EMBARGOED UNTIL RELEASE AT 8:30 A.M. EDT, THURSDAY, JUNE 28, 2018                          BEA 18-31

Technical:   Lisa Mataloni (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:  First Quarter 2018 (Third Estimate)
                       Corporate Profits:  First Quarter 2018 (Revised Estimate)

Real gross domestic product (GDP) increased at an annual rate of 2.0 percent in the first quarter of 2018
(table 1), according to the "third" estimate released by the Bureau of Economic Analysis. In the fourth
quarter, real GDP increased 2.9 percent.

The GDP estimate released today is based on more complete source data than were available for the
"second" estimate issued last month.  In the second estimate, the increase in real GDP was 2.2 percent.
With this third estimate for the first quarter, the general picture of economic growth remains the same;
private inventory investment and personal consumption expenditures (PCE) were revised down (see
"Updates to GDP" on page 2).

__chart


Real gross domestic income (GDI) increased 3.6 percent in the first quarter, compared with an increase
of 1.0 percent in the fourth quarter. The average of real GDP and real GDI, a supplemental measure of
U.S. economic activity that equally weights GDP and GDI, increased 2.8 percent in the first quarter,
compared with an increase of 2.0 percent in the fourth quarter (table 1).

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

The deceleration in real GDP growth in the first quarter reflected decelerations in PCE, exports, state
and local government spending, and federal government spending and a downturn in residential fixed
investment. These movements were partly offset by a smaller decrease in private inventory investment
and a larger increase in nonresidential fixed investment. Imports, which are a subtraction in the
calculation of GDP, decelerated.

Current-dollar GDP increased 4.2 percent, or $206.0 billion, in the first quarter to a level of $19.96
trillion. In the fourth quarter, current-dollar GDP increased 5.3 percent, or $253.5 billion (table 1 and
table 3).

The price index for gross domestic purchases increased 2.7 percent in the first quarter, compared with
an increase of 2.5 percent in the fourth quarter (table 4). The PCE price index increased 2.5 percent,
compared with an increase of 2.7 percent. Excluding food and energy prices, the PCE price index
increased 2.3 percent, compared with an increase of 1.9 percent (appendix table A).


Updates to GDP

The percent change in real GDP was revised down 0.2 percentage point from the second estimate,
reflecting downward revisions to private inventory investment, PCE, and exports that were partly offset
by an upward revision to nonresidential fixed investment. Imports were revised up. For more
information, see the Technical Note. A detailed "Key Source Data and Assumptions" file is also posted
for each release.  For information on updates to GDP, see the "Additional Information" section that
follows.


                                 Advance Estimate   Second Estimate  Third Estimate
			             (Percent change from preceding quarter)

Real GDP                               2.3               2.2              2.0
Current-dollar GDP                     4.3               4.2              4.2
Real GDI                                �                2.8              3.6
Average of Real GDP and Real GDI        �                2.5              2.8
Gross domestic purchases price index   2.8               2.7              2.7
PCE price index                        2.7               2.6              2.5


Corporate Profits (table 12)

Profits from current production (corporate profits with inventory valuation adjustment and capital
consumption adjustment) increased $39.5 billion in the first quarter, in contrast to a decrease of $1.1
billion in the fourth quarter.

Profits of domestic financial corporations increased $7.0 billion in the first quarter, in contrast to a
decrease of $14.6 billion in the fourth quarter. Profits of domestic nonfinancial corporations increased
$28.8 billion, compared with an increase of $19.4 billion. Rest-of-the-world  profits increased $3.7
billion, in contrast to a decrease of $5.9 billion. In the first quarter, receipts increased $20.9 billion, and
payments increased $17.2 billion.


_box.

Upcoming Comprehensive Update of the National Income and Product Accounts


BEA will release the results of the 15th comprehensive (or benchmark) update of the national
income and product accounts (NIPAs) in conjunction with the second quarter 2018 "advance"
estimate on July 27, 2018. For more information, see the Technical Note. Details on the planned
statistical, definitional, and presentational changes are available in the April Survey of Current
Business article "Preview of the 2018 Comprehensive Update of the National Income and Product
Accounts." An article in the September Survey will describe the results in detail. Revised NIPA
table stubs are available on the BEA Web site; news release table stubs for the 2018
Comprehensive Update will be available prior to the release in July.

___

                        Next release:  July 27, 2018 at 8:30 A.M. EDT
              Gross Domestic Product:  Second Quarter 2018 (Advance Estimate)
              2018 NIPA Comprehensive Update: 1929 through First Quarter 2018

                                *          *          *

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. Profits for domestic industries reflect profits for
all corporations located within the within the geographic borders of the United States. The rest-of-
the-world (ROW) component of profits is measured as the difference between profits received from ROW
and profits paid to ROW.


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
details, 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                                     1.3
Note - Based on estimates from 1993 through 2016. 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
------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                            2015    2016    2017 ---------------------------------------------Seasonally adjusted at annual rates---------------------------------------------
                                                                 ---------2014---------  -------------2015-------------  -------------2016-------------  -------------2017-------------     2018
                                                                      Q2      Q3      Q4      Q1      Q2      Q3      Q4      Q1      Q2      Q3      Q4      Q1      Q2      Q3      Q4   Q1\r\
------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
      Gross domestic product (GDP).....      2.9     1.5     2.3     4.6     5.2     2.0     3.2     2.7     1.6     0.5     0.6     2.2     2.8     1.8     1.2     3.1     3.2     2.9     2.0
Personal consumption expenditures......      3.6     2.7     2.8     3.5     3.9     5.1     3.7     3.0     2.8     2.7     1.8     3.8     2.8     2.9     1.9     3.3     2.2     4.0     0.9
  Goods................................      4.6     3.7     3.9     6.2     4.5     5.7     4.2     4.5     4.4     2.8     2.1     6.0     3.2     4.7     0.7     5.4     4.5     7.8    -0.4
    Durable goods......................      7.7     5.5     6.7    13.2     7.7     8.3     7.8     8.6     5.0     4.2     1.0     8.5     9.4     9.2    -0.1     7.6     8.6    13.7    -2.1
    Nondurable goods...................      3.1     2.8     2.4     3.0     3.0     4.5     2.4     2.5     4.0     2.2     2.6     4.7     0.1     2.5     1.1     4.2     2.3     4.8     0.5
  Services.............................      3.2     2.3     2.2     2.1     3.6     4.7     3.4     2.3     2.0     2.6     1.7     2.8     2.7     2.1     2.5     2.3     1.1     2.3     1.5
Gross private domestic investment......      5.2    -1.6     3.3    15.6    11.5    -1.3    13.1     0.8     2.0    -6.2    -4.0    -2.7     2.4     8.5    -1.2     3.9     7.3     4.7     7.5
  Fixed investment.....................      3.9     0.7     4.0    10.2     9.2     0.3     4.1     4.7     3.4    -2.4    -0.2     1.4     1.5     1.7     8.1     3.2     2.4     8.2     7.6
    Nonresidential.....................      2.3    -0.6     4.7     9.4    10.5    -2.3     2.2     2.9     1.5    -5.1    -4.0     3.3     3.4     0.2     7.2     6.7     4.7     6.8    10.4
      Structures.......................     -1.8    -4.1     5.6    12.2    -1.8     4.7    -2.1     4.6   -15.2   -21.4     2.3     0.5    14.3    -2.2    14.8     7.0    -7.0     6.3    16.2
      Equipment........................      3.5    -3.4     4.8    10.9    19.2   -11.8     8.2     0.8    10.0    -4.6   -13.1    -0.6    -2.1     1.8     4.4     8.8    10.8    11.6     5.8
      Intellectual property products...      3.8     6.3     3.9     5.1     7.7     8.2    -2.9     4.9     2.9     8.0     6.3    11.1     4.2    -0.4     5.7     3.7     5.2     0.8    13.2
    Residential........................     10.2     5.5     1.8    13.2     4.5    10.9    11.4    11.7    10.6     7.3    13.4    -4.7    -4.5     7.1    11.1    -7.3    -4.7    12.8    -1.1
  Change in private inventories........      ---     ---     ---     ---     ---     ---     ---     ---     ---     ---     ---     ---     ---     ---     ---     ---     ---     ---     ---
Net exports of goods and services......      ---     ---     ---     ---     ---     ---     ---     ---     ---     ---     ---     ---     ---     ---     ---     ---     ---     ---     ---
  Exports..............................      0.4    -0.3     3.4     9.2     0.6     4.9    -4.5     3.7    -4.0    -2.3    -2.6     2.8     6.4    -3.8     7.3     3.5     2.1     7.0     3.6
    Goods..............................     -0.4     0.3     4.5    10.7     2.2     4.6    -8.6     5.4    -4.9    -3.8     0.3     2.8     8.1    -3.4    10.8     2.2     1.8    11.6     3.4
    Services...........................      2.1    -1.5     1.3     5.9    -2.7     5.8     4.6     0.5    -2.1     0.7    -7.8     2.7     3.2    -4.6     1.0     6.2     2.5    -1.4     4.0
  Imports..............................      5.0     1.3     4.0    10.2    -1.0    10.8     6.7     3.3     1.7     0.0    -0.2     0.4     2.7     8.1     4.3     1.5    -0.7    14.1     3.2
    Goods..............................      5.2     0.9     4.3    11.0    -1.1    11.3     7.9     3.1     0.7    -0.4    -0.5     0.3     1.2     9.2     4.7     1.3    -0.2    17.3     2.6
    Services...........................      4.0     3.1     2.5     6.5    -0.5     8.6     1.4     4.4     6.5     1.6     1.1     1.0     9.0     3.2     2.5     2.2    -2.6     1.1     5.9
Government consumption expenditures
 and gross investment..................      1.4     0.8     0.1     1.1     2.1    -0.6     1.5     3.4     1.2     0.3     1.8    -0.9     0.5     0.2    -0.6    -0.2     0.7     3.0     1.3
  Federal..............................     -0.1     0.0     0.2    -1.6     3.1    -5.6     1.5     1.8    -1.1     2.5    -1.5    -0.9     1.6    -0.5    -2.4     1.9     1.3     3.2     1.7
    National defense...................     -2.2    -0.7     0.2    -1.6     2.4   -10.9    -1.0     2.1    -4.5     3.6    -2.7    -2.1     2.5    -3.2    -3.3     4.7     2.4     5.5     1.8
    Nondefense.........................      3.2     1.2     0.1    -1.5     4.1     3.3     5.5     1.3     4.2     0.9     0.2     0.8     0.3     3.6    -1.2    -1.9    -0.2    -0.1     1.6
  State and local......................      2.3     1.2     0.1     2.8     1.5     2.6     1.5     4.5     2.6    -1.1     3.9    -1.0    -0.2     0.6     0.5    -1.5     0.2     2.9     1.0
Addenda:
  Gross domestic income (GDI)\1\.......      3.0     0.9     1.7     5.7     4.8     4.8     1.9     2.5     0.6     1.5    -0.3     0.2     4.1    -1.7     2.7     2.3     2.4     1.0     3.6
  Average of GDP and GDI...............      2.9     1.2     2.0     5.2     5.0     3.4     2.6     2.6     1.1     1.0     0.1     1.2     3.4     0.0     2.0     2.7     2.8     2.0     2.8
  Final sales of domestic product......      2.6     1.9     2.4     3.7     4.8     2.3     1.8     3.4     1.9     1.2     1.2     2.9     2.6     0.7     2.7     2.9     2.4     3.4     2.0
  Gross domestic purchases.............      3.5     1.7     2.4     4.9     4.8     3.0     4.8     2.7     2.4     0.7     0.8     1.9     2.4     3.3     1.0     2.8     2.7     4.0     2.0
  Final sales to domestic purchasers...      3.3     2.1     2.5     4.1     4.4     3.3     3.4     3.4     2.6     1.4     1.5     2.6     2.2     2.3     2.4     2.7     1.9     4.5     2.0
  Final sales to private domestic
   purchasers..........................      3.7     2.3     3.0     4.7     4.9     4.1     3.7     3.3     2.9     1.7     1.4     3.3     2.6     2.7     3.1     3.3     2.2     4.8     2.1
  Gross national product (GNP).........      2.7     1.4     2.3     4.3     5.5     1.4     3.2     2.1     1.6     1.0    -0.3     2.6     2.6     2.6     0.9     2.8     3.7     2.7     1.9
  Disposable personal income...........      4.2     1.4     1.2     5.3     4.2     5.9     4.3     3.8     1.8     2.9     0.2     1.9     0.7    -1.8     2.9     2.7     0.7     1.2     3.6
  Current-dollar measures:
    GDP................................      4.0     2.8     4.1     7.0     7.1     2.6     3.2     5.0     3.0     1.3     0.8     4.7     4.2     3.8     3.3     4.1     5.3     5.3     4.2
    GDI................................      4.1     2.1     3.5     8.1     6.8     5.4     1.9     4.7     2.0     2.4    -0.1     2.6     5.5     0.3     4.7     3.3     4.6     3.4     5.8
    Average of GDP and GDI.............      4.0     2.5     3.8     7.6     7.0     4.0     2.5     4.8     2.5     1.8     0.4     3.7     4.9     2.1     4.0     3.7     4.9     4.4     5.0
    Final sales of domestic product....      3.8     3.2     4.2     6.0     6.8     2.9     1.8     5.7     3.3     2.0     1.6     5.4     4.1     2.7     4.8     4.0     4.5     5.9     4.3
    Gross domestic purchases...........      3.9     2.7     4.3     6.7     6.4     3.2     3.5     4.1     3.4     1.0     0.9     4.1     3.9     5.3     3.6     3.6     4.5     6.6     4.8
    Final sales to domestic
     purchasers........................      3.8     3.1     4.4     5.8     6.0     3.5     2.1     4.9     3.7     1.7     1.7     4.7     3.8     4.1     5.0     3.5     3.7     7.1     4.8
    Final sales to private domestic
     purchasers........................      4.2     3.5     4.7     6.5     6.5     4.3     2.6     4.7     4.1     1.8     1.9     5.4     4.3     4.7     5.2     4.0     3.8     7.3     4.8
    GNP................................      3.8     2.7     4.2     6.6     7.4     2.0     3.0     4.4     3.0     1.9    -0.1     5.1     4.0     4.7     2.9     3.8     5.8     5.1     4.2
    Disposable personal income.........      4.5     2.6     2.9     7.1     5.5     5.7     2.6     5.6     3.2     3.1     0.9     4.0     2.5     0.1     5.2     3.0     2.2     4.0     6.2
------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
 r Revised
 1. Gross domestic income deflated by the implicit price deflator for gross domestic product.
 See 'Explanatory Note' at the end of the tables.
 Source: U.S. Bureau of Economic Analysis


