EMBARGOED UNTIL RELEASE AT 8:30 A.M. EDT, FRIDAY, MAY 27, 2016
                                                                                           BEA 16-24
GDP:             Lisa Mataloni    (301) 278-9083 gdpniwd@bea.gov
Profits:         Howard Krakower  (301) 278-9417 cpniwd@bea.gov
News Media:      Jeannine Aversa  (301) 278-9003

                      GROSS DOMESTIC PRODUCT:  FIRST QUARTER 2016 (SECOND ESTIMATE)
                      CORPORATE PROFITS:  FIRST QUARTER 2016 (PRELIMINARY ESTIMATE)

      Real gross domestic product -- the value of the goods and services produced by the nation�s
economy less the value of the goods and services used up in production, adjusted for price
changes -- increased at an annual rate of 0.8 percent in the first quarter of 2016, according to the
"second" estimate released by the Bureau of Economic Analysis. In the fourth quarter, real GDP
increased 1.4 percent.

      The GDP estimate released today is based on more complete source data than were available for
the "advance" estimate issued last month. In the advance estimate, the increase in real GDP was 0.5
percent. With the second estimate for the first quarter, the decrease in private inventory investment was
smaller than previously estimated (see "Revisions" on page 2).

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

BOX._____

                 Upcoming Annual Revision of the National Income and Product Accounts

      The annual revision of the national income and product accounts, covering the first
quarter of 2013 through the first quarter of 2016, will be released along with the "advance"
estimate of GDP for the second quarter of 2016 on July 29.  For more information, see �Preview
of the Upcoming Annual NIPA Revision� included in the May Survey of Current Business article
on �GDP and the Economy�.
_________

NOTE. Quarterly estimates are expressed at seasonally adjusted annual rates, unless otherwise specified.
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.

      The deceleration in real GDP in the first quarter primarily reflected a larger decrease in
nonresidential fixed investment, a deceleration in PCE, and a downturn in federal government spending
that were partly offset by an upturn in state and local government spending, and an acceleration in
residential fixed investment.

      Real gross domestic income (GDI) -- the value of the costs incurred and the incomes earned in
the production of goods and services in the nation�s economy -- increased 2.2 percent in the first quarter,
compared with an increase of 1.9 percent (revised) in the fourth quarter. The average of real GDP and
real GDI, a supplemental measure of U.S. economic activity that equally weights GDP and GDI,
increased 1.5 percent in the first quarter, compared with an increase of 1.7 percent (revised) in the fourth
quarter.

      Real gross domestic purchases -- purchases by U.S. residents of goods and services wherever
produced -- increased 1.0 percent in the first quarter, compared with an increase of 1.5 percent in the
fourth.

      The price index for gross domestic purchases, which measures prices paid by U.S. residents,
increased 0.2 percent in the first quarter, compared with an increase of 0.4 percent in the fourth.
Excluding food and energy prices, the price index for gross domestic purchases increased 1.4 percent,
compared with an increase of 1.0 percent.

      Current-dollar GDP -- the market value of the goods and services produced by the nation�s
economy less the value of the goods and services used up in production -- increased 1.4 percent, or
$64.7 billion, in the first quarter to a level of $18,229.5 billion. In the fourth quarter, current-dollar GDP
increased 2.3 percent, or $104.6 billion.


Revisions

      The second estimate of the first quarter percent change in real GDP is 0.3 percentage point more
than the advance estimate issued last month, primarily reflecting upward revisions to private inventory
investment, to residential fixed investment, and to exports and a downward revision to imports. For
more information, see the Technical Note. For information on revisions, see "The Revisions to GDP,
GDI, and Their Major Components."


                                            Advance Estimate    Second Estimate

                                          (Percent change from preceding quarter)
Real GDP                                          0.5                 0.8
Current-dollar GDP                                1.2                 1.4
Real GDI                                            �                 2.2
Average of Real GDP and Real GDI                    �                 1.5
Gross domestic purchases price index              0.3                 0.2


      For the fourth quarter of 2015, real GDI was revised up 1.0 percentage point, from 0.9 percent to
1.9 percent.


                                         Corporate Profits

Profits from current production

      Profits from current production (corporate profits with inventory valuation adjustment (IVA) and
capital consumption adjustment (CCAdj)) increased $6.5 billion in the first quarter, in contrast to a
decrease of $159.6 billion in the fourth.

      Profits of domestic financial corporations decreased $2.0 billion in the first quarter, compared
with a decrease of $24.0 billion in the fourth. Profits of domestic nonfinancial corporations increased
$45.7 billion, in contrast to a decrease of $129.2 billion. The rest-of-the-world component of profits
decreased $37.3 billion, compared with a decrease of $6.5 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 $3.5 billion, and payments increased $33.8 billion.

      Taxes on corporate income decreased $1.7 billion in the first quarter, compared with a decrease
of $32.2 billion in the fourth. Profits after tax with IVA and CCAdj increased $8.1 billion, in contrast to
a decrease of $127.4 billion.

      Dividends increased $7.4 billion in the first quarter, in contrast to a decrease of $15.1 billion in
the fourth. Undistributed profits increased $0.8 billion, in contrast to a decrease of $112.2 billion. Net
cash flow with IVA -- the internal funds available to corporations for investment -- increased $11.8
billion, in contrast to a decrease of $101.6 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 decreased $20.8 billion in the first quarter, in
contrast to an increase of $13.2 billion in the fourth. The CCAdj decreased $2.8 billion in the first
quarter, in contrast to an increase of $3.6 billion.

Gross value added of nonfinancial domestic corporate business

      Real gross value added of nonfinancial corporations increased in the first quarter. Unit profits
from current production (profits per unit of real gross value added) increased reflecting a decrease in
unit nonlabor cost that was partially offset by a decrease in price per unit and an increase in unit labor
cost.

                                       *          *          *

      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 28, 2016 at 8:30 A.M. EDT for:
                    Gross Domestic Product:  First Quarter 2016 (Third Estimate)
                     Corporate Profits:  First Quarter 2016 (Revised Estimate)



                                                Table 1. Real Gross Domestic Product and Related Measures: Percent Change From Preceding Period
------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                            2013    2014 2015\r\ ---------------------------------------------Seasonally adjusted at annual rates---------------------------------------------
                                                                 ---------2012---------  -------------2013-------------  -------------2014-------------  -------------2015-------------     2016
                                                                      II     III      IV       I      II     III      IV       I      II     III      IV       I      II     III   IV\r\    I\r\
------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
      Gross domestic product (GDP).....      1.5     2.4     2.4     1.9     0.5     0.1     1.9     1.1     3.0     3.8    -0.9     4.6     4.3     2.1     0.6     3.9     2.0     1.4     0.8
Personal consumption expenditures......      1.7     2.7     3.1     0.7     1.1     1.1     2.5     1.4     1.7     3.5     1.3     3.8     3.5     4.3     1.8     3.6     3.0     2.4     1.9
  Goods................................      3.1     3.3     3.7     1.1     2.7     2.3     6.1     1.2     2.6     3.1     1.1     6.7     4.1     4.1     1.1     5.5     5.0     1.6     0.4
    Durable goods......................      5.8     5.9     6.0     2.8     6.8     8.1     8.8     2.2     3.2     4.1     2.6    13.9     7.5     6.1     2.0     8.0     6.6     3.8    -1.2
    Nondurable goods...................      1.9     2.1     2.6     0.4     0.9    -0.3     4.8     0.7     2.3     2.6     0.4     3.4     2.4     3.2     0.7     4.3     4.2     0.6     1.3
  Services.............................      1.0     2.4     2.8     0.5     0.2     0.5     0.7     1.5     1.2     3.7     1.4     2.4     3.1     4.3     2.1     2.7     2.1     2.8     2.6
Gross private domestic investment......      4.5     5.4     4.9    10.2    -1.1    -3.2     7.1     5.2    13.7     4.2    -2.5    12.6     7.4     2.1     8.6     5.0    -0.7    -1.0    -2.6
  Fixed investment.....................      4.2     5.3     4.0     6.9     0.1     6.9     4.9     2.6     3.8     5.1     6.0     5.6     7.9     2.5     3.3     5.2     3.7     0.4    -1.5
    Nonresidential.....................      3.0     6.2     2.8     7.5    -2.1     3.7     4.0     1.0     3.5     8.7     8.3     4.4     9.0     0.7     1.6     4.1     2.6    -2.1    -6.2
      Structures.......................      1.6     8.1    -1.5    10.3    -4.0    -7.3    -6.0    11.7    17.9     4.0    19.1    -0.2    -1.9     4.3    -7.4     6.2    -7.2    -5.1    -8.9
      Equipment........................      3.2     5.8     3.1     8.8    -3.3     7.3     6.3    -0.8    -3.8    14.7     3.5     6.5    16.4    -4.9     2.3     0.3     9.9    -2.1    -9.0
      Intellectual property products...      3.8     5.2     5.7     3.8     1.4     6.8     7.8    -3.2     5.2     3.5     7.8     4.8     6.6     6.9     7.4     8.3    -0.8    -0.2    -0.1
    Residential........................      9.5     1.8     8.9     3.7    10.7    22.3     9.1     9.1     4.9    -8.1    -2.8    10.4     3.4    10.0    10.1     9.3     8.2    10.1    17.1
  Change in private inventories........      ---     ---     ---     ---     ---     ---     ---     ---     ---     ---     ---     ---     ---     ---     ---     ---     ---     ---     ---
Net exports of goods and services......      ---     ---     ---     ---     ---     ---     ---     ---     ---     ---     ---     ---     ---     ---     ---     ---     ---     ---     ---
  Exports..............................      2.8     3.4     1.1     4.6     2.0    -0.5     1.0     4.9     4.2    10.9    -6.7     9.8     1.8     5.4    -6.0     5.1     0.7    -2.0    -2.0
    Goods..............................      2.8     4.4    -0.2     4.7     2.2    -3.8     0.4     7.5     5.0    14.9    -9.4    12.2     6.0     3.9   -11.7     6.5    -0.9    -5.4    -2.6
    Services...........................      2.7     1.2     4.0     4.2     1.5     7.5     2.2    -0.6     2.4     2.6    -0.3     4.7    -7.1     8.9     7.3     2.3     3.9     5.0    -0.9
  Imports..............................      1.1     3.8     4.9     2.0     0.6    -3.8     0.8     5.5     2.4     1.0     2.8     9.6    -0.8    10.3     7.1     3.0     2.3    -0.7    -0.2
    Goods..............................      1.0     4.3     4.8     1.7     0.6    -4.3     1.1     5.3     2.6     0.7     4.7     9.9    -0.8     9.9     7.2     3.2     1.4    -1.3    -1.1
    Services...........................      1.5     1.6     5.6     3.5     0.7    -0.9    -0.6     6.0     1.5     2.7    -6.0     8.2    -0.6    11.9     6.7     2.0     6.4     1.9     3.8
Government consumption expenditures
 and gross investment..................     -2.9    -0.6     0.7    -1.9    -1.2    -3.8    -4.5    -2.0    -2.2    -2.7     0.0     1.2     1.8    -1.4    -0.1     2.6     1.8     0.1     1.2
  Federal..............................     -5.7    -2.4    -0.3    -2.9     0.5    -5.5    -9.3    -5.6    -5.8    -6.6     0.3    -1.2     3.7    -5.7     1.1     0.0     0.2     2.3    -1.6
    National defense...................     -6.7    -3.8    -1.2    -4.4     0.8    -8.1   -10.3    -5.8    -7.6    -5.8    -4.6    -0.5     4.5   -10.3     1.0     0.3    -1.4     2.8    -3.6
    Nondefense.........................     -4.0    -0.1     1.2    -0.4    -0.1    -1.1    -7.6    -5.4    -2.6    -7.9     8.9    -2.2     2.5     2.1     1.2    -0.5     2.8     1.5     1.6
  State and local......................     -1.0     0.6     1.4    -1.2    -2.3    -2.6    -1.1     0.4     0.2    -0.1    -0.2     2.6     0.6     1.3    -0.8     4.3     2.8    -1.2     2.9
Addenda:
  Gross domestic income (GDI)\1\.......      1.3     2.6     2.4     0.6    -0.1     3.5    -0.5     2.9     0.4     2.7     0.6     4.8     5.1     2.9     0.4     2.2     2.0     1.9     2.2
  Average of GDP and GDI...............      1.4     2.5     2.4     1.2     0.2     1.8     0.7     2.0     1.7     3.2    -0.2     4.7     4.7     2.5     0.5     3.0     2.0     1.7     1.5
  Final sales of domestic product......      1.4     2.4     2.3     1.4     0.7     1.6     1.6     0.7     1.5     4.0     0.4     3.5     4.3     2.1    -0.2     3.9     2.7     1.6     1.0
  Gross domestic purchases.............      1.2     2.5     3.0     1.5     0.3    -0.5     1.8     1.3     2.7     2.5     0.5     4.7     3.8     2.9     2.5     3.6     2.2     1.5     1.0
  Final sales to domestic purchasers...      1.2     2.5     2.8     1.1     0.5     1.0     1.5     0.9     1.3     2.6     1.8     3.6     3.8     3.0     1.7     3.7     2.9     1.7     1.2
  Final sales to private domestic
   purchasers..........................      2.2     3.2     3.3     1.8     0.9     2.2     3.0     1.6     2.1     3.8     2.2     4.2     4.3     3.9     2.0     3.9     3.2     2.0     1.2
  Gross national product (GNP).........      1.5     2.5     2.1     1.3     0.6    -0.1     1.6     1.7     3.3     3.9    -1.2     4.4     4.5     1.9    -0.2     3.9     1.3     1.1    -0.2
  Disposable personal income...........     -1.4     2.7     3.5     3.1    -0.2    10.9   -15.9     2.7     2.2     0.6     4.0     3.0     2.7     4.7     3.9     2.6     3.2     3.3     4.0
  Current-dollar measures:
    GDP................................      3.1     4.1     3.5     3.8     2.7     1.7     3.6     2.1     4.9     5.6     0.6     6.9     6.0     2.2     0.8     6.1     3.3     2.3     1.4
    GDI................................      2.9     4.3     3.4     2.4     2.0     5.2     1.1     3.9     2.3     4.4     2.2     7.1     6.8     3.0     0.5     4.4     3.4     2.9     2.8
    Average of GDP and GDI.............      3.0     4.2     3.4     3.1     2.3     3.4     2.3     3.0     3.6     5.0     1.4     7.0     6.4     2.6     0.6     5.2     3.3     2.6     2.1
    Final sales of domestic product....      3.1     4.1     3.3     3.2     3.1     3.1     3.1     1.8     3.5     5.9     1.9     5.8     6.0     2.2    -0.1     6.2     4.1     2.5     1.7
    Gross domestic purchases...........      2.7     4.1     3.3     2.8     1.5     1.6     3.4     2.0     4.4     4.3     2.1     6.7     5.4     2.8     0.9     5.2     3.5     1.9     1.2
    Final sales to domestic
     purchasers........................      2.6     4.1     3.2     2.2     1.8     2.9     2.9     1.7     3.1     4.5     3.4     5.6     5.4     2.8     0.0     5.2     4.2     2.1     1.5
    Final sales to private domestic
     purchasers........................      3.6     4.7     3.6     3.1     2.3     4.1     4.4     2.4     3.8     5.4     4.0     6.2     5.8     3.8     0.4     5.5     4.5     2.5     1.6
    GNP................................      3.2     4.1     3.1     3.2     2.8     1.5     3.3     2.7     5.3     5.7     0.4     6.8     6.2     2.0    -0.1     6.1     2.7     2.1     0.4
    Disposable personal income.........     -0.1     4.2     3.8     4.4     1.1    13.3   -14.7     3.1     3.9     2.0     5.6     5.2     3.9     4.2     1.9     4.9     4.5     3.7     4.4
------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
 r Revised. Revisions include changes to series affected by the incorporation of revised wage and salary estimates for the fourth quarter of 2015.
 1. Gross domestic income deflated by the implicit price deflator for gross domestic product.
 See 'Explanatory Note' at the end of the tables.


