EMBARGOED UNTIL RELEASE AT 8:30 A.M. EDT, FRIDAY, MAY 29, 2015
Lisa Mataloni: (202) 606-5304 (GDP) gdpniwd@bea.gov BEA 15-21
Kate Pinard: (202) 606-5564 (Profits) cpniwd@bea.gov
Jeannine Aversa: (202) 606-2649 (News Media)
GROSS DOMESTIC PRODUCT: FIRST QUARTER 2015 (SECOND ESTIMATE)
CORPORATE PROFITS: FIRST QUARTER 2015 (PRELIMINARY ESTIMATE)
Real gross domestic product -- the value of the production of goods and services in the United
States, adjusted for price changes -- decreased at an annual rate of 0.7 percent in the first quarter of
2015, according to the "second" estimate released by the Bureau of Economic Analysis. In the fourth
quarter, real GDP increased 2.2 percent.
The GDP estimate released today is based on more complete source data than were available for
the "advance" estimate issued last month. In the advance estimate, real GDP increased 0.2 percent.
With the second estimate for the first quarter, imports increased more and private inventory investment
increased less than previously estimated (for more information, see "Revisions" on page 3).
The decrease in real GDP in the first quarter primarily reflected negative contributions from
exports, nonresidential fixed investment, and state and local government spending that were partly offset
by positive contributions from personal consumption expenditures (PCE), private inventory investment,
and residential fixed investment. Imports, which are a subtraction in the calculation of GDP, increased.
BOX._____________
Upcoming Annual Revision of the National Income and Product Accounts
The annual revision of the national income and product accounts will be released along
with the "advance" estimate of GDP for the second quarter of 2015 on July 30. In addition to the
regular revision of the estimates for the most recent 3 years and for the first quarter of 2015,
some series will be revised back further. The June Survey of Current Business will contain an
article that previews the annual revision, and the August Survey will contain an article that
describes the results.
FOOTNOTE.________
NOTE. 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 (2009)
dollars. Price indexes are chain-type measures.
This news release is available on BEA's Web site (www.bea.gov) along with the Technical Note
(www.bea.gov/newsreleases/national/gdp/2015/tech1q15_adv.htm) and Highlights
(www.bea.gov/newsreleases/national/gdp/2015/pdf/gdp1q15_adv_fax.pdf)
related to this release. For information on revisions, see "The Revisions to GDP, GDI, and Their
Major Components" (www.bea.gov/scb/pdf/2014/08August/0814_revisions_to_gdp_gdi_and_their_major_components.pdf)
_________________
Real GDP decreased 0.7 percent in the first quarter of 2015, in contrast to an increase of
2.2 percent in the fourth quarter of 2014. The downturn in the percent change in real GDP primarily
reflected a deceleration in PCE and downturns in exports, in nonresidential fixed investment, and in
state and local government spending that were partly offset by a deceleration in imports and upturns
in federal government spending and in private inventory investment.
The price index for gross domestic purchases, which measures prices paid by U.S. residents,
decreased 1.6 percent in the first quarter, a downward revision of 0.1 percentage point from the advance
estimate; this index decreased 0.1 percent in the fourth quarter. Excluding food and energy prices, the
price index for gross domestic purchases increased 0.2 percent, compared with an increase of 0.7
percent.
Real personal consumption expenditures increased 1.8 percent in the first quarter, compared with
an increase of 4.4 percent in the fourth. Durable goods increased 1.1 percent, compared with an increase
of 6.2 percent. Nondurable goods increased 0.1 percent, compared with an increase of 4.1 percent.
Services increased 2.5 percent, compared with an increase of 4.3 percent.
Real nonresidential fixed investment decreased 2.8 percent in the first quarter, in contrast to an
increase of 4.7 percent in the fourth. Investment in nonresidential structures decreased 20.8 percent, in
contrast to an increase of 5.9 percent. Investment in equipment increased 2.7 percent, compared with an
increase of 0.6 percent. Investment in intellectual property products increased 3.6 percent, compared
with an increase of 10.3 percent. Real residential fixed investment increased 5.0 percent, compared with
an increase of 3.8 percent.
Real exports of goods and services decreased 7.6 percent in the first quarter, in contrast to an
increase of 4.5 percent in the fourth. Real imports of goods and services increased 5.6 percent,
compared with an increase of 10.4 percent.
Real federal government consumption expenditures and gross investment increased 0.1 percent
in the first quarter, in contrast to a decrease of 7.3 percent in the fourth. National defense decreased 1.0
percent, compared with a decrease of 12.2 percent. Nondefense increased 2.0 percent, compared with an
increase of 1.5 percent. Real state and local government consumption expenditures and gross
investment decreased 1.8 percent, in contrast to an increase of 1.6 percent.
The change in real private inventories added 0.33 percentage point to the first-quarter change in
real GDP after subtracting 0.10 percentage point from the fourth-quarter change. Private businesses
increased inventories $95.0 billion in the first quarter, following increases of $80.0 billion in the fourth
quarter and $82.2 billion in the third.
Real final sales of domestic product -- GDP less change in private inventories -- decreased 1.1
percent in the first quarter, in contrast to an increase of 2.3 percent in the fourth.
Gross domestic purchases
Real gross domestic purchases -- purchases by U.S. residents of goods and services wherever
produced -- increased 1.1 percent in the first quarter, compared with an increase of 3.2 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 -- decreased 1.4 percent in the first quarter, in contrast to an increase of 1.4
percent in the fourth. GNP includes, and GDP excludes, net receipts of income from the rest of the
world, which decreased $24.9 billion in the first quarter, compared with a decrease of $30.7 billion in
the fourth; in the first quarter, receipts decreased $22.4 billion, and payments increased $2.5 billion.
Current-dollar GDP
Current-dollar GDP -- the market value of the production of goods and services in the United
States -- decreased 0.9 percent, or $38.7 billion, in the first quarter to a level of $17,665.0 billion. In the
fourth quarter, current-dollar GDP increased 2.4 percent, or $103.9 billion.
Gross domestic income
Real gross domestic income (GDI), which measures the value of the production of goods and
services in the United States as the costs incurred and the incomes earned in production, increased 1.4
percent in the first quarter, compared with an increase of 3.7 percent (revised) in the fourth. For a given
quarter, the estimates of GDP and GDI may differ for a variety of reasons, including the incorporation of
largely independent source data. However, over longer time spans, the estimates of GDP and GDI tend
to follow similar patterns of change.
Revisions
The second estimate of the first-quarter percent change in real GDP is 0.9 percentage point, or
$40.7 billion, less than the advance estimate issued last month, primarily reflecting an upward revision
to imports and downward revisions to private inventory investment and to personal consumption
expenditures that were partly offset by an upward revision to residential fixed investment.
Advance Estimate Second Estimate
(Percent change from preceding quarter)
Real GDP............................... 0.2 -0.7
Current-dollar GDP..................... 0.1 -0.9
Real GDI............................... --- 1.4
Gross domestic purchases priceindex.... -1.5 -1.6
Corporate Profits
Profits from current production
Profits from current production (corporate profits with inventory valuation adjustment (IVA) and
capital consumption adjustment (CCAdj)) decreased $125.5 billion in the first quarter, compared with a
decrease of $30.4 billion in the fourth.
Profits of domestic financial corporations decreased $2.6 billion in the first quarter, compared
with a decrease of $12.5 billion in the fourth. Profits of domestic nonfinancial corporations decreased
$100.4 billion, in contrast to an increase of $18.1 billion. The rest-of-the-world component of profits
decreased $22.4 billion, compared with a decrease of $36.1 billion. This measure is calculated as the
difference between receipts from the rest of the world and payments to the rest of the world. In the first
quarter, receipts decreased $28.9 billion, and payments decreased $6.5 billion.
Taxes on corporate income increased $9.3 billion in the first quarter, in contrast to a decrease of
$4.8 billion in the fourth. Profits after tax with IVA and CCAdj decreased $134.6 billion, compared
with a decrease of $25.8 billion. The first-quarter changes in taxes on corporate income mainly reflect
the expiration of bonus depreciation provisions. For further explanation, see the box below.
Dividends increased $5.1 billion in the first quarter, compared with an increase of $18.6 billion
in the fourth. Undistributed profits decreased $139.7 billion, compared with a decrease of $44.3 billion.
Net cash flow with IVA -- the internal funds available to corporations for investment -- decreased
$132.1 billion, in contrast to an increase of $12.2 billion.
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. The IVA increased $29.4 billion, compared with an increase
of $27.5 billion. The CCAdj decreased $220.4 billion, in contrast to an increase of $3.9 billion. The
first-quarter changes in CCAdj mainly reflect the expiration of bonus depreciation provisions. For
further explanation, see the box below.
BOX._____________
Impacts of Bonus Depreciation on the First Quarter of 2015
The first-quarter changes in taxes on corporate income and in capital consumption adjustment
(CCAdj) mainly reflect the expiration of both the 50-percent bonus depreciation provision and increased
Section 179 expensing limits claimed under extensions of the 2010 tax acts. For detailed data, see the
table "Net Effects of the Tax Acts of 2002, 2003, 2008, 2009, 2010 (and extensions) on Selected
Measures of Corporate Profits" (www.bea.gov/national/xls/technote_tax_acts.xls).
BEA�s estimates of profits from current production are not affected by these tax acts because
profits from current production do not depend on the depreciation-accounting practices used for federal
income tax purposes. BEA�s measure of current-production profits reflects economic accounting
practices in which depreciation is based on an estimate of the reduction in the value of fixed capital used
in the production process. For a more detailed discussion on the effect of tax act provisions on the
CCAdj, see FAQ 1002, "How do the economic stimulus acts impact NIPA Corporate Profits?"
(www.bea.gov/faq/index.cfm?faq_id=1002)
_________________
Gross value added of nonfinancial domestic corporate business
Real gross value added of nonfinancial corporations increased 0.6 percent in the first quarter.
Profits per unit of real value added decreased, reflecting increases in unit labor and nonlabor costs and a
decrease in unit prices.
* * *
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 -- June 24, 2015 at 8:30 A.M. EDT for:
Gross Domestic Product: First Quarter 2015 (Third Estimate)
Corporate Profits: First Quarter 2015 (Revised Estimate)
Table 1. Real Gross Domestic Product and Related Measures: Percent Change From Preceding Period
[Quarters seasonally adjusted at annual rates]
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
2012 2013 2014r II 11 III 11 IV 11 I 12 II 12 III 12 IV 12 I 13 II 13 III 13 IV 13 I 14 II 14 III 14 IV 14r I 15r
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
Gross domestic product (GDP). 2.3 2.2 2.4 2.9 .8 4.6 2.3 1.6 2.5 .1 2.7 1.8 4.5 3.5 -2.1 4.6 5.0 2.2 -.7
Personal consumption expenditures... 1.8 2.4 2.5 .8 1.8 1.4 2.8 1.3 1.9 1.9 3.6 1.8 2.0 3.7 1.2 2.5 3.2 4.4 1.8
Goods............................. 2.8 3.4 3.4 -.8 .9 3.9 4.7 1.3 3.2 2.9 5.9 1.3 3.5 3.7 1.0 5.9 4.7 4.8 .5
Durable goods................... 7.3 6.7 6.9 -2.6 5.2 12.0 10.7 2.3 8.0 9.1 8.5 4.5 4.9 5.7 3.2 14.1 9.2 6.2 1.1
Nondurable goods................ .7 1.9 1.8 .1 -1.0 .5 2.0 .8 1.1 .1 4.8 -.2 2.8 2.7 .0 2.2 2.5 4.1 .1
Services.......................... 1.3 1.9 2.1 1.6 2.2 .1 1.8 1.3 1.3 1.4 2.4 2.0 1.3 3.7 1.3 .9 2.5 4.3 2.5
Gross private domestic investment... 9.2 4.9 5.8 16.4 1.1 32.1 6.9 5.8 1.6 -5.3 7.6 6.9 16.8 3.8 -6.9 19.1 7.2 3.7 .7
Fixed investment.................. 8.3 4.7 5.3 8.2 17.3 9.9 9.1 4.4 3.1 6.6 2.7 4.9 6.6 6.3 .2 9.5 7.7 4.5 -1.3
Nonresidential.................. 7.2 3.0 6.3 8.8 19.4 9.5 5.8 4.4 .8 3.6 1.5 1.6 5.5 10.4 1.6 9.7 8.9 4.7 -2.8
Structures.................... 13.1 -.5 8.2 30.6 25.6 13.8 18.7 10.5 -1.4 -6.7 -11.5 7.3 11.2 12.8 2.9 12.6 4.8 5.9 -20.8
Equipment..................... 6.8 4.6 6.4 4.4 27.7 9.4 3.6 1.0 .7 8.1 4.8 1.5 4.7 14.1 -1.0 11.2 11.0 .6 2.7
Intellectual property products 3.9 3.4 4.8 3.2 5.1 6.8 .7 5.1 2.6 5.1 6.5 -2.0 2.8 3.6 4.6 5.5 8.8 10.3 3.6
Residential..................... 13.5 11.9 1.6 5.4 8.1 11.7 25.5 4.3 14.1 20.4 7.8 19.0 11.2 -8.5 -5.3 8.8 3.2 3.8 5.0
Change in private inventories..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... .....
Net exports of goods and services... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... .....
