EMBARGOED UNTIL RELEASE AT 8:30 A.M. EST, TUESDAY, NOVEMBER 29, 2016                       BEA 16-62

Technical:   Karl Rohrer (GDP)               (301) 278-9083               gdpniwd@bea.gov
	     Kate Pinard (Corporate Profits) (301) 278-9417               cpniwd@bea.gov
Media:       Jeannine Aversa                 (301) 278-9003               Jeannine.Aversa@bea.gov


                   Gross Domestic Product:  Third Quarter 2016 (Second Estimate)
                   Corporate Profits:  Third Quarter 2016 (Preliminary Estimate)

Real gross domestic product increased at an annual rate of 3.2 percent in the third quarter of 2016
(table 1), according to the "second" estimate released by the Bureau of Economic Analysis. In the second
quarter, real GDP increased 1.4 percent.

The GDP estimate released today is based on more complete source data than were available for the
"advance" estimate issued last month.  In the advance estimate, the increase in real GDP was 2.9
percent.  With the second estimate for the third quarter, the general picture of economic growth
remains the same; the increase in personal consumption expenditures was larger than previously
estimated (see "Updates to GDP" on page 2).


CHART.____________________________


Real gross domestic income (GDI) increased 5.2 percent in the third quarter, compared with an increase
of 0.7 percent in the second (revised). The average of real GDP and real GDI, a supplemental measure of
U.S. economic activity that equally weights GDP and GDI, increased 4.2 percent in the third quarter,
compared with an increase of 1.1 percent in the second (table 1).

The increase in real GDP in the third quarter primarily reflected positive contributions from personal
consumption expenditures (PCE), exports, private inventory investment, and federal government
spending, that were partly offset by negative contributions from residential fixed investment and state
and local government spending.  Imports, which are a subtraction in the calculation of GDP, increased
(table 2).

The acceleration in real GDP in the third quarter primarily reflected an upturn in private inventory
investment, an acceleration in exports, an upturn in federal government spending, and smaller
decreases in state and local government spending and residential fixed investment, that were partly
offset by a deceleration in PCE, an acceleration in imports, and a deceleration in nonresidential fixed
investment.

Current-dollar GDP increased 4.6 percent, or $207.8 billion, in the third quarter to a level of $18,657.9
billion (table 1 and table 3). In the second quarter, current dollar GDP increased 3.7 percent, or $168.5
billion.

The price index for gross domestic purchases increased 1.5 percent in the third quarter, compared with
an increase of 2.1 percent in the second quarter (table 4). The PCE price index increased 1.4 percent,
compared with an increase of 2.0 percent. Excluding food and energy prices, the PCE price index
increased 1.7 percent, compared with an increase of 1.8 percent (appendix table A).


Updates to GDP

The upward revision to the percent change in real GDP primarily reflected an upward revision to PCE
that was partly offset by downward revisions to nonresidential fixed investment and private inventory
investment.  For more information, see the Technical Note. For information on updates to GDP, see the
�Additional Information� section that follows.


                                   Advance Estimate        Second Estimate
			           (Percent change from preceding quarter)
Real GDP                                  2.9                  3.2
Current-dollar GDP                        4.4                  4.6
Real GDI                                   �                   5.2
Average of Real GDP and Real GDI           �                   4.2
Gross domestic purchases price index      1.6                  1.5
PCE price index                           1.4                  1.4


For the second quarter of 2016, the percent change in real GDI was revised up 0.9 percentage point
from -0.2 percent to 0.7 percent based on newly available second-quarter tabulations from the BLS
Quarterly Census of Employment and Wages program.?

Corporate Profits (table 12)

Profits from current production (corporate profits with inventory valuation adjustment and capital
consumption adjustment) increased $133.8 billion in the third quarter, in contrast to a decrease of $12.5
billion in the second.

Profits of domestic financial corporations increased $50.9 billion in the third quarter, compared with an
increase of $5.6 billion in the second. Profits of domestic nonfinancial corporations increased $76.5
billion, in contrast to a decrease of $56.1 billion. The rest-of-the-world component of profits increased
$6.4 billion, compared with an increase of $38.0 billion. This measure is calculated as the difference
between receipts from the rest of the world and payments to the rest of the world. In the third quarter,
receipts decreased $0.2 billion, and payments decreased $6.6 billion.



                                            *          *          *

                               Next release:  December 22, 2016 at 8:30 A.M. EST
                         Gross Domestic Product:  Third Quarter 2016 (Third Estimate)
                           Corporate Profits:  Third Quarter 2016 (Revised Estimate)

                                            *          *          *



                                           Release Dates in 2017


Estimate                         2016: IV and annual    2017: I           2017: II           2017: III
Gross Domestic Product
 Advance                         January 27             April 28          July 28            October 27
 Second                          February 28            May 26            August 30          November 29
 Third                           March 30               June 29           September 28       December 21

Corporate Profits
 Preliminary                     �                      May 26            August 30          November 29
 Revised                         March 30               June 29           September 28       December 21



			                 Additional Information

Resources

Additional Resources available at www.bea.gov:
�	Stay informed about BEA developments by reading the BEA blog, signing up for BEA�s email
        subscription service, or following BEA on Twitter @BEA_News.
�	Historical time series for these estimates can be accessed in BEA�s Interactive Data Application.
�	Access BEA data by registering for BEA�s Data Application Programming Interface (API).
�	For more on BEA�s statistics, see our monthly online journal, the Survey of Current Business.
�	BEA's news release schedule
�	NIPA Handbook:  Concepts and Methods of the U.S. National Income and Product Accounts

Definitions

Gross domestic product (GDP) is the value of the goods and services produced by the nation�s economy
less the value of the goods and services used up in production. GDP is also equal to the sum of personal
consumption expenditures, gross private domestic investment, net exports of goods and services, and
government consumption expenditures and gross investment.

Gross domestic income (GDI) is the sum of incomes earned and costs incurred in the production of GDP.
In national economic accounting, GDP and GDI are conceptually equal. In practice, GDP and GDI differ
because they are constructed using largely independent source data. Real GDI is calculated by deflating
gross domestic income using the GDP price index as the deflator, and is therefore conceptually
equivalent to real GDP.

Current-dollar estimates are valued in the prices of the period when the transactions occurred�that is,
at �market value.� Also referred to as �nominal estimates� or as �current-price estimates.�
Real values are inflation-adjusted estimates�that is, estimates that exclude the effects of price changes.
The gross domestic purchases price index measures the prices of final goods and services purchased by
U.S. residents.

The personal consumption expenditure price index measures the prices paid for the goods and services
purchased by, or on the behalf of, �persons.�

Profits from current production, referred to as corporate profits with inventory valuation adjustment
(IVA) and capital consumption adjustment (CCAdj) in the NIPAs, is a measure of the net income of
corporations before deducting income taxes that is consistent with the value of goods and services
measured in GDP. The IVA and CCAdj are adjustments that convert inventory withdrawals and
depreciation of fixed assets reported on a tax-return, historical-cost basis to the current-cost economic
measures used in the national income and product accounts.

For more definitions, see the Glossary: National Income and Product Accounts.


Statistical conventions

Annual rates. Quarterly values are expressed at seasonally-adjusted annual rates (SAAR), unless
otherwise specified. Dollar changes are calculated as the difference between these SAAR values. For
detail, see the FAQ �Why does BEA publish estimates at annual rates?�

Percent changes in quarterly series are calculated from unrounded data and are displayed at annual
rates, unless otherwise specified. For details, see the FAQ �How is average annual growth calculated?�

Quantities and prices. Quantities, or �real� volume measures, and prices are expressed as index
numbers with a specified reference year equal to 100 (currently 2009). Quantity and price indexes are
calculated using a Fisher-chained weighted formula that incorporates weights from two adjacent
periods (quarters for quarterly data and annuals for annual data). �Real� dollar series are calculated by
multiplying the published quantity index by the current dollar value in the reference year (2009) and
then dividing by 100. Percent changes calculated from real quantity indexes and chained-dollar levels
are conceptually the same; any differences are due to rounding.

Chained-dollar values are not additive because the relative weights for a given period differ from those
of the reference year. In tables that display chained-dollar values, a �residual� line shows the difference
between the sum of detailed chained-dollar series and its corresponding aggregate.


Updates to GDP

BEA releases three vintages of the current quarterly estimate for GDP:  "Advance" estimates are
released near the end of the first month following the end of the quarter and are based on source data
that are incomplete or subject to further revision by the source agency; �second� and �third� estimates
are released near the end of the second and third months, respectively, and are based on more detailed
and more comprehensive data as they become available.

Annual and comprehensive updates are typically released in late July. Annual updates generally cover at
least the 3 most recent calendar years (and their associated quarters) and incorporate newly available
major annual source data as well as some changes in methods and definitions to improve the accounts.
Comprehensive (or benchmark) updates are carried out at about 5-year intervals and incorporate major
periodic source data, as well as major conceptual improvements.
The table below shows the average revisions to the quarterly percent changes in real GDP between
different estimate vintages, without regard to sign.

Vintage                               Average Revision Without Regard to Sign
                                         (percentage points, annual rates)
Advance to second                                     0.5
Advance to third                                      0.6
Second to third                                       0.2
Advance to latest                                     1.1
Note - Based on estimates from 1993 through 2015. For more information on GDP
updates, see Revision Information on the BEA Web site.

The larger average revision from the advance to the latest estimate reflects the fact that periodic
comprehensive updates include major statistical and methodological improvements.

Unlike GDP, an advance current quarterly estimate of GDI is not released because data on domestic
profits and on net interest of domestic industries are not available. For fourth quarter estimates, these
data are not available until the third estimate.



List of GDP News Release Tables
Table 1. Real Gross Domestic Product and Related Measures: Percent Change From Preceding Period
Table 2. Contributions to Percent Change in Real Gross Domestic Product
Table 3. Gross Domestic Product: Level and Change From Preceding Period
Table 4. Price Indexes for Gross Domestic Product and Related Measures: Percent Change From Preceding Period
Table 5. Real Gross Domestic Product, Quantity Indexes
Table 6. Price Indexes for Gross Domestic Product
Table 7. Real Gross Domestic Product: Percent Change From Preceding Year
Table 8. Real Gross Domestic Product: Percent Change From Quarter One Year Ago
Table 9. Relation of Gross Domestic Product, Gross National Product, and National Income
Table 10. Personal Income and Its Disposition
Table 11. Corporate Profits: Level and Percent Change
Table 12. Corporate Profits by Industry: Level and Change From Preceding Period
Table 13. Gross Value Added of Nonfinancial Domestic Corporate Business
Appendix Table A. Real Gross Domestic Product and Related Aggregates and Price Indexes: Percent Change From Preceding Period and Contributions to Percent Change


