.6 .7 4.0 .....
Disposable personal income........ 3.6 1.7 3.1 1.7 3.7 2.4 2.9 7.5 -3.3 2.5 -1.2 6.6 4.9 .2 1.7 6.2 5.4 .6 4.4
Current-dollar measures:
GDP............................. 6.6 6.4 6.1 4.9 6.8 7.4 6.0 5.9 7.1 5.5 8.1 4.8 8.4 6.0 3.4 3.8 4.9 6.6 4.7
Final sales of domestic product. 6.2 6.6 6.1 4.4 6.4 6.2 6.1 6.0 6.9 7.5 8.3 3.0 9.0 5.5 3.4 5.2 5.5 6.3 4.3
Gross domestic purchases........ 7.3 6.9 6.1 4.9 8.0 9.2 6.7 7.2 6.3 5.5 9.1 6.3 7.3 6.2 3.8 .9 4.9 6.2 4.4
Final sales to domestic
purchasers..................... 7.0 7.1 6.1 4.4 7.6 8.0 6.8 7.3 6.1 7.4 9.3 4.6 7.9 5.7 3.7 2.1 5.5 6.0 4.1
GNP............................. 6.8 6.3 6.0 5.8 7.4 6.5 6.3 4.8 7.6 5.4 8.7 3.5 8.8 6.0 2.8 4.3 4.9 6.8 .....
Disposable personal income...... 6.4 4.7 5.9 3.2 7.3 6.3 4.9 10.8 -1.2 6.0 3.0 9.6 6.7 4.5 4.4 5.2 9.1 4.8 6.1
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
See "Explanatory Note" at the end of the tables.
Table 2.--Contributions to Percent Change in Real Gross Domestic Product
[Quarters seasonally adjusted at annual rates]
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
2004 2005 2006 IV 03 I 04 II 04 III 04 IV 04 I 05 II 05 III 05 IV 05 I 06 II 06 III 06 IV 06 I 07 II 07 III 07
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
Percent change at annual rate:
Gross domestic product.......... 3.6 3.1 2.9 2.7 3.0 3.5 3.6 2.5 3.1 2.8 4.5 1.2 4.8 2.4 1.1 2.1 .6 3.8 3.9
Percentage points at annual rates:
Personal consumption expenditures. 2.56 2.24 2.15 1.59 3.12 1.73 2.46 2.93 1.68 2.40 2.82 .84 3.00 1.63 1.88 2.68 2.56 1.00 2.11
Durable goods................... .53 .40 .31 .06 .49 .16 .64 .57 .18 .90 .51 -1.13 1.23 .07 .43 .30 .67 .14 .35
Motor vehicles and parts...... .08 .00 -.11 -.29 .09 -.11 .17 .23 -.27 .48 .20 -1.57 .48 -.04 .16 .00 .35 -.10 -.18
Furniture and household
equipment.................... .35 .31 .35 .27 .29 .27 .36 .25 .31 .28 .39 .35 .54 .17 .24 .25 .28 .13 .34
Other......................... .10 .09 .07 .08 .11 .00 .10 .09 .13 .14 -.08 .09 .22 -.06 .04 .05 .04 .11 .18
Nondurable goods................ .71 .72 .74 .36 .92 .31 .62 .97 .71 .74 .50 .93 .91 .47 .64 .86 .61 -.10 .56
Food.......................... .31 .38 .38 .02 .59 .10 .21 .60 .31 .38 .49 .40 .47 .13 .24 .68 .16 -.14 .17
Clothing and shoes............ .14 .17 .13 -.02 .31 -.13 .15 .23 .18 .27 .00 .29 .11 .05 .14 .10 .22 .06 .20
Gasoline, fuel oil, and other
energy goods................. .03 -.02 -.01 .06 .00 .04 -.03 .00 .05 -.11 -.11 .06 .02 .02 .05 -.15 .06 -.12 -.01
Other......................... .24 .19 .23 .30 .03 .29 .29 .14 .17 .20 .13 .18 .31 .27 .20 .23 .17 .10 .19
Services........................ 1.32 1.12 1.11 1.18 1.71 1.25 1.21 1.39 .79 .76 1.81 1.05 .86 1.10 .81 1.52 1.28 .96 1.20
Housing....................... .32 .33 .28 .40 .35 .25 .29 .31 .36 .36 .36 .30 .30 .23 .18 .20 .26 .29 .27
Household operation........... .10 .08 -.03 .17 .13 .06 .06 .15 .04 -.02 .33 -.22 -.40 .17 .16 .13 .04 .05 .11
Electricity and gas......... .02 .04 -.05 .12 .04 -.05 -.05 .15 .03 -.04 .29 -.21 -.42 .14 .17 .07 .03 .02 .06
Other household operation... .08 .03 .02 .05 .08 .11 .12 .01 .01 .02 .04 -.01 .02 .03 -.01 .07 .01 .03 .05
Transportation................ .04 .03 .03 .02 .04 .08 .02 .06 .02 .01 .01 .03 .06 -.03 .06 .11 .07 .11 .07
Medical care.................. .36 .41 .40 .28 .33 .45 .52 .40 .27 .38 .53 .53 .49 .26 .12 .34 .47 .28 .32
Recreation.................... .14 .06 .09 .16 .21 .12 .09 .03 .09 .03 .06 .08 .07 .02 .19 .30 .06 .03 .10
Other......................... .36 .21 .34 .15 .66 .29 .22 .44 .00 .00 .53 .32 .34 .45 .11 .44 .39 .19 .33
Gross private domestic investment. 1.48 .91 .45 1.39 .30 3.00 1.26 1.04 .89 -.64 1.15 2.13 .78 .13 -.70 -2.50 -1.36 .71 .13
Fixed investment................ 1.10 1.09 .39 .83 -.07 1.88 1.41 1.14 .68 1.26 1.28 .38 1.27 -.32 -.80 -1.19 -.70 .49 -.23
Nonresidential................ .56 .70 .68 .29 -.28 1.00 1.16 1.00 .36 .51 .87 .35 1.31 .44 .53 -.15 .22 1.12 .82
Structures.................. .03 .01 .24 -.12 -.01 .15 .09 .00 .06 -.04 -.17 .12 .39 .45 .31 .23 .20 .78 .40
Equipment and software...... .53 .69 .44 .41 -.27 .85 1.07 1.01 .30 .55 1.04 .23 .92 -.01 .21 -.38 .02 .34 .42
Information processing
equipment and software... .33 .34 .27 .70 .04 .15 .24 .41 .46 .32 .32 .26 .48 .05 .24 -.06 .56 .36 .20
Computers and peripheral
equipment.............. .08 .17 .12 .21 -.16 .04 .19 .24 .13 .19 .11 .23 .06 .11 .09 .03 .25 .08 .07
Software................ .14 .10 .06 .20 .14 .00 .11 .17 .07 .14 .02 .05 .08 .03 .05 .04 .14 .16 .11
Other................... .12 .08 .10 .29 .05 .12 -.06 .00 .26 -.01 .19 -.01 .34 -.09 .10 -.12 .18 .11 .02
Industrial equipment...... -.04 .09 .05 -.22 -.14 .09 .19 .06 .15 -.12 .23 .11 -.08 .17 -.04 -.08 -.04 .19 .10
Transportation equipment.. .16 .13 .09 -.13 -.07 .52 .43 .40 -.34 .14 .40 -.21 .46 -.24 .10 -.18 -.20 -.32 .05
Other equipment........... .07 .12 .04 .07 -.10 .09 .20 .13 .04 .21 .09 .07 .06 .00 -.09 -.05 -.30 .11 .07
Residential................... .53 .39 -.29 .55 .21 .89 .24 .14 .32 .75 .42 .03 -.05 -.76 -1.33 -1.04 -.93 -.62 -1.05
Change in private inventories... .39 -.18 .06 .56 .37 1.12 -.14 -.11 .21 -1.90 -.14 1.74 -.49 .46 .10 -1.31 -.65 .22 .36
Farm.......................... .06 -.07 .00 -.05 .28 .37 -.32 -.14 -.25 .13 .12 .01 -.04 -.23 .10 .25 .04 -.05 -.04
Nonfarm....................... .32 -.11 .06 .60 .08 .75 .18 .03 .46 -2.04 -.26 1.73 -.45 .69 .01 -1.56 -.69 .27 .40
Net exports of goods and services. -.68 -.23 -.08 -.47 -.75 -1.50 -.42 -1.07 .26 .83 -.10 -1.41 .13 .49 -.25 1.25 -.51 1.32 .93
Exports......................... .93 .70 .88 1.81 .95 .64 .31 .97 .60 .95 .22 1.07 1.19 .61 .62 1.51 .13 .85 1.79
Goods......................... .60 .53 .73 1.20 .49 .48 .42 .49 .40 .92 .14 .87 1.10 .49 .56 .73 .07 .53 1.73
Services...................... .33 .17 .16 .61 .46 .16 -.11 .49 .20 .03 .08 .20 .10 .13 .07 .78 .05 .33 .06
Imports......................... -1.61 -.92 -.96 -2.29 -1.70 -2.14 -.73 -2.04 -.34 -.12 -.32 -2.47 -1.07 -.12 -.88 -.26 -.63 .47 -.86
Goods......................... -1.33 -.86 -.83 -1.86 -1.32 -1.92 -.69 -1.78 -.43 -.13 -.32 -2.22 -.83 -.12 -.84 .09 -.57 .42 -.86
Services...................... -.27 -.06 -.13 -.43 -.37 -.21 -.05 -.26 .09 .01 .00 -.26 -.24 .00 -.03 -.35 -.06 .05 -.01