Exports........................... 3.3 3.0 3.2 6.2 4.3 4.1 1.3 4.8 2.1 1.5 -.8 6.3 5.1 10.0 -9.2 11.1 4.5 4.5 -7.6
Goods........................... 3.7 2.8 4.0 5.0 3.4 8.1 1.5 5.3 2.0 -3.1 -.9 8.3 5.7 13.6 -11.9 14.3 7.5 2.4 -14.0
Services........................ 2.4 3.6 1.4 9.3 6.2 -4.7 .9 3.7 2.3 12.7 -.8 2.0 3.6 2.3 -2.8 4.0 -1.9 9.2 7.4
Imports........................... 2.3 1.1 4.0 3.0 3.3 4.5 1.7 4.0 -.6 -3.5 -.3 8.5 .6 1.3 2.2 11.3 -.9 10.4 5.6
Goods........................... 2.1 .9 4.1 .8 2.2 5.5 2.0 4.0 -1.1 -4.8 .5 8.5 .1 .9 2.5 12.5 -1.3 10.4 5.1
Services........................ 3.4 2.2 3.6 15.3 8.7 .0 .8 4.0 2.4 3.4 -4.1 8.5 2.8 3.5 1.0 5.6 1.0 10.0 7.6
Government consumption expenditures
and gross investment............... -1.4 -2.0 -.2 -.4 -2.5 -1.6 -2.7 -.4 2.7 -6.0 -3.9 .2 .2 -3.8 -.8 1.7 4.4 -1.9 -1.1
Federal........................... -1.8 -5.7 -1.9 1.6 -4.0 -2.6 -3.0 -.9 7.5 -13.0 -9.9 -3.5 -1.2 -10.4 -.1 -.9 9.9 -7.3 .1
National defense................ -3.3 -6.6 -2.1 6.7 1.9 -9.5 -7.4 -1.3 11.9 -20.1 -10.9 -2.1 .4 -11.4 -4.0 .9 16.0 -12.2 -1.0
Nondefense...................... 1.0 -4.1 -1.5 -6.9 -14.0 11.4 5.3 -.4 .4 .6 -8.2 -5.8 -3.9 -8.6 6.6 -3.8 .4 1.5 2.0
State and local................... -1.2 .5 1.0 -1.8 -1.4 -.8 -2.6 .0 -.6 -.8 .3 2.7 1.1 .6 -1.3 3.4 1.1 1.6 -1.8
Addenda:
Final sales of domestic product... 2.2 2.2 2.3 1.9 3.0 1.8 2.5 1.4 2.7 1.9 2.0 1.5 3.0 3.9 -1.0 3.2 5.0 2.3 -1.1
Gross domestic purchases.......... 2.2 1.9 2.5 2.5 .8 4.6 2.3 1.6 2.0 -.7 2.7 2.2 3.8 2.3 -.4 4.8 4.1 3.2 1.1
Final sales to domestic
purchasers....................... 2.1 1.9 2.5 1.5 2.9 1.9 2.5 1.4 2.2 1.0 2.0 1.9 2.3 2.7 .7 3.4 4.1 3.3 .8
Gross domestic income (GDI)\1\.... 3.4 2.2 2.2 1.9 2.6 3.3 7.2 .6 1.3 4.2 1.4 2.7 1.9 1.8 -.8 4.0 5.2 3.7 1.4
Gross national product (GNP)...... 2.1 2.2 2.3 2.9 1.4 4.9 1.3 1.4 2.1 .3 2.3 1.9 4.8 3.7 -2.8 4.6 5.3 1.4 -1.4
Disposable personal income........ 3.0 -.2 2.5 -.6 2.1 .2 6.8 2.3 -.4 11.8 -12.6 3.8 2.0 .2 3.4 3.1 2.4 4.1 5.3
Current-dollar measures:
GDP............................. 4.2 3.7 3.9 6.0 3.3 5.2 4.4 3.5 4.4 1.6 4.2 2.9 6.2 5.0 -.8 6.8 6.4 2.4 -.9
Final sales of domestic product. 4.0 3.7 3.9 5.0 5.4 2.3 4.7 3.2 4.9 3.2 3.4 2.7 4.7 5.5 .4 5.4 6.6 2.4 -1.2
Gross domestic purchases........ 3.9 3.3 3.9 6.4 2.8 5.7 4.7 2.7 3.1 1.2 4.1 2.9 5.5 3.7 .9 6.9 5.5 3.0 -.5
Final sales to domestic
purchasers..................... 3.8 3.2 3.9 5.4 4.8 2.9 5.0 2.5 3.5 2.8 3.3 2.7 4.1 4.2 2.1 5.5 5.6 3.1 -.8
GDI............................. 5.2 3.7 3.7 4.9 5.1 3.9 9.5 2.5 3.2 5.7 2.9 3.8 3.6 3.3 .6 6.2 6.7 3.9 1.3
GNP............................. 4.0 3.7 3.8 6.0 3.9 5.5 3.5 3.2 4.0 1.8 3.8 3.0 6.5 5.2 -1.5 6.8 6.7 1.5 -1.5
Disposable personal income...... 4.9 1.0 3.9 3.5 4.3 1.6 9.1 3.7 .9 13.8 -11.7 4.3 3.7 1.2 4.8 5.5 3.6 3.7 3.2
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
r Revised. Revisions include changes to series affected by the
incorporation of revised wage and salary estimates for the fourth
quarter of 2014.
1. Gross domestic income deflated by the implicit
price deflator for gross domestic product.
See "Explanatory Note" at the end of the tables.
Table 2. Contributions to Percent Change in Real Gross Domestic Product
[Quarters seasonally adjusted at annual rates]
--------------------------------------------------------------------------------------------------------------------------------------------------------------------------
2012 2013 2014 II 11 III 11 IV 11 I 12 II 12 III 12 IV 12 I 13 II 13 III 13 IV 13 I 14 II 14 III 14 IV 14 I 15r
--------------------------------------------------------------------------------------------------------------------------------------------------------------------------
Percent change at annual rate:
Gross domestic product........... 2.3 2.2 2.4 2.9 .8 4.6 2.3 1.6 2.5 .1 2.7 1.8 4.5 3.5 -2.1 4.6 5.0 2.2 -.7
Percentage points at annual rates:
Personal consumption expenditures.... 1.25 1.64 1.73 .57 1.20 .94 1.87 .86 1.32 1.32 2.45 1.23 1.39 2.51 .83 1.75 2.21 2.98 1.23
Goods.............................. .64 .78 .78 -.18 .20 .90 1.06 .29 .74 .67 1.35 .30 .80 .83 .23 1.33 1.06 1.07 .10
Durable goods.................... .52 .49 .50 -.19 .36 .83 .75 .16 .57 .64 .61 .33 .36 .42 .23 .99 .67 .45 .08
Motor vehicles and parts....... .17 .12 .19 -.52 .03 .50 .23 .01 .21 .26 .14 .00 .04 .13 .13 .45 .28 .10 -.10
Furnishings and durable
household equipment........... .07 .10 .10 .10 .07 .14 .13 -.07 .04 .09 .14 .09 .16 .07 .01 .20 .10 .11 .08
Recreational goods and
vehicles...................... .22 .20 .17 .16 .20 .23 .29 .15 .21 .20 .24 .20 .17 .12 .07 .26 .31 .19 .07
Other durable goods............ .06 .07 .04 .07 .07 -.05 .10 .08 .10 .09 .09 .04 -.01 .10 .01 .08 -.01 .06 .03
Nondurable goods................. .12 .29 .28 .01 -.17 .08 .31 .13 .17 .02 .74 -.03 .43 .41 .00 .34 .39 .61 .02
Food and beverages purchased
for off-premises consumption.. .04 .05 .00 -.01 -.09 -.05 .15 .09 .06 .04 .14 -.14 .11 .13 -.05 -.07 .00 -.02 -.07
Clothing and footwear.......... .02 .02 .02 .08 -.14 .07 .13 -.15 .12 -.05 .11 .04 -.08 .05 -.08 .12 .03 .19 -.05
Gasoline and other energy
goods......................... -.05 .02 .02 -.27 -.02 -.05 -.16 .16 -.03 -.16 .15 .00 .09 .00 .05 -.08 .02 .19 .08
Other nondurable goods......... .11 .20 .24 .21 .07 .11 .19 .03 .02 .20 .34 .08 .31 .23 .08 .37 .34 .25 .05
Services........................... .61 .86 .94 .75 1.00 .04 .81 .57 .58 .65 1.11 .93 .59 1.69 .60 .42 1.15 1.91 1.13
Household consumption
expenditures (for services)..... .52 .78 .87 .73 .83 .15 .74 .32 .54 .38 1.21 .90 .48 1.50 .61 .35 1.00 1.98 1.32
Housing and utilities.......... .08 .16 .10 .16 .34 -.14 -.20 .46 .24 -.22 .62 -.01 -.18 .24 .68 -.42 -.22 .24 .57
Health care.................... .37 .24 .32 .22 -.03 .51 .70 .13 .40 .13 .04 .40 .30 .48 -.16 .45 .52 .88 .60
Transportation services........ .04 .05 .05 .09 .07 .02 .01 .04 .06 .01 .10 .05 .02 .06 .04 .07 .05 .07 .07
Recreation services............ .04 .06 .00 .16 .06 .01 .06 .02 .02 .04 .16 .00 .09 .02 -.05 -.05 .02 .09 .01
Food services and
accommodations................ .11 .09 .13 .03 .09 .08 .18 .06 .10 .18 .13 -.04 .01 .30 -.05 .22 .21 .30 .09
Financial services and
insurance..................... -.23 .10 .20 -.03 .17 -.30 -.34 -.33 -.39 .09 .25 .33 .11 .28 .14 .14 .35 .17 .07
Other services................. .11 .07 .06 .10 .13 -.01 .33 -.06 .11 .15 -.09 .17 .13 .12 .02 -.07 .06 .23 -.09
Final consumption expenditures
of nonprofit institutions
serving households.............. .09 .07 .08 .02 .18 -.12 .08 .25 .04 .27 -.10 .03 .12 .19 -.01 .07 .15 -.07 -.20
Gross output of nonprofit
institutions.................. .23 .13 .20 .08 -.04 .27 .45 .08 .37 .05 -.11 .27 .14 .51 -.31 .34 .38 .57 .12
Less: Receipts from sales of
goods and services by
nonprofit institutions........ .14 .06 .12 .05 -.21 .38 .37 -.16 .32 -.21 -.01 .24 .03 .33 -.30 .27 .23 .64 .32
Gross private domestic investment.... 1.33 .76 .92 2.14 .15 4.16 1.04 .88 .26 -.84 1.12 1.03 2.50 .62 -1.13 2.87 1.18 .61 .12
Fixed investment................... 1.17 .70 .83 1.10 2.25 1.36 1.24 .61 .45 .96 .42 .74 1.01 .95 .03 1.45 1.21 .72 -.21
Nonresidential................... .84 .37 .78 .97 2.06 1.08 .66 .50 .09 .44 .20 .21 .67 1.23 .20 1.18 1.10 .60 -.37
Structures..................... .32 -.01 .23 .63 .56 .34 .46 .27 -.04 -.19 -.33 .19 .29 .34 .08 .35 .14 .17 -.67
Equipment...................... .37 .26 .36 .22 1.31 .49 .17 .03 .03 .44 .28 .09 .27 .76 -.06 .63 .63 .04 .16
Information processing
equipment................... .06 .05 .05 .17 .05 -.04 .18 -.09 -.13 .25 .03 .09 .08 -.07 -.13 .40 -.12 .31 -.18
Computers and peripheral
equipment................. .02 .00 -.01 .16 .08 -.05 .09 -.03 -.13 .18 -.06 -.06 .03 .11 -.22 .10 .05 -.01 -.16
Other...................... .03 .05 .06 .01 -.03 .01 .09 -.06 -.01 .07 .09 .15 .05 -.18 .09 .30 -.16 .31 -.02
Industrial equipment......... .05 .05 .16 .06 .38 .29 -.26 .03 -.01 .07 .03 .00 .20 .02 .17 .32 .35 -.24 .01
Transportation equipment..... .21 .08 .16 -.03 .52 .49 .22 .08 -.15 .09 .08 .12 .05 .45 .00 .04 .45 -.07 .22
Other equipment.............. .05 .07 .00 .02 .36 -.25 .03 .01 .32 .03 .15 -.12 -.07 .36 -.09 -.14 -.05 .04 .11
Intellectual property
products...................... .15 .13 .19 .12 .19 .26 .03 .19 .10 .19 .24 -.08 .11 .14 .18 .21 .34 .39 .14
Software..................... .10 .05 .06 .16 .17 .15 .03 .11 .04 .06 .16 -.15 .12 .07 .03 .07 .15 .09 .13
