EMBARGOED UNTIL RELEASE AT 8:30 A.M. EDT, FRIDAY, MARCH 25, 2011
BEA 11-13
Lisa Mataloni: (202) 606-5304 (GDP) gdpniwd@bea.gov
Andrew Hodge: (202) 606-5564 (Profits) cpniwd@bea.gov
Recorded message: (202) 606-5306
GROSS DOMESTIC PRODUCT: FOURTH QUARTER AND ANNUAL 2010 (THIRD ESTIMATE)
CORPORATE PROFITS: FOURTH QUARTER AND ANNUAL 2010
Real gross domestic product -- the output of goods and services produced by labor and property
located in the United States -- increased at an annual rate of 3.1 percent in the fourth quarter of 2010,
(that is, from the third quarter to the fourth quarter), according to the "third" estimate released by the
Bureau of Economic Analysis. In the third quarter, real GDP increased 2.6 percent.
The GDP estimate released today is based on more complete source data than were available for
the "second" estimate issued last month. In the second estimate, the increase in real GDP was 2.8
percent (see "Revisions" on page 3).
The increase in real GDP in the fourth quarter primarily reflected positive contributions from
personal consumption expenditures (PCE), exports, and nonresidential fixed investment that were partly
offset by negative contributions from private inventory investment and state and local government
spending. Imports, which are a subtraction in the calculation of GDP, decreased.
The fourth-quarter acceleration in real GDP primarily reflected a sharp downturn in imports, an
acceleration in PCE, an upturn in residential fixed investment, and an acceleration in exports that were
partly offset by downturns in private inventory investment, in federal government spending, and in state
and local government spending, and a deceleration in nonresidential fixed investment.
Final sales of computers added 0.35 percentage point to the fourth-quarter change in real GDP
after adding 0.29 percentage point to the third-quarter change. Motor vehicle output subtracted 0.27
percentage point from the fourth-quarter change in real GDP after adding 0.49 percentage point to the
third-quarter change.
________________
FOOTNOTE.--Quarterly estimates are expressed at seasonally adjusted annual rates, unless otherwise
specified. Quarter-to-quarter dollar changes are differences between these published estimates. Percent
changes are calculated from unrounded data and are annualized. �Real� estimates are in chained (2005)
dollars. Price indexes are chain-type measures.
This news release is available on BEA�s Web site along with the Technical Note and Highlights
related to this release.
________________
The price index for gross domestic purchases, which measures prices paid by U.S. residents,
increased 2.1 percent in the fourth quarter, the same increase as in the second estimate; this index
increased 0.7 percent in the third quarter. Excluding food and energy prices, the price index for gross
domestic purchases increased 1.1 percent in the fourth quarter, compared with an increase of 0.4 percent
in the third.
Real personal consumption expenditures increased 4.0 percent in the fourth quarter, compared
with an increase of 2.4 percent in the third. Durable goods increased 21.1 percent, compared with an
increase of 7.6 percent. Nondurable goods increased 4.1 percent, compared with an increase of 2.5
percent. Services increased 1.5 percent, compared with an increase of 1.6 percent.
Real nonresidential fixed investment increased 7.7 percent in the fourth quarter, compared with
an increase of 10.0 percent in the third. Nonresidential structures increased 7.6 percent, in contrast to a
decrease of 3.5 percent. Equipment and software increased 7.7 percent, compared with an increase of
15.4 percent. Real residential fixed investment increased 3.3 percent, in contrast to a decrease of 27.3
percent.
Real exports of goods and services increased 8.6 percent in the fourth quarter, compared with an
increase of 6.8 percent in the third. Real imports of goods and services decreased 12.6 percent, in
contrast to an increase of 16.8 percent.
Real federal government consumption expenditures and gross investment decreased 0.3 percent
in the fourth quarter, in contrast to an increase of 8.8 percent in the third. National defense decreased
2.2 percent, in contrast to an increase of 8.5 percent. Nondefense increased 3.7 percent, compared with
an increase of 9.5 percent. Real state and local government consumption expenditures and gross
investment decreased 2.6 percent, in contrast to an increase of 0.7 percent.
The change in real private inventories subtracted 3.42 percentage points from the fourth-quarter
change in real GDP, after adding 1.61 percentage points to the third-quarter change. Private businesses
increased inventories $16.2 billion in the fourth quarter, following increases of $121.4 billion in the third
quarter and $68.8 billion in the second.
Real final sales of domestic product -- GDP less change in private inventories -- increased 6.7
percent in the fourth quarter, compared with an increase of 0.9 percent in the third.
Gross domestic purchases
Real gross domestic purchases -- purchases by U.S. residents of goods and services wherever
produced -- decreased 0.2 percent in the fourth quarter, in contrast to an increase of 4.2 percent in the
third.
Gross national product
Real gross national product -- the goods and services produced by the labor and property
supplied by U.S. residents -- increased 2.8 percent in the fourth quarter, compared with an increase of
2.3 percent in the third. GNP includes, and GDP excludes, net receipts of income from the rest of the
world, which decreased $10.5 billion in the fourth quarter after decreasing $7.1 billion in the third; in the
fourth quarter, receipts increased $21.1 billion, and payments increased $31.5 billion.
Current-dollar GDP
Current-dollar GDP -- the market value of the nation's output of goods and services -- increased
3.5 percent, or $126.3 billion, in the fourth quarter to a level of $14,871.4 billion. In the third quarter,
current-dollar GDP increased 4.6 percent, or $166.4 billion.
Revisions
The upward revision to the percent change in real GDP primarily reflected upward revisions to
private inventory investment and to nonresidential fixed investment that were partly offset by a
downward revision to exports of goods and services.
Advance Estimate Second Estimate Third Estimate
(Percent change from preceding quarter)
Real GDP............................... 3.2 2.8 3.1
Current-dollar GDP..................... 3.4 3.2 3.5
Gross domestic purchases price index... 2.1 2.1 2.1
2010 GDP
Real GDP increased 2.9 percent in 2010 (that is, from the 2009 annual level to the 2010 annual
level), in contrast to a decrease of 2.6 percent in 2009.
The increase in real GDP in 2010 primarily reflected positive contributions from private
inventory investment, exports, personal consumption expenditures (PCE), nonresidential fixed
investment, and federal government spending. Imports, which are a subtraction in the calculation of
GDP, increased.
The upturn in real GDP primarily reflected upturns in exports, in nonresidential fixed
investment, in PCE, and in private inventory investment and a smaller decrease in residential fixed
investment that were partly offset by an upturn in imports.
The price index for gross domestic purchases increased 1.3 percent in 2010, in contrast to a
decrease of 0.2 percent in 2009.
Current-dollar GDP increased 3.8 percent, or $541.4 billion, in 2010. In contrast, current-dollar
GDP decreased 1.7 percent, or $250.1 billion, in 2009.
During 2010 (that is, measured from the fourth quarter of 2009 to the fourth quarter of 2010),
real GDP increased 2.8 percent. Real GDP increased 0.2 percent during 2009. The price index for gross
domestic purchases increased 1.2 percent during 2010, compared with an increase of 0.5 percent during
2009.
Corporate Profits
Profits from current production (corporate profits with inventory valuation and capital
consumption adjustments) increased $38.2 billion in the fourth quarter, compared with an increase of
$26.0 billion in the third quarter. Current-production cash flow (net cash flow with inventory valuation
adjustment) -- the internal funds available to corporations for investment -- increased $36.9 billion in the
fourth quarter, in contrast to a decrease of $68.4 billion in the third.
Taxes on corporate income decreased $1.3 billion in the fourth quarter, in contrast to an increase
of $23.8 billion in the third. Profits after tax with inventory valuation and capital consumption
adjustments increased $39.5 billion in the fourth quarter, compared with an increase of $2.2 billion in
the third. Dividends increased $8.9 billion, compared with an increase of $8.1 billion; current-
production undistributed profits increased $30.6 billion, in contrast to a decrease of $5.9 billion.
Domestic profits of financial corporations increased $57.7 billion in the fourth quarter, compared
with an increase of $34.6 billion in the third. Domestic profits of nonfinancial corporations decreased
$10.1 billion in the fourth quarter, in contrast to an increase of $0.3 billion in the third. In the fourth
quarter, real gross value added of nonfinancial corporations increased, and profits per unit of real gross
value added decreased. The decrease in unit profits reflected a decrease in unit prices that more than
offset a slight decrease in unit labor costs. Unit nonlabor costs were unchanged.
The rest-of-the-world component of profits decreased $9.4 billion in the fourth quarter,
compared with a decrease of $8.9 billion in the third. This measure is calculated as (1) receipts by U.S.
residents of earnings from their foreign affiliates plus dividends received by U.S. residents from
unaffiliated foreign corporations minus (2) payments by U.S. affiliates of earnings to their foreign
parents plus dividends paid by U.S. corporations to unaffiliated foreign residents. The fourth-quarter
decrease was accounted for by a larger increase in payments than in receipts.
