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News Release: Gross Domestic Product

Available for this release: Full Release (PDF - KB) | Technical Note, Tables (XLS - KB), Highlights (PDF - KB)

EMBARGOED UNTIL RELEASE AT 8:30 A.M. EDT, FRIDAY, JULY 27, 2007

Virginia H. Mannering:  (202)   606-5304  (GDP)                                BEA 07-34
Recorded message:       (202)   606-5306

Brent Moulton:		(202)   606-9606  (Annual Revision)
Carol Moylan: 		(202)   606-9715 


                          NATIONAL INCOME AND PRODUCT ACCOUNTS
                            * SECOND QUARTER 2007 GDP (ADVANCE)
                            * REVISED ESTIMATES:  2004 THROUGH FIRST QUARTER 2007

	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 2007, 
according to advance estimates released by the Bureau of Economic Analysis.  In the first quarter, real 
GDP increased 0.6 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 30,
2007.

       
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 2004.  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 2007 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.  Prices indexes are chain-type measures.

                This new release is available on BEA's Web site at http://www.bea.gov/newsreleases/rels.htm.


 	The increase in real GDP in the second quarter primarily reflected positive contributions from 
personal consumption expenditures (PCE) for services, exports, nonresidential structures, federal 
government spending, 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, decreased.
	
	The acceleration in real GDP growth in the second quarter primarily reflected a downturn in 
imports, upturns in federal government spending and in private inventory investment, accelerations in 
exports and in nonresidential structures, and a smaller decrease in residential fixed investment that were 
partly offset by a notable deceleration in PCE.

	Final sales of computers contributed 0.16 percentage point to the second-quarter growth in real 
GDP after subtracting 0.01 percentage point from the first-quarter growth.  Motor vehicle output 
contributed 0.03 percentage point to the second-quarter growth in real GDP after contributing 0.18 
percentage point to the first-quarter growth.  

        The price index for gross domestic purchases, which measures prices paid by U.S. residents,
increased 3.9 percent in the second quarter, compared with an increase of 3.8 percent in the first.  
Excluding food and energy prices, the price index for gross domestic purchases increased 1.7 percent      
in the second quarter, compared with 3.1 percent in the first.

	Real personal consumption expenditures increased 1.3 percent in the second quarter, compared 
with an increase of 3.7 percent in the first.  Durable goods increased 1.6 percent, compared with an 
increase of 8.8 percent.  Nondurable goods decreased 0.8 percent, in contrast to an increase of 3.0 
percent.  Services expenditures increased 2.2 percent, compared with an increase of 3.1 percent.

        Real nonresidential fixed investment increased 8.1 percent in the second quarter, compared with
an increase of 2.1 percent in the first.  Nonresidential structures increased 22.1 percent, compared with 
an increase of 6.4 percent.  Equipment and software increased 2.3 percent, compared with an increase of 
0.3 percent.  Real residential fixed investment decreased 9.3 percent, compared with a decrease of 16.3 
percent.

	Real exports of goods and services increased 6.4 percent in the second quarter, compared with an 
increase of 1.1 percent in the first.  Real imports of goods and services decreased 2.6 percent, in contrast 
to an increase of 3.9 percent.

	Real federal government consumption expenditures and gross investment increased 6.7 percent in 
the second quarter, in contrast to a decrease of 6.3 percent in the first.  National defense increased 9.5 
percent, in contrast to a decrease of 10.8 percent.  Nondefense increased 1.3 percent, compared with an 
increase of 3.8 percent.  Real state and local government consumption expenditures and gross 
investment increased 2.9 percent, compared with an increase of 3.0 percent.

	The real change in private inventories added 0.15 percentage point to the second-quarter change in 
real GDP after subtracting 0.65 percentage point from the first-quarter change.  Private businesses 
increased inventories $3.6 billion in the second quarter, following increases of $0.1 billion in the first 
quarter and $17.4 billion in the fourth.

	Real final sales of domestic product -- GDP less change in private inventories -- increased 3.2 
percent in the second quarter, compared with an increase of 1.3 percent in the first.



Gross domestic purchases

	Real gross domestic purchases -- purchases by U.S. residents of goods and services wherever 
produced -- increased 2.1 percent in the second quarter, compared with an increase of 1.1 percent in the 
first. 


Disposition of personal income

	Current-dollar personal income increased $114.3 billion (4.0 percent) in the second quarter, 
compared with an increase of $283.9 billion (10.5 percent) in the first.  Personal income in the first 
quarter was boosted by large bonus payments and the exercise of stock options.

	Personal current taxes increased $27.7 billion in the second quarter, compared with an increase of 
$58.0 billion in the first.  

	Disposable personal income increased $86.6 billion (3.5 percent) in the second quarter, compared 
with an increase of $225.9 billion (9.5 percent) in the first.  Real disposable personal income decreased 
0.8 percent, in contrast to an increase of 5.9 percent. 

 	Personal outlays increased $138.3 billion (5.7 percent) in the second quarter, compared with an 
increase of $160.3 billion (6.7 percent) in the first.  Personal saving -- disposable personal income less 
personal outlays -- was $55.9 billion in the second quarter, compared with $107.6 billion in the first.  
The personal saving rate -- saving as a percentage of disposable personal income -- was 0.6 percent in 
the second quarter, compared with 1.1 percent in the first.  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 http://www.bea.gov/national/nipaweb/Nipa-Frb.asp.


Current-dollar GDP

	Current-dollar GDP -- the market value of the nation's output of goods and services -- increased 
6.2 percent, or $204.0 billion, in the second quarter to a level of $13,755.9 billion.  In the first quarter, 
current-dollar GDP increased 4.9 percent, or $159.6 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, "GDP and the Economy."  




                   Revision of the National Income and Product Accounts


	The revised estimates, which begin with 2004, 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 2003-2006, real GDP grew at an average annual rate of 3.2 percent, 0.3 percentage point less
than in the previously published estimates.  

       *  Both the revised and the previously published estimates show similar quarterly patterns of growth
in real GDP.  For the 13 quarters from the first quarter of 2004 to the first quarter of 2007, the 
average revision (without regard to sign) was 0.5 percentage point.  The largest quarterly 
revisions to the percent change in real GDP were for the third quarter of 2006 (from 2.0 percent 
to 1.1 percent), for the first quarter of 2004 (from 3.9 percent to 3.0 percent), and for the first 
quarter of 2006 (from 5.6 percent to 4.8 percent).  The largest upward revision was for the third 
quarter of 2004 (from 3.1 percent to 3.6 percent).

      *   The average annual rate of growth of real disposable personal income for 2003-2006 was 2.8
percent, 0.3 percentage point more than in the previously published estimates.



Revisions to 2004-2006 estimates

	The percent change from the preceding year in real GDP was revised down for all 3 years:  From 
3.9 percent to 3.6 percent for 2004, from 3.2 percent to 3.1 percent for 2005, and from 3.3 percent to 2.9 
percent for 2006.

	For 2004, the largest contributors to the downward revision to real GDP growth were downward 
revisions to personal consumption expenditures (PCE) for services and to state and local government 
spending, and an upward revision to imports; these revisions were partly offset by an upward revision to 
exports.  For 2005, the largest contributors to the downward revision were downward revisions to PCE 
for nondurable goods, to residential fixed investment, and to PCE for durable goods; these downward 
revisions were partly offset by upward revisions to inventory investment and to equipment and software.  
For 2006, the largest contributors to the downward revision were downward revisions to inventory 
investment, to PCE for durable goods, to state and local government spending, and to exports; these 
downward revisions were partly offset by an upward revision to PCE for services.

	The percent change from fourth quarter to fourth quarter in real GDP was revised down for all 3 
years:  From 3.4 percent to 3.1 percent for 2004, from 3.1 percent to 2.9 percent for 2005, and from 3.1 
percent to 2.6 percent for 2006.  The average annual rate of growth of real GDP from the fourth quarter 
of 2003 to the first quarter of 2007 is 2.7 percent, 0.3 percentage point less than in the previously 
published estimates.

	The percent change from the preceding year in the price index for gross domestic purchases was 
unrevised at 3.1 percent for 2004, was revised up from 3.5 percent to 3.7 percent for 2005, and was 
revised up from 3.1 percent to 3.3 percent for 2006.  For the quarters of 2004 to 2006, the percent 
change in the price index was revised up for eight quarters, was revised down for one quarter (the fourth 
quarter of 2006), and was unrevised for three quarters; the largest upward revision was 0.4 percentage 
point (the first quarter of 2005).

	Current-dollar GDP was revised down for all 3 years:  $26.6 billion, or 0.2 percent, for 2004; 
$21.9 billion, or 0.2 percent, for 2005; and $51.9 billion, or 0.4 percent, for 2006.  The percent change 
from the preceding year was revised down from 6.9 percent to 6.6 percent for 2004; was revised up from 
6.3 percent to 6.4 percent for 2005; and was revised down from 6.3 percent to 6.1 percent for 2006.  
Current-dollar GNP (GDP plus net receipts of income from the rest of the world) was revised up $3.4 
billion, or less than 0.1 percent, for 2004; was revised up $14.7 billion, or 0.1 percent, for 2005; and was 
revised down $23.8 billion, or 0.2 percent, for 2006.  Net receipts of income was revised up for all 3 
years:  $29.9 billion for 2004, $36.7 billion for 2005, and $28.1 billion for 2006.  The revisions to net 
receipts of income -- which affect GNP, national income, corporate profits, net interest and 
miscellaneous payments, and personal interest income --  result from the revisions to BEA's 
international transactions accounts (ITAs) that were released in June.  Although the revisions to the 
ITAs extended back to 1997, the revisions prior to 2004 are not incorporated into the NIPAs at this time.  
(An article describing the revisions to the ITAs was published in the July 2007 issue of the Survey of 
Current Business.)

        National income was revised up $50.9 billion, or 0.5 percent, for 2004; was revised up $75.8
billion, or 0.7 percent, for 2005; and was revised down $55.4 billion, or 0.5 percent, for 2006.  For 2004, 
the upward revision was primarily accounted for by a large upward revision to corporate profits.  For 
2005, large upward revisions to net interest and miscellaneous payments and to corporate profits were 
partly offset by downward revisions to rental income of persons and to business current transfer 
payments.  Within compensation of employees, a downward revision to supplements to wages and 
salaries was largely offset by an upward revision to wage and salary accruals.  For 2006, large 
downward revisions to corporate profits, to compensation of employees, and to rental income of persons 
were partly offset by a large upward revision to net interest and miscellaneous payments.
 
	Corporate profits from current production -- profits before tax with inventory valuation and capital 
consumption adjustments -- was revised up $48.6 billion, or 4.1 percent, for 2004; was revised up $42.1 
billion, or 3.2 percent, for 2005; and was revised down $62.0 billion, or 3.8 percent, for 2006.  For 2004 
and 2005, upward revisions to profits before tax were partly offset by downward revisions to the capital 
consumption adjustment.  For 2006, a large downward revision to the capital consumption adjustment 
accounted for most of the revision, although profits before tax was also revised down.

	For 2004, profits of domestic nonfinancial corporations, profits from the rest of the world, and   
profits of domestic financial corporations were revised up.  For 2005, upward revisions to profits of 
domestic financial corporations and to profits from the rest of the world were partly offset by a 
downward revision to profits of domestic nonfinancial corporations.  For 2006, a large downward 
revision to profits of domestic nonfinancial corporations was partly offset by upward revisions to profits 
from the rest of the world and to profits of domestic financial corporations.

	Personal income was revised down $4.2 billion, or less than 0.1 percent, for 2004; was revised up 
$61.9 billion, or 0.6 percent, for 2005; and was revised up $92.2 billion, or 0.8 percent, for 2006.  For 
2004, a downward revision to rental income of persons was partly offset by an upward revision to 
compensation of employees.  For 2005, large upward revisions to personal interest income and to 
personal dividend income were partly offset by a large downward revision to rental income of persons.  
For 2006, large upward revisions to personal interest income and to personal dividend income were 
partly offset by downward revisions to compensation of employees, to rental income of persons, and to 
proprietors' income.  Within compensation of employees, supplements to wages and salaries accounted
for most of the downward revision, although wage and salary disbursements was also revised down.  In 
addition, contributions for government social insurance, which are subtracted in the calculation of 
personal income, was revised down.

	Disposable personal income (DPI) (personal income less personal current taxes) was revised down 
$0.7 billion, or less than 0.1 percent, for 2004; was revised up $55.9 billion, or 0.6 percent, for 2005; 
and was revised up $100.0 billion, or 1.0 percent, for 2006.  The revisions were roughly similar to those 
to personal income, reflecting relatively small revisions to personal current taxes.  Personal current taxes 
was revised down $3.5 billion for 2004, was revised up $6.0 billion for 2005, and was revised down 
$7.8 billion for 2006.  The percent change from the preceding year in real DPI was unrevised at 3.6 
percent for 2004, was revised up from 1.2 percent to 1.7 percent for 2005, and was revised up from 2.6 
percent to 3.1 percent for 2006.

        
	Personal outlays -- PCE, personal interest payments, and personal current transfer payments -- was 
revised down for all 3 years:  $8.0 billion for 2004, $23.5 billion for 2005, and $35.2 billion for 2006.  
Downward revisions to PCE more than accounted for the revisions for all 3 years.  The personal saving 
rate (personal saving as a percentage of DPI) was revised up from 2.0 percent to 2.1 percent for 2004, 
was revised up from negative 0.4 percent to positive 0.5 percent for 2005, and was revised up from 
negative 1.0 percent to positive 0.4 percent for 2006.

	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 different source data and different 
methods.

	As a result of the annual revision, the statistical discrepancy as a percentage of GDP was revised 
from 0.6 percent to 0.2 percent for 2004, was revised from 0.6 percent to less than 0.1 percent for 2005, 
and was unrevised at negative 0.1 percent for 2006.  The revisions to the discrepancy for 2004 and for 
2005 reflected downward revisions to GDP and upward revisions to GDI.  For 2006, GDP and GDI 
were both revised down by similar magnitudes.


Business cycle

	From the cyclical trough of GDP in the third quarter of 2001 to the first quarter of 2007, the 
revised estimates show that real GDP increased at an average annual rate of 2.7 percent; the previously 
published estimates showed an average increase of 2.9 percent.	

                                                
New source data

	The annual revision incorporated data from the following major federal statistical sources: Census 
Bureau annual surveys of manufactures, of merchant wholesale trade, and of retail trade for 2005 and 
revised monthly indicators of manufactures, of merchant wholesale trade, and of retail trade for 
2004-2006; Census Bureau annual surveys of services for 2004 (revised), 2005 (revised), and 2006 
(preliminary), and of state and local governments for 2003 (revised), 2004 (revised), and 2005 
(preliminary); Census Bureau monthly survey of construction put in place for 2004-2006 (revised); 
Census Bureau quarterly survey of services for 2004-2006 (revised); Census Bureau American housing 
survey for 2005; Census Bureau current population survey/housing vacancy survey for 2006; federal 
government budget data for fiscal years 2006 and 2007; Internal Revenue Service tabulations of tax 
returns for corporations for 2004 (revised) and 2005 (preliminary) and for sole proprietorships and 
partnerships for 2005; Bureau of Labor Statistics quarterly census of employment and wages for 2004-
2006 (revised); Department of Agriculture farm statistics for 2004-2006; and BEA's ITAs for 2004-2006 
(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 2007 issue of the Survey of 
Current Business.


Changes in methodology

            The annual revision also incorporated the following refinement to estimating methodologies:

        The price index used for deflating business purchases of new light trucks reflects a new
treatment of special financing incentives (such as ?zero-percent? financing) that is more consistent with 
the price index used for deflating personal consumption expenditures for new light trucks.  In the revised 
estimates, these financing incentives are treated consistently as a financial transaction rather than as a 
reduction in the prices used for deflating business truck purchases.  Previously, the price index used for 
deflating business truck purchases -- a producer price index (PPI) -- treated special financing incentives 
as a price reduction; in the revised estimates, the consumer price index (CPI) for light trucks, which does 
not treat these incentives as a price reduction, is used for deflation.  For inventory investment, beginning 
with the first quarter of 2007, a special PPI that excludes special financing incentives is used for 
deflation; for 2004-2006, a CPI that excludes special financing is used in the revised estimates.



                              *          *          *


	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 -- August 30, 2007, at 8:30 A.M. EDT for:
                 Gross Domestic Product:  Second Quarter 2007 (Preliminary)
                 Corporate Profits: Second 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 more comprehensive data including annual surveys.  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 1.3 percentage points.  The average revision (with regard to
sign) from the advance estimate to the latest estimate is 0.4 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		  revision 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                         1.2                           .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...............   .4                         1.3                          1.0


NOTE.--These comparisons are based on the period from 1983 through 2003.



  Table 1.--Real Gross Domestic Product and Related Measures: Percent Change From Preceding Period
                                                             [Quarters seasonally adjusted at annual rates]
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                       2003   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
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
       Gross domestic product (GDP).    2.5    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    3.4

Personal consumption expenditures...    2.8    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    1.3
  Durable goods.....................    5.8    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    1.6
  Nondurable goods..................    3.2    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    -.8
  Services..........................    1.9    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    2.2

Gross private domestic investment...    3.6    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    3.1
  Fixed investment..................    3.4    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    2.2
    Nonresidential..................    1.0    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    8.1
      Structures....................   -4.1    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   22.1
      Equipment and software........    2.8    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    2.3
    Residential.....................    8.4   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   -9.3
  Change in private inventories.....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....

Net exports of goods and services...  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....
  Exports...........................    1.3    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    6.4
    Goods...........................    1.8    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    6.1
    Services........................     .0   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    7.2
  Imports...........................    4.1   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   -2.6
    Goods...........................    4.9   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   -2.4
    Services........................     .0   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   -4.0

Government consumption expenditures
 and gross investment...............    2.5    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    4.2
  Federal...........................    6.8    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    6.7
    National defense................    8.7    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    9.5
    Nondefense......................    3.4    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    1.3
  State and local...................     .2    -.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    2.9

Addenda:
  Final sales of domestic product...    2.5    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    3.2
  Gross domestic purchases..........    2.8    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    2.1
  Final sales to domestic
   purchasers.......................    2.8    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    1.9
  Gross national product (GNP)......    2.7    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  .....
  Disposable personal income........    2.2    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    5.9    -.8

  Current-dollar measures:
    GDP.............................    4.7    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    6.2
    Final sales of domestic product.    4.7    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    6.0
    Gross domestic purchases........    5.2    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    6.1
    Final sales to domestic
     purchasers.....................    5.2    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    5.9
    GNP.............................    4.9    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  .....
    Disposable personal income......    4.2    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    9.5    3.5
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
  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]
------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                       2003   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
------------------------------------------------------------------------------------------------------------------------------------------------------------------
       Gross domestic product (GDP).    2.5    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
         Previously published.......    2.5    3.9    3.2    3.3    2.7    3.9    4.0    3.1    2.6    3.4    3.3    4.2    1.8    5.6    2.6    2.0    2.5     .7

Personal consumption expenditures...    2.8    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
  Previously published..............    2.8    3.9    3.5    3.2    2.3    4.7    2.9    3.9    4.3    2.7    4.2    3.9     .8    4.8    2.6    2.8    4.2    4.2
  Durable goods.....................    5.8    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
    Previously published............    5.8    6.4    5.5    5.0     .7    6.1    1.7    8.7    6.1    2.4   12.8    9.0  -12.3   19.8    -.1    6.4    4.4    8.7
  Nondurable goods..................    3.2    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
    Previously published............    3.2    3.6    4.5    3.7    1.8    4.3    1.7    3.7    5.4    5.2    4.9    3.4    3.9    5.9    1.4    1.5    5.9    3.2
  Services..........................    1.9    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
    Previously published............    1.9    3.5    2.6    2.6    2.8    4.6    3.8    3.1    3.4    1.6    2.3    3.2    2.0    1.6    3.7    2.8    3.4    3.8

Gross private domestic investment...    3.6    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
  Previously published..............    3.6    9.8    5.4    4.3    9.3    4.8   21.7    2.0    5.1    8.2   -3.6    5.2   16.2    7.8    1.0    -.8  -15.2   -9.6
  Fixed investment..................    3.4    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
    Previously published............    3.4    7.3    7.5    2.9    5.5    2.2   11.7    7.6    4.9    7.8   10.5    6.3    2.8    8.2   -1.6   -1.2   -9.1   -3.9
    Nonresidential..................    1.0    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
      Previously published..........    1.0    5.9    6.8    7.2    2.8    1.7    7.2   10.3    8.3    6.0    5.2    5.9    5.2   13.7    4.4   10.0   -3.1    2.6
      Structures....................   -4.1    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
        Previously published........   -4.1    2.2    1.1    9.0   -4.7    3.3    6.9    3.1   -2.0    5.3   -2.0   -7.0   12.0    8.7   20.3   15.7     .8    4.8
      Equipment and software........    2.8    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
        Previously published........    2.8    7.3    8.9    6.5    5.6    1.2    7.3   13.0   12.3    6.3    7.9   11.0    2.8   15.6   -1.4    7.7   -4.8    1.7
    Residential.....................    8.4   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
      Previously published..........    8.4    9.9    8.6   -4.2   10.6    3.1   19.8    3.2    -.6   11.1   20.0    7.1    -.9    -.3  -11.1  -18.7  -19.8  -15.8
  Change in private inventories.....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....

Net exports of goods and services...  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....
  Exports...........................    1.3    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
    Previously published............    1.3    9.2    6.8    8.9   20.8    7.2    6.2    4.8    9.9    4.7    9.4    3.2    9.6   14.0    6.2    6.8   10.6     .7
    Goods...........................    1.8    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
      Previously published..........    1.8    9.0    7.5   10.5   19.8    7.1    6.4    8.3    6.1    5.5   12.8    3.7   11.5   17.3    6.0    9.4    8.4     .2
    Services........................     .0   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
      Previously published..........     .0    9.7    5.1    5.4   23.1    7.5    5.6   -2.8   19.2    2.9    2.0    2.1    5.5    6.7    6.7     .8   16.3    1.9
  Imports...........................    4.1   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
    Previously published............    4.1   10.8    6.1    5.8   17.6   10.2   16.0    4.4   12.0    4.1    1.4    2.5   13.2    9.1    1.4    5.6   -2.6    5.5
    Goods...........................    4.9   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
      Previously published..........    4.9   10.9    6.7    5.9   17.2   10.1   17.7    4.7   12.6    4.9    2.0    2.7   14.1    9.4    -.1    7.1   -4.1    6.0
    Services........................     .0   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
      Previously published..........     .0   10.0    2.8    5.3   19.6   10.9    7.6    3.1    9.0    -.2   -1.5    1.2    8.3    7.4    9.9   -2.6    6.2    2.8

Government consumption expenditures
 and gross investment...............    2.5    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
   Previously published.............    2.5    1.9     .9    2.1     .7    2.9    2.2    1.3   -1.9    1.6    1.1    3.4   -1.1    4.9     .8    1.7    3.4    1.0
  Federal...........................    6.8    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
    Previously published............    6.8    4.3    1.5    2.0    3.1    7.2    2.5    5.0   -5.2    3.4     .4    9.6   -4.6    8.8   -4.5    1.3    4.6   -3.9
    National defense................    8.7    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
      Previously published..........    8.7    5.9    1.7    1.9    8.1    9.1    2.0    9.1   -9.1    4.5    2.9   11.2   -9.9    8.9   -2.0   -1.2   12.3   -7.4
    Nondefense......................    3.4    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
      Previously published..........    3.4    1.2    1.1    2.1   -6.0    3.6    3.5   -2.9    3.4    1.2   -4.4    6.2    7.1    8.5   -9.3    6.5   -9.6    3.6
  State and local...................     .2    -.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
    Previously published............     .2     .5     .5    2.1    -.6     .5    2.1    -.9     .1     .6    1.5    -.1    1.0    2.7    4.0    1.9    2.7    3.9

Addenda:
  Final sales of domestic product...    2.5    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
    Previously published............    2.5    3.5    3.5    3.1    2.1    3.4    2.6    4.0    2.6    3.3    5.6    4.4    -.3    5.6    2.1    1.9    3.7    1.7
  Gross domestic purchases..........    2.8    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
    Previously published............    2.8    4.4    3.3    3.2    3.0    4.4    5.5    3.1    3.3    3.4    2.4    4.0    2.7    5.3    2.0    2.0     .8    1.4
  Final sales to domestic
   purchasers.......................    2.8    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
     Previously published...........    2.8    4.0    3.6    2.9    2.5    4.0    4.1    4.0    3.2    3.3    4.6    4.2     .7    5.4    1.6    2.0    1.9    2.4
  Gross national product (GNP)......    2.7    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
    Previously published............    2.7    3.8    3.1    3.3    3.5    3.5    2.9    3.3    2.0    3.6    3.0    4.9     .5    6.1    2.3    1.8    3.5     .8
  Disposable personal income........    2.2    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    5.9
    Previously published............    2.2    3.6    1.2    2.6    1.7    3.9    2.4    2.8    7.5   -4.0     .5    -.6    5.5    4.6   -1.5    3.2    6.4    4.8

  Current-dollar measures:
    GDP.............................    4.7    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
      Previously published..........    4.7    6.9    6.3    6.3    4.9    7.8    7.9    5.3    5.9    7.0    5.8    7.6    5.1    9.0    5.9    3.8    4.1    4.9
    Final sales of domestic product.    4.7    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
      Previously published..........    4.7    6.5    6.7    6.1    4.4    7.3    6.4    6.2    5.9    6.9    8.2    7.8    3.0    9.1    5.5    3.8    5.4    5.9
    Gross domestic purchases........    5.2    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
      Previously published..........    5.2    7.6    6.9    6.4    4.9    8.9    9.7    5.8    7.0    6.7    5.8    8.5    6.3    8.2    6.1    4.2    1.0    5.1
    Final sales to domestic
     purchasers.....................    5.2    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
       Previously published.........    5.2    7.2    7.2    6.1    4.4    8.5    8.3    6.7    7.0    6.7    8.1    8.8    4.3    8.2    5.7    4.2    2.1    6.1
    GNP.............................    4.9    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
      Previously published..........    4.9    6.7    6.2    6.3    5.8    7.4    6.7    5.4    5.3    7.2    5.6    8.4    3.8    9.6    5.7    3.7    5.2    5.0
    Disposable personal income......    4.2    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    9.5
      Previously published..........    4.2    6.4    4.1    5.5    3.2    7.7    6.0    4.7   10.7   -1.8    3.6    3.5    8.6    6.8    2.5    5.7    5.4    8.5
------------------------------------------------------------------------------------------------------------------------------------------------------------------
  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
                                             ------------------------      ------------------------      ------------------------

                                             2004      2005      2006      2004      2005      2006      2004      2005      2006
---------------------------------------------------------------------------------------------------------------------------------

    Gross domestic product (GDP).......  11,685.9  12,433.9  13,194.7     -26.6     -21.9     -51.9       -.2       -.2       -.4

Personal consumption expenditures......   8,195.9   8,707.8   9,224.5     -15.6     -34.6     -44.4       -.2       -.4       -.5
  Durable goods........................     983.9   1,023.9   1,048.9      -2.4      -9.2     -21.4       -.2       -.9      -2.0
  Nondurable goods.....................   2,343.7   2,516.2   2,688.0      -1.5     -23.1     -26.9       -.1       -.9      -1.0
  Services.............................   4,868.3   5,167.8   5,487.6     -11.8      -2.2       3.9       -.2        .0        .1

Gross private domestic investment......   1,888.6   2,077.2   2,209.2        .6      19.8      -3.3        .0       1.0       -.1
  Fixed investment.....................   1,830.0   2,040.3   2,162.5       -.6       4.1       -.4        .0        .2        .0
    Nonresidential.....................   1,154.5   1,272.1   1,397.7       -.8       6.4       1.5       -.1        .5        .1
      Structures.......................     298.2     334.6     405.1      -2.6      -4.0      -6.1       -.9      -1.2      -1.5
      Equipment and software...........     856.3     937.5     992.6       1.8      10.4       7.6        .2       1.1        .8
    Residential........................     675.5     768.2     764.8        .2      -2.2      -1.9        .0       -.3       -.2
  Change in private inventories........      58.6      36.9      46.7       1.3      15.6      -2.9     .....     .....     .....

