EMBARGOED UNTIL RELEASE AT 8:30 A.M. EDT, THURSDAY, JUNE 26, 2008
Virginia H. Mannering: (202) 606-5304 (GDP) BEA 08-30
Andrew Hodge: (202) 606-5564 (Profits)
Recorded message: (202) 606-5306
GROSS DOMESTIC PRODUCT: FIRST QUARTER 2008 (FINAL)
CORPORATE PROFITS: FIRST QUARTER 2008 (FINAL)
Real gross domestic product -- the output of goods and services produced by labor and property
located in the United States -- increased at an annual rate of 1.0 percent in the first quarter of 2008 (that
is, from the fourth quarter to the first quarter), according to final estimates released by the Bureau of
Economic Analysis. In the fourth quarter, real GDP increased 0.6 percent.
The GDP estimates released today are based on more complete source data than were available for
the preliminary estimates issued last month. In the preliminary estimates, the increase in real GDP was
0.9 percent (see "Revisions" on page 3).
The increase in real GDP in the first quarter primarily reflected positive contributions from
personal consumption expenditures (PCE) for services, exports of goods and services, and federal
government spending that were partly offset by negative contributions from residential fixed investment
and PCE for durable goods.
BOX
Annual Revision of the National Income and Product Accounts
The annual revision of the national income and product accounts, covering the first quarter of
2005 through the first quarter of 2008, will be released along with the "advance" estimate of GDP for
the second quarter of 2008 on July 31. An article describing the revision will appear in the August
2008 issue of the Survey of Current Business. For more information, see the Technical Note.
FOOTNOTE.--Quarterly estimates are expressed at seasonally adjusted annual rates, unless otherwise
specified. Quarter-to-quarter dollar changes are differences between these published estimates. Percent
changes are calculated from unrounded data and are annualized. "Real" estimates are in chained (2000)
dollars. Price indexes are chain-type measures.
This news release is available on BEA's Web site along with the Technical Note and Highlights
related to this release.
The small acceleration in real GDP primarily reflected an upturn in inventory investment that was
partly offset by a deceleration in PCE.
Final sales of computers contributed 0.09 percentage point to the first-quarter growth in real GDP
after contributing 0.16 percentage point to the fourth-quarter growth. Motor vehicle output subtracted
0.48 percentage point from the first-quarter growth in real GDP after subtracting 0.86 percentage point
from the fourth-quarter growth.
The price index for gross domestic purchases, which measures prices paid by U.S. residents,
increased 3.6 percent in the first quarter, 0.1 percentage point more than the preliminary estimate; this
index increased 3.7 percent in the fourth quarter. Excluding food and energy prices, the price index for
gross domestic purchases increased 2.3 percent in the first quarter, the same as in the fourth. About 0.3
percentage point of the first-quarter increase in the index was accounted for by the pay raise for federal
civilian and military personnel, which is treated as an increase in the prices of employee services
purchased by the federal government.
Real personal consumption expenditures increased 1.1 percent in the first quarter, compared with
an increase of 2.3 percent in the fourth. Real nonresidential fixed investment increased 0.6 percent,
compared with an increase of 6.0 percent. Nonresidential structures increased 1.2 percent, compared
with an increase of 12.4 percent. Equipment and software increased 0.2 percent, compared with an
increase of 3.1 percent. Real residential fixed investment decreased 24.6 percent, compared with a
decrease of 25.2 percent.
Real exports of goods and services increased 5.4 percent in the first quarter, compared with an
increase of 6.5 percent in the fourth. Real imports of goods and services decreased 0.7 percent,
compared with a decrease of 1.4 percent.
Real federal government consumption expenditures and gross investment increased 4.3 percent in
the first quarter, compared with an increase of 0.5 percent in the fourth. National defense increased 5.6
percent, in contrast to a decrease of 0.5 percent. Nondefense increased 1.7 percent, compared with an
increase of 2.8 percent. Real state and local government consumption expenditures and gross
investment increased 0.8 percent, compared with an increase of 2.8 percent.
The real change in private inventories added 0.02 percentage point to the first-quarter change in
real GDP, after subtracting 1.79 percentage points from the fourth-quarter change. Private businesses
decreased inventories $19.6 billion in the first quarter, following a decrease of $18.3 billion in the fourth
quarter and an increase of $30.6 billion in the third.
Real final sales of domestic product -- GDP less change in private inventories -- increased 0.9
percent in the first quarter, compared with an increase of 2.4 percent in the fourth.
Gross domestic purchases
Real gross domestic purchases -- purchases by U.S. residents of goods and services wherever
produced -- increased 0.2 percent in the first quarter, in contrast to a decrease of 0.4 percent in the
fourth.
Gross national product
Real gross national product -- the goods and services produced by the labor and property supplied
by U.S. residents -- increased 0.2 percent in the first quarter, compared with an increase of 1.9 percent in
the fourth. GNP includes, and GDP excludes, net receipts of income from the rest of the world, which
decreased $22.7 billion in the first quarter after increasing $37.6 billion in the fourth; in the first quarter,
receipts decreased $58.5 billion, and payments decreased $35.8 billion.
Current-dollar GDP
Current-dollar GDP -- the market value of the nation's output of goods and services -- increased
3.7 percent, or $126.9 billion, in the first quarter to a level of $14,201.1 billion. In the fourth quarter,
current-dollar GDP increased 3.0 percent, or $103.7 billion.
Revisions
The final estimate of the first-quarter increase in real GDP is 0.1 percentage point, or $1.7 billion,
higher than the preliminary estimate issued last month. The small upward revision to the percent change
in real GDP primarily reflected upward revisions to exports, to personal consumption expenditures, and
to equipment and software that were largely offset by an upward revision to imports and a downward
revision to private nonfarm inventory investment.
Advance Preliminary Final
(Percent change from preceding quarter)
Real GDP.............................. 0.6 0.9 1.0
Current-dollar GDP.................... 3.2 3.5 3.7
Gross domestic purchases price index... 3.5 3.5 3.6
Corporate Profits
Profits from current production (corporate profits with inventory valuation and capital
consumption adjustments) decreased $5.2 billion in the first quarter, compared with a decrease of $52.9
billion in the fourth quarter. Current-production cash flow (net cash flow with inventory valuation and
capital consumption adjustments) -- the internal funds available to corporations for investment --
increased $15.1 billion in the first quarter, in contrast to a decrease of $55.7 billion in the fourth.
Taxes on corporate income decreased $32.6 billion in the first quarter, compared with a decrease
of $15.0 billion in the fourth. Profits after tax with inventory valuation and capital consumption
adjustments increased $27.3 billion, in contrast to a decrease of $37.9 billion. Dividends increased
$16.8 billion, compared with an increase of $21.7 billion; current-production undistributed profits
increased $10.6 billion, in contrast to a decrease of $59.5 billion.
Domestic profits of financial corporations increased $14.2 billion in the first quarter, in contrast to
a decrease of $74.4 billion in the fourth. Domestic profits of nonfinancial corporations increased $3.4
billion, in contrast to a decrease of $34.3 billion. In the first quarter, real gross corporate value added
increased. Profits per unit of real value added were unchanged, reflecting an increase in unit prices and
a decrease in unit nonlabor costs that were offset by an increase in unit labor costs.
The rest-of-the-world component of profits decreased $22.8 billion in the first quarter, in contrast
to an increase of $55.8 billion in the fourth. This measure is calculated as (1) receipts by U.S. residents
of earnings from their foreign affiliates plus dividends received by U.S. residents from unaffiliated
foreign corporations minus (2) payments by U.S. affiliates of earnings to their foreign parents plus
dividends paid by U.S. corporations to unaffiliated foreign residents. The first-quarter decrease was
accounted for by a much smaller increase in receipts than in payments.
Profits before tax decreased $144.2 billion in the first quarter, in contrast to an increase of $0.2
billion in the fourth (see ?Provisions of the Economic Stimulus Act of 2008? below). The before-tax
measure of profits does not reflect, as does profits from current production, the capital consumption and
inventory valuation adjustments. These adjustments convert depreciation of fixed assets and inventory
withdrawals reported on a tax-return, historical-cost basis to the current-cost measures used in the
national income and product accounts. The capital consumption adjustment increased $167.7 billion in
the first quarter (from -$241.5 billion to -$73.8 billion), in contrast to a decrease of $4.1 billion in the
fourth. The inventory valuation adjustment decreased $28.7 billion (from -$69.4 billion to -$98.1
billion), compared with a decrease of $49.1 billion.
Profits before tax with inventory valuation adjustment is the best available measure of industry
profits because estimates of the capital consumption adjustment by industry do not exist. This measure
reflects depreciation-accounting practices used for federal income tax returns. According to this
measure, domestic profits of financial and nonfinancial corporations decreased. The decrease in
nonfinancial corporations reflected decreases in all the aggregate industries shown except information;
the largest decrease was in manufacturing. Within manufacturing, all the detailed industries shown
decreased except petroleum; the largest decrease was in "other durable goods."
Provisions of the Economic Stimulus Act of 2008
The Economic Stimulus Act of 2008 provided for a first-year bonus depreciation of 50 percent for
qualifying property purchased and put in place in 2008. The law also raised the ceiling for small
business expensing under Internal Revenue Code Section 179 from $128,000 to $250,000.
Profits from current production are not affected because they do not depend on the depreciation-
accounting practices used for federal income tax returns; rather, they are based on depreciation of fixed
assets valued at current cost and using consistent depreciation profiles based on used-asset prices. The
additional depreciation provided for by the 2008 Act is estimated to have increased tax-based
depreciation expenses in the first quarter by $139.7 billion (annual rate) and reduced profits before tax,
which is based on earnings reported on tax returns, by the same amount. The capital consumption
adjustment, which is the difference between the depreciation specified in the tax code and the
depreciation underlying profits from current production, also increased by the same amount because the
Act raised tax depreciation by $139.7 billion. (First-quarter profits tax liability was reduced by $37.8
billion, and profits after tax were reduced by $102.0 billion.)
As with corporate profits from current production, the effects of the provisions of the Act on
nonfarm proprietors? income with capital consumption and inventory valuation adjustments (table 10)
were offsetting; nonfarm proprietors? income without these adjustments was reduced, and the related
capital consumption adjustment was increased by the same amount. The other major national income
and product account components and aggregates shown in this release were not affected.
* * *
BEA's national, international, regional, and industry estimates; the Survey of Current Business;
and BEA news releases are available without charge on BEA's Web site at www.bea.gov. By visiting
the site, you can also subscribe to receive free e-mail summaries of BEA releases and announcements.
* * *
Next release--July 31, 2008, at 8:30 A.M. EDT for:
Advance estimate of gross domestic product for
the second quarter of 2008 and annual revision
(first quarter 2005 through first quarter 2008).
Table 1.--Real Gross Domestic Product and Related Measures: Percent Change From Preceding Period
[Quarters seasonally adjusted at annual rates]
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
2005 2006 2007 II 04 III 04 IV 04 I 05 II 05 III 05 IV 05 I 06 II 06 III 06 IV 06 I 07 II 07 III 07 IV 07 I 08r
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
Gross domestic product (GDP). 3.1 2.9 2.2 3.5 3.6 2.5 3.1 2.8 4.5 1.2 4.8 2.4 1.1 2.1 .6 3.8 4.9 .6 1.0
Personal consumption expenditures... 3.2 3.1 2.9 2.4 3.5 4.2 2.4 3.5 4.1 1.2 4.4 2.4 2.8 3.9 3.7 1.4 2.8 2.3 1.1
Durable goods..................... 4.9 3.8 4.7 1.9 7.8 7.0 2.2 11.3 6.2 -13.0 16.6 .8 5.6 3.9 8.8 1.7 4.5 2.0 -6.0
Nondurable goods.................. 3.6 3.6 2.4 1.5 3.1 4.9 3.5 3.7 2.5 4.7 4.5 2.3 3.2 4.3 3.0 -.5 2.2 1.2 -.2
Services.......................... 2.7 2.7 2.8 3.0 2.9 3.4 1.9 1.8 4.4 2.6 2.1 2.7 2.0 3.7 3.1 2.3 2.8 2.8 3.1
Gross private domestic investment... 5.6 2.7 -4.9 20.7 8.0 6.4 5.3 -3.9 7.0 13.4 4.3 .6 -4.1 -14.1 -8.2 4.6 5.0 -14.6 -6.9
Fixed investment.................. 6.9 2.4 -2.9 12.9 9.3 7.3 4.0 7.9 8.0 2.3 7.9 -1.9 -4.7 -7.1 -4.4 3.2 -.7 -4.0 -6.9
Nonresidential.................. 7.1 6.6 4.7 10.7 12.3 10.3 3.3 5.0 8.6 3.4 13.3 4.2 5.1 -1.4 2.1 11.0 9.3 6.0 .6
Structures.................... .5 8.4 12.9 6.1 3.6 -.2 2.1 -1.6 -6.3 4.8 15.0 16.4 10.8 7.4 6.4 26.2 16.4 12.4 1.2
Equipment and software........ 9.6 5.9 1.3 12.4 15.5 14.3 3.8 7.4 14.5 3.1 13.0 -.1 2.9 -4.9 .3 4.7 6.2 3.1 .2
Residential..................... 6.6 -4.6 -17.0 16.7 4.2 2.4 5.3 13.1 6.9 .5 -.7 -11.7 -20.4 -17.2 -16.3 -11.8 -20.5 -25.2 -24.6
Change in private inventories..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... .....