Profits before tax with inventory valuation adjustment is the best available measure of industry
profits because estimates of the capital consumption adjustment by industry do not exist. This measure
reflects depreciation-accounting practices used for federal income tax returns and is affected by the
bonus depreciation provisions of the Tax Relief, Unemployment Insurance Reauthorization and Job
Creation Act of 2010 (see below). According to this measure, domestic profits of financial corporations
increased and profits of nonfinancial corporations decreased. The decrease in nonfinancial corporations
reflected decreases in all industries shown, except for small increases in some detailed manufacturing
industries. The largest decrease was in wholesale trade.
Profits before tax decreased $48.3 billion in the fourth quarter, in contrast to an increase of $57.5
billion in the third. The before-tax measure of profits does not reflect, as does profits from current
production, the capital consumption and inventory valuation adjustments. These adjustments convert
depreciation of fixed assets and inventory withdrawals reported on a tax-return, historical-cost basis to
the current-cost measures used in the national income and product accounts. The capital consumption
adjustment increased $153.5 billion in the fourth quarter (from -$169.3 billion to -$15.8 billion),
compared with an increase of $1.4 billion in the third. The inventory valuation adjustment decreased
$66.8 billion (from -$36.4 billion to -$103.2 billion), compared with a decrease of $32.9 billion.
Provisions of the Tax Relief, Unemployment Insurance Reauthorization and Job Creation Act of
2010
The Tax Relief, Unemployment Insurance Reauthorization and Job Creation Act of 2010, signed
into law December 17, 2010, provided a retroactive increase in bonus depreciation from 50 percent to
100 percent for qualified purchases made between September 9, 2010 and December 31, 2011.
Profits from current production are not affected because they do not depend on the depreciation-
accounting practices used for federal income tax returns; rather, they are based on depreciation of fixed
assets valued at current cost and using consistent depreciation profiles based on used-asset prices. The
additional depreciation provided for by the Act is estimated to have increased tax-based depreciation
expenses of corporations in the fourth quarter by $156.0 billion (annual rate) and reduced profits before
tax, which is based on earnings reported on tax returns, by the same amount. The capital consumption
adjustment, which is the difference between the depreciation specified in the tax code and the
depreciation underlying profits from current production, also increased by the same amount because the
Act raised tax depreciation by $156.0 billion. (Fourth-quarter profits tax liability was reduced by $36.1
billion, and profits after tax were reduced by $119.9 billion.)
As with corporate profits from current production, nonfarm proprietors� income with capital
consumption and inventory valuation adjustments (table 10) was not affected by the provisions of the
act; nonfarm proprietors� income without these adjustments was reduced, and the related capital
consumption adjustment was increased by the same amount. The other major national income and
product account components and aggregates shown in this release were not affected.
Further information is available in (FAQ #955): �How did the Small Business Jobs and Credit Act
of 2010 and the Tax Relief, Unemployment Insurance Reauthorization and Job Creation Act of 2010
impact the current quarterly estimates of the capital consumption adjustment for domestic business in
2010?�
Corporate profits in 2010
Profits from current production increased 29.2 percent in 2010, in contrast to a decrease of 0.4
percent in 2009. Domestic profits increased 37.0 percent, compared with an increase of 6.4 percent.
The rest-of-the-world component of profits increased 8.9 percent, in contrast to a decrease of 14.3
percent.
Taxes on corporate income increased 63.4 percent in 2010, in contrast to a decrease of 17.3
percent in 2009. Profits after tax with inventory valuation and capital consumption adjustments
increased 20.4 percent, compared with an increase of 5.1 percent. Dividends increased 1.9 percent, in
contrast to a decrease of 9.9 percent; current-production undistributed profits increased 67.3 percent,
compared with an increase of 81.3 percent.
According to the measure of profits before tax with inventory valuation adjustment, domestic
profits of both financial and nonfinancial corporations increased in 2010. The increase in nonfinancial
corporations reflected increases in all industries shown except chemical products and food and beverage
and tobacco products. Within manufacturing, the largest increase was in computer and electronic
products.
* * *
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 -- April 28, 2011, at 8:30 A.M. EDT for:
Gross Domestic Product: First Quarter 2011 (Advance Estimate)
Table 1. Real Gross Domestic Product and Related Measures: Percent Change From Preceding Period
[Quarters seasonally adjusted at annual rates]
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
2008 2009 2010r I 07 II 07 III 07 IV 07 I 08 II 08 III 08 IV 08 I 09 II 09 III 09 IV 09 I 10 II 10 III 10 IV 10r
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
Gross domestic product (GDP). .0 -2.6 2.9 .9 3.2 2.3 2.9 -.7 .6 -4.0 -6.8 -4.9 -.7 1.6 5.0 3.7 1.7 2.6 3.1
Personal consumption expenditures... -.3 -1.2 1.7 2.4 1.5 1.7 1.4 -.8 .1 -3.5 -3.3 -.5 -1.6 2.0 .9 1.9 2.2 2.4 4.0
Goods............................. -2.5 -2.0 4.3 2.3 1.4 2.4 1.1 -5.8 .3 -7.7 -10.8 1.8 -1.5 7.2 1.7 5.7 3.4 4.1 9.3
Durable goods................... -5.2 -3.7 7.7 4.6 4.6 3.8 2.4 -10.8 -2.9 -12.0 -22.3 4.8 -3.1 20.1 -1.1 8.8 6.8 7.6 21.1
Nondurable goods................ -1.1 -1.2 2.7 1.1 -.2 1.7 .5 -3.0 2.0 -5.5 -4.9 .4 -.7 1.7 3.1 4.2 1.9 2.5 4.1
Services.......................... .9 -.8 .5 2.4 1.6 1.4 1.5 1.9 .0 -1.3 .6 -1.6 -1.7 -.5 .5 .1 1.6 1.6 1.5
Gross private domestic investment... -9.5 -22.6 17.1 -3.6 9.5 -2.9 -9.4 -9.4 -7.6 -12.5 -36.8 -42.2 -18.5 11.8 26.7 29.1 26.2 15.0 -18.7
Fixed investment.................. -6.4 -18.3 3.9 -1.0 3.7 -1.2 -4.8 -6.2 -4.6 -11.9 -24.9 -35.4 -10.1 .7 -1.3 3.3 18.9 1.5 6.8
Nonresidential.................. .3 -17.1 5.7 6.8 11.1 9.4 5.7 2.0 -1.6 -8.6 -22.7 -35.2 -7.5 -1.7 -1.4 7.8 17.2 10.0 7.7
Structures.................... 5.9 -20.4 -13.7 10.7 28.0 24.3 7.4 -.1 7.5 -3.6 -8.9 -41.0 -20.2 -12.4 -29.2 -17.8 -.5 -3.5 7.6
Equipment and software........ -2.4 -15.3 15.3 5.1 4.3 2.9 4.8 3.0 -6.0 -11.1 -29.5 -31.6 .2 4.2 14.6 20.4 24.8 15.4 7.7
Residential..................... -24.0 -22.9 -3.0 -16.4 -12.0 -24.1 -29.3 -27.9 -14.0 -22.6 -32.6 -36.2 -19.7 10.6 -.8 -12.3 25.7 -27.3 3.3
Change in private inventories..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... .....
Net exports of goods and services... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... .....