                                                             Table 2. Contributions to Percent Change in Real Gross Domestic Product
--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                             2013    2014    2015 ---------------------------------------------Seasonally adjusted at annual rates---------------------------------------------
                                                                  ---------2012---------  -------------2013-------------  -------------2014-------------  -------------2015-------------     2016
                                                                       II     III      IV       I      II     III      IV       I      II     III      IV       I      II     III      IV    I\r\
--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
Percent change at annual rate:
    Gross domestic product..............      1.5     2.4     2.4     1.9     0.5     0.1     1.9     1.1     3.0     3.8    -0.9     4.6     4.3     2.1     0.6     3.9     2.0     1.4     0.8
Percentage points at annual rates:
Personal consumption expenditures.......     1.16    1.84    2.11    0.45    0.72    0.78    1.74    0.96    1.17    2.36    0.85    2.60    2.34    2.86    1.19    2.42    2.04    1.66    1.29
  Goods.................................     0.71    0.75    0.83    0.26    0.63    0.53    1.39    0.28    0.60    0.70    0.25    1.49    0.91    0.91    0.25    1.20    1.08    0.36    0.09
    Durable goods.......................     0.42    0.43    0.43    0.20    0.48    0.58    0.64    0.17    0.24    0.30    0.19    0.96    0.54    0.44    0.14    0.57    0.47    0.28   -0.09
      Motor vehicles and parts..........     0.11    0.14    0.09    0.05    0.15    0.22    0.23   -0.02   -0.04    0.06    0.10    0.41    0.19    0.11   -0.09    0.24    0.08   -0.15   -0.30
      Furnishings and durable household
       equipment........................     0.09    0.11    0.10   -0.07    0.04    0.09    0.13    0.07    0.16    0.07    0.03    0.21    0.10    0.10    0.08    0.07    0.14    0.09    0.06
      Recreational goods and vehicles...     0.18    0.14    0.19    0.18    0.20    0.19    0.25    0.12    0.12    0.08    0.04    0.26    0.25    0.17    0.13    0.17    0.20    0.26    0.19
      Other durable goods...............     0.04    0.04    0.05    0.04    0.08    0.08    0.03    0.00    0.00    0.09    0.01    0.08    0.01    0.06    0.02    0.09    0.06    0.08   -0.04
    Nondurable goods....................     0.29    0.32    0.39    0.06    0.14   -0.05    0.75    0.11    0.36    0.40    0.06    0.52    0.37    0.47    0.10    0.62    0.61    0.09    0.18
      Food and beverages purchased for
       off-premises consumption.........     0.05    0.03    0.00    0.02    0.02    0.03    0.15   -0.09    0.12    0.10    0.03   -0.01   -0.04   -0.04   -0.04    0.14    0.01   -0.02    0.11
      Clothing and footwear.............     0.03    0.03    0.07   -0.14    0.14   -0.08    0.12    0.06   -0.05    0.03   -0.06    0.15    0.06    0.15   -0.02    0.14    0.03    0.00   -0.02
      Gasoline and other energy goods...     0.04    0.02    0.07    0.22   -0.02   -0.18    0.17    0.08    0.05    0.03   -0.01   -0.05    0.01    0.18    0.11   -0.01    0.09   -0.04    0.09
      Other nondurable goods............     0.17    0.25    0.26   -0.04    0.00    0.18    0.30    0.07    0.25    0.24    0.11    0.43    0.34    0.18    0.06    0.36    0.48    0.14    0.00
  Services..............................     0.45    1.09    1.28    0.20    0.10    0.25    0.36    0.68    0.57    1.66    0.61    1.11    1.42    1.95    0.94    1.23    0.96    1.30    1.20
    Household consumption expenditures
     (for services).....................     0.42    1.06    1.27   -0.15    0.08   -0.01    0.54    0.73    0.48    1.51    0.65    1.08    1.34    2.00    1.09    1.20    0.71    1.10    1.08
      Housing and utilities.............     0.06    0.14    0.10    0.45    0.15   -0.31    0.28    0.01   -0.15    0.30    0.54   -0.17   -0.13    0.22    0.43   -0.10    0.10   -0.19    0.25
      Health care.......................     0.11    0.31    0.53   -0.13    0.13   -0.01   -0.13    0.44    0.24    0.38   -0.25    0.63    0.57    0.80    0.52    0.34    0.40    0.30    0.25
      Transportation services...........     0.06    0.10    0.11    0.16    0.05   -0.03    0.10    0.09    0.08    0.00    0.16    0.08    0.14    0.13    0.07    0.14    0.08    0.14    0.13
      Recreation services...............     0.05    0.07    0.06    0.12    0.02    0.08    0.04   -0.08    0.16    0.10    0.08   -0.03    0.13    0.15   -0.05    0.06    0.00    0.35    0.10
      Food services and accommodations       0.07    0.13    0.20    0.08    0.09    0.12    0.13   -0.14    0.05    0.27   -0.05    0.28    0.17    0.26    0.12    0.31    0.08    0.19    0.09
      Financial services and insurance       0.05    0.06    0.06   -0.69   -0.39   -0.03    0.39    0.24    0.00    0.23   -0.10    0.04    0.16    0.05    0.00    0.12   -0.05    0.16    0.06
      Other services....................     0.02    0.24    0.21   -0.14    0.04    0.16   -0.27    0.17    0.10    0.23    0.26    0.24    0.30    0.40    0.01    0.32    0.10    0.15    0.20
    Final consumption expenditures of
     nonprofit institutions serving
     households.........................     0.03    0.04    0.01    0.35    0.02    0.26   -0.19   -0.05    0.09    0.14   -0.04    0.03    0.09   -0.06   -0.15    0.03    0.25    0.19    0.12
      Gross output of nonprofit
       institutions.....................     0.09    0.10    0.18    0.08    0.27    0.05   -0.15    0.27    0.09    0.31   -0.44    0.36    0.28    0.39    0.05    0.05    0.11    0.20    0.25
      Less: Receipts from sales of
       goods and services by nonprofit
       institutions.....................     0.06    0.07    0.17   -0.26    0.25   -0.21    0.03    0.32    0.00    0.17   -0.40    0.33    0.20    0.45    0.20    0.02   -0.14    0.01    0.13
Gross private domestic investment.......     0.70    0.87    0.82    1.53   -0.18   -0.51    1.05    0.78    2.07    0.71   -0.38    1.99    1.22    0.36    1.39    0.85   -0.11   -0.16   -0.45
  Fixed investment......................     0.64    0.82    0.64    0.98    0.00    1.03    0.77    0.40    0.59    0.79    0.91    0.87    1.23    0.39    0.52    0.83    0.60    0.06   -0.25
    Nonresidential......................     0.38    0.77    0.36    0.88   -0.27    0.46    0.51    0.14    0.44    1.05    1.00    0.56    1.12    0.09    0.20    0.53    0.33   -0.27   -0.81
      Structures........................     0.04    0.23   -0.04    0.27   -0.12   -0.21   -0.16    0.30    0.46    0.11    0.50    0.00   -0.05    0.12   -0.22    0.18   -0.21   -0.14   -0.25
      Equipment.........................     0.19    0.34    0.18    0.47   -0.21    0.41    0.38   -0.04   -0.22    0.80    0.20    0.38    0.92   -0.30    0.14    0.03    0.57   -0.12   -0.56
        Information processing
         equipment......................     0.07    0.07    0.08   -0.08   -0.12    0.25    0.17   -0.05    0.10   -0.10    0.08    0.28   -0.14    0.32   -0.07   -0.08    0.43    0.04   -0.08
          Computers and peripheral
           equipment....................     0.02   -0.02    0.00   -0.05   -0.13    0.17    0.06   -0.08    0.05    0.05   -0.14    0.05    0.02   -0.02   -0.10    0.11    0.08   -0.16    0.02
          Other.........................     0.05    0.08    0.09   -0.03    0.01    0.09    0.12    0.03    0.05   -0.14    0.22    0.24   -0.15    0.34    0.03   -0.18    0.35    0.20   -0.09
        Industrial equipment............    -0.03    0.09    0.06    0.16   -0.14    0.11   -0.08   -0.12    0.02   -0.07    0.25    0.18    0.11   -0.07   -0.02    0.26   -0.05    0.14   -0.06
        Transportation equipment........     0.15    0.17    0.11    0.17   -0.07    0.14    0.12    0.37   -0.10    0.49   -0.05    0.07    0.58   -0.14    0.18   -0.07    0.29   -0.18   -0.22
        Other equipment.................     0.01    0.01   -0.07    0.22    0.13   -0.09    0.16   -0.25   -0.24    0.47   -0.09   -0.16    0.37   -0.41    0.05   -0.09   -0.10   -0.13   -0.21
      Intellectual property products....     0.15    0.20    0.22    0.14    0.05    0.26    0.30   -0.13    0.20    0.13    0.30    0.19    0.25    0.27    0.29    0.33   -0.03   -0.01    0.00
        Software........................     0.06    0.11    0.11    0.10    0.00    0.12    0.13   -0.15    0.14    0.09    0.14    0.13    0.17    0.10    0.16    0.11   -0.02    0.03    0.04
        Research and development........     0.08    0.08    0.10    0.04    0.05    0.12    0.16    0.01    0.06    0.03    0.14    0.04    0.07    0.15    0.12    0.21   -0.03   -0.03   -0.04
        Entertainment, literary, and
         artistic originals.............     0.01    0.01    0.01    0.00    0.00    0.01    0.01    0.01    0.00    0.02    0.02    0.01    0.01    0.02    0.01    0.01    0.02    0.00   -0.01
    Residential.........................     0.27    0.05    0.28    0.10    0.27    0.57    0.26    0.27    0.15   -0.26   -0.09    0.31    0.11    0.31    0.32    0.30    0.27    0.33    0.56
  Change in private inventories.........     0.06    0.05    0.17    0.56   -0.18   -1.54    0.28    0.38    1.48   -0.08   -1.29    1.12   -0.01   -0.03    0.87    0.02   -0.71   -0.22   -0.20
    Farm................................     0.19   -0.02    0.02   -0.12   -0.29    0.15    0.53    0.15    0.13    0.04   -0.26    0.09    0.08   -0.05    0.10   -0.09    0.08   -0.10   -0.12
    Nonfarm.............................    -0.13    0.07    0.16    0.68    0.11   -1.69   -0.24    0.23    1.35   -0.12   -1.03    1.03   -0.09    0.02    0.77    0.11   -0.79   -0.12   -0.08
Net exports of goods and services.......     0.20   -0.18   -0.64    0.28    0.16    0.58   -0.01   -0.24    0.16    1.26   -1.39   -0.24    0.39   -0.89   -1.92    0.18   -0.26   -0.14   -0.21
  Exports...............................     0.38    0.46    0.15    0.61    0.27   -0.07    0.12    0.64    0.55    1.42   -0.95    1.28    0.24    0.71   -0.81    0.64    0.09   -0.25   -0.25
    Goods...............................     0.26    0.41   -0.01    0.44    0.20   -0.37    0.03    0.67    0.45    1.31   -0.94    1.09    0.55    0.36   -1.10    0.55   -0.07   -0.45   -0.21
    Services............................     0.11    0.05    0.17    0.17    0.06    0.30    0.09   -0.02    0.10    0.11   -0.01    0.20   -0.31    0.35    0.30    0.10    0.16    0.20   -0.04
  Imports...............................    -0.18   -0.63   -0.79   -0.33   -0.10    0.65   -0.13   -0.89   -0.39   -0.16   -0.44   -1.52    0.15   -1.60   -1.12   -0.46   -0.35    0.11    0.03
    Goods...............................    -0.14   -0.59   -0.64   -0.23   -0.09    0.62   -0.15   -0.72   -0.35   -0.09   -0.61   -1.30    0.13   -1.29   -0.93   -0.41   -0.18    0.17    0.14
    Services............................    -0.04   -0.05   -0.15   -0.10   -0.02    0.03    0.02   -0.16   -0.04   -0.07    0.17   -0.22    0.02   -0.31   -0.18   -0.05   -0.17   -0.05   -0.10
Government consumption expenditures and
 gross investment.......................    -0.58   -0.11    0.13   -0.39   -0.22   -0.75   -0.88   -0.38   -0.42   -0.51    0.00    0.21    0.33   -0.26   -0.01    0.46    0.32    0.02    0.20
  Federal...............................    -0.46   -0.18   -0.02   -0.24    0.04   -0.45   -0.75   -0.43   -0.44   -0.49    0.02   -0.08    0.26   -0.41    0.08    0.00    0.02    0.15   -0.11
    National defense....................    -0.34   -0.18   -0.05   -0.23    0.04   -0.42   -0.53   -0.28   -0.36   -0.27   -0.21   -0.02    0.19   -0.47    0.04    0.01   -0.06    0.11   -0.15
      Consumption expenditures..........    -0.27   -0.14   -0.03   -0.18    0.11   -0.28   -0.45   -0.18   -0.42   -0.24   -0.03   -0.12    0.23   -0.43    0.13   -0.03   -0.02    0.04   -0.15
      Gross investment..................    -0.07   -0.04   -0.02   -0.05   -0.07   -0.14   -0.07   -0.10    0.06   -0.03   -0.18    0.10   -0.04   -0.04   -0.09    0.05   -0.04    0.07    0.00
    Nondefense..........................    -0.12    0.00    0.03   -0.01    0.00   -0.03   -0.23   -0.16   -0.07   -0.23    0.23   -0.06    0.07    0.06    0.03   -0.01    0.08    0.04    0.04
      Consumption expenditures..........    -0.08    0.01    0.02    0.00    0.02   -0.02   -0.15   -0.12   -0.06   -0.20    0.24   -0.05    0.07    0.02    0.04   -0.04    0.06    0.02    0.03
      Gross investment..................    -0.04   -0.01    0.01   -0.01   -0.03   -0.01   -0.08   -0.04   -0.02   -0.03   -0.01   -0.01    0.00    0.04    0.00    0.03    0.01    0.02    0.01
  State and local.......................    -0.12    0.07    0.15   -0.14   -0.26   -0.30   -0.12    0.05    0.02   -0.01   -0.03    0.29    0.07    0.15   -0.09    0.46    0.30   -0.13    0.31
    Consumption expenditures............    -0.04    0.06    0.07   -0.09   -0.05   -0.10   -0.07    0.00    0.01    0.07    0.07    0.11    0.05    0.06    0.06    0.04    0.14    0.03    0.08
    Gross investment....................    -0.08    0.01    0.09   -0.05   -0.21   -0.20   -0.06    0.05    0.01   -0.08   -0.10    0.19    0.02    0.09   -0.14    0.42    0.17   -0.16    0.24
--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
 r Revised
 See 'Explanatory Note' at the end of the tables.