Government consumption expenditures
and gross investment............. .27 .14 .35 .14 .29 .25 .30 -.35 .25 .22 .60 -.37 .92 .18 .14 .66 -.09 .79 .73
Federal......................... .29 .11 .15 .21 .41 .17 .43 -.33 .19 .05 .59 -.46 .57 -.11 .06 .50 -.46 .41 .48
National defense.............. .27 .07 .09 .35 .36 .09 .49 -.48 .22 .12 .46 -.59 .31 .11 -.07 .74 -.54 .39 .45
Consumption expenditures.... .21 .04 .05 .31 .35 .03 .34 -.45 .26 .01 .41 -.57 .30 -.05 .00 .60 -.40 .35 .37
Gross investment............ .06 .03 .04 .05 .01 .06 .15 -.04 -.05 .11 .05 -.02 .01 .15 -.07 .15 -.14 .04 .08
Nondefense.................... .03 .03 .06 -.14 .06 .08 -.06 .15 -.02 -.07 .13 .13 .27 -.22 .14 -.24 .08 .02 .02
Consumption expenditures..... .02 .01 .05 -.12 .07 .03 -.04 .12 -.02 -.08 .07 .06 .23 -.15 .13 -.23 .14 -.02 .03
Gross investment............. .00 .02 .02 -.03 -.02 .05 -.03 .03 .00 .01 .06 .07 .04 -.07 .01 -.02 -.06 .04 -.01
State and local................. -.02 .04 .19 -.07 -.12 .09 -.13 -.01 .05 .17 .01 .09 .35 .29 .08 .16 .36 .37 .25
Consumption expenditures.... .01 .07 .13 .07 -.04 .02 .04 .11 .02 .09 .12 .09 .15 .11 .18 .19 .20 .19 .14
Gross investment............ -.03 -.03 .06 -.15 -.08 .07 -.17 -.12 .03 .08 -.11 .00 .20 .18 -.10 -.03 .17 .18 .11
Addenda:
Goods........................... 1.50 1.36 1.53 .81 .68 1.10 2.06 1.18 1.32 1.23 1.83 .49 2.95 1.45 1.06 .36 .06 1.65 2.63
Services........................ 1.62 1.36 1.36 1.63 2.17 1.27 1.40 1.41 1.34 .82 2.50 .56 1.39 1.15 1.15 2.50 1.21 1.85 1.80
Structures...................... .51 .35 -.01 .22 .10 1.11 .14 -.03 .42 .76 .14 .14 .48 -.16 -1.14 -.77 -.68 .32 -.53
Motor vehicle output............ .14 .14 -.04 -.23 .29 -.21 .87 -.34 .18 .16 .92 -1.21 .51 -.37 .44 -.74 .18 .03 .33
Final sales of computers........ .04 .22 .13 .15 -.28 -.04 .13 .29 .24 .31 .15 .22 .05 .13 .03 .16 -.01 .21 .29
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
See "Explanatory Note" at the end of the tables.
Table 3.--Gross Domestic Product and Related Measures: Level and Change From Preceding Period
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
Billions of current dollars Billions of chained (2000) dollars
------------------------------------------------------ -------------------------------------------------------------------------------
Seasonally adjusted Seasonally adjusted Change from preceding
at annual rates at annual rates period
-------------------------------------------- -------------------------------------------- -------------------------
2006 III 06 IV 06 I 07 II 07 III 07 2006 III 06 IV 06 I 07 II 07 III 07 2006 II 07 III 07
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
Gross domestic product....... 13,194.7 13,266.9 13,392.3 13,551.9 13,768.8 13,926.7 11,319.4 11,336.7 11,395.5 11,412.6 11,520.1 11,630.7 316.0 107.5 110.6
Personal consumption expenditures. 9,224.5 9,305.7 9,373.7 9,540.5 9,674.0 9,785.6 8,044.1 8,063.8 8,141.2 8,215.7 8,244.3 8,305.3 240.5 28.6 61.0
Durable goods................... 1,048.9 1,053.8 1,056.5 1,074.0 1,074.7 1,081.6 1,180.5 1,186.3 1,197.6 1,223.2 1,228.4 1,241.8 43.1 5.2 13.4
Motor vehicles and parts...... 434.2 437.6 434.8 444.5 441.5 437.1 437.3 439.5 439.6 451.5 448.2 442.0 -14.0 -3.3 -6.2
Furniture and household
equipment.................... 404.1 405.1 409.0 414.2 414.5 419.6 550.9 555.4 566.9 579.9 585.9 602.5 58.7 6.0 16.6
Other......................... 210.6 211.1 212.8 215.3 218.8 224.8 213.9 213.6 215.2 216.6 220.2 226.4 8.4 3.6 6.2
Nondurable goods................ 2,688.0 2,732.4 2,705.4 2,759.4 2,822.7 2,849.8 2,337.7 2,343.9 2,368.8 2,386.6 2,383.8 2,399.8 82.3 -2.8 16.0
Food.......................... 1,259.3 1,263.2 1,291.7 1,312.2 1,322.7 1,343.9 1,091.8 1,091.4 1,110.7 1,115.3 1,111.4 1,116.2 41.8 -3.9 4.8
Clothing and shoes............ 357.2 359.6 363.2 371.1 368.4 373.6 391.1 393.3 397.0 405.1 407.5 415.1 18.5 2.4 7.6
Gasoline, fuel oil, and other
energy goods................. 340.1 373.1 306.3 320.9 373.6 366.2 198.6 199.9 197.0 198.2 195.9 195.8 -.6 -2.3 -.1
Other......................... 731.4 736.5 744.3 755.1 758.1 766.1 666.2 669.5 676.5 681.7 684.7 690.6 27.1 3.0 5.9
Services........................ 5,487.6 5,519.5 5,611.8 5,707.1 5,776.5 5,854.3 4,545.5 4,554.0 4,595.5 4,630.7 4,656.7 4,689.6 118.2 26.0 32.9
Housing....................... 1,381.3 1,392.5 1,413.9 1,435.1 1,455.4 1,474.9 1,148.3 1,151.0 1,156.6 1,163.7 1,171.6 1,178.9 30.0 7.9 7.3
Household operation........... 501.6 503.3 509.7 520.0 526.2 529.3 412.9 415.4 419.1 420.1 421.6 424.6 -3.6 1.5 3.0
Electricity and gas......... 209.8 211.3 212.7 220.6 223.5 222.4 148.5 150.9 152.5 153.1 153.6 155.1 -4.7 .5 1.5
Other household operation... 291.8 292.1 297.0 299.4 302.7 306.9 265.1 264.7 266.8 267.1 268.1 269.6 2.0 1.0 1.5
Transportation................ 340.6 342.5 346.8 349.6 355.1 361.9 291.2 291.0 294.1 296.0 299.2 301.3 3.4 3.2 2.1
Medical care.................. 1,587.7 1,596.1 1,617.9 1,656.9 1,674.6 1,696.6 1,300.3 1,301.4 1,310.5 1,323.2 1,330.8 1,339.4 42.1 7.6 8.6
Recreation.................... 381.0 384.4 392.8 395.3 400.2 404.6 321.3 321.9 330.3 332.0 332.7 335.4 9.7 .7 2.7
Other......................... 1,295.3 1,300.5 1,330.7 1,350.1 1,365.0 1,387.0 1,069.9 1,071.6 1,083.5 1,094.1 1,099.3 1,108.3 36.2 5.2 9.0
Gross private domestic investment. 2,209.2 2,224.1 2,152.4 2,117.3 2,139.1 2,139.0 1,919.5 1,928.2 1,856.2 1,816.9 1,837.4 1,841.3 50.2 20.5 3.9
Fixed investment................ 2,162.5 2,161.3 2,132.4 2,118.9 2,133.9 2,122.3 1,874.7 1,869.6 1,835.5 1,815.2 1,829.3 1,822.5 43.3 14.1 -6.8
Nonresidential................ 1,397.7 1,415.2 1,417.1 1,431.4 1,469.1 1,494.9 1,306.8 1,319.4 1,314.8 1,321.7 1,356.6 1,382.7 81.0 34.9 26.1
Structures.................. 405.1 416.1 428.4 439.6 464.5 478.5 268.6 273.3 278.3 282.6 299.5 308.4 20.8 16.9 8.9
Equipment and software...... 992.6 999.1 988.7 991.8 1,004.5 1,016.4 1,050.6 1,057.6 1,044.4 1,045.3 1,057.4 1,072.7 58.8 12.1 15.3
Information processing
equipment and software... 480.9 484.9 480.5 497.6 507.7 511.4 595.9 602.0 599.6 623.3 638.5 647.1 41.6 15.2 8.6
Computers and peripheral
equipment.............. 91.3 91.6 90.4 96.6 96.6 95.2 ..... ..... ..... ..... ..... ..... ..... ..... .....