Exports........................... 6.0 -9.5 11.7 6.4 6.8 15.8 11.6 5.7 13.2 -5.0 -21.9 -27.8 -1.0 12.2 24.4 11.4 9.1 6.8 8.6
Goods........................... 6.3 -12.0 14.7 12.9 7.6 12.8 9.9 9.6 14.5 -4.3 -26.6 -34.1 -3.7 18.7 31.7 14.0 11.5 5.8 11.1
Services........................ 5.3 -3.9 5.7 -6.9 4.9 23.0 15.7 -2.8 10.2 -6.6 -9.8 -12.3 4.7 .1 10.2 5.8 3.9 8.9 3.0
Imports........................... -2.6 -13.8 12.6 4.6 4.6 5.0 -10.6 -1.4 2.9 -.1 -22.9 -35.3 -10.6 21.9 4.9 11.2 33.5 16.8 -12.6
Goods........................... -3.5 -15.8 14.8 6.8 4.8 5.1 -11.8 -3.3 4.6 -1.0 -28.3 -38.9 -10.6 27.4 6.2 12.0 40.5 17.4 -14.2
Services........................ 2.4 -4.2 3.5 -6.3 3.6 4.4 -4.0 9.4 -6.0 5.0 11.7 -16.8 -10.9 1.5 -.5 7.8 4.3 14.2 -4.1
Government consumption expenditures
and gross investment............... 2.8 1.6 1.0 -.5 3.4 3.5 1.2 2.3 3.3 5.3 1.5 -3.0 6.1 1.6 -1.4 -1.6 3.9 3.9 -1.7
Federal........................... 7.3 5.7 4.8 -4.8 7.1 9.6 1.1 6.9 7.8 14.2 8.1 -5.0 14.9 5.7 .0 1.8 9.1 8.8 -.3
National defense................ 7.5 5.4 3.9 -7.2 8.3 10.2 .0 6.8 6.9 19.7 5.2 -8.4 16.8 9.0 -2.5 .4 7.4 8.5 -2.2
Nondefense...................... 6.7 6.5 6.6 .5 4.7 8.2 3.4 6.9 9.6 3.0 14.8 2.6 10.9 -.9 5.6 5.0 12.8 9.5 3.7
State and local................... .3 -.9 -1.4 2.1 1.3 .2 1.3 -.3 .8 .3 -2.4 -1.7 1.0 -1.0 -2.3 -3.8 .6 .7 -2.6
Addenda:
Final sales of domestic product... .5 -2.1 1.4 1.3 2.3 2.6 3.7 -.2 1.1 -3.9 -4.6 -3.9 .2 .4 2.1 1.1 .9 .9 6.7
Gross domestic purchases.......... -1.1 -3.6 3.3 .9 3.1 1.3 -.4 -1.6 -.5 -3.2 -7.7 -7.2 -2.1 3.0 3.0 3.9 5.1 4.2 -.2
Final sales to domestic
purchasers....................... -.6 -3.1 1.9 1.3 2.2 1.6 .4 -1.1 .0 -3.1 -5.7 -6.3 -1.2 1.8 .2 1.3 4.3 2.6 3.2
Gross national product (GNP)...... .3 -2.8 3.1 .8 3.5 4.1 4.4 -.9 .1 -3.2 -8.6 -4.9 -.5 2.6 4.9 4.4 1.8 2.3 2.8
Disposable personal income........ 1.7 .6 1.4 1.8 .6 1.5 2.2 1.4 9.2 -8.4 2.7 .4 5.9 -4.4 .0 1.3 5.6 1.0 1.9
Current-dollar measures:
GDP............................. 2.2 -1.7 3.8 5.3 6.5 4.4 3.8 1.0 4.1 .4 -7.9 -3.9 -.4 2.3 4.7 4.8 3.7 4.6 3.5
Final sales of domestic product. 2.7 -1.1 2.4 5.8 5.6 4.6 4.6 1.8 4.3 .5 -6.1 -2.7 .6 1.2 1.8 2.1 2.9 3.0 6.9
Gross domestic purchases........ 2.1 -3.8 4.6 5.4 6.3 3.4 3.4 2.1 4.2 .6 -11.7 -9.2 -1.5 4.3 5.1 6.2 5.2 4.8 1.9
Final sales to domestic
purchasers..................... 2.5 -3.2 3.2 5.8 5.5 3.6 4.1 2.9 4.5 .8 -10.1 -8.1 -.5 3.3 2.2 3.5 4.4 3.2 5.2
GNP............................. 2.5 -1.9 4.1 5.3 6.7 6.3 5.3 .9 3.5 1.1 -9.8 -4.0 -.2 3.4 4.6 5.5 3.8 4.4 3.1
Disposable personal income...... 5.1 .7 3.1 5.8 4.1 3.9 6.5 5.4 14.3 -4.4 -3.3 -1.2 8.0 -1.6 2.7 3.4 5.5 1.7 3.6
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
r Revised
See "Explanatory Note" at the end of the tables.
Table 2. Contributions to Percent Change in Real Gross Domestic Product
[Quarters seasonally adjusted at annual rates]
--------------------------------------------------------------------------------------------------------------------------------------------------------------------------
2008 2009 2010r I 07 II 07 III 07 IV 07 I 08 II 08 III 08 IV 08 I 09 II 09 III 09 IV 09 I 10 II 10 III 10 IV 10r
--------------------------------------------------------------------------------------------------------------------------------------------------------------------------
Percent change at annual rate:
Gross domestic product........... .0 -2.6 2.9 .9 3.2 2.3 2.9 -.7 .6 -4.0 -6.8 -4.9 -.7 1.6 5.0 3.7 1.7 2.6 3.1
Percentage points at annual rates:
Personal consumption expenditures.. -.18 -.84 1.26 1.64 1.08 1.20 .98 -.54 .08 -2.46 -2.26 -.34 -1.12 1.41 .69 1.33 1.54 1.67 2.79
Goods............................ -.60 -.46 .99 .56 .34 .57 .27 -1.42 .08 -1.86 -2.57 .41 -.32 1.62 .42 1.29 .79 .94 2.10
Durable goods.................. -.42 -.27 .55 .38 .38 .31 .20 -.92 -.23 -.95 -1.79 .35 -.21 1.35 -.07 .62 .49 .54 1.45
Motor vehicles and parts..... -.39 -.17 .08 .06 .17 -.08 -.07 -.53 -.57 -.60 -.85 .26 -.10 .83 -.56 -.06 .15 .12 .98
Furnishings and durable
household equipment......... -.07 -.12 .15 .10 -.07 .04 .02 -.18 .09 -.20 -.33 -.15 -.12 .12 .16 .23 .15 .10 .16
Recreational goods and
vehicles.................... .08 .03 .26 .21 .20 .32 .23 -.13 .28 -.09 -.39 .19 -.05 .36 .34 .28 .20 .26 .27
Other durable goods.......... -.04 -.02 .06 .01 .07 .03 .01 -.09 -.02 -.06 -.22 .06 .05 .05 -.01 .18 -.02 .07 .04
Nondurable goods............... -.18 -.18 .44 .17 -.03 .27 .07 -.50 .31 -.91 -.78 .06 -.11 .27 .49 .67 .31 .39 .65
Food and beverages purchased
for off-premises consumption -.04 -.05 .15 -.01 -.11 .09 .19 -.07 -.01 -.26 -.50 .01 .20 .22 .28 .20 -.16 .17 .26
Clothing and footwear........ -.01 -.10 .13 .12 .04 .08 -.02 -.05 .23 -.27 -.28 -.07 -.10 .01 .13 .26 .14 -.03 .27
Gasoline and other energy
goods....................... -.13 .03 -.01 -.05 -.07 -.01 -.12 -.22 -.13 -.41 .30 .14 -.01 -.04 -.05 .02 .07 .00 -.15
Other nondurable goods....... .01 -.06 .17 .11 .11 .11 .02 -.15 .22 .03 -.29 -.02 -.20 .08 .14 .18 .25 .25 .28
Services......................... .41 -.38 .27 1.08 .74 .62 .71 .88 .00 -.59 .30 -.75 -.79 -.21 .27 .03 .75 .74 .70
Household consumption
expenditures (for services)... .25 -.30 .23 1.16 .84 .36 .42 .74 -.04 -.79 .08 -.29 -.46 -.37 .12 .01 .69 .72 .82
Housing and utilities........ .09 .14 .14 .10 -.03 .12 -.07 .31 .04 -.20 .60 .01 .06 .24 .23 -.06 .14 .44 -.04
Health care.................. .29 .23 .17 .47 .16 .14 .29 .58 .29 -.02 .23 .40 .38 -.01 .21 -.04 .35 .14 .52
Transportation services...... -.12 -.18 .03 .05 .00 -.04 -.06 -.11 -.15 -.18 -.31 -.23 -.10 -.07 -.02 .07 .08 .08 .01
Recreation services.......... -.01 -.06 -.02 .05 .10 .11 .00 -.01 -.03 -.12 -.09 .02 -.08 -.12 -.03 .00 -.01 .11 -.05
Food services and