Net exports of goods and services......    -615.4    -714.6    -762.0      -2.2       2.1        .5     .....     .....     .....
  Exports..............................   1,182.4   1,309.4   1,467.6       4.3       6.3       1.4        .4        .5        .1
    Goods..............................     818.3     907.0   1,030.5       -.5       -.5      -4.9       -.1       -.1       -.5
    Services...........................     364.1     402.4     437.1       4.8       6.8       6.3       1.3       1.7       1.5
  Imports..............................   1,797.8   2,023.9   2,229.6       6.4       4.0        .9        .4        .2        .0
    Goods..............................   1,499.5   1,702.0   1,880.4       4.3       3.0        .9        .3        .2        .0
    Services...........................     298.3     322.0     349.2       2.1       1.1        .0        .7        .3        .0

Government consumption expenditures
 and gross investment..................   2,216.8   2,363.4   2,523.0      -9.4      -9.4      -4.7       -.4       -.4       -.2
  Federal..............................     825.6     878.4     932.5       -.3        .1       5.9        .0        .0        .6
    National defense...................     550.7     588.7     624.3       -.5       -.6       3.3       -.1       -.1        .5
    Nondefense.........................     274.9     289.8     308.2        .2        .8       2.6        .1        .3        .9
  State and local......................   1,391.2   1,485.0   1,590.5      -9.1      -9.4     -10.6       -.6       -.6       -.7

Relation of GDP and National Income

Gross domestic product.................  11,685.9  12,433.9  13,194.7     -26.6     -21.9     -51.9       -.2       -.2       -.4

Plus: Income receipts
 from the rest of the world............     437.5     544.1     691.4      27.3      30.8      25.8       6.7       6.0       3.9
Less: Income payments to
 the rest of the world.................     361.3     475.6     633.4      -2.6      -5.9      -2.3       -.7      -1.2       -.4

Equals: Gross national product.........  11,762.1  12,502.4  13,252.7       3.4      14.7     -23.8        .0        .1       -.2

Less: Consumption of fixed capital.....   1,436.1   1,609.5   1,615.2       -.1       4.7      38.3        .0        .3       2.4
Less: Statistical discrepancy..........      19.1       5.4     -18.1     -47.6     -65.6      -6.7     .....     .....     .....

Equals: National income................  10,306.8  10,887.6  11,655.6      50.9      75.8     -55.4        .5        .7       -.5
  Compensation of employees............   6,656.4   7,029.6   7,448.3       6.1       -.7     -50.1        .1        .0       -.7
    Wage and salary accruals...........   5,379.5   5,672.9   6,025.7       2.4       8.1     -17.9        .0        .1       -.3
    Supplements to wages and
     salaries..........................   1,276.9   1,356.8   1,422.6       3.7      -8.7     -32.3        .3       -.6      -2.2
  Proprietors' income with inventory
   valuation and capital
   consumption adjustments.............     911.6     969.9   1,006.7        .5       -.8      -8.4        .1       -.1       -.8
  Rental income of persons with
   capital consumption adjustment......     118.4      42.9      54.5      -8.6     -29.9     -22.9      -6.8     -41.1     -29.6
  Corporate profits with inventory
   valuation and capital
   consumption adjustments.............   1,231.2   1,372.8   1,553.7      48.6      42.1     -62.0       4.1       3.2      -3.8
  Net interest and miscellaneous
   payments............................     491.2     558.0     598.5       6.1      74.6      89.2       1.3      15.4      17.5
  Taxes on production and imports
   less subsidies......................     819.2     863.1     917.6       -.2      -2.0       5.1        .0       -.2        .6
  Business current transfer payments...      83.0      66.5      90.2      -2.5      -7.7      -2.4      -2.9     -10.4      -2.6
  Current surplus of government
   enterprises.........................      -4.2     -15.1     -13.9        .8        .3      -4.0     .....     .....     .....

  Disposition of personal income

Personal income........................   9,727.2  10,301.1  10,983.4      -4.2      61.9      92.2        .0        .6        .8

  Compensation of employees,
   received............................   6,671.4   7,024.6   7,440.8       6.1      -5.7     -45.1        .1       -.1       -.6
    Wage and salary disbursements......   5,394.5   5,667.9   6,018.2       2.4       3.1     -12.9        .0        .1       -.2
    Supplements to wages and
     salaries..........................   1,276.9   1,356.8   1,422.6       3.7      -8.7     -32.3        .3       -.6      -2.2
  Proprietors' income with
   inventory valuation and capital
   consumption adjustments.............     911.6     969.9   1,006.7        .5       -.8      -8.4        .1       -.1       -.8
    Farm...............................      37.3      30.8      19.4       1.1        .6      -3.2       3.0       2.0     -14.2
    Nonfarm............................     874.3     939.1     987.4       -.6      -1.3      -5.1       -.1       -.1       -.5
  Rental income of persons with
   capital consumption adjustment......     118.4      42.9      54.5      -8.6     -29.9     -22.9      -6.8     -41.1     -29.6
  Personal income receipts on assets...   1,432.1   1,617.8   1,796.5       4.2      98.4     140.2        .3       6.5       8.5
    Personal interest income...........     895.1   1,018.9   1,100.2       4.3      73.9      83.5        .5       7.8       8.2
    Personal dividend income...........     537.0     598.9     696.3       -.1      24.5      56.7        .0       4.3       8.9
  Personal current transfer
   receipts............................   1,422.5   1,520.7   1,612.5      -4.0      -5.9      10.3       -.3       -.4        .6

  Less: Contributions for government
   social insurance....................     828.8     874.8     927.6       2.4      -5.8     -18.1        .3       -.7      -1.9

Less: Personal current taxes...........   1,046.3   1,209.1   1,354.3      -3.5       6.0      -7.8       -.3        .5       -.6

Equals: Disposable personal income.....   8,680.9   9,092.0   9,629.1       -.7      55.9     100.0        .0        .6       1.0

Less: Personal outlays.................   8,499.2   9,047.4   9,590.3      -8.0     -23.5     -35.2       -.1       -.3       -.4

Equals: Personal saving................     181.7      44.6      38.8       7.4      79.4     135.2     .....     .....     .....

  Personal saving as a percentage
   of disposable personal income.......       2.1        .5        .4        .1        .9       1.4     .....     .....     .....

Addenda:
Statistical discrepancy as a
 percentage of GDP.....................        .2        .0       -.1       -.4       -.6        .0     .....     .....     .....
Gross domestic income..................  11,666.8  12,428.6  13,212.8      21.0      43.8     -45.2        .2        .4       -.3
---------------------------------------------------------------------------------------------------------------------------------

                                                Table 2.--Contributions to Percent Change in Real Gross Domestic Product
                                                             [Quarters seasonally adjusted at annual rates]
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                       2003   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
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
Percent change at annual rate:

    Gross domestic product..........    2.5    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    3.4

Percentage points at annual rates:

  Personal consumption expenditures.   1.94   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    .89

    Durable goods...................    .50    .53    .40    .31    .06    .49    .16    .64    .57    .18    .90    .51  -1.13   1.23    .07    .43    .30    .67    .13
      Motor vehicles and parts......    .12    .08    .00   -.11   -.29    .09   -.11    .17    .23   -.27    .48    .20  -1.57    .48   -.04    .16    .00    .35   -.02
      Furniture and household
       equipment....................    .27    .35    .31    .35    .27    .29    .27    .36    .25    .31    .28    .39    .35    .54    .17    .24    .25    .28    .09
      Other.........................    .10    .10    .09    .07    .08    .11    .00    .10    .09    .13    .14   -.08    .09    .22   -.06    .04    .05    .04    .06

    Nondurable goods................    .64    .71    .72    .74    .36    .92    .31    .62    .97    .71    .74    .50    .93    .91    .47    .64    .86    .61   -.16
      Food..........................    .23    .31    .38    .38    .02    .59    .10    .21    .60    .31    .38    .49    .40    .47    .13    .24    .68    .16   -.20
      Clothing and shoes............    .14    .14    .17    .13   -.02    .31   -.13    .15    .23    .18    .27    .00    .29    .11    .05    .14    .10    .22    .05
      Gasoline, fuel oil, and other
       energy goods.................    .01    .03   -.02   -.01    .06    .00    .04   -.03    .00    .05   -.11   -.11    .06    .02    .02    .05   -.15    .06   -.06
      Other.........................    .26    .24    .19    .23    .30    .03    .29    .29    .14    .17    .20    .13    .18    .31    .27    .20    .23    .17    .05

    Services........................    .80   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    .92
      Housing.......................    .10    .32    .33    .28    .40    .35    .25    .29    .31    .36    .36    .36    .30    .30    .23    .18    .20    .26    .29
      Household operation...........    .06    .10    .08   -.03    .17    .13    .06    .06    .15    .04   -.02    .33   -.22   -.40    .17    .16    .13    .04   -.05
        Electricity and gas.........    .03    .02    .04   -.05    .12    .04   -.05   -.05    .15    .03   -.04    .29   -.21   -.42    .14    .17    .07    .03   -.08
        Other household operation...    .03    .08    .03    .02    .05    .08    .11    .12    .01    .01    .02    .04   -.01    .02    .03   -.01    .07    .01    .03
      Transportation................    .00    .04    .03    .03    .02    .04    .08    .02    .06    .02    .01    .01    .03    .06   -.03    .06    .11    .07    .15
      Medical care..................    .45    .36    .41    .40    .28    .33    .45    .52    .40    .27    .38    .53    .53    .49    .26    .12    .34    .47    .35
      Recreation....................    .10    .14    .06    .09    .16    .21    .12    .09    .03    .09    .03    .06    .08    .07    .02    .19    .30    .06   -.03
      Other.........................    .09    .36    .21    .34    .15    .66    .29    .22    .44    .00    .00    .53    .32    .34    .45    .11    .44    .39    .22

  Gross private domestic investment.    .54   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    .49

    Fixed investment................    .51   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    .34
      Nonresidential................    .10    .56    .70    .68    .29   -.28   1.00   1.16   1.00    .36    .51    .87    .35   1.31    .44    .53   -.15    .22    .83
        Structures..................   -.11    .03    .01    .24   -.12   -.01    .15    .09    .00    .06   -.04   -.17    .12    .39    .45    .31    .23    .20    .66
        Equipment and software......    .21    .53    .69    .44    .41   -.27    .85   1.07   1.01    .30    .55   1.04    .23    .92   -.01    .21   -.38    .02    .17
          Information processing
           equipment and software...    .22    .33    .34    .27    .70    .04    .15    .24    .41    .46    .32    .32    .26    .48    .05    .24   -.06    .56    .27
            Computers and peripheral
             equipment..............    .09    .08    .17    .12    .21   -.16    .04    .19    .24    .13    .19    .11    .23    .06    .11    .09    .03    .25    .03
            Software................    .07    .14    .10    .06    .20    .14    .00    .11    .17    .07    .14    .02    .05    .08    .03    .05    .04    .14    .09
            Other...................    .05    .12    .08    .10    .29    .05    .12   -.06    .00    .26   -.01    .19   -.01    .34   -.09    .10   -.12    .18    .15
          Industrial equipment......    .04   -.04    .09    .05   -.22   -.14    .09    .19    .06    .15   -.12    .23    .11   -.08    .17   -.04   -.08   -.04    .21
          Transportation equipment..   -.12    .16    .13    .09   -.13   -.07    .52    .43    .40   -.34    .14    .40   -.21    .46   -.24    .10   -.18   -.20   -.41
          Other equipment...........    .07    .07    .12    .04    .07   -.10    .09    .20    .13    .04    .21    .09    .07    .06    .00   -.09   -.05   -.30    .09
      Residential...................    .41    .53    .39   -.29    .55    .21    .89    .24    .14    .32    .75    .42    .03   -.05   -.76  -1.33  -1.04   -.93   -.49

    Change in private inventories...    .04    .39   -.18    .06    .56    .37   1.12   -.14   -.11    .21  -1.90   -.14   1.74   -.49    .46    .10  -1.31   -.65    .15
      Farm..........................    .03    .06   -.07    .00   -.05    .28    .37   -.32   -.14   -.25    .13    .12    .01   -.04   -.23    .10    .25    .04   -.02
      Nonfarm.......................    .00    .32   -.11    .06    .60    .08    .75    .18    .03    .46  -2.04   -.26   1.73   -.45    .69    .01  -1.56   -.69    .17

  Net exports of goods and services.   -.44   -.68   -.23   -.08   -.47   -.75  -1.50   -.42  -1.07    .26    .83   -.10  -1.41    .13    .49   -.25   1.25   -.51   1.18

    Exports.........................    .12    .93    .70    .88   1.81    .95    .64    .31    .97    .60    .95    .22   1.07   1.19    .61    .62   1.51    .13    .73
      Goods.........................    .12    .60    .53    .73   1.20    .49    .48    .42    .49    .40    .92    .14    .87   1.10    .49    .56    .73    .07    .48
      Services......................    .00    .33    .17    .16    .61    .46    .16   -.11    .49    .20    .03    .08    .20    .10    .13    .07    .78    .05    .25

    Imports.........................   -.56  -1.61   -.92   -.96  -2.29  -1.70  -2.14   -.73  -2.04   -.34   -.12   -.32  -2.47  -1.07   -.12   -.88   -.26   -.63    .45
      Goods.........................   -.56  -1.33   -.86   -.83  -1.86  -1.32  -1.92   -.69  -1.78   -.43   -.13   -.32  -2.22   -.83   -.12   -.84    .09   -.57    .34
      Services......................    .00   -.27   -.06   -.13   -.43   -.37   -.21   -.05   -.26    .09    .01    .00   -.26   -.24    .00   -.03   -.35   -.06    .11

  Government consumption expenditures
   and gross investment.............    .47    .27    .14    .35    .14    .29    .25    .30   -.35    .25    .22    .60   -.37    .92    .18    .14    .66   -.09    .82

    Federal.........................    .44    .29    .11    .15    .21    .41    .17    .43   -.33    .19    .05    .59   -.46    .57   -.11    .06    .50   -.46    .47
      National defense..............    .37    .27    .07    .09    .35    .36    .09    .49   -.48    .22    .12    .46   -.59    .31    .11   -.07    .74   -.54    .44
        Consumption expenditures....    .32    .21    .04    .05    .31    .35    .03    .34   -.45    .26    .01    .41   -.57    .30   -.05    .00    .60   -.40    .39
        Gross investment............    .05    .06    .03    .04    .05    .01    .06    .15   -.04   -.05    .11    .05   -.02    .01    .15   -.07    .15   -.14    .05
      Nondefense....................    .08    .03    .03    .06   -.14    .06    .08   -.06    .15   -.02   -.07    .13    .13    .27   -.22    .14   -.24    .08    .03
       Consumption expenditures.....    .07    .02    .01    .05   -.12    .07    .03   -.04    .12   -.02   -.08    .07    .06    .23   -.15    .13   -.23    .14    .01
       Gross investment.............    .01    .00    .02    .02   -.03   -.02    .05   -.03    .03    .00    .01    .06    .07    .04   -.07    .01   -.02   -.06    .02

    State and local.................    .02   -.02    .04    .19   -.07   -.12    .09   -.13   -.01    .05    .17    .01    .09    .35    .29    .08    .16    .36    .35
        Consumption expenditures....    .00    .01    .07    .13    .07   -.04    .02    .04    .11    .02    .09    .12    .09    .15    .11    .18    .19    .20    .23
        Gross investment............    .02   -.03   -.03    .06   -.15   -.08    .07   -.17   -.12    .03    .08   -.11    .00    .20    .18   -.10   -.03    .17    .12

Addenda:
    Goods...........................   1.00   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   1.18
    Services........................   1.20   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   1.91
    Structures......................    .31    .51    .35   -.01    .22    .10   1.11    .14   -.03    .42    .76    .14    .14    .48   -.16  -1.14   -.77   -.68    .29
    Motor vehicle output............    .05    .14    .14   -.04   -.23    .29   -.21    .87   -.34    .18    .16    .92  -1.21    .51   -.37    .44   -.74    .18    .03
    Final sales of computers........    .15    .04    .22    .13    .15   -.28   -.04    .13    .29    .24    .31    .15    .22    .05    .13    .03    .16   -.01    .16
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
  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]
------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                       2003   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
------------------------------------------------------------------------------------------------------------------------------------------------------------------
Percent change at annual rate:

    Gross domestic product..........    2.5    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
      Previously published..........    2.5    3.9    3.2    3.3    2.7    3.9    4.0    3.1    2.6    3.4    3.3    4.2    1.8    5.6    2.6    2.0    2.5     .7

Percentage points at annual rates:

  Personal consumption expenditures.   1.94   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
    Previously published............   1.94   2.71   2.44   2.24   1.59   3.30   2.07   2.74   2.97   1.94   2.94   2.76    .53   3.38   1.81   1.96   2.93   2.89

    Durable goods...................    .50    .53    .40    .31    .06    .49    .16    .64    .57    .18    .90    .51  -1.13   1.23    .07    .43    .30    .67
      Previously published..........    .50    .54    .45    .41    .06    .51    .14    .71    .50    .20   1.02    .74  -1.08   1.50   -.01    .50    .35    .67
      Motor vehicles and parts......    .12    .08    .00   -.11   -.29    .09   -.11    .17    .23   -.27    .48    .20  -1.57    .48   -.04    .16    .00    .35
        Previously published........    .12    .07    .02   -.04   -.29    .09   -.14    .22    .17   -.29    .50    .38  -1.51    .60   -.04    .28   -.15    .38
      Furniture and household
       equipment....................    .27    .35    .31    .35    .27    .29    .27    .36    .25    .31    .28    .39    .35    .54    .17    .24    .25    .28
         Previously published.......    .27    .35    .29    .36    .27    .33    .28    .36    .21    .27    .28    .40    .33    .65    .10    .20    .38    .27
      Other.........................    .10    .10    .09    .07    .08    .11    .00    .10    .09    .13    .14   -.08    .09    .22   -.06    .04    .05    .04
        Previously published........    .10    .11    .14    .09    .08    .10    .01    .13    .12    .21    .24   -.03    .10    .26   -.06    .03    .12    .03

    Nondurable goods................    .64    .71    .72    .74    .36    .92    .31    .62    .97    .71    .74    .50    .93    .91    .47    .64    .86    .61
      Previously published..........    .64    .73    .90    .76    .36    .86    .34    .74   1.07   1.04    .98    .70    .79   1.20    .30    .32   1.18    .65
      Food..........................    .23    .31    .38    .38    .02    .59    .10    .21    .60    .31    .38    .49    .40    .47    .13    .24    .68    .16
        Previously published........    .23    .33    .51    .41    .02    .54    .16    .28    .70    .53    .55    .61    .39    .64    .19   -.07    .62    .14
      Clothing and shoes............    .14    .14    .17    .13   -.02    .31   -.13    .15    .23    .18    .27    .00    .29    .11    .05    .14    .10    .22
        Previously published........    .14    .14    .17    .14   -.02    .32   -.14    .18    .19    .17    .25    .08    .27    .23   -.10    .15    .18    .21
      Gasoline, fuel oil, and other
       energy goods.................    .01    .03   -.02   -.01    .06    .00    .04   -.03    .00    .05   -.11   -.11    .06    .02    .02    .05   -.15    .06
         Previously published.......    .01    .02   -.01   -.02    .06    .00    .00   -.04    .01    .12   -.10   -.15   -.06   -.03    .02    .14    .03    .14
      Other.........................    .26    .24    .19    .23    .30    .03    .29    .29    .14    .17    .20    .13    .18    .31    .27    .20    .23    .17
        Previously published........    .26    .24    .23    .23    .30    .00    .32    .32    .16    .21    .28    .16    .19    .36    .19    .11    .35    .17

    Services........................    .80   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
      Previously published..........    .80   1.45   1.09   1.07   1.18   1.92   1.59   1.30   1.39    .70    .94   1.32    .83    .67   1.52   1.14   1.41   1.57
      Housing.......................    .10    .32    .33    .28    .40    .35    .25    .29    .31    .36    .36    .36    .30    .30    .23    .18    .20    .26
        Previously published........    .10    .40    .30    .24    .40    .49    .42    .37    .32    .29    .28    .24    .18    .24    .25    .27    .33    .24
      Household operation...........    .06    .10    .08   -.03    .17    .13    .06    .06    .15    .04   -.02    .33   -.22   -.40    .17    .16    .13    .04
        Previously published........    .06    .10    .08   -.02    .17    .11    .10    .06    .25    .01    .04    .09    .01   -.58    .31    .35    .13    .30
        Electricity and gas.........    .03    .02    .04   -.05    .12    .04   -.05   -.05    .15    .03   -.04    .29   -.21   -.42    .14    .17    .07    .03
          Previously published......    .03    .02    .04   -.05    .12    .06   -.06   -.07    .25    .00    .00    .03    .03   -.58    .23    .32    .08    .26
        Other household operation...    .03    .08    .03    .02    .05    .08    .11    .12    .01    .01    .02    .04   -.01    .02    .03   -.01    .07    .01
          Previously published......    .03    .08    .04    .03    .05    .05    .16    .13    .00    .01    .04    .06   -.02    .00    .08    .04    .05    .04
      Transportation................    .00    .04    .03    .03    .02    .04    .08    .02    .06    .02    .01    .01    .03    .06   -.03    .06    .11    .07
        Previously published........    .00    .03    .00    .04    .02    .05    .06    .00    .04    .02   -.03   -.04    .00    .10    .04    .03    .10    .08
      Medical care..................    .45    .36    .41    .40    .28    .33    .45    .52    .40    .27    .38    .53    .53    .49    .26    .12    .34    .47
        Previously published........    .45    .37    .43    .42    .28    .33    .47    .53    .43    .32    .40    .53    .44    .52    .31    .25    .42    .51
      Recreation....................    .10    .14    .06    .09    .16    .21    .12    .09    .03    .09    .03    .06    .08    .07    .02    .19    .30    .06
        Previously published........    .10    .14    .08    .06    .16    .18    .13    .09    .05    .13    .05    .05    .04    .09    .02    .08    .09   -.02
      Other.........................    .09    .36    .21    .34    .15    .66    .29    .22    .44    .00    .00    .53    .32    .34    .45    .11    .44    .39
        Previously published........    .09    .41    .20    .33    .15    .76    .42    .24    .30   -.07    .20    .44    .16    .31    .58    .15    .33    .46

  Gross private domestic investment.    .54   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
    Previously published............    .54   1.49    .87    .70   1.39    .74   3.17    .32    .82   1.32   -.61    .84   2.51   1.31    .17   -.13  -2.71  -1.59