                                                Table 1. Real Gross Domestic Product and Related Measures: Percent Change From Preceding Period
------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                            2013    2014    2015 ---------------------------------------------Seasonally adjusted at annual rates---------------------------------------------
                                                                    2012 -------------2013-------------  -------------2014-------------  -------------2015-------------  ---------2016---------
                                                                      IV       I      II     III      IV       I      II     III      IV       I      II     III      IV       I   II\r\  III\r\
------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
      Gross domestic product (GDP).....      1.7     2.4     2.6     0.1     2.8     0.8     3.1     4.0    -1.2     4.0     5.0     2.3     2.0     2.6     2.0     0.9     0.8     1.4     3.2
Personal consumption expenditures......      1.5     2.9     3.2     1.1     1.9     0.8     1.9     3.4     1.9     3.8     3.7     4.6     2.4     2.9     2.7     2.3     1.6     4.3     2.8
  Goods................................      3.1     3.9     4.0     2.3     5.7     1.3     2.9     4.0     2.4     6.7     4.3     5.1     2.7     4.3     4.2     2.1     1.2     7.1     3.4
    Durable goods......................      6.2     6.7     6.9     8.1    10.0     2.1     4.1     4.9     4.6    13.0     8.7     8.5     4.1     7.6     6.2     4.0    -0.6     9.8    11.6
    Nondurable goods...................      1.7     2.6     2.6    -0.3     3.7     0.9     2.4     3.6     1.4     3.8     2.3     3.5     1.9     2.7     3.2     1.2     2.1     5.7    -0.6
  Services.............................      0.6     2.3     2.8     0.5     0.0     0.6     1.3     3.1     1.7     2.3     3.4     4.3     2.3     2.2     2.0     2.3     1.9     3.0     2.5
Gross private domestic investment......      6.1     4.5     5.0    -3.2    13.8     5.0    13.4     5.4    -6.6    11.2     8.9     2.6     9.9     1.0     2.0    -2.3    -3.3    -7.9     2.1
  Fixed investment.....................      5.0     5.5     4.0     6.9     7.0     4.3     2.9     6.6     5.3     7.2     7.4     1.3     3.7     4.3     5.7    -0.2    -0.9    -1.1    -0.9
    Nonresidential.....................      3.5     6.0     2.1     3.7     5.2     2.5     2.1     9.5     7.0     6.1     8.3    -1.1     1.3     1.6     3.9    -3.3    -3.4     1.0     0.1
      Structures.......................      1.4    10.3    -4.4    -7.3    -5.1    10.4    17.1     2.1    25.1     7.4    -2.7     4.1   -12.3    -2.7    -4.3   -15.2     0.1    -2.1    10.1
      Equipment........................      4.6     5.4     3.5     7.3     8.7     2.8    -5.2    19.5     0.3     6.5    15.2    -8.9     9.3    -0.3     9.1    -2.6    -9.5    -2.9    -4.8
      Intellectual property products...      3.4     3.9     4.8     6.8     7.6    -3.2     3.6     1.1     4.9     4.5     7.1     7.8     0.8     8.0     2.1     4.6     3.7     9.0     1.0
    Residential........................     11.9     3.5    11.7    22.3    14.7    12.0     6.0    -4.5    -1.4    11.7     3.6    11.4    13.3    14.9    12.6    11.5     7.8    -7.7    -4.4
  Change in private inventories........      ---     ---     ---     ---     ---     ---     ---     ---     ---     ---     ---     ---     ---     ---     ---     ---     ---     ---     ---
Net exports of goods and services......      ---     ---     ---     ---     ---     ---     ---     ---     ---     ---     ---     ---     ---     ---     ---     ---     ---     ---     ---
  Exports..............................      3.5     4.3     0.1    -0.5     4.0     5.0     3.1    11.8    -2.7     8.7     2.1     4.5    -5.8     2.9    -2.8    -2.7    -0.7     1.8    10.1
    Goods..............................      3.1     4.4    -0.6    -3.8     2.6     6.6     3.5    15.7    -7.3    10.7     4.4     3.8   -10.1     4.6    -3.1    -4.6     0.1     1.7    14.2
    Services...........................      4.4     3.9     1.6     7.5     7.1     1.5     2.2     3.7     7.9     4.7    -2.8     6.0     3.8    -0.4    -2.3     1.0    -2.2     1.9     2.9
  Imports..............................      1.1     4.4     4.6    -3.8     1.3     5.3     1.7     1.6     4.9     9.9    -1.2    11.2     5.6     2.9     1.1     0.7    -0.6     0.2     2.1
    Goods..............................      1.2     4.8     4.9    -4.3     1.8     5.8     1.7     1.6     5.7    10.7    -1.4    11.7     6.8     3.4    -0.1     0.7    -1.3     0.0     0.7
    Services...........................      0.6     2.6     2.9    -0.9    -1.1     2.6     1.7     1.3     1.2     6.3     0.1     8.8    -0.2     0.2     6.9     0.7     2.5     1.1     8.6
Government consumption expenditures
 and gross investment..................     -2.9    -0.9     1.8    -3.8    -4.3    -2.0    -2.0    -2.8    -1.0     0.1     2.5    -0.4     2.6     3.2     1.9     1.0     1.6    -1.7     0.2
  Federal..............................     -5.8    -2.5     0.0    -5.5   -10.5    -5.3    -5.1    -5.7    -0.2    -2.8     3.9    -6.0     1.9     0.2     1.0     3.8    -1.5    -0.4     2.5
    National defense...................     -6.8    -4.1    -2.1    -8.1   -12.0    -5.3    -6.6    -4.2    -5.0    -3.2     4.0   -11.6    -0.4    -0.5    -1.2     4.4    -3.2    -3.2     2.1
    Nondefense.........................     -4.1     0.1     3.3    -1.1    -8.1    -5.2    -2.6    -8.1     8.3    -2.0     3.9     3.5     5.4     1.1     4.2     2.8     0.9     3.8     3.0
  State and local......................     -0.8     0.2     2.9    -2.6     0.2     0.3     0.1    -1.0    -1.5     2.0     1.6     3.3     3.0     5.1     2.5    -0.6     3.5    -2.5    -1.1
Addenda:
  Gross domestic income (GDI)\1\.......      1.2     3.0     2.5     3.5    -0.2     2.0     0.8     2.5     2.1     5.4     4.5     4.0     1.6     0.6     2.5     1.5     0.8     0.7     5.2
  Average of GDP and GDI...............      1.5     2.7     2.6     1.8     1.3     1.4     2.0     3.2     0.4     4.7     4.7     3.1     1.8     1.6     2.2     1.2     0.8     1.1     4.2
  Final sales of domestic product......      1.5     2.5     2.4     1.6     1.8     0.6     1.5     4.1     0.8     3.3     4.7     2.1     1.0     3.2     2.6     1.2     1.2     2.6     2.7
  Gross domestic purchases.............      1.3     2.4     3.2    -0.5     2.4     0.9     2.9     2.6     0.0     4.3     4.3     3.4     3.6     2.6     2.4     1.3     0.8     1.2     2.2
  Final sales to domestic purchasers...      1.2     2.6     3.1     1.0     1.5     0.8     1.3     2.7     1.9     3.7     4.1     3.2     2.7     3.2     3.0     1.7     1.2     2.4     1.7
  Final sales to private domestic
   purchasers..........................      2.1     3.4     3.3     2.2     2.8     1.5     2.1     4.0     2.5     4.4     4.4     4.0     2.7     3.2     3.3     1.8     1.1     3.2     2.1
  Gross national product (GNP).........      1.7     2.3     2.3    -0.1     2.7     1.2     3.2     3.9    -1.2     3.7     5.3     1.7     1.6     2.3     1.7     1.3     0.0     2.2     3.1
  Disposable personal income...........     -1.4     3.5     3.5    10.9   -15.7     2.4     2.4     0.9     4.5     5.3     4.1     4.3     2.0     3.9     3.3     3.0     2.1     2.9     2.7
  Current-dollar measures:
    GDP................................      3.3     4.2     3.7     1.7     4.4     1.6     5.1     6.1     0.6     6.3     6.7     2.8     2.1     4.9     3.2     1.8     1.3     3.7     4.6
    GDI................................      2.9     4.9     3.6     5.2     1.4     2.8     2.8     4.7     3.9     7.7     6.3     4.5     1.6     2.8     3.7     2.4     1.3     3.0     6.6
    Average of GDP and GDI.............      3.1     4.5     3.7     3.4     2.9     2.2     3.9     5.4     2.2     7.0     6.5     3.7     1.8     3.9     3.5     2.1     1.3     3.4     5.6
    Final sales of domestic product....      3.1     4.4     3.6     3.1     3.3     1.6     3.6     6.4     2.5     5.5     6.5     2.6     1.1     5.5     3.9     2.1     1.8     5.0     4.2
    Gross domestic purchases...........      2.8     4.2     3.7     1.6     4.0     1.4     4.4     4.7     2.1     6.2     5.8     3.7     2.2     4.2     3.5     1.7     1.0     3.3     3.7
    Final sales to domestic
     purchasers........................      2.6     4.4     3.5     2.9     2.9     1.4     3.0     5.0     4.1     5.6     5.6     3.5     1.3     4.8     4.1     2.0     1.4     4.6     3.3
    Final sales to private domestic
     purchasers........................      3.5     5.1     3.8     4.1     4.3     2.0     3.7     5.9     4.8     6.3     5.8     4.3     1.4     4.6     4.5     2.2     1.5     5.3     3.5
    GNP................................      3.3     4.2     3.4     1.5     4.3     2.0     5.2     6.1     0.5     5.9     7.1     2.2     1.6     4.5     2.9     2.2     0.4     4.5     4.6
    Disposable personal income.........     -0.1     5.1     3.8    13.3   -14.5     2.5     3.9     2.6     6.6     7.3     5.2     4.3     0.3     5.8     4.4     3.4     2.4     5.0     4.2
------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
 r Revised. Revisions include changes to series affected by the incorporation of revised wage and salary estimates for the second quarter of 2016.
 1. Gross domestic income deflated by the implicit price deflator for gross domestic product.
 See 'Explanatory Note' at the end of the tables.


                                                             Table 2. Contributions to Percent Change in Real Gross Domestic Product
--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                             2013    2014    2015 ---------------------------------------------Seasonally adjusted at annual rates---------------------------------------------
                                                                     2012 -------------2013-------------  -------------2014-------------  -------------2015-------------  ---------2016---------
                                                                       IV       I      II     III      IV       I      II     III      IV       I      II     III      IV       I      II  III\r\
--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
Percent change at annual rate:
    Gross domestic product..............      1.7     2.4     2.6     0.1     2.8     0.8     3.1     4.0    -1.2     4.0     5.0     2.3     2.0     2.6     2.0     0.9     0.8     1.4     3.2
Percentage points at annual rates:
Personal consumption expenditures.......     1.00    1.95    2.16    0.78    1.32    0.58    1.28    2.29    1.26    2.56    2.52    3.07    1.63    1.94    1.81    1.53    1.11    2.88    1.89
  Goods.................................     0.71    0.89    0.91    0.53    1.30    0.30    0.67    0.90    0.54    1.50    0.98    1.14    0.59    0.94    0.92    0.47    0.25    1.51    0.74
    Durable goods.......................     0.45    0.49    0.51    0.58    0.72    0.16    0.30    0.36    0.33    0.91    0.62    0.61    0.30    0.55    0.45    0.30   -0.05    0.70    0.83
      Motor vehicles and parts..........     0.11    0.16    0.13    0.22    0.26   -0.07   -0.05    0.10    0.17    0.35    0.22    0.19    0.02    0.16    0.07   -0.04   -0.23    0.22    0.47
      Furnishings and durable household
       equipment........................     0.10    0.12    0.12    0.09    0.15    0.08    0.18    0.08    0.05    0.24    0.11    0.11    0.08    0.11    0.13    0.10    0.08    0.15    0.10
      Recreational goods and vehicles...     0.19    0.16    0.19    0.19    0.26    0.15    0.15    0.07    0.09    0.26    0.26    0.20    0.14    0.21    0.18    0.16    0.14    0.29    0.19
      Other durable goods...............     0.05    0.05    0.07    0.08    0.05    0.00    0.02    0.10    0.01    0.07    0.04    0.10    0.06    0.07    0.07    0.08   -0.04    0.05    0.08
    Nondurable goods....................     0.27    0.40    0.40   -0.05    0.59    0.14    0.37    0.54    0.21    0.59    0.35    0.53    0.28    0.39    0.47    0.17    0.30    0.80   -0.09
      Food and beverages purchased for
       off-premises consumption.........     0.00    0.11    0.00    0.03   -0.01   -0.18    0.10    0.22    0.17    0.10    0.02    0.00   -0.02   -0.01   -0.03   -0.01    0.15    0.36    0.11
      Clothing and footwear.............     0.04    0.04    0.08   -0.08    0.12    0.10   -0.03    0.04   -0.05    0.13    0.02    0.19    0.01    0.11    0.04    0.02   -0.02    0.10   -0.01
      Gasoline and other energy goods...     0.05    0.01    0.07   -0.18    0.17    0.12    0.03    0.04   -0.04   -0.06    0.02    0.13    0.14   -0.01    0.10   -0.02    0.08    0.00   -0.05
      Other nondurable goods............     0.18    0.25    0.25    0.18    0.31    0.10    0.27    0.25    0.13    0.42    0.29    0.21    0.16    0.29    0.35    0.18    0.08    0.35   -0.14
  Services..............................     0.28    1.06    1.26    0.25    0.02    0.28    0.61    1.39    0.73    1.06    1.54    1.93    1.04    1.00    0.89    1.07    0.86    1.37    1.15
    Household consumption expenditures
     (for services).....................     0.24    1.08    1.26   -0.01    0.08    0.33    0.67    1.35    0.71    1.13    1.60    2.00    1.08    0.99    0.69    0.92    0.85    1.46    1.07
      Housing and utilities.............     0.06    0.17    0.20   -0.31    0.22    0.03   -0.11    0.34    0.42   -0.06    0.00    0.39    0.39    0.11    0.21   -0.22    0.09    0.54    0.37
      Health care.......................     0.05    0.36    0.60   -0.01   -0.26    0.34    0.18    0.37   -0.15    0.70    0.73    0.90    0.50    0.44    0.43    0.42    0.63    0.83    0.27
      Transportation services...........     0.06    0.09    0.07   -0.03    0.10    0.10    0.09   -0.04    0.19    0.05    0.14    0.06    0.08    0.06    0.01    0.11   -0.03   -0.03    0.03
      Recreation services...............     0.04    0.05    0.04    0.08    0.05   -0.12    0.20    0.07    0.07   -0.12    0.18    0.08    0.01   -0.05    0.03    0.24   -0.02   -0.18    0.08
      Food services and accommodations       0.07    0.14    0.19    0.12    0.16   -0.17    0.07    0.29   -0.01    0.27    0.19    0.25    0.12    0.29    0.07    0.17    0.11    0.12    0.10
      Financial services and insurance       0.01    0.07    0.01   -0.03    0.30    0.11    0.03    0.19   -0.05    0.07    0.21   -0.04   -0.05    0.02   -0.05    0.11   -0.12   -0.03    0.08
      Other services....................    -0.05    0.20    0.14    0.16   -0.48    0.05    0.21    0.13    0.23    0.22    0.15    0.36    0.03    0.13   -0.01    0.10    0.18    0.19    0.13
    Final consumption expenditures of
     nonprofit institutions serving
     households.........................     0.04   -0.02    0.00    0.26   -0.06   -0.06   -0.06    0.04    0.02   -0.07   -0.06   -0.07   -0.04    0.00    0.20    0.15    0.01   -0.08    0.08
      Gross output of nonprofit
       institutions.....................     0.07    0.11    0.18    0.05   -0.15    0.22    0.00    0.29   -0.33    0.36    0.29    0.39    0.01    0.07    0.10    0.25    0.28    0.40    0.24
      Less: Receipts from sales of
       goods and services by nonprofit
       institutions.....................     0.03    0.14    0.18   -0.21   -0.08    0.27    0.06    0.25   -0.35    0.43    0.35    0.46    0.05    0.06   -0.09    0.10    0.27    0.49    0.16
Gross private domestic investment.......     0.95    0.73    0.82   -0.51    2.04    0.78    2.08    0.91   -1.10    1.79    1.49    0.45    1.62    0.18    0.35   -0.39   -0.56   -1.34    0.34
  Fixed investment......................     0.76    0.87    0.65    1.03    1.12    0.70    0.48    1.01    0.79    1.12    1.16    0.22    0.61    0.70    0.92   -0.03   -0.15   -0.18   -0.15
    Nonresidential......................     0.43    0.76    0.27    0.46    0.72    0.35    0.29    1.16    0.84    0.76    1.05   -0.14    0.18    0.21    0.49   -0.43   -0.44    0.12    0.02
      Structures........................     0.04    0.29   -0.13   -0.21   -0.14    0.27    0.44    0.06    0.66    0.22   -0.08    0.13   -0.39   -0.07   -0.12   -0.45    0.00   -0.06    0.26
      Equipment.........................     0.26    0.32    0.21    0.41    0.57    0.21   -0.29    1.05    0.00    0.37    0.86   -0.57    0.54   -0.02    0.53   -0.16   -0.59   -0.17   -0.28
        Information processing
         equipment......................     0.09    0.05    0.07    0.25    0.26    0.08   -0.02   -0.04    0.05    0.28   -0.25    0.25    0.00   -0.09    0.40    0.02   -0.05   -0.09    0.15
          Computers and peripheral
           equipment....................     0.00    0.00    0.00    0.17    0.02   -0.12    0.02    0.08   -0.08    0.05    0.02    0.02   -0.08    0.06    0.05   -0.13    0.02    0.05   -0.02
          Other.........................     0.09    0.04    0.07    0.09    0.25    0.20   -0.04   -0.11    0.12    0.22   -0.26    0.23    0.08   -0.15    0.35    0.15   -0.07   -0.13    0.16
        Industrial equipment............    -0.02    0.04    0.02    0.11   -0.02   -0.10    0.06   -0.12    0.15    0.13    0.09   -0.14    0.01    0.15   -0.06    0.12   -0.05    0.11   -0.04
        Transportation equipment........     0.14    0.17    0.18    0.14    0.13    0.38   -0.14    0.49   -0.03    0.12    0.47   -0.13    0.46   -0.02    0.26   -0.11   -0.23   -0.09   -0.30
        Other equipment.................     0.05    0.06   -0.06   -0.09    0.19   -0.14   -0.19    0.72   -0.17   -0.16    0.54   -0.54    0.07   -0.06   -0.07   -0.19   -0.26   -0.11   -0.08
      Intellectual property products....     0.13    0.15    0.19    0.26    0.29   -0.13    0.14    0.04    0.18    0.17    0.27    0.29    0.03    0.31    0.08    0.18    0.15    0.35    0.04
        Software........................     0.05    0.10    0.11    0.12    0.11   -0.13    0.14    0.08    0.09    0.14    0.17    0.13    0.15    0.11   -0.02    0.06    0.13    0.08    0.14
        Research and development........     0.08    0.05    0.06    0.12    0.17    0.00    0.01   -0.04    0.10    0.04    0.09    0.14   -0.13    0.18    0.08    0.11    0.02    0.28   -0.10
        Entertainment, literary, and
         artistic originals.............     0.00    0.00    0.02    0.01    0.01    0.00   -0.01    0.00   -0.01    0.00    0.01    0.02    0.02    0.02    0.02    0.01   -0.01   -0.01    0.01
    Residential.........................     0.33    0.11    0.39    0.57    0.41    0.35    0.18   -0.15   -0.04    0.36    0.12    0.36    0.43    0.49    0.43    0.40    0.29   -0.31   -0.17
  Change in private inventories.........     0.19   -0.14    0.17   -1.54    0.92    0.08    1.60   -0.11   -1.89    0.67    0.32    0.23    1.01   -0.52   -0.57   -0.36   -0.41   -1.16    0.49
    Farm................................     0.18   -0.07    0.00    0.15    0.47    0.17    0.14    0.06   -0.39    0.03    0.02   -0.04    0.09   -0.05    0.01   -0.08   -0.05    0.07    0.03
    Nonfarm.............................     0.00   -0.07    0.17   -1.69    0.45   -0.09    1.46   -0.16   -1.50    0.64    0.30    0.28    0.92   -0.47   -0.58   -0.28   -0.35   -1.23    0.46
Net exports of goods and services.......     0.29   -0.15   -0.71    0.58    0.30   -0.21    0.13    1.29   -1.16   -0.41    0.50   -1.14   -1.65   -0.08   -0.52   -0.45    0.01    0.18    0.87
  Exports...............................     0.47    0.58    0.01   -0.07    0.52    0.65    0.41    1.54   -0.39    1.16    0.29    0.60   -0.78    0.37   -0.36   -0.34   -0.09    0.21    1.18
    Goods...............................     0.29    0.41   -0.06   -0.37    0.23    0.59    0.32    1.38   -0.72    0.96    0.41    0.35   -0.94    0.39   -0.26   -0.38    0.01    0.13    1.06
    Services............................     0.18    0.17    0.07    0.30    0.29    0.06    0.09    0.16    0.33    0.20   -0.13    0.25    0.16   -0.02   -0.10    0.04   -0.09    0.08    0.12
  Imports...............................    -0.18   -0.72   -0.73    0.65   -0.22   -0.86   -0.28   -0.24   -0.77   -1.57    0.21   -1.74   -0.87   -0.44   -0.16   -0.11    0.09   -0.03   -0.31
    Goods...............................    -0.17   -0.65   -0.65    0.62   -0.25   -0.79   -0.23   -0.21   -0.74   -1.40    0.21   -1.50   -0.87   -0.43    0.02   -0.09    0.16    0.00   -0.08
    Services............................    -0.02   -0.07   -0.08    0.03    0.03   -0.07   -0.05   -0.03   -0.03   -0.17    0.00   -0.24    0.00   -0.01   -0.18   -0.02   -0.07   -0.03   -0.23
Government consumption expenditures and
 gross investment.......................    -0.56   -0.16    0.32   -0.75   -0.83   -0.37   -0.37   -0.53   -0.19    0.02    0.46   -0.07    0.45    0.57    0.34    0.18    0.28   -0.30    0.05
  Federal...............................    -0.46   -0.19    0.00   -0.45   -0.86   -0.41   -0.39   -0.42   -0.01   -0.20    0.28   -0.43    0.13    0.01    0.06    0.25   -0.10   -0.02    0.16
    National defense....................    -0.34   -0.19   -0.09   -0.42   -0.62   -0.25   -0.31   -0.19   -0.23   -0.14    0.17   -0.52   -0.02   -0.02   -0.05    0.17   -0.13   -0.13    0.08
      Consumption expenditures..........    -0.27   -0.13   -0.06   -0.28   -0.54   -0.17   -0.36   -0.13   -0.03   -0.22    0.22   -0.49    0.11   -0.05   -0.03    0.06   -0.11   -0.10    0.06
      Gross investment..................    -0.07   -0.05   -0.03   -0.14   -0.07   -0.08    0.05   -0.06   -0.20    0.07   -0.05   -0.03   -0.13    0.03   -0.01    0.11   -0.02   -0.02    0.02
    Nondefense..........................    -0.12    0.00    0.09   -0.03   -0.24   -0.15   -0.07   -0.23    0.22   -0.05    0.10    0.09    0.15    0.03    0.11    0.08    0.03    0.10    0.08
      Consumption expenditures..........    -0.08    0.00    0.08   -0.02   -0.14   -0.10   -0.06   -0.21    0.21   -0.07    0.10    0.06    0.15    0.02    0.11    0.05    0.04    0.10    0.06
      Gross investment..................    -0.04    0.00    0.01   -0.01   -0.10   -0.05   -0.02   -0.02    0.01    0.01    0.01    0.04    0.00    0.01    0.00    0.02   -0.01    0.01    0.02
  State and local.......................    -0.09    0.03    0.32   -0.30    0.02    0.03    0.01   -0.11   -0.17    0.22    0.18    0.36    0.32    0.56    0.27   -0.07    0.39   -0.28   -0.12
    Consumption expenditures............    -0.02    0.02    0.22   -0.10    0.06   -0.01    0.00   -0.03   -0.07    0.06    0.15    0.24    0.31    0.23    0.24    0.06    0.06    0.07    0.13
    Gross investment....................    -0.07    0.00    0.10   -0.20   -0.03    0.04    0.02   -0.08   -0.10    0.16    0.03    0.12    0.01    0.33    0.04   -0.13    0.33   -0.34   -0.25
--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
 r Revised
 See 'Explanatory Note' at the end of the tables.