accommodations.............. -.03 -.16 .10 -.01 .15 .12 .16 -.23 .06 -.15 -.30 -.19 -.16 -.06 .02 .29 .11 .12 .12
Financial services and
insurance................... .03 -.21 -.13 .21 .30 .13 .14 .02 -.08 .03 -.26 -.30 -.23 -.21 -.21 -.16 .07 -.27 .16
Other services............... -.02 -.07 -.06 .28 .15 -.22 -.04 .18 -.16 -.14 .22 .00 -.34 -.14 -.08 -.08 -.05 .11 .11
Final consumption expenditures
of nonprofit institutions
serving households............ .16 -.08 .04 -.08 -.10 .27 .29 .14 .04 .20 .22 -.46 -.34 .16 .15 .02 .06 .02 -.12
Gross output of nonprofit
institutions................ .18 .04 .07 .29 .00 .07 .27 .30 .11 .08 .32 -.11 -.05 -.02 .12 -.07 .25 .09 .25
Less: Receipts from sales of
goods and services by
nonprofit institutions...... .02 .12 .03 .37 .10 -.20 -.02 .17 .07 -.11 .10 .34 .28 -.18 -.03 -.09 .18 .07 .37
Gross private domestic investment.. -1.53 -3.24 1.87 -.65 1.51 -.46 -1.53 -1.47 -1.17 -1.95 -6.32 -6.80 -2.30 1.22 2.70 3.04 2.88 1.80 -2.61
Fixed investment................. -1.02 -2.69 .48 -.15 .62 -.18 -.76 -.98 -.69 -1.83 -4.01 -5.71 -1.26 .12 -.12 .39 2.06 .18 .80
Nonresidential................. .03 -1.96 .55 .75 1.23 1.06 .67 .25 -.16 -1.00 -2.84 -4.49 -.72 -.13 -.10 .71 1.51 .93 .73
Structures................... .22 -.81 -.42 .35 .88 .82 .28 .00 .30 -.14 -.36 -1.99 -.76 -.41 -1.01 -.53 -.01 -.09 .19
Equipment and software....... -.19 -1.15 .97 .40 .35 .24 .39 .25 -.46 -.86 -2.47 -2.50 .04 .28 .91 1.24 1.52 1.02 .54
Information processing
equipment and software.... .23 .01 .50 .64 .11 .32 .61 .38 .25 -.19 -.52 -.25 .36 .52 .79 .32 .57 .34 .56
Computers and peripheral
equipment............... .08 -.01 .15 .15 -.03 .11 .15 .19 .11 -.12 -.19 -.07 .09 .12 .36 .03 .24 .01 .16
Software................. .10 .03 .18 .18 .01 .06 .09 .26 .04 .04 -.04 -.12 .16 .13 .25 .17 .15 .18 .21
Other.................... .05 -.02 .17 .30 .13 .15 .38 -.07 .10 -.11 -.30 -.07 .12 .27 .18 .12 .17 .15 .19
Industrial equipment....... -.06 -.31 .06 -.09 .38 .01 -.27 .04 -.04 -.11 -.30 -.78 -.17 -.11 -.03 .00 .39 .07 .11
Transportation equipment... -.31 -.54 .31 -.01 -.32 -.08 .04 -.02 -.67 -.59 -1.16 -.92 .22 -.05 .20 .62 .40 .40 -.20
Other equipment............ -.05 -.30 .10 -.13 .18 -.01 .00 -.14 .01 .04 -.50 -.55 -.38 -.07 -.05 .30 .17 .20 .07
Residential.................... -1.05 -.74 -.07 -.91 -.62 -1.24 -1.43 -1.23 -.53 -.84 -1.18 -1.22 -.54 .25 -.02 -.32 .55 -.75 .07
Change in private inventories.... -.51 -.55 1.40 -.49 .90 -.28 -.77 -.49 -.48 -.12 -2.31 -1.09 -1.03 1.10 2.83 2.64 .82 1.61 -3.42
Farm........................... .01 .02 .02 .25 -.31 .08 .06 -.19 .37 -.08 .13 -.11 .12 -.19 .21 .07 .02 -.09 -.15
Nonfarm........................ -.53 -.57 1.37 -.74 1.21 -.36 -.82 -.30 -.85 -.04 -2.44 -.97 -1.15 1.29 2.62 2.57 .80 1.71 -3.27
Net exports of goods and services.. 1.18 1.13 -.49 -.02 .01 .87 3.21 .84 1.04 -.63 1.50 2.88 1.47 -1.37 1.90 -.31 -3.50 -1.70 3.27
Exports.......................... .72 -1.18 1.34 .71 .76 1.71 1.32 .67 1.61 -.66 -3.03 -3.61 -.08 1.30 2.56 1.30 1.08 .82 1.06
Goods.......................... .53 -1.04 1.13 .95 .58 .98 .78 .78 1.24 -.41 -2.65 -3.14 -.26 1.29 2.19 1.09 .93 .49 .94
Services....................... .19 -.15 .21 -.24 .17 .74 .54 -.11 .37 -.25 -.38 -.47 .18 .01 .37 .21 .15 .33 .12
Imports.......................... .46 2.32 -1.83 -.73 -.75 -.84 1.89 .18 -.57 .03 4.53 6.48 1.55 -2.67 -.66 -1.61 -4.58 -2.53 2.21
Goods.......................... .52 2.20 -1.74 -.89 -.65 -.72 1.78 .42 -.75 .15 4.82 5.95 1.23 -2.64 -.68 -1.41 -4.46 -2.16 2.10
Services....................... -.07 .12 -.09 .16 -.10 -.12 .11 -.24 .18 -.12 -.29 .53 .33 -.03 .02 -.20 -.12 -.37 .12
Government consumption expenditures
and gross investment.............. .54 .32 .21 -.09 .64 .66 .24 .44 .65 1.04 .31 -.61 1.24 .33 -.28 -.32 .80 .79 -.34
Federal.......................... .51 .43 .39 -.33 .48 .64 .08 .47 .55 1.00 .61 -.40 1.11 .45 .01 .15 .72 .71 -.02
National defense............... .36 .27 .22 -.34 .38 .47 .01 .32 .34 .93 .28 -.45 .85 .48 -.13 .02 .40 .46 -.12
Consumption expenditures..... .27 .23 .14 -.27 .20 .45 .01 .31 .02 .81 .26 -.29 .67 .37 -.17 .02 .25 .41 -.33
Gross investment............. .09 .04 .08 -.08 .17 .01 .00 .01 .32 .12 .02 -.17 .17 .12 .04 .01 .15 .05 .21
Nondefense..................... .15 .16 .17 .01 .10 .18 .07 .15 .21 .07 .33 .06 .26 -.03 .14 .13 .32 .25 .10
Consumption expenditures..... .13 .14 .13 .02 .08 .15 .08 .13 .17 .04 .30 .09 .25 -.07 .12 .07 .27 .18 .06
Gross investment............. .02 .01 .05 -.01 .03 .02 -.01 .02 .04 .03 .03 -.03 .01 .04 .02 .06 .05 .06 .04
State and local.................. .04 -.11 -.18 .25 .16 .02 .16 -.04 .10 .04 -.30 -.21 .13 -.12 -.29 -.48 .08 .09 -.31
Consumption expenditures....... .00 -.07 -.10 .17 .14 .02 .09 -.06 -.05 .04 -.11 -.07 -.03 -.17 -.03 -.11 -.09 -.14 -.10
Gross investment............... .03 -.05 -.08 .07 .02 .00 .07 .02 .14 .00 -.19 -.15 .16 .05 -.25 -.36 .17 .23 -.21
Addenda:
Goods............................ -.13 -.99 2.86 .55 1.69 .89 2.52 -.36 -.09 -3.01 -5.19 -.62 -.17 1.67 5.74 4.90 -.20 1.99 2.47
Services......................... .94 -.10 .54 .92 1.23 1.87 1.53 .92 .69 -.08 .08 -.95 .61 -.10 .57 .02 1.21 1.15 .56
Structures....................... -.81 -1.54 -.55 -.59 .32 -.49 -1.16 -1.28 -.01 -.91 -1.66 -3.30 -1.14 .02 -1.30 -1.18 .71 -.58 .09
Motor vehicle output............. -.53 -.56 .46 .29 .13 -.06 -.45 -.23 -1.09 -.53 -1.72 -1.18 -.04 1.56 .25 .74 -.06 .49 -.27
Final sales of computers......... .14 .03 .10 .02 .07 .26 .19 .11 .19 .04 .08 .05 -.06 -.02 .09 .10 .03 .29 .35
--------------------------------------------------------------------------------------------------------------------------------------------------------------------------
r Revised
See "Explanatory Note" at the end of the tables.