Net exports of goods and services... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... .....
Exports........................... 6.9 8.4 8.1 6.5 3.1 10.0 6.0 9.5 2.1 10.6 11.5 5.7 5.7 14.3 1.1 7.5 19.1 6.5 5.4
Goods........................... 7.5 9.9 7.9 7.2 6.2 7.2 5.8 13.6 1.9 12.6 15.5 6.5 7.4 9.6 .9 6.6 26.2 3.9 4.4
Services........................ 5.4 4.8 8.5 5.1 -3.4 16.8 6.5 .9 2.6 6.3 2.9 3.9 2.0 26.0 1.6 9.6 4.0 13.2 7.9
Imports........................... 5.9 5.9 1.9 15.2 4.8 13.8 2.1 .8 2.1 16.2 6.9 .9 5.4 1.6 3.9 -2.7 4.4 -1.4 -.7
Goods........................... 6.6 6.0 1.6 16.6 5.5 14.5 3.2 1.0 2.5 17.3 6.5 1.1 6.2 -.6 4.2 -2.9 4.8 -2.6 -1.9
Services........................ 2.3 5.2 3.5 8.9 1.8 10.5 -3.5 -.5 .0 10.3 9.5 -.1 1.3 14.2 2.3 -1.7 1.7 5.5 6.0
Government consumption expenditures
and gross investment............... .7 1.8 2.0 1.3 1.6 -1.8 1.3 1.2 3.2 -1.9 4.9 1.0 .8 3.5 -.5 4.1 3.8 2.0 2.1
Federal........................... 1.5 2.2 1.7 2.4 6.2 -4.6 2.8 .7 8.6 -6.2 8.4 -1.6 .9 7.3 -6.3 6.0 7.1 .5 4.3
National defense................ 1.5 1.9 2.8 2.0 10.9 -9.7 4.6 2.6 10.0 -11.7 6.8 2.3 -1.5 16.9 -10.8 8.5 10.1 -.5 5.6
Nondefense...................... 1.3 2.8 -.4 3.2 -2.7 6.5 -.8 -3.0 5.8 5.8 11.9 -8.8 6.0 -10.0 3.8 .9 1.1 2.8 1.7
State and local................... .3 1.6 2.2 .7 -1.1 -.1 .4 1.5 .0 .7 2.9 2.5 .7 1.3 3.0 3.0 1.9 2.8 .8
Addenda:
Final sales of domestic product... 3.3 2.8 2.5 2.4 3.8 2.7 2.9 4.8 4.6 -.5 5.4 2.0 1.0 3.5 1.3 3.6 4.0 2.4 .9
Gross domestic purchases.......... 3.1 2.8 1.5 4.8 3.8 3.4 2.6 1.9 4.3 2.5 4.5 1.9 1.3 .8 1.1 2.4 3.3 -.4 .2
Final sales to domestic
purchasers....................... 3.3 2.7 1.8 3.7 4.0 3.6 2.4 3.7 4.5 .8 5.0 1.5 1.2 2.1 1.7 2.1 2.5 1.3 .1
Gross national product (GNP)...... 3.0 2.8 2.4 2.6 3.9 1.5 3.6 2.7 5.1 .0 5.2 2.4 .5 2.6 .7 4.0 5.8 1.9 .2
Disposable personal income........ 1.7 3.1 3.1 2.4 2.9 7.5 -3.3 2.5 -1.2 6.6 4.9 .2 1.7 6.2 5.4 -.8 4.0 .9 1.4
Current-dollar measures:
GDP............................. 6.4 6.1 4.9 7.4 6.0 5.9 7.1 5.5 8.1 4.8 8.4 6.0 3.4 3.8 4.9 6.6 6.0 3.0 3.7
Final sales of domestic product. 6.6 6.1 5.3 6.2 6.1 6.0 6.9 7.5 8.3 3.0 9.0 5.5 3.4 5.2 5.5 6.3 5.1 4.9 3.7
Gross domestic purchases........ 6.9 6.1 4.2 9.2 6.7 7.2 6.3 5.5 9.1 6.3 7.3 6.2 3.8 .9 4.9 6.2 5.1 3.3 3.7
Final sales to domestic
purchasers..................... 7.1 6.1 4.6 8.0 6.8 7.3 6.1 7.4 9.3 4.6 7.9 5.7 3.7 2.1 5.5 6.0 4.3 5.0 3.8
GNP............................. 6.3 6.0 5.2 6.5 6.3 4.8 7.6 5.4 8.7 3.5 8.8 6.0 2.8 4.3 4.9 6.8 6.9 4.3 2.8
Disposable personal income...... 4.7 5.9 5.7 6.3 4.9 10.8 -1.2 6.0 3.0 9.6 6.7 4.5 4.4 5.2 9.1 3.4 5.9 4.9 5.1
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
r Revised
See "Explanatory Note" at the end of the tables.
Table 2.--Contributions to Percent Change in Real Gross Domestic Product
[Quarters seasonally adjusted at annual rates]
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
2005 2006 2007 II 04 III 04 IV 04 I 05 II 05 III 05 IV 05 I 06 II 06 III 06 IV 06 I 07 II 07 III 07 IV 07 I 08r
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
Percent change at annual rate:
Gross domestic product.......... 3.1 2.9 2.2 3.5 3.6 2.5 3.1 2.8 4.5 1.2 4.8 2.4 1.1 2.1 .6 3.8 4.9 .6 1.0
Percentage points at annual rates:
Personal consumption expenditures. 2.24 2.15 2.02 1.73 2.46 2.93 1.68 2.40 2.82 .84 3.00 1.63 1.88 2.68 2.56 1.00 2.01 1.58 .81
Durable goods................... .40 .31 .36 .16 .64 .57 .18 .90 .51 -1.13 1.23 .07 .43 .30 .67 .14 .35 .15 -.47
Motor vehicles and parts...... .00 -.11 .07 -.11 .17 .23 -.27 .48 .20 -1.57 .48 -.04 .16 .00 .35 -.10 -.17 .09 -.44
Furniture and household
equipment.................... .31 .35 .23 .27 .36 .25 .31 .28 .39 .35 .54 .17 .24 .25 .28 .13 .31 .13 .03
Other......................... .09 .07 .06 .00 .10 .09 .13 .14 -.08 .09 .22 -.06 .04 .05 .04 .11 .20 -.06 -.06
Nondurable goods................ .72 .74 .48 .31 .62 .97 .71 .74 .50 .93 .91 .47 .64 .86 .61 -.10 .46 .25 -.03
Food.......................... .38 .38 .22 .10 .21 .60 .31 .38 .49 .40 .47 .13 .24 .68 .16 -.14 .13 .39 .15
Clothing and shoes............ .17 .13 .12 -.13 .15 .23 .18 .27 .00 .29 .11 .05 .14 .10 .22 .06 .17 -.10 .05
Gasoline, fuel oil, and other
energy goods................. -.02 -.01 -.03 .04 -.03 .00 .05 -.11 -.11 .06 .02 .02 .05 -.15 .06 -.12 -.02 -.04 -.18
Other......................... .19 .23 .17 .29 .29 .14 .17 .20 .13 .18 .31 .27 .20 .23 .17 .10 .18 -.01 -.05
Services........................ 1.12 1.11 1.18 1.25 1.21 1.39 .79 .76 1.81 1.05 .86 1.10 .81 1.52 1.28 .96 1.20 1.18 1.31
Housing....................... .33 .28 .25 .25 .29 .31 .36 .36 .36 .30 .30 .23 .18 .20 .26 .29 .27 .34 .23
Household operation........... .08 -.03 .12 .06 .06 .15 .04 -.02 .33 -.22 -.40 .17 .16 .13 .04 .05 .23 .22 .13
Electricity and gas......... .04 -.05 .09 -.05 -.05 .15 .03 -.04 .29 -.21 -.42 .14 .17 .07 .03 .02 .21 .19 .19
Other household operation... .03 .02 .03 .11 .12 .01 .01 .02 .04 -.01 .02 .03 -.01 .07 .01 .03 .02 .03 -.06
Transportation................ .03 .03 .08 .08 .02 .06 .02 .01 .01 .03 .06 -.03 .06 .11 .07 .11 .09 .07 .06
Medical care.................. .41 .40 .33 .45 .52 .40 .27 .38 .53 .53 .49 .26 .12 .34 .47 .28 .27 .51 .62
Recreation.................... .06 .09 .11 .12 .09 .03 .09 .03 .06 .08 .07 .02 .19 .30 .06 .03 .10 .00 -.12
Other......................... .21 .34 .29 .29 .22 .44 .00 .00 .53 .32 .34 .45 .11 .44 .39 .19 .24 .03 .39
Gross private domestic investment. .91 .45 -.82 3.00 1.26 1.04 .89 -.64 1.15 2.13 .78 .13 -.70 -2.50 -1.36 .71 .77 -2.40 -1.04
Fixed investment................ 1.09 .39 -.48 1.88 1.41 1.14 .68 1.26 1.28 .38 1.27 -.32 -.80 -1.19 -.70 .49 -.11 -.62 -1.06
Nonresidential................ .70 .68 .49 1.00 1.16 1.00 .36 .51 .87 .35 1.31 .44 .53 -.15 .22 1.12 .96 .63 .06
Structures.................. .01 .24 .40 .15 .09 .00 .06 -.04 -.17 .12 .39 .45 .31 .23 .20 .78 .52 .41 .04
Equipment and software...... .69 .44 .10 .85 1.07 1.01 .30 .55 1.04 .23 .92 -.01 .21 -.38 .02 .34 .44 .22 .02
Information processing
equipment and software... .34 .27 .29 .15 .24 .41 .46 .32 .32 .26 .48 .05 .24 -.06 .56 .36 .24 .51 .30
Computers and peripheral
equipment.............. .17 .12 .12 .04 .19 .24 .13 .19 .11 .23 .06 .11 .09 .03 .25 .08 .08 .20 .12
Software................ .10 .06 .10 .00 .11 .17 .07 .14 .02 .05 .08 .03 .05 .04 .14 .16 .07 .18 .17
Other................... .08 .10 .07 .12 -.06 .00 .26 -.01 .19 -.01 .34 -.09 .10 -.12 .18 .11 .09 .13 .00
Industrial equipment...... .09 .05 .02 .09 .19 .06 .15 -.12 .23 .11 -.08 .17 -.04 -.08 -.04 .19 .10 -.18 .04
Transportation equipment.. .13 .09 -.15 .52 .43 .40 -.34 .14 .40 -.21 .46 -.24 .10 -.18 -.20 -.32 .03 -.19 -.16
Other equipment........... .12 .04 -.06 .09 .20 .13 .04 .21 .09 .07 .06 .00 -.09 -.05 -.30 .11 .07 .08 -.16
Residential................... .39 -.29 -.98 .89 .24 .14 .32 .75 .42 .03 -.05 -.76 -1.33 -1.04 -.93 -.62 -1.08 -1.25 -1.12
Change in private inventories... -.18 .06 -.33 1.12 -.14 -.11 .21 -1.90 -.14 1.74 -.49 .46 .10 -1.31 -.65 .22 .89 -1.79 .02
Farm.......................... -.07 .00 .04 .37 -.32 -.14 -.25 .13 .12 .01 -.04 -.23 .10 .25 .04 -.05 .01 -.09 -.14