                                                             Table 2. Contributions to Percent Change in Real Gross Domestic Product
--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                             2015    2016    2017 ---------------------------------------------Seasonally adjusted at annual rates---------------------------------------------
                                                                  ---------2014---------  -------------2015-------------  -------------2016-------------  -------------2017-------------     2018
                                                                       Q2      Q3      Q4      Q1      Q2      Q3      Q4      Q1      Q2      Q3      Q4      Q1      Q2      Q3      Q4   Q1\r\
--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
Percent change at annual rate:
    Gross domestic product..............      2.9     1.5     2.3     4.6     5.2     2.0     3.2     2.7     1.6     0.5     0.6     2.2     2.8     1.8     1.2     3.1     3.2     2.9     2.0
Percentage points at annual rates:
Personal consumption expenditures.......     2.47    1.86    1.89    2.33    2.65    3.36    2.48    2.03    1.86    1.80    1.23    2.57    1.92    1.99    1.32    2.24    1.49    2.75    0.60
  Goods.................................     1.03    0.81    0.85    1.38    1.01    1.26    0.93    0.99    0.95    0.63    0.46    1.30    0.69    1.03    0.15    1.16    0.97    1.67   -0.09
    Durable goods.......................     0.57    0.41    0.50    0.93    0.56    0.60    0.57    0.63    0.37    0.31    0.08    0.62    0.68    0.67   -0.01    0.56    0.63    0.98   -0.16
      Motor vehicles and parts..........     0.17    0.08    0.12    0.35    0.14    0.16    0.23    0.29   -0.01   -0.11   -0.09    0.18    0.36    0.32   -0.26    0.02    0.29    0.45   -0.34
      Furnishings and durable household
       equipment........................     0.14    0.12    0.12    0.28    0.13    0.14    0.11    0.13    0.15    0.14    0.09    0.15    0.10    0.09    0.08    0.15    0.15    0.22    0.02
      Recreational goods and vehicles...     0.18    0.18    0.20    0.22    0.25    0.20    0.14    0.13    0.17    0.23    0.11    0.25    0.16    0.22    0.21    0.26    0.02    0.25    0.11
      Other durable goods...............     0.08    0.03    0.06    0.08    0.04    0.09    0.10    0.07    0.06    0.06   -0.03    0.04    0.06    0.04   -0.03    0.12    0.17    0.06    0.04
    Nondurable goods....................     0.47    0.40    0.35    0.45    0.45    0.67    0.36    0.36    0.58    0.32    0.38    0.68    0.01    0.35    0.16    0.61    0.34    0.69    0.07
      Food and beverages purchased for
       off-premises consumption.........     0.03    0.13    0.13   -0.02    0.03    0.03    0.06   -0.02    0.04    0.04    0.16    0.30    0.09    0.21    0.06    0.01    0.16    0.32    0.05
      Clothing and footwear.............     0.08    0.05    0.05    0.17    0.08    0.21    0.00    0.07    0.05    0.05    0.02    0.11    0.03    0.03   -0.08    0.20   -0.01    0.21   -0.17
      Gasoline and other energy goods...     0.09    0.02   -0.02   -0.13    0.00    0.18    0.15    0.04    0.11    0.01    0.10   -0.08   -0.05   -0.03   -0.10    0.12   -0.04    0.00   -0.05
      Other nondurable goods............     0.27    0.20    0.20    0.43    0.35    0.24    0.15    0.27    0.38    0.22    0.10    0.34   -0.06    0.15    0.28    0.28    0.22    0.16    0.25
  Services..............................     1.44    1.05    1.05    0.96    1.64    2.10    1.56    1.04    0.90    1.17    0.77    1.28    1.23    0.97    1.17    1.08    0.52    1.08    0.69
    Household consumption expenditures
     (for services).....................     1.42    0.95    1.02    0.87    1.68    2.15    1.71    0.90    0.72    0.93    0.78    1.24    1.08    0.98    1.11    1.11    0.65    0.88    0.52
      Housing and utilities.............     0.21    0.16    0.12   -0.28   -0.03    0.50    0.50   -0.10    0.24   -0.01    0.20    0.35    0.27   -0.11   -0.04    0.42    0.00    0.26    0.03
      Health care.......................     0.57    0.43    0.35    0.65    0.81    0.82    0.60    0.24    0.44    0.31    0.50    0.62    0.13    0.62    0.24    0.15    0.52    0.29    0.04
      Transportation services...........     0.09    0.08    0.04    0.08    0.17    0.04    0.09    0.09    0.04    0.14    0.07    0.02    0.11    0.06    0.04    0.01   -0.04    0.09    0.09
      Recreation services...............     0.06    0.06    0.06   -0.12    0.12    0.09    0.05    0.08   -0.01    0.20   -0.01   -0.02    0.12    0.07    0.12    0.04    0.01   -0.02    0.03
      Food services and accommodations       0.19    0.11    0.06    0.28    0.22    0.28    0.05    0.29    0.07    0.17    0.02    0.18    0.07    0.00    0.12   -0.03    0.09    0.03    0.15
      Financial services and insurance       0.15   -0.09    0.17    0.08    0.25    0.13    0.26    0.21   -0.09    0.01   -0.35   -0.12    0.13    0.07    0.40    0.14    0.13    0.12    0.15
      Other services....................     0.15    0.20    0.23    0.18    0.14    0.29    0.17    0.08    0.02    0.10    0.35    0.20    0.25    0.27    0.23    0.38   -0.06    0.11    0.04
    Final consumption expenditures of
     nonprofit institutions serving
     households.........................     0.02    0.10    0.02    0.09   -0.04   -0.06   -0.15    0.14    0.19    0.24   -0.01    0.04    0.15   -0.01    0.06   -0.04   -0.13    0.21    0.16
      Gross output of nonprofit
       institutions.....................     0.22    0.24    0.15    0.37    0.36    0.43    0.10    0.05    0.16    0.29    0.20    0.38    0.19    0.36    0.12   -0.23    0.21    0.25    0.05
      Less: Receipts from sales of
       goods and services by nonprofit
       institutions.....................     0.20    0.14    0.12    0.29    0.40    0.48    0.25   -0.09   -0.03    0.05    0.21    0.34    0.04    0.38    0.06   -0.19    0.34    0.04   -0.12
Gross private domestic investment.......     0.87   -0.28    0.54    2.47    1.90   -0.21    2.12    0.14    0.33   -1.08   -0.68   -0.45    0.40    1.34   -0.20    0.64    1.19    0.78    1.22
  Fixed investment......................     0.64    0.12    0.65    1.56    1.45    0.04    0.67    0.77    0.55   -0.41   -0.05    0.22    0.25    0.28    1.27    0.53    0.40    1.31    1.23
    Nonresidential......................     0.30   -0.08    0.58    1.16    1.31   -0.30    0.30    0.38    0.19   -0.67   -0.52    0.41    0.42    0.02    0.86    0.82    0.58    0.84    1.28
      Structures........................    -0.06   -0.12    0.16    0.36   -0.05    0.14   -0.07    0.14   -0.50   -0.69    0.06    0.01    0.37   -0.06    0.39    0.20   -0.21    0.18    0.44
      Equipment.........................     0.21   -0.20    0.27    0.61    1.07   -0.76    0.49    0.06    0.58   -0.28   -0.82   -0.04   -0.12    0.10    0.24    0.48    0.58    0.63    0.33
        Information processing
         equipment......................     0.07    0.03    0.12    0.25   -0.07    0.14   -0.02    0.08    0.23    0.04   -0.16    0.08    0.10    0.05    0.13    0.17    0.17    0.14    0.19
          Computers and peripheral
           equipment....................    -0.02   -0.01    0.03    0.09   -0.02    0.03   -0.11    0.02    0.05   -0.10   -0.02    0.01    0.00   -0.01    0.01    0.15    0.10   -0.12    0.16
          Other.........................     0.09    0.05    0.09    0.16   -0.05    0.12    0.09    0.06    0.18    0.14   -0.14    0.06    0.11    0.06    0.11    0.02    0.07    0.26    0.03
        Industrial equipment............     0.01    0.03    0.09    0.17    0.15   -0.22    0.00    0.12   -0.02    0.09   -0.07    0.08    0.03    0.07    0.09    0.14    0.09    0.06    0.08
        Transportation equipment........     0.16   -0.12    0.00    0.22    0.41   -0.25    0.50   -0.06    0.37   -0.24   -0.37    0.01   -0.23   -0.05   -0.04    0.02    0.21    0.22    0.07
        Other equipment.................    -0.04   -0.14    0.06   -0.03    0.58   -0.43    0.00   -0.08    0.00   -0.17   -0.23   -0.21   -0.03    0.04    0.06    0.15    0.11    0.21   -0.01
      Intellectual property products....     0.15    0.25    0.16    0.19    0.29    0.31   -0.11    0.19    0.11    0.31    0.24    0.43    0.17   -0.02    0.23    0.15    0.21    0.03    0.51
        Software........................     0.10    0.13    0.10    0.21    0.19    0.05    0.11    0.07    0.05    0.12    0.17    0.19    0.12    0.04    0.09    0.13    0.15   -0.04    0.23
        Research and development........     0.02    0.11    0.05   -0.01    0.09    0.23   -0.25    0.09    0.04    0.17    0.08    0.25    0.02   -0.07    0.13    0.02    0.05    0.06    0.28
        Entertainment, literary, and
         artistic originals.............     0.02    0.01    0.01   -0.01    0.01    0.03    0.03    0.02    0.03    0.01    0.00   -0.01    0.03    0.02    0.01    0.00    0.00    0.02    0.01
    Residential.........................     0.34    0.20    0.07    0.40    0.14    0.35    0.37    0.39    0.36    0.26    0.47   -0.18   -0.18    0.26    0.41   -0.30   -0.18    0.46   -0.04
  Change in private inventories.........     0.23   -0.40   -0.11    0.91    0.44   -0.26    1.45   -0.63   -0.22   -0.68   -0.64   -0.67    0.16    1.06   -1.46    0.12    0.79   -0.53   -0.01
    Farm................................     0.03    0.00    0.02    0.04    0.05   -0.03    0.17   -0.06    0.01   -0.09    0.00    0.14   -0.05   -0.09    0.13   -0.04    0.07    0.00   -0.01
    Nonfarm.............................     0.20   -0.39   -0.13    0.87    0.40   -0.23    1.27   -0.57   -0.23   -0.59   -0.63   -0.81    0.20    1.15   -1.59    0.15    0.72   -0.52    0.00
Net exports of goods and services.......    -0.73   -0.23   -0.18   -0.40    0.28   -1.02   -1.64   -0.03   -0.77   -0.28   -0.28    0.28    0.36   -1.61    0.22    0.21    0.36   -1.16   -0.04
  Exports...............................     0.05   -0.04    0.40    1.22    0.09    0.65   -0.59    0.47   -0.51   -0.29   -0.33    0.32    0.74   -0.47    0.85    0.42    0.25    0.83    0.44
    Goods...............................    -0.03    0.02    0.35    0.97    0.21    0.41   -0.78    0.45   -0.43   -0.32    0.01    0.21    0.60   -0.27    0.81    0.18    0.15    0.89    0.28
    Services............................     0.09   -0.06    0.05    0.25   -0.12    0.24    0.19    0.02   -0.09    0.03   -0.33    0.11    0.13   -0.19    0.04    0.25    0.10   -0.06    0.16
  Imports...............................    -0.78   -0.19   -0.58   -1.62    0.18   -1.67   -1.05   -0.50   -0.25    0.01    0.04   -0.04   -0.37   -1.14   -0.63   -0.22    0.11   -1.99   -0.48
    Goods...............................    -0.67   -0.11   -0.51   -1.44    0.17   -1.44   -1.01   -0.38   -0.08    0.06    0.07   -0.02   -0.14   -1.05   -0.56   -0.16    0.03   -1.96   -0.32
    Services............................    -0.11   -0.09   -0.07   -0.18    0.02   -0.23   -0.04   -0.12   -0.17   -0.05   -0.03   -0.03   -0.24   -0.09   -0.07   -0.06    0.07   -0.03   -0.16
Government consumption expenditures and
 gross investment.......................     0.25    0.13    0.02    0.20    0.39   -0.11    0.27    0.60    0.21    0.05    0.32   -0.16    0.09    0.03   -0.11   -0.03    0.12    0.51    0.22
  Federal...............................    -0.01    0.00    0.01   -0.11    0.22   -0.40    0.11    0.12   -0.07    0.17   -0.10   -0.06    0.11   -0.03   -0.16    0.13    0.09    0.20    0.11
    National defense....................    -0.09   -0.03    0.01   -0.07    0.11   -0.48   -0.04    0.08   -0.19    0.14   -0.11   -0.08    0.10   -0.13   -0.13    0.18    0.09    0.21    0.07
      Consumption expenditures..........    -0.08   -0.03   -0.05   -0.15    0.14   -0.47    0.07    0.01   -0.14    0.07   -0.09   -0.04    0.10   -0.16   -0.21    0.02    0.09    0.13    0.04
      Gross investment..................    -0.02    0.00    0.06    0.08   -0.03   -0.02   -0.11    0.08   -0.04    0.07   -0.01   -0.04    0.00    0.03    0.08    0.16    0.00    0.08    0.03
    Nondefense..........................     0.09    0.03    0.00   -0.04    0.11    0.09    0.15    0.04    0.11    0.02    0.00    0.02    0.01    0.10   -0.03   -0.05   -0.01    0.00    0.04
      Consumption expenditures..........     0.07    0.02   -0.01   -0.06    0.10    0.04    0.15    0.02    0.11    0.03   -0.02    0.00   -0.01    0.06   -0.07   -0.05    0.06   -0.01    0.01
      Gross investment..................     0.01    0.01    0.01    0.02    0.01    0.04    0.00    0.01    0.00   -0.01    0.02    0.02    0.01    0.03    0.04    0.00   -0.06    0.00    0.03
  State and local.......................     0.26    0.13    0.01    0.31    0.17    0.28    0.17    0.48    0.28   -0.12    0.42   -0.11   -0.02    0.06    0.05   -0.16    0.03    0.31    0.11
    Consumption expenditures............     0.20    0.15    0.07    0.16    0.14    0.21    0.22    0.20    0.23    0.11    0.17    0.14    0.17    0.01    0.04    0.09    0.08    0.06    0.08
    Gross investment....................     0.06   -0.02   -0.06    0.14    0.03    0.08   -0.05    0.28    0.05   -0.23    0.25   -0.24   -0.18    0.05    0.01   -0.25   -0.05    0.25    0.02
--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
 r Revised
 See 'Explanatory Note' at the end of the tables.
 Source: U.S. Bureau of Economic Analysis