Table 3. Gross Domestic Product and Related Measures: Level and Change From Preceding Period
--------------------------------------------------------------------------------------------------------------------------------------------------------------------------
Billions of current dollars Billions of chained (2005) dollars
------------------------------------------------------ -------------------------------------------------------------------------------
Seasonally adjusted Seasonally adjusted Change from preceding
at annual rates at annual rates period
-------------------------------------------- -------------------------------------------- -------------------------
2010r IV 09 I 10 II 10 III 10 IV 10r 2010r IV 09 I 10 II 10 III 10 IV 10r 2010r III 10 IV 10r
--------------------------------------------------------------------------------------------------------------------------------------------------------------------------
Gross domestic product........ 14,660.4 14,277.3 14,446.4 14,578.7 14,745.1 14,871.4 13,248.2 13,019.0 13,138.8 13,194.9 13,278.5 13,380.7 367.6 83.6 102.2
Personal consumption expenditures.. 10,349.1 10,131.5 10,230.8 10,285.4 10,366.3 10,513.6 9,313.6 9,182.9 9,225.4 9,275.7 9,330.6 9,422.9 159.7 54.9 92.3
Goods............................ 3,425.7 3,312.9 3,380.0 3,377.5 3,419.6 3,525.6 3,250.4 3,151.8 3,195.4 3,222.6 3,255.2 3,328.4 133.0 32.6 73.2
Durable goods.................. 1,089.4 1,043.9 1,060.7 1,074.1 1,087.8 1,134.8 1,178.3 1,115.1 1,138.9 1,157.8 1,179.3 1,237.2 83.7 21.5 57.9
Motor vehicles and parts..... 346.0 327.0 328.3 335.9 342.2 377.7 335.4 322.7 320.6 326.0 330.1 364.8 11.4 4.1 34.7
Furnishings and durable
household equipment......... 258.3 249.3 255.3 258.2 258.2 261.4 275.8 259.3 267.9 273.7 277.5 284.0 21.9 3.8 6.5
Recreational goods and
vehicles.................... 334.8 323.9 328.8 331.9 336.9 341.5 447.7 417.9 430.7 440.3 453.2 466.5 48.4 12.9 13.3
Other durable goods.......... 150.3 143.7 148.3 148.0 150.7 154.2 134.3 127.8 133.4 132.7 134.8 136.1 7.4 2.1 1.3
Nondurable goods............... 2,336.3 2,269.0 2,319.3 2,303.4 2,331.8 2,390.8 2,072.6 2,032.3 2,053.5 2,063.4 2,076.2 2,097.4 55.2 12.8 21.2
Food and beverages purchased
for off-premises consumption 801.8 786.5 797.4 794.6 801.4 813.8 703.7 696.3 702.7 697.6 703.0 711.5 18.6 5.4 8.5
Clothing and footwear........ 337.8 325.5 333.8 335.5 337.6 344.3 345.0 329.5 339.0 344.3 343.4 353.4 18.2 -.9 10.0
Gasoline and other energy
goods....................... 357.2 344.1 364.1 340.0 348.2 376.5 284.5 283.5 284.0 286.1 286.1 281.7 -1.0 .0 -4.4
Other nondurable goods....... 839.5 812.9 824.1 833.3 844.7 856.2 744.2 726.0 731.9 740.0 748.0 757.0 21.1 8.0 9.0
Services......................... 6,923.4 6,818.6 6,850.9 6,907.9 6,946.7 6,988.1 6,064.7 6,028.7 6,029.6 6,053.4 6,076.9 6,099.2 32.0 23.5 22.3
Household consumption
expenditures (for services)... 6,658.3 6,556.2 6,589.6 6,643.2 6,679.2 6,721.0 5,804.1 5,769.7 5,769.9 5,791.7 5,814.4 5,840.6 27.1 22.7 26.2
Housing and utilities........ 1,900.7 1,887.6 1,887.1 1,892.5 1,910.9 1,912.4 1,674.5 1,666.3 1,664.3 1,668.9 1,683.0 1,681.7 17.6 14.1 -1.3
Health care.................. 1,687.7 1,650.1 1,657.5 1,680.4 1,694.3 1,718.7 1,461.1 1,447.9 1,446.7 1,457.6 1,461.9 1,478.3 20.7 4.3 16.4
Transportation services...... 299.7 290.2 294.6 299.6 301.5 303.0 253.9 248.6 250.8 253.3 255.7 255.9 3.0 2.4 .2
Recreation services.......... 380.5 377.3 376.8 378.5 384.1 382.5 339.7 338.6 338.5 338.2 341.8 340.2 -2.1 3.6 -1.6
Food services and
accommodations.............. 626.4 604.7 615.2 623.3 630.5 636.7 540.2 526.1 535.0 538.3 542.0 545.7 12.5 3.7 3.7
Financial services and
insurance................... 820.6 816.3 824.9 829.9 812.2 815.4 725.9 732.5 727.4 729.5 720.7 725.9 -17.1 -8.8 5.2
Other services............... 942.6 930.1 933.3 939.1 945.7 952.3 809.0 810.1 807.7 806.1 809.5 812.9 -8.0 3.4 3.4
Final consumption expenditures
of nonprofit institutions
serving households............ 265.1 262.4 261.3 264.7 267.5 267.1 261.5 259.9 260.6 262.9 263.5 259.1 5.5 .6 -4.4
Gross output of nonprofit
institutions................ 1,092.1 1,070.7 1,071.5 1,087.7 1,097.1 1,112.0 961.3 954.1 952.0 959.9 962.7 970.7 9.2 2.8 8.0
Less: Receipts from sales of
goods and services by
nonprofit institutions...... 827.0 808.3 810.2 823.0 829.6 845.0 700.2 694.7 692.0 697.6 699.7 711.3 4.2 2.1 11.6
Gross private domestic investment.. 1,827.5 1,637.7 1,739.7 1,841.8 1,907.2 1,821.3 1,774.5 1,585.7 1,690.2 1,791.5 1,855.1 1,761.3 258.8 63.6 -93.8
Fixed investment................. 1,755.8 1,681.9 1,689.8 1,761.4 1,768.6 1,803.5 1,694.7 1,617.1 1,630.5 1,702.5 1,708.8 1,737.3 64.0 6.3 28.5
Nonresidential................. 1,415.3 1,330.9 1,349.6 1,404.2 1,438.8 1,468.8 1,364.9 1,278.3 1,302.6 1,355.3 1,388.0 1,413.9 74.1 32.7 25.9
Structures................... 383.5 398.2 380.1 381.5 380.9 391.7 319.0 335.3 319.3 318.9 316.0 321.9 -50.6 -2.9 5.9
Equipment and software....... 1,031.8 932.7 969.5 1,022.7 1,057.9 1,077.1 1,056.1 944.7 989.7 1,046.0 1,084.2 1,104.5 139.8 38.2 20.3
Information processing
equipment and software.... 590.9 559.0 568.0 586.2 595.5 614.0 676.2 632.9 645.7 669.1 683.3 706.8 80.4 14.2 23.5
Computers and peripheral
equipment............... 97.4 90.1 90.5 98.4 97.8 102.8 ..... ..... ..... ..... ..... ..... ..... ..... .....
Software................. 283.2 269.4 274.7 279.6 285.3 293.2 284.8 269.5 275.4 280.9 287.5 295.3 25.5 6.6 7.8
Other.................... 210.4 199.5 202.8 208.3 212.4 218.0 243.0 227.4 232.3 239.5 245.9 254.1 27.5 6.4 8.2
Industrial equipment....... 160.7 146.4 146.8 161.6 164.7 169.8 139.7 128.3 128.4 140.7 143.0 146.7 7.5 2.3 3.7
Transportation equipment... 113.0 78.8 97.0 110.9 125.4 118.6 112.1 74.5 95.8 110.2 124.8 117.5 42.7 14.6 -7.3
Other equipment............ 167.2 148.6 157.7 163.9 172.3 174.7 150.4 132.7 142.4 147.8 154.5 156.8 12.6 6.7 2.3
Residential.................... 340.5 351.0 340.2 357.2 329.8 334.7 332.5 341.7 330.7 350.1 323.3 325.9 -10.2 -26.8 2.6
Change in private inventories.... 71.7 -44.2 50.0 80.4 138.6 17.8 62.7 -36.7 44.1 68.8 121.4 16.2 175.8 52.6 -105.2
Farm........................... 6.5 7.1 9.3 9.6 6.3 .9 5.4 6.4 7.6 7.8 5.1 1.2 2.0 -2.7 -3.9
Nonfarm........................ 65.2 -51.3 40.7 70.8 132.2 16.9 57.3 -43.0 36.5 61.0 116.6 15.1 174.2 55.6 -101.5
Net exports of goods and services.. -516.4 -426.4 -479.9 -539.3 -550.5 -495.9 -422.5 -330.1 -338.4 -449.0 -505.0 -397.7 -59.5 -56.0 107.3
Exports.......................... 1,837.5 1,689.9 1,757.8 1,817.9 1,848.9 1,925.6 1,665.5 1,573.5 1,616.4 1,652.1 1,679.3 1,714.3 174.8 27.2 35.0
Goods.......................... 1,277.4 1,157.6 1,213.0 1,262.8 1,282.0 1,352.0 1,167.5 1,091.7 1,128.0 1,159.2 1,175.8 1,207.1 149.3 16.6 31.3
Services....................... 560.1 532.3 544.8 555.1 566.9 573.6 498.7 482.0 488.9 493.6 504.2 508.0 26.7 10.6 3.8
Imports.......................... 2,353.9 2,116.3 2,237.6 2,357.1 2,399.4 2,421.5 2,088.0 1,903.6 1,954.8 2,101.1 2,184.3 2,112.0 234.2 83.2 -72.3
Goods.......................... 1,949.4 1,731.8 1,843.5 1,957.2 1,988.2 2,008.5 1,736.8 1,566.1 1,611.0 1,753.9 1,825.5 1,756.7 223.3 71.6 -68.8
Services....................... 404.6 384.5 394.1 400.0 411.2 413.0 352.4 338.3 344.6 348.3 360.1 356.4 11.9 11.8 -3.7
Government consumption expenditures
and gross investment.............. 3,000.2 2,934.5 2,955.7 2,990.8 3,022.2 3,032.3 2,568.3 2,550.3 2,540.2 2,564.9 2,589.6 2,578.8 25.7 24.7 -10.8
Federal.......................... 1,214.3 1,159.9 1,178.1 1,206.7 1,233.9 1,238.3 1,076.9 1,043.6 1,048.4 1,071.5 1,094.3 1,093.4 49.3 22.8 -.9
National defense............... 817.7 785.4 796.3 813.0 830.8 830.6 720.2 703.8 704.4 717.1 731.8 727.7 27.2 14.7 -4.1
Consumption expenditures..... 698.2 673.5 684.0 695.2 711.2 702.6 608.7 598.5 598.9 606.8 619.8 609.1 17.0 13.0 -10.7
Gross investment............. 119.5 111.9 112.4 117.9 119.6 128.0 112.6 106.0 106.2 111.2 112.9 120.2 10.7 1.7 7.3
Nondefense..................... 396.6 374.5 381.8 393.7 403.1 407.7 356.7 339.8 344.0 354.5 362.6 365.9 22.1 8.1 3.3
Consumption expenditures..... 345.2 328.3 333.3 343.3 350.4 353.6 306.6 294.5 296.6 305.3 311.3 313.3 16.0 6.0 2.0
Gross investment............. 51.4 46.2 48.4 50.3 52.7 54.1 50.4 45.3 47.5 49.4 51.7 53.0 6.4 2.3 1.3
State and local.................. 1,786.0 1,774.7 1,777.6 1,784.1 1,788.2 1,794.0 1,497.4 1,511.2 1,496.8 1,499.1 1,501.7 1,491.9 -21.4 2.6 -9.8
Consumption expenditures..... 1,447.2 1,432.2 1,447.4 1,446.7 1,441.3 1,453.5 1,220.0 1,228.4 1,225.1 1,222.3 1,217.9 1,214.7 -12.1 -4.4 -3.2
Gross investment............. 338.7 342.4 330.2 337.4 346.9 340.5 277.6 282.9 272.1 277.0 283.9 277.4 -9.2 6.9 -6.5
Residual........................... ..... ..... ..... ..... ..... ..... -42.2 -13.7 -22.1 -37.8 -42.6 -66.7 ..... ..... .....