Nonfarm....................... -.11 .06 -.37 .75 .18 .03 .46 -2.04 -.26 1.73 -.45 .69 .01 -1.56 -.69 .27 .87 -1.69 .16
Net exports of goods and services. -.23 -.08 .59 -1.50 -.42 -1.07 .26 .83 -.10 -1.41 .13 .49 -.25 1.25 -.51 1.32 1.38 1.02 .79
Exports......................... .70 .88 .91 .64 .31 .97 .60 .95 .22 1.07 1.19 .61 .62 1.51 .13 .85 2.10 .77 .66
Goods......................... .53 .73 .62 .48 .42 .49 .40 .92 .14 .87 1.10 .49 .56 .73 .07 .53 1.96 .33 .38
Services...................... .17 .16 .28 .16 -.11 .49 .20 .03 .08 .20 .10 .13 .07 .78 .05 .33 .14 .45 .28
Imports......................... -.92 -.96 -.32 -2.14 -.73 -2.04 -.34 -.12 -.32 -2.47 -1.07 -.12 -.88 -.26 -.63 .47 -.72 .24 .12
Goods......................... -.86 -.83 -.22 -1.92 -.69 -1.78 -.43 -.13 -.32 -2.22 -.83 -.12 -.84 .09 -.57 .42 -.67 .39 .28
Services...................... -.06 -.13 -.09 -.21 -.05 -.26 .09 .01 .00 -.26 -.24 .00 -.03 -.35 -.06 .05 -.05 -.15 -.16
Government consumption expenditures
and gross investment............. .14 .35 .39 .25 .30 -.35 .25 .22 .60 -.37 .92 .18 .14 .66 -.09 .79 .74 .38 .41
Federal......................... .11 .15 .12 .17 .43 -.33 .19 .05 .59 -.46 .57 -.11 .06 .50 -.46 .41 .50 .04 .30
National defense.............. .07 .09 .13 .09 .49 -.48 .22 .12 .46 -.59 .31 .11 -.07 .74 -.54 .39 .47 -.03 .27
Consumption expenditures.... .04 .05 .13 .03 .34 -.45 .26 .01 .41 -.57 .30 -.05 .00 .60 -.40 .35 .39 .05 .24
Gross investment............ .03 .04 .01 .06 .15 -.04 -.05 .11 .05 -.02 .01 .15 -.07 .15 -.14 .04 .08 -.08 .03
Nondefense.................... .03 .06 -.01 .08 -.06 .15 -.02 -.07 .13 .13 .27 -.22 .14 -.24 .08 .02 .03 .06 .04
Consumption expenditures..... .01 .05 .00 .03 -.04 .12 -.02 -.08 .07 .06 .23 -.15 .13 -.23 .14 -.02 .04 .04 .03
Gross investment............. .02 .02 -.01 .05 -.03 .03 .00 .01 .06 .07 .04 -.07 .01 -.02 -.06 .04 -.01 .02 .01
State and local................. .04 .19 .27 .09 -.13 -.01 .05 .17 .01 .09 .35 .29 .08 .16 .36 .37 .24 .34 .10
Consumption expenditures.... .07 .13 .18 .02 .04 .11 .02 .09 .12 .09 .15 .11 .18 .19 .20 .19 .13 .22 .23
Gross investment............ -.03 .06 .09 .07 -.17 -.12 .03 .08 -.11 .00 .20 .18 -.10 -.03 .17 .18 .11 .12 -.12
Addenda:
Goods........................... 1.36 1.53 1.02 1.10 2.06 1.18 1.32 1.23 1.83 .49 2.95 1.45 1.06 .36 .06 1.65 3.48 -.49 .27
Services........................ 1.36 1.36 1.68 1.27 1.40 1.41 1.34 .82 2.50 .56 1.39 1.15 1.15 2.50 1.21 1.85 1.86 1.80 1.93
Structures...................... .35 -.01 -.51 1.11 .14 -.03 .42 .76 .14 .14 .48 -.16 -1.14 -.77 -.68 .32 -.43 -.73 -1.24
Motor vehicle output............ .14 -.04 -.07 -.21 .87 -.34 .18 .16 .92 -1.21 .51 -.37 .44 -.74 .18 .03 .36 -.86 -.48
Final sales of computers........ .22 .13 .13 -.04 .13 .29 .24 .31 .15 .22 .05 .13 .03 .16 -.01 .21 .28 .16 .09
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
r Revised
See "Explanatory Note" at the end of the tables.
Table 3.--Gross Domestic Product and Related Measures: Level and Change From Preceding Period
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
Billions of current dollars Billions of chained (2000) dollars
------------------------------------------------------ -------------------------------------------------------------------------------
Seasonally adjusted Seasonally adjusted Change from preceding
at annual rates at annual rates period
-------------------------------------------- -------------------------------------------- -------------------------
2007 I 07 II 07 III 07 IV 07 I 08r 2007 I 07 II 07 III 07 IV 07 I 08r 2007 IV 07 I 08r
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
Gross domestic product....... 13,841.3 13,551.9 13,768.8 13,970.5 14,074.2 14,201.1 11,566.8 11,412.6 11,520.1 11,658.9 11,675.7 11,703.6 247.4 16.8 27.9
Personal consumption expenditures. 9,734.2 9,540.5 9,674.0 9,785.7 9,936.6 10,053.7 8,277.8 8,215.7 8,244.3 8,302.2 8,349.1 8,372.9 233.7 46.9 23.8
Durable goods................... 1,078.2 1,074.0 1,074.7 1,081.6 1,082.5 1,065.5 1,235.4 1,223.2 1,228.4 1,241.9 1,248.1 1,229.1 54.9 6.2 -19.0
Motor vehicles and parts...... 441.2 444.5 441.5 437.5 441.3 424.2 446.9 451.5 448.2 442.3 445.4 429.7 9.6 3.1 -15.7
Furniture and household
equipment.................... 416.1 414.2 414.5 418.6 417.1 416.4 593.6 579.9 585.9 601.0 607.7 609.2 42.7 6.7 1.5
Other......................... 221.0 215.3 218.8 225.6 224.1 224.8 222.2 216.6 220.2 227.2 224.9 222.9 8.3 -2.3 -2.0
Nondurable goods................ 2,833.2 2,759.4 2,822.7 2,846.3 2,904.5 2,949.9 2,392.8 2,386.6 2,383.8 2,396.8 2,404.2 2,403.2 55.1 7.4 -1.0
Food.......................... 1,336.4 1,312.2 1,322.7 1,342.4 1,368.2 1,389.8 1,117.0 1,115.3 1,111.4 1,115.0 1,126.4 1,130.7 25.2 11.4 4.3
Clothing and shoes............ 370.5 371.1 368.4 372.4 370.0 371.5 409.1 405.1 407.5 413.7 409.9 412.0 18.0 -3.8 2.1
Gasoline, fuel oil, and other
energy goods................. 364.2 320.9 373.6 365.9 396.4 414.0 196.2 198.2 195.9 195.6 194.9 191.8 -2.4 -.7 -3.1
Other......................... 762.2 755.1 758.1 765.6 769.9 774.6 686.6 681.7 684.7 690.2 689.9 688.3 20.4 -.3 -1.6
Services........................ 5,822.8 5,707.1 5,776.5 5,857.8 5,949.7 6,038.2 4,674.8 4,630.7 4,656.7 4,689.5 4,722.4 4,758.9 129.3 32.9 36.5
Housing....................... 1,465.9 1,435.1 1,455.4 1,474.9 1,498.3 1,517.3 1,175.6 1,163.7 1,171.6 1,178.9 1,188.3 1,194.7 27.3 9.4 6.4
Household operation........... 531.1 520.0 526.2 533.3 544.8 554.6 426.0 420.1 421.6 427.9 434.2 437.8 13.1 6.3 3.6
Electricity and gas......... 226.9 220.6 223.5 227.3 236.1 246.2 157.1 153.1 153.6 158.5 163.1 167.7 8.6 4.6 4.6
Other household operation... 304.2 299.4 302.7 305.9 308.7 308.4 268.5 267.1 268.1 268.8 269.9 267.9 3.4 1.1 -2.0
Transportation................ 358.4 349.6 355.1 362.5 366.6 372.8 300.2 296.0 299.2 301.7 303.8 305.4 9.0 2.1 1.6
Medical care.................. 1,689.3 1,656.9 1,674.6 1,695.0 1,730.7 1,757.6 1,336.0 1,323.2 1,330.8 1,338.0 1,352.1 1,369.1 35.7 14.1 17.0
Recreation.................... 402.2 395.3 400.2 404.6 408.6 407.9 334.0 332.0 332.7 335.6 335.5 332.2 12.7 -.1 -3.3
Other......................... 1,375.8 1,350.1 1,365.0 1,387.5 1,400.6 1,428.1 1,101.5 1,094.1 1,099.3 1,105.8 1,106.8 1,117.6 31.6 1.0 10.8
Gross private domestic investment. 2,125.4 2,117.3 2,139.1 2,162.9 2,082.1 2,038.9 1,825.5 1,816.9 1,837.4 1,859.9 1,787.7 1,756.1 -94.0 -72.2 -31.6
Fixed investment................ 2,122.4 2,118.9 2,133.9 2,127.5 2,109.5 2,069.2 1,819.5 1,815.2 1,829.3 1,826.0 1,807.5 1,775.3 -55.2 -18.5 -32.2
Nonresidential................ 1,481.8 1,431.4 1,469.1 1,500.1 1,526.5 1,529.1 1,368.4 1,321.7 1,356.6 1,387.3 1,407.8 1,409.7 61.6 20.5 1.9
Structures.................. 472.1 439.6 464.5 483.1 501.3 505.1 303.4 282.6 299.5 311.1 320.3 321.3 34.8 9.2 1.0
Equipment and software...... 1,009.7 991.8 1,004.5 1,017.1 1,025.3 1,024.0 1,064.5 1,045.3 1,057.4 1,073.5 1,081.7 1,082.3 13.9 8.2 .6
Information processing
equipment and software... 511.7 497.6 507.7 512.6 529.0 537.0 645.5 623.3 638.5 648.7 671.3 684.6 49.6 22.6 13.3
Computers and peripheral
equipment.............. 97.3 96.6 96.6 95.7 100.2 100.8 ..... ..... ..... ..... ..... ..... ..... ..... .....