                                                     Table 3. Gross Domestic Product: Level and Change From Preceding Period
----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                           ----------------Billions of dollars----------------   ----------------------Billions of chained (2009) dollars----------------------
                                               2017 ----Seasonally adjusted at annual rates----      2017 ----Seasonally adjusted at annual rates----  Change from preceding period
                                                    ---------------2017---------------      2018          ---------------2017---------------      2018     2017     2017     2018
                                                          Q1       Q2       Q3       Q4    Q1\r\                Q1       Q2       Q3       Q4    Q1\r\                Q4    Q1\r\
----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
      Gross domestic product (GDP).......  19,390.6 19,057.7 19,250.0 19,500.6 19,754.1 19,960.1 17,096.2 16,903.2 17,031.1 17,163.9 17,286.5 17,371.9    380.0    122.6     85.4
Personal consumption expenditures........  13,395.5 13,191.6 13,307.0 13,429.1 13,654.3 13,769.1 11,890.7 11,758.0 11,853.0 11,916.6 12,035.2 12,061.0    318.6    118.7     25.8
  Goods..................................   4,295.3  4,230.8  4,247.2  4,301.4  4,401.8  4,419.1  4,229.4  4,145.4  4,199.9  4,246.0  4,326.2  4,321.8    157.2     80.2     -4.4
    Durable goods........................   1,473.8  1,443.2  1,456.6  1,477.6  1,517.8  1,503.8  1,701.6  1,647.3  1,677.8  1,712.9  1,768.6  1,759.1    106.6     55.7     -9.5
      Motor vehicles and parts...........     498.2    489.1    486.3    497.8    519.8    501.6    459.3    447.0    447.9    461.0    481.5    465.8     20.9     20.6    -15.8
      Furnishings and durable household
       equipment.........................     338.7    332.9    335.9    339.1    346.8    347.9    412.0    397.8    406.6    415.3    428.3    429.7     27.3     13.1      1.4
      Recreational goods and vehicles....     405.8    397.9    405.8    406.2    413.3    413.5    633.8    613.8    633.1    634.4    653.8    662.8     56.6     19.4      9.0
      Other durable goods................     231.1    223.2    228.6    234.5    237.9    240.8    228.4    219.3    225.1    233.3    236.0    238.1     10.7      2.7      2.1
    Nondurable goods.....................   2,821.5  2,787.6  2,790.6  2,823.8  2,884.0  2,915.2  2,575.0  2,540.2  2,566.6  2,581.5  2,611.9  2,615.2     60.7     30.5      3.3
      Food and beverages purchased for
       off-premises consumption..........     937.7    925.8    930.8    939.1    955.3    958.4    853.9    846.6    846.9    854.0    868.2    870.6     21.5     14.3      2.4
      Clothing and footwear..............     400.2    396.0    399.5    399.8    405.5    405.6    387.1    378.0    387.0    386.7    396.6    388.3      8.4      9.8     -8.3
      Gasoline and other energy goods....     304.1    306.3    286.5    296.0    327.5    340.7    284.9    281.5    287.1    285.4    285.5    283.3     -4.1      0.1     -2.2
      Other nondurable goods.............   1,179.5  1,159.6  1,173.7  1,188.8  1,195.7  1,210.5  1,060.2  1,044.8  1,056.7  1,066.2  1,073.0  1,083.9     34.3      6.8     10.9
  Services...............................   9,100.2  8,960.7  9,059.8  9,127.7  9,252.5  9,350.0  7,675.2  7,621.0  7,664.4  7,685.5  7,729.7  7,757.9    167.9     44.2     28.2
    Household consumption expenditures
     (for services)......................   8,723.3  8,584.9  8,683.1  8,755.2  8,870.0  8,955.7  7,355.0  7,299.2  7,344.1  7,370.4  7,406.2  7,427.6    163.9     35.7     21.5
      Housing and utilities..............   2,433.2  2,387.2  2,425.8  2,443.2  2,476.5  2,497.8  2,044.2  2,028.9  2,045.9  2,045.8  2,056.3  2,057.6     19.0     10.5      1.3
      Health care........................   2,259.9  2,226.6  2,241.9  2,271.7  2,299.3  2,313.5  2,007.2  1,988.1  1,994.6  2,016.8  2,029.3  2,031.2     58.1     12.5      1.9
      Transportation services............     406.6    403.6    406.1    404.4    412.2    416.1    359.6    359.1    359.4    357.8    361.9    365.6      6.5      4.0      3.7
      Recreation services................     518.0    512.9    515.7    520.8    522.6    526.9    442.7    441.6    443.1    443.5    442.5    443.7     10.3     -1.0      1.2
      Food services and accommodations...     878.2    870.9    873.8    879.5    888.8    900.7    729.0    727.8    726.7    730.2    731.5    737.5      9.2      1.2      6.0
      Financial services and insurance...   1,054.6  1,025.9  1,047.1  1,060.2  1,085.2  1,105.7    752.3    745.5    750.3    754.8    758.7    763.7     23.6      3.9      5.0
      Other services.....................   1,172.8  1,157.8  1,172.7  1,175.3  1,185.4  1,195.0  1,027.4  1,015.5  1,031.4  1,029.0  1,033.8  1,035.3     37.2      4.7      1.6
    Final consumption expenditures of
     nonprofit institutions serving
     households..........................     376.9    375.8    376.7    372.5    382.6    394.3    320.4    322.1    320.6    315.2    323.8    330.6      3.9      8.5      6.8
      Gross output of nonprofit
       institutions......................   1,472.7  1,461.5  1,458.3  1,474.4  1,496.6  1,509.9  1,252.7  1,252.9  1,243.5  1,252.2  1,262.3  1,264.3     23.5     10.1      2.0
      Less: Receipts from sales of goods
       and services by nonprofit
       institutions......................   1,095.8  1,085.7  1,081.6  1,101.9  1,114.0  1,115.6    932.4    930.8    923.0    937.0    938.6    933.8     19.5      1.6     -4.8
Gross private domestic investment........   3,212.8  3,128.7  3,178.1  3,249.2  3,295.3  3,379.1  2,952.3  2,897.0  2,924.7  2,976.5  3,011.1  3,065.8     94.1     34.5     54.7
  Fixed investment.......................   3,197.2  3,128.9  3,173.3  3,207.3  3,279.2  3,364.0  2,915.9  2,875.7  2,898.5  2,915.8  2,973.7  3,028.9    112.5     57.9     55.1
    Nonresidential.......................   2,449.6  2,383.4  2,433.6  2,468.4  2,513.0  2,584.4  2,314.2  2,263.6  2,300.6  2,326.9  2,365.7  2,425.1    103.8     38.8     59.4
      Structures.........................     560.2    548.4    563.0    559.0    570.3    597.1    471.5    468.0    476.0    467.4    474.6    492.8     25.1      7.2     18.2
      Equipment..........................   1,098.4  1,057.6  1,082.3  1,111.0  1,142.5  1,159.7  1,098.1  1,059.4  1,082.0  1,110.1  1,140.8  1,156.9     50.3     30.8     16.1
        Information processing
         equipment.......................     323.1    310.8    319.3    327.7    334.7    343.6    376.7    362.9    372.2    381.9    389.7    400.6     26.4      7.8     10.9
          Computers and peripheral
           equipment.....................      79.2     72.8     80.1     84.9     79.2     87.1     91.3     84.3     92.3     97.8     90.9    100.2      7.3     -6.9      9.3
          Other..........................     243.9    238.1    239.2    242.8    255.5    256.4    284.6    278.0    279.1    283.3    298.1    299.6     19.0     14.9      1.5
        Industrial equipment.............     243.3    234.3    241.7    246.7    250.6    256.1    227.2    219.9    226.0    230.2    232.8    236.3     15.1      2.6      3.5
        Transportation equipment.........     290.3    282.6    283.5    292.8    302.4    305.3    276.8    268.9    269.6    279.1    289.4    292.6     -0.8     10.3      3.2
        Other equipment..................     241.6    229.9    237.8    243.8    254.8    254.7    228.4    218.2    225.2    230.2    240.1    239.8     11.5      9.9     -0.3
      Intellectual property products.....     791.0    777.4    788.2    798.4    800.2    827.7    748.8    738.6    745.3    754.8    756.4    780.1     28.4      1.6     23.7
        Software.........................     370.7    363.2    370.6    375.9    373.2    385.0    378.9    371.1    377.3    384.7    382.6    394.0     18.5     -2.1     11.4
        Research and development.........     334.6    329.5    332.2    336.5    340.2    355.1    289.9    287.6    288.4    290.7    293.2    305.0      8.4      2.5     11.8
        Entertainment, literary, and
         artistic originals..............      85.8     84.7     85.4     86.1     86.8     87.5     82.4     82.0     82.1     82.2     83.0     83.3      2.0      0.8      0.2
    Residential..........................     747.6    745.5    739.7    738.9    766.2    779.5    597.9    605.5    594.1    587.0    604.9    603.2     10.4     17.9     -1.7
  Change in private inventories..........      15.7     -0.1      4.9     41.9     16.0     15.1     15.2      1.2      5.5     38.5     15.6     13.9    -18.2    -22.9     -1.7
    Farm.................................       2.4      2.5      0.3      3.4      3.5      3.2      2.8      2.7      1.2      3.6      3.8      3.2      3.4      0.2     -0.6
    Nonfarm..............................      13.2     -2.7      4.6     38.5     12.5     11.9     12.3     -1.8      4.2     35.1     11.8     10.7    -22.1    -23.3     -1.1
Net exports of goods and services........    -571.6   -582.8   -567.2   -534.1   -602.0   -634.4   -621.8   -622.2   -613.6   -597.5   -653.9   -656.8    -35.6    -56.4     -2.9
  Exports................................   2,344.0  2,295.6  2,314.9  2,345.9  2,419.6  2,464.5  2,191.4  2,162.3  2,181.1  2,192.4  2,229.8  2,249.6     71.4     37.4     19.9
    Goods................................   1,546.8  1,515.0  1,520.9  1,544.1  1,607.4  1,636.9  1,512.3  1,492.3  1,500.4  1,507.3  1,549.1  1,562.2     64.8     41.8     13.1
    Services.............................     797.1    780.6    794.0    801.8    812.2    827.6    681.3    672.2    682.3    686.6    684.2    690.8      8.5     -2.4      6.7
  Imports................................   2,915.6  2,878.4  2,882.1  2,880.1  3,021.6  3,098.8  2,813.2  2,784.5  2,794.8  2,790.0  2,883.7  2,906.5    106.9     93.7     22.8
    Goods................................   2,381.8  2,353.0  2,350.3  2,345.2  2,478.6  2,541.7  2,315.0  2,286.7  2,294.3  2,292.9  2,386.0  2,401.5     95.0     93.1     15.5
    Services.............................     533.8    525.5    531.9    534.8    543.0    557.1    496.2    495.5    498.2    494.8    496.2    503.3     12.1      1.4      7.1
Government consumption expenditures and
 gross investment........................   3,353.8  3,320.2  3,332.1  3,356.5  3,406.6  3,446.3  2,903.3  2,896.6  2,895.2  2,900.0  2,921.5  2,930.7      3.2     21.6      9.2
  Federal................................   1,260.7  1,244.3  1,255.8  1,263.5  1,278.9  1,297.2  1,116.4  1,108.4  1,113.7  1,117.4  1,126.2  1,131.0      1.8      8.8      4.8
    National defense.....................     744.4    730.2    741.4    746.7    759.4    769.4    668.6    658.6    666.2    670.2    679.2    682.2      1.6      9.0      3.0
      Consumption expenditures...........     588.7    581.6    584.7    590.1    598.5    606.6    523.5    519.5    520.3    524.3    529.8    531.5     -8.2      5.5      1.7
      Gross investment...................     155.7    148.6    156.6    156.5    160.9    162.9    145.3    139.1    146.2    146.2    149.7    151.0     10.2      3.5      1.3
    Nondefense...........................     516.2    514.1    514.5    516.9    519.5    527.8    447.2    449.0    446.9    446.6    446.5    448.3      0.3     -0.1      1.8
      Consumption expenditures...........     389.1    386.3    386.1    391.0    392.9    398.7    331.9    332.5    330.3    332.6    332.4    332.8     -1.6     -0.3      0.5
      Gross investment...................     127.2    127.8    128.4    125.9    126.5    129.2    115.4    116.7    116.7    114.0    114.1    115.6      1.9      0.2      1.4
  State and local........................   2,093.2  2,075.9  2,076.2  2,092.9  2,127.7  2,149.0  1,785.0  1,786.2  1,779.6  1,780.7  1,793.5  1,797.9      1.4     12.8      4.4
    Consumption expenditures.............   1,754.4  1,733.4  1,743.7  1,759.8  1,780.8  1,797.6  1,490.1  1,485.1  1,488.8  1,492.0  1,494.4  1,497.9     11.8      2.4      3.5
    Gross investment.....................     338.8    342.5    332.5    333.1    346.9    351.4    293.8    300.0    289.6    287.5    298.0    298.9    -10.6     10.5      0.9
Residual.................................       ---      ---      ---      ---      ---      ---   -132.8   -113.8   -129.1   -139.3   -148.9   -152.4      ---      ---      ---
Addenda:
  Gross domestic income (GDI)\1\.........  19,427.7 19,160.1 19,317.0 19,534.6 19,699.3 19,981.3 17,128.9 16,994.1 17,090.3 17,193.8 17,238.6 17,390.3    280.7     44.8    151.7
  Average of GDP and GDI.................  19,409.2 19,108.9 19,283.5 19,517.6 19,726.7 19,970.7 17,112.6 16,948.7 17,060.7 17,178.8 17,262.5 17,381.1    330.3     83.7    118.5
  Final sales of domestic product........  19,374.9 19,057.8 19,245.2 19,458.7 19,738.1 19,944.9 17,062.0 16,883.5 17,006.6 17,106.3 17,251.6 17,337.6    397.9    145.3     86.1
  Gross domestic purchases...............  19,962.2 19,640.5 19,817.2 20,034.8 20,356.1 20,594.5 17,714.6 17,521.6 17,641.8 17,760.4 17,934.4 18,022.5    413.0    174.0     88.0
  Final sales to domestic purchasers.....  19,946.5 19,640.7 19,812.4 19,992.9 20,340.1 20,579.3 17,681.2 17,502.7 17,618.3 17,703.5 17,900.4 17,989.1    431.0    196.8     88.7
  Final sales to private domestic
   purchasers............................  16,592.7 16,320.4 16,480.3 16,636.4 16,933.5 17,133.0 14,792.5 14,619.9 14,737.6 14,818.4 14,994.2 15,074.0    429.8    175.8     79.8
  Gross domestic product.................  19,390.6 19,057.7 19,250.0 19,500.6 19,754.1 19,960.1 17,096.2 16,903.2 17,031.1 17,163.9 17,286.5 17,371.9    380.0    122.6     85.4
  Plus: Income receipts from the rest of
   the world.............................     934.7    895.9    914.8    952.1    975.9  1,015.3    758.8    731.1    745.1    772.3    786.8    812.9     61.4     14.5     26.1
  Less: Income payments to the rest of
   the world.............................     717.9    681.7    712.4    723.9    753.6    794.4    578.0    551.9    575.5    582.3    602.3    630.6     45.8     20.1     28.3
  Equals: Gross national product.........  19,607.4 19,272.0 19,452.4 19,728.9 19,976.4 20,181.0 17,275.3 17,081.0 17,198.0 17,352.8 17,469.2 17,551.9    396.3    116.4     82.7
  Net domestic product...................  16,355.9 16,071.5 16,229.3 16,448.5 16,674.1 16,839.8 14,347.6 14,174.8 14,289.9 14,409.0 14,516.5 14,585.9    328.4    107.5     69.4
----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
 r Revised
 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.
 Source: U.S. Bureau of Economic Analysis