Software................ 203.3 204.9 205.9 210.5 216.1 220.0 213.0 213.8 215.1 219.9 225.6 229.6 7.3 5.7 4.0
Other................... 186.2 188.4 184.3 190.5 195.0 196.2 204.8 207.1 202.6 209.2 213.4 214.2 13.3 4.2 .8
Industrial equipment...... 166.7 169.2 167.5 168.1 176.0 180.4 149.6 150.9 148.4 147.3 152.9 156.0 5.3 5.6 3.1
Transportation equipment.. 171.9 172.4 168.0 162.9 153.3 154.0 155.2 156.3 150.9 144.8 135.3 136.9 10.1 -9.5 1.6
Other equipment........... 173.2 172.6 172.7 163.2 167.5 170.5 156.2 155.2 153.7 144.8 148.0 150.1 4.3 3.2 2.1
Residential................... 764.8 746.1 715.3 687.5 664.8 627.4 569.5 555.0 529.4 506.3 490.7 463.9 -27.6 -15.6 -26.8
Change in private inventories... 46.7 62.8 20.0 -1.6 5.1 16.7 40.3 53.9 17.4 .1 5.8 15.7 7.1 5.7 9.9
Farm.......................... -1.2 -3.7 4.7 5.5 4.0 2.0 -.9 -2.9 3.8 5.0 3.6 2.9 -.5 -1.4 -.7
Nonfarm....................... 47.8 66.5 15.3 -7.0 1.1 14.8 41.7 57.6 13.6 -5.8 1.3 12.4 7.7 7.1 11.1
Net exports of goods and services. -762.0 -799.1 -705.3 -714.2 -714.2 -712.8 -624.5 -633.8 -597.3 -612.1 -573.9 -546.2 -6.5 38.2 27.7
Exports......................... 1,467.6 1,484.5 1,531.9 1,549.9 1,598.7 1,676.0 1,304.1 1,306.6 1,350.9 1,354.7 1,379.5 1,432.2 100.7 24.8 52.7
Goods......................... 1,030.5 1,047.8 1,072.3 1,084.0 1,115.2 1,183.8 927.4 933.7 955.4 957.6 973.1 1,024.8 83.9 15.5 51.7
Services...................... 437.1 436.7 459.6 465.9 483.5 492.2 377.1 373.4 395.6 397.2 406.4 408.1 17.3 9.2 1.7
Imports......................... 2,229.6 2,283.6 2,237.2 2,264.0 2,312.9 2,388.8 1,928.6 1,940.4 1,948.2 1,966.8 1,953.4 1,978.4 107.1 -13.4 25.0
Goods......................... 1,880.4 1,933.3 1,879.9 1,902.7 1,947.2 2,016.8 1,646.9 1,661.0 1,658.7 1,675.6 1,663.4 1,688.4 93.3 -12.2 25.0
Services...................... 349.2 350.3 357.3 361.4 365.7 372.0 283.8 281.9 291.4 293.1 291.9 292.1 14.0 -1.2 .2
Government consumption expenditures
and gross investment............. 2,523.0 2,536.1 2,571.4 2,608.3 2,670.0 2,714.9 1,981.4 1,980.2 1,997.2 1,994.7 2,014.8 2,033.3 35.1 20.1 18.5
Federal......................... 932.5 932.0 949.7 946.6 969.5 989.2 742.3 739.2 752.3 740.2 751.0 763.5 15.8 10.8 12.5
National defense.............. 624.3 620.7 645.2 634.8 654.5 672.6 491.5 486.4 505.8 491.6 501.7 513.5 9.1 10.1 11.8
Consumption expenditures.... 544.8 542.0 561.5 555.7 573.8 588.5 416.6 412.6 427.7 417.4 426.2 435.5 4.9 8.8 9.3
Gross investment............ 79.5 78.7 83.7 79.1 80.7 84.2 76.6 75.5 80.1 75.6 77.0 79.8 4.9 1.4 2.8
Nondefense.................... 308.2 311.3 304.5 311.7 315.0 316.6 250.7 252.7 246.1 248.4 248.9 249.5 6.8 .5 .6
Consumption expenditures.... 268.0 271.3 264.9 274.0 276.0 277.9 212.6 214.8 208.8 212.5 212.0 212.9 4.7 -.5 .9
Gross investment............ 40.2 40.0 39.6 37.7 39.1 38.7 38.5 38.3 37.8 35.9 37.2 36.9 2.3 1.3 -.3
State and local................. 1,590.5 1,604.1 1,621.7 1,661.7 1,700.5 1,725.6 1,239.0 1,240.9 1,244.9 1,254.2 1,263.5 1,269.8 19.4 9.3 6.3
Consumption expenditures.... 1,276.5 1,287.7 1,300.8 1,326.7 1,355.9 1,373.9 990.9 992.7 997.5 1,002.5 1,007.4 1,011.0 13.2 4.9 3.6
Gross investment............ 314.0 316.4 320.9 335.0 344.5 351.7 248.0 248.1 247.3 251.5 256.0 258.7 6.2 4.5 2.7
Residual.......................... ..... ..... ..... ..... ..... ..... -93.4 -99.3 -108.2 -130.7 -136.3 -150.2 ..... ..... .....
Addenda:
Final sales of domestic product. 13,148.0 13,204.1 13,372.3 13,553.5 13,763.6 13,909.9 11,275.9 11,279.7 11,375.8 11,411.6 11,512.8 11,612.9 309.0 101.2 100.1
Gross domestic purchases........ 13,956.7 14,065.9 14,097.6 14,266.1 14,483.0 14,639.5 11,937.1 11,963.6 11,987.1 12,018.7 12,088.9 12,172.8 324.0 70.2 83.9
Final sales to domestic
purchasers..................... 13,910.1 14,003.2 14,077.6 14,267.7 14,477.9 14,622.7 11,893.4 11,906.4 11,967.3 12,017.4 12,081.4 12,155.0 317.0 64.0 73.6
Gross domestic product.......... 13,194.7 13,266.9 13,392.3 13,551.9 13,768.8 13,926.7 11,319.4 11,336.7 11,395.5 11,412.6 11,520.1 11,630.7 316.0 107.5 110.6
Plus: Income receipts from
the rest of the world.......... 691.4 709.7 733.8 752.2 814.2 ..... 595.0 607.9 628.3 638.2 684.3 ..... 112.5 46.1 .....
Less: Income payments to
the rest of the world.......... 633.4 664.7 673.7 689.0 743.5 ..... 543.6 568.0 575.1 583.2 623.5 ..... 122.8 40.3 .....