Software................ 217.7 210.5 216.1 218.5 225.5 231.8 227.0 219.9 225.6 228.0 234.5 240.7 14.0 6.5 6.2
Other................... 196.8 190.5 195.0 198.4 203.4 204.3 215.3 209.2 213.4 216.8 221.9 222.0 10.5 5.1 .1
Industrial equipment...... 175.1 168.1 176.0 180.6 175.7 178.8 151.7 147.3 152.9 156.0 150.6 151.9 2.1 -5.4 1.3
Transportation equipment.. 154.0 162.9 153.3 153.3 146.6 140.1 136.7 144.8 135.3 136.3 130.3 125.4 -18.5 -6.0 -4.9
Other equipment........... 168.8 163.2 167.5 170.5 173.9 168.1 148.9 144.8 148.0 150.2 152.7 147.6 -7.3 2.5 -5.1
Residential................... 640.7 687.5 664.8 627.3 582.9 540.2 472.8 506.3 490.7 463.3 430.9 401.6 -96.7 -32.4 -29.3
Change in private inventories... 2.9 -1.6 5.1 35.4 -27.4 -30.4 4.5 .1 5.8 30.6 -18.3 -19.6 -35.8 -48.9 -1.3
Farm.......................... 3.4 5.5 4.0 3.8 .3 -3.8 3.7 5.0 3.6 4.1 2.2 -1.0 4.6 -1.9 -3.2
Nonfarm....................... -.5 -7.0 1.1 31.6 -27.7 -26.6 .0 -5.8 1.3 26.0 -21.7 -18.9 .0 -47.7 2.8
Net exports of goods and services. -708.0 -714.2 -714.2 -694.7 -708.9 -717.0 -555.6 -612.1 -573.9 -533.1 -503.2 -480.2 68.9 29.9 23.0
Exports......................... 1,643.0 1,549.9 1,598.7 1,685.7 1,737.7 1,798.9 1,409.9 1,354.7 1,379.5 1,441.2 1,464.1 1,483.7 105.8 22.9 19.6
Goods......................... 1,152.9 1,084.0 1,115.2 1,191.3 1,221.1 1,264.7 1,000.8 957.6 973.1 1,031.4 1,041.2 1,052.5 73.4 9.8 11.3
Services...................... 490.1 465.9 483.5 494.4 516.5 534.2 409.4 397.2 406.4 410.4 423.4 431.5 32.3 13.0 8.1
Imports......................... 2,351.0 2,264.0 2,312.9 2,380.4 2,446.6 2,515.9 1,965.4 1,966.8 1,953.4 1,974.3 1,967.3 1,963.9 36.8 -7.0 -3.4
Goods......................... 1,979.4 1,902.7 1,947.2 2,007.3 2,060.5 2,117.0 1,673.5 1,675.6 1,663.4 1,683.2 1,671.9 1,663.9 26.6 -11.3 -8.0
Services...................... 371.6 361.4 365.7 373.2 386.0 398.9 293.8 293.1 291.9 293.1 297.1 301.4 10.0 4.0 4.3
Government consumption expenditures
and gross investment............. 2,689.8 2,608.3 2,670.0 2,716.5 2,764.4 2,825.5 2,021.6 1,994.7 2,014.8 2,033.6 2,043.4 2,053.9 40.2 9.8 10.5
Federal......................... 976.0 946.6 969.5 990.3 997.7 1,023.3 755.0 740.2 751.0 764.0 765.0 773.2 12.7 1.0 8.2
National defense.............. 660.1 634.8 654.5 673.5 677.7 696.8 505.1 491.6 501.7 513.9 513.2 520.3 13.6 -.7 7.1
Consumption expenditures.... 578.9 555.7 573.8 589.6 596.4 613.9 429.3 417.4 426.2 436.0 437.4 443.6 12.7 1.4 6.2
Gross investment............ 81.2 79.1 80.7 83.9 81.3 82.9 77.3 75.6 77.0 79.6 76.9 77.8 .7 -2.7 .9
Nondefense.................... 315.9 311.7 315.0 316.8 320.0 326.5 249.6 248.4 248.9 249.6 251.4 252.4 -1.1 1.8 1.0
Consumption expenditures.... 277.2 274.0 276.0 278.1 280.5 286.8 213.0 212.5 212.0 213.1 214.2 215.1 .4 1.1 .9
Gross investment............ 38.7 37.7 39.1 38.6 39.5 39.7 36.8 35.9 37.2 36.8 37.4 37.6 -1.7 .6 .2
State and local................. 1,713.8 1,661.7 1,700.5 1,726.2 1,766.7 1,802.2 1,266.4 1,254.2 1,263.5 1,269.6 1,278.3 1,280.9 27.4 8.7 2.6
Consumption expenditures.... 1,365.9 1,326.7 1,355.9 1,374.3 1,406.4 1,442.8 1,009.2 1,002.5 1,007.4 1,010.7 1,016.3 1,022.0 18.3 5.6 5.7
Gross investment............ 347.9 335.0 344.5 351.9 360.3 359.4 257.0 251.5 256.0 258.8 261.9 258.7 9.0 3.1 -3.2
Residual.......................... ..... ..... ..... ..... ..... ..... -145.8 -130.7 -136.3 -149.4 -165.9 -173.0 ..... ..... .....
Addenda:
Final sales of domestic product. 13,838.4 13,553.5 13,763.6 13,935.0 14,101.6 14,231.5 11,561.5 11,411.6 11,512.8 11,626.4 11,695.2 11,722.5 285.6 68.8 27.3
Gross domestic purchases........ 14,549.3 14,266.1 14,483.0 14,665.1 14,783.1 14,918.1 12,117.8 12,018.7 12,088.9 12,188.3 12,175.5 12,180.4 180.7 -12.8 4.9
Final sales to domestic
purchasers..................... 14,546.4 14,267.7 14,477.9 14,629.7 14,810.5 14,948.4 12,112.2 12,017.4 12,081.4 12,155.6 12,194.6 12,199.0 218.8 39.0 4.4
Gross domestic product.......... 13,841.3 13,551.9 13,768.8 13,970.5 14,074.2 14,201.1 11,566.8 11,412.6 11,520.1 11,658.9 11,675.7 11,703.6 247.4 16.8 27.9
Plus: Income receipts from
the rest of the world.......... 817.5 752.2 814.2 855.6 848.1 784.1 685.6 638.2 684.3 716.3 703.4 644.9 90.6 -12.9 -58.5
Less: Income payments to
the rest of the world.......... 721.8 689.0 743.5 754.4 700.2 663.3 603.8 583.2 623.5 629.6 579.1 543.3 60.2 -50.5 -35.8
Equals: Gross national product.. 13,937.1 13,615.1 13,839.4 14,071.6 14,222.1 14,321.9 11,647.6 11,466.7 11,580.0 11,744.6 11,799.1 11,804.3 277.5 54.5 5.2
Net domestic product............ 12,154.8 11,881.0 12,085.4 12,279.6 12,373.0 12,490.2 10,080.0 9,937.7 10,037.2 10,167.8 10,177.4 10,198.3 207.2 9.6 20.9
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
r Revised
Note.--Users are cautioned that particularly for components that
exhibit rapid change in prices relative to other prices in the
economy, the chained-dollar estimates should not be used to measure
the component's relative importance or its contribution to the
growth rate of more aggregate series. For accurate estimates of
the contributions to percent changes in real GDP, use table 2.
See "Explanatory Note" at the end of the tables.
Table 4.--Price Indexes for Gross Domestic Product and Related Measures: Percent Change From Preceding Period
[Quarters seasonally adjusted at annual rates]
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
2005 2006 2007 II 04 III 04 IV 04 I 05 II 05 III 05 IV 05 I 06 II 06 III 06 IV 06 I 07 II 07 III 07 IV 07 I 08r
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
Gross domestic product (GDP). 3.2 3.2 2.7 3.8 2.3 3.2 3.9 2.6 3.5 3.5 3.4 3.5 2.4 1.7 4.2 2.6 1.0 2.4 2.7
Personal consumption expenditures... 2.9 2.8 2.5 3.8 2.0 3.0 2.2 3.4 4.3 2.8 1.7 4.3 2.6 -.9 3.5 4.3 1.8 3.9 3.6
Durable goods..................... -.7 -1.3 -1.8 .3 -2.5 .2 .1 -.4 -2.8 -1.1 -1.0 -.7 -1.3 -2.7 -1.9 -1.4 -1.8 -1.7 -.2
Nondurable goods.................. 3.7 3.1 3.0 6.2 1.4 4.7 .3 5.0 9.5 .8 .3 8.6 2.8 -7.9 5.0 10.0 1.1 7.1 6.6
Services.......................... 3.4 3.4 3.2 3.4 3.1 2.8 3.6 3.4 3.3 4.6 3.0 3.2 3.2 3.0 3.8 2.6 2.8 3.5 2.9
Gross private domestic investment... 4.2 3.5 1.2 4.7 3.9 3.9 5.2 2.8 4.0 5.8 4.0 2.5 1.6 2.2 2.0 -.4 -.3 .8 -1.1
Fixed investment.................. 4.3 3.5 1.1 4.7 3.9 3.9 5.3 2.9 4.2 6.0 3.9 2.4 1.5 2.0 1.9 -.3 -.5 .7 -.5
Nonresidential.................. 2.9 3.1 1.2 2.4 1.3 2.5 4.5 2.4 1.6 4.6 3.9 2.8 1.9 2.0 1.9 .0 -.6 1.1 .1
Structures.................... 11.7 11.7 3.3 7.6 10.1 12.0 12.8 8.7 13.8 17.6 13.0 10.7 5.6 4.6 4.1 -1.1 .5 3.2 1.8
Equipment and software........ -.1 .0 .4 .7 -1.7 -.6 1.8 .3 -2.5 .2 .6 -.2 .4 .8 1.0 .5 -1.1 .1 -.7
Residential..................... 6.7 4.4 .9 8.8 8.5 6.2 6.6 3.6 8.7 8.5 3.9 1.8 .8 2.1 2.0 -.8 -.3 -.4 -2.3
Change in private inventories..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... .....
Net exports of goods and services... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... .....
Exports........................... 3.6 3.4 3.5 4.8 1.9 4.2 4.6 3.6 2.5 3.0 2.7 6.0 4.6 -.8 3.6 5.3 3.8 6.0 8.9
Goods........................... 3.1 3.3 3.6 5.2 1.0 3.6 4.3 3.0 1.3 2.3 3.0 6.3 5.2 .1 3.5 5.1 3.2 6.3 10.2
Services........................ 4.9 3.7 3.3 3.8 3.8 5.5 5.0 4.9 5.2 4.8 2.2 5.5 3.3 -2.7 3.9 5.8 5.1 5.3 6.0
Imports........................... 6.3 4.0 3.5 7.3 5.3 6.9 2.2 9.7 10.3 4.3 -1.5 10.1 4.7 -9.4 1.0 11.9 7.5 13.2 12.6
Goods........................... 6.5 4.2 3.6 7.9 5.0 7.0 2.0 10.1 10.9 4.9 -1.9 10.4 5.3 -10.1 .7 13.0 7.7 14.1 13.6
Services........................ 5.6 3.1 2.8 4.7 6.7 6.0 3.5 7.7 7.5 1.3 .5 8.4 1.4 -5.3 2.3 6.7 6.5 8.6 7.6
Government consumption expenditures
and gross investment............... 5.8 4.9 4.5 5.0 4.8 5.7 7.5 4.6 6.4 5.0 5.1 5.7 3.0 2.1 6.4 5.5 3.2 5.2 6.9
Federal........................... 4.8 3.9 2.9 5.5 2.5 2.6 11.5 2.3 3.4 .8 9.1 4.0 1.3 .5 5.3 3.8 1.6 2.5 6.1
National defense................ 5.3 4.1 2.9 5.6 2.9 3.1 12.2 2.5 3.5 1.3 9.3 4.2 1.6 -.1 5.0 4.1 1.9 3.0 5.8
Nondefense...................... 4.0 3.5 2.9 5.2 1.4 1.7 10.1 1.8 3.2 -.2 8.9 3.5 .7 1.7 5.9 3.3 1.1 1.3 6.6
State and local................... 6.4 5.4 5.4 4.7 6.2 7.6 5.2 6.1 8.1 7.6 2.7 6.7 4.0 3.1 7.0 6.5 4.2 6.8 7.4
Addenda:
Final sales of domestic product... 3.2 3.2 2.6 3.8 2.3 3.2 3.9 2.6 3.5 3.5 3.4 3.5 2.3 1.7 4.2 2.7 1.0 2.4 2.8
Gross domestic purchases.......... 3.7 3.3 2.7 4.2 2.8 3.6 3.6 3.5 4.6 3.7 2.7 4.2 2.5 .1 3.8 3.8 1.8 3.7 3.6
Final sales to domestic
purchasers....................... 3.7 3.3 2.7 4.2 2.7 3.6 3.6 3.5 4.6 3.7 2.7 4.2 2.5 .1 3.8 3.8 1.7 3.7 3.6
Gross national product (GNP)...... 3.2 3.1 2.7 3.8 2.3 3.2 3.9 2.6 3.5 3.5 3.4 3.5 2.4 1.7 4.2 2.6 1.0 2.5 2.7
Implicit price deflators:
GDP............................. 3.2 3.2 2.7 3.8 2.3 3.2 3.9 2.6 3.5 3.5 3.4 3.5 2.4 1.7 4.2 2.6 1.0 2.4 2.7
Gross domestic purchases........ 3.6 3.3 2.7 4.2 2.7 3.7 3.6 3.6 4.6 3.7 2.7 4.2 2.5 .1 3.8 3.8 1.7 3.7 3.5
GNP............................. 3.2 3.2 2.7 3.8 2.3 3.2 3.9 2.6 3.5 3.5 3.4 3.5 2.4 1.7 4.2 2.6 1.0 2.4 2.7
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
r Revised
See "Explanatory Note" at the end of the tables.