                                          Table 4. Price Indexes for Gross Domestic Product and Related Measures: Percent Change From Preceding Period
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                            2015    2016    2017 ---------------------------------------------Seasonally adjusted at annual rates---------------------------------------------
                                                                 ---------2014---------  -------------2015-------------  -------------2016-------------  -------------2017-------------     2018
                                                                      Q2      Q3      Q4      Q1      Q2      Q3      Q4      Q1      Q2      Q3      Q4      Q1      Q2      Q3      Q4   Q1\r\
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
      Gross domestic product (GDP).....      1.1     1.3     1.8     2.2     1.9     0.6    -0.1     2.2     1.4     0.8     0.3     2.4     1.4     2.0     2.0     1.0     2.1     2.3     2.2
Personal consumption expenditures......      0.3     1.2     1.7     1.8     1.2    -0.3    -1.6     1.7     1.3     0.2     0.6     2.1     1.7     2.0     2.2     0.3     1.5     2.7     2.5
  Goods................................     -2.9    -1.4     0.3     0.1    -0.7    -4.2    -7.6     1.0    -0.5    -3.4    -3.4     0.2    -0.6     1.3     2.7    -3.6     0.7     1.8     2.0
    Durable goods......................     -2.1    -2.2    -2.1    -2.2    -1.9    -3.1    -2.5    -0.9    -2.0    -2.1    -1.3    -2.8    -3.5    -3.2     1.0    -3.6    -2.5    -2.1    -1.5
    Nondurable goods...................     -3.3    -1.1     1.6     1.2    -0.2    -4.8   -10.0     2.0     0.2    -4.0    -4.4     1.8     1.0     3.7     3.6    -3.6     2.4     3.8     3.9
  Services.............................      1.9     2.5     2.3     2.7     2.2     1.8     1.5     2.0     2.2     1.9     2.6     3.0     2.9     2.3     2.0     2.2     1.9     3.2     2.8
Gross private domestic investment......      0.8     0.5     1.7     1.2     2.6     2.1     0.0    -0.4     0.7    -0.2    -0.4     1.7     1.0     1.7     1.7     2.6     1.9     1.0     2.8
  Fixed investment.....................      1.1     0.6     1.7     1.2     2.6     2.2     0.8    -0.3     0.9     0.1    -0.2     1.5     1.2     1.6     1.6     2.5     1.9     1.0     2.9
    Nonresidential.....................      0.6    -0.3     1.0     1.2     1.4     1.4     0.8    -0.4     0.3    -0.6    -0.9     0.2    -0.3     0.6     1.5     1.9     1.1     0.6     1.3
      Structures.......................      1.8     0.1     2.7     5.0     5.7     4.8     0.3    -1.5     1.5    -0.4    -2.0     2.8    -0.3     2.3     3.1     3.8     4.5     1.9     3.4
      Equipment........................     -0.1    -0.1     0.4     0.7     0.0     0.2     0.2    -0.7    -0.8    -0.3     0.1    -0.1     0.9    -0.4     0.7     0.8     0.2     0.2     0.4
      Intellectual property products...      0.9    -0.7     0.6    -0.8     0.2     0.7     2.3     1.1     1.1    -1.1    -1.5    -1.0    -1.9     1.0     1.6     1.9     0.1     0.0     1.2
    Residential........................      2.7     3.7     4.1     1.1     7.5     5.3     0.5     0.1     3.3     2.6     2.4     5.9     6.4     4.8     1.7     4.6     4.4     2.5     8.3
  Change in private inventories........      ---     ---     ---     ---     ---     ---     ---     ---     ---     ---     ---     ---     ---     ---     ---     ---     ---     ---     ---
Net exports of goods and services......      ---     ---     ---     ---     ---     ---     ---     ---     ---     ---     ---     ---     ---     ---     ---     ---     ---     ---     ---
  Exports..............................     -5.0    -1.9     2.4    -0.1    -1.0    -7.0    -9.6    -1.0    -4.1    -5.9    -5.2     3.8     2.2     2.7     2.5    -0.1     3.3     5.8     3.9
    Goods..............................     -7.1    -3.7     2.4    -1.3    -2.5    -9.7   -12.6    -2.1    -6.1    -8.0   -10.2     5.3     2.4     1.9     2.6    -0.6     4.3     5.2     4.0
    Services...........................     -0.5     1.7     2.4     2.6     2.3    -1.1    -3.2     1.1    -0.2    -1.6     5.0     1.1     2.0     4.2     2.3     0.8     1.4     6.8     3.7
  Imports..............................     -7.8    -3.1     2.5    -3.1    -2.6    -7.7   -14.7    -5.4    -4.9    -8.0    -5.2     1.2     3.0     1.6     6.2    -1.0     0.4     6.1     7.2
    Goods..............................     -9.1    -3.7     2.7    -3.9    -3.2    -8.9   -16.7    -6.5    -5.5    -9.3    -6.3     1.2     3.9     1.8     7.4    -1.8    -0.6     6.4     7.8
    Services...........................     -1.6    -0.5     1.8     0.8     0.7    -1.8    -4.1     0.2    -2.4    -1.9     0.0     1.0    -0.7     0.5     1.1     2.7     5.0     5.1     4.6
Government consumption expenditures
 and gross investment..................      0.6     0.8     2.5     1.5     1.9     0.4    -1.5     2.1     0.7     0.9    -1.3     2.6     1.1     1.3     4.8     1.6     2.3     3.0     3.4
  Federal..............................      0.6     0.6     2.2     1.2     1.2     0.5     0.6     0.3     0.3    -0.1     0.9     1.0     0.5     0.8     5.5     1.8     1.1     1.7     4.1
    National defense...................      0.3     0.4     1.9     0.9     0.9     0.3     0.4    -0.2     0.1    -0.3     0.6     1.0     0.5     0.7     4.9     1.4     0.4     1.5     3.5
    Nondefense.........................      1.0     0.8     2.7     1.8     1.7     0.8     0.9     1.1     0.7     0.2     1.4     1.1     0.5     0.8     6.3     2.3     2.1     2.1     4.9
  State and local......................      0.6     0.9     2.7     1.6     2.4     0.4    -2.8     3.2     1.0     1.5    -2.7     3.6     1.5     1.7     4.4     1.5     3.0     3.8     3.1
Addenda:
  Final sales of domestic product......      1.1     1.3     1.8     2.2     1.9     0.6     0.0     2.3     1.4     0.8     0.3     2.4     1.4     2.0     2.0     1.0     2.1     2.3     2.2
  Gross domestic purchases.............      0.4     1.0     1.8     1.6     1.5     0.2    -1.3     1.4     1.1     0.2     0.1     2.1     1.5     1.8     2.6     0.9     1.7     2.5     2.7
  Final sales to domestic purchasers...      0.5     1.0     1.8     1.6     1.5     0.2    -1.2     1.5     1.1     0.3     0.2     2.1     1.6     1.8     2.5     0.9     1.7     2.5     2.7
  Final sales to private domestic
   purchasers..........................      0.4     1.1     1.7     1.7     1.4     0.2    -1.1     1.3     1.2     0.2     0.5     2.0     1.6     1.9     2.1     0.7     1.6     2.4     2.6
  Gross national product (GNP).........      1.1     1.3     1.8     2.2     1.9     0.6    -0.2     2.2     1.4     0.8     0.3     2.4     1.4     2.0     2.0     1.0     2.1     2.3     2.2
  Implicit price deflators:
    GDP................................      1.1     1.3     1.8     2.3     1.8     0.6    -0.1     2.2     1.4     0.8     0.2     2.4     1.4     2.0     2.0     1.0     2.1     2.3     2.2
    Gross domestic purchases...........      0.4     1.0     1.8     1.7     1.5     0.2    -1.3     1.4     1.1     0.3     0.1     2.1     1.5     1.9     2.5     0.8     1.7     2.5     2.7
    GNP................................      1.1     1.3     1.8     2.3     1.8     0.6    -0.1     2.2     1.4     0.8     0.2     2.4     1.4     2.0     1.9     1.0     2.1     2.3     2.2
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
 r Revised
 See 'Explanatory Note' at the end of the tables.
 Source: U.S. Bureau of Economic Analysis