Equals: Gross national product.. 13,252.7 13,311.9 13,452.4 13,615.1 13,839.4 ..... 11,370.1 11,375.9 11,447.8 11,466.7 11,580.0 ..... 305.4 113.3 .....
Net domestic product............ 11,579.5 11,638.1 11,737.9 11,881.0 12,085.4 12,236.6 9,872.8 9,884.7 9,928.3 9,937.7 10,037.2 10,139.8 358.1 99.5 102.6
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
Note.--Users are cautioned that particularly for components that
exhibit rapid change in prices relative to other prices in the
economy, the chained-dollar estimates should not be used to measure
the component's relative importance or its contribution to the
growth rate of more aggregate series. For accurate estimates of
the contributions to percent changes in real GDP, use table 2.
See "Explanatory Note" at the end of the tables.
Table 4.--Price Indexes for Gross Domestic Product and Related Measures: Percent Change From Preceding Period
[Quarters seasonally adjusted at annual rates]
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
2004 2005 2006 IV 03 I 04 II 04 III 04 IV 04 I 05 II 05 III 05 IV 05 I 06 II 06 III 06 IV 06 I 07 II 07 III 07
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
Gross domestic product (GDP). 2.9 3.2 3.2 2.2 3.7 3.8 2.3 3.2 3.9 2.6 3.5 3.5 3.4 3.5 2.4 1.7 4.2 2.6 .8
Personal consumption expenditures... 2.6 2.9 2.8 1.5 3.5 3.8 2.0 3.0 2.2 3.4 4.3 2.8 1.7 4.3 2.6 -.9 3.5 4.3 1.7
Durable goods..................... -1.8 -.7 -1.3 -3.5 -.5 .3 -2.5 .2 .1 -.4 -2.8 -1.1 -1.0 -.7 -1.3 -2.7 -1.9 -1.4 -1.8
Nondurable goods.................. 3.3 3.7 3.1 .5 5.3 6.2 1.4 4.7 .3 5.0 9.5 .8 .3 8.6 2.8 -7.9 5.0 10.0 1.1
Services.......................... 3.2 3.4 3.4 3.0 3.5 3.4 3.1 2.8 3.6 3.4 3.3 4.6 3.0 3.2 3.2 3.0 3.8 2.6 2.6
Gross private domestic investment... 3.4 4.2 3.5 3.5 4.1 4.7 3.9 3.9 5.2 2.8 4.0 5.8 4.0 2.5 1.6 2.2 2.0 -.4 -.7
Fixed investment.................. 3.4 4.3 3.5 3.5 4.1 4.7 3.9 3.9 5.3 2.9 4.2 6.0 3.9 2.4 1.5 2.0 1.9 -.3 -.7
Nonresidential.................. 1.3 2.9 3.1 1.4 1.1 2.4 1.3 2.5 4.5 2.4 1.6 4.6 3.9 2.8 1.9 2.0 1.9 .0 -.7
Structures.................... 6.2 11.7 11.7 4.2 6.8 7.6 10.1 12.0 12.8 8.7 13.8 17.6 13.0 10.7 5.6 4.6 4.1 -1.1 .2
Equipment and software........ -.3 -.1 .0 .4 -.8 .7 -1.7 -.6 1.8 .3 -2.5 .2 .6 -.2 .4 .8 1.0 .5 -1.1
Residential..................... 7.3 6.7 4.4 7.7 9.8 8.8 8.5 6.2 6.6 3.6 8.7 8.5 3.9 1.8 .8 2.1 2.0 -.8 -.8
Change in private inventories..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... .....
Net exports of goods and services... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... .....
Exports........................... 3.5 3.6 3.4 3.0 5.5 4.8 1.9 4.2 4.6 3.6 2.5 3.0 2.7 6.0 4.6 -.8 3.6 5.3 4.0
Goods........................... 3.7 3.1 3.3 4.1 6.3 5.2 1.0 3.6 4.3 3.0 1.3 2.3 3.0 6.3 5.2 .1 3.5 5.1 3.2
Services........................ 3.2 4.9 3.7 .7 3.9 3.8 3.8 5.5 5.0 4.9 5.2 4.8 2.2 5.5 3.3 -2.7 3.9 5.8 5.7
Imports........................... 4.9 6.3 4.0 .4 9.2 7.3 5.3 6.9 2.2 9.7 10.3 4.3 -1.5 10.1 4.7 -9.4 1.0 11.9 8.1
Goods........................... 4.9 6.5 4.2 .5 10.0 7.9 5.0 7.0 2.0 10.1 10.9 4.9 -1.9 10.4 5.3 -10.1 .7 13.0 8.4
Services........................ 4.4 5.6 3.1 .0 4.9 4.7 6.7 6.0 3.5 7.7 7.5 1.3 .5 8.4 1.4 -5.3 2.3 6.7 6.7
Government consumption expenditures
and gross investment............... 4.5 5.8 4.9 2.2 7.2 5.0 4.8 5.7 7.5 4.6 6.4 5.0 5.1 5.7 3.0 2.1 6.4 5.5 3.0
Federal........................... 4.7 4.8 3.9 1.1 11.6 5.5 2.5 2.6 11.5 2.3 3.4 .8 9.1 4.0 1.3 .5 5.3 3.8 1.5
National defense................ 4.7 5.3 4.1 1.3 10.6 5.6 2.9 3.1 12.2 2.5 3.5 1.3 9.3 4.2 1.6 -.1 5.0 4.1 1.7
Nondefense...................... 4.9 4.0 3.5 .6 13.8 5.2 1.4 1.7 10.1 1.8 3.2 -.2 8.9 3.5 .7 1.7 5.9 3.3 1.0
State and local................... 4.3 6.4 5.4 2.9 4.6 4.7 6.2 7.6 5.2 6.1 8.1 7.6 2.7 6.7 4.0 3.1 7.0 6.5 4.0
Addenda:
Final sales of domestic product... 2.9 3.2 3.2 2.2 3.7 3.8 2.3 3.2 3.9 2.6 3.5 3.5 3.4 3.5 2.3 1.7 4.2 2.7 .8
Gross domestic purchases.......... 3.1 3.7 3.3 1.9 4.3 4.2 2.8 3.6 3.6 3.5 4.6 3.7 2.7 4.2 2.5 .1 3.8 3.8 1.6
Final sales to domestic
purchasers....................... 3.1 3.7 3.3 1.9 4.3 4.2 2.7 3.6 3.6 3.5 4.6 3.7 2.7 4.2 2.5 .1 3.8 3.8 1.6
Gross national product (GNP)...... 2.9 3.2 3.1 2.2 3.7 3.8 2.3 3.2 3.9 2.6 3.5 3.5 3.4 3.5 2.4 1.7 4.2 2.6 .....
Implicit price deflators:
GDP............................. 2.9 3.2 3.2 2.2 3.7 3.8 2.3 3.2 3.9 2.6 3.5 3.5 3.4 3.5 2.4 1.7 4.2 2.6 .7
Gross domestic purchases........ 3.1 3.6 3.3 1.9 4.3 4.2 2.7 3.7 3.6 3.6 4.6 3.7 2.7 4.2 2.5 .1 3.8 3.8 1.5
GNP............................. 2.9 3.2 3.2 2.2 3.7 3.8 2.3 3.2 3.9 2.6 3.5 3.5 3.4 3.5 2.4 1.7 4.2 2.6 .....
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
See "Explanatory Note" at the end of the tables.
Table 5.--Real Gross Domestic Product, Quantity Indexes
[Index numbers, 2000=100]
-----------------------------------------------------------------------------------------------------------------------------------
Seasonally adjusted
---------------------------------------------------
2004 2005 2006 III 06 IV 06 I 07 II 07 III 07
-----------------------------------------------------------------------------------------------------------------------------------
Gross domestic product............. 108.748 112.086 115.304 115.481 116.080 116.254 117.349 118.475
Personal consumption expenditures.......... 112.197 115.791 119.359 119.652 120.801 121.906 122.331 123.235
Durable goods............................ 125.652 131.748 136.735 137.413 138.720 141.680 142.283 143.840
Nondurable goods......................... 111.833 115.828 120.051 120.370 121.650 122.563 122.419 123.241
Services................................. 109.726 112.687 115.696 115.911 116.969 117.865 118.527 119.363
Gross private domestic investment.......... 102.003 107.709 110.607 111.106 106.955 104.690 105.875 106.096
Fixed investment......................... 102.012 109.080 111.657 111.354 109.325 108.113 108.956 108.549
Nonresidential......................... 92.873 99.490 106.062 107.090 106.711 107.277 110.109 112.227
Structures........................... 78.760 79.127 85.770 87.270 88.849 90.241 95.639 98.463
Equipment and software............... 98.505 107.935 114.332 115.100 113.662 113.753 115.075 116.740
Residential............................ 125.343 133.608 127.433 124.190 118.462 113.301 109.791 103.809
Change in private inventories............ ..... ..... ..... ..... ..... ..... ..... .....