Addenda:
Final sales of domestic product.. 14,588.7 14,321.5 14,396.4 14,498.3 14,606.5 14,853.5 13,176.7 13,051.1 13,085.5 13,114.7 13,145.3 13,361.2 183.9 30.6 215.9
Gross domestic purchases......... 15,176.8 14,703.7 14,926.3 15,118.0 15,295.6 15,367.2 13,663.6 13,338.2 13,467.6 13,637.7 13,777.6 13,771.5 430.0 139.9 -6.1
Final sales to domestic
purchasers...................... 15,105.1 14,748.0 14,876.3 15,037.6 15,157.0 15,349.4 13,592.1 13,369.9 13,414.3 13,557.7 13,644.6 13,752.0 247.1 86.9 107.4
Gross domestic product........... 14,660.4 14,277.3 14,446.4 14,578.7 14,745.1 14,871.4 13,248.2 13,019.0 13,138.8 13,194.9 13,278.5 13,380.7 367.6 83.6 102.2
Plus: Income receipts from
the rest of the world........... 706.2 664.7 693.7 696.1 704.0 730.8 637.5 604.0 627.8 629.8 635.7 656.8 62.0 5.9 21.1
Less: Income payments to
the rest of the world........... 517.9 499.1 502.6 500.8 515.5 552.8 467.1 453.1 454.0 452.3 465.3 496.8 25.5 13.0 31.5
Equals: Gross national product... 14,848.7 14,442.8 14,637.6 14,774.0 14,933.6 15,049.3 13,419.0 13,170.1 13,313.0 13,372.7 13,449.3 13,540.9 404.3 76.6 91.6
Net domestic product............. 12,791.6 12,425.1 12,594.0 12,718.3 12,873.2 12,980.6 11,480.0 11,271.2 11,384.8 11,432.7 11,506.1 11,596.5 342.7 73.4 90.4
--------------------------------------------------------------------------------------------------------------------------------------------------------------------------
r Revised
Note.--Users are cautioned that particularly for components that
exhibit rapid change in prices relative to other prices in the
economy, the chained-dollar estimates should not be used to measure
the component's relative importance or its contribution to the
growth rate of more aggregate series. For accurate estimates of
the contributions to percent changes in real GDP, use table 2.
See "Explanatory Note" at the end of the tables.
Table 4. Price Indexes for Gross Domestic Product and Related Measures: Percent Change From Preceding Period
[Quarters seasonally adjusted at annual rates]
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
2008 2009 2010r I 07 II 07 III 07 IV 07 I 08 II 08 III 08 IV 08 I 09 II 09 III 09 IV 09 I 10 II 10 III 10 IV 10r
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
Gross domestic product (GDP). 2.2 .9 1.0 4.4 3.2 2.0 .9 1.9 3.2 4.5 -1.2 1.1 .3 .7 -.2 1.0 1.9 2.1 .4
Personal consumption expenditures... 3.3 .2 1.7 4.0 3.5 2.3 4.2 3.9 4.6 4.4 -5.8 -1.6 1.9 2.9 2.7 2.1 .0 .8 1.7
Goods............................. 3.2 -2.5 1.7 3.2 4.7 .8 5.4 5.1 4.9 7.2 -17.7 -6.0 3.7 5.7 2.8 2.6 -3.6 .9 3.4
Durable goods................... -1.4 -1.6 -1.4 -1.8 -1.4 -2.1 -1.4 -.7 -2.0 -.7 -3.4 -2.1 .1 -2.5 .7 -2.0 -1.6 -2.2 -2.2
Nondurable goods................ 5.6 -2.9 3.2 6.1 8.1 2.3 9.1 8.1 8.3 11.0 -23.5 -7.9 5.4 9.7 3.8 4.7 -4.6 2.4 6.1
Services.......................... 3.4 1.5 1.7 4.4 2.9 3.1 3.7 3.3 4.5 3.0 .7 .5 1.1 1.7 2.7 1.8 1.8 .7 .9
Gross private domestic investment... .7 -2.0 -1.7 2.1 .1 -.2 .4 -.2 1.0 1.9 4.8 -4.1 -6.7 -6.0 -.7 -2.0 -.7 .5 2.6
Fixed investment.................. .8 -1.7 -1.6 2.1 .2 -.2 .2 .0 1.3 2.8 2.2 -3.0 -5.7 -4.8 -1.0 -1.4 -.7 .1 1.2
Nonresidential.................. 1.4 -1.2 -1.9 2.0 .7 -.3 .2 .6 2.1 4.5 4.3 -3.1 -5.7 -5.1 -2.4 -1.9 .0 .2 .9
Structures.................... 4.7 -2.6 -1.4 5.0 1.8 3.3 4.8 3.5 4.9 8.1 8.1 -5.6 -12.2 -10.5 -2.1 .9 2.0 2.9 4.0
Equipment and software........ -.2 -.5 -1.9 .7 .3 -2.0 -2.1 -.9 .8 2.6 2.2 -1.6 -2.0 -2.4 -2.5 -3.1 -.8 -.8 -.2
Residential..................... -1.2 -3.4 -.3 2.2 -1.2 .1 .7 -1.4 -1.1 -2.8 -5.2 -2.9 -6.0 -3.3 4.3 .6 -3.2 -.1 2.7
Change in private inventories..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... .....
Net exports of goods and services... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... .....
Exports........................... 4.7 -5.4 4.2 3.4 4.4 2.6 5.8 7.8 10.6 5.7 -22.3 -11.5 .7 4.6 4.6 5.1 4.8 .2 8.4
Goods........................... 4.8 -6.8 4.8 2.7 4.5 2.2 6.1 8.6 13.2 5.4 -27.5 -13.8 2.7 4.8 4.6 5.8 5.3 .4 11.3
Services........................ 4.2 -2.2 2.9 5.1 4.2 3.7 5.1 5.8 4.8 6.4 -9.0 -6.6 -3.2 4.0 4.7 3.7 3.7 -.2 1.8
Imports........................... 10.4 -10.7 6.5 3.9 4.0 2.8 24.3 19.4 16.6 2.2 -32.1 -27.3 2.3 8.6 21.8 12.4 -7.7 -8.1 18.7
Goods........................... 11.3 -12.3 7.1 4.1 3.5 2.1 28.0 22.0 17.3 1.7 -34.6 -30.7 2.0 9.2 24.8 14.6 -9.6 -9.2 21.4
Services........................ 5.7 -2.8 3.7 2.8 6.8 6.6 5.9 6.2 13.4 4.8 -17.2 -10.2 3.8 6.2 9.2 2.5 1.6 -2.2 6.1
Government consumption expenditures
and gross investment............... 4.7 -.3 1.9 8.4 4.6 2.9 4.7 7.3 6.5 3.9 -5.2 -1.7 .6 .4 1.5 4.6 .9 .3 3.1
Federal........................... 3.1 -.2 1.7 8.7 3.5 .4 2.3 6.5 4.7 1.6 -4.2 .7 -.8 -.1 1.5 4.5 .9 .5 1.8
National defense................ 3.6 -.7 2.0 8.4 4.1 .9 3.1 6.4 6.3 2.0 -5.9 .1 -1.8 .3 1.6 5.3 1.2 .5 2.2
Nondefense...................... 2.2 .8 1.1 9.3 2.3 -.6 .8 6.6 1.6 .6 -.4 2.2 1.1 -1.0 1.5 2.8 .2 .4 1.0
State and local................... 5.6 -.4 2.0 8.3 5.3 4.4 6.2 7.7 7.5 5.3 -5.8 -3.2 1.5 .8 1.5 4.6 .9 .2 4.0
Addenda:
Final sales of domestic product... 2.2 1.0 1.0 4.4 3.2 2.0 .8 2.0 3.2 4.6 -1.5 1.3 .4 .8 -.3 1.0 1.9 2.1 .2
Gross domestic purchases.......... 3.2 -.2 1.3 4.4 3.2 2.0 3.8 4.0 4.5 3.9 -4.4 -2.0 .6 1.4 2.1 2.1 .1 .7 2.1
Final sales to domestic
purchasers....................... 3.2 -.2 1.4 4.5 3.2 2.0 3.7 4.0 4.5 4.1 -4.6 -1.9 .7 1.5 2.0 2.2 .1 .6 1.9
Gross national product (GNP)...... 2.2 .9 1.0 4.4 3.1 2.0 .9 2.0 3.2 4.5 -1.3 1.1 .3 .8 -.2 1.0 1.9 2.1 .4
Implicit price deflators:
GDP............................. 2.2 .9 1.0 4.4 3.2 2.0 .9 1.8 3.4 4.5 -1.2 1.0 .3 .7 -.3 1.1 2.0 2.0 .3
Gross domestic purchases........ 3.2 -.2 1.3 4.4 3.1 2.1 3.8 3.8 4.7 4.0 -4.3 -2.2 .5 1.3 2.0 2.2 .1 .6 2.1
GNP............................. 2.2 .9 1.0 4.4 3.1 2.0 .9 1.8 3.4 4.5 -1.2 1.0 .3 .7 -.3 1.0 1.9 2.0 .4
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
r Revised
See "Explanatory Note" at the end of the tables.