                                    Table 5. Real Gross Domestic Product, Quantity Indexes
                                                  [Index numbers, 2009=100]
------------------------------------------------------------------------------------------------------------------------------
                                                   2015      2016      2017 --------------Seasonally adjusted--------------
                                                                            -----------------2017-----------------       2018
                                                                                   Q1        Q2        Q3        Q4     Q1\r\
------------------------------------------------------------------------------------------------------------------------------
      Gross domestic product................    114.237   115.934   118.569   117.231   118.118   119.039   119.889   120.481
Personal consumption expenditures...........    114.393   117.520   120.755   119.408   120.372   121.018   122.223   122.485
  Goods.....................................    122.789   127.318   132.232   129.607   131.311   132.752   135.259   135.121
    Durable goods...........................    147.737   155.873   166.286   160.977   163.956   167.383   172.829   171.902
    Nondurable goods........................    112.488   115.593   118.386   116.783   117.996   118.682   120.083   120.233
  Services..................................    110.402   112.917   115.441   114.628   115.280   115.597   116.262   116.686
Gross private domestic investment...........    154.695   152.188   157.196   154.250   155.724   158.485   160.323   163.236
  Fixed investment..........................    137.373   138.395   143.947   141.960   143.085   143.942   146.801   149.523
    Nonresidential..........................    136.126   135.323   141.677   138.581   140.843   142.456   144.829   148.466
      Structures............................    106.212   101.864   107.596   106.806   108.617   106.654   108.307   112.458
      Equipment.............................    168.324   162.618   170.427   164.423   167.930   172.290   177.063   179.560
      Intellectual property products........    123.034   130.765   135.911   134.064   135.283   137.005   137.291   141.600
    Residential.............................    141.987   149.766   152.429   154.371   151.463   149.655   154.228   153.792
  Change in private inventories.............        ---       ---       ---       ---       ---       ---       ---       ---
Exports of goods and services...............    133.967   133.527   138.021   136.187   137.374   138.084   140.437   141.687
Imports of goods and services...............    134.751   136.463   141.855   140.407   140.924   140.682   145.408   146.556
Government consumption expenditures and
 gross investment...........................     93.184    93.884    93.987    93.770    93.724    93.878    94.575    94.872
  Federal...................................     91.493    91.536    91.684    91.024    91.461    91.766    92.484    92.881
  State and local...........................     94.196    95.310    95.384    95.445    95.097    95.155    95.839    96.074
Addenda:
  Final sales of domestic product...........    112.275   114.402   117.133   115.908   116.753   117.437   118.435   119.025
  Gross domestic purchases..................    114.871   116.791   119.578   118.276   119.087   119.888   121.063   121.657
  Final sales to domestic purchasers........    112.957   115.296   118.176   116.983   117.756   118.325   119.641   120.234
  Final sales to private domestic
   purchasers...............................    118.199   120.973   124.593   123.140   124.130   124.811   126.292   126.964
  Gross national product....................    114.228   115.849   118.569   117.236   118.039   119.102   119.900   120.468
------------------------------------------------------------------------------------------------------------------------------
 r Revised
 See 'Explanatory Note' at the end of the tables.
 Source: U.S. Bureau of Economic Analysis


                                      Table 6. Price Indexes for Gross Domestic Product
                                                  [Index numbers, 2009=100]
------------------------------------------------------------------------------------------------------------------------------
                                                   2015      2016      2017 --------------Seasonally adjusted--------------
                                                                            -----------------2017-----------------       2018
                                                                                   Q1        Q2        Q3        Q4     Q1\r\
------------------------------------------------------------------------------------------------------------------------------
      Gross domestic product................    110.012   111.419   113.425   112.752   113.037   113.626   114.285   114.907
Personal consumption expenditures (PCE).....    109.481   110.789   112.657   112.198   112.273   112.699   113.459   114.168
  Goods.....................................    102.695   101.209   101.561   102.062   101.127   101.307   101.748   102.252
    Durable goods...........................     90.430    88.460    86.605    87.587    86.793    86.244    85.797    85.465
    Nondurable goods........................    108.961   107.800   109.573   109.746   108.735   109.392   110.419   111.477
  Services..................................    113.065   115.878   118.570   117.585   118.213   118.773   119.708   120.530
Gross private domestic investment...........    106.477   106.978   108.849   108.014   108.697   109.207   109.477   110.245
  Fixed investment..........................    107.148   107.801   109.642   108.808   109.485   109.999   110.276   111.066
    Nonresidential..........................    105.069   104.790   105.844   105.292   105.780   106.079   106.227   106.570
      Structures............................    115.484   115.637   118.814   117.183   118.292   119.605   120.178   121.177
      Equipment.............................     99.761    99.634   100.024    99.832   100.032   100.084   100.146   100.237
      Intellectual property products........    105.753   104.966   105.640   105.248   105.754   105.775   105.784   106.091
    Residential.............................    115.883   120.157   125.028   123.102   124.503   125.862   126.646   129.210
  Change in private inventories.............        ---       ---       ---       ---       ---       ---       ---       ---
Exports of goods and services...............    106.481   104.458   106.956   106.168   106.136   107.006   108.515   109.555
Imports of goods and services...............    104.364   101.090   103.635   103.381   103.134   103.238   104.789   106.627
Government consumption expenditures and
 gross investment...........................    111.825   112.676   115.514   114.624   115.088   115.741   116.602   117.592
  Federal...................................    109.866   110.488   112.917   112.266   112.763   113.078   113.561   114.700
  State and local...........................    113.168   114.164   117.260   116.220   116.664   117.530   118.628   119.526
Addenda:
  PCE excluding food and energy\1\..........    109.453   111.391   113.106   112.590   112.847   113.222   113.765   114.400
  Market-based PCE\2\.......................    108.186   109.067   110.654   110.390   110.288   110.627   111.311   111.959
  Market-based PCE excluding food and
   energy\2\................................    107.934   109.467   110.838   110.539   110.617   110.886   111.312   111.867
  Final sales of domestic product...........    110.116   111.554   113.555   112.883   113.166   113.756   114.417   115.043
  Gross domestic purchases..................    109.564   110.661   112.693   112.100   112.340   112.818   113.513   114.279
  Final sales to domestic purchasers........    109.659   110.785   112.811   112.219   112.458   112.936   113.634   114.403
  Final sales to private domestic
   purchasers...............................    109.125   110.305   112.170   111.636   111.830   112.274   112.939   113.665
  Gross national product....................    110.109   111.511   113.505   112.834   113.118   113.705   114.363   114.988
  Implicit price deflators:
    Gross domestic product..................    110.012   111.416   113.421   112.746   113.029   113.614   114.275   114.899
    Final sales of domestic product.........    110.116   111.554   113.556   112.879   113.163   113.752   114.413   115.039
    Gross domestic purchases................    109.564   110.659   112.688   112.094   112.331   112.806   113.503   114.271
    Final sales to domestic purchasers......    109.659   110.785   112.812   112.215   112.454   112.931   113.629   114.399
    Gross national product..................    110.109   111.509   113.500   112.827   113.108   113.692   114.352   114.979
------------------------------------------------------------------------------------------------------------------------------
 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.
 Source: U.S. Bureau of Economic Analysis


                                       Table 7. Real Gross Domestic Product: Annual Percent Change
------------------------------------------------------------------------------------------------------------------------------------------
                                          ------Percent change from preceding year------ Percent change fourth quarter to fourth quarter
                                           2010  2011  2012  2013  2014  2015  2016  2017  2010  2011  2012  2013  2014  2015  2016  2017
------------------------------------------------------------------------------------------------------------------------------------------
      Gross domestic product (GDP)......    2.5   1.6   2.2   1.7   2.6   2.9   1.5   2.3   2.7   1.7   1.3   2.7   2.7   2.0   1.8   2.6
Personal consumption expenditures
 (PCE)..................................    1.9   2.3   1.5   1.5   2.9   3.6   2.7   2.8   3.1   1.5   1.3   2.0   3.6   3.0   2.8   2.8
  Goods.................................    3.4   3.1   2.7   3.1   3.9   4.6   3.7   3.9   5.1   1.7   2.8   3.5   4.7   4.0   4.0   4.5
    Durable goods.......................    6.1   6.1   7.4   6.2   6.9   7.7   5.5   6.7   9.3   4.8   7.2   5.2   8.7   6.4   7.0   7.3
    Nondurable goods....................    2.2   1.8   0.6   1.7   2.5   3.1   2.8   2.4   3.3   0.4   0.8   2.6   2.8   2.8   2.5   3.1
  Services..............................    1.2   1.8   0.8   0.6   2.4   3.2   2.3   2.2   2.0   1.4   0.6   1.3   3.0   2.6   2.3   2.1
Gross private domestic investment.......   12.9   5.2  10.6   6.1   5.5   5.2  -1.6   3.3  11.1   9.6   3.7   9.3   4.7   2.2   0.9   3.6
  Fixed investment......................    1.5   6.3   9.8   5.0   6.2   3.9   0.7   4.0   5.5   8.4   7.0   5.2   6.1   2.4   1.1   5.4
    Nonresidential......................    2.5   7.7   9.0   3.5   6.9   2.3  -0.6   4.7   8.1   9.0   5.2   4.8   6.1   0.3   0.7   6.3
      Structures........................  -16.4   2.3  12.9   1.4  10.5  -1.8  -4.1   5.6  -4.0   8.0   4.1   5.8   8.8  -9.1   3.5   5.0
      Equipment.........................   15.9  13.6  10.8   4.6   6.6   3.5  -3.4   4.8  20.9  13.1   6.9   6.1   4.1   3.4  -3.7   8.9
      Intellectual property products....    1.9   3.6   3.9   3.4   4.6   3.8   6.3   3.9   1.8   4.1   3.4   2.2   7.0   3.2   5.2   3.8
    Residential.........................   -2.5   0.5  13.5  11.9   3.5  10.2   5.5   1.8  -5.2   6.0  15.7   6.8   6.3  10.3   2.5   2.6
  Change in private inventories.........    ---   ---   ---   ---   ---   ---   ---   ---   ---   ---   ---   ---   ---   ---   ---   ---
Net exports of goods and services.......    ---   ---   ---   ---   ---   ---   ---   ---   ---   ---   ---   ---   ---   ---   ---   ---
  Exports...............................   11.9   6.9   3.4   3.5   4.3   0.4  -0.3   3.4  10.1   4.2   2.2   5.9   3.0  -1.8   0.6   5.0
    Goods...............................   14.4   6.5   3.6   3.1   4.6  -0.4   0.3   4.5  10.9   4.8   1.2   7.0   2.7  -3.1   1.8   6.5
    Services............................    6.8   7.6   3.0   4.4   3.6   2.1  -1.5   1.3   8.4   2.7   4.5   3.6   3.7   0.9  -1.8   2.0
  Imports...............................   12.7   5.5   2.2   1.1   4.5   5.0   1.3   4.0  12.0   3.5   0.3   2.5   6.2   2.9   2.7   4.7
    Goods...............................   14.9   5.8   2.1   1.2   4.9   5.2   0.9   4.3  13.6   3.4   0.1   2.7   6.6   2.8   2.5   5.5
    Services............................    3.8   4.0   3.0   0.6   2.6   4.0   3.1   2.5   4.9   3.8   1.2   1.1   3.9   3.5   3.5   0.8
Government consumption expenditures and
 gross investment.......................    0.1  -3.0  -1.9  -2.9  -0.6   1.4   0.8   0.1  -1.1  -3.0  -2.2  -2.8   0.5   1.6   0.4   0.7
  Federal...............................    4.4  -2.7  -1.9  -5.8  -2.4  -0.1   0.0   0.2   3.2  -4.0  -2.1  -6.7  -1.2   1.2  -0.3   1.0
    National defense....................    3.2  -2.3  -3.4  -6.8  -4.0  -2.2  -0.7   0.2   2.0  -4.1  -3.9  -7.1  -4.0   0.0  -1.4   2.3
    Nondefense..........................    6.4  -3.4   0.9  -4.1   0.2   3.2   1.2   0.1   5.5  -3.9   1.0  -6.0   3.5   2.9   1.2  -0.9
  State and local.......................   -2.7  -3.3  -1.9  -0.8   0.5   2.3   1.2   0.1  -4.0  -2.3  -2.3  -0.1   1.5   1.9   0.8   0.5
Addenda:
  Gross domestic income (GDI)\1\........    2.7   2.2   3.3   1.2   3.1   3.0   0.9   1.7   2.6   2.1   2.8   1.3   4.2   1.6   0.5   2.1
  Average of GDP and GDI................    2.6   1.9   2.7   1.5   2.8   2.9   1.2   2.0   2.7   1.9   2.1   2.0   3.5   1.8   1.2   2.3
  Final sales of domestic product.......    1.1   1.7   2.1   1.5   2.7   2.6   1.9   2.4   2.0   1.5   1.7   2.0   2.9   2.0   1.9   2.9
  Gross domestic purchases..............    2.9   1.6   2.1   1.3   2.7   3.5   1.7   2.4   3.2   1.7   1.0   2.2   3.2   2.6   2.1   2.6
  Final sales to domestic purchasers....    1.5   1.7   1.9   1.2   2.7   3.3   2.1   2.5   2.5   1.5   1.4   1.6   3.4   2.7   2.1   2.9
  Final sales to private domestic
   purchasers...........................    1.9   2.9   2.9   2.1   3.5   3.7   2.3   3.0   3.5   2.6   2.3   2.6   4.1   2.9   2.5   3.3
  Gross national product................    2.8   1.8   2.1   1.7   2.5   2.7   1.4   2.3   2.9   2.0   1.0   2.7   2.5   2.0   1.9   2.5
  Real disposable personal income.......    1.0   2.5   3.2  -1.4   3.6   4.2   1.4   1.2   2.6   1.7   5.1  -2.8   4.9   3.2   0.2   1.9
  Price indexes:
    Gross domestic purchases............    1.5   2.4   1.8   1.4   1.7   0.4   1.0   1.8   1.6   2.4   1.7   1.4   1.4   0.4   1.4   1.9
    Gross domestic purchases excluding
     food and energy\2\.................    1.3   1.8   1.8   1.5   1.8   1.1   1.4   1.7   1.4   1.9   1.7   1.7   1.6   1.0   1.5   1.8
    GDP.................................    1.2   2.1   1.8   1.6   1.8   1.1   1.3   1.8   1.8   1.9   1.9   1.6   1.6   1.0   1.5   1.9
    GDP excluding food and energy\2\....    1.4   1.9   1.8   1.7   1.9   1.3   1.6   1.8   1.6   1.9   1.8   1.9   1.7   1.2   1.7   1.8
    PCE.................................    1.7   2.5   1.9   1.3   1.5   0.3   1.2   1.7   1.3   2.7   1.8   1.2   1.2   0.4   1.6   1.7
    PCE excluding food and energy\2\....    1.3   1.5   1.9   1.5   1.6   1.3   1.8   1.5   1.0   1.9   1.8   1.5   1.5   1.3   1.9   1.5
    Market-based PCE\3\.................    1.5   2.5   1.8   1.0   1.2  -0.1   0.8   1.5   1.1   2.8   1.6   0.9   0.8   0.1   1.3   1.4
    Market-based PCE excluding food and
     energy\3\..........................    1.0   1.4   1.8   1.2   1.2   1.1   1.4   1.3   0.7   1.9   1.5   1.1   1.2   1.1   1.5   1.2
------------------------------------------------------------------------------------------------------------------------------------------