    Fixed investment................    .51   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
      Previously published..........    .51   1.11   1.17    .47    .83    .34   1.72   1.16    .77   1.22   1.62   1.02    .46   1.34   -.27   -.19  -1.54   -.62
      Nonresidential................    .10    .56    .70    .68    .29   -.28   1.00   1.16   1.00    .36    .51    .87    .35   1.31    .44    .53   -.15    .22
        Previously published........    .10    .58    .67    .73    .29    .18    .69    .97    .81    .59    .51    .59    .52   1.36    .45   1.01   -.34    .27
        Structures..................   -.11    .03    .01    .24   -.12   -.01    .15    .09    .00    .06   -.04   -.17    .12    .39    .45    .31    .23    .20
          Previously published......   -.11    .06    .03    .26   -.12    .08    .17    .08   -.05    .14   -.06   -.20    .31    .25    .56    .46    .03    .15
        Equipment and software......    .21    .53    .69    .44    .41   -.27    .85   1.07   1.01    .30    .55   1.04    .23    .92   -.01    .21   -.38    .02
          Previously published......    .21    .52    .64    .47    .41    .10    .52    .90    .86    .45    .56    .78    .21   1.11   -.10    .55   -.36    .12
          Information processing
           equipment and software...    .22    .33    .34    .27    .70    .04    .15    .24    .41    .46    .32    .32    .26    .48    .05    .24   -.06    .56
             Previously published...    .22    .36    .30    .31    .70    .30    .05    .21    .33    .43    .29    .26    .25    .74   -.04    .35   -.07    .60
            Computers and peripheral
             equipment..............    .09    .08    .17    .12    .21   -.16    .04    .19    .24    .13    .19    .11    .23    .06    .11    .09    .03    .25
               Previously published.    .09    .10    .12    .10    .21   -.03   -.03    .21    .17    .10    .10    .06    .16    .15    .03    .13    .00    .26
            Software................    .07    .14    .10    .06    .20    .14    .00    .11    .17    .07    .14    .02    .05    .08    .03    .05    .04    .14
              Previously published..    .07    .15    .09    .10    .20    .17    .03    .12    .16    .03    .12    .07    .04    .18    .07    .09    .05    .13
            Other...................    .05    .12    .08    .10    .29    .05    .12   -.06    .00    .26   -.01    .19   -.01    .34   -.09    .10   -.12    .18
              Previously published..    .05    .11    .10    .11    .29    .16    .05   -.12    .00    .30    .06    .13    .04    .40   -.14    .13   -.11    .21
          Industrial equipment......    .04   -.04    .09    .05   -.22   -.14    .09    .19    .06    .15   -.12    .23    .11   -.08    .17   -.04   -.08   -.04
            Previously published....    .04   -.05    .10    .07   -.22   -.09   -.05    .19    .05    .16   -.07    .23    .19   -.05    .16    .00   -.07   -.04
          Transportation equipment..   -.12    .16    .13    .09   -.13   -.07    .52    .43    .40   -.34    .14    .40   -.21    .46   -.24    .10   -.18   -.20
            Previously published....   -.12    .14    .15    .00   -.13   -.08    .46    .39    .40   -.14    .11    .27   -.31    .31   -.32    .15   -.22   -.13
          Other equipment...........    .07    .07    .12    .04    .07   -.10    .09    .20    .13    .04    .21    .09    .07    .06    .00   -.09   -.05   -.30
            Previously published....    .07    .07    .09    .08    .07   -.04    .06    .10    .08    .01    .24    .03    .08    .11    .09    .05   -.01   -.31
      Residential...................    .41    .53    .39   -.29    .55    .21    .89    .24    .14    .32    .75    .42    .03   -.05   -.76  -1.33  -1.04   -.93
        Previously published........    .41    .53    .50   -.27    .55    .16   1.03    .18   -.04    .63   1.11    .43   -.06   -.02   -.72  -1.20  -1.21   -.89

    Change in private inventories...    .04    .39   -.18    .06    .56    .37   1.12   -.14   -.11    .21  -1.90   -.14   1.74   -.49    .46    .10  -1.31   -.65
      Previously published..........    .04    .38   -.30    .23    .56    .40   1.44   -.84    .05    .09  -2.23   -.18   2.05   -.03    .44    .06  -1.16   -.97
      Farm..........................    .03    .06   -.07    .00   -.05    .28    .37   -.32   -.14   -.25    .13    .12    .01   -.04   -.23    .10    .25    .04
        Previously published........    .03    .07   -.06    .03   -.05    .27    .61   -.48   -.38    .16   -.26    .28    .14   -.01   -.09    .02   -.01    .01
      Nonfarm.......................    .00    .32   -.11    .06    .60    .08    .75    .18    .03    .46  -2.04   -.26   1.73   -.45    .69    .01  -1.56   -.69
        Previously published........    .00    .31   -.24    .21    .60    .13    .84   -.35    .43   -.06  -1.97   -.46   1.90   -.02    .54    .05  -1.15   -.98

  Net exports of goods and services.   -.44   -.68   -.23   -.08   -.47   -.75  -1.50   -.42  -1.07    .26    .83   -.10  -1.41    .13    .49   -.25   1.25   -.51
    Previously published............   -.44   -.65   -.26   -.02   -.47   -.73  -1.62   -.20   -.81   -.16    .72   -.06  -1.07   -.04    .42   -.19   1.59   -.81

    Exports.........................    .12    .93    .70    .88   1.81    .95    .64    .31    .97    .60    .95    .22   1.07   1.19    .61    .62   1.51    .13
      Previously published..........    .12    .88    .68    .93   1.81    .69    .60    .46    .96    .47    .94    .33    .97   1.41    .66    .73   1.14    .08
      Goods.........................    .12    .60    .53    .73   1.20    .49    .48    .42    .49    .40    .92    .14    .87   1.10    .49    .56    .73    .07
        Previously published........    .12    .60    .52    .76   1.20    .47    .43    .55    .42    .38    .88    .27    .80   1.20    .45    .71    .65    .01
      Services......................    .00    .33    .17    .16    .61    .46    .16   -.11    .49    .20    .03    .08    .20    .10    .13    .07    .78    .05
        Previously published........    .00    .28    .16    .17    .61    .22    .17   -.09    .54    .09    .06    .06    .17    .21    .21    .03    .50    .06

    Imports.........................   -.56  -1.61   -.92   -.96  -2.29  -1.70  -2.14   -.73  -2.04   -.34   -.12   -.32  -2.47  -1.07   -.12   -.88   -.26   -.63
      Previously published..........   -.56  -1.53   -.94   -.95  -2.29  -1.42  -2.22   -.66  -1.77   -.63   -.22   -.39  -2.04  -1.46   -.24   -.93    .45   -.88
      Goods.........................   -.56  -1.33   -.86   -.83  -1.86  -1.32  -1.92   -.69  -1.78   -.43   -.13   -.32  -2.22   -.83   -.12   -.84    .09   -.57
        Previously published........   -.56  -1.29   -.87   -.82  -1.86  -1.17  -2.03   -.59  -1.55   -.64   -.26   -.36  -1.84  -1.27    .01  -1.00    .61   -.81
      Services......................    .00   -.27   -.06   -.13   -.43   -.37   -.21   -.05   -.26    .09    .01    .00   -.26   -.24    .00   -.03   -.35   -.06
        Previously published........    .00   -.24   -.07   -.14   -.43   -.25   -.18   -.08   -.22    .01    .04   -.03   -.20   -.19   -.25    .07   -.16   -.07

  Government consumption expenditures
   and gross investment.............    .47    .27    .14    .35    .14    .29    .25    .30   -.35    .25    .22    .60   -.37    .92    .18    .14    .66   -.09
     Previously published...........    .47    .36    .17    .40    .14    .55    .43    .24   -.37    .31    .21    .64   -.21    .94    .16    .32    .64    .19

    Federal.........................    .44    .29    .11    .15    .21    .41    .17    .43   -.33    .19    .05    .59   -.46    .57   -.11    .06    .50   -.46
      Previously published..........    .44    .30    .11    .14    .21    .49    .18    .34   -.38    .23    .03    .66   -.33    .61   -.32    .09    .31   -.28
      National defense..............    .37    .27    .07    .09    .35    .36    .09    .49   -.48    .22    .12    .46   -.59    .31    .11   -.07    .74   -.54
        Previously published........    .37    .27    .08    .09    .35    .41    .09    .41   -.45    .21    .13    .52   -.49    .41   -.09   -.06    .55   -.36
        Consumption expenditures....    .32    .21    .04    .05    .31    .35    .03    .34   -.45    .26    .01    .41   -.57    .30   -.05    .00    .60   -.40
          Previously published......    .32    .22    .05    .05    .31    .40    .00    .34   -.44    .25    .03    .45   -.47    .37   -.17   -.04    .43   -.30
        Gross investment............    .05    .06    .03    .04    .05    .01    .06    .15   -.04   -.05    .11    .05   -.02    .01    .15   -.07    .15   -.14
          Previously published......    .05    .05    .03    .04    .05    .00    .10    .08   -.01   -.04    .10    .07   -.02    .05    .08   -.02    .11   -.06
      Nondefense....................    .08    .03    .03    .06   -.14    .06    .08   -.06    .15   -.02   -.07    .13    .13    .27   -.22    .14   -.24    .08
        Previously published........    .08    .03    .03    .05   -.14    .09    .08   -.07    .08    .03   -.11    .14    .16    .20   -.23    .15   -.23    .08
        Consumption expenditures....    .07    .02    .01    .05   -.12    .07    .03   -.04    .12   -.02   -.08    .07    .06    .23   -.15    .13   -.23    .14
          Previously published......    .07    .03    .00    .04   -.12    .11    .03   -.06    .05    .01   -.09    .08    .05    .16   -.10    .13   -.19    .11
        Gross investment............    .01    .00    .02    .02   -.03   -.02    .05   -.03    .03    .00    .01    .06    .07    .04   -.07    .01   -.02   -.06
          Previously published......    .01    .00    .02    .01   -.03   -.03    .05   -.01    .03    .01   -.02    .06    .11    .03   -.12    .02   -.04   -.03

    State and local.................    .02   -.02    .04    .19   -.07   -.12    .09   -.13   -.01    .05    .17    .01    .09    .35    .29    .08    .16    .36
      Previously published..........    .02    .06    .06    .26   -.07    .06    .25   -.10    .01    .08    .18   -.01    .13    .33    .48    .23    .33    .47
        Consumption expenditures....    .00    .01    .07    .13    .07   -.04    .02    .04    .11    .02    .09    .12    .09    .15    .11    .18    .19    .20
          Previously published......    .00    .10    .08    .18    .07    .19    .15    .08    .15    .02    .05    .14    .09    .17    .20    .30    .33    .26
        Gross investment............    .02   -.03   -.03    .06   -.15   -.08    .07   -.17   -.12    .03    .08   -.11    .00    .20    .18   -.10   -.03    .17
          Previously published......    .02   -.04   -.02    .08   -.15   -.13    .11   -.18   -.14    .06    .13   -.15    .03    .16    .28   -.08    .00    .21

Addenda:
    Goods...........................   1.00   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
      Previously published..........   1.00   1.56   1.43   1.90    .81   1.20    .99   1.56   1.43   1.51   1.09   2.07    .97   3.86   1.12   1.17   1.25   -.32
    Services........................   1.20   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
      Previously published..........   1.20   1.84   1.31   1.37   1.63   2.59   1.74   1.48   1.47   1.07   1.04   2.02    .46   1.39   1.40   1.63   2.32   1.63
    Structures......................    .31    .51    .35   -.01    .22    .10   1.11    .14   -.03    .42    .76    .14    .14    .48   -.16  -1.14   -.77   -.68
      Previously published..........    .31    .51    .49    .05    .22    .05   1.31    .06   -.29    .82   1.13    .09    .33    .33    .04   -.84  -1.11   -.61
    Motor vehicle output............    .05    .14    .14   -.04   -.23    .29   -.21    .87   -.34    .18    .16    .92  -1.21    .51   -.37    .44   -.74    .18
      Previously published..........    .05    .12    .20   -.06   -.23    .33   -.24    .52    .06    .38   -.03    .70   -.71    .12   -.31    .76  -1.18    .22
    Final sales of computers........    .15    .04    .22    .13    .15   -.28   -.04    .13    .29    .24    .31    .15    .22    .05    .13    .03    .16   -.01
      Previously published..........    .15    .06    .16    .11    .15   -.13   -.14    .15    .26    .16    .20    .08    .20    .07    .04    .07    .22    .02
------------------------------------------------------------------------------------------------------------------------------------------------------------------
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]
-------------------------------------------------------------------------------------------------------------------------------
                                          2003     2004     2005     2006     I 03    II 03   III 03    IV 03     I 04    II 04
-------------------------------------------------------------------------------------------------------------------------------
     Gross domestic product.......... 10,960.8 11,685.9 12,433.9 13,194.7 10,705.6 10,831.8 11,086.1 11,219.5 11,405.5 11,610.3

Personal consumption expenditures....  7,703.6  8,195.9  8,707.8  9,224.5  7,548.1  7,628.4  7,782.6  7,855.3  8,010.1  8,135.0

  Durable goods......................    942.7    983.9  1,023.9  1,048.9    911.5    937.3    964.4    957.4    969.6    974.8
    Motor vehicles and parts.........    431.7    436.8    444.9    434.2    419.3    433.8    443.3    430.4    432.5    431.6
    Furniture and household
     equipment.......................    331.5    355.7    378.2    404.1    320.2    326.9    337.2    341.7    347.8    352.8
    Other............................    179.4    191.3    200.7    210.6    172.0    176.6    183.8    185.4    189.3    190.4

  Nondurable goods...................  2,190.2  2,343.7  2,516.2  2,688.0  2,159.0  2,155.4  2,216.8  2,229.5  2,284.2  2,327.7
    Food.............................  1,046.0  1,113.1  1,183.8  1,259.3  1,026.8  1,033.8  1,056.6  1,066.7  1,090.5  1,104.0
    Clothing and shoes...............    310.9    325.0    341.7    357.2    303.0    307.8    316.8    316.1    323.6    321.1
    Gasoline, fuel oil, and other
     energy goods....................    209.6    249.7    301.8    340.1    218.2    198.9    212.3    209.1    228.4    250.3
    Other............................    623.7    655.9    688.8    731.4    611.0    615.0    631.2    637.7    641.7    652.2

  Services...........................  4,570.8  4,868.3  5,167.8  5,487.6  4,477.7  4,535.6  4,601.4  4,668.4  4,756.3  4,832.4
    Housing..........................  1,161.8  1,226.8  1,298.7  1,381.3  1,142.3  1,151.5  1,167.2  1,186.2  1,201.8  1,219.0
    Household operation..............    429.4    449.0    481.0    501.6    424.4    429.1    429.9    434.1    441.6    445.5
      Electricity and gas............    167.3    175.4    198.7    209.8    164.4    168.3    167.2    169.2    173.2    173.3
      Other household operation......    262.1    273.5    282.3    291.8    260.0    260.8    262.7    264.8    268.4    272.2
    Transportation...................    297.3    308.2    324.2    340.6    293.0    295.3    299.2    301.6    303.5    306.4
    Medical care.....................  1,300.5  1,395.5  1,492.6  1,587.7  1,267.5  1,290.1  1,311.5  1,333.0  1,357.7  1,383.4
    Recreation.......................    317.7    341.8    358.8    381.0    309.6    315.0    320.3    325.9    334.4    340.0
    Other............................  1,064.0  1,147.1  1,212.4  1,295.3  1,040.8  1,054.6  1,073.2  1,087.6  1,117.2  1,138.3

Gross private domestic investment....  1,664.1  1,888.6  2,077.2  2,209.2  1,606.4  1,617.1  1,690.5  1,742.3  1,769.6  1,875.6

  Fixed investment...................  1,649.8  1,830.0  2,040.3  2,162.5  1,583.3  1,620.6  1,678.7  1,716.4  1,732.6  1,806.6
    Nonresidential...................  1,077.4  1,154.5  1,272.1  1,397.7  1,044.0  1,067.4  1,093.3  1,104.8  1,100.4  1,135.5
      Structures.....................    277.2    298.2    334.6    405.1    269.9    279.2    280.2    279.6    284.0    293.5
      Equipment and software.........    800.2    856.3    937.5    992.6    774.1    788.2    813.2    825.2    816.4    842.0
        Information processing
         equipment and software......    406.7    429.6    457.4    480.9    393.8    394.9    412.5    425.5    424.1    426.3
          Computers and peripheral
           equipment.................     77.8     80.3     89.0     91.3     75.3     73.5     79.1     83.4     77.7     77.4
          Software...................    171.4    183.0    193.8    203.3    166.1    167.5    174.6    177.4    180.9    180.3
          Other......................    157.5    166.4    174.6    186.2    152.4    153.9    158.8    164.7    165.5    168.6
        Industrial equipment.........    140.7    139.7    156.1    166.7    141.1    144.9    141.3    135.4    132.8    136.5
        Transportation equipment.....    118.3    142.9    159.5    171.9    110.4    117.3    121.3    124.3    123.1    138.3
        Other equipment..............    134.5    144.0    164.6    173.2    128.8    131.1    138.1    139.9    136.4    140.8
    Residential......................    572.4    675.5    768.2    764.8    539.3    553.2    585.4    611.6    632.2    671.1

  Change in private inventories......     14.3     58.6     36.9     46.7     23.0     -3.5     11.8     25.9     37.0     69.0
    Farm.............................       .4      8.0      -.5     -1.2      3.9       .3      -.4     -2.2      6.2     16.7
    Nonfarm..........................     13.9     50.5     37.4     47.8     19.1     -3.8     12.2     28.1     30.7     52.3

Net exports of goods and services....   -499.4   -615.4   -714.6   -762.0   -499.3   -501.3   -495.2   -501.8   -543.2   -603.1

  Exports............................  1,040.8  1,182.4  1,309.4  1,467.6  1,012.4  1,010.8  1,040.7  1,099.1  1,140.9  1,172.8
    Goods............................    724.4    818.3    907.0  1,030.5    706.8    707.5    721.3    762.1    787.6    811.7
    Services.........................    316.4    364.1    402.4    437.1    305.7    303.3    319.4    337.0    353.2    361.1

  Imports............................  1,540.2  1,797.8  2,023.9  2,229.6  1,511.7  1,512.1  1,535.9  1,600.9  1,684.1  1,775.8
    Goods............................  1,283.9  1,499.5  1,702.0  1,880.4  1,262.7  1,266.8  1,276.6  1,329.7  1,399.0  1,481.3
    Services.........................    256.2    298.3    322.0    349.2    249.0    245.3    259.3    271.2    285.1    294.6

Government consumption expenditures
 and gross investment................  2,092.5  2,216.8  2,363.4  2,523.0  2,050.3  2,087.7  2,108.2  2,123.7  2,169.1  2,202.8

  Federal............................    756.4    825.6    878.4    932.5    725.9    762.2    764.8    772.8    806.2    821.9
    National defense.................    497.2    550.7    588.7    624.3    467.4    506.9    501.5    513.1    536.5    546.5
      Consumption expenditures.......    436.8    482.9    515.8    544.8    410.6    446.9    439.7    450.0    472.7    480.4
      Gross investment...............     60.4     67.8     72.9     79.5     56.8     60.0     61.8     63.2     63.8     66.1
    Nondefense.......................    259.2    274.9    289.8    308.2    258.5    255.3    263.3    259.7    269.7    275.3
      Consumption expenditures.......    226.0    240.8    252.7    268.0    226.3    221.6    229.4    226.5    236.9    240.8
      Gross investment...............     33.3     34.1     37.0     40.2     32.2     33.8     33.9     33.1     32.9     34.5

  State and local....................  1,336.0  1,391.2  1,485.0  1,590.5  1,324.4  1,325.5  1,343.3  1,350.9  1,362.9  1,381.0
      Consumption expenditures.......  1,073.8  1,120.3  1,197.2  1,276.5  1,065.2  1,066.7  1,076.2  1,086.9  1,099.2  1,110.2
      Gross investment...............    262.2    270.9    287.8    314.0    259.2    258.7    267.1    264.0    263.7    270.8

Addenda:
  Final sales of domestic product.... 10,946.5 11,627.3 12,397.0 13,148.0 10,682.6 10,835.4 11,074.3 11,193.6 11,368.6 11,541.3
  Gross domestic purchases........... 11,460.2 12,301.3 13,148.5 13,956.7 11,204.8 11,333.1 11,581.3 11,721.3 11,948.7 12,213.3
  Final sales to domestic purchasers. 11,445.9 12,242.7 13,111.6 13,910.1 11,181.8 11,336.7 11,569.5 11,695.4 11,911.8 12,144.3

  Gross domestic product............. 10,960.8 11,685.9 12,433.9 13,194.7 10,705.6 10,831.8 11,086.1 11,219.5 11,405.5 11,610.3
  Plus: Income receipts
   from the rest of the world........    336.8    437.5    544.1    691.4    315.6    323.6    337.2    370.8    407.5    425.4
  Less: Income payments to
   the rest of the world.............    280.0    361.3    475.6    633.4    276.2    267.0    283.6    293.1    311.3    352.6
  Equals: Gross national product..... 11,017.6 11,762.1 12,502.4 13,252.7 10,744.9 10,888.4 11,139.8 11,297.3 11,501.7 11,683.1

  Net domestic product...............  9,624.3 10,249.8 10,824.5 11,579.5  9,388.6  9,502.4  9,743.5  9,862.6 10,031.9 10,216.0
-------------------------------------------------------------------------------------------------------------------------------
  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 04    IV 04     I 05    II 05   III 05    IV 05     I 06    II 06   III 06    IV 06     I 07    II 07
-------------------------------------------------------------------------------------------------------------------------------------------------
     Gross domestic product.......... 11,779.4 11,948.5 12,154.0 12,317.4 12,558.8 12,705.5 12,964.6 13,155.0 13,266.9 13,392.3 13,551.9 13,755.9

Personal consumption expenditures....  8,245.1  8,393.3  8,488.8  8,632.6  8,810.5  8,899.3  9,034.7  9,183.9  9,305.7  9,373.7  9,540.5  9,671.9

  Durable goods......................    986.9  1,004.1  1,009.7  1,036.0  1,044.1  1,005.7  1,042.6  1,042.8  1,053.8  1,056.5  1,074.0  1,074.6
    Motor vehicles and parts.........    436.5    446.7    442.9    459.0    462.7    415.1    432.7    431.8    437.6    434.8    444.5    444.0
    Furniture and household
     equipment.......................    358.6    363.7    369.3    375.3    380.7    387.6    400.6    401.8    405.1    409.0    414.2    413.3
    Other............................    191.8    193.7    197.4    201.7    200.7    203.0    209.3    209.2    211.1    212.8    215.3    217.3

  Nondurable goods...................  2,353.5  2,409.3  2,432.1  2,484.3  2,557.0  2,591.3  2,622.1  2,692.2  2,732.4  2,705.4  2,759.4  2,820.6
    Food.............................  1,117.0  1,140.8  1,153.0  1,174.5  1,193.9  1,213.8  1,236.4  1,245.9  1,263.2  1,291.7  1,312.2  1,320.5
    Clothing and shoes...............    324.6    330.6    336.2    342.1    340.2    348.6    351.3    354.9    359.6    363.2    371.1    367.9
    Gasoline, fuel oil, and other
     energy goods....................    250.9    269.1    266.0    283.2    331.3    326.8    317.9    363.3    373.1    306.3    320.9    375.7
    Other............................    661.0    668.8    676.9    684.5    691.7    702.1    716.6    728.1    736.5    744.3    755.1    756.4

  Services...........................  4,904.6  4,979.9  5,047.0  5,112.3  5,209.4  5,302.4  5,370.0  5,448.9  5,519.5  5,611.8  5,707.1  5,776.8
    Housing..........................  1,235.2  1,251.2  1,271.2  1,289.5  1,307.4  1,326.8  1,347.8  1,371.1  1,392.5  1,413.9  1,435.1  1,455.4
    Household operation..............    450.9    457.8    464.9    470.1    487.4    501.7    496.8    496.7    503.3    509.7    520.0    522.6
      Electricity and gas............    174.4    180.8    185.4    188.7    203.9    216.9    208.8    206.6    211.3    212.7    220.6    220.0
      Other household operation......    276.6    277.0    279.5    281.4    283.5    284.8    288.0    290.1    292.1    297.0    299.4    302.6
    Transportation...................    309.4    313.5    317.2    322.1    326.7    331.0    334.7    338.4    342.5    346.8    349.6    356.0
    Medical care.....................  1,409.3  1,431.5  1,454.8  1,477.0  1,503.9  1,534.8  1,558.3  1,578.6  1,596.1  1,617.9  1,656.9  1,678.9
    Recreation.......................    344.7    348.1    352.8    355.5    360.4    366.5    371.1    375.7    384.4    392.8    395.3    398.4
    Other............................  1,155.0  1,177.9  1,186.2  1,198.1  1,223.7  1,241.6  1,261.4  1,288.4  1,300.5  1,330.7  1,350.1  1,365.6

Gross private domestic investment....  1,929.7  1,979.5  2,029.6  2,024.7  2,078.5  2,176.0  2,221.1  2,239.0  2,224.1  2,152.4  2,117.3  2,135.0