                                                     Table 3. Gross Domestic Product: Level and Change From Preceding Period
----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                           ----------------Billions of dollars----------------   ----------------------Billions of chained (2009) dollars----------------------
                                            2015\r\ ----Seasonally adjusted at annual rates----   2015\r\ ----Seasonally adjusted at annual rates----  Change from preceding period
                                                    ---------------2015---------------      2016          ---------------2015---------------      2016  2015\r\     2015     2016
                                                           I       II      III    IV\r\     I\r\                 I       II      III    IV\r\     I\r\             IV\r\     I\r\
----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
      Gross domestic product (GDP).......  17,947.0 17,649.3 17,913.7 18,060.2 18,164.8 18,229.5 16,348.9 16,177.3 16,333.6 16,414.0 16,470.6 16,505.1    387.2     56.6     34.5
Personal consumption expenditures........  12,271.9 12,055.5 12,228.4 12,359.0 12,444.7 12,513.8 11,213.3 11,081.2 11,178.9 11,262.4 11,330.7 11,384.2    337.6     68.3     53.5
  Goods..................................   3,978.8  3,901.5  3,978.1  4,024.1  4,011.5  3,973.5  3,869.6  3,803.7  3,855.0  3,902.0  3,917.9  3,922.0    138.5     16.0      4.1
    Durable goods........................   1,328.7  1,301.8  1,326.4  1,339.6  1,346.9  1,339.0  1,466.5  1,430.4  1,458.3  1,481.7  1,495.5  1,490.8     82.4     13.8     -4.7
      Motor vehicles and parts...........     456.6    447.8    460.4    462.8    455.3    441.3    411.3    404.1    413.6    416.7    410.6    398.2     14.5     -6.1    -12.4
      Furnishings and durable household
       equipment.........................     298.9    293.8    298.0    301.0    302.9    304.9    344.3    336.7    340.5    347.7    352.3    355.6     20.4      4.7      3.3
      Recreational goods and vehicles....     371.3    361.7    366.7    373.0    383.7    385.8    526.5    508.2    518.6    531.4    548.0    560.4     44.9     16.5     12.4
      Other durable goods................     201.9    198.5    201.2    202.8    205.0    207.1    202.0    196.8    200.9    203.3    206.9    205.0      9.0      3.6     -1.9
    Nondurable goods.....................   2,650.1  2,599.7  2,651.8  2,684.4  2,664.6  2,634.5  2,430.0  2,397.8  2,423.0  2,447.9  2,451.5  2,459.2     62.2      3.6      7.8
      Food and beverages purchased for
       off-premises consumption..........     896.8    891.5    895.1    900.7    899.9    900.8    808.3    804.1    809.5    810.1    809.4    813.9      0.7     -0.7      4.5
      Clothing and footwear..............     376.4    372.3    377.5    379.2    376.6    378.6    359.7    354.8    360.5    361.7    361.7    360.9     11.3      0.1     -0.8
      Gasoline and other energy goods....     306.6    293.7    317.6    320.4    294.9    257.0    285.9    284.8    284.5    288.1    286.3    290.7      9.2     -1.8      4.3
      Other nondurable goods.............   1,070.3  1,042.2  1,061.6  1,084.1  1,093.3  1,098.0    986.3    964.1    978.6    998.3  1,004.3  1,004.4     41.3      6.0      0.1
  Services...............................   8,293.1  8,153.9  8,250.2  8,334.9  8,433.1  8,540.3  7,345.3  7,277.4  7,325.3  7,363.4  7,415.0  7,462.9    200.7     51.6     47.9
    Household consumption expenditures
     (for services)......................   7,955.3  7,828.0  7,921.2  7,992.5  8,079.6  8,175.8  7,037.6  6,977.6  7,024.3  7,052.4  7,096.3  7,139.3    198.1     43.9     43.0
      Housing and utilities..............   2,214.8  2,197.6  2,204.5  2,225.4  2,231.6  2,255.6  1,977.8  1,980.5  1,976.7  1,980.7  1,973.1  1,983.1     16.6     -7.6     10.0
      Health care........................   2,059.8  2,023.8  2,049.0  2,073.8  2,092.5  2,111.7  1,875.4  1,853.8  1,867.5  1,884.0  1,896.2  1,906.7     83.8     12.1     10.5
      Transportation services............     375.3    366.2    373.7    377.1    384.0    392.3    341.4    334.0    339.8    342.9    348.8    354.0     17.5      5.9      5.2
      Recreation services................     473.9    463.5    470.2    472.6    489.3    497.2    426.1    420.7    423.1    423.2    437.5    441.5     10.0     14.3      4.1
      Food services and accommodations...     807.1    787.1    803.4    810.7    827.1    837.0    701.9    689.3    701.4    704.6    712.2    715.6     30.8      7.6      3.4
      Financial services and insurance...     921.2    904.7    920.4    925.5    934.1    947.9    730.8    727.4    731.4    729.5    735.0    737.2      8.0      5.5      2.1
      Other services.....................   1,103.4  1,085.2  1,099.9  1,107.4  1,121.1  1,134.0    987.1    974.4    986.8    990.7    996.7  1,004.9     33.1      6.0      8.2
    Final consumption expenditures of
     nonprofit institutions serving
     households..........................     337.7    325.9    329.0    342.4    353.5    364.5    308.0    300.0    301.2    311.5    319.4    324.4      2.2      7.9      5.0
      Gross output of nonprofit
       institutions......................   1,336.5  1,319.0  1,330.2  1,341.4  1,355.5  1,375.0  1,187.0  1,181.2  1,183.2  1,187.6  1,195.8  1,205.8     28.2      8.2     10.0
      Less: Receipts from sales of goods
       and services by nonprofit
       institutions......................     998.8    993.1  1,001.2    999.0  1,002.0  1,010.4    879.3    881.4    882.1    876.7    877.1    882.2     25.7      0.5      5.1
Gross private domestic investment........   3,020.6  2,995.9  3,025.5  3,030.6  3,030.6  3,009.8  2,851.9  2,830.2  2,864.8  2,859.7  2,852.7  2,833.6    134.2     -7.0    -19.1
  Fixed investment.......................   2,911.4  2,868.6  2,897.9  2,935.3  2,943.7  2,936.3  2,740.2  2,701.4  2,735.5  2,760.7  2,763.2  2,752.8    106.4      2.5    -10.5
    Nonresidential.......................   2,301.9  2,280.7  2,297.9  2,319.4  2,309.5  2,273.6  2,209.3  2,188.6  2,210.6  2,224.9  2,213.0  2,177.8     61.0    -11.9    -35.2
      Structures.........................     497.2    499.3    503.8    496.0    489.5    476.4    457.7    458.2    465.2    456.6    450.7    440.3     -6.9     -5.9    -10.4
      Equipment..........................   1,076.1  1,063.5  1,064.6  1,090.9  1,085.3  1,060.8  1,057.8  1,046.0  1,046.9  1,072.0  1,066.4  1,041.6     31.7     -5.6    -24.8
        Information processing
         equipment.......................     322.7    316.4    312.1    330.5    331.6    328.3    342.2    334.2    330.5    351.0    352.9    349.2     15.8      1.8     -3.7
          Computers and peripheral
           equipment.....................      77.8     75.0     79.1     82.3     74.9     75.5     88.3     84.3     89.6     93.7     85.6     86.5     -0.7     -8.1      0.9
          Other..........................     244.8    241.4    233.0    248.2    256.7    252.8    252.8    248.8    240.3    256.6    265.7    261.3     16.0      9.2     -4.4
        Industrial equipment.............     233.8    224.9    236.2    234.1    240.0    237.2    218.7    210.0    220.9    219.0    224.9    222.6      9.8      6.0     -2.3
        Transportation equipment.........     295.4    292.2    289.4    303.9    296.3    287.3    290.2    288.1    285.1    297.8    290.0    280.2     18.5     -7.8     -9.7
        Other equipment..................     224.2    230.0    226.8    222.4    217.6    208.0    213.5    220.0    216.1    211.7    206.1    197.3    -11.3     -5.5     -8.9
      Intellectual property products.....     728.6    717.8    729.6    732.4    734.6    736.5    696.8    687.1    701.0    699.6    699.4    699.2     37.3     -0.3     -0.2
        Software.........................     327.2    324.1    326.7    328.3    329.8    331.3    334.1    330.6    335.4    334.6    335.8    337.7     19.1      1.2      1.9
        Research and development.........     319.3    313.0    321.1    321.4    321.7    321.7    282.7    277.4    285.7    284.4    283.1    281.5     15.9     -1.3     -1.6
        Entertainment, literary, and
         artistic originals..............      82.1     80.7     81.8     82.7     83.2     83.5     80.4     79.7     80.0     80.9     81.0     80.7      2.3      0.1     -0.3
    Residential..........................     609.5    588.0    600.0    615.9    634.2    662.7    529.6    512.4    524.0    534.4    547.4    569.5     43.1     13.0     22.0
  Change in private inventories..........     109.2    127.3    127.5     95.3     86.9     73.5     97.5    112.8    113.5     85.5     78.3     69.6     29.5     -7.2     -8.8
    Farm.................................       6.2      9.0      4.3      8.0      3.5     -3.3      5.2      7.0      4.1      6.6      3.1     -1.0      1.5     -3.5     -4.2
    Nonfarm..............................     103.0    118.3    123.2     87.3     83.4     76.8     93.2    106.8    111.0     79.2     76.0     71.8     28.2     -3.2     -4.2
Net exports of goods and services........    -528.9   -551.6   -519.3   -530.4   -514.3   -506.8   -543.4   -541.2   -534.6   -546.1   -551.9   -561.2   -100.9     -5.8     -9.2
  Exports................................   2,253.4  2,257.3  2,280.0  2,259.8  2,216.6  2,173.0  2,110.1  2,091.4  2,117.5  2,121.1  2,110.3  2,099.5     23.7    -10.8    -10.8
    Goods................................   1,504.9  1,517.5  1,535.5  1,508.9  1,457.8  1,409.2  1,439.7  1,429.3  1,452.0  1,448.8  1,428.9  1,419.5     -3.3    -19.9     -9.4
    Services.............................     748.5    739.8    744.5    750.9    758.8    763.8    668.7    660.6    664.4    670.7    678.9    677.3     25.8      8.2     -1.6
  Imports................................   2,782.3  2,808.9  2,799.3  2,790.2  2,730.9  2,679.8  2,653.5  2,632.5  2,652.1  2,667.2  2,662.2  2,660.6    124.6     -5.0     -1.5
    Goods................................   2,280.6  2,311.7  2,299.9  2,285.4  2,225.3  2,170.0  2,176.1  2,161.1  2,178.4  2,186.0  2,178.7  2,172.4     99.5     -7.3     -6.3
    Services.............................     501.8    497.2    499.5    504.7    505.7    509.8    475.8    469.8    472.1    479.5    481.8    486.3     25.0      2.3      4.5
Government consumption expenditures and
 gross investment........................   3,183.4  3,149.5  3,179.2  3,201.0  3,203.9  3,212.7  2,858.9  2,838.5  2,856.9  2,869.7  2,870.6  2,878.9     20.7      0.9      8.3
  Federal................................   1,224.6  1,218.2  1,220.7  1,224.3  1,235.2  1,235.2  1,113.2  1,111.3  1,111.3  1,112.0  1,118.3  1,113.8     -3.1      6.3     -4.5
    National defense.....................     740.8    739.0    740.1    738.2    745.7    740.9    680.6    680.3    680.8    678.4    683.1    676.8     -8.4      4.7     -6.3
      Consumption expenditures...........     595.9    595.2    595.2    594.8    598.6    593.6    543.8    544.7    543.4    542.7    544.4    538.0     -5.1      1.7     -6.3
      Gross investment...................     144.8    143.9    144.9    143.4    147.2    147.4    136.6    135.3    137.1    135.4    138.5    138.6     -3.4      3.1      0.1
    Nondefense...........................     483.9    479.2    480.6    486.1    489.5    494.3    432.2    430.7    430.2    433.2    434.8    436.5      5.2      1.6      1.7
      Consumption expenditures...........     364.7    361.5    362.0    366.5    368.7    372.6    322.2    321.9    320.4    322.8    323.8    324.9      3.1      0.9      1.2
      Gross investment...................     119.2    117.7    118.6    119.6    120.8    121.7    110.0    108.8    109.8    110.4    111.0    111.6      2.2      0.7      0.5
  State and local........................   1,958.8  1,931.3  1,958.4  1,976.6  1,968.7  1,977.6  1,744.3  1,725.9  1,744.1  1,756.2  1,750.9  1,763.5     23.5     -5.2     12.6
    Consumption expenditures.............   1,611.4  1,599.5  1,608.4  1,618.9  1,618.6  1,618.6  1,431.1  1,427.0  1,428.5  1,433.9  1,435.1  1,438.2     10.2      1.2      3.1
    Gross investment.....................     347.4    331.8    350.0    357.8    350.0    359.0    312.4    298.1    314.9    321.6    315.1    324.8     13.4     -6.5      9.7
Residual.................................       ---      ---      ---      ---      ---      ---    -82.6    -74.2    -78.4    -86.1    -91.8    -93.0      ---      ---      ---
Addenda:
  Gross domestic income (GDI)\1\.........  18,153.9 17,901.6 18,094.0 18,244.5 18,375.6 18,504.2 16,537.4 16,408.6 16,498.0 16,581.5 16,661.7 16,753.8    380.6     80.2     92.1
  Average of GDP and GDI.................  18,050.5 17,775.4 18,003.9 18,152.3 18,270.2 18,366.8 16,443.1 16,293.0 16,415.8 16,497.7 16,566.1 16,629.4    383.9     68.4     63.3
  Final sales of domestic product........  17,837.7 17,522.0 17,786.2 17,964.9 18,077.9 18,156.0 16,241.9 16,053.8 16,209.7 16,319.3 16,385.0 16,427.8    360.2     65.8     42.7
  Gross domestic purchases...............  18,475.9 18,200.9 18,433.0 18,590.6 18,679.1 18,736.3 16,894.7 16,720.8 16,870.7 16,962.4 17,025.0 17,068.5    488.9     62.6     43.5
  Final sales to domestic purchasers.....  18,366.6 18,073.6 18,305.5 18,495.3 18,592.3 18,662.8 16,788.3 16,597.7 16,747.2 16,868.3 16,940.0 16,991.8    462.0     71.8     51.8
  Final sales to private domestic
   purchasers............................  15,183.3 14,924.1 15,126.3 15,294.3 15,388.4 15,450.1 13,940.8 13,770.1 13,901.6 14,010.1 14,081.2 14,124.8    443.0     71.1     43.6
  Gross domestic product.................  17,947.0 17,649.3 17,913.7 18,060.2 18,164.8 18,229.5 16,348.9 16,177.3 16,333.6 16,414.0 16,470.6 16,505.1    387.2     56.6     34.5
  Plus: Income receipts from the rest of
   the world.............................     830.5    817.0    845.3    841.2    818.4    814.5    695.5    687.3    708.5    703.0    683.3    679.6    -21.0    -19.7     -3.7
  Less: Income payments to the rest of
   the world.............................     616.9    589.5    614.7    637.6    625.7    669.5    514.6    494.2    513.3    530.6    520.1    556.0     19.3    -10.5     35.9
  Equals: Gross national product.........  18,160.6 17,876.8 18,144.3 18,263.8 18,357.5 18,374.5 16,529.5 16,371.4 16,529.7 16,585.1 16,631.7 16,623.2    342.8     46.6     -8.6
  Net domestic product...................  15,125.7 14,856.6 15,109.3 15,227.6 15,309.2 15,357.2 13,721.9 13,573.0 13,714.4 13,779.5 13,820.9 13,841.8    327.8     41.4     20.9
----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
 r Revised. Revisions include changes to series affected by the incorporation of revised wage and salary estimates for the fourth quarter of 2015.
 1. Real gross domestic income is gross domestic income deflated by the implicit price deflator for gross domestic product.
 Note. Users are cautioned that particularly for components that exhibit rapid change in prices relative to other prices in the economy, the chained-dollar estimates should not
 be used to measure the component's relative importance or its contribution to the growth rate of more aggregate series. For accurate estimates of the contributions to percent
 changes in real gross domestic product, use table 2.
 See 'Explanatory Note' at the end of the tables.