                                                     Table 3. Gross Domestic Product: Level and Change From Preceding Period
----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                           ----------------Billions of dollars----------------   ----------------------Billions of chained (2009) dollars----------------------
                                               2015 ----Seasonally adjusted at annual rates----      2015 ----Seasonally adjusted at annual rates----  Change from preceding period
                                                    ------2015------   ----------2016----------           ------2015------   ----------2016----------      2015 ------2016------
                                                         III       IV        I    II\r\   III\r\               III       IV        I    II\r\   III\r\             II\r\   III\r\
----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
      Gross domestic product (GDP).......  18,036.6 18,141.9 18,222.8 18,281.6 18,450.1 18,657.9 16,397.2 16,454.9 16,490.7 16,525.0 16,583.1 16,712.5    414.9     58.2    129.4
Personal consumption expenditures........  12,283.7 12,356.9 12,438.8 12,498.0 12,692.7 12,825.3 11,214.7 11,255.9 11,319.3 11,365.2 11,484.9 11,563.5    345.9    119.6     78.7
  Goods..................................   4,012.1  4,043.0  4,038.1  4,008.7  4,085.4  4,110.6  3,907.4  3,932.6  3,953.4  3,964.7  4,032.9  4,066.7    152.0     68.2     33.8
    Durable goods........................   1,355.2  1,364.7  1,371.8  1,366.6  1,390.0  1,413.7  1,498.1  1,512.4  1,527.3  1,524.9  1,560.9  1,604.3     97.0     36.1     43.4
      Motor vehicles and parts...........     464.8    468.6    465.6    455.7    462.5    481.7    419.4    422.9    421.1    411.8    420.8    440.5     19.9      9.0     19.7
      Furnishings and durable household
       equipment.........................     305.1    307.3    309.6    312.5    317.6    317.3    351.6    355.2    360.4    364.7    372.9    378.1     22.9      8.2      5.2
      Recreational goods and vehicles....     376.6    379.2    385.1    384.9    391.7    394.9    535.0    541.3    551.5    560.6    579.9    593.2     47.1     19.3     13.3
      Other durable goods................     208.7    209.6    211.6    213.6    218.3    219.8    209.1    210.5    214.3    212.4    214.6    218.0     12.5      2.2      3.4
    Nondurable goods.....................   2,656.9  2,678.4  2,666.3  2,642.0  2,695.4  2,696.9  2,439.3  2,451.3  2,458.4  2,471.1  2,505.4  2,501.6     62.9     34.3     -3.9
      Food and beverages purchased for
       off-premises consumption..........     900.7    901.8    901.1    904.3    916.5    916.7    811.3    810.8    810.5    816.8    831.6    836.3     -0.3     14.8      4.6
      Clothing and footwear..............     379.5    382.0    379.5    381.7    385.5    384.5    363.4    365.4    366.0    365.4    369.7    369.0     12.8      4.3     -0.7
      Gasoline and other energy goods....     303.7    311.6    292.1    254.4    271.5    268.2    286.3    288.4    287.7    291.8    291.6    289.2      9.7     -0.2     -2.4
      Other nondurable goods.............   1,073.0  1,083.0  1,093.6  1,101.7  1,121.9  1,127.4    989.1    997.5  1,005.1  1,008.3  1,023.0  1,017.3     41.3     14.7     -5.7
  Services...............................   8,271.6  8,313.9  8,400.6  8,489.3  8,607.3  8,714.8  7,310.3  7,327.2  7,369.8  7,403.9  7,458.5  7,504.2    196.2     54.7     45.6
    Household consumption expenditures
     (for services)......................   7,943.7  7,981.3  8,058.4  8,141.2  8,261.2  8,363.3  7,013.3  7,027.7  7,064.4  7,098.2  7,156.2  7,198.6    196.0     58.0     42.4
      Housing and utilities..............   2,233.2  2,249.0  2,253.5  2,270.5  2,314.4  2,354.0  1,997.0  2,004.5  1,995.5  1,999.0  2,020.9  2,035.8     32.2     21.9     14.9
      Health care........................   2,069.0  2,082.7  2,105.1  2,138.5  2,184.6  2,206.4  1,886.1  1,895.2  1,912.4  1,938.7  1,973.3  1,984.7     95.5     34.6     11.4
      Transportation services............     368.4    368.3    373.3    375.2    374.8    377.0    334.7    334.5    338.9    337.8    336.4    337.8     11.8     -1.4      1.4
      Recreation services................     466.3    465.5    477.4    479.8    476.7    483.0    419.2    416.7    426.6    425.9    418.8    422.1      6.6     -7.1      3.3
      Food services and accommodations...     808.8    812.7    827.7    838.8    848.4    857.4    703.8    706.3    712.9    717.2    721.9    725.8     29.7      4.7      3.8
      Financial services and insurance...     921.1    925.3    931.3    936.1    947.4    961.2    718.8    717.2    720.9    716.7    715.8    718.5      1.8     -0.9      2.7
      Other services.....................   1,076.9  1,077.8  1,090.3  1,102.3  1,114.9  1,124.3    958.4    958.4    962.6    969.8    977.5    982.6     21.3      7.7      5.1
    Final consumption expenditures of
     nonprofit institutions serving
     households..........................     327.9    332.6    342.2    348.1    346.1    351.5    297.0    299.6    305.5    305.7    302.4    305.6     -0.1     -3.3      3.2
      Gross output of nonprofit
       institutions......................   1,335.7  1,340.6  1,357.3  1,378.3  1,403.6  1,421.6  1,184.9  1,185.1  1,195.0  1,206.2  1,222.4  1,232.0     27.5     16.2      9.6
      Less: Receipts from sales of goods
       and services by nonprofit
       institutions......................   1,007.8  1,008.0  1,015.1  1,030.3  1,057.5  1,070.2    887.8    885.5    889.5    900.4    919.9    926.3     27.3     19.5      6.4
Gross private domestic investment........   3,056.6  3,072.1  3,059.9  3,036.8  2,987.5  3,010.0  2,869.0  2,882.2  2,865.4  2,841.5  2,783.8  2,798.1    135.4    -57.6     14.2
  Fixed investment.......................   2,963.2  2,995.3  2,997.2  2,994.8  3,002.5  3,005.8  2,767.8  2,794.5  2,793.3  2,786.7  2,778.8  2,772.4    107.2     -7.9     -6.4
    Nonresidential.......................   2,311.3  2,331.5  2,311.3  2,292.4  2,304.7  2,306.9  2,200.2  2,217.5  2,198.8  2,179.7  2,185.0  2,185.8     44.6      5.3      0.8
      Structures.........................     507.3    508.5    487.8    486.0    487.3    498.5    452.1    453.4    435.1    435.2    432.9    443.4    -20.8     -2.3     10.5
      Equipment..........................   1,086.1  1,099.7  1,092.6  1,066.3  1,058.7  1,048.6  1,072.5  1,085.7  1,078.6  1,052.0  1,044.1  1,031.5     36.7     -7.8    -12.7
        Information processing
         equipment.......................     314.3    321.7    322.1    319.9    316.8    322.7    338.7    347.1    348.1    345.5    341.2    348.5     12.8     -4.3      7.3
          Computers and peripheral
           equipment.....................      78.5     81.7     75.4     76.0     78.2     77.1     88.7     92.6     85.9     86.9     89.3     88.4     -0.4      2.4     -0.9
          Other..........................     235.8    240.0    246.6    243.9    238.6    245.6    249.2    253.8    261.1    257.6    251.2    259.1     12.9     -6.4      7.9
        Industrial equipment.............     220.9    219.8    224.7    222.2    227.3    225.9    207.3    206.3    211.5    209.4    214.2    212.6      3.8      4.8     -1.6
        Transportation equipment.........     308.1    315.6    310.7    301.3    297.6    286.2    302.2    308.9    304.0    293.7    289.7    276.0     31.2     -4.0    -13.7
        Other equipment..................     242.9    242.7    235.1    222.9    217.0    213.8    230.8    230.8    222.5    211.3    206.6    202.9    -10.0     -4.7     -3.6
      Intellectual property products.....     717.9    723.3    730.9    740.1    758.7    759.8    680.0    683.1    690.7    697.1    712.2    714.0     31.3     15.1      1.8
        Software.........................     326.6    327.6    330.1    336.0    339.4    343.3    333.1    333.3    336.0    342.2    346.0    352.4     20.1      3.8      6.4
        Research and development.........     312.4    316.1    320.3    323.0    337.9    335.3    270.2    272.4    276.6    277.5    288.6    284.6      9.1     11.1     -4.0
        Entertainment, literary, and
         artistic originals..............      79.0     79.6     80.6     81.1     81.4     81.1     77.8     78.4     78.9     78.6     78.0     78.3      2.8     -0.6      0.3
    Residential..........................     651.9    663.8    685.9    702.4    697.8    698.9    564.5    573.7    589.5    600.7    588.7    582.1     59.1    -12.0     -6.5
  Change in private inventories..........      93.4     76.8     62.7     41.9    -15.0      4.2     84.0     70.9     56.9     40.7     -9.5      7.6     26.3    -50.2     17.0
    Farm.................................      -2.0     -1.5     -4.8     -8.3     -5.5     -5.2     -1.6     -1.1     -4.1     -5.1     -2.6     -1.6      0.6      2.5      1.1
    Nonfarm..............................      95.4     78.3     67.5     50.3     -9.4      9.4     88.1     73.9     62.9     47.5     -6.6      9.4     26.0    -54.0     16.0
Net exports of goods and services........    -522.0   -523.4   -520.9   -507.4   -492.4   -459.0   -540.0   -547.1   -566.6   -566.3   -558.5   -521.0   -114.2      7.8     37.5
  Exports................................   2,264.3  2,259.1  2,211.7  2,179.0  2,209.7  2,277.0  2,120.6  2,120.4  2,105.8  2,102.0  2,111.3  2,162.9      2.3      9.3     51.6
    Goods................................   1,498.4  1,495.6  1,448.3  1,410.9  1,437.2  1,494.6  1,438.1  1,440.7  1,423.8  1,424.1  1,430.1  1,478.3     -9.2      6.0     48.2
    Services.............................     765.9    763.5    763.4    768.1    772.5    782.4    681.9    679.3    681.1    677.3    680.5    685.4     11.1      3.3      4.9
  Imports................................   2,786.3  2,782.5  2,732.6  2,686.3  2,702.2  2,736.0  2,660.5  2,667.6  2,672.4  2,668.2  2,669.7  2,683.9    116.5      1.5     14.1
    Goods................................   2,291.1  2,284.1  2,235.0  2,185.7  2,199.4  2,224.0  2,194.1  2,197.4  2,201.4  2,194.1  2,194.3  2,198.1    103.3      0.2      3.8
    Services.............................     495.2    498.4    497.7    500.7    502.7    512.0    464.4    468.2    469.0    471.9    473.2    483.1     13.0      1.3      9.9
Government consumption expenditures and
 gross investment........................   3,218.3  3,236.3  3,245.0  3,254.3  3,262.3  3,281.5  2,883.7  2,894.4  2,901.7  2,913.2  2,900.9  2,902.7     50.7    -12.3      1.8
  Federal................................   1,225.0  1,225.0  1,234.0  1,233.8  1,239.2  1,251.8  1,113.8  1,112.7  1,123.0  1,118.7  1,117.7  1,124.5      0.0     -1.0      6.8
    National defense.....................     732.0    729.3    735.6    731.4    729.3    736.0    672.0    669.0    676.3    670.9    665.5    668.9    -14.3     -5.4      3.4
      Consumption expenditures...........     590.6    589.2    590.4    587.0    585.8    591.2    539.3    537.4    539.9    535.3    531.0    533.5     -9.7     -4.4      2.5
      Gross investment...................     141.3    140.1    145.2    144.3    143.5    144.8    132.4    131.3    136.1    135.3    134.3    135.2     -4.6     -1.0      0.9
    Nondefense...........................     493.0    495.7    498.4    502.4    509.9    515.8    441.3    443.1    446.2    447.2    451.4    454.8     14.0      4.2      3.4
      Consumption expenditures...........     373.1    375.9    377.7    382.0    388.8    393.5    330.9    332.8    334.9    336.4    340.4    342.9     11.9      3.9      2.6
      Gross investment...................     119.9    119.9    120.8    120.5    121.1    122.3    110.3    110.2    111.1    110.6    110.8    111.6      2.0      0.3      0.8
  State and local........................   1,993.3  2,011.3  2,011.0  2,020.5  2,023.1  2,029.7  1,768.2  1,779.9  1,777.1  1,792.6  1,781.4  1,776.6     50.1    -11.2     -4.8
    Consumption expenditures.............   1,641.2  1,652.1  1,658.5  1,654.0  1,669.2  1,687.4  1,452.5  1,458.8  1,461.3  1,463.6  1,466.3  1,471.6     34.8      2.7      5.3
    Gross investment.....................     352.2    359.2    352.6    366.5    353.9    342.3    315.0    320.4    315.0    328.3    314.3    304.1     15.5    -14.0    -10.3
Residual.................................       ---      ---      ---      ---      ---      ---    -87.4    -91.3    -94.0    -98.2   -104.3   -111.4      ---      ---      ---
Addenda:
  Gross domestic income (GDI)\1\.........  18,290.3 18,378.0 18,487.6 18,546.0 18,684.0 18,985.7 16,627.8 16,669.0 16,730.3 16,763.9 16,793.4 17,006.1    408.5     29.5    212.7
  Average of GDP and GDI.................  18,163.5 18,260.0 18,355.2 18,413.8 18,567.0 18,821.8 16,512.5 16,561.9 16,610.5 16,644.5 16,688.3 16,859.3    411.7     43.8    171.1
  Final sales of domestic product........  17,943.3 18,065.1 18,160.1 18,239.7 18,465.0 18,653.7 16,300.6 16,371.7 16,422.4 16,473.5 16,579.5 16,688.9    387.7    106.1    109.3
  Gross domestic purchases...............  18,558.6 18,665.3 18,743.7 18,789.0 18,942.5 19,116.9 16,937.8 17,002.6 17,057.2 17,091.5 17,142.6 17,236.9    529.0     51.1     94.3
  Final sales to domestic purchasers.....  18,465.2 18,588.5 18,681.0 18,747.1 18,957.5 19,112.7 16,841.6 16,919.8 16,989.4 17,040.5 17,139.9 17,214.0    501.7     99.4     74.2
  Final sales to private domestic
   purchasers............................  15,246.9 15,352.2 15,436.0 15,492.8 15,695.2 15,831.2 13,969.1 14,036.7 14,099.1 14,138.7 14,251.0 14,323.7    452.2    112.3     72.6
  Gross domestic product.................  18,036.6 18,141.9 18,222.8 18,281.6 18,450.1 18,657.9 16,397.2 16,454.9 16,490.7 16,525.0 16,583.1 16,712.5    414.9     58.2    129.4
  Plus: Income receipts from the rest of
   the world.............................     813.1    817.2    798.5    807.0    848.3    849.7    679.1    681.2    664.9    671.0    701.8    700.3    -32.9     30.7     -1.5
  Less: Income payments to the rest of
   the world.............................     607.4    626.6    587.1    634.5    640.5    640.8    504.8    519.7    486.3    524.0    526.0    524.1      0.7      2.0     -1.8
  Equals: Gross national product.........  18,242.4 18,332.5 18,434.1 18,454.2 18,657.9 18,866.7 16,570.4 16,614.0 16,668.4 16,668.3 16,757.6 16,887.3    377.9     89.3    129.7
  Net domestic product...................  15,205.9 15,297.8 15,360.0 15,408.1 15,548.3 15,736.3 13,766.2 13,816.2 13,836.9 13,857.5 13,902.9 14,020.3    352.6     45.5    117.3
----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
 r Revised. Revisions include changes to series affected by the incorporation of revised wage and salary estimates for the second quarter of 2016.
 1. Real gross domestic income is gross domestic income deflated by the implicit price deflator for gross domestic product.
 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
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                            2013    2014    2015 ---------------------------------------------Seasonally adjusted at annual rates---------------------------------------------
                                                                    2012 -------------2013-------------  -------------2014-------------  -------------2015-------------  ---------2016---------
                                                                      IV       I      II     III      IV       I      II     III      IV       I      II     III      IV       I      II  III\r\
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
      Gross domestic product (GDP).....      1.6     1.8     1.1     1.5     1.4     0.9     2.1     2.1     1.7     2.1     1.7     0.5    -0.1     2.3     1.3     0.8     0.5     2.3     1.4
Personal consumption expenditures......      1.3     1.5     0.3     2.2     1.4     0.2     1.5     1.7     2.0     1.9     1.1     0.0    -1.6     1.8     1.1     0.4     0.3     2.0     1.4
  Goods................................     -0.5    -0.4    -2.9     1.5    -0.5    -3.7     0.3     0.0     0.6     0.2    -1.0    -3.5    -8.0     1.2    -0.9    -2.6    -4.0     0.8    -0.9
    Durable goods......................     -1.9    -2.3    -2.1    -1.5    -1.2    -2.4    -2.6    -2.1    -2.4    -1.9    -2.3    -3.0    -2.2    -0.6    -2.6    -1.8    -0.9    -2.5    -4.1
    Nondurable goods...................      0.1     0.6    -3.3     2.9    -0.2    -4.3     1.8     1.0     2.0     1.3    -0.3    -3.7   -10.8     2.2     0.0    -2.9    -5.6     2.5     0.8
  Services.............................      2.3     2.5     2.0     2.5     2.5     2.2     2.1     2.7     2.7     2.7     2.1     1.8     1.7     2.1     2.2     1.8     2.4     2.6     2.6
Gross private domestic investment......      1.5     2.1     0.8     1.0     1.3     1.9     1.9     1.9     3.0     1.4     2.4     1.8    -0.1    -0.1     1.2     0.3     0.6     1.8     1.1
  Fixed investment.....................      1.6     2.3     1.0     0.9     1.3     2.0     2.0     2.3     3.2     1.4     2.4     1.7     0.5    -0.3     1.3     0.4     0.6     2.2     1.4
    Nonresidential.....................      0.8     1.4     0.6     0.2     0.2     1.2     1.2     1.0     1.8     1.5     1.2     0.9     0.6    -0.3     0.8    -0.1     0.2     1.2     0.2
      Structures.......................      2.1     3.8     0.0    -0.4     1.3     4.0     2.7     4.8     4.6     3.3     3.2     1.9    -2.3    -2.5     0.9    -0.2    -1.5     3.2    -0.5
      Equipment........................      0.2     0.4     0.8     1.3    -0.4    -0.3     0.5    -1.8     1.2     1.5     0.8     1.1     1.5     0.0     0.1     0.1     0.3     0.1     1.1
      Intellectual property products...      0.8     1.0     0.8    -1.0     0.4     1.6     1.2     2.7     0.8     0.1     0.4    -0.2     1.6     0.8     1.8    -0.2     1.3     1.4    -0.4
    Residential........................      5.0     6.0     2.4     4.0     6.3     5.3     5.4     7.6     8.7     1.3     7.1     4.9     0.2    -0.1     2.9     2.2     2.0     5.6     5.2
  Change in private inventories........      ---     ---     ---     ---     ---     ---     ---     ---     ---     ---     ---     ---     ---     ---     ---     ---     ---     ---     ---
Net exports of goods and services......      ---     ---     ---     ---     ---     ---     ---     ---     ---     ---     ---     ---     ---     ---     ---     ---     ---     ---     ---
  Exports..............................      0.1     0.1    -4.8     1.3     1.2    -2.9     0.7    -0.3     3.2     0.0    -1.0    -6.8    -9.2    -0.9    -4.0    -5.5    -5.1     3.9     2.4
    Goods..............................     -0.7    -0.9    -6.8     0.6     0.6    -4.4     0.1    -1.7     3.5    -1.1    -2.4    -9.5   -12.1    -1.8    -5.8    -7.8   -10.0     5.9     2.4
    Services...........................      1.8     2.1    -0.5     2.9     2.3     0.5     1.9     2.9     2.4     2.3     2.3    -0.6    -3.2     0.8    -0.4    -1.1     4.8     0.4     2.3
  Imports..............................     -0.9    -0.2    -7.6     4.1     1.0    -4.2    -1.8     0.0     5.2    -1.6    -2.1    -7.0   -15.5    -4.8    -4.5    -7.6    -6.0     2.1     2.9
    Goods..............................     -1.3    -0.6    -8.9     4.5     1.0    -5.0    -2.4    -0.9     5.9    -2.1    -2.7    -8.0   -17.8    -5.9    -5.0    -9.0    -7.3     2.5     3.8
    Services...........................      1.3     1.7    -1.3     2.1     1.4    -0.1     1.1     4.7     1.9     1.3     0.9    -1.6    -3.7     0.7    -2.2    -1.3    -0.1     0.6    -0.9
Government consumption expenditures
 and gross investment..................      1.6     2.0     0.3     1.9     1.5     1.1     1.9     3.7     1.8     1.9     2.0     0.0    -2.1     2.2     0.5     0.1    -0.4     2.7     2.1
  Federal..............................      1.0     1.7     0.5     0.1     0.5     0.9     1.6     6.3    -0.7     1.6     1.5     0.2     0.2     0.9     0.0    -0.8     1.5     2.1     1.6
    National defense...................      0.7     1.4     0.2     0.1     0.1     0.4     1.3     4.2     0.4     1.1     1.2    -0.1    -0.3     0.8    -0.2    -0.9     0.9     2.1     1.6
    Nondefense.........................      1.6     2.2     1.0     0.0     1.0     1.7     2.1     9.8    -2.6     2.3     2.0     0.7     0.9     1.1     0.3    -0.6     2.3     2.2     1.7
  State and local......................      1.9     2.2     0.2     3.1     2.1     1.2     2.0     2.0     3.4     2.1     2.3    -0.1    -3.5     3.0     0.8     0.6    -1.6     3.1     2.4
Addenda:
  Final sales of domestic product......      1.6     1.8     1.1     1.5     1.5     0.9     2.1     2.2     1.8     2.1     1.7     0.5     0.0     2.3     1.3     0.9     0.5     2.4     1.4
  Gross domestic purchases.............      1.4     1.7     0.4     1.9     1.4     0.6     1.6     2.1     2.1     1.8     1.5     0.3    -1.4     1.6     1.0     0.3     0.2     2.1     1.5
  Final sales to domestic purchasers...      1.4     1.7     0.4     1.9     1.4     0.6     1.6     2.2     2.1     1.8     1.4     0.3    -1.4     1.5     1.0     0.3     0.2     2.2     1.5
  Final sales to private domestic
   purchasers..........................      1.4     1.7     0.5     1.9     1.4     0.5     1.6     1.8     2.2     1.8     1.3     0.3    -1.2     1.4     1.2     0.4     0.3     2.0     1.4
  Gross national product (GNP).........      1.6     1.8     1.0     1.5     1.5     0.9     2.1     2.1     1.7     2.1     1.7     0.5    -0.1     2.3     1.3     0.8     0.5     2.3     1.4
  Implicit price deflators:
    GDP................................      1.6     1.8     1.1     1.6     1.6     0.8     1.9     2.1     1.8     2.2     1.7     0.5     0.0     2.2     1.2     0.9     0.5     2.3     1.4
    Gross domestic purchases...........      1.4     1.7     0.4     2.1     1.5     0.5     1.5     2.1     2.2     1.9     1.4     0.3    -1.4     1.5     1.0     0.4     0.2     2.1     1.5
    GNP................................      1.6     1.8     1.0     1.6     1.6     0.8     1.9     2.1     1.8     2.2     1.7     0.5     0.0     2.2     1.2     0.9     0.4     2.3     1.4
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
 r Revised
 See 'Explanatory Note' at the end of the tables.