Research and development..... .03 .06 .11 -.02 .00 .07 -.02 .06 .05 .11 .07 .06 -.01 .06 .14 .13 .17 .28 .02
Entertainment, literary,
and artistic originals...... .02 .01 .01 -.02 .01 .03 .02 .02 .01 .02 .01 .01 -.01 .01 .01 .01 .01 .02 -.01
Residential...................... .33 .33 .05 .13 .19 .28 .59 .11 .36 .52 .22 .53 .34 -.28 -.17 .27 .10 .12 .16
Change in private inventories...... .15 .06 .09 1.04 -2.10 2.80 -.20 .27 -.19 -1.80 .70 .30 1.49 -.34 -1.16 1.42 -.03 -.10 .33
Farm............................. -.07 .13 .01 -.02 .08 .05 -.06 -.14 -.29 .14 .36 .10 .17 .01 -.23 .11 .13 -.03 -.04
Nonfarm.......................... .22 -.07 .08 1.06 -2.18 2.75 -.15 .41 .10 -1.95 .35 .19 1.32 -.35 -.93 1.31 -.16 -.08 .36
Net exports of goods and services.... .04 .22 -.22 .31 .01 -.21 -.11 -.04 .39 .79 -.08 -.54 .59 1.08 -1.66 -.34 .78 -1.03 -1.90
Exports............................ .44 .41 .43 .82 .57 .56 .19 .64 .28 .19 -.12 .82 .67 1.30 -1.30 1.43 .61 .59 -1.03
Goods............................ .34 .26 .37 .45 .32 .76 .15 .49 .19 -.30 -.09 .74 .52 1.20 -1.18 1.26 .69 .22 -1.32
Services......................... .10 .15 .06 .37 .25 -.20 .03 .15 .09 .50 -.03 .09 .15 .10 -.12 .17 -.08 .37 .30
Imports............................ -.40 -.19 -.65 -.51 -.56 -.76 -.29 -.68 .10 .59 .04 -1.36 -.09 -.22 -.36 -1.77 .16 -1.62 -.87
Goods............................ -.30 -.13 -.55 -.11 -.32 -.76 -.27 -.57 .17 .68 -.08 -1.13 -.01 -.12 -.33 -1.62 .19 -1.35 -.67
Services......................... -.10 -.06 -.10 -.40 -.24 .00 -.02 -.11 -.07 -.09 .12 -.23 -.08 -.09 -.03 -.15 -.03 -.27 -.21
Government consumption expenditures
and gross investment................ -.30 -.39 -.03 -.08 -.52 -.31 -.56 -.08 .52 -1.20 -.75 .04 .04 -.71 -.15 .31 .80 -.35 -.20
Federal............................ -.15 -.45 -.14 .14 -.35 -.21 -.25 -.08 .59 -1.10 -.79 -.26 -.08 -.79 -.01 -.06 .68 -.53 .01
National defense................. -.18 -.33 -.10 .36 .11 -.53 -.40 -.06 .58 -1.12 -.55 -.09 .03 -.55 -.18 .04 .66 -.57 -.04
Consumption expenditures....... -.12 -.24 -.02 .28 .16 -.53 -.18 -.14 .62 -.97 -.35 -.05 .02 -.48 .12 -.07 .69 -.59 .01
Gross investment............... -.06 -.09 -.07 .08 -.06 .00 -.22 .08 -.04 -.15 -.20 -.05 .00 -.06 -.30 .11 -.03 .03 -.05
Nondefense....................... .03 -.12 -.04 -.22 -.45 .32 .15 -.01 .01 .02 -.24 -.17 -.11 -.24 .17 -.10 .01 .04 .05
Consumption expenditures....... .05 -.08 -.01 -.18 -.42 .35 .16 -.01 .03 .03 -.17 -.12 -.08 -.20 .21 -.08 .02 .01 .05
Gross investment............... -.02 -.04 -.03 -.04 -.03 -.03 .00 -.01 -.02 -.01 -.07 -.04 -.03 -.04 -.04 -.03 -.01 .03 .00
State and local.................... -.15 .06 .11 -.22 -.17 -.10 -.31 .00 -.07 -.10 .04 .31 .13 .07 -.14 .38 .13 .18 -.21
Consumption expenditures......... -.02 .12 .10 -.11 -.10 -.05 -.08 .03 .11 .07 .16 .15 .12 .09 .08 .11 .08 .10 .07
Gross investment................. -.12 -.06 .01 -.11 -.07 -.05 -.23 -.04 -.18 -.17 -.12 .15 .00 -.02 -.22 .26 .04 .08 -.27
--------------------------------------------------------------------------------------------------------------------------------------------------------------------------
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 (2009) dollars
------------------------------------------------------ -------------------------------------------------------------------------------
Seasonally adjusted Seasonally adjusted Change from preceding
at annual rates at annual rates period
-------------------------------------------- -------------------------------------------- -------------------------
2014r I 14 II 14 III 14 IV 14r I 15r 2014r I 14 II 14 III 14 IV 14r I 15r 2014r IV 14r I 15r
----------------------------------------------------------------------------------------------------------------------------------------------------------------------------
Gross domestic product.......... 17,418.9 17,044.0 17,328.2 17,599.8 17,703.7 17,665.0 16,085.6 15,831.7 16,010.4 16,205.6 16,294.7 16,264.1 375.3 89.1 -30.6
Personal consumption expenditures.... 11,930.3 11,728.5 11,870.7 12,002.0 12,120.2 12,112.7 10,969.0 10,844.3 10,912.6 10,999.5 11,119.6 11,169.6 269.3 120.1 50.0
Goods.............................. 3,968.7 3,890.6 3,964.5 4,011.5 4,008.0 3,922.8 3,750.9 3,678.3 3,731.6 3,774.5 3,819.0 3,823.3 124.9 44.5 4.3
Durable goods.................... 1,302.5 1,262.3 1,298.4 1,320.2 1,329.0 1,324.1 1,410.0 1,355.0 1,400.4 1,431.5 1,453.3 1,457.4 91.0 21.8 4.1
Motor vehicles and parts....... 447.8 426.9 446.2 457.7 460.7 456.1 405.0 385.7 402.9 413.7 417.6 413.5 29.0 3.9 -4.1
Furnishings and durable
household equipment........... 287.5 281.7 287.0 289.4 292.1 293.7 323.6 312.7 322.3 327.1 332.5 336.7 18.5 5.4 4.2
Recreational goods and
vehicles...................... 361.6 350.6 359.4 366.9 369.6 367.7 491.2 468.3 483.1 501.0 512.4 517.0 39.2 11.4 4.6
Other durable goods............ 205.5 203.1 205.9 206.2 206.7 206.7 200.9 198.1 201.5 200.8 203.4 204.6 6.5 2.6 1.2
Nondurable goods................. 2,666.2 2,628.4 2,666.1 2,691.3 2,679.0 2,598.7 2,364.8 2,341.9 2,354.6 2,369.4 2,393.4 2,394.1 42.2 24.0 .7
Food and beverages purchased
for off-premises consumption.. 888.6 879.4 886.0 892.6 896.6 893.2 809.6 811.9 809.2 809.0 808.3 805.7 .2 -.7 -2.6
Clothing and footwear.......... 365.4 357.8 365.0 367.3 371.6 368.8 344.2 338.3 342.9 343.9 351.8 349.8 3.0 7.9 -2.0
Gasoline and other energy
goods......................... 398.3 407.1 410.1 406.3 369.5 290.8 274.5 274.4 272.1 272.7 278.7 281.7 2.8 6.0 3.0
Other nondurable goods......... 1,013.9 984.0 1,005.0 1,025.1 1,041.3 1,045.9 947.5 926.8 941.7 955.6 965.9 968.0 37.6 10.3 2.1
Services........................... 7,961.7 7,837.8 7,906.2 7,990.4 8,112.3 8,189.9 7,218.6 7,165.4 7,181.4 7,225.9 7,301.7 7,346.5 145.5 75.8 44.8
Household consumption
expenditures (for services)..... 7,633.7 7,518.4 7,581.9 7,658.2 7,776.2 7,858.3 6,905.9 6,857.1 6,870.3 6,908.9 6,987.2 7,039.7 133.4 78.3 52.5
Housing and utilities.......... 2,166.0 2,160.3 2,157.7 2,160.9 2,184.9 2,223.9 1,981.7 1,996.0 1,979.5 1,970.9 1,980.5 2,003.4 16.0 9.6 22.9
Health care.................... 1,997.2 1,951.7 1,979.3 2,008.9 2,048.8 2,071.1 1,830.7 1,798.4 1,815.9 1,836.6 1,871.9 1,896.1 49.6 35.3 24.2
Transportation services........ 344.9 339.2 343.6 346.5 350.4 351.7 315.2 311.4 314.3 316.3 318.9 321.7 7.6 2.6 2.8
Recreation services............ 444.6 442.7 442.9 444.5 448.3 450.6 406.1 406.2 404.4 405.1 408.7 408.9 .4 3.6 .2
Food services and
accommodations................ 755.5 730.8 747.7 761.5 781.9 792.0 674.9 661.5 670.1 678.2 689.8 693.4 19.5 11.6 3.6
Financial services and
insurance..................... 885.1 861.0 875.5 895.8 908.3 915.5 758.0 746.2 751.2 764.1 770.6 773.1 29.5 6.5 2.5
Other services................. 1,040.4 1,032.8 1,035.1 1,040.2 1,053.5 1,053.6 938.6 937.3 934.5 936.7 946.0 942.6 9.7 9.3 -3.4
Final consumption expenditures
of nonprofit institutions
serving households.............. 328.0 319.4 324.3 332.2 336.1 331.6 313.7 309.1 312.1 318.3 315.5 307.3 12.5 -2.8 -8.2
Gross output of nonprofit
institutions.................. 1,302.5 1,267.3 1,289.2 1,310.8 1,342.8 1,355.5 1,182.4 1,159.4 1,172.7 1,187.4 1,210.2 1,215.0 31.0 22.8 4.8
Less: Receipts from sales of
goods and services by
nonprofit institutions........ 974.5 947.9 964.9 978.5 1,006.7 1,023.9 869.6 851.3 861.6 870.3 895.4 907.8 18.8 25.1 12.4
Gross private domestic investment.... 2,851.6 2,714.4 2,843.6 2,905.1 2,943.3 2,947.2 2,704.7 2,588.2 2,703.7 2,750.8 2,776.1 2,781.0 148.5 25.3 4.9
Fixed investment................... 2,769.6 2,674.3 2,743.4 2,810.6 2,850.0 2,841.5 2,611.7 2,536.1 2,594.5 2,643.3 2,672.8 2,664.2 132.5 29.5 -8.6
Nonresidential................... 2,210.5 2,134.6 2,191.2 2,244.3 2,272.0 2,256.8 2,116.4 2,051.5 2,099.6 2,144.8 2,169.8 2,154.3 125.8 25.0 -15.5
Structures..................... 506.9 487.9 504.4 513.3 522.1 491.6 456.2 441.9 455.2 460.6 467.2 440.8 34.5 6.6 -26.4
Equipment...................... 1,017.3 979.5 1,008.6 1,038.2 1,042.9 1,053.3 1,008.2 974.8 1,001.1 1,027.6 1,029.2 1,036.1 61.0 1.6 6.9
Information processing
equipment................... 294.1 280.3 297.9 292.5 305.8 299.0 312.5 298.1 316.2 310.6 325.0 316.3 8.5 14.4 -8.7
Computers and peripheral
equipment................. 75.7 71.4 75.9 77.9 77.6 70.4 ..... ..... ..... ..... ..... ..... ..... ..... .....