                                          Table 4. Price Indexes for Gross Domestic Product and Related Measures: Percent Change From Preceding Period
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                            2013    2014    2015 ---------------------------------------------Seasonally adjusted at annual rates---------------------------------------------
                                                                 ---------2012---------  -------------2013-------------  -------------2014-------------  -------------2015-------------     2016
                                                                      II     III      IV       I      II     III      IV       I      II     III      IV       I      II     III      IV    I\r\
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
      Gross domestic product (GDP).....      1.6     1.6     1.0     1.8     2.4     1.5     1.5     1.1     2.0     1.8     1.5     2.2     1.6     0.1     0.1     2.1     1.3     0.9     0.6
Personal consumption expenditures......      1.4     1.4     0.3     1.2     1.3     2.2     1.4     0.4     1.7     1.4     1.6     2.1     1.2    -0.4    -1.9     2.2     1.3     0.3     0.3
  Goods................................     -0.5    -0.4    -2.8    -0.8     0.2     1.5    -0.9    -3.0     0.9    -0.9    -0.1     1.4    -0.4    -4.6    -8.7     2.5    -0.3    -2.8    -4.1
    Durable goods......................     -1.8    -2.3    -2.1    -1.8    -2.3    -1.5    -1.1    -2.1    -2.6    -2.3    -2.5    -1.6    -2.3    -3.3    -2.4    -0.2    -2.4    -1.5    -1.1
    Nondurable goods...................      0.2     0.6    -3.2    -0.4     1.4     2.9    -0.8    -3.4     2.6    -0.2     1.0     2.8     0.6    -5.3   -11.6     3.8     0.8    -3.5    -5.6
  Services.............................      2.3     2.3     1.9     2.3     1.9     2.5     2.5     2.2     2.1     2.6     2.5     2.5     2.0     1.7     1.6     2.1     2.0     1.9     2.5
Gross private domestic investment......      1.5     1.8     0.6     1.8     1.7     1.0     1.2     2.2     1.4     1.8     2.1     1.1     2.2     1.8    -0.4    -1.0     1.5     0.6     0.2
  Fixed investment.....................      1.6     1.9     0.6     1.7     1.6     0.9     1.4     2.2     1.6     2.3     2.4     1.1     2.4     1.4    -0.4    -1.0     1.5     0.8     0.5
    Nonresidential.....................      0.8     1.0     0.2     1.7     1.2     0.2     0.2     1.4     0.7     0.9     0.9     1.1     1.2     0.6    -0.4    -1.0     1.2     0.4     0.2
      Structures.......................      1.6     1.5    -0.5     4.6     1.4    -0.4     1.3     3.1     1.2     2.2     1.2     0.7     1.7     1.0    -2.3    -2.4     1.3    -0.1    -1.6
      Equipment........................      0.4     0.7     0.7     0.3     1.1     1.3    -0.3     0.4     0.3     0.0     0.9     1.5     0.9     1.1     1.0     0.0     0.3     0.0     0.3
      Intellectual property products...      0.7     0.9     0.0     1.7     1.1    -1.0     0.4     2.0     0.8     1.3     0.6     0.8     1.4    -0.5    -1.1    -1.5     2.3     1.4     1.1
    Residential........................      5.1     6.1     2.0     1.6     3.5     4.0     6.4     5.4     5.5     7.9     8.9     1.0     7.1     4.6    -0.4    -0.8     2.6     2.1     1.8
  Change in private inventories........      ---     ---     ---     ---     ---     ---     ---     ---     ---     ---     ---     ---     ---     ---     ---     ---     ---     ---     ---
Net exports of goods and services......      ---     ---     ---     ---     ---     ---     ---     ---     ---     ---     ---     ---     ---     ---     ---     ---     ---     ---     ---
  Exports..............................      0.2     0.1    -4.9     1.1    -0.2     1.3     1.3    -2.8     0.7     0.1     3.0     0.0    -1.0    -6.9    -9.4    -1.0    -4.1    -5.5    -5.7
    Goods..............................     -0.5    -0.7    -6.8     0.3    -0.2     0.6     0.8    -4.2     0.1    -1.0     3.4    -0.9    -2.4    -9.6   -12.1    -1.6    -6.0    -7.9   -10.3
    Services...........................      1.7     1.9    -0.6     2.8    -0.4     2.9     2.4     0.3     1.8     2.6     2.1     2.2     2.2    -0.7    -3.3     0.2    -0.4    -0.6     3.6
  Imports..............................     -0.8    -0.2    -7.7    -2.4    -5.7     4.1     0.7    -3.8    -0.8     0.7     3.3    -1.3    -0.9    -6.8   -17.2    -4.2    -3.5    -7.5    -7.1
    Goods..............................     -1.1    -0.5    -8.9    -3.1    -7.0     4.5     0.6    -4.6    -1.0    -0.1     3.7    -1.7    -1.0    -7.9   -19.7    -5.1    -3.8    -8.9    -8.5
    Services...........................      1.1     1.2    -1.7     1.0     0.9     2.1     0.7     0.0     0.4     4.6     1.3     0.5    -0.1    -1.3    -4.3    -0.2    -2.0    -1.1    -0.5
Government consumption expenditures
 and gross investment..................      1.6     1.8     0.3     0.4     1.2     1.9     1.6     1.0     2.2     3.4     0.9     1.9     2.2    -0.4    -1.6     1.2     0.9     0.2     0.0
  Federal..............................      1.0     1.6     0.7     0.9     0.5     0.1     0.7     0.6     1.4     6.1    -1.2     1.9     1.7    -0.2     0.1     0.8     0.9     1.3     1.6
    National defense...................      0.6     1.4     0.2     0.8     0.5     0.1     0.4     0.0     1.1     4.1     0.2     1.4     1.5    -0.5    -0.6     0.3     0.4     1.3     1.1
    Nondefense.........................      1.6     2.0     1.4     1.0     0.6     0.0     1.3     1.5     2.0     9.6    -3.5     2.7     2.0     0.3     1.1     1.6     1.8     1.3     2.3
  State and local......................      2.0     1.9     0.0     0.1     1.6     3.1     2.2     1.2     2.7     1.7     2.3     2.0     2.5    -0.6    -2.6     1.4     1.0    -0.4    -1.1
Addenda:
  Final sales of domestic product......      1.6     1.7     1.0     1.8     2.4     1.5     1.5     1.1     2.0     1.9     1.5     2.2     1.6     0.0     0.1     2.1     1.3     0.9     0.7
  Gross domestic purchases.............      1.4     1.5     0.4     1.2     1.3     1.9     1.4     0.8     1.7     1.8     1.6     1.9     1.5    -0.1    -1.6     1.5     1.3     0.4     0.2
  Final sales to domestic purchasers...      1.4     1.6     0.3     1.1     1.3     1.9     1.4     0.8     1.7     1.9     1.6     1.9     1.5    -0.2    -1.6     1.5     1.3     0.4     0.3
  Final sales to private domestic
   purchasers..........................      1.4     1.5     0.4     1.3     1.4     1.9     1.4     0.8     1.7     1.6     1.8     1.9     1.4    -0.1    -1.6     1.6     1.3     0.4     0.4
  Gross national product (GNP).........      1.6     1.6     1.0     1.8     2.4     1.5     1.5     1.1     2.0     1.8     1.5     2.2     1.6     0.1     0.1     2.1     1.3     0.9     0.6
  Implicit price deflators:
    GDP................................      1.6     1.6     1.0     1.8     2.2     1.6     1.6     1.0     1.9     1.7     1.6     2.2     1.6     0.1     0.1     2.1     1.3     0.9     0.6
    Gross domestic purchases...........      1.4     1.5     0.4     1.2     1.1     2.1     1.5     0.7     1.6     1.8     1.7     1.9     1.6    -0.1    -1.6     1.5     1.2     0.4     0.2
    GNP................................      1.6     1.6     1.0     1.8     2.1     1.6     1.6     1.0     1.9     1.7     1.6     2.2     1.6     0.1     0.1     2.1     1.3     0.9     0.6
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
 r Revised
 See 'Explanatory Note' at the end of the tables.