                                    Table 5. Real Gross Domestic Product, Quantity Indexes
                                                  [Index numbers, 2009=100]
------------------------------------------------------------------------------------------------------------------------------
                                                   2013      2014      2015 --------------Seasonally adjusted--------------
                                                                            -------2015-------  ------------2016------------
                                                                                  III        IV         I        II    III\r\
------------------------------------------------------------------------------------------------------------------------------
      Gross domestic product................    108.277   110.844   113.721   114.121   114.370   114.608   115.011   115.908
Personal consumption expenditures...........    107.296   110.378   113.890   114.308   114.952   115.418   116.633   117.432
  Goods.....................................    112.977   117.414   122.166   122.955   123.602   123.957   126.089   127.147
    Durable goods...........................    128.280   136.919   146.395   147.789   149.251   149.013   152.538   156.775
    Nondurable goods........................    106.483   109.253   112.146   112.695   113.023   113.608   115.185   115.007
  Services..................................    104.555   107.004   109.954   110.208   110.849   111.361   112.184   112.870
Gross private domestic investment...........    139.317   145.549   152.761   153.461   152.570   151.294   148.226   148.982
  Fixed investment..........................    124.469   131.342   136.633   137.956   137.895   137.570   137.179   136.862
    Nonresidential..........................    124.455   131.967   134.697   135.754   134.611   133.442   133.766   133.815
      Structures............................     97.855   107.918   103.166   103.456    99.291    99.317    98.794   101.194
      Equipment.............................    152.465   160.752   166.451   168.511   167.400   163.270   162.053   160.087
      Intellectual property products........    113.352   117.733   123.422   123.987   125.376   126.532   129.279   129.598
    Residential.............................    124.495   128.846   143.923   146.263   150.290   153.133   150.079   148.415
  Change in private inventories.............        ---       ---       ---       ---       ---       ---       ---       ---
Exports of goods and services...............    127.951   133.414   133.560   133.550   132.629   132.389   132.974   136.225
Imports of goods and services...............    122.855   128.279   134.155   134.510   134.752   134.544   134.620   135.333
Government consumption expenditures and
 gross investment...........................     92.505    91.710    93.350    93.696    93.933    94.304    93.907    93.965
  Federal...................................     93.852    91.471    91.472    91.378    92.226    91.874    91.791    92.349
  State and local...........................     91.595    91.806    94.485    95.110    94.959    95.790    95.192    94.934
Addenda:
  Final sales of domestic product...........    106.555   109.245   111.906   112.394   112.743   113.093   113.821   114.572
  Gross domestic purchases..................    108.119   110.765   114.335   114.773   115.141   115.373   115.718   116.354
  Final sales to domestic purchasers........    106.447   109.212   112.565   113.087   113.552   113.894   114.558   115.054
  Final sales to private domestic
   purchasers...............................    110.138   113.849   117.658   118.227   118.753   119.086   120.032   120.644
  Gross national product....................    108.596   111.138   113.731   114.030   114.404   114.403   115.016   115.906
------------------------------------------------------------------------------------------------------------------------------
 r Revised
 See 'Explanatory Note' at the end of the tables.