Other...................... 218.4 209.0 221.9 214.6 228.2 228.6 227.3 217.6 230.8 223.3 237.6 236.6 10.3 14.3 -1.0
Industrial equipment......... 238.6 222.7 237.2 252.6 242.0 242.2 223.3 209.0 222.0 235.9 226.2 226.6 25.6 -9.7 .4
Transportation equipment..... 257.6 245.3 247.8 269.0 268.1 278.5 258.1 247.8 249.6 269.1 265.8 275.7 27.0 -3.3 9.9
Other equipment.............. 227.0 231.1 225.8 224.1 227.0 233.7 218.4 223.6 217.6 215.4 217.1 221.7 -.6 1.7 4.6
Intellectual property products. 686.3 667.2 678.2 692.7 706.9 712.0 654.2 636.8 645.4 659.2 675.5 681.5 30.1 16.3 6.0
Software..................... 304.9 298.9 302.4 308.6 309.6 313.8 306.6 300.0 303.2 309.7 313.5 319.3 10.7 3.8 5.8
Research and development..... 301.2 289.1 295.9 303.6 316.2 316.8 268.0 258.2 263.2 269.9 280.8 281.6 17.3 10.9 .8
Entertainment, literary,
and artistic originals...... 80.2 79.3 79.9 80.5 81.1 81.4 79.6 78.8 79.1 79.6 80.6 80.2 1.6 1.0 -.4
Residential...................... 559.1 539.7 552.2 566.4 578.0 584.7 496.2 485.3 495.6 499.6 504.3 510.4 7.8 4.7 6.1
Change in private inventories...... 82.0 40.1 100.3 94.5 93.3 105.8 70.6 35.2 84.8 82.2 80.0 95.0 7.1 -2.2 15.0
Farm............................. 7.9 3.1 8.4 11.1 9.1 6.9 5.5 2.2 4.8 8.3 6.8 5.5 -2.1 -1.5 -1.3
Nonfarm.......................... 74.1 37.0 91.8 83.4 84.3 98.9 65.2 33.3 80.7 73.7 73.3 90.3 10.0 -.4 17.0
Net exports of goods and services.... -538.2 -538.0 -549.2 -516.5 -549.2 -563.1 -452.6 -447.2 -460.4 -431.4 -471.4 -548.4 -32.2 -40.0 -77.0
Exports............................ 2,337.0 2,284.7 2,344.3 2,366.5 2,352.3 2,247.4 2,084.7 2,026.9 2,080.7 2,104.0 2,127.1 2,085.5 64.9 23.1 -41.6
Goods............................ 1,614.7 1,575.3 1,623.3 1,645.0 1,615.3 1,503.7 1,438.9 1,388.1 1,435.4 1,461.6 1,470.4 1,416.2 56.0 8.8 -54.2
Services......................... 722.2 709.5 721.1 721.4 737.0 743.7 645.2 638.4 644.7 641.6 656.0 667.7 8.6 14.4 11.7
Imports............................ 2,875.2 2,822.7 2,893.5 2,883.0 2,901.5 2,810.5 2,537.3 2,474.1 2,541.1 2,535.3 2,598.5 2,633.9 97.0 63.2 35.4
Goods............................ 2,385.5 2,341.5 2,405.6 2,393.7 2,401.1 2,306.2 2,072.4 2,017.7 2,077.8 2,071.0 2,123.0 2,149.7 80.9 52.0 26.7
Services......................... 489.7 481.2 487.9 489.3 500.4 504.3 464.4 456.3 462.5 463.7 474.9 483.7 16.0 11.2 8.8
Government consumption expenditures
and gross investment................ 3,175.2 3,139.1 3,163.1 3,209.3 3,189.3 3,168.1 2,889.7 2,868.5 2,880.6 2,911.9 2,897.9 2,890.0 -4.8 -14.0 -7.9
Federal............................ 1,219.2 1,208.1 1,210.5 1,241.3 1,216.7 1,216.5 1,123.5 1,117.4 1,114.9 1,141.6 1,120.1 1,120.5 -21.8 -21.5 .4
National defense................. 761.5 749.9 754.6 784.0 757.5 754.3 702.4 693.9 695.4 721.7 698.7 696.9 -15.3 -23.0 -1.8
Consumption expenditures....... 618.9 610.5 610.4 641.1 613.6 612.8 567.8 562.3 559.5 586.7 562.8 563.3 -4.0 -23.9 .5
Gross investment............... 142.6 139.4 144.2 142.9 143.9 141.5 134.1 131.1 135.5 134.4 135.5 133.2 -11.6 1.1 -2.3
Nondefense....................... 457.6 458.2 455.9 457.3 459.2 462.2 421.0 423.4 419.4 419.8 421.3 423.5 -6.5 1.5 2.2
Consumption expenditures....... 346.3 346.7 345.1 346.6 347.0 349.9 315.8 317.7 314.7 315.4 315.6 317.6 -2.4 .2 2.0
Gross investment............... 111.3 111.6 110.8 110.7 112.2 112.3 105.0 105.5 104.5 104.2 105.6 105.7 -4.3 1.4 .1
State and local.................... 1,956.1 1,931.0 1,952.6 1,968.0 1,972.6 1,951.6 1,765.2 1,750.2 1,764.7 1,769.5 1,776.6 1,768.4 16.8 7.1 -8.2
Consumption expenditures......... 1,620.4 1,607.4 1,616.6 1,628.5 1,629.1 1,620.2 1,459.9 1,454.1 1,458.4 1,461.7 1,465.5 1,468.2 15.2 3.8 2.7
Gross investment................. 335.7 323.6 336.1 339.4 343.6 331.3 304.4 295.2 305.4 307.0 310.2 299.4 1.6 3.2 -10.8
Residual............................. ..... ..... ..... ..... ..... ..... -52.2 -45.6 -50.7 -53.1 -60.6 -64.5 ..... ..... .....
Addenda:
Final sales of domestic product.... 17,336.9 17,003.9 17,228.0 17,505.3 17,610.3 17,559.2 15,996.9 15,782.6 15,905.9 16,102.8 16,196.2 16,152.4 360.2 93.4 -43.8
Gross domestic purchases........... 17,957.2 17,582.0 17,877.5 18,116.3 18,252.9 18,228.1 16,539.9 16,280.4 16,473.2 16,637.7 16,768.3 16,815.1 408.9 130.6 46.8
Final sales to domestic
purchasers........................ 17,875.1 17,541.8 17,777.2 18,021.8 18,159.5 18,122.3 16,451.6 16,231.7 16,369.1 16,535.4 16,670.3 16,703.8 393.7 134.9 33.5
Gross domestic product............. 17,418.9 17,044.0 17,328.2 17,599.8 17,703.7 17,665.0 16,085.6 15,831.7 16,010.4 16,205.6 16,294.7 16,264.1 375.3 89.1 -30.6
Plus: Income receipts from
the rest of the world............. 827.7 822.6 828.5 847.2 812.4 782.7 695.0 694.2 695.9 709.1 680.8 658.4 5.0 -28.3 -22.4
Less: Income payments to
the rest of the world............. 616.0 611.6 615.0 617.3 619.9 620.6 516.5 515.6 516.0 516.0 518.3 520.8 17.6 2.3 2.5
Equals: Gross national product..... 17,630.6 17,255.0 17,541.7 17,829.6 17,896.2 17,827.1 16,263.4 16,009.8 16,189.8 16,399.3 16,454.7 16,396.9 361.0 55.4 -57.8
Net domestic product............... 14,682.7 14,345.3 14,606.0 14,849.3 14,930.3 14,871.4 13,523.0 13,291.4 13,456.2 13,635.6 13,708.8 13,663.1 319.8 73.2 -45.7
Gross domestic income\1\........... 17,601.0 17,221.5 17,481.7 17,765.5 17,935.2 17,993.3 16,253.7 15,996.4 16,152.2 16,358.2 16,507.8 16,566.5 344.9 149.6 58.7
----------------------------------------------------------------------------------------------------------------------------------------------------------------------------
r Revised. Revisions include changes to series affected by the
incorporation of revised wage and salary estimates for the fourth
quarter of 2014.
1. 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 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]
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
2012 2013 2014 II 11 III 11 IV 11 I 12 II 12 III 12 IV 12 I 13 II 13 III 13 IV 13 I 14 II 14 III 14 IV 14 I 15r
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
Gross domestic product (GDP). 1.8 1.5 1.5 3.0 2.3 .6 2.1 1.8 2.1 1.3 1.3 1.2 1.7 1.5 1.3 2.1 1.4 .1 -.1
Personal consumption expenditures... 1.8 1.2 1.3 4.1 2.1 1.4 2.1 1.3 1.3 1.8 1.0 .5 1.7 1.0 1.4 2.3 1.2 -.4 -2.0
Goods............................. 1.2 -.5 -.4 7.1 2.0 .3 1.8 -.4 .5 1.0 -1.2 -2.4 1.2 -1.4 -.6 1.8 .1 -4.9 -8.6
Durable goods................... -1.3 -1.8 -2.5 1.6 -.9 -2.1 -.8 -1.5 -2.3 -1.8 -1.0 -1.9 -2.5 -2.6 -2.8 -1.9 -2.1 -3.3 -2.6
Nondurable goods................ 2.4 .2 .6 9.6 3.3 1.4 3.1 .1 1.9 2.4 -1.3 -2.7 3.0 -.9 .6 3.6 1.3 -5.7 -11.6
Services.......................... 2.1 2.1 2.2 2.6 2.2 1.9 2.3 2.2 1.7 2.2 2.2 2.0 1.9 2.3 2.3 2.6 1.8 1.9 1.4
Gross private domestic investment... 1.4 1.8 1.9 1.8 1.1 .9 1.7 1.3 1.5 1.2 1.8 2.3 2.1 2.2 2.4 1.0 1.9 1.5 .1
Fixed investment.................. 1.4 1.8 2.1 2.0 1.1 1.0 1.9 1.3 1.5 1.2 1.9 2.4 2.0 2.6 2.8 1.1 2.3 1.1 .1
Nonresidential.................. 1.5 1.1 1.2 2.2 1.3 1.2 2.5 1.2 1.1 .5 .9 1.7 1.2 1.3 1.4 1.2 1.1 .3 .2
Structures.................... 3.5 2.8 2.5 5.1 4.2 4.7 3.5 3.9 1.1 1.4 2.8 5.1 2.2 3.9 2.3 1.4 2.4 1.1 -.8
Equipment..................... 1.0 .4 .6 1.4 .4 .9 1.6 .0 1.2 1.6 -.3 .1 .4 -.2 .8 1.1 1.1 1.2 1.3
Intellectual property
products..................... 1.0 .8 1.2 1.4 .6 -.7 2.9 1.0 1.0 -1.5 1.2 1.7 1.6 1.7 1.7 1.2 .1 -1.7 -.7
Residential..................... .9 5.0 5.9 1.4 .0 .1 -.6 1.5 3.5 4.1 6.5 5.1 5.5 7.6 8.6 .7 7.2 4.5 -.3
Change in private inventories..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... .....
Net exports of goods and services... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... .....
Exports........................... .9 .1 .1 8.8 2.3 -4.2 2.7 .8 -.2 1.3 1.0 -3.0 .7 .3 2.8 -.2 -.7 -6.6 -9.8
Goods........................... .4 -.5 -.7 9.9 2.1 -5.5 2.3 .3 .0 .7 .6 -4.0 .2 -.6 3.1 -1.4 -1.9 -9.2 -12.7
Services........................ 1.9 1.3 1.9 6.1 2.9 -1.4 3.7 2.2 -.5 2.6 1.9 -.8 1.9 2.2 2.2 2.6 2.1 -.3 -3.4
Imports........................... .5 -.8 -.2 12.8 -.3 -.9 3.8 -3.3 -4.6 3.8 .4 -5.0 .8 .0 2.8 -.8 -.5 -7.0 -16.6
Goods........................... .6 -1.1 -.4 14.6 -.1 -.5 4.4 -4.1 -5.4 4.2 .4 -5.6 1.0 -.7 3.0 -.9 -.7 -8.3 -19.0
Services........................ -.1 .3 1.0 4.5 -1.1 -3.2 .9 .4 -.3 2.2 .1 -1.7 .2 3.4 1.9 .1 .1 -.5 -4.2
Government consumption expenditures
and gross investment............... 1.5 1.2 1.2 4.3 1.7 -.5 3.6 .0 .8 1.9 1.3 .6 1.4 2.4 .4 1.4 1.5 -.6 -1.6
Federal........................... .9 1.1 .9 3.6 1.4 -.8 1.9 .5 .2 .2 1.5 1.0 1.2 5.3 -2.5 1.7 .6 -.4 -.2
National defense................ 1.1 .8 1.1 3.9 1.2 -1.2 3.1 .5 .3 .2 1.2 .6 1.0 3.1 .1 1.7 .4 -.8 -.7
Nondefense...................... .5 1.6 .7 3.2 1.7 .0 -.1 .5 .1 .3 2.0 1.7 1.5 9.0 -6.5 1.8 .8 .2 .6
State and local................... 1.9 1.3 1.3 4.8 1.9 -.3 4.7 -.3 1.2 3.1 1.2 .4 1.5 .6 2.2 1.2 2.1 -.6 -2.4
Addenda:
Final sales of domestic product... 1.8 1.5 1.5 3.0 2.3 .6 2.2 1.8 2.1 1.3 1.3 1.2 1.7 1.6 1.4 2.1 1.5 .1 -.1
Gross domestic purchases.......... 1.7 1.3 1.4 3.8 1.9 .9 2.3 1.1 1.2 1.7 1.2 .8 1.7 1.4 1.4 2.0 1.4 -.1 -1.6
Final sales to domestic
purchasers....................... 1.7 1.3 1.4 3.9 1.9 1.0 2.4 1.1 1.2 1.7 1.2 .8 1.7 1.5 1.4 2.0 1.4 -.2 -1.6
Gross national product (GNP)...... 1.8 1.5 1.5 3.0 2.3 .6 2.1 1.8 2.1 1.3 1.3 1.2 1.7 1.5 1.3 2.1 1.4 .1 -.1
Implicit price deflators:
GDP............................. 1.8 1.5 1.5 2.9 2.4 .6 2.1 1.9 1.9 1.5 1.4 1.1 1.6 1.4 1.3 2.1 1.4 .2 -.1
Gross domestic purchases........ 1.7 1.3 1.4 3.8 2.0 1.0 2.3 1.1 1.0 1.9 1.3 .6 1.6 1.3 1.4 2.0 1.3 -.1 -1.6
GNP............................. 1.8 1.5 1.5 3.0 2.4 .6 2.1 1.8 1.9 1.5 1.4 1.1 1.6 1.4 1.3 2.1 1.4 .1 -.1
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
r Revised
See "Explanatory Note" at the end of the tables.