 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.
 Source: U.S. Bureau of Economic Analysis


                                      Table 8. Real Gross Domestic Product: Percent Change From Quarter One Year Ago
----------------------------------------------------------------------------------------------------------------------------------------------------------
                                           -------2014-------  -----------2015-----------  -----------2016-----------  -----------2017-----------    2018
                                              Q2     Q3     Q4     Q1     Q2     Q3     Q4     Q1     Q2     Q3     Q4     Q1     Q2     Q3     Q4  Q1\r\
----------------------------------------------------------------------------------------------------------------------------------------------------------
      Gross domestic product (GDP)......     2.7    3.2    2.7    3.8    3.3    2.4    2.0    1.4    1.2    1.5    1.8    2.0    2.2    2.3    2.6    2.8
Personal consumption expenditures
 (PCE)..................................     2.7    3.2    3.6    4.0    3.9    3.6    3.0    2.6    2.8    2.8    2.8    2.9    2.7    2.6    2.8    2.6
  Goods.................................     3.9    4.3    4.7    5.1    4.7    4.7    4.0    3.4    3.8    3.5    4.0    3.6    3.5    3.8    4.5    4.3
    Durable goods.......................     6.9    7.8    8.7    9.2    8.1    7.4    6.4    4.7    4.6    5.7    7.0    6.7    6.4    6.3    7.3    6.8
    Nondurable goods....................     2.5    2.6    2.8    3.2    3.1    3.4    2.8    2.8    3.4    2.4    2.5    2.1    1.9    2.5    3.1    3.0
  Services..............................     2.1    2.6    3.0    3.5    3.5    3.1    2.6    2.1    2.3    2.4    2.3    2.5    2.4    2.0    2.1    1.8
Gross private domestic investment.......     6.8    6.4    4.7    9.5    5.8    3.5    2.2   -1.9   -2.8   -2.7    0.9    1.7    3.3    4.5    3.6    5.8
  Fixed investment......................     6.1    7.7    6.1    5.9    4.5    3.1    2.4    1.3    0.5    0.1    1.1    3.2    3.6    3.8    5.4    5.3
    Nonresidential......................     7.0    9.1    6.1    4.8    3.2    1.1    0.3   -1.2   -1.1   -0.7    0.7    3.5    4.3    4.6    6.3    7.1
      Structures........................    13.0    8.1    8.8    3.1    1.3   -2.3   -9.1   -8.1   -9.0   -2.0    3.5    6.6    8.3    2.8    5.0    5.3
      Equipment.........................     6.1   12.3    4.1    6.0    3.5    1.4    3.4   -2.1   -2.4   -5.3   -3.7    0.8    3.1    6.4    8.9    9.2
      Intellectual property products....     4.1    5.2    7.0    4.4    4.4    3.2    3.2    5.5    7.0    7.4    5.2    5.1    3.3    3.5    3.8    5.6
    Residential.........................     2.7    2.4    6.3    9.9    9.6   11.2   10.3   10.8    6.4    2.6    2.5    2.0    1.3    1.3    2.6   -0.4
  Change in private inventories.........     ---    ---    ---    ---    ---    ---    ---    ---    ---    ---    ---    ---    ---    ---    ---    ---
Net exports of goods and services.......     ---    ---    ---    ---    ---    ---    ---    ---    ---    ---    ---    ---    ---    ---    ---    ---
  Exports...............................     5.3    4.6    3.0    2.4    1.1    0.0   -1.8   -1.3   -1.6    1.0    0.6    3.1    3.2    2.2    5.0    4.0
    Goods...............................     5.7    5.3    2.7    2.0    0.7   -1.1   -3.1   -0.9   -1.5    1.7    1.8    4.4    4.3    2.7    6.5    4.7
    Services............................     4.4    3.2    3.7    3.3    2.0    2.1    0.9   -2.2   -1.7   -0.4   -1.8    0.5    1.3    1.2    2.0    2.8
  Imports...............................     4.6    3.9    6.2    6.6    4.9    5.6    2.9    1.2    0.5    0.7    2.7    3.8    4.1    3.2    4.7    4.4
    Goods...............................     5.0    4.2    6.6    7.2    5.2    5.7    2.8    0.7    0.0    0.2    2.5    3.8    4.1    3.7    5.5    5.0
    Services............................     2.6    2.1    3.9    3.9    3.4    5.2    3.5    3.4    2.5    3.1    3.5    3.9    4.2    1.3    0.8    1.6
Government consumption expenditures and
 gross investment.......................    -1.1   -0.1    0.5    1.0    1.6    1.4    1.6    1.7    0.6    0.4    0.4   -0.2    0.0    0.0    0.7    1.2
  Federal...............................    -3.2   -1.2   -1.2   -0.7    0.1   -0.9    1.2    0.4   -0.3    0.4   -0.3   -0.6    0.1    0.1    1.0    2.0
    National defense....................    -4.5   -2.2   -4.0   -2.9   -2.0   -3.7    0.0   -0.4   -1.4    0.3   -1.4   -1.5    0.1    0.1    2.3    3.6
    Nondefense..........................    -1.1    0.5    3.5    2.8    3.5    3.5    2.9    1.6    1.5    0.5    1.2    0.9    0.2    0.1   -0.9   -0.2
  State and local.......................     0.3    0.6    1.5    2.1    2.5    2.8    1.9    2.4    1.1    0.4    0.8    0.0   -0.1    0.0    0.5    0.7
Addenda:
  Gross domestic income (GDI)\1\........     2.6    3.7    4.2    4.3    3.5    2.4    1.6    1.1    0.5    1.4    0.5    1.3    1.8    1.4    2.1    2.3
  Average of GDP and GDI................     2.7    3.4    3.5    4.0    3.4    2.4    1.8    1.2    0.9    1.4    1.2    1.6    2.0    1.9    2.3    2.6
  Final sales of domestic product.......     2.5    3.4    2.9    3.2    3.1    2.3    2.0    1.9    1.8    2.0    1.9    2.2    2.2    2.2    2.9    2.7
  Gross domestic purchases..............     2.6    3.1    3.2    4.4    3.8    3.2    2.6    1.7    1.5    1.5    2.1    2.1    2.4    2.4    2.6    2.9
  Final sales to domestic purchasers....     2.5    3.3    3.4    3.8    3.6    3.1    2.7    2.2    2.0    1.9    2.1    2.4    2.4    2.3    2.9    2.8
  Final sales to private domestic
   purchasers...........................     3.3    4.0    4.1    4.4    4.0    3.5    2.9    2.3    2.3    2.2    2.5    2.9    2.9    2.8    3.3    3.1
  Gross national product................     2.5    3.1    2.5    3.6    3.0    2.1    2.0    1.1    1.2    1.5    1.9    2.2    2.2    2.5    2.5    2.8
  Real disposable personal income.......     3.2    3.7    4.9    4.9    4.6    4.0    3.2    2.2    1.7    1.4    0.2    0.9    1.1    1.1    1.9    2.1
  Price indexes:
    Gross domestic purchases............     1.9    1.9    1.4    0.5    0.5    0.4    0.4    0.7    0.9    1.0    1.4    2.0    1.7    1.7    1.9    1.9
    Gross domestic purchases excluding
     food and energy\2\.................     1.8    1.9    1.6    1.3    1.2    1.0    1.0    1.2    1.3    1.4    1.5    1.8    1.7    1.7    1.8    1.9
    GDP.................................     2.0    1.9    1.6    1.1    1.1    1.0    1.0    1.2    1.2    1.2    1.5    2.0    1.6    1.8    1.9    1.9
    GDP excluding food and energy\2\....     2.0    2.0    1.7    1.4    1.3    1.2    1.2    1.4    1.5    1.6    1.7    2.0    1.8    1.7    1.8    1.9
    PCE.................................     1.8    1.7    1.2    0.3    0.3    0.3    0.4    1.0    1.0    1.2    1.6    2.0    1.6    1.5    1.7    1.8
    PCE excluding food and energy\2\....     1.7    1.7    1.5    1.4    1.3    1.3    1.3    1.6    1.7    1.8    1.9    1.8    1.5    1.4    1.5    1.6
    Market-based PCE\3\.................     1.5    1.3    0.8   -0.1   -0.1   -0.1    0.1    0.6    0.6    0.7    1.3    1.8    1.3    1.3    1.4    1.4
    Market-based PCE excluding food and
     energy\3\..........................     1.3    1.3    1.2    1.1    1.1    1.0    1.1    1.4    1.4    1.5    1.5    1.5    1.2    1.1    1.2    1.2
----------------------------------------------------------------------------------------------------------------------------------------------------------
 r Revised
 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.
 Source: U.S. Bureau of Economic Analysis


               Table 9. Relation of Gross Domestic Product, Gross National Product, and National Income
                                                [Billions of dollars]
----------------------------------------------------------------------------------------------------------------------
                                                  2015     2016     2017 ----Seasonally adjusted at annual rates----
                                                                         ---------------2017---------------      2018
                                                                               Q1       Q2       Q3       Q4    Q1\r\
----------------------------------------------------------------------------------------------------------------------
Gross domestic product (GDP)................  18,120.7 18,624.5 19,390.6 19,057.7 19,250.0 19,500.6 19,754.1 19,960.1
Plus: Income receipts from the rest of the
 world......................................     812.9    844.3    934.7    895.9    914.8    952.1    975.9  1,015.3
Less: Income payments to the rest of the
 world......................................     608.4    647.2    717.9    681.7    712.4    723.9    753.6    794.4
Equals: Gross national product..............  18,325.2 18,821.6 19,607.4 19,272.0 19,452.4 19,728.9 19,976.4 20,181.0
Less: Consumption of fixed capital..........   2,841.5  2,916.7  3,034.7  2,986.2  3,020.7  3,052.1  3,080.0  3,120.3
Less: Statistical discrepancy...............    -255.9   -147.2    -37.1   -102.4    -67.0    -34.0     54.8    -21.2
Equals: National income.....................  15,739.6 16,052.0 16,609.8 16,388.2 16,498.7 16,710.8 16,841.7 17,081.8
  Compensation of employees.................   9,708.3  9,978.6 10,309.3 10,166.3 10,243.0 10,356.1 10,471.7 10,608.7
    Wages and salaries......................   7,858.9  8,085.2  8,353.2  8,232.1  8,295.2  8,392.6  8,493.0  8,613.1
    Supplements to wages and salaries.......   1,849.4  1,893.4  1,956.1  1,934.2  1,947.9  1,963.5  1,978.7  1,995.5
  Proprietors' income with inventory
   valuation and capital consumption
   adjustments..............................   1,318.8  1,341.9  1,386.0  1,380.2  1,378.6  1,381.9  1,403.1  1,420.6
  Rental income of persons with capital
   consumption adjustment...................     662.5    707.3    743.9    730.8    740.3    747.2    757.4    762.0
  Corporate profits with inventory
   valuation and capital consumption
   adjustments..............................   2,117.5  2,073.5  2,164.6  2,109.0  2,123.4  2,213.7  2,212.5  2,252.1
  Net interest and miscellaneous payments...     583.4    570.6    586.4    588.2    598.3    599.8    559.4    558.5
  Taxes on production and imports less
   subsidies................................   1,198.5  1,226.2  1,268.8  1,248.2  1,261.2  1,270.1  1,295.6  1,326.9
  Business current transfer payments (net)       165.0    164.0    161.8    176.5    164.6    152.7    153.5    167.4
  Current surplus of government
   enterprises..............................     -14.3    -10.1    -11.0    -11.0    -10.7    -10.6    -11.7    -14.3
Addenda:
  Gross domestic income (GDI)...............  18,376.6 18,771.6 19,427.7 19,160.1 19,317.0 19,534.6 19,699.3 19,981.3
  Average of GDP and GDI....................  18,248.7 18,698.1 19,409.2 19,108.9 19,283.5 19,517.6 19,726.7 19,970.7
  Statistical discrepancy as a percentage
   of GDP...................................      -1.4     -0.8     -0.2     -0.5     -0.3     -0.2      0.3     -0.1
----------------------------------------------------------------------------------------------------------------------
 r Revised
 Source: U.S. Bureau of Economic Analysis