  Fixed investment...................  1,864.7  1,916.1  1,960.4  2,012.5  2,072.7  2,115.5  2,176.8  2,179.5  2,161.3  2,132.4  2,118.9  2,132.5
    Nonresidential...................  1,172.7  1,209.5  1,233.1  1,255.7  1,287.0  1,312.6  1,367.3  1,391.2  1,415.2  1,417.1  1,431.4  1,460.6
      Structures.....................    303.4    312.0    323.3    328.8    334.2    352.0    375.7    400.2    416.1    428.4    439.6    461.4
      Equipment and software.........    869.3    897.4    909.7    926.9    952.9    960.5    991.7    991.1    999.1    988.7    991.8    999.3
        Information processing
         equipment and software......    430.3    437.9    448.4    455.0    460.6    465.7    479.1    479.0    484.9    480.5    497.6    505.3
          Computers and peripheral
           equipment.................     80.6     85.5     86.0     88.7     88.7     92.6     91.7     91.7     91.6     90.4     96.6     94.6
          Software...................    183.7    187.0    190.0    194.3    194.7    196.3    199.9    202.6    204.9    205.9    210.5    214.4
          Other......................    166.0    165.4    172.4    172.0    177.1    176.7    187.5    184.7    188.4    184.3    190.5    196.3
        Industrial equipment.........    143.2    146.5    152.6    150.7    158.2    162.8    161.5    168.5    169.2    167.5    168.1    176.7
        Transportation equipment.....    148.9    161.3    153.0    157.0    166.1    161.7    177.6    169.5    172.4    168.0    162.9    150.3
        Other equipment..............    146.9    151.8    155.7    164.2    168.0    170.4    173.5    174.0    172.6    172.7    163.2    166.9
    Residential......................    692.0    706.6    727.3    756.8    785.7    803.0    809.4    788.2    746.1    715.3    687.5    671.9

  Change in private inventories......     65.0     63.4     69.3     12.2      5.8     60.5     44.3     59.5     62.8     20.0     -1.6      2.5
    Farm.............................      6.8      2.4     -5.5     -1.1      2.2      2.4      1.0     -6.6     -3.7      4.7      5.5      5.0
    Nonfarm..........................     58.1     61.0     74.7     13.2      3.6     58.1     43.3     66.1     66.5     15.3     -7.0     -2.6

Net exports of goods and services....   -632.6   -682.6   -671.1   -679.8   -725.0   -782.4   -763.3   -780.4   -799.1   -705.3   -714.2   -721.6

  Exports............................  1,187.3  1,228.6  1,260.8  1,301.2  1,316.0  1,359.6  1,406.6  1,447.4  1,484.5  1,531.9  1,549.9  1,593.1
    Goods............................    826.0    848.0    869.2    904.0    911.1    943.7    985.4  1,016.4  1,047.8  1,072.3  1,084.0  1,112.9
    Services.........................    361.3    380.7    391.5    397.2    404.9    415.9    421.2    431.0    436.7    459.6    465.9    480.2

  Imports............................  1,820.0  1,911.2  1,931.9  1,981.0  2,041.0  2,141.9  2,169.9  2,227.8  2,283.6  2,237.2  2,264.0  2,314.6
    Goods............................  1,519.3  1,598.4  1,619.2  1,662.8  1,717.0  1,808.9  1,828.7  1,879.8  1,933.3  1,879.9  1,902.7  1,951.5
    Services.........................    300.7    312.8    312.7    318.1    323.9    333.1    341.1    348.0    350.3    357.3    361.4    363.1

Government consumption expenditures
 and gross investment................  2,237.3  2,258.2  2,306.7  2,339.8  2,394.8  2,412.5  2,472.1  2,512.5  2,536.1  2,571.4  2,608.3  2,670.5

  Federal............................    839.4    835.0    864.0    870.4    896.0    883.4    921.5    926.9    932.0    949.7    946.6    969.9
    National defense.................    564.9    555.0    577.7    585.0    604.3    587.7    610.8    620.6    620.7    645.2    634.8    655.1
      Consumption expenditures.......    494.1    484.5    508.1    511.9    529.8    513.3    535.7    540.0    542.0    561.5    555.7    574.3
      Gross investment...............     70.8     70.5     69.6     73.1     74.5     74.5     75.1     80.6     78.7     83.7     79.1     80.8
    Nondefense.......................    274.5    280.0    286.2    285.4    291.7    295.7    310.7    306.3    311.3    304.5    311.7    314.9
      Consumption expenditures.......    240.6    245.0    251.0    249.8    254.3    255.8    269.2    266.7    271.3    264.9    274.0    276.5
      Gross investment...............     33.9     35.0     35.2     35.5     37.4     39.9     41.5     39.6     40.0     39.6     37.7     38.4

  State and local....................  1,397.9  1,423.2  1,442.7  1,469.5  1,498.7  1,529.0  1,550.6  1,585.7  1,604.1  1,621.7  1,661.7  1,700.6
      Consumption expenditures.......  1,124.8  1,147.0  1,162.9  1,182.3  1,208.9  1,234.7  1,247.4  1,270.0  1,287.7  1,300.8  1,326.7  1,357.9
      Gross investment...............    273.1    276.2    279.9    287.2    289.8    294.4    303.2    315.7    316.4    320.9    335.0    342.7

Addenda:
  Final sales of domestic product.... 11,714.4 11,885.0 12,084.7 12,305.2 12,553.1 12,645.0 12,920.3 13,095.5 13,204.1 13,372.3 13,553.5 13,753.4
  Gross domestic purchases........... 12,412.0 12,631.1 12,825.1 12,997.2 13,283.8 13,487.8 13,727.9 13,935.4 14,065.9 14,097.6 14,266.1 14,477.4
  Final sales to domestic purchasers. 12,347.0 12,567.6 12,755.8 12,985.0 13,278.0 13,427.3 13,683.6 13,875.9 14,003.2 14,077.6 14,267.7 14,475.0

  Gross domestic product............. 11,779.4 11,948.5 12,154.0 12,317.4 12,558.8 12,705.5 12,964.6 13,155.0 13,266.9 13,392.3 13,551.9 13,755.9
  Plus: Income receipts
   from the rest of the world........    446.5    470.6    499.1    523.3    558.1    595.9    633.3    688.9    709.7    733.8    752.2    .....
  Less: Income payments to
   the rest of the world.............    363.5    417.9    429.0    455.6    471.2    546.3    570.4    625.0    664.7    673.7    689.0    .....
  Equals: Gross national product..... 11,862.3 12,001.1 12,224.0 12,385.1 12,645.7 12,755.0 13,027.5 13,218.9 13,311.9 13,452.4 13,615.1    .....

  Net domestic product............... 10,244.8 10,506.5 10,687.3 10,825.0 10,655.0 11,130.6 11,389.8 11,552.2 11,638.1 11,737.9 11,881.0 12,069.2
-------------------------------------------------------------------------------------------------------------------------------------------------
  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]
-------------------------------------------------------------------------------------------------------------------------------
                                          2003     2004     2005     2006     I 03    II 03   III 03    IV 03     I 04    II 04
-------------------------------------------------------------------------------------------------------------------------------
     Gross domestic product.......... 10,301.0 10,675.8 11,003.4 11,319.4 10,126.0 10,212.7 10,398.7 10,467.0 10,543.6 10,634.2

Personal consumption expenditures....  7,295.3  7,561.4  7,803.6  8,044.1  7,184.9  7,249.3  7,352.9  7,394.3  7,475.1  7,520.5

  Durable goods......................  1,020.6  1,084.8  1,137.4  1,180.5    971.4  1,009.8  1,049.6  1,051.4  1,066.2  1,071.3
    Motor vehicles and parts.........    442.1    450.8    451.3    437.3    424.8    442.3    454.8    446.4    448.9    445.7
    Furniture and household
     equipment.......................    397.8    445.1    492.2    550.9    373.3    388.7    410.0    419.1    429.1    438.8
    Other............................    183.2    195.1    205.5    213.9    174.9    180.6    187.5    189.9    193.0    192.9

  Nondurable goods...................  2,103.0  2,177.6  2,255.4  2,337.7  2,072.5  2,084.2  2,123.0  2,132.5  2,156.7  2,164.9
    Food.............................    977.7  1,009.4  1,050.0  1,091.8    969.4    970.3    985.3    985.8  1,000.8  1,003.4
    Clothing and shoes...............    334.2    350.7    372.6    391.1    323.9    332.2    340.8    340.1    349.5    345.6
    Gasoline, fuel oil, and other
     energy goods....................    198.5    201.2    199.2    198.6    197.2    196.8    199.3    201.0    200.9    201.8
    Other............................    593.2    618.0    639.1    666.2    582.1    585.7    598.6    606.5    607.1    615.0

  Services...........................  4,178.8  4,311.0  4,427.3  4,545.5  4,143.3  4,161.3  4,190.7  4,220.2  4,262.9  4,294.6
    Housing..........................  1,051.9  1,083.8  1,118.3  1,148.3  1,042.0  1,046.3  1,054.7  1,064.6  1,073.3  1,079.7
    Household operation..............    398.8    408.5    416.5    412.9    397.5    397.4    398.0    402.3    405.5    407.1
      Electricity and gas............    147.5    149.1    153.2    148.5    148.6    146.7    145.9    148.8    149.8    148.6
      Other household operation......    251.2    259.5    263.1    265.1    248.7    250.7    252.1    253.3    255.5    258.6
    Transportation...................    280.6    284.6    287.8    291.2    280.7    279.9    280.7    281.2    282.3    284.3
    Medical care.....................  1,180.8  1,216.5  1,258.2  1,300.3  1,170.5  1,177.4  1,184.2  1,191.0  1,199.0  1,210.3
    Recreation.......................    290.8    305.0    311.6    321.3    285.6    289.2    292.2    296.2    301.5    304.4
    Other............................    975.3  1,011.7  1,033.7  1,069.9    966.5    970.4    980.2    984.1  1,000.5  1,007.9

Gross private domestic investment....  1,613.1  1,770.2  1,869.3  1,919.5  1,561.8  1,574.4  1,639.7  1,676.5  1,685.3  1,766.3

  Fixed investment...................  1,596.9  1,712.8  1,831.4  1,874.7  1,536.3  1,575.6  1,626.7  1,648.9  1,647.9  1,698.7
    Nonresidential...................  1,081.8  1,144.3  1,225.8  1,306.8  1,047.5  1,074.5  1,098.8  1,106.5  1,099.1  1,127.5
      Structures.....................    243.5    246.7    247.8    268.6    238.2    246.5    246.0    243.1    242.9    246.5
      Equipment and software.........    843.1    905.1    991.8  1,050.6    813.3    831.7    857.8    869.5    861.9    887.4
        Information processing
         equipment and software......    462.7    505.7    554.3    595.9    442.1    446.0    470.4    492.4    494.2    499.3
          Computers and peripheral
           equipment.................    .....    .....    .....    .....    .....    .....    .....    .....    .....    .....
          Software...................    177.3    193.6    205.7    213.0    170.4    171.8    180.6    186.3    190.5    190.5
          Other......................    167.1    181.1    191.5    204.8    160.2    162.4    168.7    177.0    179.2    183.0
        Industrial equipment.........    138.4    134.0    144.3    149.6    139.1    142.7    138.9    132.8    129.1    131.5
        Transportation equipment.....    113.8    130.6    145.1    155.2    108.3    116.6    116.8    113.5    112.0    125.5
        Other equipment..............    130.4    138.3    151.9    156.2    125.1    127.1    133.8    135.5    132.7    135.3
    Residential......................    509.4    560.2    597.1    569.5    484.1    496.3    521.8    535.2    540.5    561.7

  Change in private inventories......     14.3     54.3     33.2     40.3     24.3     -2.7     10.5     25.0     35.0     64.9
    Farm.............................       .4      5.9      -.4      -.9      4.8       .4     -1.2     -2.4      4.4     12.9
    Nonfarm..........................     14.0     48.2     34.0     41.7     19.2     -3.2     12.0     28.1     30.4     50.5

Net exports of goods and services....   -518.9   -593.8   -618.0   -624.5   -507.2   -526.9   -513.8   -527.8   -549.1   -591.1

  Exports............................  1,026.1  1,126.1  1,203.4  1,304.1  1,003.3    999.0  1,026.3  1,075.8  1,101.8  1,119.4
    Goods............................    719.8    784.4    843.5    927.4    705.6    703.5    718.4    751.6    765.1    778.5
    Services.........................    306.2    341.4    359.8    377.1    297.6    295.5    307.6    324.0    336.4    340.6

  Imports............................  1,545.0  1,719.9  1,821.5  1,928.6  1,510.5  1,525.9  1,540.0  1,603.6  1,650.9  1,710.5
    Goods............................  1,309.3  1,457.0  1,553.6  1,646.9  1,275.3  1,301.7  1,303.7  1,356.5  1,393.9  1,448.3
    Services.........................    236.6    263.9    269.8    283.8    235.7    225.9    237.0    247.8    257.5    263.0

Government consumption expenditures
 and gross investment................  1,904.8  1,931.8  1,946.3  1,981.4  1,879.3  1,907.5  1,914.5  1,918.0  1,925.4  1,931.8

  Federal............................    687.1    715.9    726.5    742.3    662.5    693.0    693.7    699.0    709.5    713.7
    National defense.................    449.0    475.0    482.4    491.5    424.2    458.4    452.2    461.1    470.2    472.5
      Consumption expenditures.......    387.5    407.6    411.7    416.6    366.3    397.1    389.4    397.0    405.6    406.4
      Gross investment...............     61.7     68.0     71.7     76.6     58.0     61.2     63.0     64.4     64.7     66.5
    Nondefense.......................    238.0    240.7    243.9    250.7    238.4    234.5    241.5    237.8    239.1    241.0
      Consumption expenditures.......    204.5    206.7    207.9    212.6    205.8    200.6    207.2    204.2    205.9    206.5
      Gross investment...............     33.5     34.0     36.2     38.5     32.5     34.0     34.2     33.5     33.0     34.5

  State and local....................  1,217.8  1,215.8  1,219.6  1,239.0  1,216.9  1,214.4  1,220.8  1,219.0  1,215.9  1,218.1
      Consumption expenditures.......    969.8    970.8    977.7    990.9    971.1    969.3    968.4    970.2    969.2    969.6
      Gross investment...............    248.1    245.0    241.8    248.0    245.7    245.1    252.6    248.8    246.7    248.6

Residual.............................     -6.4    -17.3    -49.3    -93.4      1.6      1.1    -11.3    -15.2    -12.7     -9.9

Addenda:
  Final sales of domestic product.... 10,285.1 10,619.8 10,966.9 11,275.9 10,100.9 10,213.7 10,385.9 10,440.0 10,507.1 10,568.5
  Gross domestic purchases........... 10,815.5 11,261.4 11,613.1 11,937.1 10,629.0 10,734.6 10,908.7 10,989.5 11,086.3 11,216.9
  Final sales to domestic purchasers. 10,799.5 11,205.2 11,576.4 11,893.4 10,603.9 10,735.6 10,895.9 10,962.4 11,049.6 11,150.9

  Gross domestic product............. 10,301.0 10,675.8 11,003.4 11,319.4 10,126.0 10,212.7 10,398.7 10,467.0 10,543.6 10,634.2
  Plus: Income receipts
   from the rest of the world........    318.3    401.3    482.5    595.0    299.6    306.9    318.2    348.4    378.8    391.5
  Less: Income payments to
   the rest of the world.............    264.0    330.9    420.8    543.6    261.7    252.6    266.9    274.7    289.1    324.1
  Equals: Gross national product..... 10,355.3 10,746.0 11,064.7 11,370.1 10,163.8 10,266.9 10,449.9 10,540.5 10,633.0 10,701.4

  Net domestic product...............  8,981.2  9,292.5  9,514.7  9,872.8  8,818.9  8,897.5  9,074.4  9,134.0  9,200.5  9,281.3
-------------------------------------------------------------------------------------------------------------------------------
 Note. Users are cautioned that particularly for components
 that exhibit rapid change in prices relative to other prices in the
 economy, the chained-dollar estimates should not be used to measure
 the component's relative importance or its contribution to the
 growth rate of more aggregate series.  For accurate estimates of the
 contributions to percent changes in real gross domestic product, use table 2.
  See "Explanatory Note" at the end of the tables.

                                     Table 3B.--Real Gross Domestic Product and Related Measures--Continued
                               [Billions of chained (2000) dollars; quarters seasonally adjusted at annual rates]
-------------------------------------------------------------------------------------------------------------------------------------------------
                                        III 04    IV 04     I 05    II 05   III 05    IV 05     I 06    II 06   III 06    IV 06     I 07    II 07
-------------------------------------------------------------------------------------------------------------------------------------------------
     Gross domestic product.......... 10,728.7 10,796.4 10,878.4 10,954.1 11,074.3 11,107.2 11,238.7 11,306.7 11,336.7 11,395.5 11,412.6 11,507.9

Personal consumption expenditures....  7,585.5  7,664.3  7,709.4  7,775.2  7,852.8  7,876.9  7,961.9  8,009.3  8,063.8  8,141.2  8,215.7  8,241.4

  Durable goods......................  1,091.5  1,110.1  1,116.0  1,146.3  1,163.5  1,123.8  1,167.8  1,170.2  1,186.3  1,197.6  1,223.2  1,228.2
    Motor vehicles and parts.........    450.9    457.8    449.6    464.4    470.7    420.4    435.7    434.3    439.5    439.6    451.5    450.8
    Furniture and household
     equipment.......................    451.7    460.8    472.6    483.4    499.0    513.8    536.8    544.4    555.4    566.9    579.9    584.2
    Other............................    195.9    198.7    202.9    207.3    204.6    207.4    214.5    212.4    213.6    215.2    216.6    218.6

  Nondurable goods...................  2,181.4  2,207.5  2,226.8  2,247.2  2,260.9  2,286.8  2,312.3  2,325.6  2,343.9  2,368.8  2,386.6  2,381.8
    Food.............................  1,008.9  1,024.7  1,032.9  1,043.1  1,056.3  1,067.6  1,080.7  1,084.4  1,091.4  1,110.7  1,115.3  1,109.5
    Clothing and shoes...............    350.2    357.5    363.4    372.3    372.3    382.3    386.2    388.0    393.3    397.0    405.1    407.0
    Gasoline, fuel oil, and other
     energy goods....................    201.1    200.9    202.0    199.5    197.2    198.3    198.6    199.0    199.9    197.0    198.2    197.0
    Other............................    623.0    626.9    631.7    637.4    641.1    646.2    655.3    663.4    669.5    676.5    681.7    683.2

  Services...........................  4,325.2  4,361.1  4,381.3  4,401.3  4,449.1  4,477.5  4,501.0  4,531.6  4,554.0  4,595.5  4,630.7  4,655.9
    Housing..........................  1,087.1  1,095.1  1,104.4  1,113.9  1,123.3  1,131.6  1,139.7  1,146.0  1,151.0  1,156.6  1,163.7  1,171.6
    Household operation..............    408.8    412.8    413.8    413.3    422.2    416.4    406.3    410.9    415.4    419.1    420.1    418.7
      Electricity and gas............    147.2    150.9    151.6    150.7    157.8    152.9    143.7    147.0    150.9    152.5    153.1    151.2
      Other household operation......    261.8    262.0    262.3    262.8    263.8    263.5    264.1    264.9    264.7    266.8    267.1    268.0
    Transportation...................    285.0    286.6    287.2    287.6    287.8    288.7    290.2    289.5    291.0    294.1    296.0    300.1
    Medical care.....................  1,223.3  1,233.5  1,240.4  1,250.3  1,264.0  1,278.1  1,291.2  1,298.2  1,301.4  1,310.5  1,323.2  1,332.7
    Recreation.......................    306.7    307.4    309.7    310.4    312.0    314.2    316.1    316.8    321.9    330.3    332.0    331.2
    Other............................  1,013.5  1,024.8  1,024.7  1,024.6  1,038.4  1,047.0  1,056.1  1,068.6  1,071.6  1,083.5  1,094.1  1,100.0

Gross private domestic investment....  1,800.5  1,828.8  1,852.6  1,834.3  1,865.3  1,924.9  1,945.4  1,948.5  1,928.2  1,856.2  1,816.9  1,831.0

  Fixed investment...................  1,736.7  1,767.7  1,785.3  1,819.8  1,854.9  1,865.6  1,901.4  1,892.3  1,869.6  1,835.5  1,815.2  1,825.0
    Nonresidential...................  1,160.7  1,189.7  1,199.5  1,214.1  1,239.5  1,250.0  1,289.7  1,303.2  1,319.4  1,314.8  1,321.7  1,347.6
      Structures.....................    248.7    248.6    249.8    248.9    244.8    247.7    256.5    266.4    273.3    278.3    282.6    297.1
      Equipment and software.........    920.0    951.2    960.0    977.4  1,011.1  1,018.7  1,050.2  1,050.1  1,057.6  1,044.4  1,045.3  1,051.2
        Information processing
         equipment and software......    507.5    521.7    537.4    548.8    560.5    570.6    589.8    592.1    602.0    599.6    623.3    634.8
          Computers and peripheral
           equipment.................    .....    .....    .....    .....    .....    .....    .....    .....    .....    .....    .....    .....
          Software...................    193.9    199.3    201.6    206.0    206.7    208.3    211.0    212.1    213.8    215.1    219.9    223.2
          Other......................    181.2    181.0    188.9    188.3    194.6    194.2    206.3    203.3    207.1    202.6    209.2    214.6
        Industrial equipment.........    136.9    138.7    142.8    139.4    145.9    149.2    147.0    152.0    150.9    148.4    147.3    153.5
        Transportation equipment.....    137.0    147.9    138.2    142.0    153.2    147.0    160.3    153.3    156.3    150.9    144.8    132.5
        Other equipment..............    140.8    144.5    145.7    151.6    154.2    156.1    157.8    157.9    155.2    153.7    144.8    147.5
    Residential......................    567.5    570.9    578.3    596.4    606.4    607.2    606.1    587.5    555.0    529.4    506.3    494.2

  Change in private inventories......     60.1     57.2     63.4     10.1      5.9     53.6     38.4     51.4     53.9     17.4       .1      3.6
    Farm.............................      4.8      1.3     -4.4     -1.3      1.8      2.2       .8     -5.5     -2.9      3.8      5.0      4.3
    Nonfarm..........................     55.4     56.4     69.0     11.5      3.9     51.6     38.0     57.6     57.6     13.6     -5.8     -1.8

Net exports of goods and services....   -602.7   -632.3   -624.4   -601.0   -604.1   -642.6   -640.1   -626.6   -633.8   -597.3   -612.1   -577.9

  Exports............................  1,128.0  1,155.3  1,172.4  1,199.3  1,205.6  1,236.4  1,270.6  1,288.4  1,306.6  1,350.9  1,354.7  1,375.9
    Goods............................    790.2    804.0    815.4    841.8    845.7    871.1    903.0    917.3    933.7    955.4    957.6    971.8
    Services.........................    337.7    351.0    356.6    357.5    359.8    365.3    368.0    371.5    373.4    395.6    397.2    404.2

  Imports............................  1,730.8  1,787.7  1,796.8  1,800.3  1,809.7  1,879.0  1,910.7  1,915.0  1,940.4  1,948.2  1,966.8  1,953.7
    Goods............................  1,467.7  1,518.1  1,530.1  1,534.0  1,543.6  1,606.5  1,631.8  1,636.3  1,661.0  1,658.7  1,675.6  1,665.6
    Services.........................    264.1    270.8    268.4    268.1    268.1    274.7    281.0    281.0    281.9    291.4    293.1    290.1

Government consumption expenditures
 and gross investment................  1,939.4  1,930.6  1,936.8  1,942.5  1,957.6  1,948.2  1,971.8  1,976.5  1,980.2  1,997.2  1,994.7  2,015.6

  Federal............................    724.5    716.0    721.0    722.2    737.3    725.5    740.4    737.4    739.2    752.3    740.2    752.3
    National defense.................    484.8    472.7    478.1    481.1    492.7    477.7    485.5    488.2    486.4    505.8    491.6    502.8
      Consumption expenditures.......    414.7    403.7    410.1    410.3    420.4    406.1    413.6    412.5    412.6    427.7    417.4    427.2
      Gross investment...............     70.9     69.9     68.5     72.0     73.4     72.9     73.1     77.8     75.5     80.1     75.6     77.1
    Nondefense.......................    239.4    243.2    242.7    240.9    244.3    247.8    254.8    249.0    252.7    246.1    248.4    249.2
      Consumption expenditures.......    205.6    208.6    208.1    206.2    208.0    209.5    215.3    211.4    214.8    208.8    212.5    212.7
      Gross investment...............     33.7     34.5     34.6     34.8     36.6     38.8     40.1     38.0     38.3     37.8     35.9     36.6

  State and local....................  1,214.7  1,214.4  1,215.7  1,220.1  1,220.3  1,222.5  1,231.3  1,238.9  1,240.9  1,244.9  1,254.2  1,263.1
      Consumption expenditures.......    970.7    973.5    973.9    976.2    979.2    981.4    985.3    988.1    992.7    997.5  1,002.5  1,008.4
      Gross investment...............    243.9    240.8    241.6    243.8    240.9    240.8    245.9    250.7    248.1    247.3    251.5    254.5

Residual.............................    -18.2    -28.1    -35.1    -45.8    -53.1    -62.8    -79.6    -86.5    -99.3   -108.2   -130.7   -132.1

Addenda:
  Final sales of domestic product.... 10,666.6 10,737.0 10,813.0 10,940.4 11,064.8 11,049.5 11,196.1 11,252.1 11,279.7 11,375.8 11,411.6 11,502.7
  Gross domestic purchases........... 11,322.8 11,419.2 11,493.8 11,546.9 11,670.0 11,742.0 11,871.3 11,926.1 11,963.6 11,987.1 12,018.7 12,080.6
  Final sales to domestic purchasers. 11,260.5 11,359.7 11,428.1 11,533.0 11,660.2 11,684.3 11,828.6 11,871.3 11,906.4 11,967.3 12,017.4 12,075.2

  Gross domestic product............. 10,728.7 10,796.4 10,878.4 10,954.1 11,074.3 11,107.2 11,238.7 11,306.7 11,336.7 11,395.5 11,412.6 11,507.9
  Plus: Income receipts
   from the rest of the world........    408.4    426.6    449.0    466.9    492.7    521.6    550.7    593.2    607.9    628.3    638.2    .....
  Less: Income payments to
   the rest of the world.............    331.9    378.4    385.1    405.9    415.3    477.1    494.7    536.7    568.0    575.1    583.2    .....
  Equals: Gross national product..... 10,804.9 10,844.4 10,941.9 11,014.7 11,151.2 11,151.1 11,294.0 11,362.5 11,375.9 11,447.8 11,466.7    .....