Table 5. Real Gross Domestic Product, Quantity Indexes
[Index numbers, 2009=100; quarters seasonally adjusted]
-----------------------------------------------------------------------------------------------------------------------------------
2012 2013 2014 I 14 II 14 III 14 IV 14 I 15r
-----------------------------------------------------------------------------------------------------------------------------------
Gross domestic product............. 106.592 108.957 111.560 109.799 111.039 112.393 113.011 112.799
Personal consumption expenditures.......... 106.121 108.660 111.395 110.128 110.822 111.705 112.925 113.432
Goods.................................... 109.632 113.367 117.271 115.004 116.670 118.011 119.402 119.537
Durable goods.......................... 120.756 128.896 137.792 132.412 136.847 139.892 142.016 142.414
Nondurable goods....................... 104.828 106.780 108.722 107.669 108.252 108.932 110.034 110.066
Services................................. 104.420 106.385 108.574 107.774 108.014 108.685 109.824 110.497
Gross private domestic investment.......... 129.700 136.102 144.012 137.809 143.960 146.468 147.811 148.074
Fixed investment......................... 116.899 122.387 128.927 125.198 128.079 130.487 131.945 131.521
Nonresidential......................... 118.263 121.865 129.567 125.591 128.538 131.308 132.833 131.885
Structures........................... 96.703 96.227 104.115 100.840 103.880 105.113 106.625 100.597
Equipment............................ 140.558 147.015 156.476 151.298 155.374 159.494 159.738 160.812
Intellectual property products....... 109.587 113.278 118.755 115.595 117.153 119.655 122.616 123.698
Residential............................ 111.276 124.521 126.497 123.725 126.348 127.360 128.557 130.127
Change in private inventories............ ..... ..... ..... ..... ..... ..... ..... .....
Exports of goods and services.............. 123.453 127.213 131.299 127.660 131.050 132.513 133.973 131.352
Imports of goods and services.............. 121.653 123.048 127.940 124.756 128.135 127.841 131.028 132.812
Government consumption expenditures and
gross investment.......................... 95.625 93.699 93.547 92.860 93.252 94.265 93.809 93.554
Federal.................................. 99.729 94.055 92.265 91.765 91.556 93.750 91.989 92.020
State and local.......................... 92.953 93.429 94.327 93.522 94.297 94.557 94.932 94.493
Addenda:
Final sales of domestic product.......... 105.067 107.349 109.821 108.350 109.196 110.548 111.190 110.889
Gross domestic purchases................. 106.821 108.889 111.649 109.898 111.199 112.309 113.191 113.507
Final sales to domestic purchasers....... 105.336 107.326 109.958 108.488 109.407 110.518 111.419 111.643
Gross national product................... 106.846 109.147 111.624 109.883 111.119 112.557 112.937 112.541
-----------------------------------------------------------------------------------------------------------------------------------
r Revised
See "Explanatory Note" at the end of the tables.
Table 6. Price Indexes for Gross Domestic Product
[Index numbers, 2009=100; quarters seasonally adjusted]
-----------------------------------------------------------------------------------------------------------------------------------
2012 2013 2014 I 14 II 14 III 14 IV 14 I 15r
-----------------------------------------------------------------------------------------------------------------------------------
Gross domestic product............. 105.174 106.739 108.320 107.694 108.261 108.643 108.681 108.660
Personal consumption expenditures (PCE).... 106.062 107.333 108.764 108.156 108.782 109.116 109.001 108.446
Goods.................................... 106.712 106.211 105.808 105.769 106.240 106.278 104.946 102.600
Durable goods.......................... 96.466 94.712 92.379 93.148 92.711 92.216 91.442 90.849
Nondurable goods....................... 111.828 112.025 112.745 112.230 113.229 113.586 111.933 108.547
Services................................. 105.745 107.919 110.294 109.390 110.097 110.584 111.105 111.486
Gross private domestic investment.......... 101.825 103.632 105.629 105.094 105.350 105.843 106.228 106.255
Fixed investment......................... 101.955 103.822 106.050 105.461 105.752 106.344 106.643 106.667
Nonresidential......................... 102.082 103.186 104.448 104.059 104.370 104.643 104.719 104.768
Structures........................... 105.464 108.416 111.143 110.452 110.843 111.489 111.788 111.553
Equipment............................ 99.828 100.263 100.898 100.477 100.754 101.025 101.334 101.655
Intellectual property products....... 102.857 103.693 104.897 104.770 105.076 105.090 104.652 104.478
Residential............................ 101.342 106.448 112.688 111.244 111.450 113.400 114.657 114.573
Change in private inventories............ ..... ..... ..... ..... ..... ..... ..... .....
Exports of goods and services.............. 111.940 112.001 112.109 112.716 112.665 112.473 110.583 107.759
Imports of goods and services.............. 114.501 113.529 113.327 114.082 113.862 113.709 111.655 106.699
Government consumption expenditures and
gross investment.......................... 107.286 108.618 109.875 109.431 109.805 110.210 110.056 109.623
Federal.................................. 106.341 107.530 108.499 108.105 108.563 108.721 108.606 108.555
State and local.......................... 107.947 109.377 110.809 110.332 110.653 111.216 111.037 110.362
Addenda:
PCE excluding food and energy\1\......... 104.678 106.084 107.575 106.922 107.447 107.821 108.111 108.327
Market-based PCE\2\...................... 105.918 107.043 108.300 107.754 108.353 108.676 108.418 107.705
Market-based PCE excluding food
and energy\2\........................... 104.300 105.557 106.858 106.269 106.747 107.117 107.300 107.445
Final sales of domestic product.......... 105.188 106.762 108.377 107.742 108.316 108.713 108.735 108.713
Gross domestic purchases................. 105.738 107.105 108.599 108.030 108.553 108.925 108.886 108.448
Final sales to domestic purchasers....... 105.752 107.126 108.652 108.075 108.605 108.992 108.937 108.495
Gross national product................... 105.296 106.860 108.438 107.815 108.380 108.762 108.794 108.769
Implicit price deflators:
Gross domestic product................. 105.166 106.733 108.289 107.658 108.231 108.603 108.647 108.613
Final sales of domestic product........ 105.188 106.762 108.377 107.738 108.312 108.710 108.731 108.710
Gross domestic purchases............... 105.730 107.099 108.569 107.995 108.525 108.887 108.854 108.403
Final sales to domestic purchasers..... 105.752 107.126 108.653 108.072 108.602 108.989 108.934 108.492
Gross national product................. 105.288 106.854 108.407 107.778 108.350 108.722 108.760 108.722
-----------------------------------------------------------------------------------------------------------------------------------
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. Percent 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
-----------------------------------------------------------------------------------------------------------------------------------------------------------------------
1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014r
-----------------------------------------------------------------------------------------------------------------------------------------------------------------------
Gross domestic product (GDP).... 4.7 4.1 1.0 1.8 2.8 3.8 3.3 2.7 1.8 -.3 -2.8 2.5 1.6 2.3 2.2 2.4
Personal consumption expenditures...... 5.3 5.1 2.6 2.6 3.1 3.8 3.5 3.0 2.2 -.3 -1.6 1.9 2.3 1.8 2.4 2.5
Goods................................ 7.9 5.2 3.0 3.9 4.8 5.1 4.1 3.6 2.7 -2.5 -3.0 3.4 3.1 2.8 3.4 3.4
Durable goods...................... 12.8 8.6 5.2 7.3 7.1 8.2 5.4 4.3 4.6 -5.1 -5.5 6.1 6.1 7.3 6.7 6.9
Nondurable goods................... 5.0 3.2 1.7 1.9 3.5 3.3 3.3 3.3 1.7 -1.1 -1.8 2.2 1.8 .7 1.9 1.8
Services............................. 3.9 5.0 2.4 1.9 2.2 3.2 3.2 2.7 2.0 .8 -.9 1.2 1.8 1.3 1.9 2.1
Gross private domestic investment...... 8.4 6.5 -6.1 -.6 4.1 8.8 6.4 2.1 -3.1 -9.4 -21.6 12.9 5.2 9.2 4.9 5.8
Fixed investment..................... 8.8 6.9 -1.6 -3.5 4.0 6.7 6.8 2.0 -2.0 -6.8 -16.7 1.5 6.3 8.3 4.7 5.3
Nonresidential..................... 9.7 9.1 -2.4 -6.9 1.9 5.2 7.0 7.1 5.9 -.7 -15.6 2.5 7.7 7.2 3.0 6.3
Structures....................... .1 7.8 -1.5 -17.7 -3.9 -.4 1.7 7.2 12.7 6.1 -18.9 -16.4 2.3 13.1 -.5 8.2
Equipment........................ 12.5 9.7 -4.3 -5.4 3.2 7.7 9.6 8.6 3.2 -6.9 -22.9 15.9 13.6 6.8 4.6 6.4
Intellectual property products... 12.4 8.9 .5 -.5 3.8 5.1 6.5 4.5 4.8 3.0 -1.4 1.9 3.6 3.9 3.4 4.8
Residential........................ 6.3 .7 .9 6.1 9.1 10.0 6.6 -7.6 -18.8 -24.0 -21.2 -2.5 .5 13.5 11.9 1.6
Change in private inventories........ ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... .....
Net exports of goods and services...... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... .....
Exports.............................. 2.6 8.6 -5.8 -1.7 1.8 9.8 6.3 9.0 9.3 5.7 -8.8 11.9 6.9 3.3 3.0 3.2
Goods.............................. 4.2 10.1 -6.2 -3.4 1.9 8.6 7.3 9.4 7.5 6.1 -12.1 14.4 6.5 3.7 2.8 4.0
Services........................... -1.4 4.7 -5.0 2.7 1.5 12.7 3.8 8.1 13.7 4.8 -1.1 6.8 7.6 2.4 3.6 1.4
Imports.............................. 10.1 13.0 -2.8 3.7 4.5 11.4 6.3 6.3 2.5 -2.6 -13.7 12.7 5.5 2.3 1.1 4.0
Goods.............................. 12.8 13.1 -3.2 3.7 4.9 11.2 6.7 5.9 1.8 -3.7 -15.8 14.9 5.8 2.1 .9 4.1
Services........................... -3.0 12.6 -.6 3.3 2.1 12.7 4.5 8.6 6.2 3.7 -3.8 3.8 4.0 3.4 2.2 3.6
Government consumption expenditures
and gross investment.................. 3.4 1.9 3.8 4.4 2.2 1.6 .6 1.5 1.6 2.8 3.2 .1 -3.0 -1.4 -2.0 -.2
Federal.............................. 2.0 .3 3.9 7.2 6.8 4.5 1.7 2.5 1.7 6.8 5.7 4.4 -2.7 -1.8 -5.7 -1.9
National defense................... 1.5 -.9 3.5 7.0 8.5 6.0 2.0 2.0 2.5 7.5 5.4 3.2 -2.3 -3.3 -6.6 -2.1
Nondefense......................... 2.7 2.3 4.7 7.4 4.1 2.0 1.3 3.5 .3 5.5 6.2 6.4 -3.4 1.0 -4.1 -1.5
State and local...................... 4.2 2.8 3.7 2.9 -.4 -.1 .0 .9 1.5 .3 1.6 -2.7 -3.3 -1.2 .5 1.0
Addenda:
Final sales of domestic product...... 4.7 4.2 1.9 1.3 2.8 3.4 3.4 2.6 2.0 .2 -2.0 1.1 1.7 2.2 2.2 2.3
Gross domestic purchases............. 5.5 4.8 1.2 2.3 3.1 4.3 3.5 2.6 1.1 -1.3 -3.8 2.9 1.6 2.2 1.9 2.5
Final sales to domestic purchasers... 5.6 4.9 2.0 1.8 3.1 3.9 3.6 2.6 1.4 -.9 -3.1 1.5 1.7 2.1 1.9 2.5
Gross domestic income\1\............. 4.4 4.7 1.1 1.4 2.3 3.7 3.6 4.0 .1 -.8 -2.6 2.7 2.2 3.4 2.2 2.2
Gross national product............... 4.8 4.2 1.1 1.7 2.9 3.9 3.3 2.4 2.2 .0 -2.9 2.8 1.8 2.1 2.2 2.3
Real disposable personal income...... 3.3 5.0 2.8 3.1 2.7 3.6 1.5 4.0 2.1 1.5 -.4 1.0 2.5 3.0 -.2 2.5
Price indexes:
Gross domestic purchases........... 1.6 2.6 1.9 1.4 2.2 2.9 3.5 3.2 2.7 2.9 -.2 1.5 2.4 1.7 1.3 1.4
Gross domestic purchases excluding
food and energy\2\................ 1.5 2.2 1.8 1.6 1.9 2.7 3.2 3.0 2.5 2.3 .5 1.3 1.8 1.7 1.4 1.5
GDP................................ 1.4 2.3 2.3 1.5 2.0 2.7 3.2 3.1 2.7 1.9 .8 1.2 2.1 1.8 1.5 1.5
GDP excluding food and energy\2\... 1.5 2.3 2.0 1.8 1.9 2.7 3.4 3.1 2.6 2.1 .5 1.4 1.9 1.7 1.6 1.6
Personal consumption expenditures.. 1.5 2.5 1.9 1.3 2.0 2.4 2.9 2.7 2.5 3.1 -.1 1.7 2.5 1.8 1.2 1.3
-----------------------------------------------------------------------------------------------------------------------------------------------------------------------
r Revised. Revisions include changes to series affected by the
incorporation of revised wage and salary estimates for the fourth
quarter of 2014.
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.