Table 5.--Real Gross Domestic Product, Quantity Indexes
[Index numbers, 2000=100]
-----------------------------------------------------------------------------------------------------------------------------------
Seasonally adjusted
---------------------------------------------------
2005 2006 2007 I 07 II 07 III 07 IV 07 I 08r
-----------------------------------------------------------------------------------------------------------------------------------
Gross domestic product............. 112.086 115.304 117.825 116.254 117.349 118.763 118.934 119.218
Personal consumption expenditures.......... 115.791 119.359 122.828 121.906 122.331 123.190 123.885 124.238
Durable goods............................ 131.748 136.735 143.096 141.680 142.283 143.852 144.572 142.371
Nondurable goods......................... 115.828 120.051 122.884 122.563 122.419 123.090 123.466 123.415
Services................................. 112.687 115.696 118.987 117.865 118.527 119.360 120.198 121.127
Gross private domestic investment.......... 107.709 110.607 105.187 104.690 105.875 107.172 103.011 101.191
Fixed investment......................... 109.080 111.657 108.369 108.113 108.956 108.756 107.652 105.739
Nonresidential......................... 99.490 106.062 111.061 107.277 110.109 112.597 114.261 114.418
Structures........................... 79.127 85.770 96.871 90.241 95.639 99.330 102.274 102.590
Equipment and software............... 107.935 114.332 115.842 113.753 115.075 116.821 117.720 117.784
Residential............................ 133.608 127.433 105.795 113.301 109.791 103.665 96.422 89.859
Change in private inventories............ ..... ..... ..... ..... ..... ..... ..... .....
Exports of goods and services.............. 109.775 118.957 128.603 123.568 125.833 131.458 133.555 135.336
Imports of goods and services.............. 123.425 130.683 133.181 133.272 132.363 133.780 133.309 133.075
Government consumption expenditures and
gross investment.......................... 113.050 115.092 117.427 115.865 117.028 118.121 118.693 119.303
Federal.................................. 125.524 128.255 130.454 127.886 129.756 132.000 132.175 133.588
State and local.......................... 106.721 108.418 110.816 109.748 110.564 111.096 111.857 112.082
Addenda:
Final sales of domestic product.......... 112.360 115.526 118.452 116.916 117.953 119.117 119.822 120.102
Gross domestic purchases................. 113.894 117.071 118.844 117.871 118.560 119.535 119.409 119.457
Final sales to domestic purchasers....... 114.166 117.292 119.450 118.515 119.146 119.878 120.263 120.306
Gross national product................... 112.265 115.363 118.179 116.344 117.493 119.163 119.716 119.769
-----------------------------------------------------------------------------------------------------------------------------------
r Revised
See "Explanatory Note" at the end of the tables.
Table 6.--Price Indexes for Gross Domestic Product
[Index numbers, 2000=100]
-----------------------------------------------------------------------------------------------------------------------------------
Seasonally adjusted
---------------------------------------------------
2005 2006 2007 I 07 II 07 III 07 IV 07 I 08r
-----------------------------------------------------------------------------------------------------------------------------------
Gross domestic product............. 113.005 116.568 119.668 118.750 119.527 119.837 120.560 121.363
Personal consumption expenditures
(PCE)..................................... 111.588 114.675 117.591 116.129 117.345 117.873 119.019 120.079
Durable goods............................ 90.018 88.857 87.276 87.799 87.488 87.091 86.726 86.681
Nondurable goods......................... 111.561 114.989 118.398 115.620 118.413 118.751 120.810 122.751
Services................................. 116.726 120.725 124.556 123.252 124.055 124.921 125.996 126.892
Gross private domestic investment.......... 111.155 115.090 116.458 116.532 116.426 116.325 116.549 116.224
Fixed investment......................... 111.404 115.352 116.637 116.718 116.636 116.498 116.696 116.542
Nonresidential......................... 103.778 106.961 108.293 108.301 108.293 108.140 108.440 108.470
Structures........................... 135.013 150.806 155.709 155.637 155.199 155.392 156.609 157.319
Equipment and software............... 94.527 94.485 94.857 94.892 95.002 94.751 94.783 94.613
Residential............................ 128.653 134.288 135.450 135.736 135.459 135.367 135.238 134.470
Change in private inventories............ ..... ..... ..... ..... ..... ..... ..... .....
Exports of goods and services.............. 108.803 112.537 116.510 114.433 115.912 116.992 118.704 121.271
Imports of goods and services.............. 111.117 115.610 119.613 115.114 118.408 120.572 124.360 128.110
Government consumption expenditures and
gross investment.......................... 121.435 127.334 133.042 130.765 132.527 133.588 135.286 137.573
Federal.................................. 120.914 125.622 129.256 127.886 129.098 129.622 130.416 132.356
State and local.......................... 121.758 128.370 135.316 132.499 134.586 135.969 138.209 140.706
Addenda:
PCE excluding food and energy............ 109.670 112.130 114.483 113.730 114.116 114.682 115.403 116.053
Market-based PCE\1\...................... 110.307 113.168 115.945 114.472 115.784 116.186 117.339 118.433
Market-based PCE excluding food
and energy\1\........................... 107.667 109.717 111.783 111.161 111.498 111.917 112.557 113.166
Final sales of domestic product.......... 113.040 116.603 119.692 118.773 119.555 119.860 120.579 121.406
Gross domestic purchases................. 113.225 116.920 120.068 118.702 119.809 120.330 121.432 122.497
Final sales to domestic purchasers....... 113.261 116.956 120.093 118.727 119.838 120.355 121.452 122.540
Gross national product................... 112.999 116.558 119.659 118.740 119.518 119.824 120.552 121.351
Implicit price deflators:
Gross domestic product................. 113.000 116.567 119.664 118.745 119.519 119.826 120.542 121.339
Final sales of domestic product........ 113.040 116.603 119.694 118.770 119.551 119.857 120.576 121.403
Gross domestic purchases............... 113.221 116.919 120.065 118.700 119.804 120.321 121.417 122.476
Final sales to domestic purchasers..... 113.261 116.956 120.097 118.725 119.837 120.354 121.451 122.539
Gross national product................. 112.994 116.558 119.656 118.736 119.512 119.814 120.535 121.328
-----------------------------------------------------------------------------------------------------------------------------------
r Revised
1. This index is a supplemental measure that is based on household
expenditures for which there are observable price measures. It
excludes most implicit prices (for example, the services furnished
without payment by financial intermediaries) and the expenses of
nonprofit institutions. Percentage changes for these series are
included in the addenda to table 8 and in appendix table A.
See "Explanatory Note" at the end of the tables.
Table 7.--Real Gross Domestic Product: Percent Change from Preceding Year
-----------------------------------------------------------------------------------------------------------------------------------------------------------------------
1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007
-----------------------------------------------------------------------------------------------------------------------------------------------------------------------
Gross domestic product (GDP).... 3.3 2.7 4.0 2.5 3.7 4.5 4.2 4.5 3.7 .8 1.6 2.5 3.6 3.1 2.9 2.2
Personal consumption expenditures...... 3.3 3.3 3.7 2.7 3.4 3.8 5.0 5.1 4.7 2.5 2.7 2.8 3.6 3.2 3.1 2.9
Durable goods........................ 5.9 7.8 8.4 4.4 7.8 8.6 11.3 11.7 7.3 4.3 7.1 5.8 6.3 4.9 3.8 4.7
Nondurable goods..................... 2.0 2.7 3.5 2.2 2.6 2.7 4.0 4.6 3.8 2.0 2.5 3.2 3.5 3.6 3.6 2.4
Services............................. 3.5 2.8 2.9 2.6 2.9 3.3 4.2 4.0 4.5 2.4 1.9 1.9 3.2 2.7 2.7 2.8
Gross private domestic investment...... 8.1 8.9 13.6 3.1 8.9 12.4 9.8 7.8 5.7 -7.9 -2.6 3.6 9.7 5.6 2.7 -4.9
Fixed investment..................... 5.9 8.6 9.3 6.5 9.0 9.2 10.2 8.3 6.5 -3.0 -5.2 3.4 7.3 6.9 2.4 -2.9
Nonresidential..................... 3.2 8.7 9.2 10.5 9.3 12.1 11.1 9.2 8.7 -4.2 -9.2 1.0 5.8 7.1 6.6 4.7
Structures....................... -6.0 -.7 1.8 6.4 5.6 7.3 5.1 -.4 6.8 -2.3 -17.1 -4.1 1.3 .5 8.4 12.9
Equipment and software........... 7.3 12.5 11.9 12.0 10.6 13.8 13.3 12.7 9.4 -4.9 -6.2 2.8 7.4 9.6 5.9 1.3
Residential........................ 13.8 8.2 9.6 -3.2 8.0 1.9 7.6 6.0 .8 .4 4.8 8.4 10.0 6.6 -4.6 -17.0
Change in private inventories........ ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... .....
Net exports of goods and services...... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... .....
Exports.............................. 6.9 3.2 8.7 10.1 8.4 11.9 2.4 4.3 8.7 -5.4 -2.3 1.3 9.7 6.9 8.4 8.1
Goods.............................. 7.5 3.3 9.7 11.7 8.8 14.3 2.2 3.8 11.2 -6.1 -4.0 1.8 9.0 7.5 9.9 7.9
Services........................... 5.5 3.2 6.3 6.3 7.2 5.9 2.9 5.6 2.9 -3.7 1.9 .0 11.5 5.4 4.8 8.5
Imports.............................. 7.0 8.8 11.9 8.0 8.7 13.6 11.6 11.5 13.1 -2.7 3.4 4.1 11.3 5.9 5.9 1.9
Goods.............................. 9.3 10.1 13.3 9.0 9.3 14.4 11.7 12.4 13.5 -3.2 3.7 4.9 11.3 6.6 6.0 1.6
Services........................... -2.6 2.9 5.7 3.3 5.5 9.4 11.4 6.9 11.1 -.3 2.1 .0 11.5 2.3 5.2 3.5
Government consumption expenditures
and gross investment.................. .5 -.9 .0 .5 1.0 1.9 1.9 3.9 2.1 3.4 4.4 2.5 1.4 .7 1.8 2.0
Federal.............................. -1.7 -4.2 -3.7 -2.7 -1.2 -1.0 -1.1 2.2 .9 3.9 7.0 6.8 4.2 1.5 2.2 1.7
National defense................... -5.0 -5.6 -4.9 -3.8 -1.4 -2.8 -2.1 1.9 -.5 3.9 7.4 8.7 5.8 1.5 1.9 2.8
Nondefense......................... 6.9 -.7 -1.2 -.4 -.7 2.6 .7 2.8 3.5 3.9 6.3 3.4 1.1 1.3 2.8 -.4
State and local...................... 2.2 1.4 2.6 2.6 2.3 3.6 3.6 4.7 2.7 3.2 3.1 .2 -.2 .3 1.6 2.2
Addenda:
Final sales of domestic product...... 3.0 2.6 3.4 3.0 3.7 4.0 4.2 4.5 3.8 1.6 1.2 2.5 3.3 3.3 2.8 2.5
Gross domestic purchases............. 3.3 3.2 4.4 2.4 3.8 4.8 5.3 5.3 4.4 .9 2.2 2.8 4.1 3.1 2.8 1.5
Final sales to domestic purchasers... 3.1 3.2 3.8 2.8 3.8 4.3 5.3 5.4 4.5 1.8 1.8 2.8 3.8 3.3 2.7 1.8
Gross national product............... 3.3 2.7 3.9 2.6 3.7 4.4 4.0 4.6 3.7 .8 1.5 2.7 3.8 3.0 2.8 2.4
Real disposable personal income...... 3.4 1.0 2.7 2.8 3.0 3.5 5.8 3.0 4.8 1.9 3.1 2.2 3.6 1.7 3.1 3.1
Price indexes:
Gross domestic purchases........... 2.3 2.2 2.1 2.1 1.8 1.4 .6 1.6 2.5 2.0 1.6 2.3 3.1 3.7 3.3 2.7
Gross domestic purchases excluding
food and energy................... 2.6 2.3 2.2 2.2 1.5 1.3 1.0 1.4 1.9 1.9 1.9 1.9 2.7 3.1 2.9 2.4
GDP................................ 2.3 2.3 2.1 2.0 1.9 1.7 1.1 1.4 2.2 2.4 1.7 2.1 2.9 3.2 3.2 2.7
GDP excluding food and energy...... 2.5 2.4 2.2 2.1 1.7 1.7 1.2 1.5 2.0 2.1 2.1 1.9 2.7 3.2 3.1 2.4
Personal consumption expenditures.. 2.9 2.3 2.1 2.1 2.2 1.7 .9 1.7 2.5 2.1 1.4 2.0 2.6 2.9 2.8 2.5
-----------------------------------------------------------------------------------------------------------------------------------------------------------------------
Table 8.--Real Gross Domestic Product: Percent Change From Quarter One Year Ago
-----------------------------------------------------------------------------------------------------------------------------------------------------------------------
II 04 III 04 IV 04 I 05 II 05 III 05 IV 05 I 06 II 06 III 06 IV 06 I 07 II 07 III 07 IV 07 I 08r
-----------------------------------------------------------------------------------------------------------------------------------------------------------------------
Gross domestic product (GDP).... 4.1 3.2 3.1 3.2 3.0 3.2 2.9 3.3 3.2 2.4 2.6 1.5 1.9 2.8 2.5 2.5
Personal consumption expenditures
(PCE)................................. 3.7 3.2 3.7 3.1 3.4 3.5 2.8 3.3 3.0 2.7 3.4 3.2 2.9 3.0 2.6 1.9
Durable goods........................ 6.1 4.0 5.6 4.7 7.0 6.6 1.2 4.6 2.1 2.0 6.6 4.7 5.0 4.7 4.2 .5
Nondurable goods..................... 3.9 2.8 3.5 3.3 3.8 3.6 3.6 3.8 3.5 3.7 3.6 3.2 2.5 2.3 1.5 .7
Services............................. 3.2 3.2 3.3 2.8 2.5 2.9 2.7 2.7 3.0 2.4 2.6 2.9 2.8 3.0 2.8 2.8
Gross private domestic investment...... 12.2 9.8 9.1 9.9 3.8 3.6 5.3 5.0 6.2 3.4 -3.6 -6.6 -5.7 -3.5 -3.7 -3.3
Fixed investment..................... 7.8 6.8 7.2 8.3 7.1 6.8 5.5 6.5 4.0 .8 -1.6 -4.5 -3.3 -2.3 -1.5 -2.2
Nonresidential..................... 4.9 5.6 7.5 9.1 7.7 6.8 5.1 7.5 7.3 6.4 5.2 2.5 4.1 5.1 7.1 6.7
Structures....................... .0 1.1 2.3 2.9 1.0 -1.6 -.3 2.7 7.1 11.6 12.3 10.2 12.4 13.8 15.1 13.7
Equipment and software........... 6.7 7.3 9.4 11.4 10.1 9.9 7.1 9.4 7.4 4.6 2.5 -.5 .7 1.5 3.6 3.5
Residential........................ 13.2 8.8 6.7 7.0 6.2 6.9 6.4 4.8 -1.5 -8.5 -12.8 -16.5 -16.5 -16.5 -18.6 -20.7
Change in private inventories........ ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... .....