                                    Table 10. Personal Income and Its Disposition
                                                [Billions of dollars]
----------------------------------------------------------------------------------------------------------------------
                                                  2015     2016     2017 ----Seasonally adjusted at annual rates----
                                                                         ---------------2017---------------      2018
                                                                               Q1       Q2       Q3       Q4    Q1\r\
----------------------------------------------------------------------------------------------------------------------
Personal income\1\..........................  15,553.0 15,928.7 16,429.1 16,245.2 16,339.6 16,468.9 16,662.6 16,850.7
  Compensation of employees.................   9,708.3  9,978.6 10,309.3 10,166.3 10,243.0 10,356.1 10,471.7 10,608.7
    Wages and salaries......................   7,858.9  8,085.2  8,353.2  8,232.1  8,295.2  8,392.6  8,493.0  8,613.1
    Supplements to wages and salaries.......   1,849.4  1,893.4  1,956.1  1,934.2  1,947.9  1,963.5  1,978.7  1,995.5
  Proprietors' income with inventory
   valuation and capital consumption
   adjustments..............................   1,318.8  1,341.9  1,386.0  1,380.2  1,378.6  1,381.9  1,403.1  1,420.6
    Farm....................................      53.7     43.2     35.1     41.9     37.0     31.9     29.6     29.8
    Nonfarm.................................   1,265.1  1,298.7  1,350.9  1,338.4  1,341.6  1,350.0  1,373.6  1,390.7
  Rental income of persons with capital
   consumption adjustment...................     662.5    707.3    743.9    730.8    740.3    747.2    757.4    762.0
  Personal income receipts on assets........   2,387.1  2,377.8  2,442.4  2,420.1  2,434.5  2,433.9  2,481.1  2,504.3
    Personal interest income................   1,367.3  1,415.3  1,477.1  1,476.6  1,465.1  1,460.6  1,506.1  1,523.9
    Personal dividend income................   1,019.8    962.5    965.3    943.5    969.4    973.2    975.0    980.5
  Personal current transfer receipts........   2,684.4  2,768.4  2,850.1  2,831.9  2,836.9  2,858.4  2,873.2  2,911.0
  Less: Contributions for government social
   insurance, domestic......................   1,208.0  1,245.3  1,302.6  1,284.1  1,293.8  1,308.5  1,323.9  1,356.0
Less: Personal current taxes................   1,937.9  1,960.1  2,048.6  2,018.8  2,007.9  2,058.1  2,109.7  2,077.6
Equals: Disposable personal income..........  13,615.0 13,968.6 14,380.4 14,226.4 14,331.6 14,410.8 14,552.9 14,773.0
Less: Personal outlays......................  12,786.7 13,288.0 13,893.0 13,671.8 13,805.9 13,927.2 14,167.3 14,292.4
Equals: Personal saving.....................     828.4    680.6    487.4    554.6    525.7    483.7    385.7    480.6
  Personal saving as a percentage of
   disposable personal income...............       6.1      4.9      3.4      3.9      3.7      3.4      2.7      3.3
Addenda:
  Personal income excluding current
   transfer receipts, billions of chained
   (2009) dollars\2\........................  11,754.2 11,878.7 12,053.6 11,955.7 12,027.2 12,077.6 12,154.3 12,210.5
  Disposable personal income, billions of
   chained (2009) dollars\2\................  12,436.0 12,608.2 12,765.0 12,680.4 12,765.6 12,787.7 12,827.3 12,940.5
----------------------------------------------------------------------------------------------------------------------
 r Revised
 1. Personal income is also equal to national income less corporate profits with inventory valuation and capital
 consumption adjustments, taxes on production and imports less subsidies, contributions for government social
 insurance, net interest and miscellaneous payments, business current transfer payments (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.
 Source: U.S. Bureau of Economic Analysis


                                                                     Table 11. Corporate Profits: Level and Percent Change
------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                          -----------------------------Billions of dollars-----------------------------  ----------------Percent change from preceding period----------------
                                               2015      2016      2017 ------Seasonally adjusted at annual rates------       2016      2017 -----------Quarterly rates-----------    Quarter one year ago
                                                                        -----------------2017-----------------       2018                     ------------2017------------       2018      2018
                                                                               Q1        Q2        Q3        Q4     Q1\r\                                                                 Q1\r\
                                                                                                                                                     Q2        Q3        Q4     Q1\r\
------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
Corporate profits with inventory
 valuation and capital consumption
 adjustments............................    2,117.5   2,073.5   2,164.6   2,109.0   2,123.4   2,213.7   2,212.5   2,252.1      -2.1       4.4       0.7       4.3      -0.1       1.8       6.8
Less: Taxes on corporate income.........      507.4     471.0     466.7     466.3     479.6     475.5     445.6     332.1      -7.2      -0.9       2.9      -0.9      -6.3     -25.5     -28.8
Equals: Profits after tax with
 inventory valuation and capital
 consumption adjustments................    1,610.0   1,602.4   1,697.9   1,642.7   1,643.8   1,738.2   1,767.0   1,920.0      -0.5       6.0       0.1       5.7       1.7       8.7      16.9
  Net dividends.........................    1,039.9     981.9     990.2     988.1     994.2     998.6     979.9     985.3      -5.6       0.9       0.6       0.4      -1.9       0.6      -0.3
  Undistributed profits with inventory
   valuation and capital consumption
   adjustments..........................      570.1     620.6     707.7     654.6     649.6     739.6     787.1     934.7       8.9      14.0      -0.8      13.9       6.4      18.8      42.8
Addenda for corporate cash flow:
  Net cash flow with inventory
   valuation adjustment.................    2,098.4   2,179.3   2,042.2   2,229.1   2,269.9   2,230.9   1,438.8   2,607.0       3.9      -6.3       1.8      -1.7     -35.5      81.2      17.0
    Undistributed profits with
     inventory valuation and capital
     consumption adjustments............      570.1     620.6     707.7     654.6     649.6     739.6     787.1     934.7       8.9      14.0      -0.8      13.9       6.4      18.8      42.8
    Consumption of fixed capital........    1,525.1   1,563.2   1,626.0   1,599.7   1,618.8   1,634.7   1,650.7   1,671.2       2.5       4.0       1.2       1.0       1.0       1.2       4.5
    Less: Capital transfers paid (net)         -3.2       4.4     291.5      25.3      -1.5     143.3     998.9      -1.1       ---       ---       ---       ---       ---       ---       ---
Addenda:
  Profits before tax (without inventory
   valuation and capital consumption
   adjustments).........................    2,158.5   2,158.9   2,247.7   2,276.8   2,254.3   2,333.8   2,125.8   2,191.0       0.0       4.1      -1.0       3.5      -8.9       3.1      -3.8
  Profits after tax (without inventory
   valuation and capital consumption
   adjustments).........................    1,651.1   1,687.9   1,781.0   1,810.5   1,774.7   1,858.4   1,680.3   1,858.9       2.2       5.5      -2.0       4.7      -9.6      10.6       2.7
  Inventory valuation adjustment........       52.4       2.7     -49.1     -75.0     -33.6     -22.6     -65.4     -80.5       ---       ---       ---       ---       ---       ---       ---
  Capital consumption adjustment........      -93.5     -88.2     -33.9     -92.8     -97.4     -97.6     152.2     141.5       ---       ---       ---       ---       ---       ---       ---
------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
 r Revised
 Source: U.S. Bureau of Economic Analysis


                                                   Table 12. Corporate Profits by Industry: Level and Change From Preceding Period
                                                                                [Billions of dollars]
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                         ------------------------------------Level------------------------------------  ---------------Change from preceding period---------------
                                              2015      2016      2017 ------Seasonally adjusted at annual rates------
                                                                       -----------------2017-----------------       2018      2016      2017 ------------2017------------       2018
                                                                              Q1        Q2        Q3        Q4     Q1\r\                            Q2        Q3        Q4     Q1\r\
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
    Corporate profits with inventory
     valuation and capital consumption
     adjustments.......................    2,117.5   2,073.5   2,164.6   2,109.0   2,123.4   2,213.7   2,212.5   2,252.1     -44.0      91.2      14.4      90.2      -1.1      39.5
Domestic industries....................    1,732.5   1,678.7   1,731.9   1,682.7   1,707.9   1,766.1   1,770.9   1,806.8     -53.8      53.2      25.2      58.2       4.8      35.9
  Financial............................      456.7     454.6     470.3     475.5     441.6     489.4     474.8     481.9      -2.0      15.7     -33.8      47.8     -14.6       7.0
  Nonfinancial.........................    1,275.8   1,224.1   1,261.6   1,207.2   1,266.3   1,276.7   1,296.1   1,324.9     -51.7      37.4      59.1      10.4      19.4      28.8
Rest of the world......................      385.0     394.7     432.8     426.3     415.5     447.5     441.6     445.3       9.8      38.0     -10.8      32.0      -5.9       3.7
  Receipts from the rest of the world        653.1     671.4     725.9     704.7     710.1     737.0     751.9     772.7      18.3      54.5       5.5      26.9      14.9      20.9
  Less: Payments to the rest of the
   world...............................      268.1     276.7     293.2     278.3     294.6     289.5     310.2     327.4       8.6      16.5      16.3      -5.2      20.8      17.2
    Corporate profits with inventory
     valuation adjustment..............    2,210.9   2,161.6   2,198.6   2,201.8   2,220.8   2,311.3   2,060.4   2,110.6     -49.3      36.9      18.9      90.5    -250.9      50.2
Domestic industries....................    1,826.0   1,766.9   1,765.8   1,775.5   1,805.2   1,863.7   1,618.7   1,665.3     -59.0      -1.1      29.8      58.5    -245.0      46.5
  Financial............................      497.9     501.8     511.9     523.7     489.9     536.9     497.3     505.5       4.0      10.1     -33.8      47.0     -39.6       8.2
    Federal Reserve banks..............      100.7      92.0      79.2      90.5      80.9      72.5      73.0      70.9      -8.8     -12.7      -9.6      -8.4       0.5      -2.0
    Other financial....................      397.1     409.9     432.7     433.2     409.0     464.4     424.3     434.6      12.7      22.9     -24.2      55.3     -40.1      10.3
  Nonfinancial.........................    1,328.1   1,265.1   1,253.8   1,251.8   1,315.3   1,326.8   1,121.5   1,159.8     -63.0     -11.2      63.5      11.5    -205.3      38.3
    Utilities..........................       21.8      19.3      27.0      27.6      28.2      26.3      25.8      22.3      -2.5       7.7       0.6      -2.0      -0.5      -3.4
    Manufacturing......................      417.1     392.6     382.2     370.4     389.6     419.3     349.6     321.5     -24.5     -10.4      19.2      29.7     -69.7     -28.0
      Durable goods....................      218.4     212.2     212.7     208.5     219.2     223.9     199.2     180.9      -6.2       0.5      10.7       4.7     -24.7     -18.2
        Fabricated metal products......       23.6      20.1      19.9      16.2      21.6      21.8      19.8      19.2      -3.6      -0.2       5.4       0.3      -2.0      -0.6
        Machinery......................       24.2      17.8      25.0      23.5      24.6      28.7      23.2      23.9      -6.4       7.2       1.1       4.1      -5.5       0.7
        Computer and electronic
         products......................       53.9      49.9      46.5      43.3      43.0      54.4      45.4      33.5      -4.0      -3.4      -0.3      11.4      -9.0     -11.9
        Electrical equipment,
         appliances, and components....       19.6      23.7      19.7      22.7      22.4      19.2      14.5      20.3       4.1      -4.0      -0.3      -3.3      -4.7       5.8
        Motor vehicles, bodies and
         trailers, and parts...........       26.3      26.4      19.0      19.6      20.3      18.7      17.4      11.5       0.1      -7.4       0.8      -1.6      -1.3      -5.9
        Other durable goods............       70.7      74.3      82.6      83.2      87.2      81.1      78.8      72.4       3.6       8.3       4.0      -6.1      -2.3      -6.3
      Nondurable goods.................      198.7     180.4     169.5     161.9     170.4     195.4     150.4     140.6     -18.3     -10.9       8.6      25.0     -45.0      -9.8
        Food and beverage and tobacco
         products......................       71.7      76.0      69.4      63.0      66.3      79.8      68.4      58.7       4.3      -6.6       3.3      13.4     -11.3      -9.7
        Petroleum and coal products....       17.3      -2.2       6.0       2.1       6.2      12.5       3.2       7.0     -19.5       8.2       4.2       6.2      -9.3       3.8
        Chemical products..............       73.7      68.9      60.3      61.5      62.6      69.2      47.9      44.7      -4.9      -8.6       1.1       6.6     -21.3      -3.2
        Other nondurable goods.........       36.0      37.7      33.9      35.3      35.3      34.0      30.9      30.2       1.7      -3.8      -0.1      -1.3      -3.1      -0.7
    Wholesale trade....................      147.6     125.4      93.4      90.3     107.8     105.4      70.1      68.2     -22.3     -32.0      17.5      -2.4     -35.3      -1.9
    Retail trade.......................      171.8     179.1     177.5     179.6     183.9     184.8     161.7     178.7       7.2      -1.6       4.4       0.9     -23.1      17.0
    Transportation and warehousing.....       61.2      56.1      59.7      59.2      73.6      60.2      45.9      45.6      -5.1       3.6      14.5     -13.4     -14.3      -0.3
    Information........................      137.2     137.6     130.9     138.2     131.0     142.8     111.7     133.6       0.4      -6.7      -7.2      11.8     -31.1      21.9
    Other nonfinancial.................      371.3     355.0     383.1     386.6     401.1     388.0     356.7     389.8     -16.3      28.1      14.5     -13.1     -31.3      33.1
Rest of the world......................      385.0     394.7     432.8     426.3     415.5     447.5     441.6     445.3       9.8      38.0     -10.8      32.0      -5.9       3.7
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
 r Revised
 Note. Estimates in this table are based on the 2002 North American Industry Classification System (NAICS).
 Source: U.S. Bureau of Economic Analysis