Exports of goods and services.............. 102.723 109.775 118.957 119.182 123.222 123.568 125.833 130.646
Imports of goods and services.............. 116.546 123.425 130.683 131.483 132.014 133.272 132.363 134.061
Government consumption expenditures and
gross investment.......................... 112.210 113.050 115.092 115.022 116.007 115.865 117.028 118.106
Federal.................................. 123.693 125.524 128.255 127.708 129.977 127.886 129.756 131.913
State and local.......................... 106.384 106.721 108.418 108.584 108.935 109.748 110.564 111.115
Addenda:
Final sales of domestic product.......... 108.804 112.360 115.526 115.565 116.550 116.916 117.953 118.979
Gross domestic purchases................. 110.444 113.894 117.071 117.331 117.562 117.871 118.560 119.383
Final sales to domestic purchasers....... 110.505 114.166 117.292 117.421 118.021 118.515 119.146 119.872
Gross national product................... 109.031 112.265 115.363 115.422 116.152 116.344 117.493 .....
-----------------------------------------------------------------------------------------------------------------------------------
See "Explanatory Note" at the end of the tables.
Table 6.--Price Indexes for Gross Domestic Product
[Index numbers, 2000=100]
-----------------------------------------------------------------------------------------------------------------------------------
Seasonally adjusted
---------------------------------------------------
2004 2005 2006 III 06 IV 06 I 07 II 07 III 07
-----------------------------------------------------------------------------------------------------------------------------------
Gross domestic product............. 109.462 113.005 116.568 117.030 117.527 118.750 119.527 119.756
Personal consumption expenditures
(PCE)..................................... 108.392 111.588 114.675 115.406 115.143 116.129 117.345 117.828
Durable goods............................ 90.696 90.018 88.857 88.827 88.213 87.799 87.488 87.090
Nondurable goods......................... 107.626 111.561 114.989 116.576 114.210 115.620 118.413 118.750
Services................................. 112.929 116.726 120.725 121.209 122.122 123.252 124.055 124.843
Gross private domestic investment.......... 106.686 111.155 115.090 115.335 115.958 116.532 116.426 116.234
Fixed investment......................... 106.845 111.404 115.352 115.592 116.162 116.718 116.636 116.435
Nonresidential......................... 100.896 103.778 106.961 107.267 107.789 108.301 108.293 108.114
Structures........................... 120.912 135.013 150.806 152.344 154.071 155.637 155.199 155.283
Equipment and software............... 94.600 94.527 94.485 94.470 94.667 94.892 95.002 94.749
Residential............................ 120.587 128.653 134.288 134.390 135.076 135.736 135.459 135.200
Change in private inventories............ ..... ..... ..... ..... ..... ..... ..... .....
Exports of goods and services.............. 104.997 108.803 112.537 113.641 113.424 114.433 115.912 117.041
Imports of goods and services.............. 104.526 111.117 115.610 117.689 114.834 115.114 118.408 120.744
Government consumption expenditures and
gross investment.......................... 114.754 121.435 127.334 128.076 128.757 130.765 132.527 133.525
Federal.................................. 115.322 120.914 125.622 126.097 126.244 127.886 129.098 129.572
State and local.......................... 114.431 121.758 128.370 129.271 130.272 132.499 134.586 135.899
Addenda:
PCE excluding food and energy............ 107.338 109.670 112.130 112.519 113.052 113.730 114.116 114.627
Market-based PCE\1\...................... 107.386 110.307 113.168 113.926 113.456 114.472 115.784 116.181
Market-based PCE excluding food
and energy\1\........................... 105.857 107.667 109.717 110.072 110.507 111.161 111.498 111.907
Final sales of domestic product.......... 109.487 113.040 116.603 117.065 117.553 118.773 119.555 119.783
Gross domestic purchases................. 109.235 113.225 116.920 117.575 117.609 118.702 119.809 120.276
Final sales to domestic purchasers....... 109.259 113.261 116.956 117.612 117.636 118.727 119.838 120.304
Gross national product................... 109.456 112.999 116.558 117.022 117.515 118.740 119.518 .....
Implicit price deflators:
Gross domestic product................. 109.462 113.000 116.567 117.026 117.522 118.745 119.519 119.741
Final sales of domestic product........ 109.487 113.040 116.603 117.061 117.550 118.770 119.551 119.780
Gross domestic purchases............... 109.234 113.221 116.919 117.573 117.606 118.700 119.804 120.264
Final sales to domestic purchasers..... 109.259 113.261 116.956 117.610 117.634 118.725 119.837 120.303
Gross national product................. 109.455 112.994 116.558 117.019 117.511 118.736 119.512 .....
-----------------------------------------------------------------------------------------------------------------------------------
1. This index is a supplemental measure that is based on household
expenditures for which there are observable price measures. It
excludes most implicit prices (for example, the services furnished
without payment by financial intermediaries) and the expenses of
nonprofit institutions. Percentage changes for these series are
included in the addenda to table 8 and in appendix table A.
See "Explanatory Note" at the end of the tables.
Table 7.--Real Gross Domestic Product: Percent Change from Preceding Year
-----------------------------------------------------------------------------------------------------------------------------------------------------------------------
1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006
-----------------------------------------------------------------------------------------------------------------------------------------------------------------------
Gross domestic product (GDP).... -.2 3.3 2.7 4.0 2.5 3.7 4.5 4.2 4.5 3.7 .8 1.6 2.5 3.6 3.1 2.9
Personal consumption expenditures...... .2 3.3 3.3 3.7 2.7 3.4 3.8 5.0 5.1 4.7 2.5 2.7 2.8 3.6 3.2 3.1
Durable goods........................ -5.6 5.9 7.8 8.4 4.4 7.8 8.6 11.3 11.7 7.3 4.3 7.1 5.8 6.3 4.9 3.8
Nondurable goods..................... -.2 2.0 2.7 3.5 2.2 2.6 2.7 4.0 4.6 3.8 2.0 2.5 3.2 3.5 3.6 3.6
Services............................. 1.7 3.5 2.8 2.9 2.6 2.9 3.3 4.2 4.0 4.5 2.4 1.9 1.9 3.2 2.7 2.7
Gross private domestic investment...... -8.1 8.1 8.9 13.6 3.1 8.9 12.4 9.8 7.8 5.7 -7.9 -2.6 3.6 9.7 5.6 2.7
Fixed investment..................... -6.5 5.9 8.6 9.3 6.5 9.0 9.2 10.2 8.3 6.5 -3.0 -5.2 3.4 7.3 6.9 2.4
Nonresidential..................... -5.4 3.2 8.7 9.2 10.5 9.3 12.1 11.1 9.2 8.7 -4.2 -9.2 1.0 5.8 7.1 6.6
Structures....................... -11.1 -6.0 -.7 1.8 6.4 5.6 7.3 5.1 -.4 6.8 -2.3 -17.1 -4.1 1.3 .5 8.4
Equipment and software........... -2.6 7.3 12.5 11.9 12.0 10.6 13.8 13.3 12.7 9.4 -4.9 -6.2 2.8 7.4 9.6 5.9
Residential........................ -9.6 13.8 8.2 9.6 -3.2 8.0 1.9 7.6 6.0 .8 .4 4.8 8.4 10.0 6.6 -4.6
Change in private inventories........ ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... .....
Net exports of goods and services...... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... .....