Net exports of goods and services...... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... .....
Exports.............................. 12.0 9.9 7.4 6.4 7.1 6.9 7.0 8.4 7.4 8.4 9.3 6.6 7.1 10.3 8.4 9.5
Goods.............................. 10.7 10.0 7.0 6.6 8.1 7.0 8.3 10.7 9.0 10.4 9.7 6.1 6.1 10.5 9.0 9.9
Services........................... 15.3 9.8 8.3 6.0 4.9 6.6 4.1 3.2 3.9 3.8 8.3 7.9 9.4 9.9 7.0 8.6
Imports.............................. 12.1 12.4 11.5 8.8 5.3 4.6 5.1 6.3 6.4 7.2 3.7 2.9 2.0 1.7 1.0 -.1
Goods.............................. 11.3 12.6 11.9 9.8 5.9 5.2 5.8 6.6 6.7 7.6 3.2 2.7 1.7 1.3 .8 -.7
Services........................... 16.4 11.5 9.3 4.3 1.9 1.5 1.4 4.7 4.8 5.2 6.1 4.3 3.9 4.0 2.0 2.8
Government consumption expenditures
and gross investment.................. 1.3 1.3 .7 .6 .6 .9 .9 1.8 1.8 1.2 2.5 1.2 1.9 2.7 2.3 3.0
Federal.............................. 3.0 4.4 2.4 1.6 1.2 1.8 1.3 2.7 2.1 .3 3.7 .0 1.8 3.4 1.7 4.5
National defense................... 3.1 7.2 2.5 1.7 1.8 1.6 1.1 1.6 1.5 -1.3 5.9 1.2 2.8 5.7 1.5 5.8
Nondefense......................... 2.8 -.9 2.3 1.5 -.1 2.1 1.9 5.0 3.4 3.4 -.7 -2.5 .0 -1.2 2.1 1.6
State and local...................... .3 -.5 -.4 .0 .2 .5 .7 1.3 1.5 1.7 1.8 1.9 2.0 2.3 2.7 2.1
Addenda:
Final sales of domestic product...... 3.5 2.7 2.8 2.9 3.5 3.7 2.9 3.5 2.8 1.9 3.0 1.9 2.3 3.1 2.8 2.7
Gross domestic purchases............. 4.5 3.8 3.9 3.7 2.9 3.1 2.8 3.3 3.3 2.5 2.1 1.2 1.4 1.9 1.6 1.3
Final sales to domestic purchasers... 3.9 3.3 3.6 3.4 3.4 3.5 2.9 3.5 2.9 2.1 2.4 1.6 1.8 2.1 1.9 1.5
Gross national product............... 4.2 3.4 2.9 2.9 2.9 3.2 2.8 3.2 3.2 2.0 2.7 1.5 1.9 3.2 3.1 2.9
Real disposable personal income...... 3.5 2.7 4.1 2.3 2.3 1.3 1.1 3.1 2.6 3.3 3.2 3.4 3.1 3.7 2.4 1.4
Price indexes:
Gross domestic purchases........... 3.1 3.3 3.7 3.5 3.4 3.8 3.8 3.6 3.8 3.3 2.4 2.6 2.5 2.3 3.3 3.2
Gross domestic purchases excluding
food and energy................... 2.7 2.9 3.1 3.2 3.0 3.0 3.1 2.9 3.1 3.0 2.8 2.8 2.3 2.2 2.2 2.0
GDP................................ 2.9 3.0 3.2 3.3 3.0 3.3 3.4 3.2 3.5 3.2 2.7 2.9 2.7 2.4 2.6 2.2
GDP excluding food and energy...... 2.7 2.9 3.2 3.3 3.1 3.2 3.3 3.1 3.3 3.2 2.9 2.9 2.5 2.3 2.2 1.9
PCE................................ 2.8 2.7 3.1 2.8 2.6 3.2 3.2 3.1 3.3 2.9 1.9 2.3 2.3 2.1 3.4 3.4
PCE excluding food and energy...... 2.1 2.1 2.2 2.3 2.1 2.1 2.2 2.0 2.2 2.4 2.3 2.4 2.0 1.9 2.1 2.0
Market-based PCE\1\................ 2.4 2.3 2.8 2.4 2.4 3.1 3.0 2.9 3.2 2.7 1.6 2.2 2.2 2.0 3.4 3.5
Market-based PCE excluding food
and energy\1\..................... 1.5 1.4 1.6 1.8 1.7 1.7 1.7 1.6 1.9 2.1 2.0 2.2 1.8 1.7 1.9 1.8
-----------------------------------------------------------------------------------------------------------------------------------------------------------------------
r Revised
1. This index is a supplemental measure that is based on household
expenditures for which there are observable price measures. It
excludes most implicit prices (for example, the services furnished
without payment by financial intermediaries) and the expenses of
nonprofit institutions.
Table 9.--Relation of Gross Domestic Product, Gross National Product, and National Income
[Billions of dollars]
-----------------------------------------------------------------------------------------------------------------------------------
Seasonally adjusted at annual rates
---------------------------------------------------
2005 2006 2007 I 07 II 07 III 07 IV 07 I 08r
-----------------------------------------------------------------------------------------------------------------------------------
Gross domestic product..................... 12,433.9 13,194.7 13,841.3 13,551.9 13,768.8 13,970.5 14,074.2 14,201.1
Plus: Income receipts from the rest of the
world..................................... 544.1 691.4 817.5 752.2 814.2 855.6 848.1 784.1
Less: Income payments to the rest of the
world..................................... 475.6 633.4 721.8 689.0 743.5 754.4 700.2 663.3
Equals: Gross national product............. 12,502.4 13,252.7 13,937.1 13,615.1 13,839.4 14,071.6 14,222.1 14,321.9
Less: Consumption of fixed capital......... 1,609.5 1,615.2 1,686.6 1,670.9 1,683.4 1,690.9 1,701.1 1,710.8
Less: Statistical discrepancy.............. 5.4 -18.1 22.4 -66.3 -40.8 84.8 112.0 129.8
Equals: National income.................... 10,887.6 11,655.6 12,228.0 12,010.5 12,196.8 12,296.0 12,408.9 12,481.3
Compensation of employees................ 7,029.6 7,448.3 7,881.1 7,764.9 7,826.9 7,907.7 8,025.0 8,110.7
Wage and salary accruals............... 5,672.9 6,025.7 6,388.6 6,294.4 6,343.9 6,407.7 6,508.4 6,570.2
Supplements to wages and salaries...... 1,356.8 1,422.6 1,492.5 1,470.5 1,483.0 1,500.0 1,516.6 1,540.5
Proprietors' income with inventory
valuation and capital consumption
adjustments............................. 969.9 1,006.7 1,042.6 1,027.4 1,038.4 1,048.7 1,055.9 1,055.9
Rental income of persons with capital
consumption adjustment.................. 42.9 54.5 65.4 53.2 62.1 68.4 77.8 80.9
Corporate profits with inventory
valuation and capital consumption
adjustments............................. 1,372.8 1,553.7 1,595.2 1,547.7 1,642.4 1,621.9 1,569.0 1,563.8
Net interest and miscellaneous payments.. 558.0 598.5 602.6 599.6 592.4 599.3 619.0 601.6
Taxes on production and imports less
subsidies............................... 863.1 917.6 961.4 943.8 956.8 967.8 977.3 981.9
Business current transfer payments....... 66.5 90.2 94.2 91.8 92.8 94.4 97.9 100.9
Current surplus of government
enterprises............................. -15.1 -13.9 -14.5 -17.8 -15.0 -12.2 -13.1 -14.4
Addendum:
Gross domestic income.................... 12,428.6 13,212.8 13,818.9 13,618.2 13,809.5 13,885.7 13,962.1 14,071.2
-----------------------------------------------------------------------------------------------------------------------------------
r Revised
Table 10.--Personal Income and Its Disposition
[Billions of dollars]
-----------------------------------------------------------------------------------------------------------------------------------
Seasonally adjusted at annual rates
---------------------------------------------------
2005 2006 2007 I 07 II 07 III 07 IV 07 I 08r
-----------------------------------------------------------------------------------------------------------------------------------
Personal income\1\......................... 10,301.1 10,983.4 11,665.6 11,469.2 11,577.3 11,735.0 11,880.9 12,012.1
Compensation of employees, received...... 7,024.6 7,440.8 7,858.6 7,764.9 7,801.9 7,882.7 7,985.0 8,100.7
Wage and salary disbursements.......... 5,667.9 6,018.2 6,366.1 6,294.4 6,318.9 6,382.7 6,468.4 6,560.2
Supplements to wages and salaries...... 1,356.8 1,422.6 1,492.5 1,470.5 1,483.0 1,500.0 1,516.6 1,540.5
Proprietors' income with inventory
valuation and capital consumption
adjustments............................. 969.9 1,006.7 1,042.6 1,027.4 1,038.4 1,048.7 1,055.9 1,055.9
Farm................................... 30.8 19.4 36.2 29.1 33.1 38.6 43.8 37.3
Nonfarm................................ 939.1 987.4 1,006.4 998.3 1,005.3 1,010.0 1,012.1 1,018.5
Rental income of persons with capital
consumption adjustment.................. 42.9 54.5 65.4 53.2 62.1 68.4 77.8 80.9
Personal income receipts on assets....... 1,617.8 1,796.5 1,947.2 1,882.9 1,930.0 1,976.2 1,999.8 2,004.4
Personal interest income............... 1,018.9 1,100.2 1,154.7 1,126.1 1,148.4 1,171.1 1,173.2 1,161.1
Personal dividend income............... 598.9 696.3 792.5 756.8 781.6 805.0 826.6 843.3
Personal current transfer receipts....... 1,520.7 1,612.5 1,731.7 1,710.7 1,717.1 1,742.3 1,756.5 1,786.2
Less: Contributions for government
social insurance........................ 874.8 927.6 979.9 969.8 972.2 983.2 994.1 1,015.9
Less: Personal current taxes............... 1,209.1 1,354.3 1,483.7 1,454.7 1,477.6 1,489.8 1,512.7 1,514.8
Equals: Disposable personal income......... 9,092.0 9,629.1 10,181.9 10,014.5 10,099.7 10,245.2 10,368.2 10,497.4
Less: Personal outlays..................... 9,047.4 9,590.3 10,134.1 9,917.5 10,069.2 10,200.9 10,348.9 10,453.6
Equals: Personal saving.................... 44.6 38.8 47.8 97.0 30.5 44.4 19.3 43.8
Personal saving as a percentage of
disposable personal income.............. .5 .4 .5 1.0 .3 .4 .2 .4
Addendum:
Disposable personal income, billions of
chained (2000) dollars\2\............... 8,147.9 8,396.9 8,658.6 8,623.9 8,607.1 8,692.1 8,711.7 8,742.4
-----------------------------------------------------------------------------------------------------------------------------------
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, current surplus of government
enterprises, and wage accruals less disbursements, plus personal
income receipts on assets, and personal current transfer receipts.