  Net domestic product...............  9,260.9  9,427.6  9,499.6  9,564.0  9,331.5  9,663.9  9,811.0  9,867.0  9,884.7  9,928.3  9,937.7 10,025.0
-------------------------------------------------------------------------------------------------------------------------------------------------
 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]
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                       2003   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
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
       Gross domestic product (GDP).    2.1    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    2.7

Personal consumption expenditures...    2.0    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
  Durable goods.....................   -3.6   -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
  Nondurable goods..................    2.0    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
  Services..........................    3.2    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    2.7

Gross private domestic investment...    1.5    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     .3
  Fixed investment..................    1.6    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     .4
    Nonresidential..................     .1    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     .3
      Structures....................    3.5    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    -.6
      Equipment and software........   -1.1    -.3    -.1     .0     .4    -.8     .7   -1.7    -.6    1.8     .3   -2.5     .2     .6    -.2     .4     .8    1.0     .7
    Residential.....................    4.8    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     .5
  Change in private inventories.....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....

Net exports of goods and services...  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....
  Exports...........................    2.2    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    4.9
    Goods...........................    2.0    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    4.7
    Services........................    2.6    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    5.2
  Imports...........................    3.5    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   12.2
    Goods...........................    2.9    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   13.4
    Services........................    6.3    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    6.2

Government consumption expenditures
 and gross investment...............    4.1    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    5.4
  Federal...........................    4.2    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    3.3
    National defense................    4.7    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    3.5
    Nondefense......................    3.4    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    2.8
  State and local...................    4.1    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    6.6

Addenda:
  Final sales of domestic product...    2.1    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
  Gross domestic purchases..........    2.3    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    3.9
  Final sales to domestic
   purchasers.......................    2.3    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    3.9
  Gross national product (GNP)......    2.1    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  .....

  Implicit price deflators:
    GDP.............................    2.1    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    2.7
    Gross domestic purchases........    2.3    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    3.9
    GNP.............................    2.1    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  .....
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
  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]
------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                       2003   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
------------------------------------------------------------------------------------------------------------------------------------------------------------------
       Gross domestic product (GDP).    2.1    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
         Previously published.......    2.1    2.8    3.0    2.9    2.2    3.7    3.7    2.1    3.2    3.5    2.4    3.3    3.3    3.3    3.3    1.9    1.7    4.2

Personal consumption expenditures...    2.0    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
  Previously published..............    2.0    2.6    2.9    2.7    1.5    3.7    3.6    1.9    3.0    2.3    3.1    4.1    2.9    2.0    4.0    2.4   -1.0    3.5
  Durable goods.....................   -3.6   -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
    Previously published............   -3.6   -1.6    -.7   -1.3   -3.5     .0     .3   -2.3     .3     .3    -.6   -2.9   -1.3   -1.0    -.8   -1.1   -2.7   -1.9
  Nondurable goods..................    2.0    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
    Previously published............    2.0    3.3    3.6    3.1     .5    5.7    6.0    1.1    4.4    1.1    4.8    9.0     .6    1.1    8.3    2.3   -7.7    5.0
  Services..........................    3.2    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
    Previously published............    3.2    3.2    3.2    3.4    3.0    3.5    3.2    3.1    3.0    3.2    3.1    3.2    5.0    3.1    2.9    3.0    2.9    3.8

Gross private domestic investment...    1.5    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
  Previously published..............    1.5    3.3    3.4    3.2    3.5    4.2    4.5    3.6    3.7    3.0    2.7    3.7    4.3    3.7    3.1     .6    3.4    1.9
  Fixed investment..................    1.6    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
    Previously published............    1.6    3.4    3.5    3.3    3.5    4.3    4.6    3.6    3.7    3.1    2.7    4.0    4.6    3.8    3.0     .5    3.4    1.8
    Nonresidential..................     .1    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
      Previously published..........     .1    1.2    2.6    2.9    1.4    1.0    2.1    1.4    2.6    3.6    2.0    2.2    3.5    3.7    3.0     .9    3.1    2.0
      Structures....................    3.5    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
        Previously published........    3.5    6.2   11.3   11.4    4.2    6.7    7.8   10.2   12.0   11.6    9.2   13.2   16.8   12.4   10.7    5.3    5.5     .5
      Equipment and software........   -1.1    -.3    -.1     .0     .4    -.8     .7   -1.7    -.6    1.8     .3   -2.5     .2     .6    -.2     .4     .8    1.0
        Previously published........   -1.1    -.4    -.4    -.2     .4    -.9     .2   -1.5    -.5     .9    -.4   -1.5   -1.0     .6     .1    -.9    2.1    2.6
    Residential.....................    4.8    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
      Previously published..........    4.8    7.3    5.1    4.0    7.7   10.5    9.0    7.4    5.6    2.3    3.8    6.9    6.3    3.8    2.9    -.1    3.9    1.6
  Change in private inventories.....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....

Net exports of goods and services...  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....
  Exports...........................    2.2    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
    Previously published............    2.2    3.7    3.6    3.3    3.0    6.1    5.0    1.8    4.0    4.6    3.6    2.6    2.8    2.3    6.1    4.5    -.9    4.1
    Goods...........................    2.0    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
      Previously published..........    2.0    3.7    3.1    3.3    4.1    6.5    5.2    1.1    3.6    4.4    3.0    1.3    2.3    2.8    6.2    5.3     .0    4.0
    Services........................    2.6    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
      Previously published..........    2.6    3.5    4.8    3.3     .7    5.0    4.5    3.5    5.0    5.1    4.9    5.6    4.2    1.2    6.0    2.5   -3.1    4.3
  Imports...........................    3.5    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
    Previously published............    3.5    5.0    6.3    4.3     .4    9.7    7.3    5.5    6.7    2.6    9.2   10.2    4.3    -.7    9.8    5.4   -8.6     .9
    Goods...........................    2.9    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
      Previously published..........    2.9    5.0    6.5    4.5     .5   10.1    7.9    5.4    6.8    1.8   10.1   11.3    5.1   -1.6   10.6    5.8  -10.2     .7
    Services........................    6.3    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
      Previously published..........    6.3    5.1    5.4    3.4     .0    8.0    4.4    6.2    6.3    6.8    5.1    4.3    -.1    4.5    5.5    3.2     .1    1.8

Government consumption expenditures
 and gross investment...............    4.1    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
   Previously published.............    4.1    4.4    5.6    4.4    2.2    6.8    5.3    4.6    5.7    7.0    4.6    5.9    4.7    4.4    4.8    2.8    1.8    5.8
  Federal...........................    4.2    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
    Previously published............    4.2    4.7    4.8    3.5    1.1   11.5    5.3    2.2    2.9   11.3    2.2    3.3     .4    7.6    3.8    2.0     .0    6.5
    National defense................    4.7    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
      Previously published..........    4.7    4.7    5.1    3.4    1.3   10.5    5.8    2.8    3.2   11.6    2.4    3.4    1.0    6.7    4.1    2.3    -.3    6.4
    Nondefense......................    3.4    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
      Previously published..........    3.4    4.7    4.1    3.5     .6   13.7    4.3     .9    2.3   10.6    1.8    3.2    -.7    9.5    3.2    1.4     .8    6.7
  State and local...................    4.1    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
    Previously published............    4.1    4.3    6.2    4.9    2.9    4.1    5.3    6.1    7.4    4.6    6.1    7.4    7.3    2.6    5.4    3.4    2.9    5.3

Addenda:
  Final sales of domestic product...    2.1    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
    Previously published............    2.1    2.8    3.0    3.0    2.2    3.7    3.7    2.1    3.2    3.5    2.4    3.3    3.3    3.3    3.3    1.9    1.7    4.2
  Gross domestic purchases..........    2.3    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
    Previously published............    2.3    3.1    3.5    3.1    1.9    4.3    4.1    2.6    3.6    3.2    3.3    4.4    3.5    2.7    4.0    2.2     .2    3.7
  Final sales to domestic
   purchasers.......................    2.3    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
     Previously published...........    2.3    3.1    3.5    3.1    1.9    4.3    4.1    2.6    3.6    3.2    3.3    4.4    3.5    2.7    4.0    2.2     .2    3.6
  Gross national product (GNP)......    2.1    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
    Previously published............    2.1    2.8    3.0    2.9    2.2    3.7    3.7    2.1    3.2    3.5    2.4    3.3    3.2    3.3    3.3    1.9    1.7    4.2

  Implicit price deflators:
    GDP.............................    2.1    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
      Previously published..........    2.1    2.8    3.0    2.9    2.2    3.8    3.7    2.1    3.2    3.4    2.5    3.3    3.3    3.3    3.3    1.9    1.6    4.2
    Gross domestic purchases........    2.3    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
      Previously published..........    2.3    3.1    3.5    3.1    1.9    4.3    4.0    2.6    3.6    3.2    3.4    4.3    3.5    2.7    4.0    2.1     .2    3.7
    GNP.............................    2.1    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
      Previously published..........    2.1    2.8    3.0    2.9    2.2    3.8    3.7    2.1    3.2    3.4    2.5    3.3    3.3    3.3    3.3    1.9    1.6    4.2
------------------------------------------------------------------------------------------------------------------------------------------------------------------
See "Explanatory Note" at the end of the tables.

                                  Table 5.--Real Gross Domestic Product, Quantity Indexes
                                  [Index numbers, 2000=100; quarters seasonally adjusted]
---------------------------------------------------------------------------------------------------------------------------
                                               2003    2004    2005    2006    I 03   II 03  III 03   IV 03    I 04   II 04
---------------------------------------------------------------------------------------------------------------------------
        Gross domestic product............. 104.931 108.748 112.086 115.304 103.148 104.031 105.926 106.621 107.402 108.325

Personal consumption expenditures.......... 108.249 112.197 115.791 119.359 106.611 107.566 109.103 109.718 110.917 111.590
  Durable goods............................ 118.214 125.652 131.748 136.735 112.521 116.971 121.579 121.783 123.502 124.094
  Nondurable goods......................... 108.002 111.833 115.828 120.051 106.435 107.033 109.027 109.513 110.759 111.178
  Services................................. 106.363 109.726 112.687 115.696 105.458 105.917 106.664 107.415 108.502 109.309

Gross private domestic investment..........  92.949 102.003 107.709 110.607  89.993  90.718  94.483  96.604  97.109 101.776
  Fixed investment.........................  95.110 102.012 109.080 111.657  91.502  93.842  96.889  98.206  98.148 101.175
    Nonresidential.........................  87.804  92.873  99.490 106.062  85.023  87.208  89.179  89.806  89.210  91.512
      Structures...........................  77.735  78.760  79.127  85.770  76.061  78.719  78.552  77.607  77.550  78.708
      Equipment and software...............  91.747  98.505 107.935 114.332  88.514  90.506  93.348  94.622  93.800  96.575
    Residential............................ 113.977 125.343 133.608 127.433 108.329 111.060 116.766 119.753 120.936 125.696
  Change in private inventories............   .....   .....   .....   .....   .....   .....   .....   .....   .....   .....

Exports of goods and services..............  93.599 102.723 109.775 118.957  91.518  91.128  93.612  98.136 100.502 102.108

Imports of goods and services.............. 104.693 116.546 123.425 130.683 102.355 103.398 104.354 108.666 111.867 115.903

Government consumption expenditures and
 gross investment.......................... 110.644 112.210 113.050 115.092 109.160 110.799 111.206 111.410 111.839 112.212
  Federal.................................. 118.712 123.693 125.524 128.255 114.471 119.742 119.858 120.778 122.580 123.306
  State and local.......................... 106.557 106.384 106.721 108.418 106.478 106.266 106.820 106.663 106.393 106.586

Addenda:
  Final sales of domestic product.......... 105.375 108.804 112.360 115.526 103.488 104.643 106.408 106.962 107.649 108.278
  Gross domestic purchases................. 106.071 110.444 113.894 117.071 104.242 105.278 106.985 107.778 108.727 110.008
  Final sales to domestic purchasers....... 106.504 110.505 114.166 117.292 104.575 105.874 107.455 108.111 108.971 109.970
  Gross national product................... 105.067 109.031 112.265 115.363 103.124 104.170 106.027 106.946 107.885 108.579
---------------------------------------------------------------------------------------------------------------------------
  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 04   IV 04    I 05   II 05  III 05   IV 05    I 06   II 06  III 06   IV 06    I 07   II 07
-------------------------------------------------------------------------------------------------------------------------------------------
        Gross domestic product............. 109.287 109.977 110.812 111.583 112.808 113.143 114.482 115.175 115.481 116.080 116.254 117.225

Personal consumption expenditures.......... 112.555 113.724 114.393 115.370 116.521 116.878 118.140 118.843 119.652 120.801 121.906 122.287
  Durable goods............................ 126.432 128.580 129.271 132.777 134.775 130.170 135.263 135.542 137.413 138.720 141.680 142.260
  Nondurable goods......................... 112.026 113.369 114.360 115.404 116.110 117.438 118.749 119.434 120.370 121.650 122.563 122.320
  Services................................. 110.088 111.003 111.516 112.026 113.241 113.964 114.563 115.341 115.911 116.969 117.865 118.506

Gross private domestic investment.......... 103.748 105.377 106.749 105.692 107.484 110.913 112.095 112.274 111.106 106.955 104.690 105.503
  Fixed investment......................... 103.439 105.287 106.333 108.386 110.481 111.118 113.245 112.705 111.354 109.325 108.113 108.699
    Nonresidential.........................  94.211  96.558  97.355  98.545 100.603 101.457 104.679 105.770 107.090 106.711 107.277 109.379
      Structures...........................  79.410  79.371  79.776  79.460  78.179  79.094  81.898  85.063  87.270  88.849  90.241  94.857
      Equipment and software............... 100.124 103.519 104.477 106.368 110.030 110.863 114.291 114.276 115.100 113.662 113.753 114.394
    Residential............................ 126.994 127.747 129.413 133.463 135.695 135.860 135.615 131.465 124.190 118.462 113.301 110.574
  Change in private inventories............   .....   .....   .....   .....   .....   .....   .....   .....   .....   .....   .....   .....

Exports of goods and services.............. 102.897 105.385 106.943 109.401 109.976 112.780 115.898 117.528 119.182 123.222 123.568 125.502

Imports of goods and services.............. 117.279 121.135 121.756 121.994 122.630 127.321 129.472 129.764 131.483 132.014 133.272 132.387

Government consumption expenditures and
 gross investment.......................... 112.649 112.138 112.500 112.830 113.710 113.161 114.533 114.807 115.022 116.007 115.865 117.076
  Federal.................................. 125.175 123.710 124.566 124.787 127.388 125.353 127.919 127.414 127.708 129.977 127.886 129.987
  State and local.......................... 106.291 106.265 106.378 106.763 106.776 106.968 107.745 108.407 108.584 108.935 109.748 110.522

Addenda:
  Final sales of domestic product.......... 109.284 110.005 110.783 112.089 113.363 113.207 114.709 115.282 115.565 116.550 116.916 117.850
  Gross domestic purchases................. 111.047 111.992 112.724 113.244 114.452 115.158 116.426 116.963 117.331 117.562 117.871 118.479
  Final sales to domestic purchasers....... 111.051 112.029 112.704 113.738 114.993 115.230 116.653 117.074 117.421 118.021 118.515 119.085
  Gross national product................... 109.629 110.030 111.019 111.757 113.142 113.141 114.591 115.286 115.422 116.152 116.344   .....
-------------------------------------------------------------------------------------------------------------------------------------------
  See "Explanatory Note" at the end of the tables.

                                    Table 6.--Price Indexes for Gross Domestic Product
                                  [Index numbers, 2000=100; quarters seasonally adjusted]
---------------------------------------------------------------------------------------------------------------------------
                                               2003    2004    2005    2006    I 03   II 03  III 03   IV 03    I 04   II 04
---------------------------------------------------------------------------------------------------------------------------
        Gross domestic product............. 106.409 109.462 113.005 116.568 105.742 106.076 106.616 107.204 108.180 109.185

Personal consumption expenditures
 (PCE)..................................... 105.597 108.392 111.588 114.675 105.059 105.235 105.851 106.242 107.163 108.179
  Durable goods............................  92.366  90.696  90.018  88.857  93.795  92.785  91.848  91.037  90.927  90.986
  Nondurable goods......................... 104.145 107.626 111.561 114.989 104.175 103.423 104.424 104.558 105.918 107.530
  Services................................. 109.379 112.929 116.726 120.725 108.076 109.002 109.808 110.629 111.582 112.532

Gross private domestic investment.......... 103.191 106.686 111.155 115.090 102.941 102.759 103.093 103.971 105.010 106.217
  Fixed investment......................... 103.313 106.845 111.404 115.352 103.067 102.865 103.207 104.111 105.165 106.382
    Nonresidential.........................  99.591 100.896 103.778 106.961  99.664  99.341  99.509  99.849 100.123 100.729
      Structures........................... 113.872 120.912 135.013 150.806 113.295 113.239 113.894 115.058 116.960 119.118
      Equipment and software...............  94.912  94.600  94.527  94.485  95.173  94.774  94.799  94.902  94.708  94.872
    Residential............................ 112.372 120.587 128.653 134.288 111.434 111.496 112.225 114.331 117.027 119.511
  Change in private inventories............   .....   .....   .....   .....   .....   .....   .....   .....   .....   .....

Exports of goods and services.............. 101.429 104.997 108.803 112.537 100.920 101.192 101.423 102.181 103.567 104.785

Imports of goods and services..............  99.685 104.526 111.117 115.610 100.078  99.093  99.734  99.836 102.047 103.872

Government consumption expenditures and
 gross investment.......................... 109.849 114.754 121.435 127.334 109.107 109.449 110.118 110.724 112.657 114.028
  Federal.................................. 110.094 115.322 120.914 125.622 109.578 109.987 110.257 110.556 113.641 115.164
  State and local.......................... 109.712 114.431 121.758 128.370 108.840 109.144 110.041 110.822 112.088 113.369

Addenda:
  PCE excluding food and energy............ 105.175 107.338 109.670 112.130 104.589 104.922 105.384 105.806 106.442 107.142
  Market-based PCE\1\...................... 104.995 107.386 110.307 113.168 104.586 104.670 105.239 105.485 106.311 107.213
  Market-based PCE excluding food
   and energy\1\........................... 104.330 105.857 107.667 109.717 103.895 104.144 104.517 104.764 105.222 105.715
  Final sales of domestic product.......... 106.430 109.487 113.040 116.603 105.763 106.094 106.636 107.228 108.206 109.212
  Gross domestic purchases................. 105.966 109.235 113.225 116.920 105.435 105.587 106.170 106.671 107.787 108.893
  Final sales to domestic purchasers....... 105.986 109.259 113.261 116.956 105.455 105.604 106.189 106.694 107.812 108.919
  Gross national product................... 106.401 109.456 112.999 116.558 105.736 106.067 106.607 107.194 108.175 109.178

  Implicit price deflators:
    Gross domestic product................. 106.404 109.462 113.000 116.567 105.724 106.062 106.611 107.190 108.175 109.178
    Final sales of domestic product........ 106.430 109.487 113.040 116.603 105.758 106.087 106.628 107.219 108.199 109.205
    Gross domestic purchases............... 105.961 109.234 113.221 116.919 105.418 105.576 106.166 106.659 107.779 108.883
    Final sales to domestic purchasers..... 105.985 109.259 113.261 116.956 105.450 105.599 106.183 106.686 107.803 108.909
    Gross national product................. 106.396 109.455 112.994 116.558 105.718 106.053 106.602 107.180 108.170 109.173
---------------------------------------------------------------------------------------------------------------------------
  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 6.--Price Indexes for Gross Domestic Product--Continued
                                          [Index numbers, 2000=100; quarters seasonally adjusted]
-------------------------------------------------------------------------------------------------------------------------------------------
                                             III 04   IV 04    I 05   II 05  III 05   IV 05    I 06   II 06  III 06   IV 06    I 07   II 07
-------------------------------------------------------------------------------------------------------------------------------------------
        Gross domestic product............. 109.807 110.677 111.745 112.455 113.422 114.398 115.363 116.350 117.030 117.527 118.750 119.542

Personal consumption expenditures
 (PCE)..................................... 108.703 109.521 110.119 111.037 112.205 112.989 113.480 114.670 115.406 115.143 116.129 117.362
  Durable goods............................  90.415  90.454  90.470  90.375  89.735  89.491  89.276  89.110  88.827  88.213  87.799  87.488
  Nondurable goods......................... 107.903 109.153 109.234 110.570 113.113 113.328 113.405 115.763 116.576 114.210 115.620 118.419
  Services................................. 113.406 114.198 115.204 116.165 117.100 118.434 119.316 120.252 121.209 122.122 123.252 124.081

Gross private domestic investment.......... 107.246 108.271 109.653 110.407 111.493 113.065 114.175 114.891 115.335 115.958 116.532 116.624
  Fixed investment......................... 107.404 108.429 109.837 110.618 111.759 113.403 114.485 115.169 115.592 116.162 116.718 116.834
    Nonresidential......................... 101.048 101.686 102.816 103.439 103.846 105.009 106.025 106.764 107.267 107.789 108.301 108.390
      Structures........................... 122.026 125.544 129.388 132.114 136.453 142.098 146.516 150.294 152.344 154.071 155.637 155.417
      Equipment and software...............  94.477  94.344  94.759  94.827  94.240  94.281  94.423  94.379  94.470  94.667  94.892  95.066
    Residential............................ 121.984 123.826 125.811 126.933 129.599 132.270 133.546 134.137 134.390 135.076 135.736 135.922
  Change in private inventories............   .....   .....   .....   .....   .....   .....   .....   .....   .....   .....   .....   .....

Exports of goods and services.............. 105.273 106.362 107.552 108.506 109.171 109.983 110.725 112.359 113.641 113.424 114.433 115.808

Imports of goods and services.............. 105.212 106.973 107.565 110.075 112.811 114.018 113.576 116.339 117.689 114.834 115.114 118.473

Government consumption expenditures and
 gross investment.......................... 115.361 116.971 119.102 120.462 122.335 123.839 125.379 127.125 128.076 128.757 130.765 132.500
  Federal.................................. 115.863 116.621 119.840 120.512 121.534 121.770 124.463 125.686 126.097 126.244 127.886 128.925
  State and local.......................... 115.077 117.191 118.677 120.443 122.825 125.087 125.938 127.998 129.271 130.272 132.499 134.647

Addenda:
  PCE excluding food and energy............ 107.601 108.169 108.858 109.422 109.878 110.520 111.078 111.871 112.519 113.052 113.730 114.133
  Market-based PCE\1\...................... 107.622 108.397 108.910 109.757 110.929 111.632 112.051 113.240 113.926 113.456 114.472 115.755
  Market-based PCE excluding food
   and energy\1\........................... 106.014 106.478 107.078 107.482 107.797 108.310 108.791 109.500 110.072 110.507 111.161 111.458
  Final sales of domestic product.......... 109.830 110.699 111.770 112.484 113.459 114.446 115.405 116.388 117.065 117.553 118.773 119.570
  Gross domestic purchases................. 109.637 110.622 111.605 112.571 113.846 114.878 115.645 116.850 117.575 117.609 118.702 119.846
  Final sales to domestic purchasers....... 109.660 110.646 111.630 112.602 113.885 114.927 115.687 116.890 117.612 117.636 118.727 119.875
  Gross national product................... 109.799 110.671 111.736 112.449 113.418 114.391 115.355 116.342 117.022 117.515 118.740   .....