Exports.............................. 6.6 6.9 3.2 8.7 10.1 8.4 11.9 2.4 4.3 8.7 -5.4 -2.3 1.3 9.7 6.9 8.4
Goods.............................. 6.9 7.5 3.3 9.7 11.7 8.8 14.3 2.2 3.8 11.2 -6.1 -4.0 1.8 9.0 7.5 9.9
Services........................... 6.0 5.5 3.2 6.3 6.3 7.2 5.9 2.9 5.6 2.9 -3.7 1.9 .0 11.5 5.4 4.8
Imports.............................. -.6 7.0 8.8 11.9 8.0 8.7 13.6 11.6 11.5 13.1 -2.7 3.4 4.1 11.3 5.9 5.9
Goods.............................. -.1 9.3 10.1 13.3 9.0 9.3 14.4 11.7 12.4 13.5 -3.2 3.7 4.9 11.3 6.6 6.0
Services........................... -2.6 -2.6 2.9 5.7 3.3 5.5 9.4 11.4 6.9 11.1 -.3 2.1 .0 11.5 2.3 5.2
Government consumption expenditures
and gross investment.................. 1.1 .5 -.9 .0 .5 1.0 1.9 1.9 3.9 2.1 3.4 4.4 2.5 1.4 .7 1.8
Federal.............................. -.2 -1.7 -4.2 -3.7 -2.7 -1.2 -1.0 -1.1 2.2 .9 3.9 7.0 6.8 4.2 1.5 2.2
National defense................... -1.1 -5.0 -5.6 -4.9 -3.8 -1.4 -2.8 -2.1 1.9 -.5 3.9 7.4 8.7 5.8 1.5 1.9
Nondefense......................... 2.4 6.9 -.7 -1.2 -.4 -.7 2.6 .7 2.8 3.5 3.9 6.3 3.4 1.1 1.3 2.8
State and local...................... 2.1 2.2 1.4 2.6 2.6 2.3 3.6 3.6 4.7 2.7 3.2 3.1 .2 -.2 .3 1.6
Addenda:
Final sales of domestic product...... .1 3.0 2.6 3.4 3.0 3.7 4.0 4.2 4.5 3.8 1.6 1.2 2.5 3.3 3.3 2.8
Gross domestic purchases............. -.8 3.3 3.2 4.4 2.4 3.8 4.8 5.3 5.3 4.4 .9 2.2 2.8 4.1 3.1 2.8
Final sales to domestic purchasers... -.6 3.1 3.2 3.8 2.8 3.8 4.3 5.3 5.4 4.5 1.8 1.8 2.8 3.8 3.3 2.7
Gross national product............... -.3 3.3 2.7 3.9 2.6 3.7 4.4 4.0 4.6 3.7 .8 1.5 2.7 3.8 3.0 2.8
Real disposable personal income...... .5 3.4 1.0 2.7 2.8 3.0 3.5 5.8 3.0 4.8 1.9 3.1 2.2 3.6 1.7 3.1
Price indexes:
Gross domestic purchases........... 3.3 2.3 2.2 2.1 2.1 1.8 1.4 .6 1.6 2.5 2.0 1.6 2.3 3.1 3.7 3.3
Gross domestic purchases excluding
food and energy................... 3.5 2.6 2.3 2.2 2.2 1.5 1.3 1.0 1.4 1.9 1.9 1.9 1.9 2.7 3.1 2.9
GDP................................ 3.5 2.3 2.3 2.1 2.0 1.9 1.7 1.1 1.4 2.2 2.4 1.7 2.1 2.9 3.2 3.2
GDP excluding food and energy...... 3.6 2.5 2.4 2.2 2.1 1.7 1.7 1.2 1.5 2.0 2.1 2.1 1.9 2.7 3.2 3.1
Personal consumption expenditures.. 3.6 2.9 2.3 2.1 2.1 2.2 1.7 .9 1.7 2.5 2.1 1.4 2.0 2.6 2.9 2.8
-----------------------------------------------------------------------------------------------------------------------------------------------------------------------
Table 8.--Real Gross Domestic Product: Percent Change From Quarter One Year Ago
-----------------------------------------------------------------------------------------------------------------------------------------------------------------------
IV 03 I 04 II 04 III 04 IV 04 I 05 II 05 III 05 IV 05 I 06 II 06 III 06 IV 06 I 07 II 07 III 07
-----------------------------------------------------------------------------------------------------------------------------------------------------------------------
Gross domestic product (GDP).... 3.7 4.1 4.1 3.2 3.1 3.2 3.0 3.2 2.9 3.3 3.2 2.4 2.6 1.5 1.9 2.6
Personal consumption expenditures
(PCE)................................. 3.4 4.0 3.7 3.2 3.7 3.1 3.4 3.5 2.8 3.3 3.0 2.7 3.4 3.2 2.9 3.0
Durable goods........................ 8.3 9.8 6.1 4.0 5.6 4.7 7.0 6.6 1.2 4.6 2.1 2.0 6.6 4.7 5.0 4.7
Nondurable goods..................... 3.9 4.1 3.9 2.8 3.5 3.3 3.8 3.6 3.6 3.8 3.5 3.7 3.6 3.2 2.5 2.4
Services............................. 2.2 2.9 3.2 3.2 3.3 2.8 2.5 2.9 2.7 2.7 3.0 2.4 2.6 2.9 2.8 3.0
Gross private domestic investment...... 7.0 7.9 12.2 9.8 9.1 9.9 3.8 3.6 5.3 5.0 6.2 3.4 -3.6 -6.6 -5.7 -4.5
Fixed investment..................... 7.2 7.3 7.8 6.8 7.2 8.3 7.1 6.8 5.5 6.5 4.0 .8 -1.6 -4.5 -3.3 -2.5
Nonresidential..................... 4.9 4.9 4.9 5.6 7.5 9.1 7.7 6.8 5.1 7.5 7.3 6.4 5.2 2.5 4.1 4.8
Structures....................... .2 2.0 .0 1.1 2.3 2.9 1.0 -1.6 -.3 2.7 7.1 11.6 12.3 10.2 12.4 12.8
Equipment and software........... 6.6 6.0 6.7 7.3 9.4 11.4 10.1 9.9 7.1 9.4 7.4 4.6 2.5 -.5 .7 1.4
Residential........................ 11.7 11.6 13.2 8.8 6.7 7.0 6.2 6.9 6.4 4.8 -1.5 -8.5 -12.8 -16.5 -16.5 -16.4
Change in private inventories........ ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... .....
Net exports of goods and services...... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... .....
Exports.............................. 5.8 9.8 12.0 9.9 7.4 6.4 7.1 6.9 7.0 8.4 7.4 8.4 9.3 6.6 7.1 9.6
Goods.............................. 7.1 8.4 10.7 10.0 7.0 6.6 8.1 7.0 8.3 10.7 9.0 10.4 9.7 6.1 6.1 9.8
Services........................... 3.0 13.0 15.3 9.8 8.3 6.0 4.9 6.6 4.1 3.2 3.9 3.8 8.3 7.9 9.4 9.3
Imports.............................. 4.8 9.3 12.1 12.4 11.5 8.8 5.3 4.6 5.1 6.3 6.4 7.2 3.7 2.9 2.0 2.0
Goods.............................. 5.3 9.3 11.3 12.6 11.9 9.8 5.9 5.2 5.8 6.6 6.7 7.6 3.2 2.7 1.7 1.7
Services........................... 2.2 9.2 16.4 11.5 9.3 4.3 1.9 1.5 1.4 4.7 4.8 5.2 6.1 4.3 3.9 3.6
Government consumption expenditures
and gross investment.................. 1.7 2.5 1.3 1.3 .7 .6 .6 .9 .9 1.8 1.8 1.2 2.5 1.2 1.9 2.7
Federal.............................. 5.5 7.1 3.0 4.4 2.4 1.6 1.2 1.8 1.3 2.7 2.1 .3 3.7 .0 1.8 3.3
National defense................... 7.5 10.8 3.1 7.2 2.5 1.7 1.8 1.6 1.1 1.6 1.5 -1.3 5.9 1.2 2.8 5.6
Nondefense......................... 1.9 .3 2.8 -.9 2.3 1.5 -.1 2.1 1.9 5.0 3.4 3.4 -.7 -2.5 .0 -1.2
State and local...................... -.4 -.1 .3 -.5 -.4 .0 .2 .5 .7 1.3 1.5 1.7 1.8 1.9 2.0 2.3
Addenda:
Final sales of domestic product...... 3.7 4.0 3.5 2.7 2.8 2.9 3.5 3.7 2.9 3.5 2.8 1.9 3.0 1.9 2.3 3.0
Gross domestic purchases............. 3.6 4.3 4.5 3.8 3.9 3.7 2.9 3.1 2.8 3.3 3.3 2.5 2.1 1.2 1.4 1.7
Final sales to domestic purchasers... 3.7 4.2 3.9 3.3 3.6 3.4 3.4 3.5 2.9 3.5 2.9 2.1 2.4 1.6 1.8 2.1
Gross national product............... 3.9 4.6 4.2 3.4 2.9 2.9 2.9 3.2 2.8 3.2 3.2 2.0 2.7 1.5 1.9 .....