Table 5. Real Gross Domestic Product, Quantity Indexes
[Index numbers, 2005=100]
-----------------------------------------------------------------------------------------------------------------------------------
Seasonally adjusted
---------------------------------------------------
2008 2009 2010r IV 09 I 10 II 10 III 10 IV 10r
-----------------------------------------------------------------------------------------------------------------------------------
Gross domestic product............. 104.672 101.917 104.825 103.012 103.960 104.403 105.065 105.873
Personal consumption expenditures.......... 105.057 103.797 105.609 104.126 104.608 105.178 105.801 106.848
Goods.................................... 103.462 101.416 105.741 102.533 103.952 104.837 105.898 108.278
Durable goods.......................... 102.798 99.011 106.586 100.870 103.025 104.735 106.673 111.910
Nondurable goods....................... 103.698 102.487 105.293 103.247 104.321 104.823 105.476 106.551
Services................................. 105.870 105.006 105.564 104.936 104.952 105.366 105.775 106.163
Gross private domestic investment.......... 90.105 69.778 81.691 73.000 77.811 82.474 85.400 81.081
Fixed investment......................... 94.096 76.835 79.855 76.198 76.826 80.219 80.517 81.858
Nonresidential......................... 115.532 95.804 101.307 94.879 96.677 100.592 103.019 104.939
Structures........................... 131.976 105.064 90.690 95.310 90.761 90.649 89.848 91.500
Equipment and software............... 108.681 92.035 106.078 94.895 99.408 105.067 108.898 110.939
Residential............................ 57.324 44.220 42.905 44.092 42.670 45.177 41.719 42.054
Change in private inventories............ ..... ..... ..... ..... ..... ..... ..... .....
Exports of goods and services.............. 126.255 114.228 127.623 120.569 123.858 126.592 128.679 131.362
Imports of goods and services.............. 106.113 91.418 102.972 93.874 96.401 103.613 107.718 104.155
Government consumption expenditures and
gross investment.......................... 105.605 107.287 108.374 107.613 107.185 108.228 109.270 108.815
Federal.................................. 110.900 117.266 122.893 119.091 119.634 122.276 124.882 124.779
State and local.......................... 102.611 101.688 100.253 101.179 100.213 100.367 100.541 99.890
Addenda:
Final sales of domestic product.......... 105.399 103.212 104.673 103.676 103.948 104.181 104.424 106.139
Gross domestic purchases................. 102.756 99.045 102.264 99.829 100.797 102.070 103.117 103.071
Final sales to domestic purchasers....... 103.433 100.254 102.111 100.441 100.775 101.852 102.505 103.312
Gross national product................... 105.129 102.192 105.366 103.413 104.534 105.003 105.604 106.324
-----------------------------------------------------------------------------------------------------------------------------------
r Revised
See "Explanatory Note" at the end of the tables.
Table 6. Price Indexes for Gross Domestic Product
[Index numbers, 2005=100]
-----------------------------------------------------------------------------------------------------------------------------------
Seasonally adjusted
---------------------------------------------------
2008 2009 2010r IV 09 I 10 II 10 III 10 IV 10r
-----------------------------------------------------------------------------------------------------------------------------------
Gross domestic product............. 108.598 109.618 110.668 109.693 109.959 110.485 111.060 111.166
Personal consumption expenditures
(PCE)..................................... 109.061 109.258 111.117 110.333 110.901 110.888 111.102 111.578
Goods.................................... 106.262 103.634 105.397 105.120 105.784 104.812 105.058 105.932
Durable goods.......................... 95.340 93.782 92.456 93.603 93.121 92.755 92.235 91.714
Nondurable goods....................... 112.484 109.262 112.724 111.651 112.949 111.638 112.315 113.996
Services................................. 110.566 112.233 114.156 113.102 113.620 114.116 114.314 114.574
Gross private domestic investment.......... 106.977 104.873 103.045 103.466 102.952 102.765 102.895 103.568
Fixed investment......................... 107.053 105.260 103.627 104.030 103.661 103.487 103.523 103.835
Nonresidential......................... 106.984 105.700 103.719 104.144 103.639 103.636 103.689 103.913
Structures........................... 125.460 122.187 120.467 119.017 119.291 119.887 120.755 121.933
Equipment and software............... 100.083 99.620 97.702 98.721 97.954 97.764 97.574 97.518
Residential............................ 106.361 102.736 102.394 102.712 102.869 102.030 101.994 102.684
Change in private inventories............ ..... ..... ..... ..... ..... ..... ..... .....
Exports of goods and services.............. 111.874 105.877 110.327 107.424 108.771 110.060 110.122 112.353
Imports of goods and services.............. 118.685 105.987 112.835 111.222 114.514 112.234 109.892 114.699
Government consumption expenditures and
gross investment.......................... 115.009 114.644 116.814 115.067 116.358 116.606 116.706 117.586
Federal.................................. 111.119 110.895 112.749 111.141 112.375 112.615 112.756 113.250
State and local.......................... 117.349 116.892 119.275 117.434 118.760 119.014 119.083 120.242
Addenda:
PCE excluding food and energy\1\......... 107.151 108.774 110.203 109.551 109.887 110.171 110.318 110.436
Market-based PCE\2\...................... 109.016 109.372 111.082 110.356 110.824 110.763 111.127 111.614
Market-based PCE excluding food
and energy\2\........................... 106.778 108.826 110.008 109.445 109.626 109.903 110.214 110.288
Final sales of domestic product.......... 108.608 109.647 110.715 109.736 110.020 110.552 111.117 111.171
Gross domestic purchases................. 109.813 109.614 111.084 110.265 110.838 110.852 111.034 111.612
Final sales to domestic purchasers....... 109.823 109.649 111.130 110.309 110.900 110.917 111.086 111.617
Gross national product................... 108.605 109.612 110.663 109.691 109.957 110.478 111.052 111.165
Implicit price deflators:
Gross domestic product................. 108.619 109.615 110.659 109.665 109.952 110.488 111.045 111.141
Final sales of domestic product........ 108.608 109.647 110.716 109.734 110.018 110.550 111.116 111.169
Gross domestic purchases............... 109.834 109.611 111.075 110.238 110.831 110.854 111.018 111.587
Final sales to domestic purchasers..... 109.823 109.649 111.131 110.308 110.899 110.915 111.085 111.616
Gross national product................. 108.626 109.609 110.654 109.664 109.950 110.479 111.036 111.140
-----------------------------------------------------------------------------------------------------------------------------------
r Revised
1. Food excludes personal consumption expenditures for purchased
meals and beverages, which are classified in food services.
2. This index is a supplemental measure that is based on household
expenditures for which there are observable price measures. It
excludes most implicit prices (for example, financial services
furnished without payment) and the final consumption expenditures of
nonprofit institutions serving households. Percent changes for these
series are included in the addenda to table 8 and in appendix table A.
See "Explanatory Note" at the end of the tables.