  Implicit price deflators:
    Gross domestic product................. 109.793 110.671 111.726 112.446 113.405 114.389 115.357 116.347 117.026 117.522 118.745 119.534
    Final sales of domestic product........ 109.823 110.692 111.761 112.475 113.451 114.439 115.399 116.383 117.061 117.550 118.770 119.566
    Gross domestic purchases............... 109.619 110.612 111.582 112.560 113.828 114.868 115.639 116.848 117.573 117.606 118.700 119.840
    Final sales to domestic purchasers..... 109.649 110.634 111.618 112.590 113.874 114.918 115.682 116.886 117.610 117.634 118.725 119.874
    Gross national product................. 109.786 110.666 111.717 112.442 113.403 114.384 115.350 116.338 117.019 117.511 118.736   .....
-------------------------------------------------------------------------------------------------------------------------------------------
  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
---------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                          1989   1990   1991   1992   1993   1994   1995   1996   1997   1998   1999   2000   2001   2002   2003   2004   2005   2006
---------------------------------------------------------------------------------------------------------------------------------------------------------------------
       Gross domestic product (GDP)....    3.5    1.9    -.2    3.3    2.7    4.0    2.5    3.7    4.5    4.2    4.5    3.7     .8    1.6    2.5    3.6    3.1    2.9

Personal consumption expenditures......    2.8    2.0     .2    3.3    3.3    3.7    2.7    3.4    3.8    5.0    5.1    4.7    2.5    2.7    2.8    3.6    3.2    3.1
  Durable goods........................    2.2    -.3   -5.6    5.9    7.8    8.4    4.4    7.8    8.6   11.3   11.7    7.3    4.3    7.1    5.8    6.3    4.9    3.8
  Nondurable goods.....................    2.8    1.6    -.2    2.0    2.7    3.5    2.2    2.6    2.7    4.0    4.6    3.8    2.0    2.5    3.2    3.5    3.6    3.6
  Services.............................    3.0    2.9    1.7    3.5    2.8    2.9    2.6    2.9    3.3    4.2    4.0    4.5    2.4    1.9    1.9    3.2    2.7    2.7

Gross private domestic investment......    4.0   -3.4   -8.1    8.1    8.9   13.6    3.1    8.9   12.4    9.8    7.8    5.7   -7.9   -2.6    3.6    9.7    5.6    2.7
  Fixed investment.....................    3.0   -2.1   -6.5    5.9    8.6    9.3    6.5    9.0    9.2   10.2    8.3    6.5   -3.0   -5.2    3.4    7.3    6.9    2.4
    Nonresidential.....................    5.6     .5   -5.4    3.2    8.7    9.2   10.5    9.3   12.1   11.1    9.2    8.7   -4.2   -9.2    1.0    5.8    7.1    6.6
      Structures.......................    2.0    1.5  -11.1   -6.0    -.7    1.8    6.4    5.6    7.3    5.1    -.4    6.8   -2.3  -17.1   -4.1    1.3     .5    8.4
      Equipment and software...........    7.3     .0   -2.6    7.3   12.5   11.9   12.0   10.6   13.8   13.3   12.7    9.4   -4.9   -6.2    2.8    7.4    9.6    5.9
    Residential........................   -3.0   -8.6   -9.6   13.8    8.2    9.6   -3.2    8.0    1.9    7.6    6.0     .8     .4    4.8    8.4   10.0    6.6   -4.6
  Change in private inventories........  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....

Net exports of goods and services......  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....
  Exports..............................   11.5    9.0    6.6    6.9    3.2    8.7   10.1    8.4   11.9    2.4    4.3    8.7   -5.4   -2.3    1.3    9.7    6.9    8.4
    Goods..............................   11.9    8.4    6.9    7.5    3.3    9.7   11.7    8.8   14.3    2.2    3.8   11.2   -6.1   -4.0    1.8    9.0    7.5    9.9
    Services...........................   10.3   10.5    6.0    5.5    3.2    6.3    6.3    7.2    5.9    2.9    5.6    2.9   -3.7    1.9     .0   11.5    5.4    4.8
  Imports..............................    4.4    3.6    -.6    7.0    8.8   11.9    8.0    8.7   13.6   11.6   11.5   13.1   -2.7    3.4    4.1   11.3    5.9    5.9
    Goods..............................    4.3    3.0    -.1    9.3   10.1   13.3    9.0    9.3   14.4   11.7   12.4   13.5   -3.2    3.7    4.9   11.3    6.6    6.0
    Services...........................    4.9    6.5   -2.6   -2.6    2.9    5.7    3.3    5.5    9.4   11.4    6.9   11.1    -.3    2.1     .0   11.5    2.3    5.2

Government consumption expenditures
 and gross investment..................    2.6    3.2    1.1     .5    -.9     .0     .5    1.0    1.9    1.9    3.9    2.1    3.4    4.4    2.5    1.4     .7    1.8
  Federal..............................    1.5    2.0    -.2   -1.7   -4.2   -3.7   -2.7   -1.2   -1.0   -1.1    2.2     .9    3.9    7.0    6.8    4.2    1.5    2.2
    National defense...................    -.5     .0   -1.1   -5.0   -5.6   -4.9   -3.8   -1.4   -2.8   -2.1    1.9    -.5    3.9    7.4    8.7    5.8    1.5    1.9
    Nondefense.........................    8.3    8.3    2.4    6.9    -.7   -1.2    -.4    -.7    2.6     .7    2.8    3.5    3.9    6.3    3.4    1.1    1.3    2.8
  State and local......................    3.4    4.1    2.1    2.2    1.4    2.6    2.6    2.3    3.6    3.6    4.7    2.7    3.2    3.1     .2    -.2     .3    1.6

Addenda:
  Final sales of domestic product......    3.4    2.1     .1    3.0    2.6    3.4    3.0    3.7    4.0    4.2    4.5    3.8    1.6    1.2    2.5    3.3    3.3    2.8
  Gross domestic purchases.............    3.0    1.4    -.8    3.3    3.2    4.4    2.4    3.8    4.8    5.3    5.3    4.4     .9    2.2    2.8    4.1    3.1    2.8
  Final sales to domestic purchasers...    2.8    1.6    -.6    3.1    3.2    3.8    2.8    3.8    4.3    5.3    5.4    4.5    1.8    1.8    2.8    3.8    3.3    2.7
  Gross national product...............    3.5    2.0    -.3    3.3    2.7    3.9    2.6    3.7    4.4    4.0    4.6    3.7     .8    1.5    2.7    3.8    3.0    2.8
  Real disposable personal income......    2.8    1.9     .5    3.4    1.0    2.7    2.8    3.0    3.5    5.8    3.0    4.8    1.9    3.1    2.2    3.6    1.7    3.1

  Price indexes:
    Gross domestic purchases...........    3.8    4.1    3.3    2.3    2.2    2.1    2.1    1.8    1.4     .6    1.6    2.5    2.0    1.6    2.3    3.1    3.7    3.3
    Gross domestic purchases excluding
     food and energy...................    3.6    3.7    3.5    2.6    2.3    2.2    2.2    1.5    1.3    1.0    1.4    1.9    1.9    1.9    1.9    2.7    3.1    2.9
    GDP................................    3.8    3.9    3.5    2.3    2.3    2.1    2.0    1.9    1.7    1.1    1.4    2.2    2.4    1.7    2.1    2.9    3.2    3.2
    GDP excluding food and energy......    3.6    3.7    3.6    2.5    2.4    2.2    2.1    1.7    1.7    1.2    1.5    2.0    2.1    2.1    1.9    2.7    3.2    3.1
    Personal consumption expenditures..    4.4    4.6    3.6    2.9    2.3    2.1    2.1    2.2    1.7     .9    1.7    2.5    2.1    1.4    2.0    2.6    2.9    2.8
---------------------------------------------------------------------------------------------------------------------------------------------------------------------

                                           Table 8.--Real Gross Domestic Product: Percent Change From Quarter One Year Ago
---------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                          I 03  II 03 III 03  IV 03   I 04  II 04 III 04  IV 04   I 05  II 05 III 05  IV 05   I 06  II 06 III 06  IV 06   I 07  II 07
---------------------------------------------------------------------------------------------------------------------------------------------------------------------
       Gross domestic product (GDP)....    1.5    1.8    3.1    3.7    4.1    4.1    3.2    3.1    3.2    3.0    3.2    2.9    3.3    3.2    2.4    2.6    1.5    1.8

Personal consumption expenditures
 (PCE).................................    2.0    2.3    3.2    3.4    4.0    3.7    3.2    3.7    3.1    3.4    3.5    2.8    3.3    3.0    2.7    3.4    3.2    2.9
  Durable goods........................    2.4    5.5    6.7    8.3    9.8    6.1    4.0    5.6    4.7    7.0    6.6    1.2    4.6    2.1    2.0    6.6    4.7    5.0
  Nondurable goods.....................    2.3    2.5    4.3    3.9    4.1    3.9    2.8    3.5    3.3    3.8    3.6    3.6    3.8    3.5    3.7    3.6    3.2    2.4
  Services.............................    1.8    1.6    2.0    2.2    2.9    3.2    3.2    3.3    2.8    2.5    2.9    2.7    2.7    3.0    2.4    2.6    2.9    2.7

Gross private domestic investment......    1.3    1.6    4.4    7.0    7.9   12.2    9.8    9.1    9.9    3.8    3.6    5.3    5.0    6.2    3.4   -3.6   -6.6   -6.0
  Fixed investment.....................   -1.0    1.9    5.4    7.2    7.3    7.8    6.8    7.2    8.3    7.1    6.8    5.5    6.5    4.0     .8   -1.6   -4.5   -3.6
    Nonresidential.....................   -3.9     .1    2.9    4.9    4.9    4.9    5.6    7.5    9.1    7.7    6.8    5.1    7.5    7.3    6.4    5.2    2.5    3.4
      Structures.......................  -11.9   -3.9     .1     .2    2.0     .0    1.1    2.3    2.9    1.0   -1.6    -.3    2.7    7.1   11.6   12.3   10.2   11.5
      Equipment and software...........    -.9    1.5    3.9    6.6    6.0    6.7    7.3    9.4   11.4   10.1    9.9    7.1    9.4    7.4    4.6    2.5    -.5     .1
    Residential........................    5.5    5.7   10.6   11.7   11.6   13.2    8.8    6.7    7.0    6.2    6.9    6.4    4.8   -1.5   -8.5  -12.8  -16.5  -15.9
  Change in private inventories........  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....

Net exports of goods and services......  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....
  Exports..............................    1.1   -1.9     .1    5.8    9.8   12.0    9.9    7.4    6.4    7.1    6.9    7.0    8.4    7.4    8.4    9.3    6.6    6.8
    Goods..............................    2.0   -1.6    -.1    7.1    8.4   10.7   10.0    7.0    6.6    8.1    7.0    8.3   10.7    9.0   10.4    9.7    6.1    5.9
    Services...........................   -1.0   -2.4     .5    3.0   13.0   15.3    9.8    8.3    6.0    4.9    6.6    4.1    3.2    3.9    3.8    8.3    7.9    8.8
  Imports..............................    5.3    3.3    2.8    4.8    9.3   12.1   12.4   11.5    8.8    5.3    4.6    5.1    6.3    6.4    7.2    3.7    2.9    2.0
    Goods..............................    6.4    4.7    3.2    5.3    9.3   11.3   12.6   11.9    9.8    5.9    5.2    5.8    6.6    6.7    7.6    3.2    2.7    1.8
    Services...........................     .1   -3.3    1.0    2.2    9.2   16.4   11.5    9.3    4.3    1.9    1.5    1.4    4.7    4.8    5.2    6.1    4.3    3.3

Government consumption expenditures
 and gross investment..................    2.6    2.9    2.7    1.7    2.5    1.3    1.3     .7     .6     .6     .9     .9    1.8    1.8    1.2    2.5    1.2    2.0
  Federal..............................    6.3    8.0    7.3    5.5    7.1    3.0    4.4    2.4    1.6    1.2    1.8    1.3    2.7    2.1     .3    3.7     .0    2.0
    National defense...................    6.3   11.7    9.1    7.5   10.8    3.1    7.2    2.5    1.7    1.8    1.6    1.1    1.6    1.5   -1.3    5.9    1.2    3.0
    Nondefense.........................    6.5    1.3    4.0    1.9     .3    2.8    -.9    2.3    1.5    -.1    2.1    1.9    5.0    3.4    3.4    -.7   -2.5     .1
  State and local......................     .7     .2     .3    -.4    -.1     .3    -.5    -.4     .0     .2     .5     .7    1.3    1.5    1.7    1.8    1.9    2.0

Addenda:
  Final sales of domestic product......    1.1    1.8    3.2    3.7    4.0    3.5    2.7    2.8    2.9    3.5    3.7    2.9    3.5    2.8    1.9    3.0    1.9    2.2
  Gross domestic purchases.............    2.0    2.3    3.3    3.6    4.3    4.5    3.8    3.9    3.7    2.9    3.1    2.8    3.3    3.3    2.5    2.1    1.2    1.3
  Final sales to domestic purchasers...    1.7    2.4    3.4    3.7    4.2    3.9    3.3    3.6    3.4    3.4    3.5    2.9    3.5    2.9    2.1    2.4    1.6    1.7
  Gross national product...............    1.6    2.2    3.3    3.9    4.6    4.2    3.4    2.9    2.9    2.9    3.2    2.8    3.2    3.2    2.0    2.7    1.5  .....
  Real disposable personal income......     .6    1.3    3.3    3.7    4.2    3.5    2.7    4.1    2.3    2.3    1.3    1.1    3.1    2.6    3.3    3.2    3.5    3.2

  Price indexes:
    Gross domestic purchases...........    2.6    2.1    2.3    2.2    2.2    3.1    3.3    3.7    3.5    3.4    3.8    3.8    3.6    3.8    3.3    2.4    2.6    2.6
    Gross domestic purchases excluding
     food and energy...................    1.9    1.8    1.9    1.9    2.1    2.7    2.9    3.1    3.2    3.0    3.0    3.1    2.9    3.1    3.0    2.8    2.8    2.4
    GDP................................    2.1    2.1    2.2    2.2    2.3    2.9    3.0    3.2    3.3    3.0    3.3    3.4    3.2    3.5    3.2    2.7    2.9    2.7
    GDP excluding food and energy......    2.0    1.9    1.9    1.9    2.1    2.7    2.9    3.2    3.3    3.1    3.2    3.3    3.1    3.3    3.2    2.9    2.9    2.5
    PCE................................    2.3    1.8    1.9    1.9    2.0    2.8    2.7    3.1    2.8    2.6    3.2    3.2    3.1    3.3    2.9    1.9    2.3    2.3
    PCE excluding food and energy......    1.5    1.4    1.3    1.4    1.8    2.1    2.1    2.2    2.3    2.1    2.1    2.2    2.0    2.2    2.4    2.3    2.4    2.0
    Market-based PCE\1\................    2.3    1.7    1.8    1.6    1.6    2.4    2.3    2.8    2.4    2.4    3.1    3.0    2.9    3.2    2.7    1.6    2.2    2.2
    Market-based PCE excluding food
     and energy\1\.....................    1.3    1.2    1.1    1.0    1.3    1.5    1.4    1.6    1.8    1.7    1.7    1.7    1.6    1.9    2.1    2.0    2.2    1.8
---------------------------------------------------------------------------------------------------------------------------------------------------------------------
  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]
-------------------------------------------------------------------------------------------------------------------------------------
                                                2003     2004     2005     2006     I 03    II 03   III 03    IV 03     I 04    II 04
-------------------------------------------------------------------------------------------------------------------------------------
Gross domestic product..................... 10,960.8 11,685.9 12,433.9 13,194.7 10,705.6 10,831.8 11,086.1 11,219.5 11,405.5 11,610.3

Plus: Income receipts from the rest of the
 world.....................................    336.8    437.5    544.1    691.4    315.6    323.6    337.2    370.8    407.5    425.4
Less: Income payments to the rest of the
 world.....................................    280.0    361.3    475.6    633.4    276.2    267.0    283.6    293.1    311.3    352.6

Equals: Gross national product............. 11,017.6 11,762.1 12,502.4 13,252.7 10,744.9 10,888.4 11,139.8 11,297.3 11,501.7 11,683.1

Less: Consumption of fixed capital.........  1,336.5  1,436.1  1,609.5  1,615.2  1,317.0  1,329.5  1,342.6  1,357.0  1,373.7  1,394.3
Less: Statistical discrepancy..............     48.8     19.1      5.4    -18.1     21.3     21.1     97.9     54.9     38.0     40.8

Equals: National income....................  9,632.3 10,306.8 10,887.6 11,655.6  9,406.7  9,537.9  9,699.3  9,885.4 10,090.0 10,248.0
  Compensation of employees................  6,325.4  6,656.4  7,029.6  7,448.3  6,202.4  6,289.0  6,365.8  6,444.3  6,505.6  6,596.7
    Wage and salary accruals...............  5,127.7  5,379.5  5,672.9  6,025.7  5,032.4  5,098.7  5,159.3  5,220.4  5,257.4  5,329.7
    Supplements to wages and salaries......  1,197.7  1,276.9  1,356.8  1,422.6  1,170.0  1,190.3  1,206.6  1,223.9  1,248.2  1,266.9
  Proprietors' income with inventory
   valuation and capital consumption
   adjustments.............................    811.3    911.6    969.9  1,006.7    779.1    801.6    823.5    840.8    879.3    908.7
  Rental income of persons with capital
   consumption adjustment..................    133.0    118.4     42.9     54.5    137.4    130.5    116.3    147.6    140.4    126.0
  Corporate profits with inventory
   valuation and capital consumption
   adjustments.............................    993.1  1,231.2  1,372.8  1,553.7    923.6    956.2  1,016.2  1,076.5  1,184.0  1,227.4
  Net interest and miscellaneous payments..    524.7    491.2    558.0    598.5    529.1    529.6    526.4    513.7    497.3    491.8
  Taxes on production and imports less
   subsidies...............................    759.3    819.2    863.1    917.6    745.5    744.6    766.4    780.7    801.1    814.2
  Business current transfer payments.......     83.8     83.0     66.5     90.2     84.1     83.8     84.1     83.3     84.8     86.6
  Current surplus of government
   enterprises.............................      1.7     -4.2    -15.1    -13.9      5.4      2.5       .5     -1.5     -2.5     -3.3

Addendum:
  Gross domestic income.................... 10,912.0 11,666.8 12,428.6 13,212.8 10,684.3 10,810.8 10,988.2 11,164.7 11,367.5 11,569.5
-------------------------------------------------------------------------------------------------------------------------------------

                         Table 9.--Relation of Gross Domestic Product, Gross National Product, and National Income--Continued
                                          [Billions of dollars; quarters seasonally adjusted at annual rates]
-------------------------------------------------------------------------------------------------------------------------------------------------------
                                              III 04    IV 04     I 05    II 05   III 05    IV 05     I 06    II 06   III 06    IV 06     I 07    II 07
-------------------------------------------------------------------------------------------------------------------------------------------------------
Gross domestic product..................... 11,779.4 11,948.5 12,154.0 12,317.4 12,558.8 12,705.5 12,964.6 13,155.0 13,266.9 13,392.3 13,551.9 13,755.9

Plus: Income receipts from the rest of the
 world.....................................    446.5    470.6    499.1    523.3    558.1    595.9    633.3    688.9    709.7    733.8    752.2    .....
Less: Income payments to the rest of the
 world.....................................    363.5    417.9    429.0    455.6    471.2    546.3    570.4    625.0    664.7    673.7    689.0    .....

Equals: Gross national product............. 11,862.3 12,001.1 12,224.0 12,385.1 12,645.7 12,755.0 13,027.5 13,218.9 13,311.9 13,452.4 13,615.1    .....

Less: Consumption of fixed capital.........  1,534.5  1,442.0  1,466.6  1,492.4  1,903.9  1,574.9  1,574.8  1,602.8  1,628.8  1,654.4  1,670.9  1,686.6
Less: Statistical discrepancy..............     10.0    -12.2    -11.1    -10.3     27.2     15.7    -20.9     -2.6     -2.5    -46.6    -35.5    .....

Equals: National income.................... 10,317.8 10,571.3 10,768.5 10,903.0 10,714.6 11,164.5 11,473.6 11,618.7 11,685.6 11,844.6 11,979.7    .....
  Compensation of employees................  6,709.7  6,813.6  6,890.5  6,961.3  7,088.5  7,178.3  7,328.7  7,371.9  7,442.5  7,649.9  7,734.1  7,842.3
    Wage and salary accruals...............  5,422.8  5,508.1  5,559.1  5,614.0  5,720.4  5,797.9  5,925.6  5,958.4  6,015.8  6,203.0  6,261.4  6,355.6
    Supplements to wages and salaries......  1,286.9  1,305.5  1,331.3  1,347.2  1,368.1  1,380.4  1,403.1  1,413.5  1,426.7  1,446.9  1,472.7  1,486.7
  Proprietors' income with inventory
   valuation and capital consumption
   adjustments.............................    914.1    944.4    948.8    971.1    967.1    992.6  1,000.1  1,013.5  1,003.6  1,009.8  1,027.4  1,035.1
  Rental income of persons with capital
   consumption adjustment..................    105.5    101.7     87.6     74.5    -49.8     59.3     59.0     55.4     52.9     50.9     53.2     58.4
  Corporate profits with inventory
   valuation and capital consumption
   adjustments.............................  1,218.7  1,294.8  1,376.7  1,404.0  1,297.9  1,412.5  1,515.5  1,575.5  1,592.5  1,531.2  1,547.7    .....
  Net interest and miscellaneous payments..    483.9    491.8    534.0    546.7    568.5    583.0    592.9    611.0    594.2    596.0    599.6    599.4
  Taxes on production and imports less
   subsidies...............................    823.6    837.9    845.1    859.7    870.4    877.0    900.1    916.2    922.9    931.1    943.8    954.7
  Business current transfer payments.......     67.0     93.6     94.3     96.1      -.3     75.8     89.1     88.6     91.4     91.8     91.8     92.5
  Current surplus of government
   enterprises.............................     -4.7     -6.5     -8.5    -10.4    -27.7    -13.9    -11.7    -13.4    -14.5    -16.0    -17.8    -15.2

Addendum:
  Gross domestic income.................... 11,769.4 11,960.6 12,165.1 12,327.7 12,531.6 12,689.8 12,985.5 13,157.5 13,269.4 13,438.9 13,587.4    .....
-------------------------------------------------------------------------------------------------------------------------------------------------------

                                           Table 10.--Personal Income and Its Disposition
                                 [Billions of dollars; quarters seasonally adjusted at annual rates]
-------------------------------------------------------------------------------------------------------------------------------------
                                                2003     2004     2005     2006     I 03    II 03   III 03    IV 03     I 04    II 04
-------------------------------------------------------------------------------------------------------------------------------------
Personal income\1\.........................  9,163.6  9,727.2 10,301.1 10,983.4  8,998.2  9,111.3  9,203.6  9,341.3  9,482.8  9,629.6

  Compensation of employees, received......  6,310.4  6,671.4  7,024.6  7,440.8  6,191.0  6,275.4  6,340.8  6,434.3  6,509.1  6,618.2
    Wage and salary disbursements..........  5,112.7  5,394.5  5,667.9  6,018.2  5,021.0  5,085.1  5,134.3  5,210.4  5,260.9  5,351.2
    Supplements to wages and salaries......  1,197.7  1,276.9  1,356.8  1,422.6  1,170.0  1,190.3  1,206.6  1,223.9  1,248.2  1,266.9
  Proprietors' income with inventory
   valuation and capital consumption
   adjustments.............................    811.3    911.6    969.9  1,006.7    779.1    801.6    823.5    840.8    879.3    908.7
    Farm...................................     29.2     37.3     30.8     19.4     21.8     30.5     32.1     32.5     40.3     39.6
    Nonfarm................................    782.1    874.3    939.1    987.4    757.4    771.2    791.5    808.3    839.1    869.1
  Rental income of persons with capital
   consumption adjustment..................    133.0    118.4     42.9     54.5    137.4    130.5    116.3    147.6    140.4    126.0
  Personal income receipts on assets.......  1,336.6  1,432.1  1,617.8  1,796.5  1,329.1  1,334.9  1,339.5  1,343.1  1,359.8  1,384.4
    Personal interest income...............    914.1    895.1  1,018.9  1,100.2    919.7    919.6    914.6    902.4    888.1    885.9
    Personal dividend income...............    422.6    537.0    598.9    696.3    409.4    415.3    424.9    440.7    471.8    498.5
  Personal current transfer receipts.......  1,351.0  1,422.5  1,520.7  1,612.5  1,327.0  1,344.0  1,365.5  1,367.6  1,404.9  1,415.3

  Less: Contributions for government
   social insurance........................    778.6    828.8    874.8    927.6    765.4    775.0    782.1    791.9    810.8    822.9

Less: Personal current taxes...............  1,001.1  1,046.3  1,209.1  1,354.3  1,022.7  1,023.7    942.6  1,015.4  1,008.1  1,024.5

Equals: Disposable personal income.........  8,162.5  8,680.9  9,092.0  9,629.1  7,975.5  8,087.6  8,261.0  8,326.0  8,474.7  8,605.1

Less: Personal outlays.....................  7,987.7  8,499.2  9,047.4  9,590.3  7,826.4  7,913.7  8,067.0  8,143.5  8,299.5  8,432.9

Equals: Personal saving....................    174.9    181.7     44.6     38.8    149.1    173.9    194.0    182.5    175.1    172.2

  Personal saving as a percentage of
   disposable personal income..............      2.1      2.1       .5       .4      1.9      2.2      2.3      2.2      2.1      2.0

Addendum:
  Disposable personal income, billions of
   chained (2000) dollars\2\...............  7,729.9  8,008.9  8,147.9  8,396.9  7,591.7  7,685.7  7,804.8  7,837.3  7,908.7  7,955.1
-------------------------------------------------------------------------------------------------------------------------------------
  1. Personal income is also equal to national income less corporate
profits with inventory valuation and capital consumption adjustments,
taxes on production and imports less subsidies, contributions for
government social insurance, net interest and miscellaneous payments,
business current transfer payments, current surplus of government
enterprises, and wage accruals less disbursements, plus personal
income receipts on assets, and personal current transfer receipts.
  2. Equals disposable personal income deflated by the implicit price
deflator for personal consumption expenditures.