                                      Table 6. Price Indexes for Gross Domestic Product
                                                  [Index numbers, 2009=100]
------------------------------------------------------------------------------------------------------------------------------
                                                   2013      2014      2015 --------------Seasonally adjusted--------------
                                                                            -------2015-------  ------------2016------------
                                                                                  III        IV         I        II    III\r\
------------------------------------------------------------------------------------------------------------------------------
      Gross domestic product................    106.917   108.838   109.999   110.268   110.498   110.635   111.268   111.656
Personal consumption expenditures (PCE).....    107.532   109.150   109.532   109.784   109.892   109.969   110.519   110.914
  Goods.....................................    106.116   105.727   102.680   102.806   102.144   101.109   101.301   101.078
    Durable goods...........................     94.590    92.411    90.463    90.231    89.813    89.619    89.045    88.114
    Nondurable goods........................    111.946   112.595   108.920   109.264   108.459   106.917   107.582   107.809
  Services..................................    108.276   110.946   113.149   113.469   113.990   114.663   115.405   116.135
Gross private domestic investment...........    103.454   105.655   106.539   106.663   106.742   106.889   107.366   107.662
  Fixed investment..........................    103.670   106.030   107.062   107.184   107.300   107.467   108.048   108.420
    Nonresidential..........................    103.023   104.423   105.051   105.141   105.116   105.172   105.476   105.541
      Structures............................    108.116   112.213   112.202   112.168   112.113   111.682   112.566   112.424
      Equipment.............................    100.047   100.482   101.277   101.285   101.299   101.366   101.392   101.663
      Intellectual property products........    103.755   104.772   105.583   105.889   105.825   106.168   106.526   106.417
    Residential.............................    106.393   112.795   115.479   115.726   116.371   116.952   118.553   120.076
  Change in private inventories.............        ---       ---       ---       ---       ---       ---       ---       ---
Exports of goods and services...............    112.064   112.134   106.778   106.548   105.039   103.669   104.671   105.284
Imports of goods and services...............    113.634   113.368   104.726   104.304   102.252   100.675   101.211   101.938
Government consumption expenditures and
 gross investment...........................    109.046   111.263   111.605   111.816   111.835   111.713   112.462   113.053
  Federal...................................    107.581   109.431   109.979   110.096   109.881   110.286   110.869   111.317
  State and local...........................    110.063   112.522   112.732   113.003   113.169   112.715   113.570   114.251
Addenda:
  PCE excluding food and energy\1\..........    106.323   108.048   109.540   109.770   110.095   110.657   111.150   111.619
  Market-based PCE\2\.......................    107.000   108.219   108.179   108.391   108.450   108.395   108.893   109.243
  Market-based PCE excluding food and
   energy\2\................................    105.522   106.800   107.957   108.138   108.436   108.911   109.336   109.762
  Final sales of domestic product...........    106.946   108.891   110.077   110.347   110.584   110.724   111.375   111.776
  Gross domestic purchases..................    107.287   109.109   109.569   109.793   109.881   109.936   110.509   110.922
  Final sales to domestic purchasers........    107.314   109.159   109.640   109.865   109.959   110.017   110.606   111.031
  Final sales to private domestic
   purchasers...............................    106.873   108.637   109.148   109.374   109.484   109.579   110.135   110.527
  Gross national product....................    107.042   108.957   110.090   110.359   110.587   110.719   111.350   111.737
  Implicit price deflators:
    Gross domestic product..................    106.913   108.828   109.998   110.253   110.504   110.630   111.258   111.640
    Final sales of domestic product.........    106.946   108.891   110.077   110.344   110.581   110.722   111.372   111.773
    Gross domestic purchases................    107.284   109.099   109.569   109.779   109.887   109.932   110.500   110.907
    Final sales to domestic purchasers......    107.314   109.159   109.640   109.862   109.957   110.015   110.604   111.030
    Gross national product..................    107.038   108.947   110.090   110.344   110.593   110.714   111.340   111.721
------------------------------------------------------------------------------------------------------------------------------
 r Revised
 1. Food excludes personal consumption expenditures for purchased meals and beverages, which are classified in food services.
 2. 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, financial services furnished without payment) and the final
 consumption expenditures of nonprofit institutions serving households. Percentage changes for these series are included in
 the addenda to table 8 and appendix table A.
 See 'Explanatory Note' at the end of the tables.


                                       Table 7. Real Gross Domestic Product: Annual Percent Change
------------------------------------------------------------------------------------------------------------------------------------------
                                          ------Percent change from preceding year------ Percent change fourth quarter to fourth quarter
                                           2008  2009  2010  2011  2012  2013  2014  2015  2008  2009  2010  2011  2012  2013  2014  2015
------------------------------------------------------------------------------------------------------------------------------------------
      Gross domestic product (GDP)......   -0.3  -2.8   2.5   1.6   2.2   1.7   2.4   2.6  -2.8  -0.2   2.7   1.7   1.3   2.7   2.5   1.9
Personal consumption expenditures
 (PCE)..................................   -0.3  -1.6   1.9   2.3   1.5   1.5   2.9   3.2  -2.0  -0.2   3.1   1.5   1.3   2.0   3.5   2.6
  Goods.................................   -2.5  -3.0   3.4   3.1   2.7   3.1   3.9   4.0  -6.2   0.9   5.1   1.7   2.8   3.5   4.6   3.3
    Durable goods.......................   -5.1  -5.5   6.1   6.1   7.4   6.2   6.7   6.9 -12.9   2.5   9.3   4.8   7.2   5.2   8.6   5.5
    Nondurable goods....................   -1.1  -1.8   2.2   1.8   0.6   1.7   2.6   2.6  -2.7   0.2   3.3   0.4   0.8   2.6   2.8   2.3
  Services..............................    0.8  -0.9   1.2   1.8   0.8   0.6   2.3   2.8   0.3  -0.8   2.0   1.4   0.6   1.3   2.9   2.2
Gross private domestic investment.......   -9.4 -21.6  12.9   5.2  10.6   6.1   4.5   5.0 -15.9 -11.0  11.1   9.6   3.7   9.3   3.8   2.6
  Fixed investment......................   -6.8 -16.7   1.5   6.3   9.8   5.0   5.5   4.0 -12.5 -11.9   5.5   8.4   7.0   5.2   5.3   3.4
    Nonresidential......................   -0.7 -15.6   2.5   7.7   9.0   3.5   6.0   2.1  -8.9 -12.2   8.1   9.0   5.2   4.8   5.0   0.8
      Structures........................    6.1 -18.9 -16.4   2.3  12.9   1.4  10.3  -4.4  -1.2 -27.1  -4.0   8.0   4.1   5.8   8.0  -8.8
      Equipment.........................   -6.9 -22.9  15.9  13.6  10.8   4.6   5.4   3.5 -19.0 -11.5  20.9  13.1   6.9   6.1   2.9   3.7
      Intellectual property products....    3.0  -1.4   1.9   3.6   3.9   3.4   3.9   4.8   0.0   1.3   1.8   4.1   3.4   2.2   6.1   3.8
    Residential.........................  -24.0 -21.2  -2.5   0.5  13.5  11.9   3.5  11.7 -24.3 -10.8  -5.2   6.0  15.7   6.8   6.2  13.1
  Change in private inventories.........    ---   ---   ---   ---   ---   ---   ---   ---   ---   ---   ---   ---   ---   ---   ---   ---
Net exports of goods and services.......    ---   ---   ---   ---   ---   ---   ---   ---   ---   ---   ---   ---   ---   ---   ---   ---
  Exports...............................    5.7  -8.8  11.9   6.9   3.4   3.5   4.3   0.1  -2.8   0.8  10.1   4.2   2.2   5.9   3.1  -2.2
    Goods...............................    6.1 -12.1  14.4   6.5   3.6   3.1   4.4  -0.6  -3.2  -0.2  10.9   4.8   1.2   7.0   2.7  -3.4
    Services............................    4.8  -1.1   6.8   7.6   3.0   4.4   3.9   1.6  -1.8   3.2   8.4   2.7   4.5   3.6   3.9   0.5
  Imports...............................   -2.6 -13.7  12.7   5.5   2.2   1.1   4.4   4.6  -6.0  -6.2  12.0   3.5   0.3   2.5   6.1   2.5
    Goods...............................   -3.7 -15.8  14.9   5.8   2.1   1.2   4.8   4.9  -7.9  -6.7  13.6   3.4   0.1   2.7   6.5   2.7
    Services............................    3.7  -3.8   3.8   4.0   3.0   0.6   2.6   2.9   4.7  -4.2   4.9   3.8   1.2   1.1   4.0   1.9
Government consumption expenditures and
 gross investment.......................    2.8   3.2   0.1  -3.0  -1.9  -2.9  -0.9   1.8   3.3   2.3  -1.1  -3.0  -2.2  -2.8   0.3   2.2
  Federal...............................    6.8   5.7   4.4  -2.7  -1.9  -5.8  -2.5   0.0   8.4   3.9   3.2  -4.0  -2.1  -6.7  -1.3   1.7
    National defense....................    7.5   5.4   3.2  -2.3  -3.4  -6.8  -4.1  -2.1   9.4   3.6   2.0  -4.1  -3.9  -7.1  -4.1   0.6
    Nondefense..........................    5.5   6.2   6.4  -3.4   0.9  -4.1   0.1   3.3   6.5   4.6   5.5  -3.9   1.0  -6.0   3.4   3.4
  State and local.......................    0.3   1.6  -2.7  -3.3  -1.9  -0.8   0.2   2.9   0.2   1.3  -4.0  -2.3  -2.3  -0.1   1.3   2.5
Addenda:
  Gross domestic income (GDI)\1\........   -0.8  -2.6   2.7   2.2   3.3   1.2   3.0   2.5  -2.3   0.3   2.6   2.1   2.8   1.3   4.0   1.5
  Average of GDP and GDI................   -0.6  -2.7   2.6   1.9   2.7   1.5   2.7   2.6  -2.5   0.0   2.7   1.9   2.1   2.0   3.2   1.7
  Final sales of domestic product.......    0.2  -2.0   1.1   1.7   2.1   1.5   2.5   2.4  -2.1  -0.4   2.0   1.5   1.7   2.0   2.7   2.0
  Gross domestic purchases..............   -1.3  -3.8   2.9   1.6   2.1   1.3   2.4   3.2  -3.3  -1.3   3.2   1.7   1.0   2.2   3.0   2.5
  Final sales to domestic purchasers....   -0.9  -3.1   1.5   1.7   1.9   1.2   2.6   3.1  -2.7  -1.4   2.5   1.5   1.4   1.6   3.2   2.6
  Final sales to private domestic
   purchasers...........................   -1.7  -4.6   1.9   2.9   2.9   2.1   3.4   3.3  -4.1  -2.4   3.5   2.6   2.3   2.6   3.8   2.7
  Gross national product................    0.0  -2.9   2.8   1.8   2.1   1.7   2.3   2.3  -3.3   0.1   2.9   2.0   1.0   2.7   2.3   1.7
  Real disposable personal income.......    1.5  -0.4   1.0   2.5   3.2  -1.4   3.5   3.5   1.1  -0.7   2.6   1.7   5.1  -2.8   4.5   3.0
  Price indexes:
    Gross domestic purchases............    2.9  -0.2   1.5   2.4   1.8   1.4   1.7   0.4   1.9   0.3   1.6   2.4   1.7   1.4   1.4   0.4
    Gross domestic purchases excluding
     food and energy\2\.................    2.3   0.5   1.3   1.8   1.8   1.5   1.8   1.1   2.0   0.5   1.4   1.9   1.7   1.7   1.6   1.0
    GDP.................................    1.9   0.8   1.2   2.1   1.8   1.6   1.8   1.1   1.9   0.4   1.8   1.9   1.9   1.6   1.5   1.1
    GDP excluding food and energy\2\....    2.1   0.5   1.4   1.9   1.8   1.7   1.9   1.2   1.7   0.6   1.6   1.9   1.8   1.9   1.7   1.2
    PCE.................................    3.1  -0.1   1.7   2.5   1.9   1.3   1.5   0.3   1.5   1.2   1.3   2.7   1.8   1.2   1.2   0.4
    PCE excluding food and energy\2\....    2.1   1.2   1.3   1.5   1.9   1.5   1.6   1.4   1.6   1.4   1.0   1.9   1.8   1.5   1.6   1.4
    Market-based PCE\3\.................    3.4   0.4   1.5   2.5   1.8   1.0   1.1   0.0   1.9   1.5   1.1   2.8   1.6   0.9   0.9   0.1
    Market-based PCE excluding food and
     energy\3\..........................    2.3   1.9   1.0   1.4   1.8   1.2   1.2   1.1   2.2   1.8   0.7   1.9   1.5   1.1   1.2   1.1
------------------------------------------------------------------------------------------------------------------------------------------
 1. Gross domestic income deflated by the implicit price deflator for gross domestic product.
 2. Food excludes personal consumption expenditures for purchased meals and beverages, which are classified in food services.
 3. 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, financial services furnished without payment) and the final consumption expenditures of
 nonprofit institutions serving households.
 Note.  Estimates under the 'Percent change from the preceding year' columns are calculated from annual data.  Estimates under the
 'Percent change fourth quarter to fourth quarter' columns are calculated from fourth quarter values relative to the same quarter one
 year prior.
 See 'Explanatory Note' at the end of the tables.