Table 8. Real Gross Domestic Product: Percent Change From Quarter One Year Ago
-----------------------------------------------------------------------------------------------------------------------------------------------------------------------
II 11 III 11 IV 11 I 12 II 12 III 12 IV 12 I 13 II 13 III 13 IV 13 I 14 II 14 III 14 IV 14r I 15r
-----------------------------------------------------------------------------------------------------------------------------------------------------------------------
Gross domestic product (GDP).... 1.7 1.2 1.7 2.6 2.3 2.7 1.6 1.7 1.8 2.3 3.1 1.9 2.6 2.7 2.4 2.7
Personal consumption expenditures (PCE) 2.4 2.2 1.5 1.7 1.8 1.8 2.0 2.2 2.3 2.3 2.8 2.2 2.4 2.7 2.9 3.0
Goods................................ 3.4 2.6 1.7 2.1 2.7 3.3 3.0 3.3 3.3 3.4 3.6 2.4 3.5 3.8 4.1 3.9
Durable goods...................... 5.4 5.0 4.8 6.2 7.5 8.2 7.5 6.9 7.5 6.7 5.9 4.6 6.9 8.0 8.1 7.6
Nondurable goods................... 2.4 1.5 .4 .4 .5 1.1 1.0 1.7 1.4 1.9 2.5 1.3 1.9 1.8 2.2 2.2
Services............................. 1.9 2.0 1.4 1.4 1.3 1.1 1.5 1.6 1.8 1.8 2.4 2.1 1.8 2.1 2.2 2.5
Gross private domestic investment...... 4.3 1.3 9.6 13.5 10.9 11.0 2.1 2.3 2.6 6.2 8.7 4.8 7.7 5.4 5.4 7.4
Fixed investment..................... 3.8 8.1 8.4 11.1 10.1 6.6 5.8 4.2 4.3 5.2 5.1 4.5 5.6 5.9 5.4 5.1
Nonresidential..................... 6.1 8.7 9.0 10.8 9.6 5.1 3.7 2.6 1.9 3.0 4.7 4.7 6.8 7.6 6.2 5.0
Structures....................... -.9 6.5 8.0 22.0 17.0 10.1 4.8 -2.6 -3.3 -.4 4.4 8.5 9.8 8.2 6.5 -.2
Equipment........................ 11.4 13.7 13.1 10.9 10.0 3.6 3.3 3.6 3.8 4.8 6.2 4.7 7.1 8.7 5.3 6.3
Intellectual property products... 3.9 3.7 4.1 3.9 4.4 3.8 3.4 4.8 3.0 3.0 2.7 2.2 4.1 5.6 7.3 7.0
Residential........................ -6.0 5.1 6.0 12.4 12.1 13.6 15.8 11.4 15.2 14.5 6.9 3.5 1.2 -.7 2.5 5.2
Change in private inventories........ ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... .....
Net exports of goods and services...... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... .....
Exports.............................. 8.2 6.3 4.2 4.0 3.6 3.1 2.4 1.9 2.2 3.0 5.1 2.8 3.9 3.8 2.4 2.9
Goods.............................. 7.1 5.7 4.8 4.5 4.6 4.2 1.4 .8 1.5 2.4 6.6 3.4 4.9 5.3 2.6 2.0
Services........................... 10.6 7.6 2.7 2.8 1.4 .5 4.8 4.3 3.9 4.3 1.8 1.3 1.8 .4 2.0 4.6
Imports.............................. 5.8 3.0 3.5 3.1 3.4 2.4 .4 -.1 1.0 1.2 2.5 3.1 3.8 3.4 5.6 6.5
Goods.............................. 5.9 2.7 3.4 2.6 3.4 2.6 .0 -.4 .7 1.0 2.5 3.0 3.9 3.5 5.9 6.5
Services........................... 5.1 4.3 3.8 6.0 3.3 1.8 2.6 1.4 2.4 2.5 2.6 3.9 3.2 2.8 4.4 6.0
Government consumption expenditures
and gross investment.................. -3.1 -3.7 -3.0 -1.8 -1.8 -.5 -1.7 -2.0 -1.8 -2.4 -1.9 -1.1 -.7 .3 .8 .7
Federal.............................. -2.2 -4.0 -4.0 -2.0 -2.6 .2 -2.6 -4.4 -5.0 -7.0 -6.3 -3.9 -3.2 -.6 .2 .3
National defense................... -1.2 -2.5 -4.1 -2.3 -4.2 -1.9 -4.9 -5.8 -6.0 -8.5 -6.1 -4.4 -3.7 -.1 -.3 .4
Nondefense......................... -3.8 -6.7 -3.9 -1.6 .1 4.1 1.4 -2.0 -3.3 -4.4 -6.6 -3.1 -2.6 -1.5 1.1 .0
State and local...................... -3.8 -3.4 -2.3 -1.7 -1.2 -1.0 -1.0 -.3 .4 .8 1.2 .8 .9 .9 1.2 1.0
Addenda:
Final sales of domestic product...... 1.6 2.1 1.5 2.3 2.2 2.1 2.1 2.0 2.0 2.1 2.6 1.8 2.3 2.8 2.4 2.3
Gross domestic purchases............. 1.5 .9 1.7 2.6 2.3 2.6 1.3 1.4 1.6 2.0 2.8 2.0 2.6 2.7 2.9 3.3
Final sales to domestic purchasers... 1.4 1.7 1.5 2.2 2.2 2.0 1.8 1.7 1.8 1.8 2.2 1.9 2.3 2.7 2.9 2.9
Gross domestic income\1\............. 2.4 1.7 2.1 3.8 3.4 3.1 3.3 1.9 2.4 2.5 2.0 1.4 1.7 2.5 3.0 3.6
Gross national product............... 1.8 1.5 2.0 2.6 2.3 2.4 1.3 1.5 1.6 2.3 3.2 1.9 2.5 2.6 2.0 2.4
Real disposable personal income...... 2.3 2.3 1.7 2.1 2.8 2.2 5.0 -.1 .3 .9 -1.9 2.4 2.2 2.3 3.3 3.7
Price indexes:
Gross domestic purchases........... 2.6 2.7 2.4 2.2 1.6 1.4 1.6 1.3 1.2 1.3 1.3 1.3 1.6 1.5 1.1 .4
Gross domestic purchases excluding
food and energy\2\................ 1.8 2.0 1.9 2.0 1.6 1.5 1.6 1.4 1.3 1.4 1.5 1.4 1.6 1.6 1.3 1.0
GDP................................ 2.2 2.3 1.9 2.0 1.7 1.6 1.8 1.6 1.5 1.4 1.4 1.4 1.7 1.6 1.2 .9
GDP excluding food and energy\2\... 2.0 2.1 1.9 2.0 1.7 1.5 1.7 1.5 1.5 1.6 1.7 1.6 1.7 1.6 1.4 1.1
PCE................................ 2.6 2.9 2.7 2.4 1.7 1.5 1.6 1.4 1.1 1.2 1.0 1.1 1.6 1.5 1.1 .3
PCE excluding food and energy\2\... 1.4 1.7 1.9 2.0 1.9 1.7 1.6 1.5 1.3 1.3 1.3 1.2 1.5 1.5 1.4 1.3
Market-based PCE\3\................ 2.7 2.9 2.8 2.5 1.7 1.5 1.5 1.3 1.0 1.1 .9 .9 1.5 1.4 .9 .0
Market-based PCE excluding food
and energy\3\..................... 1.3 1.6 1.9 2.0 1.9 1.7 1.5 1.4 1.1 1.2 1.2 1.0 1.3 1.3 1.2 1.1
-----------------------------------------------------------------------------------------------------------------------------------------------------------------------
r Revised. Revisions include changes to series affected by the
incorporation of revised wage and salary estimates for the fourth
quarter of 2014.
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.
Table 9. Relation of Gross Domestic Product, Gross National Product, and National Income
[Billions of dollars; quarters seasonally adjusted at annual rates]
-----------------------------------------------------------------------------------------------------------------------------------
2012 2013 2014r I 14 II 14 III 14 IV 14r I 15r
-----------------------------------------------------------------------------------------------------------------------------------
Gross domestic product..................... 16,163.2 16,768.1 17,418.9 17,044.0 17,328.2 17,599.8 17,703.7 17,665.0
Plus: Income receipts from the rest of the
world..................................... 793.8 810.4 827.7 822.6 828.5 847.2 812.4 782.7
Less: Income payments to the rest of the
world..................................... 566.5 586.1 616.0 611.6 615.0 617.3 619.9 620.6
Equals: Gross national product............. 16,390.5 16,992.4 17,630.6 17,255.0 17,541.7 17,829.6 17,896.2 17,827.1
Less: Consumption of fixed capital......... 2,530.2 2,627.2 2,736.2 2,698.7 2,722.3 2,750.4 2,773.4 2,793.6
Less: Statistical discrepancy.............. -209.2 -211.9 -182.0 -177.5 -153.5 -165.7 -231.6 -328.3
Equals: National income.................... 14,069.5 14,577.1 15,076.5 14,733.7 14,972.9 15,244.9 15,354.3 15,361.8
Compensation of employees................ 8,606.5 8,844.8 9,227.6 9,096.2 9,159.5 9,260.7 9,394.2 9,504.0
Wages and salaries..................... 6,932.1 7,124.7 7,451.6 7,339.8 7,391.7 7,478.9 7,596.1 7,688.3
Supplements to wages and salaries...... 1,674.4 1,720.1 1,776.0 1,756.4 1,767.8 1,781.8 1,798.1 1,815.7
Proprietors' income with inventory
valuation and capital consumption
adjustments............................. 1,260.2 1,336.6 1,380.2 1,351.0 1,381.0 1,386.4 1,402.5 1,390.1
Rental income of persons with capital
consumption adjustment.................. 533.0 595.8 640.2 622.9 635.4 646.7 656.0 662.8
Corporate profits with inventory
valuation and capital consumption
adjustments............................. 2,022.8 2,106.9 2,089.8 1,942.1 2,106.2 2,170.7 2,140.3 2,014.8
Net interest and miscellaneous payments.. 491.7 499.8 486.3 506.5 461.0 479.3 498.4 529.6
Taxes on production and imports less
subsidies............................... 1,074.0 1,102.3 1,145.8 1,126.8 1,140.5 1,155.0 1,160.9 1,157.3
Business current transfer payments (net). 106.7 120.6 140.6 119.2 123.0 182.4 137.8 137.6
Current surplus of government
enterprises............................. -25.3 -29.6 -34.2 -31.1 -33.6 -36.3 -35.7 -34.5
Addendum:
Gross domestic income.................... 16,372.3 16,980.0 17,601.0 17,221.5 17,481.7 17,765.5 17,935.2 17,993.3
-----------------------------------------------------------------------------------------------------------------------------------
r Revised. Revisions include changes to series affected by the
incorporation of revised wage and salary estimates for the fourth
quarter of 2014.
Table 10. Personal Income and Its Disposition
[Billions of dollars; quarters seasonally adjusted at annual rates]
-----------------------------------------------------------------------------------------------------------------------------------
2012 2013 2014r I 14 II 14 III 14 IV 14r I 15r
-----------------------------------------------------------------------------------------------------------------------------------
Personal income\1\......................... 13,887.7 14,166.9 14,733.9 14,484.7 14,660.5 14,811.2 14,979.3 15,129.2
Compensation of employees................ 8,606.5 8,844.8 9,227.6 9,096.2 9,159.5 9,260.7 9,394.2 9,504.0
Wages and salaries..................... 6,932.1 7,124.7 7,451.6 7,339.8 7,391.7 7,478.9 7,596.1 7,688.3
Supplements to wages and salaries...... 1,674.4 1,720.1 1,776.0 1,756.4 1,767.8 1,781.8 1,798.1 1,815.7
Proprietors' income with inventory
valuation and capital consumption
adjustments............................. 1,260.2 1,336.6 1,380.2 1,351.0 1,381.0 1,386.4 1,402.5 1,390.1
Farm................................... 72.3 83.2 63.6 58.1 73.4 62.2 60.7 49.1
Nonfarm................................ 1,187.9 1,253.5 1,316.6 1,292.9 1,307.6 1,324.2 1,341.7 1,341.0
Rental income of persons with capital
consumption adjustment.................. 533.0 595.8 640.2 622.9 635.4 646.7 656.0 662.8
Personal income receipts on assets....... 2,088.6 2,079.7 2,125.3 2,090.4 2,127.0 2,138.3 2,145.5 2,152.5
Personal interest income............... 1,255.9 1,255.2 1,264.7 1,262.4 1,270.0 1,266.5 1,259.9 1,245.8
Personal dividend income............... 832.7 824.5 860.6 828.0 857.0 871.8 885.6 906.6
Personal current transfer receipts....... 2,350.7 2,414.5 2,522.7 2,470.9 2,511.8 2,545.3 2,562.7 2,615.5
Less: Contributions for government
social insurance, domestic.............. 951.2 1,104.5 1,162.1 1,146.6 1,154.2 1,166.1 1,181.5 1,195.6
Less: Personal current taxes............... 1,503.7 1,661.8 1,743.9 1,711.8 1,715.3 1,750.1 1,798.6 1,843.8
Equals: Disposable personal income......... 12,384.0 12,505.1 12,990.0 12,772.9 12,945.2 13,061.2 13,180.7 13,285.4
Less: Personal outlays..................... 11,487.9 11,897.1 12,357.5 12,146.9 12,289.6 12,433.0 12,560.3 12,559.0
Equals: Personal saving.................... 896.2 608.1 632.6 626.1 655.6 628.1 620.4 726.4
Personal saving as a percentage of
disposable personal income.............. 7.2 4.9 4.9 4.9 5.1 4.8 4.7 5.5
Addenda:
Personal income excluding current
transfer receipts, billions of
chained (2009) dollars\2\............... 10,877.6 10,949.5 11,227.3 11,108.2 11,168.1 11,241.5 11,391.6 11,539.4
Disposable personal income, billions of
chained (2009) dollars\2\............... 11,676.2 11,650.8 11,943.3 11,810.1 11,900.4 11,970.3 12,092.6 12,250.9
-----------------------------------------------------------------------------------------------------------------------------------
r Revised. Revisions include changes to series affected by the
incorporation of revised wage and salary estimates for the fourth
quarter of 2014.