                                               Table 10.--Personal Income and Its Disposition--Continued
                                          [Billions of dollars; quarters seasonally adjusted at annual rates]
-------------------------------------------------------------------------------------------------------------------------------------------------------
                                              III 04    IV 04     I 05    II 05   III 05    IV 05     I 06    II 06   III 06    IV 06     I 07    II 07
-------------------------------------------------------------------------------------------------------------------------------------------------------
Personal income\1\.........................  9,770.9 10,025.5 10,074.1 10,234.1 10,328.6 10,567.4 10,787.1 10,915.5 11,030.9 11,200.2 11,484.1 11,598.4

  Compensation of employees, received......  6,734.7  6,823.6  6,890.5  6,961.3  7,088.5  7,158.3  7,348.7  7,371.9  7,442.5  7,599.9  7,784.1  7,842.3
    Wage and salary disbursements..........  5,447.8  5,518.1  5,559.1  5,614.0  5,720.4  5,777.9  5,945.6  5,958.4  6,015.8  6,153.0  6,311.4  6,355.6
    Supplements to wages and salaries......  1,286.9  1,305.5  1,331.3  1,347.2  1,368.1  1,380.4  1,403.1  1,413.5  1,426.7  1,446.9  1,472.7  1,486.7
  Proprietors' income with inventory
   valuation and capital consumption
   adjustments.............................    914.1    944.4    948.8    971.1    967.1    992.6  1,000.1  1,013.5  1,003.6  1,009.8  1,027.4  1,035.1
    Farm...................................     33.0     36.5     30.1     34.0     30.9     28.2     20.8     14.6     18.1     23.9     29.1     25.7
    Nonfarm................................    881.1    908.0    918.6    937.1    936.2    964.4    979.3    998.9    985.5    985.8    998.3  1,009.4
  Rental income of persons with capital
   consumption adjustment..................    105.5    101.7     87.6     74.5    -49.8     59.3     59.0     55.4     52.9     50.9     53.2     58.4
  Personal income receipts on assets.......  1,420.1  1,564.1  1,527.6  1,590.0  1,643.9  1,709.5  1,725.6  1,795.7  1,828.1  1,836.6  1,882.9  1,924.7
    Personal interest income...............    894.0    912.3    964.0  1,004.4  1,033.8  1,073.3  1,065.7  1,112.7  1,119.7  1,102.8  1,126.1  1,143.1
    Personal dividend income...............    526.1    651.8    563.6    585.7    610.1    636.2    659.9    682.9    708.4    733.8    756.8    781.6
  Personal current transfer receipts.......  1,432.7  1,437.1  1,480.6  1,505.2  1,560.6  1,536.2  1,572.5  1,599.1  1,630.6  1,647.7  1,710.7  1,717.1

  Less: Contributions for government
   social insurance........................    836.1    845.5    861.0    867.9    881.7    888.5    918.8    920.1    926.8    944.6    974.1    979.3

Less: Personal current taxes...............  1,062.1  1,090.7  1,166.4  1,195.5  1,223.5  1,251.0  1,318.6  1,342.6  1,355.2  1,401.0  1,459.0  1,486.7

Equals: Disposable personal income.........  8,708.9  8,934.8  8,907.7  9,038.6  9,105.1  9,316.4  9,468.5  9,572.9  9,675.8  9,799.2 10,025.1 10,111.7

Less: Personal outlays.....................  8,553.7  8,710.6  8,819.0  8,970.8  9,153.9  9,245.7  9,384.0  9,542.9  9,677.1  9,757.2  9,917.5 10,055.8

Equals: Personal saving....................    155.2    224.2     88.7     67.8    -48.8     70.8     84.5     30.0     -1.4     42.0    107.6     55.9

  Personal saving as a percentage of
   disposable personal income..............      1.8      2.5      1.0       .8      -.5       .8       .9       .3       .0       .4      1.1       .6

Addendum:
  Disposable personal income, billions of
   chained (2000) dollars\2\...............  8,012.2  8,158.8  8,089.8  8,140.9  8,115.4  8,246.0  8,344.2  8,348.6  8,384.5  8,510.7  8,633.0  8,616.1
-------------------------------------------------------------------------------------------------------------------------------------------------------
  1. Personal income is also equal to national income less corporate
profits with inventory valuation and capital consumption adjustments,
taxes on production and imports less subsidies, contributions for
government social insurance, net interest and miscellaneous payments,
business current transfer payments, current surplus of government
enterprises, and wage accruals less disbursements, plus personal
income receipts on assets, and personal current transfer receipts.
  2. Equals disposable personal income deflated by the implicit price
deflator for personal consumption expenditures.

                                                 Table 11A.--Corporate Profits
                                                     [Billions of dollars]
-------------------------------------------------------------------------------------------------------------------------------
                                          2003     2004     2005     2006     I 03    II 03   III 03    IV 03     I 04    II 04
-------------------------------------------------------------------------------------------------------------------------------
Corporate profits with inventory
 valuation and capital consumption
 adjustments.........................    993.1  1,231.2  1,372.8  1,553.7    923.6    956.2  1,016.2  1,076.5  1,184.0  1,227.4

Less: Taxes on corporate income......    243.3    307.4    392.9    453.9    234.1    228.9    245.5    264.7    282.5    307.1

Equals: Profits after tax with
 inventory valuation and capital
 consumption adjustments.............    749.9    923.9    979.9  1,099.8    689.5    727.4    770.7    811.8    901.5    920.3
  Net dividends......................    424.7    539.5    601.4    698.9    411.7    417.4    427.1    442.8    473.9    500.7
  Undistributed profits with
   inventory valuation and
   capital consumption
   adjustments.......................    325.1    384.4    378.6    400.9    277.8    310.0    343.6    369.0    427.7    419.6

Cash flow:
  Net cash flow with inventory
   valuation and capital
   consumption adjustments...........  1,084.9  1,181.5  1,235.4  1,290.9  1,030.0  1,067.0  1,105.9  1,136.9  1,201.5  1,200.8
    Undistributed profits with
     inventory valuation and
     capital consumption
     adjustments.....................    325.1    384.4    378.6    400.9    277.8    310.0    343.6    369.0    427.7    419.6
    Consumption of fixed capital.....    759.8    797.1    856.8    890.0    752.1    757.0    762.3    767.9    773.8    781.2

  Less: Inventory valuation
   adjustment........................    -13.6    -43.1    -36.2    -36.3    -25.8     -3.3     -5.3    -19.9    -33.7    -51.9

  Equals: Net cash flow..............  1,098.5  1,224.6  1,271.6  1,327.2  1,055.8  1,070.3  1,111.2  1,156.8  1,235.1  1,252.7

Addenda:
  Profits before tax (without
   inventory valuation and capital
   consumption adjustments)..........    908.1  1,204.7  1,579.6  1,805.8    859.4    851.1    918.3  1,003.5  1,128.3  1,199.6
  Profits after tax (without
   inventory valuation and capital
   consumption adjustments)..........    664.8    897.3  1,186.7  1,351.9    625.3    622.2    672.7    738.9    845.8    892.5
  Inventory valuation adjustment.....    -13.6    -43.1    -36.2    -36.3    -25.8     -3.3     -5.3    -19.9    -33.7    -51.9
  Capital consumption adjustment.....     98.7     69.7   -170.6   -215.8     90.0    108.4    103.3     92.9     89.4     79.7
-------------------------------------------------------------------------------------------------------------------------------

                                                Table 11A.--Corporate Profits--Continued
                                  [Billions of dollars; quarters seasonally adjusted at annual rates]
----------------------------------------------------------------------------------------------------------------------------------------
                                        III 04    IV 04     I 05    II 05   III 05    IV 05     I 06    II 06   III 06    IV 06     I 07
----------------------------------------------------------------------------------------------------------------------------------------
Corporate profits with inventory
 valuation and capital consumption
 adjustments.........................  1,218.7  1,294.8  1,376.7  1,404.0  1,297.9  1,412.5  1,515.5  1,575.5  1,592.5  1,531.2  1,547.7

Less: Taxes on corporate income......    302.5    337.3    389.0    393.8    373.1    415.6    432.8    460.0    470.4    452.4    452.5

Equals: Profits after tax with
 inventory valuation and capital
 consumption adjustments.............    916.2    957.4    987.7  1,010.3    924.8    996.8  1,082.6  1,115.6  1,122.1  1,078.8  1,095.2
  Net dividends......................    528.5    654.8    566.0    588.1    612.6    638.7    662.5    685.6    711.1    736.4    759.4
  Undistributed profits with
   inventory valuation and
   capital consumption
   adjustments.......................    387.7    302.6    421.7    422.2    312.2    358.1    420.2    430.0    411.1    342.4    335.8

Cash flow:
  Net cash flow with inventory
   valuation and capital
   consumption adjustments...........  1,220.7  1,103.1  1,234.0  1,247.2  1,239.9  1,220.4  1,289.9  1,314.2  1,308.3  1,251.3  1,251.5
    Undistributed profits with
     inventory valuation and
     capital consumption
     adjustments.....................    387.7    302.6    421.7    422.2    312.2    358.1    420.2    430.0    411.1    342.4    335.8
    Consumption of fixed capital.....    833.0    800.4    812.2    825.1    927.7    862.3    869.7    884.2    897.3    908.9    915.7

  Less: Inventory valuation
   adjustment........................    -39.6    -47.2    -45.3    -19.4    -32.9    -47.0    -31.4    -57.7    -35.2    -21.0    -40.2

  Equals: Net cash flow..............  1,260.3  1,150.2  1,279.3  1,266.6  1,272.8  1,267.5  1,321.2  1,371.9  1,343.6  1,272.2  1,291.7

Addenda:
  Profits before tax (without
   inventory valuation and capital
   consumption adjustments)..........  1,199.3  1,291.5  1,558.3  1,578.7  1,528.3  1,653.0  1,740.2  1,842.3  1,851.4  1,789.2  1,815.8
  Profits after tax (without
   inventory valuation and capital
   consumption adjustments)..........    896.7    954.2  1,169.4  1,184.9  1,155.2  1,237.3  1,307.3  1,382.4  1,381.0  1,336.8  1,363.3
  Inventory valuation adjustment.....    -39.6    -47.2    -45.3    -19.4    -32.9    -47.0    -31.4    -57.7    -35.2    -21.0    -40.2
  Capital consumption adjustment.....     59.0     50.5   -136.3   -155.2   -197.5   -193.5   -193.3   -209.1   -223.7   -237.0   -227.9
----------------------------------------------------------------------------------------------------------------------------------------

                              Table 11B.--Corporate Profits: Percent Change From Preceding Period
                                                       [Quarterly rates]
-------------------------------------------------------------------------------------------------------------------------------
                                          2003     2004     2005     2006     I 03    II 03   III 03    IV 03     I 04    II 04
-------------------------------------------------------------------------------------------------------------------------------
Corporate profits with inventory
 valuation and capital consumption
 adjustments.........................     12.1     24.0     11.5     13.2     -3.4      3.5      6.3      5.9     10.0      3.7

Less: Taxes on corporate income......     26.3     26.3     27.8     15.5     11.4     -2.2      7.3      7.8      6.7      8.7

Equals: Profits after tax with
 inventory valuation and capital
 consumption adjustments.............      8.1     23.2      6.1     12.2     -7.6      5.5      6.0      5.3     11.1      2.1
  Net dividends......................      6.4     27.0     11.5     16.2      -.1      1.4      2.3      3.7      7.0      5.7
  Undistributed profits with
   inventory valuation and
   capital consumption
   adjustments.......................     10.4     18.2     -1.5      5.9    -16.8     11.6     10.9      7.4     15.9     -1.9

Cash flow:
  Net cash flow with inventory
   valuation and capital
   consumption adjustments...........      4.7      8.9      4.6      4.5     -4.4      3.6      3.6      2.8      5.7      -.1
    Undistributed profits with
     inventory valuation and
     capital consumption
     adjustments.....................     10.4     18.2     -1.5      5.9    -16.8     11.6     10.9      7.4     15.9     -1.9
    Consumption of fixed capital.....      2.4      4.9      7.5      3.9      1.2       .6       .7       .7       .8      1.0

  Less: Inventory valuation
   adjustment........................    .....    .....    .....    .....    .....    .....    .....    .....    .....    .....

  Equals: Net cash flow..............      5.7     11.5      3.8      4.4     -2.8      1.4      3.8      4.1      6.8      1.4

Addenda:
  Profits before tax (without
   inventory valuation and capital
   consumption adjustments)..........     18.2     32.7     31.1     14.3       .9     -1.0      7.9      9.3     12.4      6.3
  Profits after tax (without
   inventory valuation and capital
   consumption adjustments)..........     15.5     35.0     32.2     13.9     -2.5      -.5      8.1      9.8     14.5      5.5
  Inventory valuation adjustment.....    .....    .....    .....    .....    .....    .....    .....    .....    .....    .....
  Capital consumption adjustment.....    .....    .....    .....    .....    .....    .....    .....    .....    .....    .....
-------------------------------------------------------------------------------------------------------------------------------

                             Table 11B.--Corporate Profits: Percent Change From Preceding Period--Continued
                                                           [Quarterly rates]
----------------------------------------------------------------------------------------------------------------------------------------
                                        III 04    IV 04     I 05    II 05   III 05    IV 05     I 06    II 06   III 06    IV 06     I 07
----------------------------------------------------------------------------------------------------------------------------------------
Corporate profits with inventory
 valuation and capital consumption
 adjustments.........................      -.7      6.2      6.3      2.0     -7.6      8.8      7.3      4.0      1.1     -3.8      1.1

Less: Taxes on corporate income......     -1.5     11.5     15.3      1.2     -5.3     11.4      4.1      6.3      2.3     -3.8       .0

Equals: Profits after tax with
 inventory valuation and capital
 consumption adjustments.............      -.4      4.5      3.2      2.3     -8.5      7.8      8.6      3.0       .6     -3.9      1.5
  Net dividends......................      5.5     23.9    -13.6      3.9      4.2      4.3      3.7      3.5      3.7      3.6      3.1
  Undistributed profits with
   inventory valuation and
   capital consumption
   adjustments.......................     -7.6    -21.9     39.3       .1    -26.0     14.7     17.3      2.3     -4.4    -16.7     -1.9

Cash flow:
  Net cash flow with inventory
   valuation and capital
   consumption adjustments...........      1.7     -9.6     11.9      1.1      -.6     -1.6      5.7      1.9      -.4     -4.4       .0
    Undistributed profits with
     inventory valuation and
     capital consumption
     adjustments.....................     -7.6    -21.9     39.3       .1    -26.0     14.7     17.3      2.3     -4.4    -16.7     -1.9
    Consumption of fixed capital.....      6.6     -3.9      1.5      1.6     12.4     -7.1       .9      1.7      1.5      1.3       .7

  Less: Inventory valuation
   adjustment........................    .....    .....    .....    .....    .....    .....    .....    .....    .....    .....    .....

  Equals: Net cash flow..............       .6     -8.7     11.2     -1.0       .5      -.4      4.2      3.8     -2.1     -5.3      1.5

Addenda:
  Profits before tax (without
   inventory valuation and capital
   consumption adjustments)..........       .0      7.7     20.7      1.3     -3.2      8.2      5.3      5.9       .5     -3.4      1.5
  Profits after tax (without
   inventory valuation and capital
   consumption adjustments)..........       .5      6.4     22.6      1.3     -2.5      7.1      5.7      5.7      -.1     -3.2      2.0
  Inventory valuation adjustment.....    .....    .....    .....    .....    .....    .....    .....    .....    .....    .....    .....
  Capital consumption adjustment.....    .....    .....    .....    .....    .....    .....    .....    .....    .....    .....    .....
----------------------------------------------------------------------------------------------------------------------------------------

                                          Table 12A.--Corporate Profits by Industry
                             [Billions of dollars; quarters seasonally adjusted at annual rates]
------------------------------------------------------------------------------------------------------------------------------
                                         2003     2004     2005     2006     I 03    II 03   III 03    IV 03     I 04    II 04
------------------------------------------------------------------------------------------------------------------------------
    Corporate profits with
     inventory valuation and
     capital consumption
     adjustments....................    993.1  1,231.2  1,372.8  1,553.7    923.6    956.2  1,016.2  1,076.5  1,184.0  1,227.4

Domestic industries.................    827.7  1,037.8  1,154.6  1,296.4    774.4    797.3    853.1    885.9    982.1  1,039.6
  Financial.........................    335.6    356.2    405.5    482.2    321.0    327.5    344.6    349.2    358.8    358.7
  Nonfinancial......................    492.1    681.6    749.1    814.3    453.4    469.8    508.6    536.6    623.3    681.0

Rest of the world...................    165.5    193.4    218.2    257.3    149.2    158.9    163.1    190.6    201.9    187.7
  Receipts from the rest of the
   world............................    249.1    316.4    358.7    419.8    229.5    236.3    250.3    280.2    303.3    313.4
  Less: Payments to the rest of the
   world............................     83.6    123.0    140.6    162.5     80.3     77.4     87.2     89.5    101.3    125.7

    Corporate profits with
     inventory valuation adjustment.    894.5  1,161.6  1,543.4  1,769.5    833.6    847.8    912.9    983.6  1,094.6  1,147.7

Domestic industries.................    729.0    968.2  1,325.2  1,512.2    684.4    688.9    749.8    793.0    892.7    959.9
  Financial.........................    317.3    348.9    423.6    505.3    301.6    307.3    326.4    333.8    347.3    350.2
    Federal Reserve banks...........     20.1     20.0     26.6     33.8     21.8     20.8     19.5     18.2     19.0     19.1
    Other financial.................    297.2    328.9    397.1    471.4    279.8    286.5    306.9    315.5    328.3    331.1

  Nonfinancial......................    411.8    619.3    901.6  1,006.9    382.8    381.6    423.5    459.2    545.4    609.7
    Utilities.......................     11.6     18.6     28.4     35.7     11.5     10.5     11.0     13.2     15.2     17.8
    Manufacturing...................     76.0    152.7    251.2    293.4     63.6     55.2     77.0    108.2    134.2    148.3
      Durable goods.................     -5.9     38.3     85.1     95.9     -6.8    -13.3    -11.6      8.1     27.5     37.2
        Fabricated metal products...      7.9     11.9     17.3     20.3      7.1      8.8      6.9      9.1      9.5     11.6
        Machinery...................      1.5      7.2     16.0     19.3      -.3      1.6      1.4      3.4      5.0      6.5
        Computer and electronic
         products...................    -15.6     -4.9     10.1      7.7    -20.5    -19.0    -16.4     -6.5     -6.3     -5.7
        Electrical equipment,
         appliances, and components.      2.1       .3     -3.7     -1.9      1.6      1.9      2.3      2.6      2.0      1.9
        Motor vehicles, bodies and
         trailers, and parts........    -12.3     -7.6       .1     -1.1     -6.0    -13.5    -15.5    -14.1     -1.0     -9.0
        Other durable goods.........     10.5     31.3     45.3     51.7     11.5      6.9      9.7     13.7     18.3     31.8

      Nondurable goods..............     81.9    114.5    166.0    197.5     70.3     68.6     88.6    100.1    106.7    111.1
        Food and beverage and
         tobacco products...........     23.6     24.2     27.8     29.2     20.6     23.6     23.1     27.0     26.6     22.9
        Petroleum and coal products.     23.3     48.9     89.8    110.4     18.2     15.0     26.9     33.3     41.4     46.6
        Chemical products...........     19.5     25.4     29.7     37.6     17.2     17.5     22.1     21.0     20.6     26.5
        Other nondurable goods......     15.5     16.0     18.7     20.3     14.3     12.4     16.5     18.8     18.1     15.1

    Wholesale trade.................     55.2     79.2     95.2     97.0     47.3     47.2     61.0     65.4     69.0     79.6
    Retail trade....................     86.8     91.1    114.4    124.5     80.9     89.7     89.5     87.3     96.2     91.1
    Transportation and warehousing..      7.3     14.1     28.2     41.9      3.5      8.6      8.0      9.0     13.9     20.0
    Information.....................      3.2     43.9     74.8     85.4     -5.1      1.8     11.3      4.8     13.1     45.7
    Other nonfinancial..............    171.7    219.7    309.5    329.0    181.0    168.7    165.7    171.2    203.8    207.1

Rest of the world...................    165.5    193.4    218.2    257.3    149.2    158.9    163.1    190.6    201.9    187.7
------------------------------------------------------------------------------------------------------------------------------
 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 04    IV 04     I 05    II 05   III 05    IV 05     I 06    II 06   III 06    IV 06     I 07
---------------------------------------------------------------------------------------------------------------------------------------
    Corporate profits with
     inventory valuation and
     capital consumption
     adjustments....................  1,218.7  1,294.8  1,376.7  1,404.0  1,297.9  1,412.5  1,515.5  1,575.5  1,592.5  1,531.2  1,547.7

Domestic industries.................  1,013.8  1,115.8  1,172.7  1,192.4  1,057.5  1,195.9  1,273.4  1,316.1  1,342.8  1,253.5  1,249.8
  Financial.........................    297.5    409.8    449.3    412.3    345.3    415.1    458.1    498.6    476.3    495.6    468.7
  Nonfinancial......................    716.3    706.0    723.4    780.2    712.2    780.8    815.3    817.5    866.4    757.9    781.1

Rest of the world...................    205.0    179.0    204.0    211.6    240.4    216.6    242.1    259.4    249.8    277.8    297.9
  Receipts from the rest of the
   world............................    322.3    326.6    339.8    349.9    363.8    381.4    394.0    420.6    425.9    438.7    448.7
  Less: Payments to the rest of the
   world............................    117.3    147.6    135.8    138.3    123.4    164.9    151.8    161.2    176.1    160.9    150.8

    Corporate profits with
     inventory valuation adjustment.  1,159.7  1,244.3  1,513.0  1,559.3  1,495.4  1,605.9  1,708.8  1,784.6  1,816.2  1,768.2  1,775.6

Domestic industries.................    954.7  1,065.4  1,309.0  1,347.6  1,255.0  1,389.3  1,466.7  1,525.2  1,566.4  1,490.4  1,477.7
  Financial.........................    292.4    405.7    464.8    429.3    364.8    435.6    478.7    521.0    500.3    521.0    493.0
    Federal Reserve banks...........     20.1     21.9     23.1     25.9     26.9     30.4     30.9     33.8     35.9     34.8     38.5
    Other financial.................    272.3    383.8    441.8    403.3    338.0    405.1    447.8    487.3    464.4    486.2    454.5

  Nonfinancial......................    662.4    659.6    844.2    918.4    890.2    953.8    987.9  1,004.2  1,066.1    969.5    984.7
    Utilities.......................     18.6     22.8     30.2     30.4     19.9     32.9     31.7     35.3     37.8     37.8     36.4
    Manufacturing...................    158.4    170.0    244.2    244.9    252.5    263.1    276.1    298.0    319.5    280.2    298.9
      Durable goods.................     42.8     45.6     80.2     89.8     87.0     83.7     93.0     81.8    101.8    107.2    113.0
        Fabricated metal products...     12.2     14.4     16.3     17.6     19.1     16.2     20.4     18.9     19.3     22.5     23.3
        Machinery...................      9.5      7.9     12.1     15.2     17.0     19.9     20.7     19.5     18.3     18.7     21.8
        Computer and electronic
         products...................     -4.6     -2.9      5.5     10.4     11.7     12.8      9.8      7.8      7.1      6.2      9.0
        Electrical equipment,
         appliances, and components.      -.3     -2.3     -3.7     -4.3     -3.1     -3.9     -3.4     -2.9     -1.6       .2      1.3
        Motor vehicles, bodies and
         trailers, and parts........    -10.6     -9.9      2.7      2.9      -.9     -4.3     -1.4     -2.8     -1.4      1.3      4.6
        Other durable goods.........     36.6     38.4     47.3     47.9     43.1     42.9     47.0     41.4     60.1     58.3     52.9

      Nondurable goods..............    115.6    124.4    164.0    155.1    165.5    179.4    183.1    216.1    217.6    173.0    185.9
        Food and beverage and
         tobacco products...........     24.4     22.6     28.9     26.7     28.0     27.7     26.7     27.9     30.4     31.8     30.1
        Petroleum and coal products.     40.7     66.9     74.9     81.5     94.5    108.4    102.2    125.6    128.7     85.2     94.9
        Chemical products...........     32.6     21.8     42.2     26.2     24.2     26.1     36.5     41.5     40.6     31.7     41.0
        Other nondurable goods......     17.8     13.1     18.0     20.7     18.8     17.2     17.6     21.2     17.9     24.3     20.0

    Wholesale trade.................     91.4     76.8     89.0    107.4     87.2     97.4     93.3     85.4    118.1     91.1     97.8
    Retail trade....................     87.7     89.2     99.6    122.6    108.5    126.9    119.4    119.6    126.9    132.1    134.3
    Transportation and warehousing..     13.0      9.6     25.0     29.8     31.1     26.7     34.0     45.9     47.7     40.0     39.1
    Information.....................     64.3     52.3     62.2     74.1     79.7     83.2     85.3     83.2     81.5     91.5    109.5
    Other nonfinancial..............    229.0    239.0    293.8    309.4    311.3    323.6    348.1    336.7    334.5    296.7    268.7

Rest of the world...................    205.0    179.0    204.0    211.6    240.4    216.6    242.1    259.4    249.8    277.8    297.9
---------------------------------------------------------------------------------------------------------------------------------------
 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
                                          [Billions of dollars]
----------------------------------------------------------------------------------------------------------
                                       2003   2004   2005   2006   I 03  II 03 III 03  IV 03   I 04  II 04
----------------------------------------------------------------------------------------------------------
    Corporate profits with
     inventory valuation and
     capital consumption
     adjustments....................  106.8  238.1  141.6  180.9  -32.5   32.6   60.0   60.3  107.5   43.4

Domestic industries.................   97.2  210.1  116.8  141.8  -15.2   22.9   55.8   32.8   96.2   57.5
  Financial.........................   34.5   20.6   49.3   76.7   23.2    6.5   17.1    4.6    9.6    -.1
  Nonfinancial......................   62.7  189.5   67.5   65.2  -38.4   16.4   38.8   28.0   86.7   57.7