                            Table 13. Gross Value Added of Nonfinancial Domestic Corporate Business
-------------------------------------------------------------------------------------------------------------------------------
                                                    2015      2016      2017 ------Seasonally adjusted at annual rates------
                                                                             -----------------2017-----------------       2018
                                                                                    Q1        Q2        Q3        Q4     Q1\r\
-------------------------------------------------------------------------------------------------------------------------------
Billions of dollars
    Gross value added of nonfinancial
     corporate business......................    9,059.3   9,165.4   9,471.6   9,294.5   9,426.1   9,529.1   9,636.9   9,798.1
Consumption of fixed capital.................    1,336.1   1,364.9   1,422.5   1,399.5   1,416.1   1,430.4   1,444.1   1,461.7
Net value added..............................    7,723.3   7,800.5   8,049.1   7,895.0   8,010.0   8,098.7   8,192.8   8,336.5
  Compensation of employees..................    5,269.3   5,406.9   5,586.9   5,500.8   5,544.5   5,614.0   5,688.2   5,774.0
    Wages and salaries.......................    4,412.3   4,539.1   4,690.4   4,615.1   4,652.5   4,714.0   4,779.8   4,856.1
    Supplements to wages and salaries........      857.0     867.8     896.5     885.7     892.0     900.0     908.3     917.9
  Taxes on production and imports less
   subsidies.................................      764.6     783.0     807.9     795.8     803.1     808.7     824.0     842.7
  Net operating surplus......................    1,689.4   1,610.6   1,654.3   1,598.4   1,662.4   1,675.9   1,680.6   1,719.8
    Net interest and miscellaneous payments        308.9     300.9     311.1     309.7     315.0     317.4     302.2     303.9
    Business current transfer payments
     (net)...................................      104.6      85.6      81.7      81.5      81.2      81.9      82.4      91.0
    Corporate profits with inventory
     valuation and capital consumption
     adjustments.............................    1,275.8   1,224.1   1,261.6   1,207.2   1,266.3   1,276.7   1,296.1   1,324.9
      Taxes on corporate income..............      281.1     274.1     279.0     277.5     294.1     289.4     255.0     168.4
      Profits after tax with inventory
       valuation and capital consumption
       adjustments...........................      994.7     950.0     982.6     929.7     972.2     987.3   1,041.1   1,156.5
        Net dividends........................      651.8     685.2     707.3     696.2     728.7     649.9     754.3    -208.0
        Undistributed profits with inventory
         valuation and capital consumption
         adjustments.........................      343.0     264.8     275.3     233.5     243.5     337.4     286.8   1,364.5
Addenda:
  Profits before tax (without inventory
   valuation and capital consumption
   adjustments)..............................    1,275.7   1,262.4   1,303.0   1,326.8   1,348.9   1,349.4   1,186.9   1,240.2
  Profits after tax (without inventory
   valuation and capital consumption
   adjustments)..............................      994.6     988.2   1,024.0   1,049.3   1,054.8   1,060.1     932.0   1,071.8
  Inventory valuation adjustment.............       52.4       2.7     -49.1     -75.0     -33.6     -22.6     -65.4     -80.5
  Capital consumption adjustment.............      -52.3     -41.0       7.7     -44.6     -49.0     -50.1     174.6     165.1
Billions of chained (2009) dollars
    Gross value added of nonfinancial
     corporate business\1\...................    8,358.1   8,471.7   8,706.9   8,566.1   8,700.6   8,738.0   8,821.9   8,946.4
Consumption of fixed capital\2\..............    1,255.8   1,292.5   1,328.7   1,313.3   1,323.0   1,333.7   1,344.9   1,356.9
Net value added\3\...........................    7,102.3   7,179.3   7,378.2   7,252.8   7,377.6   7,404.4   7,477.0   7,589.5
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\.....      1.084     1.082     1.088     1.085     1.083     1.091     1.092     1.095
  Compensation of employees (unit labor
   cost).....................................      0.630     0.638     0.642     0.642     0.637     0.642     0.645     0.645
  Unit nonlabor cost.........................      0.301     0.299     0.301     0.302     0.301     0.302     0.301     0.302
    Consumption of fixed capital.............      0.160     0.161     0.163     0.163     0.163     0.164     0.164     0.163
    Taxes on production and imports less
     subsidies plus business current
     transfer payments (net).................      0.104     0.103     0.102     0.102     0.102     0.102     0.103     0.104
    Net interest and miscellaneous payments        0.037     0.036     0.036     0.036     0.036     0.036     0.034     0.034
  Corporate profits with inventory valuation
   and capital consumption adjustments (unit
   profits from current production)..........      0.153     0.144     0.145     0.141     0.146     0.146     0.147     0.148
    Taxes on corporate income................      0.034     0.032     0.032     0.032     0.034     0.033     0.029     0.019
    Profits after tax with inventory
     valuation and capital consumption
     adjustments.............................      0.119     0.112     0.113     0.109     0.112     0.113     0.118     0.129
-------------------------------------------------------------------------------------------------------------------------------
 r Revised
 1. The current-dollar gross value added is deflated using the gross value added chain-type price index for nonfinancial
 industries from the GDP-by-industry accounts. For periods when this price index is not available, the chain-type price index
 for GDP goods and structures is used.
 2. Chained-dollar consumption of fixed capital of nonfinancial corporate business is calculated as the product of the
 chain-type quantity index and the 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).
 Source: U.S. Bureau of Economic Analysis


                 Appendix Table A. Real Gross Domestic Product and Related Aggregates and Price Indexes: Percent Change From Preceding Period and Contributions to Percent Change
--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                            2015    2016    2017 ---------------------------------------------Seasonally adjusted at annual rates---------------------------------------------
                                                                 ---------2014---------  -------------2015-------------  -------------2016-------------  -------------2017-------------     2018
                                                                      Q2      Q3      Q4      Q1      Q2      Q3      Q4      Q1      Q2      Q3      Q4      Q1      Q2      Q3      Q4   Q1\r\
--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
    Percent change from preceding
     period
Gross domestic product (GDP) and
 related aggregates:
  GDP..................................      2.9     1.5     2.3     4.6     5.2     2.0     3.2     2.7     1.6     0.5     0.6     2.2     2.8     1.8     1.2     3.1     3.2     2.9     2.0
  Goods................................      3.1     1.4     3.7     9.2    10.6    -1.4     2.8     2.5     3.1    -0.7    -2.2     4.1     4.7     3.0    -1.6     7.3     9.6     2.6     2.4
  Services.............................      2.6     1.7     1.7     1.6     3.1     3.1     3.5     1.9     1.4     2.2     0.7     2.4     2.2     1.0     1.5     2.1     1.5     1.9     1.3
  Structures...........................      4.0     0.4     1.9    11.6     1.4     6.9     3.1    10.3    -1.7    -8.0    10.0    -5.2     0.1     3.4    10.3    -4.3    -6.2    12.2     5.5
  Motor vehicle output.................      5.4     1.6    -0.6    12.6    13.0    -4.7     5.4    10.0    16.7   -17.1     2.8     9.4     2.7    -1.9    -7.3     0.8   -10.3    35.1     8.1
  GDP excluding motor vehicle output...      2.8     1.5     2.4     4.4     5.0     2.2     3.2     2.5     1.2     1.1     0.5     2.0     2.8     1.9     1.5     3.1     3.6     2.1     1.8
  Final sales of computers\1\..........      6.3    13.0     5.0    38.3     0.2   -21.6    11.8    31.5     1.2     8.5    38.9    12.3    -7.9    -7.8    23.3    22.3   -24.2    19.8    12.0
  GDP excluding final sales of
   computers...........................      2.8     1.4     2.3     4.5     5.2     2.1     3.2     2.6     1.6     0.5     0.5     2.2     2.8     1.8     1.2     3.0     3.3     2.8     2.0
  Research and development.............      1.2     4.9     2.8    -1.0     3.7    10.0    -9.2     4.0     1.8     7.4     3.3    11.2     2.2    -1.1     7.1     1.3     0.9    -0.4    11.8
  GDP excluding research and
   development.........................      2.9     1.4     2.3     4.8     5.2     1.8     3.6     2.7     1.6     0.3     0.5     2.0     2.8     1.8     1.1     3.1     3.2     3.0     1.7
  Farm gross value added\2\............      7.8    12.4   -12.3     3.9    -1.6    18.2     4.6    -0.2    29.8    -0.7    26.6    14.4     3.5    -3.8   -32.4   -13.9    -5.7    -5.1    -6.1
  Nonfarm business gross value
   added\3\............................      3.4     1.5     2.9     5.8     6.9     2.3     4.0     3.3     1.3     0.3     0.2     2.5     3.3     2.2     1.8     3.9     4.0     3.7     2.4
Price indexes:
  GDP..................................      1.1     1.3     1.8     2.2     1.9     0.6    -0.1     2.2     1.4     0.8     0.3     2.4     1.4     2.0     2.0     1.0     2.1     2.3     2.2
  GDP excluding food and energy\4\.....      1.3     1.6     1.8     1.8     1.9     1.2     0.6     1.7     1.5     1.1     1.3     2.2     1.9     1.6     2.4     1.1     1.6     2.2     2.6
  GDP excluding final sales of
   computers...........................      1.1     1.3     1.8     2.2     1.9     0.6    -0.1     2.2     1.4     0.8     0.3     2.5     1.4     2.0     2.1     1.1     2.1     2.4     2.2
  Gross domestic purchases.............      0.4     1.0     1.8     1.6     1.5     0.2    -1.3     1.4     1.1     0.2     0.1     2.1     1.5     1.8     2.6     0.9     1.7     2.5     2.7
  Gross domestic purchases excluding
   food and energy\4\..................      1.1     1.4     1.7     1.7     1.8     1.2     0.4     1.4     1.3     1.0     1.1     2.0     1.7     1.4     2.3     1.3     1.6     2.0     2.6
  Gross domestic purchases excluding
   final sales of computers to
   domestic purchasers.................      0.5     1.0     1.9     1.7     1.6     0.3    -1.3     1.5     1.1     0.3     0.2     2.2     1.5     1.9     2.6     0.9     1.7     2.5     2.8
  Personal consumption expenditures
   (PCE)...............................      0.3     1.2     1.7     1.8     1.2    -0.3    -1.6     1.7     1.3     0.2     0.6     2.1     1.7     2.0     2.2     0.3     1.5     2.7     2.5
  PCE excluding food and energy\4\.....      1.3     1.8     1.5     2.0     1.6     1.1     0.9     1.7     1.5     1.2     2.1     2.0     2.0     1.3     1.8     0.9     1.3     1.9     2.3
  Market-based PCE\5\..................     -0.1     0.8     1.5     1.3     0.9    -0.8    -2.0     1.6     1.0    -0.2     0.1     1.7     1.4     1.9     2.3    -0.4     1.2     2.5     2.3
  Market-based PCE excluding food and
   energy\5\...........................      1.1     1.4     1.3     1.5     1.3     0.7     0.7     1.5     1.2     1.0     1.7     1.5     1.6     1.1     1.9     0.3     1.0     1.5     2.0
    Contributions to percent change in
     real gross domestic product
Percent change at annual rate:
    Gross domestic product.............      2.9     1.5     2.3     4.6     5.2     2.0     3.2     2.7     1.6     0.5     0.6     2.2     2.8     1.8     1.2     3.1     3.2     2.9     2.0
Percentage points at annual rates:
Goods..................................     0.93    0.41    1.08    2.75    3.18   -0.41    0.85    0.77    0.93   -0.21   -0.64    1.21    1.39    0.88   -0.47    2.10    2.74    0.78    0.73
Services...............................     1.61    1.04    1.05    0.98    1.92    1.90    2.14    1.18    0.84    1.37    0.46    1.46    1.39    0.61    0.91    1.32    0.93    1.18    0.82
Structures.............................     0.32    0.04    0.15    0.86    0.11    0.53    0.25    0.80   -0.15   -0.67    0.76   -0.43    0.01    0.27    0.80   -0.36   -0.51    0.93    0.44
Motor vehicle output...................     0.15    0.05   -0.02    0.34    0.36   -0.14    0.16    0.28    0.47   -0.56    0.08    0.26    0.08   -0.06   -0.22    0.02   -0.30    0.83    0.22
Final sales of computers...............     0.02    0.05    0.02    0.14    0.00   -0.10    0.04    0.11    0.01    0.03    0.13    0.05   -0.03   -0.03    0.08    0.08   -0.10    0.07    0.04
Research and development...............     0.03    0.12    0.07   -0.02    0.09    0.24   -0.24    0.10    0.05    0.18    0.08    0.27    0.06   -0.03    0.18    0.03    0.02   -0.01    0.28
--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
 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.
 Source: U.S. Bureau of Economic Analysis


                     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.