2. Equals disposable personal income deflated by the implicit price
deflator for personal consumption expenditures.
Table 11.--Corporate Profits: Level and Percent Change
-------------------------------------------------------------------------------------------------------------------------------------------------------------
Billions of dollars Percent change from preceding period
---------------------------------------------------------------- ------------------------------------------------------
Seasonally adjusted Quarterly Quarter one
at annual rates rates year ago
--------------------------------------- ------------------------------- -------
2005 2006 2007 I 07 II 07 III 07 IV 07 I 08r 2006 2007 II 07 III 07 IV 07 I 08r I 08r
-------------------------------------------------------------------------------------------------------------------------------------------------------------
Corporate profits with inventory
valuation and capital consumption
adjustments......................... 1,372.8 1,553.7 1,595.2 1,547.7 1,642.4 1,621.9 1,569.0 1,563.8 13.2 2.7 6.1 -1.2 -3.3 -.3 1.0
Less: Taxes on corporate income...... 392.9 453.9 466.6 452.5 490.1 469.4 454.4 421.8 15.5 2.8 8.3 -4.2 -3.2 -7.2 -6.8
Equals: Profits after tax with
inventory valuation and capital
consumption adjustments............. 979.9 1,099.8 1,128.6 1,095.2 1,152.2 1,152.5 1,114.6 1,141.9 12.2 2.6 5.2 .0 -3.3 2.5 4.3
Net dividends...................... 601.4 698.9 795.2 759.4 784.2 807.7 829.4 846.2 16.2 13.8 3.3 3.0 2.7 2.0 11.4
Undistributed profits with
inventory valuation and capital
consumption adjustments........... 378.6 400.9 333.5 335.8 368.0 344.7 285.2 295.8 5.9 -16.8 9.6 -6.3 -17.3 3.7 -11.9
Cash flow:
Net cash flow with inventory
valuation and capital consumption
adjustments....................... 1,235.4 1,290.9 1,255.1 1,251.5 1,288.9 1,267.8 1,212.1 1,227.2 4.5 -2.8 3.0 -1.6 -4.4 1.3 -1.9
Undistributed profits with
inventory valuation and capital
consumption adjustments......... 378.6 400.9 333.5 335.8 368.0 344.7 285.2 295.8 5.9 -16.8 9.6 -6.3 -17.3 3.7 -11.9
Consumption of fixed capital..... 856.8 890.0 921.6 915.7 920.8 923.1 926.9 931.5 3.9 3.5 .6 .2 .4 .5 1.7
Less: Inventory valuation
adjustment........................ -36.2 -36.3 -46.2 -40.2 -54.7 -20.3 -69.4 -98.1 ..... ..... ..... ..... ..... ..... .....
Equals: Net cash flow.............. 1,271.6 1,327.2 1,301.2 1,291.7 1,343.6 1,288.1 1,281.5 1,325.3 4.4 -2.0 4.0 -4.1 -.5 3.4 2.6
Addenda:
Profits before tax (without
inventory valuation and capital
consumption adjustments).......... 1,579.6 1,805.8 1,876.7 1,815.8 1,931.5 1,879.7 1,879.9 1,735.7 14.3 3.9 6.4 -2.7 .0 -7.7 -4.4
Profits after tax (without
inventory valuation and capital
consumption adjustments).......... 1,186.7 1,351.9 1,410.1 1,363.3 1,441.4 1,410.2 1,425.5 1,313.8 13.9 4.3 5.7 -2.2 1.1 -7.8 -3.6
Inventory valuation adjustment..... -36.2 -36.3 -46.2 -40.2 -54.7 -20.3 -69.4 -98.1 ..... ..... ..... ..... ..... ..... .....
Capital consumption adjustment..... -170.6 -215.8 -235.3 -227.9 -234.4 -237.4 -241.5 -73.8 ..... ..... ..... ..... ..... ..... .....
-------------------------------------------------------------------------------------------------------------------------------------------------------------
r Revised
Table 12.--Corporate Profits by Industry: Level and Change From Preceding Period
[Billions of dollars]
-------------------------------------------------------------------------------------------------------------------------------------------------------------
Level Change from preceding period
---------------------------------------------------------------- ----------------------------------------------
Seasonally adjusted at annual rates
--------------------------------------- ----------------------------------------------
2005 2006 2007 I 07 II 07 III 07 IV 07 I 08r 2006 2007 II 07 III 07 IV 07 I 08r
-------------------------------------------------------------------------------------------------------------------------------------------------------------
Corporate profits with inventory
valuation and capital consumption
adjustments............................. 1,372.8 1,553.7 1,595.2 1,547.7 1,642.4 1,621.9 1,569.0 1,563.8 180.9 41.5 94.7 -20.5 -52.9 -5.2
Domestic industries.......................... 1,154.6 1,296.4 1,257.7 1,249.8 1,327.8 1,280.9 1,172.2 1,189.8 141.8 -38.7 78.0 -46.9 -108.7 17.6
Financial.................................. 405.5 482.2 473.4 468.7 521.4 488.9 414.5 428.7 76.7 -8.8 52.7 -32.5 -74.4 14.2
Nonfinancial............................... 749.1 814.3 784.3 781.1 806.4 792.0 757.7 761.1 65.2 -30.0 25.3 -14.4 -34.3 3.4
Rest of the world............................ 218.2 257.3 337.6 297.9 314.6 341.0 396.8 374.0 39.1 80.3 16.7 26.4 55.8 -22.8
Receipts from the rest of the world........ 358.7 419.8 491.0 448.7 482.6 510.2 522.5 526.2 61.1 71.2 33.9 27.6 12.3 3.7
Less: Payments to the rest of the world.... 140.6 162.5 153.4 150.8 168.0 169.1 125.7 152.2 21.9 -9.1 17.2 1.1 -43.4 26.5
Corporate profits with inventory
valuation adjustment.................... 1,543.4 1,769.5 1,830.5 1,775.6 1,876.8 1,859.4 1,810.5 1,637.6 226.1 61.0 101.2 -17.4 -48.9 -172.9
Domestic industries.......................... 1,325.2 1,512.2 1,493.0 1,477.7 1,562.1 1,518.3 1,413.7 1,263.6 187.0 -19.2 84.4 -43.8 -104.6 -150.1
Financial.................................. 423.6 505.3 498.5 493.0 546.4 514.2 440.3 435.9 81.7 -6.8 53.4 -32.2 -73.9 -4.4
Federal Reserve banks.................... 26.6 33.8 38.4 38.5 39.2 38.4 37.6 36.8 7.2 4.6 .7 -.8 -.8 -.8
Other financial.......................... 397.1 471.4 460.1 454.5 507.2 475.8 402.7 399.1 74.3 -11.3 52.7 -31.4 -73.1 -3.6
Nonfinancial............................... 901.6 1,006.9 994.5 984.7 1,015.7 1,004.1 973.4 827.7 105.3 -12.4 31.0 -11.6 -30.7 -145.7
Utilities................................ 28.4 35.7 44.4 36.4 41.2 46.4 53.7 36.1 7.3 8.7 4.8 5.2 7.3 -17.6
Manufacturing............................ 251.2 293.4 305.7 298.9 347.0 296.8 280.3 224.3 42.2 12.3 48.1 -50.2 -16.5 -56.0
Durable goods.......................... 85.1 95.9 121.9 113.0 117.2 128.5 129.2 78.2 10.8 26.0 4.2 11.3 .7 -51.0
Fabricated metal products............ 17.3 20.3 25.2 23.3 22.2 26.5 28.8 24.5 3.0 4.9 -1.1 4.3 2.3 -4.3
Machinery............................ 16.0 19.3 21.8 21.8 22.5 22.3 20.4 16.9 3.3 2.5 .7 -.2 -1.9 -3.5
Computer and electronic products..... 10.1 7.7 8.0 9.0 7.7 8.5 7.0 3.2 -2.4 .3 -1.3 .8 -1.5 -3.8
Electrical equipment, appliances,
and components...................... -3.7 -1.9 2.0 1.3 .7 2.4 3.6 -1.5 1.8 3.9 -.6 1.7 1.2 -5.1
Motor vehicles, bodies and trailers,
and parts........................... .1 -1.1 9.4 4.6 12.3 12.1 8.7 -3.6 -1.2 10.5 7.7 -.2 -3.4 -12.3
Other durable goods.................. 45.3 51.7 55.5 52.9 51.8 56.7 60.7 38.8 6.4 3.8 -1.1 4.9 4.0 -21.9
Nondurable goods....................... 166.0 197.5 183.8 185.9 229.8 168.3 151.1 146.1 31.5 -13.7 43.9 -61.5 -17.2 -5.0
Food and beverage and tobacco
products............................ 27.8 29.2 33.4 30.1 35.4 34.3 33.7 29.4 1.4 4.2 5.3 -1.1 -.6 -4.3
Petroleum and coal products.......... 89.8 110.4 86.5 94.9 136.5 70.6 44.0 63.2 20.6 -23.9 41.6 -65.9 -26.6 19.2
Chemical products.................... 29.7 37.6 43.9 41.0 41.8 43.4 49.2 38.4 7.9 6.3 .8 1.6 5.8 -10.8
Other nondurable goods............... 18.7 20.3 20.0 20.0 16.1 20.0 24.1 15.1 1.6 -.3 -3.9 3.9 4.1 -9.0
Wholesale trade.......................... 95.2 97.0 98.7 97.8 104.9 109.8 82.2 57.0 1.8 1.7 7.1 4.9 -27.6 -25.2
Retail trade............................. 114.4 124.5 137.5 134.3 134.4 140.2 141.3 130.6 10.1 13.0 .1 5.8 1.1 -10.7
Transportation and warehousing........... 28.2 41.9 47.1 39.1 45.8 55.4 48.3 28.8 13.7 5.2 6.7 9.6 -7.1 -19.5
Information.............................. 74.8 85.4 103.4 109.5 92.9 100.8 110.4 115.3 10.6 18.0 -16.6 7.9 9.6 4.9
Other nonfinancial....................... 309.5 329.0 257.5 268.7 249.5 254.7 257.2 235.7 19.5 -71.5 -19.2 5.2 2.5 -21.5
Rest of the world............................ 218.2 257.3 337.6 297.9 314.6 341.0 396.8 374.0 39.1 80.3 16.7 26.4 55.8 -22.8
-------------------------------------------------------------------------------------------------------------------------------------------------------------
r Revised
Note.--Estimates in this table are based on the 1997 North
American Industry Classification System (NAICS).