1. Personal income is also equal to national income less corporate
profits with inventory valuation and capital consumption adjustments,
taxes on production and imports less subsidies, contributions for
government social insurance, net interest and miscellaneous payments,
business current transfer payments (net), and current surplus of
government enterprises, plus personal income receipts on assets
and personal current transfer receipts.
2. The current-dollar measure is deflated by the implicit price
deflator for personal consumption expenditures.
Table 11. Corporate Profits: Level and Percent Change
-------------------------------------------------------------------------------------------------------------------------------------------------------------
Billions of dollars Percent change from preceding period
---------------------------------------------------------------- ------------------------------------------------------
Seasonally adjusted Quarterly Quarter one
at annual rates rates year ago
--------------------------------------- ------------------------------- -------
2012 2013 2014 I 14 II 14 III 14 IV 14 I 15 2013 2014 II 14 III 14 IV 14 I 15 I 15
-------------------------------------------------------------------------------------------------------------------------------------------------------------
Corporate profits with inventory
valuation and capital consumption
adjustments......................... 2,022.8 2,106.9 2,089.8 1,942.1 2,106.2 2,170.7 2,140.3 2,014.8 4.2 -.8 8.4 3.1 -1.4 -5.9 3.7
Less: Taxes on corporate income...... 454.8 474.3 592.6 562.3 608.0 602.5 597.7 607.0 4.3 25.0 8.1 -.9 -.8 1.5 7.9
Equals: Profits after tax with
inventory valuation and capital
consumption adjustments............. 1,568.0 1,632.6 1,497.2 1,379.8 1,498.2 1,568.3 1,542.5 1,407.9 4.1 -8.3 8.6 4.7 -1.6 -8.7 2.0
Net dividends...................... 857.1 959.6 905.1 902.8 902.3 898.4 917.0 922.1 12.0 -5.7 -.1 -.4 2.1 .6 2.1
Undistributed profits with
inventory valuation and capital
consumption adjustments........... 710.9 673.0 592.1 477.1 595.9 669.8 625.5 485.8 -5.3 -12.0 24.9 12.4 -6.6 -22.3 1.8
Addenda for corporate cash flow:
Net cash flow with inventory
valuation adjustment.............. 2,066.5 2,080.8 2,046.1 1,919.5 2,052.9 2,099.8 2,112.0 1,979.9 .7 -1.7 6.9 2.3 .6 -6.3 3.1
Undistributed profits with
inventory valuation and capital
consumption adjustments......... 710.9 673.0 592.1 477.1 595.9 669.8 625.5 485.8 -5.3 -12.0 24.9 12.4 -6.6 -22.3 1.8
Consumption of fixed capital..... 1,348.5 1,402.1 1,457.4 1,435.1 1,450.5 1,465.7 1,478.4 1,491.1 4.0 3.9 1.1 1.0 .9 .9 3.9
Less: Capital transfers
paid (net)...................... -7.1 -5.7 3.4 -7.4 -6.6 35.6 -8.1 -3.0 ..... ..... ..... ..... ..... ..... .....
Addenda:
Profits before tax (without
inventory valuation and capital
consumption adjustments).......... 2,136.1 2,235.3 2,419.9 2,297.2 2,450.1 2,497.1 2,435.3 2,500.8 4.6 8.3 6.7 1.9 -2.5 2.7 8.9
Profits after tax (without
inventory valuation and capital
consumption adjustments).......... 1,681.3 1,761.1 1,827.3 1,734.9 1,842.2 1,894.6 1,837.5 1,893.8 4.7 3.8 6.2 2.8 -3.0 3.1 9.2
Inventory valuation adjustment..... -9.5 3.3 -.5 -24.6 -12.7 4.0 31.5 60.9 ..... ..... ..... ..... ..... ..... .....
Capital consumption adjustment..... -103.8 -131.8 -329.6 -330.5 -331.3 -330.4 -326.5 -546.9 ..... ..... ..... ..... ..... ..... .....
-------------------------------------------------------------------------------------------------------------------------------------------------------------
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
--------------------------------------- ----------------------------------------------
2012 2013 2014 I 14 II 14 III 14 IV 14 I 15 2013 2014 II 14 III 14 IV 14 I 15
-------------------------------------------------------------------------------------------------------------------------------------------------------------
Corporate profits with inventory
valuation and capital consumption
adjustments............................. 2,022.8 2,106.9 2,089.8 1,942.1 2,106.2 2,170.7 2,140.3 2,014.8 84.1 -17.1 164.1 64.5 -30.4 -125.5
Domestic industries.......................... 1,621.0 1,703.8 1,695.8 1,544.6 1,712.2 1,760.3 1,766.0 1,662.9 82.8 -8.0 167.6 48.1 5.7 -103.1
Financial.................................. 451.5 490.0 448.6 418.7 452.0 468.1 455.6 453.0 38.5 -41.4 33.3 16.1 -12.5 -2.6
Nonfinancial............................... 1,169.4 1,213.8 1,247.2 1,125.9 1,260.2 1,292.2 1,310.3 1,209.9 44.4 33.4 134.3 32.0 18.1 -100.4
Rest of the world............................ 401.8 403.1 394.1 397.5 393.9 410.4 374.3 351.9 1.3 -9.0 -3.6 16.5 -36.1 -22.4
Receipts from the rest of the world........ 644.3 657.1 668.8 668.7 671.4 685.8 649.3 620.4 12.8 11.7 2.7 14.4 -36.5 -28.9
Less: Payments to the rest of the world.... 242.5 254.0 274.8 271.2 277.5 275.4 275.0 268.5 11.5 20.8 6.3 -2.1 -.4 -6.5
Corporate profits with inventory
valuation adjustment.................... 2,126.6 2,238.7 2,419.5 2,272.6 2,437.4 2,501.1 2,466.8 2,561.7 112.1 180.8 164.8 63.7 -34.3 94.9
Domestic industries.......................... 1,724.8 1,835.6 2,025.4 1,875.1 2,043.5 2,090.7 2,092.5 2,209.8 110.8 189.8 168.4 47.2 1.8 117.3
Financial.................................. 488.9 533.5 511.0 480.8 514.5 530.7 517.7 536.1 44.6 -22.5 33.7 16.2 -13.0 18.4
Federal Reserve banks.................... 71.7 79.6 92.5 88.7 93.1 94.2 94.0 95.3 7.9 12.9 4.4 1.1 -.2 1.3
Other financial.......................... 417.2 453.9 418.5 392.2 421.4 436.5 423.8 440.8 36.7 -35.4 29.2 15.1 -12.7 17.0
Nonfinancial............................... 1,235.9 1,302.1 1,514.5 1,394.2 1,528.9 1,560.0 1,574.7 1,673.7 66.2 212.4 134.7 31.1 14.7 99.0
Utilities................................ 12.9 20.9 47.5 42.3 50.4 54.5 42.9 ..... 8.0 26.6 8.1 4.1 -11.6 .....
Manufacturing............................ 404.2 402.4 497.1 432.5 504.4 523.7 527.9 ..... -1.8 94.7 71.9 19.3 4.2 .....
Durable goods.......................... 204.1 206.3 262.5 234.8 257.4 277.1 281.0 ..... 2.2 56.2 22.6 19.7 3.9 .....
Fabricated metal products............ 23.8 23.3 26.8 24.9 25.6 28.5 28.2 ..... -.5 3.5 .7 2.9 -.3 .....
Machinery............................ 32.5 33.2 37.2 34.6 37.8 39.6 36.6 ..... .7 4.0 3.2 1.8 -3.0 .....
Computer and electronic products..... 45.7 43.7 57.1 51.7 55.4 57.9 63.5 ..... -2.0 13.4 3.7 2.5 5.6 .....
Electrical equipment, appliances,
and components...................... 11.8 13.1 20.0 18.8 19.9 20.7 20.6 ..... 1.3 6.9 1.1 .8 -.1 .....
Motor vehicles, bodies and trailers,
and parts........................... 22.1 22.7 32.6 27.1 33.4 32.6 37.4 ..... .6 9.9 6.3 -.8 4.8 .....
Other durable goods.................. 68.2 70.2 88.9 77.8 85.3 97.7 94.7 ..... 2.0 18.7 7.5 12.4 -3.0 .....
Nondurable goods....................... 200.1 196.1 234.6 197.7 247.0 246.7 246.9 ..... -4.0 38.5 49.3 -.3 .2 .....
Food and beverage and tobacco
products............................ 45.5 54.2 59.5 46.7 58.9 64.8 67.8 ..... 8.7 5.3 12.2 5.9 3.0 .....
Petroleum and coal products.......... 54.3 42.9 59.2 51.7 62.0 62.6 60.5 ..... -11.4 16.3 10.3 .6 -2.1 .....
Chemical products.................... 68.9 66.3 75.4 68.7 82.9 73.0 76.9 ..... -2.6 9.1 14.2 -9.9 3.9 .....
Other nondurable goods............... 31.4 32.8 40.5 30.6 43.3 46.3 41.7 ..... 1.4 7.7 12.7 3.0 -4.6 .....
Wholesale trade.......................... 136.6 154.5 165.5 152.0 157.6 174.4 178.1 ..... 17.9 11.0 5.6 16.8 3.7 .....
Retail trade............................. 157.2 171.2 178.3 168.1 176.7 175.8 192.6 ..... 14.0 7.1 8.6 -.9 16.8 .....
Transportation and warehousing........... 51.9 62.6 78.1 73.6 83.5 82.1 73.1 ..... 10.7 15.5 9.9 -1.4 -9.0 .....
Information.............................. 101.1 108.3 130.9 123.0 142.9 129.1 128.5 ..... 7.2 22.6 19.9 -13.8 -.6 .....
Other nonfinancial....................... 372.0 382.2 417.1 402.6 413.4 420.5 431.7 ..... 10.2 34.9 10.8 7.1 11.2 .....
Rest of the world............................ 401.8 403.1 394.1 397.5 393.9 410.4 374.3 351.9 1.3 -9.0 -3.6 16.5 -36.1 -22.4
-------------------------------------------------------------------------------------------------------------------------------------------------------------
Note. Estimates in this table are based on the 2002 North
American Industry Classification System (NAICS).
Table 13. Gross Value Added of Nonfinancial Domestic Corporate Business
[Quarters seasonally adjusted at annual rates]
------------------------------------------------------------------------------------------------------------------------------------
2012 2013 2014r I 14 II 14 III 14 IV 14r I 15
------------------------------------------------------------------------------------------------------------------------------------
Billions of dollars
----------------------------------------------------------------------------------------
Gross value added of nonfinancial
corporate business..................... 8,030.3 8,287.0 8,607.8 8,385.6 8,554.9 8,683.3 8,807.4 8,795.4
Consumption of fixed capital................ 1,183.8 1,229.8 1,282.1 1,263.1 1,276.1 1,289.1 1,300.2 1,311.0
Net value added............................. 6,846.5 7,057.2 7,325.7 7,122.6 7,278.7 7,394.2 7,507.2 7,484.4
Compensation of employees................. 4,592.9 4,749.4 4,974.9 4,895.6 4,930.5 4,993.4 5,080.1 5,145.8
Wages and salaries...................... 3,826.5 3,956.0 4,152.8 4,083.9 4,113.2 4,168.4 4,245.5 4,301.9
Supplements to wages and salaries....... 766.4 793.3 822.1 811.7 817.3 825.0 834.6 843.9
Taxes on production and imports less
subsidies................................ 692.2 715.2 736.6 725.4 733.6 742.3 745.0 742.8
Net operating surplus..................... 1,561.3 1,592.6 1,614.2 1,501.6 1,614.6 1,658.5 1,682.1 1,595.7
Net interest and miscellaneous
payments............................... 299.5 293.8 283.0 292.9 271.6 279.7 287.9 303.9
Business current transfer payments (net) 92.4 85.0 84.0 82.8 82.8 86.6 83.9 82.0
Corporate profits with inventory
valuation and capital consumption
adjustments............................ 1,169.4 1,213.8 1,247.2 1,125.9 1,260.2 1,292.2 1,310.3 1,209.9
Taxes on corporate income............. 271.4 329.3 389.1 366.2 394.8 400.0 395.4 418.1
Profits after tax with inventory
valuation and capital consumption
adjustments.......................... 898.1 884.5 858.1 759.7 865.5 892.2 914.9 791.8
Net dividends....................... 520.6 536.9 558.6 575.0 554.3 535.0 570.1 592.5
Undistributed profits with
inventory valuation and capital
consumption adjustments............ 377.5 347.6 299.5 184.7 311.2 357.2 344.9 199.3
Addenda:
Profits before tax (without inventory
valuation and capital consumption
adjustments)............................. 1,245.4 1,298.8 1,514.9 1,418.8 1,541.6 1,556.0 1,543.2 1,612.7
Profits after tax (without inventory
valuation and capital consumption
adjustments)............................. 974.1 969.5 1,125.8 1,052.6 1,146.9 1,156.0 1,147.8 1,194.7
Inventory valuation adjustment............ -9.5 3.3 -.5 -24.6 -12.7 4.0 31.5 60.9
Capital consumption adjustment............ -66.5 -88.3 -267.3 -268.4 -268.7 -267.8 -264.4 -463.8
----------------------------------------------------------------------------------------
Billions of chained (2009) dollars
----------------------------------------------------------------------------------------
Gross value added of nonfinancial
corporate business\1\.................. 7,742.6 7,922.1 8,180.5 7,993.3 8,120.9 8,229.1 8,378.8 8,392.2
Consumption of fixed capital\2\............. 1,143.3 1,173.7 1,209.0 1,194.6 1,203.5 1,213.6 1,224.3 1,235.0
Net value added\3\.......................... 6,599.3 6,748.4 6,971.5 6,798.7 6,917.4 7,015.5 7,154.4 7,157.2
----------------------------------------------------------------------------------------
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\.... 1.037 1.046 1.052 1.049 1.053 1.055 1.051 1.048
Compensation of employees (unit labor
cost).................................... .593 .600 .608 .612 .607 .607 .606 .613
Unit nonlabor cost........................ .293 .293 .292 .296 .291 .292 .288 .290
Consumption of fixed capital............ .153 .155 .157 .158 .157 .157 .155 .156
Taxes on production and imports less
subsidies plus business current
transfer payments (net)................ .101 .101 .100 .101 .101 .101 .099 .098
Net interest and miscellaneous payments. .039 .037 .035 .037 .033 .034 .034 .036
Corporate profits with inventory valuation
and capital consumption adjustments (unit
profits from current production)......... .151 .153 .152 .141 .155 .157 .156 .144
Taxes on corporate income............... .035 .042 .048 .046 .049 .049 .047 .050
Profits after tax with inventory
valuation and capital consumption
adjustments............................ .116 .112 .105 .095 .107 .108 .109 .094
------------------------------------------------------------------------------------------------------------------------------------
r Revised. Revisions include changes to series affected by the
incorporation of revised wage and salary estimates for the fourth
quarter of 2014.