                                    Table 5. Real Gross Domestic Product, Quantity Indexes
                                                  [Index numbers, 2009=100]
------------------------------------------------------------------------------------------------------------------------------
                                                   2013      2014      2015 --------------Seasonally adjusted--------------
                                                                            -----------------2015-----------------       2016
                                                                                    I        II       III        IV      I\r\
------------------------------------------------------------------------------------------------------------------------------
      Gross domestic product................    108.077   110.701   113.386   112.196   113.280   113.838   114.230   114.470
Personal consumption expenditures...........    107.550   110.448   113.876   112.535   113.527   114.374   115.068   115.612
  Goods.....................................    112.954   116.656   120.985   118.924   120.526   121.996   122.495   122.622
    Durable goods...........................    127.777   135.256   143.304   139.785   142.503   144.790   146.139   145.683
    Nondurable goods........................    106.653   108.858   111.719   110.238   111.396   112.539   112.705   113.062
  Services..................................    104.941   107.462   110.480   109.459   110.180   110.752   111.529   112.249
Gross private domestic investment...........    137.226   144.702   151.847   150.696   152.535   152.265   151.893   150.877
  Fixed investment..........................    123.507   130.018   135.273   133.355   135.040   136.285   136.410   135.893
    Nonresidential..........................    123.895   131.517   135.253   133.986   135.336   136.208   135.482   133.327
      Structures............................     98.052   106.027   104.444   104.567   106.157   104.201   102.851   100.479
      Equipment.............................    150.473   159.269   164.181   162.344   162.485   166.380   165.516   161.663
      Intellectual property products........    113.791   119.708   126.472   124.718   127.235   126.992   126.944   126.907
    Residential.............................    121.876   124.014   135.009   130.642   133.591   136.240   139.563   145.178
  Change in private inventories.............        ---       ---       ---       ---       ---       ---       ---       ---
Exports of goods and services...............    127.105   131.404   132.897   131.719   133.368   133.590   132.911   132.231
Imports of goods and services...............    122.812   127.516   133.800   132.742   133.730   134.489   134.239   134.161
Government consumption expenditures and
 gross investment...........................     92.418    91.880    92.550    91.889    92.483    92.898    92.928    93.195
  Federal...................................     93.959    91.676    91.421    91.265    91.265    91.320    91.836    91.469
  State and local...........................     91.383    91.953    93.207    92.226    93.198    93.843    93.562    94.236
Addenda:
  Final sales of domestic product...........    106.488   109.031   111.503   110.212   111.282   112.034   112.486   112.779
  Gross domestic purchases..................    108.014   110.744   114.044   112.870   113.882   114.501   114.924   115.217
  Final sales to domestic purchasers........    106.470   109.120   112.208   110.934   111.934   112.743   113.222   113.569
  Final sales to private domestic
   purchasers...............................    110.191   113.688   117.419   115.982   117.089   118.003   118.602   118.969
  Gross national product....................    108.439   111.098   113.450   112.365   113.452   113.832   114.152   114.093
------------------------------------------------------------------------------------------------------------------------------
 r Revised
 See 'Explanatory Note' at the end of the tables.


                                      Table 6. Price Indexes for Gross Domestic Product
                                                  [Index numbers, 2009=100]
------------------------------------------------------------------------------------------------------------------------------
                                                   2013      2014      2015 --------------Seasonally adjusted--------------
                                                                            -----------------2015-----------------       2016
                                                                                    I        II       III        IV      I\r\
------------------------------------------------------------------------------------------------------------------------------
      Gross domestic product................    106.935   108.694   109.782   109.112   109.685   110.045   110.287   110.461
Personal consumption expenditures (PCE).....    107.572   109.105   109.440   108.795   109.391   109.740   109.834   109.925
  Goods.....................................    106.200   105.823   102.817   102.567   103.191   103.125   102.385   101.308
    Durable goods...........................     94.665    92.494    90.595    90.993    90.939    90.396    90.051    89.803
    Nondurable goods........................    112.031   112.688   109.053   108.417   109.441   109.663   108.691   107.123
  Services..................................    108.292   110.818   112.905   112.051   112.632   113.200   113.737   114.443
Gross private domestic investment...........    103.442   105.288   105.957   105.910   105.652   106.050   106.218   106.276
  Fixed investment..........................    103.652   105.663   106.254   106.200   105.946   106.331   106.539   106.675
    Nonresidential..........................    102.993   103.977   104.195   104.211   103.953   104.251   104.364   104.404
      Structures............................    107.541   109.120   108.617   108.951   108.286   108.623   108.609   108.185
      Equipment.............................    100.290   101.030   101.733   101.685   101.694   101.774   101.780   101.846
      Intellectual property products........    103.671   104.618   104.576   104.479   104.088   104.690   105.049   105.342
    Residential.............................    106.458   112.903   115.121   114.773   114.538   115.286   115.888   116.400
  Change in private inventories.............        ---       ---       ---       ---       ---       ---       ---       ---
Exports of goods and services...............    112.147   112.250   106.785   107.925   107.661   106.528   105.027   103.490
Imports of goods and services...............    113.798   113.566   104.846   106.685   105.535   104.596   102.567   100.705
Government consumption expenditures and
 gross investment...........................    109.086   111.057   111.350   110.959   111.284   111.547   111.611   111.599
  Federal...................................    107.562   109.274   110.011   109.623   109.850   110.108   110.461   110.899
  State and local...........................    110.143   112.287   112.296   111.901   112.290   112.556   112.437   112.139
Addenda:
  PCE excluding food and energy\1\..........    106.355   107.981   109.412   108.758   109.264   109.636   109.992   110.576
  Market-based PCE\2\.......................    107.031   108.255   108.255   107.652   108.240   108.541   108.588   108.551
  Market-based PCE excluding food and
   energy\2\................................    105.543   106.826   108.026   107.418   107.903   108.222   108.560   109.067
  Final sales of domestic product...........    106.963   108.747   109.826   109.150   109.730   110.088   110.336   110.524
  Gross domestic purchases..................    107.319   108.982   109.366   108.864   109.271   109.614   109.716   109.784
  Final sales to domestic purchasers........    107.344   109.033   109.402   108.896   109.308   109.649   109.757   109.838
  Final sales to private domestic
   purchasers...............................    106.902   108.528   108.914   108.384   108.814   109.170   109.287   109.387
  Gross national product....................    107.058   108.809   109.875   109.208   109.778   110.138   110.376   110.549
  Implicit price deflators:
    Gross domestic product..................    106.929   108.686   109.775   109.099   109.674   110.029   110.286   110.448
    Final sales of domestic product.........    106.963   108.747   109.825   109.146   109.726   110.084   110.332   110.520
    Gross domestic purchases................    107.313   108.974   109.359   108.852   109.260   109.599   109.716   109.771
    Final sales to domestic purchasers......    107.344   109.033   109.401   108.892   109.304   109.645   109.753   109.834
    Gross national product..................    107.052   108.800   109.868   109.195   109.768   110.122   110.376   110.536
------------------------------------------------------------------------------------------------------------------------------
 r Revised
 1. Food excludes personal consumption expenditures for purchased meals and beverages, which are classified in food services.
 2. This index is a supplemental measure that is based on household expenditures for which there are observable price
 measures. It excludes most implicit prices (for example, financial services furnished without payment) and the final
 consumption expenditures of nonprofit institutions serving households. Percentage changes for these series are included in
 the addenda to table 8 and appendix table A.
 See 'Explanatory Note' at the end of the tables.


                                 Table 7. Real Gross Domestic Product: Percent Change From Preceding Year
------------------------------------------------------------------------------------------------------------------------------------------
                                           2000  2001  2002  2003  2004  2005  2006  2007  2008  2009  2010  2011  2012  2013  2014   2015\r\
------------------------------------------------------------------------------------------------------------------------------------------
      Gross domestic product (GDP)......    4.1   1.0   1.8   2.8   3.8   3.3   2.7   1.8  -0.3  -2.8   2.5   1.6   2.2   1.5   2.4   2.4
Personal consumption expenditures
 (PCE)..................................    5.1   2.6   2.6   3.1   3.8   3.5   3.0   2.2  -0.3  -1.6   1.9   2.3   1.5   1.7   2.7   3.1
  Goods.................................    5.2   3.0   3.9   4.8   5.1   4.1   3.6   2.7  -2.5  -3.0   3.4   3.1   2.7   3.1   3.3   3.7
    Durable goods.......................    8.6   5.2   7.3   7.1   8.2   5.4   4.3   4.6  -5.1  -5.5   6.1   6.1   7.4   5.8   5.9   6.0
    Nondurable goods....................    3.2   1.7   1.9   3.5   3.3   3.3   3.3   1.7  -1.1  -1.8   2.2   1.8   0.6   1.9   2.1   2.6
  Services..............................    5.0   2.4   1.9   2.2   3.2   3.2   2.7   2.0   0.8  -0.9   1.2   1.8   0.8   1.0   2.4   2.8
Gross private domestic investment.......    6.5  -6.1  -0.6   4.1   8.8   6.4   2.1  -3.1  -9.4 -21.6  12.9   5.2  10.6   4.5   5.4   4.9
  Fixed investment......................    6.9  -1.6  -3.5   4.0   6.7   6.8   2.0  -2.0  -6.8 -16.7   1.5   6.3   9.8   4.2   5.3   4.0
    Nonresidential......................    9.1  -2.4  -6.9   1.9   5.2   7.0   7.1   5.9  -0.7 -15.6   2.5   7.7   9.0   3.0   6.2   2.8
      Structures........................    7.8  -1.5 -17.7  -3.9  -0.4   1.7   7.2  12.7   6.1 -18.9 -16.4   2.3  12.9   1.6   8.1  -1.5
      Equipment.........................    9.7  -4.3  -5.4   3.2   7.7   9.6   8.6   3.2  -6.9 -22.9  15.9  13.6  10.8   3.2   5.8   3.1
      Intellectual property products....    8.9   0.5  -0.5   3.8   5.1   6.5   4.5   4.8   3.0  -1.4   1.9   3.6   3.9   3.8   5.2   5.7
    Residential.........................    0.7   0.9   6.1   9.1  10.0   6.6  -7.6 -18.8 -24.0 -21.2  -2.5   0.5  13.5   9.5   1.8   8.9
  Change in private inventories.........    ---   ---   ---   ---   ---   ---   ---   ---   ---   ---   ---   ---   ---   ---   ---   ---
Net exports of goods and services.......    ---   ---   ---   ---   ---   ---   ---   ---   ---   ---   ---   ---   ---   ---   ---   ---
  Exports...............................    8.6  -5.8  -1.7   1.8   9.8   6.3   9.0   9.3   5.7  -8.8  11.9   6.9   3.4   2.8   3.4   1.1
    Goods...............................   10.1  -6.2  -3.4   1.9   8.6   7.3   9.4   7.5   6.1 -12.1  14.4   6.5   3.6   2.8   4.4  -0.2
    Services............................    4.7  -5.0   2.7   1.5  12.7   3.8   8.1  13.7   4.8  -1.1   6.8   7.6   3.0   2.7   1.2   4.0
  Imports...............................   13.0  -2.8   3.7   4.5  11.4   6.3   6.3   2.5  -2.6 -13.7  12.7   5.5   2.2   1.1   3.8   4.9
    Goods...............................   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   1.0   4.3   4.8
    Services............................   12.6  -0.6   3.3   2.1  12.7   4.5   8.6   6.2   3.7  -3.8   3.8   4.0   3.0   1.5   1.6   5.6
Government consumption expenditures and
 gross investment.......................    1.9   3.8   4.4   2.2   1.6   0.6   1.5   1.6   2.8   3.2   0.1  -3.0  -1.9  -2.9  -0.6   0.7
  Federal...............................    0.3   3.9   7.2   6.8   4.5   1.7   2.5   1.7   6.8   5.7   4.4  -2.7  -1.9  -5.7  -2.4  -0.3
    National defense....................   -0.9   3.5   7.0   8.5   6.0   2.0   2.0   2.5   7.5   5.4   3.2  -2.3  -3.4  -6.7  -3.8  -1.2
    Nondefense..........................    2.3   4.7   7.4   4.1   2.0   1.3   3.5   0.3   5.5   6.2   6.4  -3.4   0.9  -4.0  -0.1   1.2
  State and local.......................    2.8   3.7   2.9  -0.4  -0.1   0.0   0.9   1.5   0.3   1.6  -2.7  -3.3  -1.9  -1.0   0.6   1.4
Addenda:
  Gross domestic income (GDI)\1\........    4.7   1.1   1.4   2.3   3.7   3.6   4.0   0.1  -0.8  -2.6   2.7   2.2   3.3   1.3   2.6   2.4
  Average of GDP and GDI................    4.4   1.0   1.6   2.5   3.8   3.4   3.3   0.9  -0.6  -2.7   2.6   1.9   2.7   1.4   2.5   2.4
  Final sales of domestic product.......    4.2   1.9   1.3   2.8   3.4   3.4   2.6   2.0   0.2  -2.0   1.1   1.7   2.1   1.4   2.4   2.3
  Gross domestic purchases..............    4.8   1.2   2.3   3.1   4.3   3.5   2.6   1.1  -1.3  -3.8   2.9   1.6   2.1   1.2   2.5   3.0
  Final sales to domestic purchasers....    4.9   2.0   1.8   3.1   3.9   3.6   2.6   1.4  -0.9  -3.1   1.5   1.7   1.9   1.2   2.5   2.8
  Final sales to private domestic
   purchasers...........................    5.5   1.7   1.3   3.3   4.4   4.2   2.8   1.3  -1.7  -4.6   1.9   2.9   2.9   2.2   3.2   3.3
  Gross national product................    4.2   1.1   1.7   2.9   3.9   3.3   2.4   2.2   0.0  -2.9   2.8   1.8   2.1   1.5   2.5   2.1
  Real disposable personal income.......    5.0   2.8   3.1   2.7   3.6   1.5   4.0   2.1   1.5  -0.4   1.0   2.5   3.2  -1.4   2.7   3.5
  Price indexes:
    Gross domestic purchases............    2.6   1.9   1.4   2.2   2.9   3.5   3.2   2.7   2.9  -0.2   1.5   2.4   1.8   1.4   1.5   0.4
    Gross domestic purchases excluding
     food and energy\2\.................    2.2   1.8   1.6   1.9   2.7   3.2   3.0   2.5   2.3   0.5   1.3   1.8   1.8   1.5   1.6   1.0
    GDP.................................    2.3   2.3   1.5   2.0   2.7   3.2   3.1   2.7   1.9   0.8   1.2   2.1   1.8   1.6   1.6   1.0
    GDP excluding food and energy\2\....    2.3   2.0   1.8   1.9   2.7   3.4   3.1   2.6   2.1   0.5   1.4   1.9   1.8   1.7   1.7   1.1
    PCE.................................    2.5   1.9   1.3   2.0   2.4   2.9   2.7   2.5   3.1  -0.1   1.7   2.5   1.9   1.4   1.4   0.3
    PCE excluding food and energy\2\....    1.7   1.8   1.7   1.5   1.9   2.2   2.2   2.2   2.1   1.2   1.3   1.5   1.9   1.5   1.5   1.3
    Market-based PCE\3\.................    2.4   1.9   1.1   1.9   2.4   2.8   2.7   2.5   3.4   0.4   1.5   2.5   1.8   1.1   1.1   0.0
    Market-based PCE excluding food and
     energy\3\..........................    1.5   1.8   1.5   1.4   1.7   2.0   2.2   2.0   2.3   1.9   1.0   1.4   1.8   1.2   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 2015.
 1. Gross domestic income deflated by the implicit price deflator for gross domestic product.
 2. Food excludes personal consumption expenditures for purchased meals and beverages, which are classified in food services.
 3. This index is a supplemental measure that is based on household expenditures for which there are observable price measures. It
 excludes most implicit prices (for example, financial services furnished without payment) and the final consumption expenditures of
 nonprofit institutions serving households.
 See 'Explanatory Note' at the end of the tables.