                                      Table 8. Real Gross Domestic Product: Percent Change From Quarter One Year Ago
----------------------------------------------------------------------------------------------------------------------------------------------------------
                                            2012 -----------2013-----------  -----------2014-----------  -----------2015-----------   -------2016-------
                                              IV      I     II    III     IV      I     II    III     IV      I     II    III     IV      I  II\r\ III\r\
----------------------------------------------------------------------------------------------------------------------------------------------------------
      Gross domestic product (GDP)......     1.3    1.3    1.0    1.7    2.7    1.6    2.4    2.9    2.5    3.3    3.0    2.2    1.9    1.6    1.3    1.6
Personal consumption expenditures
 (PCE)..................................     1.3    1.2    1.2    1.4    2.0    2.0    2.7    3.2    3.5    3.6    3.4    3.1    2.6    2.4    2.7    2.7
  Goods.................................     2.8    3.0    3.0    3.0    3.5    2.7    4.0    4.4    4.6    4.7    4.1    4.1    3.3    2.9    3.6    3.4
    Durable goods.......................     7.2    6.9    6.7    6.0    5.2    3.9    6.6    7.7    8.6    8.5    7.2    6.6    5.5    4.2    4.8    6.1
    Nondurable goods....................     0.8    1.2    1.3    1.7    2.6    2.1    2.8    2.8    2.8    2.9    2.6    2.8    2.3    2.3    3.0    2.1
  Services..............................     0.6    0.3    0.3    0.6    1.3    1.7    2.1    2.6    2.9    3.1    3.1    2.7    2.2    2.1    2.3    2.4
Gross private domestic investment.......     3.7    4.7    3.4    7.0    9.3    4.1    5.6    4.5    3.8    8.1    5.5    3.8    2.6   -0.7   -2.9   -2.9
  Fixed investment......................     7.0    5.2    4.5    5.3    5.2    4.7    5.5    6.6    5.3    4.9    4.2    3.8    3.4    2.2    0.8   -0.8
    Nonresidential......................     5.2    3.5    2.3    3.4    4.8    5.2    6.2    7.7    5.0    3.6    2.5    1.4    0.8   -0.4   -0.5   -1.4
      Structures........................     4.1   -1.8   -1.8    3.2    5.8   13.4   12.6    7.5    8.0   -1.2   -3.6   -4.0   -8.8   -5.7   -5.5   -2.2
      Equipment.........................     6.9    5.2    3.8    3.3    6.1    4.0    4.9   10.1    2.9    5.1    3.4    2.0    3.7   -1.1   -1.7   -5.0
      Intellectual property products....     3.4    4.9    3.1    3.6    2.2    1.5    3.5    4.4    6.1    5.0    5.9    4.6    3.8    4.6    4.8    4.5
    Residential.........................    15.7   12.6   14.8   13.6    6.8    2.8    2.8    2.2    6.2    9.9   10.7   13.0   13.1   11.7    5.7    1.5
  Change in private inventories.........     ---    ---    ---    ---    ---    ---    ---    ---    ---    ---    ---    ---    ---    ---    ---    ---
Net exports of goods and services.......     ---    ---    ---    ---    ---    ---    ---    ---    ---    ---    ---    ---    ---    ---    ---    ---
  Exports...............................     2.2    2.5    2.6    2.9    5.9    4.2    5.1    4.8    3.1    2.2    0.8   -0.4   -2.2   -0.9   -1.1    2.0
    Goods...............................     1.2    1.4    1.8    2.2    7.0    4.3    5.3    5.5    2.7    1.9    0.5   -1.4   -3.4   -0.8   -1.5    2.6
    Services............................     4.5    5.0    4.3    4.5    3.6    3.8    4.6    3.3    3.9    2.8    1.6    1.7    0.5   -1.0   -0.4    0.9
  Imports...............................     0.3    0.0    0.8    1.1    2.5    3.4    4.5    3.7    6.1    6.3    4.5    5.1    2.5    1.0    0.3    0.6
    Goods...............................     0.1   -0.1    0.9    1.2    2.7    3.7    4.9    4.0    6.5    6.8    5.0    5.4    2.7    0.7   -0.2    0.0
    Services............................     1.2    0.6    0.3    0.6    1.1    1.7    2.6    2.2    4.0    3.7    2.2    3.9    1.9    2.6    2.8    3.2
Government consumption expenditures and
 gross investment.......................    -2.2   -2.8   -2.8   -3.0   -2.8   -2.0   -1.4   -0.3    0.3    1.2    2.0    1.8    2.2    1.9    0.7    0.3
  Federal...............................    -2.1   -4.7   -5.3   -6.6   -6.7   -4.1   -3.5   -1.2   -1.3   -0.8   -0.1   -0.8    1.7    0.8    0.7    1.1
    National defense....................    -3.9   -6.0   -6.2   -8.0   -7.1   -5.3   -4.8   -2.2   -4.1   -3.0   -2.3   -3.5    0.6   -0.1   -0.8    0.0
    Nondefense..........................     1.0   -2.5   -3.7   -4.3   -6.0   -2.1   -1.3    0.3    3.4    2.7    3.5    3.6    3.4    2.3    2.9    2.6
  State and local.......................    -2.3   -1.5   -1.1   -0.5   -0.1   -0.5   -0.1    0.3    1.3    2.5    3.3    3.5    2.5    2.6    0.7   -0.2
Addenda:
  Gross domestic income (GDI)\1\........     2.8    0.9    1.3    1.5    1.3    1.9    2.7    3.6    4.0    3.8    2.6    2.1    1.5    1.3    1.4    2.0
  Average of GDP and GDI................     2.1    1.1    1.2    1.6    2.0    1.7    2.6    3.3    3.2    3.6    2.8    2.2    1.7    1.4    1.3    1.8
  Final sales of domestic product.......     1.7    1.4    1.2    1.4    2.0    1.7    2.4    3.2    2.7    2.8    2.7    2.2    2.0    2.1    1.9    1.9
  Gross domestic purchases..............     1.0    0.9    0.8    1.4    2.2    1.6    2.4    2.8    3.0    3.9    3.5    3.0    2.5    1.8    1.4    1.4
  Final sales to domestic purchasers....     1.4    1.0    0.9    1.1    1.6    1.7    2.4    3.1    3.2    3.4    3.3    3.0    2.6    2.3    2.1    1.7
  Final sales to private domestic
   purchasers...........................     2.3    1.9    1.8    2.1    2.6    2.5    3.3    3.8    3.8    3.9    3.5    3.3    2.7    2.3    2.3    2.0
  Gross national product................     1.0    1.1    1.1    1.7    2.7    1.8    2.4    2.9    2.3    3.1    2.7    1.8    1.7    1.3    1.3    1.6
  Real disposable personal income.......     5.1   -1.0   -1.1   -0.5   -2.8    2.5    3.2    3.7    4.5    3.9    3.6    3.3    3.0    3.1    2.8    2.7
  Price indexes:
    Gross domestic purchases............     1.7    1.5    1.3    1.4    1.4    1.6    1.9    1.9    1.4    0.5    0.5    0.3    0.4    0.8    0.9    1.0
    Gross domestic purchases excluding
     food and energy\2\.................     1.7    1.5    1.4    1.5    1.7    1.7    1.9    1.9    1.6    1.2    1.1    1.0    1.0    1.2    1.3    1.5
    GDP.................................     1.9    1.8    1.6    1.5    1.6    1.7    2.0    1.9    1.5    1.1    1.1    1.0    1.1    1.2    1.2    1.3
    GDP excluding food and energy\2\....     1.8    1.6    1.6    1.7    1.9    1.9    2.0    2.0    1.7    1.3    1.3    1.2    1.2    1.4    1.5    1.6
    PCE.................................     1.8    1.5    1.3    1.3    1.2    1.3    1.8    1.7    1.2    0.3    0.3    0.3    0.4    0.9    1.0    1.0
    PCE excluding food and energy\2\....     1.8    1.6    1.4    1.5    1.5    1.5    1.7    1.7    1.6    1.4    1.4    1.3    1.4    1.6    1.6    1.7
    Market-based PCE\3\.................     1.6    1.3    0.9    1.0    0.9    1.0    1.4    1.3    0.9   -0.1   -0.1   -0.1    0.1    0.6    0.7    0.8
    Market-based PCE excluding food and
     energy\3\..........................     1.5    1.4    1.1    1.1    1.1    1.1    1.3    1.3    1.2    1.1    1.1    1.1    1.1    1.4    1.4    1.5
----------------------------------------------------------------------------------------------------------------------------------------------------------
 r Revised. Revisions include changes to series affected by the incorporation of revised wage and salary estimates for the second quarter of 2016.
 1. Gross domestic income deflated by the implicit price deflator for gross domestic product.
 2. Food excludes personal consumption expenditures for purchased meals and beverages, which are classified in food services.
 3. 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, financial services furnished without payment) and the final consumption expenditures of nonprofit institutions serving households.
 See 'Explanatory Note' at the end of the tables.


               Table 9. Relation of Gross Domestic Product, Gross National Product, and National Income
                                                [Billions of dollars]
----------------------------------------------------------------------------------------------------------------------
                                                  2013     2014     2015 ----Seasonally adjusted at annual rates----
                                                                         ------2015------   ----------2016----------
                                                                              III       IV        I    II\r\   III\r\
----------------------------------------------------------------------------------------------------------------------
Gross domestic product (GDP)................  16,691.5 17,393.1 18,036.6 18,141.9 18,222.8 18,281.6 18,450.1 18,657.9
Plus: Income receipts from the rest of the
 world......................................     825.5    852.1    813.1    817.2    798.5    807.0    848.3    849.7
Less: Income payments to the rest of the
 world......................................     581.3    604.0    607.4    626.6    587.1    634.5    640.5    640.8
Equals: Gross national product..............  16,935.8 17,641.2 18,242.4 18,332.5 18,434.1 18,454.2 18,657.9 18,866.7
Less: Consumption of fixed capital..........   2,628.9  2,745.2  2,830.8  2,844.2  2,862.8  2,873.6  2,901.8  2,921.5
Less: Statistical discrepancy...............    -137.9   -257.9   -253.7   -236.1   -264.8   -264.3   -233.9   -327.8
Equals: National income.....................  14,444.8 15,153.9 15,665.3 15,724.4 15,836.2 15,844.9 15,990.1 16,273.0
  Compensation of employees.................   8,842.4  9,253.4  9,693.1  9,740.0  9,892.4  9,892.6 10,046.5 10,176.9
    Wages and salaries......................   7,116.7  7,476.3  7,854.8  7,893.9  8,024.6  8,011.3  8,142.9  8,253.1
    Supplements to wages and salaries.......   1,725.8  1,777.1  1,838.2  1,846.1  1,867.8  1,881.3  1,903.6  1,923.8
  Proprietors' income with inventory
   valuation and capital consumption
   adjustments..............................   1,284.7  1,337.7  1,376.8  1,389.0  1,400.9  1,403.9  1,407.8  1,422.8
  Rental income of persons with capital
   consumption adjustment...................     567.1    606.1    659.6    668.1    677.3    692.8    700.6    706.8
  Corporate profits with inventory
   valuation and capital consumption
   adjustments..............................   2,032.9  2,152.1  2,088.1  2,095.4  1,967.5  2,033.5  2,021.0  2,154.8
  Net interest and miscellaneous payments...     504.6    533.7    524.1    525.2    503.7    493.1    485.5    489.7
  Taxes on production and imports less
   subsidies................................   1,115.6  1,153.5  1,181.0  1,182.5  1,190.0  1,191.5  1,187.4  1,198.7
  Business current transfer payments (net)       118.4    137.6    161.4    143.2    224.5    158.1    164.6    146.5
  Current surplus of government
   enterprises..............................     -20.9    -20.2    -18.8    -18.9    -20.1    -20.5    -23.3    -23.2
Addenda:
  Gross domestic income (GDI)...............  16,829.5 17,651.1 18,290.3 18,378.0 18,487.6 18,546.0 18,684.0 18,985.7
  Average of GDP and GDI....................  16,760.5 17,522.1 18,163.5 18,260.0 18,355.2 18,413.8 18,567.0 18,821.8
  Statistical discrepancy as a percentage
   of GDP...................................      -0.8     -1.5     -1.4     -1.3     -1.5     -1.4     -1.3     -1.8
----------------------------------------------------------------------------------------------------------------------
 r Revised. Revisions include changes to series affected by the incorporation of revised wage and salary estimates for
 the second quarter of 2016.