Rest of the world...................    9.7   27.9   24.8   39.1  -17.3    9.7    4.2   27.5   11.3  -14.2
  Receipts from the rest of the
   world............................   44.7   67.3   42.3   61.1   23.3    6.8   14.0   29.9   23.1   10.1
  Less: Payments to the rest of the
   world............................   35.0   39.4   17.6   21.9   40.6   -2.9    9.8    2.3   11.8   24.4

    Corporate profits with
     inventory valuation adjustment.  128.3  267.1  381.8  226.1   -9.1   14.2   65.1   70.7  111.0   53.1

Domestic industries.................  118.6  239.2  357.0  187.0    8.2    4.5   60.9   43.2   99.7   67.2
  Financial.........................   40.9   31.6   74.7   81.7   26.3    5.7   19.1    7.4   13.5    2.9
    Federal Reserve banks...........   -3.6    -.1    6.6    7.2    -.6   -1.0   -1.3   -1.3     .8     .1
    Other financial.................   44.5   31.7   68.2   74.3   26.9    6.7   20.4    8.6   12.8    2.8

  Nonfinancial......................   77.8  207.5  282.3  105.3  -18.1   -1.2   41.9   35.7   86.2   64.3
    Utilities.......................    1.0    7.0    9.8    7.3   -1.3   -1.0     .5    2.2    2.0    2.6
    Manufacturing...................   27.8   76.7   98.5   42.2   -6.4   -8.4   21.8   31.2   26.0   14.1
      Durable goods.................    4.0   44.2   46.8   10.8  -12.1   -6.5    1.7   19.7   19.4    9.7
        Fabricated metal products...   -1.0    4.0    5.4    3.0   -2.7    1.7   -1.9    2.2     .4    2.1
        Machinery...................    -.2    5.7    8.8    3.3   -1.8    1.9    -.2    2.0    1.6    1.5
        Computer and electronic
         products...................   19.7   10.7   15.0   -2.4    3.4    1.5    2.6    9.9     .2     .6
        Electrical equipment,
         appliances, and components.    2.2   -1.8   -4.0    1.8    1.1     .3     .4     .3    -.6    -.1
        Motor vehicles, bodies and
         trailers, and parts........   -7.3    4.7    7.7   -1.2    -.5   -7.5   -2.0    1.4   13.1   -8.0
        Other durable goods.........   -9.5   20.8   14.0    6.4  -11.4   -4.6    2.8    4.0    4.6   13.5

      Nondurable goods..............   23.8   32.6   51.5   31.5    5.5   -1.7   20.0   11.5    6.6    4.4
        Food and beverage and
         tobacco products...........   -1.3     .6    3.6    1.4     .0    3.0    -.5    3.9    -.4   -3.7
        Petroleum and coal products.   21.7   25.6   40.9   20.6   17.3   -3.2   11.9    6.4    8.1    5.2
        Chemical products...........    1.1    5.9    4.3    7.9   -5.6     .3    4.6   -1.1    -.4    5.9
        Other nondurable goods......    2.3     .5    2.7    1.6   -6.2   -1.9    4.1    2.3    -.7   -3.0

    Wholesale trade.................    5.9   24.0   16.0    1.8   -3.4    -.1   13.8    4.4    3.6   10.6
    Retail trade....................    7.4    4.3   23.3   10.1   -1.2    8.8    -.2   -2.2    8.9   -5.1
    Transportation and warehousing..    8.2    6.8   14.1   13.7     .1    5.1    -.6    1.0    4.9    6.1
    Information.....................   11.7   40.7   30.9   10.6   -7.8    6.9    9.5   -6.5    8.3   32.6
    Other nonfinancial..............   15.9   48.0   89.8   19.5    1.8  -12.3   -3.0    5.5   32.6    3.3

Rest of the world...................    9.7   27.9   24.8   39.1  -17.3    9.7    4.2   27.5   11.3  -14.2
----------------------------------------------------------------------------------------------------------
 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 04  IV 04   I 05  II 05 III 05  IV 05   I 06  II 06 III 06  IV 06   I 07
-----------------------------------------------------------------------------------------------------------------
    Corporate profits with
     inventory valuation and
     capital consumption
     adjustments....................   -8.7   76.1   81.9   27.3 -106.1  114.6  103.0   60.0   17.0  -61.3   16.5

Domestic industries.................  -25.8  102.0   56.9   19.7 -134.9  138.4   77.5   42.7   26.7  -89.3   -3.7
  Financial.........................  -61.2  112.3   39.5  -37.0  -67.0   69.8   43.0   40.5  -22.3   19.3  -26.9
  Nonfinancial......................   35.3  -10.3   17.4   56.8  -68.0   68.6   34.5    2.2   48.9 -108.5   23.2

Rest of the world...................   17.3  -26.0   25.0    7.6   28.8  -23.8   25.5   17.3   -9.6   28.0   20.1
  Receipts from the rest of the
   world............................    8.9    4.3   13.2   10.1   13.9   17.6   12.6   26.6    5.3   12.8   10.0
  Less: Payments to the rest of the
   world............................   -8.4   30.3  -11.8    2.5  -14.9   41.5  -13.1    9.4   14.9  -15.2  -10.1

    Corporate profits with
     inventory valuation adjustment.   12.0   84.6  268.7   46.3  -63.9  110.5  102.9   75.8   31.6  -48.0    7.4

Domestic industries.................   -5.2  110.7  243.6   38.6  -92.6  134.3   77.4   58.5   41.2  -76.0  -12.7
  Financial.........................  -57.8  113.3   59.1  -35.5  -64.5   70.8   43.1   42.3  -20.7   20.7  -28.0
    Federal Reserve banks...........    1.0    1.8    1.2    2.8    1.0    3.5     .5    2.9    2.1   -1.1    3.7
    Other financial.................  -58.8  111.5   58.0  -38.5  -65.3   67.1   42.7   39.5  -22.9   21.8  -31.7

  Nonfinancial......................   52.7   -2.8  184.6   74.2  -28.2   63.6   34.1   16.3   61.9  -96.6   15.2
    Utilities.......................     .8    4.2    7.4     .2  -10.5   13.0   -1.2    3.6    2.5     .0   -1.4
    Manufacturing...................   10.1   11.6   74.2     .7    7.6   10.6   13.0   21.9   21.5  -39.3   18.7
      Durable goods.................    5.6    2.8   34.6    9.6   -2.8   -3.3    9.3  -11.2   20.0    5.4    5.8
        Fabricated metal products...     .6    2.2    1.9    1.3    1.5   -2.9    4.2   -1.5     .4    3.2     .8
        Machinery...................    3.0   -1.6    4.2    3.1    1.8    2.9     .8   -1.2   -1.2     .4    3.1
        Computer and electronic
         products...................    1.1    1.7    8.4    4.9    1.3    1.1   -3.0   -2.0    -.7    -.9    2.8
        Electrical equipment,
         appliances, and components.   -2.2   -2.0   -1.4    -.6    1.2    -.8     .5     .5    1.3    1.8    1.1
        Motor vehicles, bodies and
         trailers, and parts........   -1.6     .7   12.6     .2   -3.8   -3.4    2.9   -1.4    1.4    2.7    3.3
        Other durable goods.........    4.8    1.8    8.9     .6   -4.8    -.2    4.1   -5.6   18.7   -1.8   -5.4

      Nondurable goods..............    4.5    8.8   39.6   -8.9   10.4   13.9    3.7   33.0    1.5  -44.6   12.9
        Food and beverage and
         tobacco products...........    1.5   -1.8    6.3   -2.2    1.3    -.3   -1.0    1.2    2.5    1.4   -1.7
        Petroleum and coal products.   -5.9   26.2    8.0    6.6   13.0   13.9   -6.2   23.4    3.1  -43.5    9.7
        Chemical products...........    6.1  -10.8   20.4  -16.0   -2.0    1.9   10.4    5.0    -.9   -8.9    9.3
        Other nondurable goods......    2.7   -4.7    4.9    2.7   -1.9   -1.6     .4    3.6   -3.3    6.4   -4.3

    Wholesale trade.................   11.8  -14.6   12.2   18.4  -20.2   10.2   -4.1   -7.9   32.7  -27.0    6.7
    Retail trade....................   -3.4    1.5   10.4   23.0  -14.1   18.4   -7.5     .2    7.3    5.2    2.2
    Transportation and warehousing..   -7.0   -3.4   15.4    4.8    1.3   -4.4    7.3   11.9    1.8   -7.7    -.9
    Information.....................   18.6  -12.0    9.9   11.9    5.6    3.5    2.1   -2.1   -1.7   10.0   18.0
    Other nonfinancial..............   21.9   10.0   54.8   15.6    1.9   12.3   24.5  -11.4   -2.2  -37.8  -28.0

Rest of the world...................   17.3  -26.0   25.0    7.6   28.8  -23.8   25.5   17.3   -9.6   28.0   20.1
-----------------------------------------------------------------------------------------------------------------
 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
                                             ------------------------      ------------------------      ------------------------
                                             2004      2005      2006      2004      2005      2006      2004      2005      2006
---------------------------------------------------------------------------------------------------------------------------------
Corporate profits with
 inventory valuation and
 capital consumption
 adjustments...........................   1,231.2   1,372.8   1,553.7      48.6      42.1     -62.0       4.1       3.2      -3.8

  Domestic industries..................   1,037.8   1,154.6   1,296.4      31.5      20.9     -76.2       3.1       1.8      -5.6
    Financial..........................     356.2     405.5     482.2       2.5      36.1       8.2        .7       9.8       1.7
    Nonfinancial.......................     681.6     749.1     814.3      29.0     -15.1     -84.2       4.4      -2.0      -9.4

  Rest of the world....................     193.4     218.2     257.3      17.1      21.2      14.2       9.7      10.8       5.8
    Receipts from the rest of the
     world.............................     316.4     358.7     419.8      14.4      20.7      16.0       4.8       6.1       4.0
    Less: Payments to the rest of the
     world.............................     123.0     140.6     162.5      -2.8       -.4       1.8      -2.2       -.3       1.1

Corporate profits with
 inventory valuation adjustment........   1,161.6   1,543.4   1,769.5      57.1      57.3      -7.1       5.2       3.9       -.4

  Domestic industries..................     968.2   1,325.2   1,512.2      40.0      36.1     -21.2       4.3       2.8      -1.4
    Financial..........................     348.9     423.6     505.3       4.7      34.6       6.6       1.4       8.9       1.3
      Federal Reserve banks............      20.0      26.6      33.8        .0        .0        .0        .0        .0        .0
      Other financial..................     328.9     397.1     471.4       4.8      34.6       6.5       1.5       9.5       1.4

    Nonfinancial.......................     619.3     901.6   1,006.9      35.3       1.5     -27.8       6.0        .2      -2.7
      Utilities........................      18.6      28.4      35.7       2.4      -1.9     -12.9      14.8      -6.3     -26.5
      Manufacturing....................     152.7     251.2     293.4       2.5      -3.6     -18.3       1.7      -1.4      -5.9
        Durable goods..................      38.3      85.1      95.9       7.0      11.3     -12.1      22.4      15.3     -11.2
        Nondurable goods...............     114.5     166.0     197.5      -4.4     -15.0      -6.2      -3.7      -8.3      -3.0

      Wholesale trade..................      79.2      95.2      97.0       9.3      -2.4      -9.0      13.3      -2.5      -8.5
      Retail trade.....................      91.1     114.4     124.5       1.8        .7      -5.6       2.0        .6      -4.3
      Transportation and warehousing...      14.1      28.2      41.9       2.3       7.2       7.2      19.5      34.3      20.7
      Information......................      43.9      74.8      85.4       6.2      -2.7      -2.3      16.4      -3.5      -2.6
      Other nonfinancial...............     219.7     309.5     329.0      10.9       4.3      13.2       5.2       1.4       4.2

  Rest of the world....................     193.4     218.2     257.3      17.1      21.2      14.2       9.7      10.8       5.8

Corporate profits before tax without
 inventory valuation and capital
 consumption adjustments...............   1,204.7   1,579.6   1,805.8      60.4      60.9      -5.1       5.3       4.0       -.3

Addenda:
  Corporate profits after tax with
   inventory valuation and capital
   consumption adjustments.............     923.9     979.9   1,099.8      41.4      48.5     -40.9       4.7       5.2      -3.6

  Net cash flow with inventory
   valuation and capital
   consumption adjustments.............   1,181.5   1,235.4   1,290.9      42.3      24.1     -74.0       3.7       2.0      -5.4
    Undistributed profits with
     inventory valuation and
     capital consumption
     adjustments.......................     384.4     378.6     400.9      41.4      24.1     -97.7      12.1       6.8     -19.6
    Consumption of fixed capital.......     797.1     856.8     890.0        .9        .0      23.7        .1        .0       2.7

  Less: Inventory valuation
   adjustment..........................     -43.1     -36.2     -36.3      -3.3      -3.6      -1.9     .....     .....     .....

  Equals: Net cash flow................   1,224.6   1,271.6   1,327.2      45.7      27.7     -72.0       3.9       2.2      -5.1
---------------------------------------------------------------------------------------------------------------------------------

                               Table 13.--Gross Value Added of Nonfinancial Domestic Corporate Business
                                            [Quarters seasonally adjusted at annual rates]
--------------------------------------------------------------------------------------------------------------------------------------
                                                 2003     2004     2005     2006     I 03    II 03   III 03    IV 03     I 04    II 04
--------------------------------------------------------------------------------------------------------------------------------------
                                                                               Billions of dollars
                                            ------------------------------------------------------------------------------------------

    Gross value added of nonfinancial
     corporate business.....................  5,558.4  5,956.4  6,319.4  6,689.4  5,443.9  5,501.6  5,603.3  5,684.6  5,778.1  5,907.6

Consumption of fixed capital................    657.5    687.4    742.3    772.8    651.8    655.5    659.3    663.4    667.8    673.7

Net value added.............................  4,900.9  5,269.0  5,577.1  5,916.6  4,792.1  4,846.1  4,944.0  5,021.2  5,110.3  5,234.0

  Compensation of employees.................  3,703.2  3,865.2  4,078.5  4,316.7  3,631.3  3,680.1  3,727.0  3,774.5  3,770.5  3,826.4
    Wage and salary accruals................  3,019.4  3,159.7  3,334.8  3,543.8  2,958.0  2,999.6  3,040.0  3,080.0  3,079.8  3,126.0
    Supplements to wages and salaries.......    683.8    705.5    743.6    772.9    673.3    680.6    687.0    694.5    690.7    700.4
  Taxes on production and imports less
   subsidies................................    488.5    523.9    558.7    584.9    479.2    476.9    495.3    502.4    512.5    519.9
  Net operating surplus.....................    709.2    879.9    940.0  1,015.0    681.6    689.1    721.8    744.2    827.4    887.7
    Net interest and miscellaneous
     payments...............................    152.6    138.9    132.5    133.2    167.2    155.5    147.2    140.6    140.1    141.7
    Business current transfer payments......     64.4     59.3     58.3     67.6     61.0     63.8     66.0     66.9     64.0     65.0
    Corporate profits with inventory
     valuation and capital consumption
     adjustments............................    492.1    681.6    749.1    814.3    453.4    469.8    508.6    536.6    623.3    681.0
      Taxes on corporate income.............    135.7    191.0    263.4    288.2    129.4    123.5    135.8    154.0    173.1    190.0
      Profits after tax with inventory
       valuation and capital consumption
       adjustments..........................    356.4    490.7    485.7    526.0    324.0    346.4    372.7    382.7    450.2    490.9
        Net dividends.......................    292.7    367.0    199.2    448.6    245.5    333.1    292.7    299.6    324.2    312.8
        Undistributed profits with
         inventory valuation and capital
         consumption adjustments............     63.8    123.7    286.5     77.4     78.5     13.3     80.0     83.1    126.0    178.1

Addenda:
  Profits before tax (without inventory
   valuation and capital consumption
   adjustments).............................    425.4    662.4    937.8  1,043.2    408.6    384.9    428.8    479.1    579.0    661.7
  Profits after tax (without inventory
   valuation and capital consumption
   adjustments).............................    289.7    471.4    674.4    755.0    279.2    261.5    293.0    325.2    406.0    471.6
  Inventory valuation adjustment............    -13.6    -43.1    -36.2    -36.3    -25.8     -3.3     -5.3    -19.9    -33.7    -51.9
  Capital consumption adjustment............     80.3     62.4   -152.5   -192.7     70.6     88.2     85.1     77.5     77.9     71.2
                                            ------------------------------------------------------------------------------------------
                                                                        Billions of chained (2000) dollars
                                            ------------------------------------------------------------------------------------------

    Gross value added of nonfinancial
     corporate business\1\..................  5,387.5  5,652.3  5,806.6  6,012.1  5,298.6  5,345.0  5,424.6  5,481.9  5,546.9  5,618.5

Consumption of fixed capital\2\.............    630.5    651.4    682.4    686.9    626.5    629.2    631.8    634.4    637.3    640.7
Net value added\3\..........................  4,757.1  5,001.0  5,124.2  5,325.3  4,672.1  4,715.8  4,792.8  4,847.5  4,909.6  4,977.8
                                            ------------------------------------------------------------------------------------------
                                                                      Dollars; quarters seasonally adjusted
                                            ------------------------------------------------------------------------------------------
Price, costs, and profits per unit of real
 gross value added of nonfinancial
 corporate business:

  Price per unit of real gross value added
   of nonfinancial corporate business\4\....    1.032    1.054    1.088    1.113    1.027    1.029    1.033    1.037    1.042    1.051

  Compensation of employees (unit labor
   cost)....................................     .687     .684     .702     .718     .685     .689     .687     .689     .680     .681

  Unit nonlabor cost........................     .253     .250     .257     .260     .257     .253     .252     .251     .249     .249
    Consumption of fixed capital............     .122     .122     .128     .129     .123     .123     .122     .121     .120     .120
    Taxes on production and imports less
     subsidies plus business current
     transfer payments......................     .103     .103     .106     .109     .102     .101     .103     .104     .104     .104
    Net interest and miscellaneous payments.     .028     .025     .023     .022     .032     .029     .027     .026     .025     .025

  Corporate profits with inventory valuation
   and capital consumption adjustments (unit
   profits from current production).........     .091     .121     .129     .135     .086     .088     .094     .098     .112     .121
    Taxes on corporate income...............     .025     .034     .045     .048     .024     .023     .025     .028     .031     .034
    Profits after tax with inventory
     valuation and capital consumption
     adjustments............................     .066     .087     .084     .087     .061     .065     .069     .070     .081     .087
--------------------------------------------------------------------------------------------------------------------------------------
  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 04    IV 04     I 05    II 05   III 05    IV 05     I 06    II 06   III 06    IV 06     I 07
-----------------------------------------------------------------------------------------------------------------------------------------------
                                                                                    Billions of dollars
                                            ---------------------------------------------------------------------------------------------------

    Gross value added of nonfinancial
     corporate business.....................  6,038.5  6,101.4  6,170.9  6,291.1  6,349.9  6,465.6  6,594.1  6,639.8  6,739.1  6,784.5  6,856.9

Consumption of fixed capital................    717.8    690.3    701.0    712.7    808.4    747.1    754.2    767.6    779.5    789.8    795.7

Net value added.............................  5,320.7  5,411.1  5,469.9  5,578.4  5,541.5  5,718.6  5,839.9  5,872.2  5,959.6  5,994.7  6,061.2

  Compensation of employees.................  3,899.1  3,965.1  3,992.2  4,034.6  4,115.3  4,171.7  4,249.2  4,269.2  4,306.4  4,442.1  4,486.0
    Wage and salary accruals................  3,188.1  3,244.9  3,261.1  3,295.6  3,366.4  3,416.2  3,484.4  3,501.0  3,532.3  3,657.5  3,687.4
    Supplements to wages and salaries.......    711.0    720.2    731.2    739.0    748.9    755.5    764.8    768.2    774.1    784.6    798.6
  Taxes on production and imports less
   subsidies................................    526.3    537.0    545.3    556.3    563.7    569.4    576.1    583.9    587.3    592.1    599.7
  Net operating surplus.....................    895.3    909.1    932.4    987.5    862.5    977.5  1,014.6  1,019.1  1,065.9    960.5    975.6
    Net interest and miscellaneous
     payments...............................    138.8    135.0    135.8    132.5    131.1    130.7    131.8    135.0    132.3    133.6    136.0
    Business current transfer payments......     40.2     68.1     73.2     74.9     19.2     65.9     67.5     66.7     67.2     68.9     58.5
    Corporate profits with inventory
     valuation and capital consumption
     adjustments............................    716.3    706.0    723.4    780.2    712.2    780.8    815.3    817.5    866.4    757.9    781.1
      Taxes on corporate income.............    201.1    199.6    250.2    260.5    261.2    281.7    278.3    288.8    300.6    285.2    298.6
      Profits after tax with inventory
       valuation and capital consumption
       adjustments..........................    515.2    506.4    473.2    519.6    450.9    499.1    537.0    528.6    565.8    472.7    482.5
        Net dividends.......................    334.8    496.1    330.1    284.8    145.6     36.3    394.0    405.2    463.2    532.2    483.7
        Undistributed profits with
         inventory valuation and capital
         consumption adjustments............    180.4     10.3    143.0    234.9    305.4    462.8    143.0    123.5    102.6    -59.5     -1.2

Addenda:
  Profits before tax (without inventory
   valuation and capital consumption
   adjustments).............................    701.9    706.8    889.5    937.8    923.1  1,000.8  1,019.3  1,061.9  1,101.4    990.4  1,024.9
  Profits after tax (without inventory
   valuation and capital consumption
   adjustments).............................    500.8    507.2    639.3    677.3    661.8    719.1    741.1    773.0    800.7    705.3    726.3
  Inventory valuation adjustment............    -39.6    -47.2    -45.3    -19.4    -32.9    -47.0    -31.4    -57.7    -35.2    -21.0    -40.2
  Capital consumption adjustment............     53.9     46.4   -120.8   -138.2   -178.0   -173.0   -172.7   -186.7   -199.7   -211.6   -203.6
                                            ---------------------------------------------------------------------------------------------------
                                                                            Billions of chained (2000) dollars
                                            ---------------------------------------------------------------------------------------------------

    Gross value added of nonfinancial
     corporate business\1\..................  5,721.3  5,722.6  5,727.5  5,802.8  5,808.3  5,887.8  5,966.9  5,965.7  6,039.7  6,076.2  6,082.4

Consumption of fixed capital\2\.............    679.1    648.4    653.5    658.5    740.0    677.5    675.9    683.1    690.4    698.1    701.7
Net value added\3\..........................  5,042.2  5,074.2  5,074.0  5,144.3  5,068.3  5,210.2  5,291.0  5,282.6  5,349.2  5,378.1  5,380.6
                                            ---------------------------------------------------------------------------------------------------
                                                                           Dollars; quarters seasonally adjusted
                                            ---------------------------------------------------------------------------------------------------
Price, costs, and profits per unit of real
 gross value added of nonfinancial
 corporate business:

  Price per unit of real gross value added
   of nonfinancial corporate business\4\....    1.055    1.066    1.077    1.084    1.093    1.098    1.105    1.113    1.116    1.117    1.127

  Compensation of employees (unit labor
   cost)....................................     .681     .693     .697     .695     .709     .709     .712     .716     .713     .731     .738

  Unit nonlabor cost........................     .248     .251     .254     .255     .262     .257     .256     .261     .259     .261     .261
    Consumption of fixed capital............     .125     .121     .122     .123     .139     .127     .126     .129     .129     .130     .131
    Taxes on production and imports less
     subsidies plus business current
     transfer payments......................     .099     .106     .108     .109     .100     .108     .108     .109     .108     .109     .108
    Net interest and miscellaneous payments.     .024     .024     .024     .023     .023     .022     .022     .023     .022     .022     .022

  Corporate profits with inventory valuation
   and capital consumption adjustments (unit
   profits from current production).........     .125     .123     .126     .134     .123     .133     .137     .137     .143     .125     .128
    Taxes on corporate income...............     .035     .035     .044     .045     .045     .048     .047     .048     .050     .047     .049
    Profits after tax with inventory
     valuation and capital consumption
     adjustments............................     .090     .088     .083     .090     .078     .085     .090     .089     .094     .078     .079
-----------------------------------------------------------------------------------------------------------------------------------------------
  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]
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                       2003   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
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
Gross domestic product (GDP) and
 related aggregates:
  GDP...............................    2.5    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    3.4

  Goods.............................    3.1    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    3.9
  Services..........................    2.1    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    3.3
  Structures........................    3.3    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    2.7

  Motor vehicle output..............    1.3    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    1.1
  GDP excluding motor vehicle
   output...........................    2.6    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    3.5

  Final sales of computers\1\.......   20.8    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   26.4
  GDP excluding final sales of
   computers........................    2.4    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    3.2

  Farm gross value added\2\.........    8.4    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  -25.9

  Nonfarm business gross value
   added\3\.........................    3.1    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

Price indexes:
  GDP...............................    2.1    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    2.7
  GDP excluding food and energy.....    1.9    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    1.7
  GDP excluding final sales of
   computers........................    2.3    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

  Gross domestic purchases..........    2.3    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    3.9
  Gross domestic purchases excluding
   food and energy..................    1.9    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    1.7
  Gross domestic purchases excluding
   final sales of computers to
   domestic purchasers..............    2.5    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    4.1

  Personal consumption expenditures
   (PCE)............................    2.0    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
  Personal consumption expenditures
   excluding food and energy........    1.4    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
  Market-based PCE\4\...............    1.9    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    4.6
  Market-based PCE excluding food
   and energy\4\....................    1.1    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    1.1
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  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.



     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, 1A, 4, 4A,
7, 8, and Appendix Table A.  Contributions by major components to changes in real GDP are presented in tables
2 and 2A.

     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.