                                      Table 8. Real Gross Domestic Product: Percent Change From Quarter One Year Ago
----------------------------------------------------------------------------------------------------------------------------------------------------------
                                           -------2012-------  -----------2013-----------  -----------2014-----------  -----------2015-----------    2016
                                              II    III     IV      I     II    III     IV      I     II    III     IV      I     II    III  IV\r\   I\r\
----------------------------------------------------------------------------------------------------------------------------------------------------------
      Gross domestic product (GDP)......     2.5    2.4    1.3    1.1    0.9    1.5    2.5    1.7    2.6    2.9    2.5    2.9    2.7    2.1    2.0    2.0
Personal consumption expenditures
 (PCE)..................................     1.6    1.4    1.3    1.3    1.5    1.7    2.3    2.0    2.6    3.0    3.2    3.3    3.3    3.1    2.7    2.7
  Goods.................................     2.7    3.2    2.8    3.0    3.1    3.0    3.2    2.0    3.4    3.7    4.0    4.0    3.7    3.9    3.3    3.1
    Durable goods.......................     7.7    8.2    7.2    6.6    6.4    5.6    4.6    3.1    5.9    7.0    7.5    7.3    5.9    5.6    5.1    4.2
    Nondurable goods....................     0.5    0.9    0.8    1.4    1.5    1.9    2.6    1.5    2.2    2.2    2.3    2.4    2.6    3.1    2.4    2.6
  Services..............................     1.0    0.5    0.6    0.5    0.7    1.0    1.8    1.9    2.2    2.7    2.8    3.0    3.0    2.8    2.4    2.5
Gross private domestic investment.......    12.7   12.1    3.7    3.1    1.9    5.5    7.5    5.0    6.8    5.3    4.7    7.6    5.7    3.7    2.9    0.1
  Fixed investment......................    12.1    7.8    7.0    4.7    3.6    4.5    4.1    4.4    5.1    6.1    5.5    4.8    4.7    3.6    3.1    1.9
    Nonresidential......................    12.1    6.7    5.2    3.2    1.6    3.0    4.2    5.3    6.2    7.6    5.5    3.9    3.8    2.2    1.5   -0.5
      Structures........................    17.2    9.6    4.1   -2.0   -1.7    3.5    6.5   13.0    9.9    5.0    5.0   -1.4    0.2   -1.2   -3.5   -3.9
      Equipment.........................    15.2    7.5    6.9    4.6    2.3    2.1    3.9    3.2    5.0   10.2    5.1    4.8    3.3    1.8    2.5   -0.4
      Intellectual property products....     4.4    3.5    3.4    4.9    3.1    4.1    3.2    3.3    5.3    5.7    6.5    6.4    7.3    5.4    3.6    1.8
    Residential.........................    12.4   13.1   15.7   11.2   12.7   11.2    3.5    0.6    0.9    0.5    5.1    8.4    8.2    9.4    9.4   11.1
  Change in private inventories.........     ---    ---    ---    ---    ---    ---    ---    ---    ---    ---    ---    ---    ---    ---    ---    ---
Net exports of goods and services.......     ---    ---    ---    ---    ---    ---    ---    ---    ---    ---    ---    ---    ---    ---    ---    ---
  Exports...............................     3.9    3.3    2.2    1.8    1.8    2.4    5.2    3.1    4.3    3.7    2.4    2.6    1.5    1.2   -0.6    0.4
    Goods...............................     4.5    4.2    1.2    0.8    1.5    2.2    6.8    4.1    5.2    5.5    2.9    2.2    0.9   -0.8   -3.1   -0.7
    Services............................     2.5    1.4    4.5    3.8    2.6    2.8    1.6    1.0    2.3   -0.1    1.4    3.3    2.7    5.6    4.6    2.5
  Imports...............................     3.0    2.4    0.3   -0.1    0.7    1.2    2.4    2.9    3.9    3.1    5.4    6.5    4.8    5.6    2.9    1.1
    Goods...............................     3.0    2.6    0.1   -0.3    0.6    1.1    2.4    3.3    4.4    3.5    5.8    6.5    4.8    5.4    2.6    0.5
    Services............................     3.4    1.4    1.2    0.7    1.3    1.5    2.4    1.0    1.5    0.9    3.1    6.5    4.9    6.7    4.2    3.5
Government consumption expenditures and
 gross investment.......................    -2.0   -1.6   -2.2   -2.9   -2.9   -3.2   -2.9   -1.8   -1.0    0.0    0.4    0.4    0.7    0.7    1.1    1.4
  Federal...............................    -2.5   -1.4   -2.1   -4.4   -5.1   -6.6   -6.8   -4.5   -3.4   -1.0   -0.8   -0.6   -0.3   -1.1    0.9    0.2
    National defense....................    -4.0   -4.3   -3.9   -5.6   -5.9   -8.0   -7.4   -6.0   -4.7   -1.7   -2.9   -1.5   -1.3   -2.7    0.7   -0.5
    Nondefense..........................     0.2    4.0    1.0   -2.3   -3.6   -4.2   -5.9   -2.0   -1.2    0.1    2.7    0.9    1.3    1.4    1.3    1.4
  State and local.......................    -1.6   -1.8   -2.3   -1.8   -1.4   -0.8   -0.2    0.1    0.6    0.7    1.1    1.0    1.4    1.9    1.2    2.2
Addenda:
  Gross domestic income (GDI)\1\........     3.5    2.8    2.8    0.8    1.4    1.6    1.4    1.6    2.1    3.3    3.3    3.3    2.6    1.9    1.6    2.1
  Average of GDP and GDI................     3.0    2.6    2.1    1.0    1.2    1.5    1.9    1.7    2.3    3.1    2.9    3.1    2.7    2.0    1.8    2.1
  Final sales of domestic product.......     2.4    1.8    1.7    1.3    1.1    1.3    1.9    1.6    2.3    3.0    2.6    2.4    2.5    2.1    2.0    2.3
  Gross domestic purchases..............     2.4    2.3    1.0    0.8    0.7    1.3    2.1    1.7    2.6    2.8    2.9    3.5    3.2    2.8    2.5    2.1
  Final sales to domestic purchasers....     2.3    1.7    1.4    1.0    1.0    1.2    1.6    1.6    2.3    3.0    3.0    3.0    3.0    2.8    2.5    2.4
  Final sales to private domestic
   purchasers...........................     3.3    2.5    2.3    1.9    1.9    2.2    2.6    2.4    3.0    3.6    3.6    3.6    3.5    3.2    2.8    2.6
  Gross national product................     2.4    2.2    1.0    0.9    1.0    1.6    2.6    1.9    2.6    2.9    2.4    2.7    2.5    1.7    1.6    1.5
  Real disposable personal income.......     3.0    2.4    5.1   -1.0   -1.1   -0.5   -2.9    2.3    2.4    2.5    3.6    3.6    3.5    3.6    3.3    3.3
  Price indexes:
    Gross domestic purchases............     1.6    1.5    1.7    1.5    1.4    1.5    1.4    1.5    1.8    1.7    1.2    0.4    0.3    0.3    0.4    0.8
    Gross domestic purchases excluding
     food and energy\2\.................     1.7    1.6    1.7    1.5    1.5    1.5    1.7    1.6    1.7    1.8    1.4    1.1    1.0    0.9    0.9    1.2
    GDP.................................     1.7    1.7    1.9    1.8    1.6    1.5    1.6    1.6    1.9    1.8    1.3    1.0    1.0    0.9    1.1    1.2
    GDP excluding food and energy\2\....     1.7    1.6    1.8    1.6    1.6    1.8    1.9    1.8    1.9    1.8    1.5    1.2    1.1    1.1    1.1    1.4
    PCE.................................     1.8    1.6    1.8    1.5    1.3    1.4    1.2    1.3    1.7    1.6    1.1    0.2    0.3    0.3    0.5    1.0
    PCE excluding food and energy\2\....     1.9    1.7    1.8    1.7    1.5    1.5    1.5    1.4    1.6    1.6    1.4    1.3    1.3    1.3    1.4    1.7
    Market-based PCE\3\.................     1.7    1.5    1.6    1.3    1.0    1.1    0.9    0.9    1.5    1.3    0.9   -0.1   -0.1    0.0    0.2    0.8
    Market-based PCE excluding food and
     energy\3\..........................     1.9    1.7    1.5    1.4    1.1    1.1    1.2    1.1    1.3    1.3    1.2    1.1    1.1    1.1    1.2    1.5
----------------------------------------------------------------------------------------------------------------------------------------------------------
 r Revised. Revisions include changes to series affected by the incorporation of revised wage and salary estimates for the fourth quarter of 2015.
 1. Gross domestic income deflated by the implicit price deflator for gross domestic product.
 2. Food excludes personal consumption expenditures for purchased meals and beverages, which are classified in food services.
 3. This index is a supplemental measure that is based on household expenditures for which there are observable price measures. It excludes most implicit
 prices (for example, financial services furnished without payment) and the final consumption expenditures of nonprofit institutions serving households.
 See 'Explanatory Note' at the end of the tables.


               Table 9. Relation of Gross Domestic Product, Gross National Product, and National Income
                                                [Billions of dollars]
----------------------------------------------------------------------------------------------------------------------
                                                  2013     2014  2015\r\ ----Seasonally adjusted at annual rates----
                                                                         ---------------2015---------------      2016
                                                                                I       II      III    IV\r\     I\r\
----------------------------------------------------------------------------------------------------------------------
Gross domestic product (GDP)................  16,663.2 17,348.1 17,947.0 17,649.3 17,913.7 18,060.2 18,164.8 18,229.5
Plus: Income receipts from the rest of the
 world......................................     826.2    854.3    830.5    817.0    845.3    841.2    818.4    814.5
Less: Income payments to the rest of the
 world......................................     575.8    591.2    616.9    589.5    614.7    637.6    625.7    669.5
Equals: Gross national product..............  16,913.5 17,611.2 18,160.6 17,876.8 18,144.3 18,263.8 18,357.5 18,374.5
Less: Consumption of fixed capital..........   2,632.8  2,746.7  2,821.3  2,792.7  2,804.3  2,832.6  2,855.7  2,872.3
Less: Statistical discrepancy...............    -177.6   -212.0   -207.0   -252.3   -180.4   -184.4   -210.8   -274.7
Equals: National income.....................  14,458.3 15,076.5 15,546.2 15,336.4 15,520.3 15,615.6 15,712.6 15,776.9
  Compensation of employees.................   8,839.7  9,248.9  9,666.6  9,487.9  9,615.2  9,709.5  9,853.7  9,962.6
    Wages and salaries......................   7,114.4  7,477.8  7,834.9  7,682.4  7,791.8  7,870.0  7,995.4  8,087.9
    Supplements to wages and salaries.......   1,725.3  1,771.2  1,831.7  1,805.5  1,823.4  1,839.5  1,858.3  1,874.6
  Proprietors' income with inventory
   valuation and capital consumption
   adjustments..............................   1,285.1  1,346.7  1,388.3  1,369.4  1,377.0  1,400.1  1,406.7  1,412.2
  Rental income of persons with capital
   consumption adjustment...................     563.4    610.8    656.6    637.0    654.1    663.6    671.7    685.0
  Corporate profits with inventory
   valuation and capital consumption
   adjustments..............................   2,037.4  2,072.9  2,008.9  2,012.5  2,083.0  2,049.9  1,890.3  1,896.8
  Net interest and miscellaneous payments...     513.5    532.3    523.8    561.3    506.6    508.3    519.0    516.3
  Taxes on production and imports less
   subsidies................................   1,118.6  1,155.8  1,177.3  1,169.2  1,175.7  1,179.0  1,185.5  1,186.4
  Business current transfer payments (net)       119.4    127.3    141.2    115.6    124.9    121.2    203.0    135.7
  Current surplus of government
   enterprises..............................     -18.8    -18.3    -16.5    -16.6    -16.1    -16.0    -17.4    -18.0
Addenda:
  Gross domestic income (GDI)...............  16,840.8 17,560.1 18,153.9 17,901.6 18,094.0 18,244.5 18,375.6 18,504.2
  Average of GDP and GDI....................  16,752.0 17,454.1 18,050.5 17,775.4 18,003.9 18,152.3 18,270.2 18,366.8
  Statistical discrepancy as a percentage
   of GDP...................................      -1.1     -1.2     -1.2     -1.4     -1.0     -1.0     -1.2     -1.5
----------------------------------------------------------------------------------------------------------------------
 r Revised. Revisions include changes to series affected by the incorporation of revised wage and salary estimates for
 the fourth quarter of 2015.