                                    Table 10. Personal Income and Its Disposition
                                                [Billions of dollars]
----------------------------------------------------------------------------------------------------------------------
                                                  2013     2014     2015 ----Seasonally adjusted at annual rates----
                                                                         ------2015------   ----------2016----------
                                                                              III       IV        I    II\r\   III\r\
----------------------------------------------------------------------------------------------------------------------
Personal income\1\..........................  14,073.7 14,809.7 15,458.5 15,556.1 15,690.2 15,740.1 15,929.4 16,105.6
  Compensation of employees.................   8,842.4  9,253.4  9,693.1  9,740.0  9,892.4  9,892.6 10,046.5 10,176.9
    Wages and salaries......................   7,116.7  7,476.3  7,854.8  7,893.9  8,024.6  8,011.3  8,142.9  8,253.1
    Supplements to wages and salaries.......   1,725.8  1,777.1  1,838.2  1,846.1  1,867.8  1,881.3  1,903.6  1,923.8
  Proprietors' income with inventory
   valuation and capital consumption
   adjustments..............................   1,284.7  1,337.7  1,376.8  1,389.0  1,400.9  1,403.9  1,407.8  1,422.8
    Farm....................................      87.8     68.5     39.9     44.6     38.1     32.3     29.8     29.3
    Nonfarm.................................   1,197.0  1,269.2  1,336.8  1,344.4  1,362.8  1,371.6  1,378.0  1,393.5
  Rental income of persons with capital
   consumption adjustment...................     567.1    606.1    659.6    668.1    677.3    692.8    700.6    706.8
  Personal income receipts on assets........   2,056.1  2,227.0  2,253.8  2,275.1  2,235.5  2,235.9  2,255.8  2,271.1
    Personal interest income................   1,261.6  1,300.9  1,302.7  1,336.1  1,293.0  1,296.1  1,310.2  1,318.4
    Personal dividend income................     794.4    926.1    951.1    939.0    942.5    939.8    945.5    952.7
  Personal current transfer receipts........   2,428.0  2,540.4  2,678.6  2,692.1  2,708.2  2,744.0  2,763.6  2,786.0
  Less: Contributions for government social
   insurance, domestic......................   1,104.6  1,154.9  1,203.5  1,208.3  1,224.1  1,229.0  1,244.8  1,257.9
Less: Personal current taxes................   1,677.8  1,787.0  1,938.7  1,944.4  1,963.8  1,932.7  1,952.1  1,985.5
Equals: Disposable personal income..........  12,395.8 13,022.7 13,519.8 13,611.7 13,726.4 13,807.4 13,977.3 14,120.1
Less: Personal outlays......................  11,775.7 12,296.7 12,736.2 12,813.2 12,899.6 12,961.9 13,154.5 13,290.9
Equals: Personal saving.....................     620.1    726.0    783.6    798.5    826.8    845.5    822.8    829.2
  Personal saving as a percentage of
   disposable personal income...............       5.0      5.6      5.8      5.9      6.0      6.1      5.9      5.9
Addenda:
  Personal income excluding current
   transfer receipts, billions of chained
   (2009) dollars\2\........................  10,830.0 11,240.8 11,667.7 11,717.8 11,813.7 11,818.2 11,912.9 12,009.2
  Disposable personal income, billions of
   chained (2009) dollars\2\................  11,527.6 11,931.0 12,343.3 12,398.9 12,491.0 12,556.0 12,647.2 12,730.9
----------------------------------------------------------------------------------------------------------------------
 r Revised. Revisions include changes to series affected by the incorporation of revised wage and salary estimates for
 the second quarter of 2016.
 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 (net), and current surplus of
 government enterprises, plus personal income receipts on assets, and personal current transfer receipts.
 2. The current-dollar measure is deflated by the implicit price deflator for personal consumption expenditures.


                                                                     Table 11. Corporate Profits: Level and Percent Change
------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                          -----------------------------Billions of dollars-----------------------------  ----------------Percent change from preceding period----------------
                                               2013      2014      2015 ------Seasonally adjusted at annual rates------       2014      2015 -----------Quarterly rates-----------    Quarter one year ago
                                                                        -------2015-------  ------------2016------------                           2015 ------------2016------------       2016
                                                                              III        IV         I        II       III                            IV         I        II       III       III
------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
Corporate profits with inventory
 valuation and capital consumption
 adjustments............................    2,032.9   2,152.1   2,088.1   2,095.4   1,967.5   2,033.5   2,021.0   2,154.8       5.9      -3.0      -6.1       3.4      -0.6       6.6       2.8
Less: Taxes on corporate income.........      467.7     532.7     553.8     530.0     574.9     527.5     543.9     564.9      13.9       4.0       8.5      -8.3       3.1       3.9       6.6
Equals: Profits after tax with
 inventory valuation and capital
 consumption adjustments................    1,565.2   1,619.3   1,534.3   1,565.3   1,392.6   1,506.0   1,477.1   1,589.8       3.5      -5.3     -11.0       8.1      -1.9       7.6       1.6
  Net dividends.........................      929.4     970.6     971.4     976.8     956.0     963.3     954.0     972.8       4.4       0.1      -2.1       0.8      -1.0       2.0      -0.4
  Undistributed profits with inventory
   valuation and capital consumption
   adjustments..........................      635.8     648.7     562.9     588.6     436.6     542.7     523.1     617.0       2.0     -13.2     -25.8      24.3      -3.6      18.0       4.8
Addenda for corporate cash flow:
  Net cash flow with inventory
   valuation adjustment.................    2,042.0   2,108.1   2,083.1   2,118.0   1,976.8   2,089.5   2,076.1   2,185.7       3.2      -1.2      -6.7       5.7      -0.6       5.3       3.2
    Undistributed profits with
     inventory valuation and capital
     consumption adjustments............      635.8     648.7     562.9     588.6     436.6     542.7     523.1     617.0       2.0     -13.2     -25.8      24.3      -3.6      18.0       4.8
    Consumption of fixed capital........    1,400.5   1,462.6   1,517.0   1,525.7   1,538.3   1,545.1   1,558.6   1,567.1       4.4       3.7       0.8       0.4       0.9       0.5       2.7
    Less: Capital transfers paid (net)         -5.7       3.3      -3.2      -3.7      -1.9      -1.7       5.6      -1.6       ---       ---       ---       ---       ---       ---       ---
Addenda:
  Profits before tax (without inventory
   valuation and capital consumption
   adjustments).........................    2,156.1   2,262.9   2,137.6   2,140.8   1,998.4   2,078.0   2,180.6   2,258.9       5.0      -5.5      -6.7       4.0       4.9       3.6       5.5
  Profits after tax (without inventory
   valuation and capital consumption
   adjustments).........................    1,688.4   1,730.1   1,583.8   1,610.8   1,423.4   1,550.5   1,636.7   1,693.9       2.5      -8.5     -11.6       8.9       5.6       3.5       5.2
  Inventory valuation adjustment........        3.3       3.0      54.8      59.7      71.4      61.2     -53.5      -2.0       ---       ---       ---       ---       ---       ---       ---
  Capital consumption adjustment........     -126.6    -113.9    -104.3    -105.2    -102.2    -105.7    -106.1    -102.1       ---       ---       ---       ---       ---       ---       ---
------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



                                                   Table 12. Corporate Profits by Industry: Level and Change From Preceding Period
                                                                                [Billions of dollars]
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                         ------------------------------------Level------------------------------------  ---------------Change from preceding period---------------
                                              2013      2014      2015 ------Seasonally adjusted at annual rates------
                                                                       -------2015-------  ------------2016------------       2014      2015      2015 ------------2016------------
                                                                             III        IV         I        II       III                            IV         I        II       III
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
    Corporate profits with inventory
     valuation and capital consumption
     adjustments.......................    2,032.9   2,152.1   2,088.1   2,095.4   1,967.5   2,033.5   2,021.0   2,154.8     119.2     -64.0    -127.9      66.0     -12.5     133.8
Domestic industries....................    1,621.0   1,741.1   1,702.3   1,720.9   1,571.0   1,663.9   1,613.4   1,740.7     120.1     -38.8    -149.8      92.9     -50.5     127.4
  Financial............................      391.4     444.1     452.7     447.3     429.2     437.2     442.8     493.7      52.7       8.5     -18.2       8.1       5.6      50.9
  Nonfinancial.........................    1,229.6   1,297.0   1,249.7   1,273.5   1,141.9   1,226.7   1,170.5   1,247.0      67.4     -47.3    -131.7      84.8     -56.1      76.5
Rest of the world......................      411.8     411.0     385.8     374.5     396.5     369.6     407.6     414.0      -0.9     -25.2      22.0     -26.9      38.0       6.4
  Receipts from the rest of the world        668.0     691.7     651.7     655.6     635.6     644.3     681.9     681.7      23.7     -40.0     -19.9       8.7      37.5      -0.2
  Less: Payments to the rest of the
   world...............................      256.2     280.7     265.9     281.1     239.2     274.7     274.2     267.7      24.5     -14.8     -41.9      35.6      -0.5      -6.6
    Corporate profits with inventory
     valuation adjustment..............    2,159.4   2,265.9   2,192.4   2,200.5   2,069.8   2,139.2   2,127.1   2,256.8     106.5     -73.5    -130.8      69.5     -12.1     129.7
Domestic industries....................    1,747.6   1,854.9   1,806.6   1,826.0   1,673.3   1,769.6   1,719.5   1,842.8     107.4     -48.3    -152.8      96.3     -50.1     123.3
  Financial............................      429.4     480.3     493.2     489.1     471.8     479.1     484.6     534.8      50.9      13.0     -17.3       7.3       5.4      50.2
    Federal Reserve banks..............       79.6     103.5     100.7     103.7      99.0     115.2     110.0     108.4      23.8      -2.7      -4.7      16.1      -5.2      -1.5
    Other financial....................      349.8     376.8     392.5     385.4     372.8     364.0     374.6     426.3      27.0      15.7     -12.6      -8.8      10.6      51.8
  Nonfinancial.........................    1,318.2   1,374.7   1,313.4   1,336.9   1,201.5   1,290.5   1,234.9   1,308.1      56.5     -61.3    -135.5      89.0     -55.5      73.1
    Utilities..........................       26.9      33.3       6.7       4.7     -11.2       4.1       2.5       ---       6.4     -26.6     -15.9      15.3      -1.5       ---
    Manufacturing......................      429.6     449.8     412.7     447.0     310.8     394.4     384.0       ---      20.2     -37.1    -136.2      83.7     -10.5       ---
      Durable goods....................      218.9     238.3     236.3     239.5     223.7     228.1     219.6       ---      19.4      -2.0     -15.9       4.4      -8.5       ---
        Fabricated metal products......       23.7      23.2      25.5      25.0      26.1      24.9      20.0       ---      -0.5       2.3       1.1      -1.2      -4.9       ---
        Machinery......................       34.2      36.0      29.4      26.5      25.7      21.5      18.1       ---       1.7      -6.6      -0.8      -4.2      -3.4       ---
        Computer and electronic
         products......................       51.6      53.4      49.2      49.4      45.3      47.8      45.0       ---       1.7      -4.1      -4.1       2.5      -2.8       ---
        Electrical equipment,
         appliances, and components....       19.2      17.3      17.0      16.5      18.0      16.3      18.2       ---      -1.9      -0.3       1.5      -1.8       2.0       ---
        Motor vehicles, bodies and
         trailers, and parts...........       21.3      34.9      45.9      48.4      42.7      48.0      52.3       ---      13.5      11.0      -5.6       5.3       4.3       ---
        Other durable goods............       68.8      73.6      69.3      73.8      65.9      69.6      66.0       ---       4.8      -4.3      -8.0       3.8      -3.7       ---
      Nondurable goods.................      210.7     211.5     176.4     207.4      87.1     166.3     164.4       ---       0.8     -35.1    -120.3      79.2      -1.9       ---
        Food and beverage and tobacco
         products......................       54.4      54.7      61.0      60.4      63.2      61.2      72.1       ---       0.3       6.3       2.8      -2.0      10.9       ---
        Petroleum and coal products....       47.9      55.6       7.2      38.6     -79.6     -13.0     -10.7       ---       7.7     -48.4    -118.2      66.6       2.3       ---
        Chemical products..............       76.0      73.3      75.4      77.1      66.9      79.2      67.4       ---      -2.7       2.1     -10.2      12.3     -11.8       ---
        Other nondurable goods.........       32.4      28.0      32.8      31.4      36.6      38.9      35.5       ---      -4.5       4.8       5.2       2.3      -3.4       ---
    Wholesale trade....................      142.7     146.5     150.0     150.3     158.7     153.9     116.1       ---       3.8       3.4       8.5      -4.8     -37.8       ---
    Retail trade.......................      154.5     167.8     178.7     177.3     175.5     185.3     181.5       ---      13.3      11.0      -1.8       9.8      -3.8       ---
    Transportation and warehousing.....       50.6      59.4      68.1      71.0      68.1      68.5      63.8       ---       8.9       8.6      -2.9       0.4      -4.8       ---
    Information........................      125.4     117.4     120.1     115.3     126.3     126.9     129.8       ---      -8.1       2.8      11.0       0.6       2.8       ---
    Other nonfinancial.................      388.5     400.4     377.0     371.4     373.3     357.4     357.3       ---      12.0     -23.4       1.9     -15.9       0.0       ---
Rest of the world......................      411.8     411.0     385.8     374.5     396.5     369.6     407.6     414.0      -0.9     -25.2      22.0     -26.9      38.0       6.4
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

 Note. Estimates in this table are based on the 2002 North American Industry Classification System (NAICS).