Real disposable personal income...... 3.7 4.2 3.5 2.7 4.1 2.3 2.3 1.3 1.1 3.1 2.6 3.3 3.2 3.4 3.4 4.1
Price indexes:
Gross domestic purchases........... 2.2 2.2 3.1 3.3 3.7 3.5 3.4 3.8 3.8 3.6 3.8 3.3 2.4 2.6 2.5 2.3
Gross domestic purchases excluding
food and energy................... 1.9 2.1 2.7 2.9 3.1 3.2 3.0 3.0 3.1 2.9 3.1 3.0 2.8 2.8 2.3 2.1
GDP................................ 2.2 2.3 2.9 3.0 3.2 3.3 3.0 3.3 3.4 3.2 3.5 3.2 2.7 2.9 2.7 2.3
GDP excluding food and energy...... 1.9 2.1 2.7 2.9 3.2 3.3 3.1 3.2 3.3 3.1 3.3 3.2 2.9 2.9 2.5 2.2
PCE................................ 1.9 2.0 2.8 2.7 3.1 2.8 2.6 3.2 3.2 3.1 3.3 2.9 1.9 2.3 2.3 2.1
PCE excluding food and energy...... 1.4 1.8 2.1 2.1 2.2 2.3 2.1 2.1 2.2 2.0 2.2 2.4 2.3 2.4 2.0 1.9
Market-based PCE\1\................ 1.6 1.6 2.4 2.3 2.8 2.4 2.4 3.1 3.0 2.9 3.2 2.7 1.6 2.2 2.2 2.0
Market-based PCE excluding food
and energy\1\..................... 1.0 1.3 1.5 1.4 1.6 1.8 1.7 1.7 1.7 1.6 1.9 2.1 2.0 2.2 1.8 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]
-----------------------------------------------------------------------------------------------------------------------------------
Seasonally adjusted at annual rates
---------------------------------------------------
2004 2005 2006 III 06 IV 06 I 07 II 07 III 07
-----------------------------------------------------------------------------------------------------------------------------------
Gross domestic product..................... 11,685.9 12,433.9 13,194.7 13,266.9 13,392.3 13,551.9 13,768.8 13,926.7
Plus: Income receipts from the rest of the
world..................................... 437.5 544.1 691.4 709.7 733.8 752.2 814.2 .....
Less: Income payments to the rest of the
world..................................... 361.3 475.6 633.4 664.7 673.7 689.0 743.5 .....
Equals: Gross national product............. 11,762.1 12,502.4 13,252.7 13,311.9 13,452.4 13,615.1 13,839.4 .....
Less: Consumption of fixed capital......... 1,436.1 1,609.5 1,615.2 1,628.8 1,654.4 1,670.9 1,683.4 1,690.1
Less: Statistical discrepancy.............. 19.1 5.4 -18.1 -2.5 -46.6 -66.3 -88.8 .....
Equals: National income.................... 10,306.8 10,887.6 11,655.6 11,685.6 11,844.6 12,010.5 12,244.9 .....
Compensation of employees................ 6,656.4 7,029.6 7,448.3 7,442.5 7,649.9 7,764.9 7,874.9 7,972.9
Wage and salary accruals............... 5,379.5 5,672.9 6,025.7 6,015.8 6,203.0 6,294.4 6,388.7 6,470.1
Supplements to wages and salaries...... 1,276.9 1,356.8 1,422.6 1,426.7 1,446.9 1,470.5 1,486.2 1,502.9
Proprietors' income with inventory
valuation and capital consumption
adjustments............................. 911.6 969.9 1,006.7 1,003.6 1,009.8 1,027.4 1,038.4 1,045.7
Rental income of persons with capital
consumption adjustment.................. 118.4 42.9 54.5 52.9 50.9 53.2 62.1 67.6
Corporate profits with inventory
valuation and capital consumption
adjustments............................. 1,231.2 1,372.8 1,553.7 1,592.5 1,531.2 1,547.7 1,642.4 .....
Net interest and miscellaneous payments.. 491.2 558.0 598.5 594.2 596.0 599.6 592.4 593.1
Taxes on production and imports less
subsidies............................... 819.2 863.1 917.6 922.9 931.1 943.8 956.8 971.8
Business current transfer payments....... 83.0 66.5 90.2 91.4 91.8 91.8 92.8 94.7
Current surplus of government
enterprises............................. -4.2 -15.1 -13.9 -14.5 -16.0 -17.8 -15.0 -12.2
Addendum:
Gross domestic income.................... 11,666.8 12,428.6 13,212.8 13,269.4 13,438.9 13,618.2 13,857.6 .....
-----------------------------------------------------------------------------------------------------------------------------------
Table 10.--Personal Income and Its Disposition
[Billions of dollars]
-----------------------------------------------------------------------------------------------------------------------------------
Seasonally adjusted at annual rates
---------------------------------------------------
2004 2005 2006 III 06 IV 06 I 07 II 07 III 07
-----------------------------------------------------------------------------------------------------------------------------------
Personal income\1\......................... 9,727.2 10,301.1 10,983.4 11,030.9 11,200.2 11,469.2 11,619.2 11,784.4
Compensation of employees, received...... 6,671.4 7,024.6 7,440.8 7,442.5 7,599.9 7,764.9 7,849.9 7,947.9
Wage and salary disbursements.......... 5,394.5 5,667.9 6,018.2 6,015.8 6,153.0 6,294.4 6,363.7 6,445.1
Supplements to wages and salaries...... 1,276.9 1,356.8 1,422.6 1,426.7 1,446.9 1,470.5 1,486.2 1,502.9
Proprietors' income with inventory
valuation and capital consumption
adjustments............................. 911.6 969.9 1,006.7 1,003.6 1,009.8 1,027.4 1,038.4 1,045.7
Farm................................... 37.3 30.8 19.4 18.1 23.9 29.1 33.1 38.4
Nonfarm................................ 874.3 939.1 987.4 985.5 985.8 998.3 1,005.3 1,007.3
Rental income of persons with capital
consumption adjustment.................. 118.4 42.9 54.5 52.9 50.9 53.2 62.1 67.6
Personal income receipts on assets....... 1,432.1 1,617.8 1,796.5 1,828.1 1,836.6 1,882.9 1,930.0 1,969.3
Personal interest income............... 895.1 1,018.9 1,100.2 1,119.7 1,102.8 1,126.1 1,148.4 1,164.3
Personal dividend income............... 537.0 598.9 696.3 708.4 733.8 756.8 781.6 805.0
Personal current transfer receipts....... 1,422.5 1,520.7 1,612.5 1,630.6 1,647.7 1,710.7 1,717.1 1,742.3
Less: Contributions for government
social insurance........................ 828.8 874.8 927.6 926.8 944.6 969.8 978.4 988.4
Less: Personal current taxes............... 1,046.3 1,209.1 1,354.3 1,355.2 1,401.0 1,454.7 1,485.6 1,499.6
Equals: Disposable personal income......... 8,680.9 9,092.0 9,629.1 9,675.8 9,799.2 10,014.5 10,133.6 10,284.8
Less: Personal outlays..................... 8,499.2 9,047.4 9,590.3 9,677.1 9,757.2 9,917.5 10,069.2 10,198.3
Equals: Personal saving.................... 181.7 44.6 38.8 -1.4 42.0 97.0 64.4 86.5
Personal saving as a percentage of
disposable personal income.............. 2.1 .5 .4 .0 .4 1.0 .6 .8
Addendum:
Disposable personal income, billions of
chained (2000) dollars\2\............... 8,008.9 8,147.9 8,396.9 8,384.5 8,510.7 8,623.9 8,636.0 8,729.0
-----------------------------------------------------------------------------------------------------------------------------------
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.