Table 13.--Gross Value Added of Nonfinancial Domestic Corporate Business
-----------------------------------------------------------------------------------------------------------------------------------
Seasonally adjusted at annual rates
---------------------------------------------------
2005 2006 2007 I 07 II 07 III 07 IV 07 I 08r
-----------------------------------------------------------------------------------------------------------------------------------
Billions of dollars
----------------------------------------------------------------------------------------
Gross value added of nonfinancial
corporate business.................... 6,319.4 6,689.4 6,949.1 6,865.0 6,938.0 6,973.5 7,019.7 7,080.3
Consumption of fixed capital............... 742.3 772.8 800.7 795.7 800.1 802.0 805.2 809.1
Net value added............................ 5,577.1 5,916.6 6,148.3 6,069.3 6,138.0 6,171.6 6,214.5 6,271.1
Compensation of employees................ 4,078.5 4,316.7 4,556.2 4,494.1 4,528.3 4,568.5 4,633.8 4,684.2
Wage and salary accruals............... 3,334.8 3,543.8 3,749.0 3,695.5 3,726.5 3,758.5 3,815.5 3,853.4
Supplements to wages and salaries...... 743.6 772.9 807.2 798.6 801.8 810.1 818.3 830.9
Taxes on production and imports less
subsidies............................... 558.7 584.9 610.5 599.7 607.8 614.2 620.3 623.6
Net operating surplus.................... 940.0 1,015.0 981.6 975.6 1,001.8 988.8 960.3 963.3
Net interest and miscellaneous
payments.............................. 132.5 133.2 137.7 136.0 136.2 136.9 141.5 139.8
Business current transfer payments..... 58.3 67.6 59.7 58.5 59.2 60.0 61.1 62.4
Corporate profits with inventory
valuation and capital consumption
adjustments........................... 749.1 814.3 784.3 781.1 806.4 792.0 757.7 761.1
Taxes on corporate income............ 263.4 288.2 311.3 298.6 321.6 310.0 315.1 284.1
Profits after tax with inventory
valuation and capital consumption
adjustments......................... 485.7 526.0 473.0 482.5 484.7 482.0 442.6 477.0
Net dividends...................... 199.2 448.6 490.2 483.7 491.1 478.0 508.0 470.1
Undistributed profits with
inventory valuation and capital
consumption adjustments........... 286.5 77.4 -17.2 -1.2 -6.4 4.0 -65.4 6.9
Addenda:
Profits before tax (without inventory
valuation and capital consumption
adjustments)............................ 937.8 1,043.2 1,040.6 1,024.9 1,070.5 1,024.5 1,042.8 925.7
Profits after tax (without inventory
valuation and capital consumption
adjustments)............................ 674.4 755.0 729.3 726.3 748.8 714.5 727.7 641.6
Inventory valuation adjustment........... -36.2 -36.3 -46.2 -40.2 -54.7 -20.3 -69.4 -98.1
Capital consumption adjustment........... -152.5 -192.7 -210.2 -203.6 -209.4 -212.1 -215.6 -66.5
----------------------------------------------------------------------------------------
Billions of chained (2000) dollars
----------------------------------------------------------------------------------------
Gross value added of nonfinancial
corporate business\1\................. 5,836.9 6,011.3 6,145.2 6,075.5 6,119.2 6,174.9 6,211.3 6,256.5
Consumption of fixed capital\2\............ 682.4 686.9 706.7 701.7 705.1 708.5 711.7 714.6
Net value added\3\......................... 5,154.5 5,324.5 5,438.5 5,373.8 5,414.1 5,466.4 5,499.6 5,541.9
----------------------------------------------------------------------------------------
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\... 1.083 1.113 1.131 1.130 1.134 1.129 1.130 1.132
Compensation of employees (unit labor
cost)................................... .699 .718 .741 .740 .740 .740 .746 .749
Unit nonlabor cost....................... .256 .260 .261 .261 .262 .261 .263 .261
Consumption of fixed capital........... .127 .129 .130 .131 .131 .130 .130 .129
Taxes on production and imports less
subsidies plus business current
transfer payments..................... .106 .109 .109 .108 .109 .109 .110 .110
Net interest and miscellaneous payments .023 .022 .022 .022 .022 .022 .023 .022
Corporate profits with inventory valuation
and capital consumption adjustments (unit
profits from current production)........ .128 .135 .128 .129 .132 .128 .122 .122
Taxes on corporate income.............. .045 .048 .051 .049 .053 .050 .051 .045
Profits after tax with inventory
valuation and capital consumption
adjustments........................... .083 .088 .077 .079 .079 .078 .071 .076
-----------------------------------------------------------------------------------------------------------------------------------
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 2000 current-dollar value of the corresponding
series, divided by 100.
3. Chained-dollar net value added of nonfinancial corporate
business is the difference between the gross value added and the
consumption of fixed capital.
4. The deflator for gross value added of nonfinancial corporate
business divided by 100.
Note.--Estimates in this table are based on the 1997 North
American Industry Classification System (NAICS).
Appendix Table A.--Real Gross Domestic Product and Related Aggregates and Price Indexes: Percent Change From Preceding Period
[Quarters seasonally adjusted at annual rates]
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
2005 2006 2007 II 04 III 04 IV 04 I 05 II 05 III 05 IV 05 I 06 II 06 III 06 IV 06 I 07 II 07 III 07 IV 07 I 08r
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
Gross domestic product (GDP) and
related aggregates:
GDP............................... 3.1 2.9 2.2 3.5 3.6 2.5 3.1 2.8 4.5 1.2 4.8 2.4 1.1 2.1 .6 3.8 4.9 .6 1.0
Goods............................. 4.3 5.0 3.3 3.4 6.6 3.7 4.2 3.9 5.8 1.5 9.6 4.6 3.4 1.1 .2 5.4 11.7 -1.6 .9
Services.......................... 2.3 2.3 2.9 2.2 2.4 2.4 2.3 1.4 4.4 1.0 2.4 2.0 2.0 4.4 2.1 3.1 3.1 3.1 3.3
Structures........................ 3.4 -.1 -4.7 11.5 1.3 -.3 4.0 7.3 1.2 1.2 4.3 -1.4 -9.9 -7.0 -6.2 3.0 -4.2 -7.0 -11.9
Motor vehicle output.............. 4.2 -1.3 -2.1 -6.1 29.0 -9.6 5.4 4.7 30.6 -30.5 17.0 -10.9 15.1 -21.6 6.2 1.0 13.1 -26.0 -16.7
GDP excuding motor vehicle
output........................... 3.0 3.0 2.3 3.8 2.8 3.0 3.0 2.7 3.6 2.5 4.4 2.9 .6 2.9 .4 3.9 4.7 1.5 1.5
Final sales of computers\1\....... 35.1 19.4 20.3 -6.6 19.8 50.1 39.5 51.7 21.8 34.2 7.3 20.7 5.1 27.0 -1.3 35.7 49.8 26.6 14.0
GDP excluding final sales of
computers........................ 2.9 2.8 2.1 3.6 3.5 2.3 2.8 2.5 4.3 1.0 4.8 2.3 1.0 1.9 .6 3.6 4.6 .4 .9
Farm gross value added\2\......... 5.9 .6 -.3 -30.8 18.9 40.8 -10.9 14.0 -3.0 6.0 -8.9 17.5 -12.4 .8 -12.5 14.8 9.6 -3.3 -8.0
Nonfarm business gross value
added\3\......................... 3.6 3.2 2.3 5.0 3.8 2.6 3.9 3.2 5.6 .9 5.7 2.4 .8 2.6 .3 4.2 5.6 .2 .8
Price indexes:
GDP............................... 3.2 3.2 2.7 3.8 2.3 3.2 3.9 2.6 3.5 3.5 3.4 3.5 2.4 1.7 4.2 2.6 1.0 2.4 2.7
GDP excluding food and energy..... 3.2 3.1 2.4 3.4 2.8 3.1 4.1 2.6 2.9 3.5 3.4 3.2 2.6 2.4 3.3 1.6 1.7 2.1 2.1
GDP excluding final sales of
computers........................ 3.4 3.3 2.8 3.8 2.4 3.4 4.1 2.7 3.6 3.7 3.5 3.6 2.5 1.8 4.3 2.8 1.2 2.6 2.8
Gross domestic purchases.......... 3.7 3.3 2.7 4.2 2.8 3.6 3.6 3.5 4.6 3.7 2.7 4.2 2.5 .1 3.8 3.8 1.8 3.7 3.6
Gross domestic purchases excluding
food and energy.................. 3.1 2.9 2.4 3.4 2.6 2.8 4.0 2.6 2.7 3.2 3.2 3.2 2.5 2.3 3.1 1.5 1.9 2.3 2.3
Gross domestic purchases excluding
final sales of computers to
domestic purchasers.............. 3.9 3.5 2.8 4.3 2.9 3.9 3.8 3.7 4.8 3.9 2.9 4.5 2.7 .2 3.9 4.0 1.9 3.9 3.7
Personal consumption expenditures
(PCE)............................ 2.9 2.8 2.5 3.8 2.0 3.0 2.2 3.4 4.3 2.8 1.7 4.3 2.6 -.9 3.5 4.3 1.8 3.9 3.6
Personal consumption expenditures
excluding food and energy........ 2.2 2.2 2.1 2.7 1.7 2.1 2.6 2.1 1.7 2.4 2.0 2.9 2.3 1.9 2.4 1.4 2.0 2.5 2.3
Market-based PCE\4\............... 2.7 2.6 2.5 3.4 1.5 2.9 1.9 3.1 4.3 2.6 1.5 4.3 2.4 -1.6 3.6 4.7 1.4 4.0 3.8
Market-based PCE excluding food
and energy\4\.................... 1.7 1.9 1.9 1.9 1.1 1.8 2.3 1.5 1.2 1.9 1.8 2.6 2.1 1.6 2.4 1.2 1.5 2.3 2.2
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
r Revised
1. Some components of final sales of computers include
computer parts.
2. Farm output less intermediate goods and services purchased.
3. Consists of GDP less gross value added of farm, of
households and institutions, and of general government.
4. This index is a supplemental measure that is based on household
expenditures for which there are observable price measures. It
excludes most implicit prices (for example, the services furnished
without payment by financial intermediaries) and the expenses of
nonprofit institutions.
See "Explanatory Note" at the end of the tables.
Explanatory Note: NIPA Measures of Quantities and Prices
Current-dollar GDP is a measure of the market value of goods, services, and structures produced in
the economy in a particular period. Changes in current-dollar GDP can be decomposed into quantity and
price components. Quantities, or "real" measures, and prices are expressed as index numbers with the
reference year -- at present, the year 2000 -- equal to 100.
Annual changes in quantities and prices are calculated using a Fisher formula that incorporates
weights from two adjacent years. (Quarterly changes in quantities and prices are calculated using a
Fisher formula that incorporates weights from two adjacent quarters; quarterly indexes are adjusted for
consistency to the annual indexes before percent changes are calculated.) For example, the 2005-06
annual percent change in real GDP uses prices for 2005 and 2006 as weights, and the 2005-06 annual
percent change in GDP prices uses quantities for 2005 and 2006 as weights. These annual changes are
"chained" (multiplied) together to form time series of quantity and price indexes. Percent changes in
Fisher indexes are not affected by the choice of reference year. (BEA also publishes a measure of the
price level known as the implicit price deflator (IPD), which is calculated as the ratio of the
current-dollar value to the corresponding chained-dollar value, multiplied by 100. The values of the IPD
are very close to the values of the corresponding "chain-type" price index.)
Index numbers of quantity and price indexes for GDP and its major components are presented in this
release in tables 5 and 6. Percent changes from the preceding period are presented in tables 1, 4, 7, 8,
and Appendix Table A. Contributions by major components to changes in real GDP are presented in table 2.
Measures of real GDP and its major components are also presented in dollar-denominated form,
designated "chained (2000) dollar estimates." For most series, these estimates, which are presented in
table 3, are computed by multiplying the current-dollar value in 2000 by a corresponding quantity index
number and then dividing by 100. For example, if a current-dollar GDP component equaled $100 in
2000 and if real output for this component increased 10 percent in 2001, then the chained (2000) dollar
value of this component in 2001 would be $110 (= $100 x 110 / 100). Percent changes calculated from
chained-dollar estimates and from chain-type quantity indexes are the same; any differences will be small
and due to rounding.
Chained-dollar values for the detailed GDP components will not necessarily sum to the chained-dollar
estimate of GDP (or to any intermediate aggregate). This is because the relative prices used as weights
for any period other than the reference year differ from those of the reference year. A measure of the
extent of such differences is provided by a "residual" line, which indicates the difference between GDP
(or other major aggregate) and the sum of the most detailed components in the table. For periods close to
the reference year, when there usually has not been much change in the relative prices that are used as
weights, the residuals tend to be small, and the chained-dollar estimates can be used to approximate the
contributions to growth and to aggregate the detailed estimates. For periods further from the reference
year, the residuals tend to be larger, and the chained-dollar estimates are less useful for analyses of
contributions to growth. Thus, the contributions to percent change shown in table 2 provide a better
measure of the composition of GDP growth. In particular, for components for which relative prices are
changing rapidly, calculation of contributions using chained-dollar estimates may be misleading even just
a few years from the reference year.
Reference: "Chained-Dollar Indexes: Issues, Tips on Their Use, and Upcoming Changes," November
2003 Survey, pp. 8-16.