1. The current-dollar gross value added is deflated using the
gross value added chain-type price index for nonfinancial industries
from the GDP-by-industry accounts. For periods when this price index
is not available, the chain-type price index for GDP goods and
structures is used.
2. Chained-dollar consumption of fixed capital of nonfinancial
corporate business is calculated as the product of the chain-type
quantity index and the 2009 current-dollar value of the corresponding
series, divided by 100.
3. Chained-dollar net value added of nonfinancial corporate
business is the difference between the gross value added and the
consumption of fixed capital.
4. The deflator for gross value added of nonfinancial corporate
business divided by 100.
Note. Estimates in this table are based on the 2002 North
American Industry Classification System (NAICS).
Appendix Table A. Real Gross Domestic Product and Related Aggregates and Price Indexes: Percent Change From Preceding Period and Contributions to Percent Change
[Quarters seasonally adjusted at annual rates]
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
2012 2013 2014 II 11 III 11 IV 11 I 12 II 12 III 12 IV 12 I 13 II 13 III 13 IV 13 I 14 II 14 III 14 IV 14 I 15r
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
Percent change from preceding period
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
Gross domestic product (GDP) and
related aggregates:
GDP............................... 2.3 2.2 2.4 2.9 .8 4.6 2.3 1.6 2.5 .1 2.7 1.8 4.5 3.5 -2.1 4.6 5.0 2.2 -.7
Goods............................. 4.5 4.2 3.9 5.7 -1.4 15.7 2.4 2.7 3.4 -.9 7.6 .6 10.8 8.1 -8.5 11.4 9.5 1.1 -4.2
Services.......................... .8 1.2 1.5 1.1 1.0 -.7 1.2 .8 2.2 .3 1.3 1.2 1.1 1.8 1.4 .6 3.0 2.5 2.2
Structures........................ 7.0 2.9 3.5 9.1 9.2 7.5 11.5 4.2 1.2 2.2 -4.4 12.2 8.3 -.4 -3.8 11.7 3.4 4.7 -9.9
Motor vehicle output.............. 12.9 4.8 8.9 -7.1 12.0 23.1 28.4 6.1 2.6 -6.2 17.9 7.6 -10.6 18.5 3.3 21.3 27.2 -17.6 -1.4
GDP excluding motor vehicle
output........................... 2.1 2.1 2.2 3.2 .6 4.1 1.6 1.5 2.5 .2 2.4 1.6 5.0 3.1 -2.3 4.1 4.4 2.9 -.7
Final sales of computers\1\....... 11.9 12.9 7.5 8.2 10.2 22.4 15.0 -10.9 21.9 35.5 8.7 16.1 -4.0 6.2 17.8 14.6 19.5 -41.2 51.4
GDP excluding final sales of
computers........................ 2.3 2.2 2.4 2.9 .8 4.5 2.2 1.7 2.4 -.1 2.7 1.7 4.6 3.5 -2.2 4.6 4.9 2.4 -.9
Research and development.......... .9 .9 2.4 -1.6 -.1 3.2 -1.1 1.9 1.0 3.8 1.2 .2 -2.9 -.8 2.9 3.4 6.6 12.3 2.7
GDP excluding research and
development...................... 2.4 2.3 2.4 3.1 .9 4.6 2.3 1.6 2.5 .0 2.8 1.8 4.7 3.6 -2.2 4.6 4.9 2.0 -.8
Farm gross value added\2\......... -5.7 14.3 -7.6 -31.5 -.1 26.7 -11.0 .1 -28.3 -14.1 82.6 14.1 28.3 -3.2 -49.9 24.2 10.4 11.9 27.8
Nonfarm business gross value
added\3\......................... 3.2 2.6 3.0 4.5 1.1 5.8 3.3 2.3 3.7 .1 2.4 2.0 5.6 4.7 -2.4 5.5 6.3 2.6 -1.6
Price indexes:
GDP............................... 1.8 1.5 1.5 3.0 2.3 .6 2.1 1.8 2.1 1.3 1.3 1.2 1.7 1.5 1.3 2.1 1.4 .1 -.1
GDP excluding food and energy\4\.. 1.7 1.6 1.6 2.8 1.9 .9 2.6 1.4 1.3 1.6 1.7 1.3 1.9 1.8 1.2 1.8 1.7 .7 .3
GDP excluding final sales of
computers........................ 1.8 1.5 1.5 3.0 2.4 .6 2.1 1.9 2.1 1.4 1.4 1.3 1.7 1.5 1.3 2.1 1.5 .2 .0
Gross domestic purchases.......... 1.7 1.3 1.4 3.8 1.9 .9 2.3 1.1 1.2 1.7 1.2 .8 1.7 1.4 1.4 2.0 1.4 -.1 -1.6
Gross domestic purchases excluding
food and energy\4\............... 1.7 1.4 1.5 2.8 1.8 1.0 2.4 1.4 1.2 1.5 1.5 1.2 1.5 1.7 1.3 1.7 1.6 .7 .2
Gross domestic purchases excluding
final sales of computers to
domestic purchasers.............. 1.8 1.3 1.4 3.9 2.0 1.0 2.4 1.1 1.3 1.8 1.3 .8 1.7 1.5 1.4 2.0 1.4 -.1 -1.6
Personal consumption expenditures
(PCE)............................ 1.8 1.2 1.3 4.1 2.1 1.4 2.1 1.3 1.3 1.8 1.0 .5 1.7 1.0 1.4 2.3 1.2 -.4 -2.0
PCE excluding food and energy\4\.. 1.8 1.3 1.4 2.5 2.0 1.6 2.1 1.9 1.2 1.4 1.4 1.0 1.4 1.3 1.2 2.0 1.4 1.1 .8
Market-based PCE\5\............... 1.8 1.1 1.2 4.2 2.2 1.4 2.1 1.2 1.3 1.5 1.0 .1 1.7 .7 1.2 2.2 1.2 -.9 -2.6
Market-based PCE excluding food
and energy\5\.................... 1.8 1.2 1.2 2.4 2.1 1.6 2.1 1.8 1.3 1.0 1.5 .7 1.4 1.0 1.0 1.8 1.4 .7 .5
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
Contributions to percent change in
real gross domestic product
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
Percent change at annual rate:
Gross domestic product............ 2.3 2.2 2.4 2.9 .8 4.6 2.3 1.6 2.5 .1 2.7 1.8 4.5 3.5 -2.1 4.6 5.0 2.2 -.7
Percentage points at annual rates:
Goods............................. 1.33 1.27 1.16 1.65 -.42 4.47 .76 .84 1.03 -.28 2.23 .16 3.18 2.43 -2.69 3.34 2.87 .34 -1.29
Services.......................... .51 .74 .96 .71 .66 -.40 .73 .49 1.37 .18 .83 .76 .74 1.10 .86 .40 1.84 1.52 1.34
Structures........................ .48 .21 .26 .59 .60 .51 .77 .29 .09 .15 -.32 .84 .60 -.03 -.29 .85 .26 .36 -.80
Motor vehicle output.............. .31 .13 .24 -.18 .27 .52 .66 .16 .07 -.17 .45 .20 -.31 .47 .09 .55 .71 -.57 -.04
Final sales of computers.......... .05 .05 .03 .04 .04 .08 .06 -.05 .08 .12 .04 .06 -.02 .03 .07 .06 .08 -.20 .15
Research and development.......... .02 .02 .06 -.04 .00 .08 -.03 .05 .03 .10 .03 .01 -.08 -.02 .07 .09 .16 .30 .07
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
r Revised
1. For some components of final sales of computers, includes
computer parts.
2. Farm output less intermediate goods and services purchased.
3. Consists of GDP less gross value added of farm, of
households and institutions, and of general government.
4. Food excludes personal consumption expenditures for purchased
meals and beverages, which are classified in food services.
5. This index is a supplemental measure that is based on household
expenditures for which there are observable price measures. It
excludes most implicit prices (for example, financial services
furnished without payment) and the final consumption expenditures
of nonprofit institutions serving households.
See "Explanatory Note" at the end of the tables.
Explanatory Note: NIPA Measures of Quantities and Prices
Current-dollar GDP is a measure of the market value of goods, services, and structures produced
in the economy in a particular period. Changes in current-dollar GDP can be decomposed into quantity
and price components. Quantities, or "real" measures, and prices are expressed as index numbers with the
reference year -- at present, the year 2009 -- equal to 100.
Annual changes in quantities and prices are calculated using a Fisher formula that incorporates
weights from two adjacent years. (Quarterly changes in quantities and prices are calculated using a Fisher
formula that incorporates weights from two adjacent quarters; quarterly indexes are adjusted for
consistency to the annual indexes before percent changes are calculated.) For example, the 2008-09
annual percent change in real GDP uses prices for 2008 and 2009 as weights, and the 2008-09 annual
percent change in GDP prices uses quantities for 2008 and 2009 as weights. These annual changes are
"chained" (multiplied) together to form time series of quantity and price indexes. Percent changes in
Fisher indexes are not affected by the choice of reference year. (BEA also publishes a measure of the
price level known as the implicit price deflator (IPD), which is calculated as the ratio of the current-dollar
value to the corresponding chained-dollar value, multiplied by 100. The values of the IPD are very close
to the values of the corresponding "chain-type" price index.)
Index numbers of quantity and price indexes for GDP and its major components are presented in
this release in tables 5 and 6. Percent changes from the preceding period are presented in tables 1, 4, 7, 8,
and appendix table A. Contributions by major components to the percent change in real GDP are
presented in table 2.
Measures of real GDP and its major components are also presented in dollar-denominated form,
designated "chained (2009) dollar estimates." For most series, these estimates, which are presented in
table 3, are computed by multiplying the current-dollar value in 2009 by a corresponding quantity index
number and then dividing by 100. For example, if a current-dollar GDP component equaled $100 in 2009
and if real output for this component increased 10 percent in 2010, then the chained (2009) dollar value of
this component in 2010 would be $110 (= $100 x 110 / 100). Percent changes calculated from
chained-dollar estimates and from chain-type quantity indexes are the same; any differences will be small
and due to rounding.
Chained-dollar values for the detailed GDP components will not necessarily sum to the chained-dollar
estimate of GDP (or to any intermediate aggregate). This is because the relative prices used as weights
for any period other than the reference year differ from those of the reference year. A measure of the
extent of such differences is provided by a �residual� line, which indicates the difference between GDP
(or other major aggregate) and the sum of the most detailed components in the table. For periods close to
the reference year, when there usually has not been much change in the relative prices that are used as
weights, the residuals tend to be small, and the chained-dollar estimates can be used to approximate the
contributions to growth and to aggregate the detailed estimates. For periods further from the reference
year, the residuals tend to be larger, and the chained-dollar estimates are less useful for analyses of
contributions to growth. Thus, the contributions to percent change shown in table 2 provide a better
measure of the composition of GDP growth. In particular, for components for which relative prices are
changing rapidly, calculation of contributions using chained-dollar estimates may be misleading even just
a few years from the reference year.
Reference "Chained-Dollar Indexes: Issues, Tips on Their Use, and Upcoming Changes," November
2003 Survey, pp. 8-16.