                                    Table 10. Personal Income and Its Disposition
                                                [Billions of dollars]
----------------------------------------------------------------------------------------------------------------------
                                                  2013     2014  2015\r\ ----Seasonally adjusted at annual rates----
                                                                         ---------------2015---------------      2016
                                                                                I       II      III    IV\r\     I\r\
----------------------------------------------------------------------------------------------------------------------
Personal income\1\..........................  14,068.4 14,694.2 15,350.7 15,079.8 15,277.0 15,443.7 15,602.1 15,746.0
  Compensation of employees.................   8,839.7  9,248.9  9,666.6  9,487.9  9,615.2  9,709.5  9,853.7  9,962.6
    Wages and salaries......................   7,114.4  7,477.8  7,834.9  7,682.4  7,791.8  7,870.0  7,995.4  8,087.9
    Supplements to wages and salaries.......   1,725.3  1,771.2  1,831.7  1,805.5  1,823.4  1,839.5  1,858.3  1,874.6
  Proprietors' income with inventory
   valuation and capital consumption
   adjustments..............................   1,285.1  1,346.7  1,388.3  1,369.4  1,377.0  1,400.1  1,406.7  1,412.2
    Farm....................................      88.8     78.1     59.9     60.5     56.9     65.2     57.1     48.5
    Nonfarm.................................   1,196.3  1,268.6  1,328.4  1,308.9  1,320.1  1,334.9  1,349.7  1,363.7
  Rental income of persons with capital
   consumption adjustment...................     563.4    610.8    656.6    637.0    654.1    663.6    671.7    685.0
  Personal income receipts on assets........   2,060.4  2,117.5  2,180.5  2,145.5  2,178.3  2,202.8  2,195.3  2,195.6
    Personal interest income................   1,271.3  1,302.0  1,312.3  1,282.6  1,313.4  1,335.0  1,318.3  1,321.4
    Personal dividend income................     789.0    815.5    868.2    863.0    864.9    867.8    876.9    874.3
  Personal current transfer receipts........   2,426.6  2,529.2  2,662.7  2,625.8  2,651.3  2,675.7  2,698.0  2,728.4
  Less: Contributions for government social
   insurance, domestic......................   1,106.8  1,159.0  1,204.0  1,185.8  1,198.9  1,207.9  1,223.4  1,237.7
Less: Personal current taxes................   1,672.8  1,780.2  1,947.4  1,900.1  1,938.7  1,957.3  1,993.7  1,991.8
Equals: Disposable personal income..........  12,395.6 12,913.9 13,403.2 13,179.8 13,338.3 13,486.4 13,608.4 13,754.2
Less: Personal outlays......................  11,805.7 12,293.7 12,717.5 12,492.2 12,674.5 12,806.2 12,897.1 12,971.6
Equals: Personal saving.....................     589.9    620.2    685.7    687.6    663.9    680.2    711.3    782.6
  Personal saving as a percentage of
   disposable personal income...............       4.8      4.8      5.1      5.2      5.0      5.0      5.2      5.7
Addenda:
  Personal income excluding current
   transfer receipts, billions of chained
   (2009) dollars\2\........................  10,822.3 11,149.8 11,593.5 11,447.6 11,542.2 11,635.1 11,749.0 11,842.6
  Disposable personal income, billions of
   chained (2009) dollars\2\................  11,523.1 11,836.3 12,247.1 12,114.7 12,193.6 12,289.8 12,390.3 12,512.7
----------------------------------------------------------------------------------------------------------------------
 r Revised. Revisions include changes to series affected by the incorporation of revised wage and salary estimates for
 the fourth quarter of 2015.
 1. Personal income is also equal to national income less corporate profits with inventory valuation and capital
 consumption adjustments, taxes on production and imports less subsidies, contributions for government social
 insurance, net interest and miscellaneous payments, business current transfer payments (net), and current surplus of
 government enterprises, plus personal income receipts on assets, and personal current transfer receipts.
 2. The current-dollar measure is deflated by the implicit price deflator for personal consumption expenditures.


                                                                     Table 11. Corporate Profits: Level and Percent Change
------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                          -----------------------------Billions of dollars-----------------------------  ----------------Percent change from preceding period----------------
                                               2013      2014      2015 ------Seasonally adjusted at annual rates------       2014      2015 -----------Quarterly rates-----------    Quarter one year ago
                                                                        -----------------2015-----------------       2016                     ------------2015------------       2016      2016
                                                                                I        II       III        IV         I                            II       III        IV         I         I
------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
Corporate profits with inventory
 valuation and capital consumption
 adjustments............................    2,037.4   2,072.9   2,008.9   2,012.5   2,083.0   2,049.9   1,890.3   1,896.8       1.7      -3.1       3.5      -1.6      -7.8       0.3      -5.8
Less: Taxes on corporate income.........      468.9     513.9     529.7     517.8     549.0     542.2     509.9     508.3       9.6       3.1       6.0      -1.2      -5.9      -0.3      -1.8
Equals: Profits after tax with
 inventory valuation and capital
 consumption adjustments................    1,568.5   1,559.1   1,479.2   1,494.7   1,533.9   1,507.7   1,380.4   1,388.5      -0.6      -5.1       2.6      -1.7      -8.4       0.6      -7.1
  Net dividends.........................      924.0     860.0     888.6     878.5     879.6     905.7     890.5     897.9      -6.9       3.3       0.1       3.0      -1.7       0.8       2.2
  Undistributed profits with inventory
   valuation and capital consumption
   adjustments..........................      644.5     699.0     590.6     616.3     654.3     602.1     489.9     490.6       8.5     -15.5       6.2      -8.0     -18.6       0.2     -20.4
Addenda for corporate cash flow:
  Net cash flow with inventory
   valuation adjustment.................    2,055.2   2,163.0   2,106.2   2,113.0   2,161.1   2,126.1   2,024.5   2,036.3       5.2      -2.6       2.3      -1.6      -4.8       0.6      -3.6
    Undistributed profits with
     inventory valuation and capital
     consumption adjustments............      644.5     699.0     590.6     616.3     654.3     602.1     489.9     490.6       8.5     -15.5       6.2      -8.0     -18.6       0.2     -20.4
    Consumption of fixed capital........    1,405.0   1,467.3   1,512.3   1,493.7   1,502.5   1,520.3   1,532.7   1,544.0       4.4       3.1       0.6       1.2       0.8       0.7       3.4
    Less: Capital transfers paid (net)         -5.7       3.3      -3.2      -3.0      -4.3      -3.7      -1.9      -1.7       ---       ---       ---       ---       ---       ---       ---
Addenda:
  Profits before tax (without inventory
   valuation and capital consumption
   adjustments).........................    2,161.6   2,207.8   2,280.4   2,252.3   2,393.7   2,326.0   2,149.5   2,179.7       2.1       3.3       6.3      -2.8      -7.6       1.4      -3.2
  Profits after tax (without inventory
   valuation and capital consumption
   adjustments).........................    1,692.7   1,693.9   1,750.6   1,734.5   1,844.6   1,783.8   1,639.6   1,671.4       0.1       3.3       6.4      -3.3      -8.1       1.9      -3.6
  Inventory valuation adjustment........        3.2      -2.9      61.5      99.2      20.5      56.5      69.7      48.9       ---       ---       ---       ---       ---       ---       ---
  Capital consumption adjustment........     -127.5    -131.9    -332.9    -338.9    -331.3    -332.6    -329.0    -331.8       ---       ---       ---       ---       ---       ---       ---
------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



                                                   Table 12. Corporate Profits by Industry: Level and Change From Preceding Period
                                                                                [Billions of dollars]
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                         ------------------------------------Level------------------------------------  ---------------Change from preceding period---------------
                                              2013      2014      2015 ------Seasonally adjusted at annual rates------
                                                                       -----------------2015-----------------       2016      2014      2015 ------------2015------------       2016
                                                                               I        II       III        IV         I                            II       III        IV         I
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
    Corporate profits with inventory
     valuation and capital consumption
     adjustments.......................    2,037.4   2,072.9   2,008.9   2,012.5   2,083.0   2,049.9   1,890.3   1,896.8      35.6     -64.0      70.4     -33.0    -159.6       6.5
Domestic industries....................    1,622.6   1,654.7   1,619.9   1,618.9   1,677.9   1,667.9   1,514.8   1,558.5      32.1     -34.9      59.0     -10.0    -153.1      43.7
  Financial............................      385.8     383.6     381.3     360.4     395.1     396.9     372.9     370.9      -2.2      -2.3      34.6       1.8     -24.0      -2.0
  Nonfinancial.........................    1,236.8   1,271.1   1,238.5   1,258.5   1,282.8   1,271.0   1,141.8   1,187.6      34.3     -32.6      24.3     -11.8    -129.2      45.7
Rest of the world......................      414.8     418.2     389.1     393.6     405.1     382.0     375.6     338.3       3.4     -29.1      11.4     -23.1      -6.5     -37.3
  Receipts from the rest of the world        668.7     690.3     661.3     650.0     674.9     671.4     648.9     645.4      21.6     -29.0      24.9      -3.5     -22.4      -3.5
  Less: Payments to the rest of the
   world...............................      253.9     272.1     272.2     256.4     269.8     289.3     273.4     307.1      18.2       0.2      13.4      19.5     -16.0      33.8
    Corporate profits with inventory
     valuation adjustment..............    2,164.9   2,204.9   2,341.9   2,351.5   2,414.2   2,382.5   2,219.3   2,228.6      40.0     137.0      62.7     -31.7    -163.2       9.3
Domestic industries....................    1,750.1   1,786.6   1,952.8   1,957.8   2,009.1   2,000.4   1,843.7   1,890.3      36.6     166.2      51.3      -8.7    -156.7      46.5
  Financial............................      423.6     423.4     442.8     421.9     456.2     458.6     434.6     433.2      -0.2      19.4      34.3       2.5     -24.0      -1.4
    Federal Reserve banks..............       79.6     103.4     102.9     100.5     103.2     106.4     101.4     117.9      23.8      -0.5       2.7       3.2      -5.0      16.5
    Other financial....................      344.1     320.0     339.9     321.4     352.9     352.2     333.1     315.2     -24.0      19.9      31.6      -0.8     -19.1     -17.9
  Nonfinancial.........................    1,326.4   1,363.2   1,510.0   1,536.0   1,553.0   1,541.8   1,409.1   1,457.1      36.8     146.8      17.0     -11.1    -132.7      48.0
    Utilities..........................       26.4      27.7      19.0      24.9      28.4      13.2       9.5       ---       1.3      -8.7       3.5     -15.3      -3.7       ---
    Manufacturing......................      426.4     439.8     499.5     534.6     537.0     532.9     393.6       ---      13.4      59.7       2.3      -4.1    -139.2       ---
      Durable goods....................      213.8     223.3     279.7     276.4     296.2     280.6     265.6       ---       9.5      56.4      19.9     -15.6     -15.0       ---
        Fabricated metal products......       23.1      23.8      28.8      28.5      28.5      28.1      29.9       ---       0.8       4.9       0.0      -0.4       1.7       ---
        Machinery......................       33.8      31.9      31.0      36.8      33.3      28.1      25.9       ---      -1.9      -0.8      -3.5      -5.3      -2.2       ---
        Computer and electronic
         products......................       51.1      52.6      74.6      72.7      78.4      75.2      72.2       ---       1.5      22.0       5.7      -3.1      -3.0       ---
        Electrical equipment,
         appliances, and components....       14.0      16.2      20.0      19.8      20.1      19.5      20.5       ---       2.3       3.7       0.4      -0.7       1.0       ---
        Motor vehicles, bodies and
         trailers, and parts...........       22.0      24.8      45.8      37.8      54.8      47.6      43.1       ---       2.8      21.0      17.0      -7.1      -4.6       ---
        Other durable goods............       69.9      73.9      79.5      80.8      81.1      82.1      74.1       ---       4.0       5.6       0.3       1.0      -8.0       ---
      Nondurable goods.................      212.6     216.5     219.8     258.3     240.7     252.2     128.0       ---       4.0       3.3     -17.6      11.5    -124.2       ---
        Food and beverage and tobacco
         products......................       54.6      55.2      73.3      75.2      69.5      72.7      75.7       ---       0.5      18.1      -5.8       3.3       2.9       ---
        Petroleum and coal products....       48.4      53.4      12.9      42.2      39.8      46.9     -77.5       ---       5.1     -40.6      -2.3       7.0    -124.3       ---
        Chemical products..............       74.8      75.1      88.4      95.8      87.3      89.4      81.0       ---       0.3      13.3      -8.6       2.1      -8.4       ---
        Other nondurable goods.........       34.7      32.8      45.3      45.0      44.2      43.3      48.8       ---      -1.9      12.5      -0.9      -0.9       5.5       ---
    Wholesale trade....................      145.5     147.7     170.1     169.1     163.5     168.2     179.5       ---       2.2      22.4      -5.6       4.8      11.3       ---
    Retail trade.......................      159.4     158.4     181.1     189.4     175.1     180.6     179.4       ---      -1.0      22.7     -14.3       5.5      -1.1       ---
    Transportation and warehousing.....       53.0      65.3      92.0      83.3      86.3      97.4     101.0       ---      12.3      26.7       3.1      11.0       3.6       ---
    Information........................      129.4     126.5     148.3     142.9     150.6     146.7     153.1       ---      -2.9      21.8       7.8      -3.9       6.4       ---
    Other nonfinancial.................      386.3     397.7     399.9     391.8     412.0     402.9     393.0       ---      11.5       2.2      20.2      -9.2      -9.9       ---
Rest of the world......................      414.8     418.2     389.1     393.6     405.1     382.0     375.6     338.3       3.4     -29.1      11.4     -23.1      -6.5     -37.3
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