Appendix Table A.--Real Gross Domestic Product and Related Aggregates and Price Indexes: Percent Change From Preceding Period
[Quarters seasonally adjusted at annual rates]
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
2004 2005 2006 IV 03 I 04 II 04 III 04 IV 04 I 05 II 05 III 05 IV 05 I 06 II 06 III 06 IV 06 I 07 II 07 III 07
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
Gross domestic product (GDP) and
related aggregates:
GDP............................... 3.6 3.1 2.9 2.7 3.0 3.5 3.6 2.5 3.1 2.8 4.5 1.2 4.8 2.4 1.1 2.1 .6 3.8 3.9
Goods............................. 4.7 4.3 5.0 2.5 2.1 3.4 6.6 3.7 4.2 3.9 5.8 1.5 9.6 4.6 3.4 1.1 .2 5.4 8.8
Services.......................... 2.8 2.3 2.3 2.8 3.8 2.2 2.4 2.4 2.3 1.4 4.4 1.0 2.4 2.0 2.0 4.4 2.1 3.1 3.0
Structures........................ 5.2 3.4 -.1 2.2 1.0 11.5 1.3 -.3 4.0 7.3 1.2 1.2 4.3 -1.4 -9.9 -7.0 -6.2 3.0 -5.1
Motor vehicle output.............. 4.0 4.2 -1.3 -6.5 8.8 -6.1 29.0 -9.6 5.4 4.7 30.6 -30.5 17.0 -10.9 15.1 -21.6 6.2 1.0 12.0
GDP excuding motor vehicle
output........................... 3.6 3.0 3.0 3.0 2.8 3.8 2.8 3.0 3.0 2.7 3.6 2.5 4.4 2.9 .6 2.9 .4 3.9 3.7
Final sales of computers\1\....... 5.4 35.1 19.4 20.0 -31.0 -6.6 19.8 50.1 39.5 51.7 21.8 34.2 7.3 20.7 5.1 27.0 -1.3 35.7 51.1
GDP excluding final sales of
computers........................ 3.6 2.9 2.8 2.5 3.3 3.6 3.5 2.3 2.8 2.5 4.3 1.0 4.8 2.3 1.0 1.9 .6 3.6 3.6
Farm gross value added\2\......... 8.1 5.9 .6 -36.1 149.5 -30.8 18.9 40.8 -10.9 14.0 -3.0 6.0 -8.9 17.5 -12.4 .8 -12.5 14.8 3.0
Nonfarm business gross value
added\3\......................... 4.1 3.6 3.2 1.6 2.6 5.0 3.8 2.6 3.9 3.2 5.6 .9 5.7 2.4 .8 2.6 .3 4.2 4.3
Price indexes:
GDP............................... 2.9 3.2 3.2 2.2 3.7 3.8 2.3 3.2 3.9 2.6 3.5 3.5 3.4 3.5 2.4 1.7 4.2 2.6 .8
GDP excluding food and energy..... 2.7 3.2 3.1 2.1 3.5 3.4 2.8 3.1 4.1 2.6 2.9 3.5 3.4 3.2 2.6 2.4 3.3 1.6 1.6
GDP excluding final sales of
computers........................ 3.0 3.4 3.3 2.3 3.8 3.8 2.4 3.4 4.1 2.7 3.6 3.7 3.5 3.6 2.5 1.8 4.3 2.8 1.0
Gross domestic purchases.......... 3.1 3.7 3.3 1.9 4.3 4.2 2.8 3.6 3.6 3.5 4.6 3.7 2.7 4.2 2.5 .1 3.8 3.8 1.6
Gross domestic purchases excluding
food and energy.................. 2.7 3.1 2.9 2.0 3.5 3.4 2.6 2.8 4.0 2.6 2.7 3.2 3.2 3.2 2.5 2.3 3.1 1.5 1.7
Gross domestic purchases excluding
final sales of computers to
domestic purchasers.............. 3.2 3.9 3.5 2.0 4.4 4.3 2.9 3.9 3.8 3.7 4.8 3.9 2.9 4.5 2.7 .2 3.9 4.0 1.8
Personal consumption expenditures
(PCE)............................ 2.6 2.9 2.8 1.5 3.5 3.8 2.0 3.0 2.2 3.4 4.3 2.8 1.7 4.3 2.6 -.9 3.5 4.3 1.7
Personal consumption expenditures
excluding food and energy........ 2.1 2.2 2.2 1.6 2.4 2.7 1.7 2.1 2.6 2.1 1.7 2.4 2.0 2.9 2.3 1.9 2.4 1.4 1.8
Market-based PCE\4\............... 2.3 2.7 2.6 .9 3.2 3.4 1.5 2.9 1.9 3.1 4.3 2.6 1.5 4.3 2.4 -1.6 3.6 4.7 1.4
Market-based PCE excluding food
and energy\4\.................... 1.5 1.7 1.9 .9 1.8 1.9 1.1 1.8 2.3 1.5 1.2 1.9 1.8 2.6 2.1 1.6 2.4 1.2 1.5
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
1. Some components of final sales of computers include
computer parts.
2. Farm output less intermediate goods and services purchased.
3. Consists of GDP less gross value added of farm, of
households and institutions, and of general government.
4. This index is a supplemental measure that is based on household
expenditures for which there are observable price measures. It
excludes most implicit prices (for example, the services furnished
without payment by financial intermediaries) and the expenses of
nonprofit institutions.
See "Explanatory Note" at the end of the tables.
Explanatory Note: NIPA Measures of Quantities and Prices
Current-dollar GDP is a measure of the market value of goods, services, and structures produced in
the economy in a particular period. Changes in current-dollar GDP can be decomposed into quantity and
price components. Quantities, or "real" measures, and prices are expressed as index numbers with the
reference year -- at present, the year 2000 -- equal to 100.
Annual changes in quantities and prices are calculated using a Fisher formula that incorporates
weights from two adjacent years. (Quarterly changes in quantities and prices are calculated using a
Fisher formula that incorporates weights from two adjacent quarters; quarterly indexes are adjusted for
consistency to the annual indexes before percent changes are calculated.) For example, the 2005-06
annual percent change in real GDP uses prices for 2005 and 2006 as weights, and the 2005-06 annual
percent change in GDP prices uses quantities for 2005 and 2006 as weights. These annual changes are
"chained" (multiplied) together to form time series of quantity and price indexes. Percent changes in
Fisher indexes are not affected by the choice of reference year. (BEA also publishes a measure of the
price level known as the implicit price deflator (IPD), which is calculated as the ratio of the
current-dollar value to the corresponding chained-dollar value, multiplied by 100. The values of the IPD
are very close to the values of the corresponding "chain-type" price index.)
Index numbers of quantity and price indexes for GDP and its major components are presented in this
release in tables 5 and 6. Percent changes from the preceding period are presented in tables 1, 4, 7, 8,
and Appendix Table A. Contributions by major components to changes in real GDP are presented in table 2.
Measures of real GDP and its major components are also presented in dollar-denominated form,
designated "chained (2000) dollar estimates." For most series, these estimates, which are presented in
table 3, are computed by multiplying the current-dollar value in 2000 by a corresponding quantity index
number and then dividing by 100. For example, if a current-dollar GDP component equaled $100 in
2000 and if real output for this component increased 10 percent in 2001, then the chained (2000) dollar
value of this component in 2001 would be $110 (= $100 x 110 / 100). Percent changes calculated from
chained-dollar estimates and from chain-type quantity indexes are the same; any differences will be small
and due to rounding.
Chained-dollar values for the detailed GDP components will not necessarily sum to the chained-dollar
estimate of GDP (or to any intermediate aggregate). This is because the relative prices used as weights
for any period other than the reference year differ from those of the reference year. A measure of the
extent of such differences is provided by a "residual" line, which indicates the difference between GDP
(or other major aggregate) and the sum of the most detailed components in the table. For periods close to
the reference year, when there usually has not been much change in the relative prices that are used as
weights, the residuals tend to be small, and the chained-dollar estimates can be used to approximate the
contributions to growth and to aggregate the detailed estimates. For periods further from the reference
year, the residuals tend to be larger, and the chained-dollar estimates are less useful for analyses of
contributions to growth. Thus, the contributions to percent change shown in table 2 provide a better
measure of the composition of GDP growth. In particular, for components for which relative prices are
changing rapidly, calculation of contributions using chained-dollar estimates may be misleading even just
a few years from the reference year.
Reference: "Chained-Dollar Indexes: Issues, Tips on Their Use, and Upcoming Changes," November
2003 Survey, pp. 8-16.