                            Table 13. Gross Value Added of Nonfinancial Domestic Corporate Business
-------------------------------------------------------------------------------------------------------------------------------
                                                    2013      2014      2015 ------Seasonally adjusted at annual rates------
                                                                             -------2015-------  ------------2016------------
                                                                                   III        IV         I     II\r\    III\r\
-------------------------------------------------------------------------------------------------------------------------------
Billions of dollars
    Gross value added of nonfinancial
     corporate business......................    8,305.2   8,703.9   9,008.8   9,041.9   9,080.2   9,076.9   9,121.5   9,289.6
Consumption of fixed capital.................    1,228.2   1,282.8   1,329.6   1,336.5   1,346.6   1,356.4   1,367.7   1,374.6
Net value added..............................    7,077.0   7,421.1   7,679.2   7,705.3   7,733.6   7,720.5   7,753.8   7,915.0
  Compensation of employees..................    4,749.7   4,999.5   5,259.8   5,279.6   5,351.3   5,333.3   5,426.5   5,498.9
    Wages and salaries.......................    3,955.2   4,181.3   4,412.3   4,428.7   4,488.1   4,467.4   4,548.4   4,611.0
    Supplements to wages and salaries........      794.4     818.1     847.5     850.9     863.2     865.9     878.1     887.9
  Taxes on production and imports less
   subsidies.................................      721.5     738.3     754.2     755.4     760.0     761.3     759.3     766.5
  Net operating surplus......................    1,605.8   1,683.3   1,665.2   1,670.3   1,622.3   1,625.9   1,568.0   1,649.6
    Net interest and miscellaneous payments        281.6     295.6     310.9     313.1     314.2     314.1     312.4     317.0
    Business current transfer payments
     (net)...................................       94.7      90.8     104.7      83.7     166.2      85.1      85.0      85.6
    Corporate profits with inventory
     valuation and capital consumption
     adjustments.............................    1,229.6   1,297.0   1,249.7   1,273.5   1,141.9   1,226.7   1,170.5   1,247.0
      Taxes on corporate income..............      283.6     313.7     308.1     306.1     277.6     312.7     321.4     331.3
      Profits after tax with inventory
       valuation and capital consumption
       adjustments...........................      946.0     983.3     941.6     967.4     864.3     914.0     849.1     915.8
        Net dividends........................      531.9     579.6     608.0     617.9     625.5     626.8     613.7     607.5
        Undistributed profits with inventory
         valuation and capital consumption
         adjustments.........................      414.1     403.7     333.6     349.5     238.7     287.2     235.4     308.3
Addenda:
  Profits before tax (without inventory
   valuation and capital consumption
   adjustments)..............................    1,314.8   1,371.6   1,258.6   1,277.2   1,130.1   1,229.3   1,288.5   1,310.1
  Profits after tax (without inventory
   valuation and capital consumption
   adjustments)..............................    1,031.2   1,058.0     950.5     971.1     852.5     916.6     967.1     978.8
  Inventory valuation adjustment.............        3.3       3.0      54.8      59.7      71.4      61.2     -53.5      -2.0
  Capital consumption adjustment.............      -88.6     -77.7     -63.7     -63.4     -59.6     -63.8     -64.4     -61.0
Billions of chained (2009) dollars
    Gross value added of nonfinancial
     corporate business\1\...................    7,942.1   8,253.2   8,513.9   8,539.6   8,597.5   8,637.9   8,642.0   8,817.0
Consumption of fixed capital\2\..............    1,177.1   1,213.8   1,254.8   1,260.2   1,270.1   1,278.1   1,285.7   1,293.0
Net value added\3\...........................    6,765.0   7,039.4   7,259.1   7,279.4   7,327.4   7,359.7   7,356.3   7,524.0
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\.....      1.046     1.055     1.058     1.059     1.056     1.051     1.055     1.054
  Compensation of employees (unit labor
   cost).....................................      0.598     0.606     0.618     0.618     0.622     0.617     0.628     0.624
  Unit nonlabor cost.........................      0.293     0.292     0.294     0.291     0.301     0.291     0.292     0.288
    Consumption of fixed capital.............      0.155     0.155     0.156     0.157     0.157     0.157     0.158     0.156
    Taxes on production and imports less
     subsidies plus business current
     transfer payments (net).................      0.103     0.100     0.101     0.098     0.108     0.098     0.098     0.097
    Net interest and miscellaneous payments        0.035     0.036     0.037     0.037     0.037     0.036     0.036     0.036
  Corporate profits with inventory valuation
   and capital consumption adjustments (unit
   profits from current production)..........      0.155     0.157     0.147     0.149     0.133     0.142     0.135     0.141
    Taxes on corporate income................      0.036     0.038     0.036     0.036     0.032     0.036     0.037     0.038
    Profits after tax with inventory
     valuation and capital consumption
     adjustments.............................      0.119     0.119     0.111     0.113     0.101     0.106     0.098     0.104
-------------------------------------------------------------------------------------------------------------------------------
 r Revised. Revisions include changes to series affected by the incorporation of revised wage and salary estimates for the
 second quarter of 2016.
 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 2009 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 2002 North American Industry Classification System (NAICS).


                 Appendix Table A. Real Gross Domestic Product and Related Aggregates and Price Indexes: Percent Change From Preceding Period and Contributions to Percent Change
--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                            2013    2014    2015 ---------------------------------------------Seasonally adjusted at annual rates---------------------------------------------
                                                                    2012 -------------2013-------------  -------------2014-------------  -------------2015-------------  ---------2016---------
                                                                      IV       I      II     III      IV       I      II     III      IV       I      II     III      IV       I      II  III\r\
--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
    Percent change from preceding
     period
Gross domestic product (GDP) and
 related aggregates:
  GDP..................................      1.7     2.4     2.6     0.1     2.8     0.8     3.1     4.0    -1.2     4.0     5.0     2.3     2.0     2.6     2.0     0.9     0.8     1.4     3.2
  Goods................................      4.5     3.1     2.5    -0.7    10.2     0.6     7.5    10.0    -8.9     7.9    10.0    -0.2     0.8     2.3     2.5    -0.8    -1.4     2.2     7.1
  Services.............................      0.1     1.7     2.4     0.3    -0.5     0.0     0.4     1.8     1.9     1.4     3.1     2.9     2.9     1.9     1.5     2.1     1.1     2.4     2.1
  Structures...........................      3.4     5.2     4.3     2.2     1.8     8.7     8.6    -2.6     7.3     9.3     0.6     7.7     0.4     9.6     3.9    -1.9     7.4    -8.7    -2.5
  Motor vehicle output.................      5.3     7.6     5.0    -2.0    20.9     4.1   -13.8    25.5     3.2    14.2    14.5    -5.2     4.5     7.6    16.5   -15.2     2.2     7.5     1.1
  GDP excluding motor vehicle output...      1.6     2.2     2.5     0.1     2.4     0.7     3.6     3.4    -1.3     3.7     4.7     2.5     2.0     2.5     1.6     1.4     0.8     1.2     3.2
  Final sales of computers\1\..........     10.8     9.4     9.8    46.3    -4.0    12.3    -4.7    12.7    15.0    19.4    11.4   -22.3    19.3    40.7     4.7     2.9    54.3    17.8    -7.8
  GDP excluding final sales of
   computers...........................      1.6     2.3     2.6    -0.1     2.9     0.7     3.2     3.9    -1.2     3.9     4.9     2.4     2.0     2.5     2.0     0.9     0.7     1.3     3.2
  Research and development.............      2.1     0.4     2.2     4.7     6.9    -0.7    -1.0    -3.7     2.0     0.5     3.1     5.3    -5.2     7.6     3.3     4.7     0.6    11.8    -2.9
  GDP excluding research and
   development.........................      1.7     2.4     2.6     0.0     2.7     0.8     3.2     4.2    -1.3     4.1     5.0     2.2     2.2     2.5     2.0     0.8     0.8     1.2     3.3
  Farm gross value added\2\............     21.2    -1.9     3.1    -1.8    90.5    37.3    28.2    -9.2   -18.6     2.1    -6.9    10.5    -5.5    -3.0    32.7     5.9     6.6    11.5    30.9
  Nonfarm business gross value
   added\3\............................      2.0     3.0     3.1     0.2     2.8     0.6     3.8     5.6    -1.8     5.1     6.5     2.7     2.4     3.1     1.8     0.8     0.7     1.6     3.6
Price indexes:
  GDP..................................      1.6     1.8     1.1     1.5     1.4     0.9     2.1     2.1     1.7     2.1     1.7     0.5    -0.1     2.3     1.3     0.8     0.5     2.3     1.4
  GDP excluding food and energy\4\.....      1.7     1.9     1.2     1.8     1.8     1.4     2.0     2.3     1.9     2.0     1.8     1.0     0.5     1.8     1.4     0.9     1.5     2.1     1.9
  GDP excluding final sales of
   computers...........................      1.7     1.8     1.1     1.5     1.5     1.0     2.1     2.1     1.8     2.2     1.8     0.6     0.0     2.3     1.3     0.9     0.6     2.4     1.4
  Gross domestic purchases.............      1.4     1.7     0.4     1.9     1.4     0.6     1.6     2.1     2.1     1.8     1.5     0.3    -1.4     1.6     1.0     0.3     0.2     2.1     1.5
  Gross domestic purchases excluding
   food and energy\4\..................      1.5     1.8     1.1     1.6     1.6     1.3     1.6     2.2     1.9     1.9     1.7     1.0     0.4     1.5     1.2     0.8     1.4     2.0     1.7
  Gross domestic purchases excluding
   final sales of computers to
   domestic purchasers.................      1.4     1.7     0.5     2.0     1.5     0.6     1.7     2.1     2.2     1.8     1.5     0.3    -1.4     1.6     1.1     0.3     0.3     2.1     1.5
  Personal consumption expenditures
   (PCE)...............................      1.3     1.5     0.3     2.2     1.4     0.2     1.5     1.7     2.0     1.9     1.1     0.0    -1.6     1.8     1.1     0.4     0.3     2.0     1.4
  PCE excluding food and energy\4\.....      1.5     1.6     1.4     1.7     1.7     1.1     1.4     1.8     1.6     2.0     1.5     1.1     1.1     1.8     1.4     1.2     2.1     1.8     1.7
  Market-based PCE\5\..................      1.0     1.1     0.0     1.7     1.3    -0.5     1.4     1.3     1.7     1.5     0.8    -0.4    -2.3     1.7     0.8     0.2    -0.2     1.9     1.3
  Market-based PCE excluding food and
   energy\5\...........................      1.2     1.2     1.1     1.1     1.5     0.5     1.3     1.2     1.2     1.5     1.2     0.8     0.7     1.6     1.1     1.1     1.8     1.6     1.6
    Contributions to percent change in
     real gross domestic product
Percent change at annual rate:
    Gross domestic product.............      1.7     2.4     2.6     0.1     2.8     0.8     3.1     4.0    -1.2     4.0     5.0     2.3     2.0     2.6     2.0     0.9     0.8     1.4     3.2
Percentage points at annual rates:
Goods..................................     1.36    0.94    0.77   -0.24    2.98    0.17    2.26    3.02   -2.85    2.39    3.02   -0.03    0.24    0.71    0.75   -0.24   -0.42    0.66    2.05
Services...............................     0.08    1.04    1.49    0.17   -0.28   -0.01    0.24    1.14    1.13    0.87    1.89    1.75    1.77    1.17    0.92    1.26    0.68    1.48    1.30
Structures.............................     0.25    0.39    0.34    0.15    0.13    0.61    0.62   -0.20    0.54    0.70    0.06    0.59    0.04    0.74    0.31   -0.15    0.57   -0.73   -0.20
Motor vehicle output...................     0.14    0.21    0.14   -0.05    0.52    0.11   -0.41    0.63    0.09    0.38    0.40   -0.15    0.13    0.22    0.46   -0.49    0.06    0.21    0.03
Final sales of computers...............     0.04    0.04    0.04    0.16   -0.02    0.05   -0.02    0.05    0.06    0.07    0.05   -0.10    0.07    0.14    0.02    0.01    0.18    0.07   -0.03
Research and development...............     0.05    0.01    0.05    0.12    0.17   -0.02   -0.03   -0.10    0.05    0.01    0.08    0.13   -0.13    0.19    0.08    0.12    0.01    0.29   -0.08
--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
 r Revised
 1. For some components of final sales of computers, includes computer parts.
 2. Farm output less intermediate goods and services purchased.
 3. Consists of GDP less gross value added of farm, of households and institutions, and of general government.
 4. Food excludes personal consumption expenditures for purchased meals and beverages, which are classified in food services.
 5. 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, financial services
 furnished without payment) and the final consumption expenditures of nonprofit institutions serving households.
 See 'Explanatory Note' at the end of the tables.



                     Explanatory Note: NIPA Measures of Quantities and Prices

       Current-dollar GDP is a measure of the market value of goods, services, and structures produced
in the economy in a particular period.  Changes in current-dollar GDP can be decomposed into quantity
and price components.  Quantities, or "real" measures, and prices are expressed as index numbers with the
reference year -- at present, the year 2009 -- 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 2008-09
annual percent change in real GDP uses prices for 2008 and 2009 as weights, and the 2008-09 annual
percent change in GDP prices uses quantities for 2008 and 2009 as weights.  These annual changes are
"chained" (multiplied) together to form time series of quantity and price indexes.  Percent changes in
Fisher indexes are not affected by the choice of reference year.  (BEA also publishes a measure of the
price level known as the implicit price deflator (IPD), which is calculated as the ratio of the current-dollar
value to the corresponding chained-dollar value, multiplied by 100.  The values of the IPD are very close
to the values of the corresponding "chain-type" price index.)

       Index numbers of quantity and price indexes for GDP and its major components are presented in
this release in tables 5 and 6.  Percent changes from the preceding period are presented in tables 1, 4, 7, 8,
and appendix table A.  Contributions by major components to the percent change in real GDP are
presented in table 2.

       Measures of real GDP and its major components are also presented in dollar-denominated form,
designated "chained (2009) dollar estimates."  For most series, these estimates, which are presented in
table 3, are computed by multiplying the current-dollar value in 2009 by a corresponding quantity index
number and then dividing by 100.  For example, if a current-dollar GDP component equaled $100 in 2009
and if real output for this component increased 10 percent in 2010, then the chained (2009) dollar value of
this component in 2010 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.