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


                            Table 13. Gross Value Added of Nonfinancial Domestic Corporate Business
-------------------------------------------------------------------------------------------------------------------------------
                                                    2013      2014   2015\r\ ------Seasonally adjusted at annual rates------
                                                                             -----------------2015-----------------       2016
                                                                                     I        II       III     IV\r\      I
-------------------------------------------------------------------------------------------------------------------------------
Billions of dollars
    Gross value added of nonfinancial
     corporate business......................    8,316.8   8,641.0   8,893.8   8,777.7   8,873.1   8,932.1   8,992.2   9,018.2
Consumption of fixed capital.................    1,232.2   1,285.7   1,326.1   1,311.4   1,318.0   1,332.6   1,342.5   1,351.4
Net value added..............................    7,084.6   7,355.2   7,567.7   7,466.3   7,555.1   7,599.5   7,649.7   7,666.8
  Compensation of employees..................    4,747.4   4,995.8   5,214.8   5,109.8   5,186.7   5,237.5   5,325.1   5,384.8
    Wages and salaries.......................    3,953.5   4,178.9   4,368.6   4,277.7   4,344.8   4,387.4   4,464.4   4,515.8
    Supplements to wages and salaries........      793.9     816.9     846.2     832.1     841.9     850.2     860.7     869.0
  Taxes on production and imports less
   subsidies.................................      724.9     745.2     754.1     749.1     753.0     755.1     759.2     760.3
  Net operating surplus......................    1,612.3   1,614.3   1,598.8   1,607.4   1,615.4   1,606.8   1,565.4   1,521.7
    Net interest and miscellaneous payments        280.4     258.1     259.5     269.8     252.8     255.3     260.2     262.6
    Business current transfer payments
     (net)...................................       95.1      85.1     100.7      79.1      79.8      80.5     163.4      71.6
    Corporate profits with inventory
     valuation and capital consumption
     adjustments.............................    1,236.8   1,271.1   1,238.5   1,258.5   1,282.8   1,271.0   1,141.8   1,187.6
      Taxes on corporate income..............      284.6     316.2     346.6     341.4     362.3     353.4     329.3     330.8
      Profits after tax with inventory
       valuation and capital consumption
       adjustments...........................      952.2     954.9     891.9     917.0     920.5     917.6     812.5     856.8
        Net dividends........................      525.2     573.8     585.8     588.6     579.7     589.4     585.7     573.3
        Undistributed profits with inventory
         valuation and capital consumption
         adjustments.........................      427.0     381.1     306.1     328.5     340.9     328.2     226.8     283.5
Addenda:
  Profits before tax (without inventory
   valuation and capital consumption
   adjustments)..............................    1,323.2   1,366.1   1,448.5   1,436.8   1,532.4   1,485.4   1,339.4   1,408.2
  Profits after tax (without inventory
   valuation and capital consumption
   adjustments)..............................    1,038.6   1,049.9   1,101.9   1,095.3   1,170.2   1,132.0   1,010.1   1,077.5
  Inventory valuation adjustment.............        3.2      -2.9      61.5      99.2      20.5      56.5      69.7      48.9
  Capital consumption adjustment.............      -89.6     -92.1    -271.4    -277.5    -270.2    -270.8    -267.3    -269.6
Billions of chained (2009) dollars
    Gross value added of nonfinancial
     corporate business\1\...................    7,954.8   8,207.3   8,463.1   8,394.6   8,436.4   8,482.5   8,538.5   8,605.9
Consumption of fixed capital\2\..............    1,177.1   1,212.8   1,255.1   1,238.8   1,249.8   1,260.8   1,271.1   1,280.2
Net value added\3\...........................    6,777.7   6,994.5   7,208.0   7,155.8   7,186.6   7,221.7   7,267.4   7,325.7
Dollars; quarters seasonally adjusted
Price, costs, and profits per unit of real
 gross value added of nonfinancial corporate
 business:
  Price per unit of real gross value added
   of nonfinancial corporate business\4\.....      1.046     1.053     1.051     1.046     1.052     1.053     1.053     1.048
  Compensation of employees (unit labor
   cost).....................................      0.597     0.609     0.616     0.609     0.615     0.617     0.624     0.626
  Unit nonlabor cost.........................      0.293     0.289     0.288     0.287     0.285     0.286     0.296     0.284
    Consumption of fixed capital.............      0.155     0.157     0.157     0.156     0.156     0.157     0.157     0.157
    Taxes on production and imports less
     subsidies plus business current
     transfer payments (net).................      0.103     0.101     0.101     0.099     0.099     0.099     0.108     0.097
    Net interest and miscellaneous payments        0.035     0.031     0.031     0.032     0.030     0.030     0.030     0.031
  Corporate profits with inventory valuation
   and capital consumption adjustments (unit
   profits from current production)..........      0.155     0.155     0.146     0.150     0.152     0.150     0.134     0.138
    Taxes on corporate income................      0.036     0.039     0.041     0.041     0.043     0.042     0.039     0.038
    Profits after tax with inventory
     valuation and capital consumption
     adjustments.............................      0.120     0.116     0.105     0.109     0.109     0.108     0.095     0.100
-------------------------------------------------------------------------------------------------------------------------------
 r Revised. Revisions include changes to series affected by the incorporation of revised wage and salary estimates for the
 fourth quarter of 2015.
 1. The current-dollar gross value added is deflated using the gross value added chain-type price index for nonfinancial
 industries from the GDP-by-industry accounts. For periods when this price index is not available, the chain-type price index
 for GDP goods and structures is used.
 2. Chained-dollar consumption of fixed capital of nonfinancial corporate business is calculated as the product of the
 chain-type quantity index and the 2009 current-dollar value of the corresponding series, divided by 100.
 3. Chained-dollar net value added of nonfinancial corporate business is the difference between the gross value added and the
 consumption of fixed capital.
 4. The deflator for gross value added of nonfinancial corporate business divided by 100.
 Note. Estimates in this table are based on the 2002 North American Industry Classification System (NAICS).


                 Appendix Table A. Real Gross Domestic Product and Related Aggregates and Price Indexes: Percent Change From Preceding Period and Contributions to Percent Change
--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                            2013    2014    2015 ---------------------------------------------Seasonally adjusted at annual rates---------------------------------------------
                                                                 ---------2012---------  -------------2013-------------  -------------2014-------------  -------------2015-------------     2016
                                                                      II     III      IV       I      II     III      IV       I      II     III      IV       I      II     III      IV    I\r\
--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
    Percent change from preceding
     period
Gross domestic product (GDP) and
 related aggregates:
  GDP..................................      1.5     2.4     2.4     1.9     0.5     0.1     1.9     1.1     3.0     3.8    -0.9     4.6     4.3     2.1     0.6     3.9     2.0     1.4     0.8
  Goods................................      3.9     3.7     2.5     5.4     1.2    -0.7     7.4     1.2     7.5     9.2    -7.3    10.3     9.1    -0.2    -1.8     5.9     2.2    -0.7    -2.2
  Services.............................      0.2     1.7     2.2     0.0     0.4     0.3    -0.4     0.3     0.2     2.1     1.7     1.7     2.4     2.7     2.1     2.0     1.8     2.5     1.6
  Structures...........................      2.5     3.6     4.0     3.6    -1.3     2.2    -0.9     8.3     8.2    -3.6     4.5     6.3     0.6     6.8    -0.9    12.2     2.5     0.6     6.7
  Motor vehicle output.................      4.9     7.2     4.7     7.1     0.0    -2.0    17.0     8.5   -13.7    19.9     2.1    16.5    19.8   -11.3     1.4    14.5    19.2   -21.1    -3.0
  GDP excluding motor vehicle output...      1.4     2.3     2.4     1.7     0.5     0.1     1.5     0.9     3.5     3.4    -1.0     4.2     3.8     2.5     0.6     3.6     1.5     2.2     1.0
  Final sales of computers\1\..........     14.7     2.1     9.9    -2.1    18.8    46.3    13.8    11.5    -6.1     4.4     5.1     8.2     4.3   -26.7    29.8    41.5     5.0     9.8    75.5
  GDP excluding final sales of
   computers...........................      1.4     2.4     2.4     1.9     0.4    -0.1     1.9     1.1     3.0     3.8    -0.9     4.6     4.3     2.2     0.5     3.8     2.0     1.4     0.6
  Research and development.............      2.5     1.8     4.3    -0.1     0.8     4.7     6.0    -0.6     1.4    -0.5     4.3     0.7     1.9     5.5     5.2     9.7    -0.7    -0.5    -0.5
  GDP excluding research and
   development.........................      1.5     2.4     2.4     1.9     0.5     0.0     1.8     1.2     3.0     3.9    -1.1     4.7     4.3     2.0     0.5     3.8     2.1     1.4     0.9
  Farm gross value added\2\............     22.7     2.3    10.3    -9.4   -29.5    -1.8    87.6    38.4    35.4     1.2   -31.8    28.6     6.9     7.0     9.8    -4.9    41.8     4.6    -1.6
  Nonfarm business gross value
   added\3\............................      1.7     3.0     2.9     2.7     1.0     0.2     1.7     1.1     3.5     5.2    -1.2     5.4     5.5     2.6     0.5     5.1     1.8     1.5     0.9
Price indexes:
  GDP..................................      1.6     1.6     1.0     1.8     2.4     1.5     1.5     1.1     2.0     1.8     1.5     2.2     1.6     0.1     0.1     2.1     1.3     0.9     0.6
  GDP excluding food and energy\4\.....      1.7     1.7     1.1     1.6     1.3     1.8     1.8     1.5     2.0     2.2     1.5     1.9     1.8     0.8     0.5     1.5     1.4     1.1     1.6
  GDP excluding final sales of
   computers...........................      1.7     1.7     1.0     1.8     2.4     1.5     1.5     1.2     2.0     1.8     1.5     2.2     1.6     0.2     0.2     2.1     1.3     0.9     0.7
  Gross domestic purchases.............      1.4     1.5     0.4     1.2     1.3     1.9     1.4     0.8     1.7     1.8     1.6     1.9     1.5    -0.1    -1.6     1.5     1.3     0.4     0.2
  Gross domestic purchases excluding
   food and energy\4\..................      1.5     1.6     1.0     1.6     1.3     1.6     1.6     1.3     1.6     2.1     1.5     1.8     1.7     0.8     0.2     1.2     1.3     1.0     1.4
  Gross domestic purchases excluding
   final sales of computers to
   domestic purchasers.................      1.5     1.6     0.4     1.2     1.4     2.0     1.4     0.8     1.8     1.9     1.6     2.0     1.6     0.0    -1.6     1.5     1.3     0.4     0.3
  Personal consumption expenditures
   (PCE)...............................      1.4     1.4     0.3     1.2     1.3     2.2     1.4     0.4     1.7     1.4     1.6     2.1     1.2    -0.4    -1.9     2.2     1.3     0.3     0.3
  PCE excluding food and energy\4\.....      1.5     1.5     1.3     1.9     1.2     1.7     1.7     1.2     1.4     1.7     1.4     2.0     1.4     1.0     1.0     1.9     1.4     1.3     2.1
  Market-based PCE\5\..................      1.1     1.1     0.0     1.0     1.3     1.7     1.2    -0.2     1.6     0.9     1.4     1.9     1.1    -0.9    -2.5     2.2     1.1     0.2    -0.1
  Market-based PCE excluding food and
   energy\5\...........................      1.2     1.2     1.1     1.7     1.2     1.1     1.6     0.6     1.3     1.2     1.1     1.7     1.3     0.7     0.7     1.8     1.2     1.3     1.9
    Contributions to percent change in
     real gross domestic product
Percent change at annual rate:
    Gross domestic product.............      1.5     2.4     2.4     1.9     0.5     0.1     1.9     1.1     3.0     3.8    -0.9     4.6     4.3     2.1     0.6     3.9     2.0     1.4     0.8
Percentage points at annual rates:
Goods..................................     1.17    1.13    0.77    1.64    0.36   -0.24    2.17    0.34    2.23    2.77   -2.30    3.07    2.74   -0.06   -0.57    1.79    0.67   -0.20   -0.67
Services...............................     0.13    1.03    1.35   -0.01    0.22    0.17   -0.20    0.20    0.16    1.32    1.04    1.03    1.49    1.63    1.28    1.24    1.12    1.54    1.01
Structures.............................     0.18    0.27    0.31    0.25   -0.10    0.15   -0.06    0.58    0.59   -0.27    0.33    0.47    0.05    0.50   -0.07    0.90    0.19    0.05    0.50
Motor vehicle output...................     0.13    0.20    0.13    0.19    0.00   -0.05    0.43    0.23   -0.41    0.50    0.06    0.44    0.53   -0.35    0.04    0.40    0.53   -0.71   -0.09
Final sales of computers...............     0.06    0.01    0.04   -0.01    0.07    0.16    0.06    0.05   -0.03    0.02    0.02    0.03    0.02   -0.12    0.10    0.13    0.02    0.04    0.23
Research and development...............     0.06    0.05    0.11    0.00    0.02    0.12    0.15   -0.01    0.04   -0.01    0.11    0.02    0.05    0.14    0.13    0.25   -0.02   -0.01   -0.01
--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
 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.