Table 7. Real Gross Domestic Product: Percent Change from Preceding Year
-----------------------------------------------------------------------------------------------------------------------------------------------------------------------
1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010r
-----------------------------------------------------------------------------------------------------------------------------------------------------------------------
Gross domestic product (GDP).... 2.5 3.7 4.5 4.4 4.8 4.1 1.1 1.8 2.5 3.6 3.1 2.7 1.9 .0 -2.6 2.9
Personal consumption expenditures...... 2.7 3.5 3.7 5.2 5.5 5.1 2.7 2.7 2.8 3.5 3.4 2.9 2.4 -.3 -1.2 1.7
Goods................................ 3.0 4.5 4.8 6.8 8.0 5.3 3.1 4.1 4.6 4.4 4.0 3.3 2.8 -2.5 -2.0 4.3
Durable goods...................... 3.9 7.5 8.2 12.2 13.0 8.8 5.4 7.6 6.0 6.6 5.2 4.1 4.2 -5.2 -3.7 7.7
Nondurable goods................... 2.5 2.9 2.9 3.8 5.1 3.2 1.8 2.0 3.7 3.2 3.4 2.8 2.0 -1.1 -1.2 2.7
Services............................. 2.5 2.9 3.1 4.4 4.1 5.0 2.5 1.9 1.9 2.9 3.0 2.7 2.2 .9 -.8 .5
Gross private domestic investment...... 3.1 8.8 12.4 10.0 8.8 6.8 -7.0 -1.4 3.6 10.0 5.5 2.7 -3.1 -9.5 -22.6 17.1
Fixed investment..................... 6.4 9.0 9.2 10.9 9.3 7.4 -1.9 -4.2 3.2 7.3 6.5 2.3 -1.8 -6.4 -18.3 3.9
Nonresidential..................... 10.5 9.3 12.1 12.0 10.4 9.8 -2.8 -7.9 .9 6.0 6.7 7.9 6.7 .3 -17.1 5.7
Structures....................... 6.4 5.7 7.3 5.1 .1 7.8 -1.5 -17.7 -3.8 1.1 1.4 9.2 14.1 5.9 -20.4 -13.7
Equipment and software........... 12.0 10.6 13.8 14.5 14.1 10.5 -3.2 -4.2 2.5 7.7 8.5 7.4 3.7 -2.4 -15.3 15.3
Residential........................ -3.3 8.0 1.9 7.7 6.3 1.0 .6 5.2 8.2 9.8 6.2 -7.3 -18.7 -24.0 -22.9 -3.0
Change in private inventories........ ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... .....
Net exports of goods and services...... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... .....
Exports.............................. 10.1 8.3 11.9 2.3 4.4 8.6 -5.6 -2.0 1.6 9.5 6.7 9.0 9.3 6.0 -9.5 11.7
Goods.............................. 11.7 8.8 14.4 2.2 3.8 11.1 -6.2 -3.6 1.8 8.5 7.5 9.4 9.8 6.3 -12.0 14.7
Services........................... 6.3 7.0 5.9 2.4 5.7 2.7 -4.1 1.9 1.2 11.9 5.0 7.9 8.3 5.3 -3.9 5.7
Imports.............................. 8.0 8.7 13.5 11.7 11.5 13.0 -2.8 3.4 4.4 11.0 6.1 6.1 2.7 -2.6 -13.8 12.6
Goods.............................. 9.0 9.4 14.4 11.8 12.5 13.4 -3.2 3.7 4.9 11.0 6.8 5.9 2.9 -3.5 -15.8 14.8
Services........................... 3.0 5.2 8.7 10.9 6.8 11.0 -.8 1.8 1.9 11.2 2.8 7.1 1.4 2.4 -4.2 3.5
Government consumption expenditures
and gross investment.................. .6 1.0 1.9 2.1 3.6 2.0 3.8 4.7 2.2 1.4 .3 1.4 1.3 2.8 1.6 1.0
Federal.............................. -2.7 -1.2 -1.0 -1.1 1.9 .5 4.1 7.3 6.6 4.1 1.3 2.1 1.2 7.3 5.7 4.8
National defense................... -3.7 -1.3 -2.8 -2.1 1.9 -.5 3.8 7.4 8.7 5.7 1.5 1.6 2.2 7.5 5.4 3.9
Nondefense......................... -.4 -.8 2.7 .8 2.1 2.4 4.6 7.2 2.8 1.0 .9 3.2 -.8 6.7 6.5 6.6
State and local...................... 2.7 2.3 3.6 3.9 4.5 2.8 3.7 3.3 -.1 -.2 -.2 .9 1.4 .3 -.9 -1.4
Addenda:
Final sales of domestic product...... 3.0 3.7 3.9 4.4 4.9 4.2 2.0 1.3 2.4 3.2 3.2 2.6 2.2 .5 -2.1 1.4
Gross domestic purchases............. 2.4 3.8 4.7 5.5 5.7 4.8 1.2 2.4 2.8 4.0 3.2 2.6 1.3 -1.1 -3.6 3.3
Final sales to domestic purchasers... 2.8 3.8 4.2 5.6 5.8 4.9 2.1 1.9 2.8 3.6 3.3 2.5 1.5 -.6 -3.1 1.9
Gross national product............... 2.6 3.7 4.3 4.3 4.9 4.2 1.2 1.8 2.6 3.7 3.1 2.4 2.3 .3 -2.8 3.1
Real disposable personal income...... 3.0 3.3 3.5 6.0 3.0 5.1 2.4 3.3 2.5 3.4 1.3 4.0 2.3 1.7 .6 1.4
Price indexes:
Gross domestic purchases........... 2.1 1.8 1.5 .7 1.6 2.5 1.9 1.4 2.3 3.0 3.7 3.4 2.9 3.2 -.2 1.3
Gross domestic purchases excluding
food and energy\1\................ 2.2 1.6 1.5 1.0 1.5 2.0 1.8 1.7 2.0 2.7 3.3 3.2 2.7 2.6 .7 1.1
GDP................................ 2.1 1.9 1.8 1.1 1.5 2.2 2.3 1.6 2.2 2.8 3.3 3.3 2.9 2.2 .9 1.0
GDP excluding food and energy\1\... 2.1 1.8 1.8 1.2 1.6 2.2 2.0 1.8 2.1 2.8 3.5 3.3 2.8 2.3 .8 1.2
Personal consumption expenditures.. 2.2 2.2 1.9 1.0 1.6 2.5 1.9 1.4 2.0 2.6 3.0 2.7 2.7 3.3 .2 1.7
-----------------------------------------------------------------------------------------------------------------------------------------------------------------------
r Revised
1. Food excludes personal consumption expenditures for purchased
meals and beverages, which are classified in food services.
Table 8. Real Gross Domestic Product: Percent Change From Quarter One Year Ago
-----------------------------------------------------------------------------------------------------------------------------------------------------------------------
I 07 II 07 III 07 IV 07 I 08 II 08 III 08 IV 08 I 09 II 09 III 09 IV 09 I 10 II 10 III 10 IV 10r
-----------------------------------------------------------------------------------------------------------------------------------------------------------------------
Gross domestic product (GDP).... 1.3 1.8 2.3 2.3 1.9 1.2 -.3 -2.8 -3.8 -4.1 -2.7 .2 2.4 3.0 3.2 2.8
Personal consumption expenditures (PCE) 2.8 2.6 2.4 1.7 1.0 .6 -.7 -1.9 -1.8 -2.2 -.9 .2 .8 1.7 1.8 2.6
Goods................................ 3.0 3.2 3.0 1.8 -.3 -.5 -3.1 -6.1 -4.2 -4.7 -1.0 2.3 3.2 4.5 3.7 5.6
Durable goods...................... 3.4 4.8 4.6 3.9 -.2 -2.0 -6.0 -12.3 -8.7 -8.7 -1.3 4.8 5.8 8.4 5.5 10.9
Nondurable goods................... 2.8 2.4 2.1 .8 -.3 .3 -1.6 -2.9 -2.1 -2.7 -.9 1.1 2.1 2.7 2.9 3.2
Services............................. 2.6 2.3 2.1 1.7 1.6 1.2 .5 .3 -.6 -1.0 -.8 -.8 -.4 .4 .9 1.2
Gross private domestic investment...... -5.2 -2.9 -2.3 -1.8 -3.3 -7.3 -9.7 -17.5 -26.3 -28.5 -24.0 -9.6 10.5 23.3 24.1 11.1
Fixed investment..................... -3.3 -1.9 -1.0 -.8 -2.2 -4.2 -6.9 -12.3 -20.1 -21.3 -18.6 -12.9 -2.0 5.1 5.3 7.4
Nonresidential..................... 5.2 6.1 7.4 8.2 7.0 3.8 -.8 -8.3 -18.1 -19.3 -17.8 -12.7 -.8 5.2 8.2 10.6
Structures....................... 11.0 12.2 15.6 17.3 14.3 9.4 2.7 -1.5 -13.6 -19.8 -21.7 -26.5 -20.1 -15.6 -13.5 -4.0
Equipment and software........... 3.0 3.6 3.8 4.3 3.8 1.1 -2.6 -11.8 -20.3 -19.1 -15.8 -4.9 9.5 15.7 18.7 16.9
Residential........................ -18.6 -17.4 -18.2 -20.7 -23.6 -24.0 -23.7 -24.6 -26.9 -28.1 -21.4 -13.4 -6.3 4.8 -5.6 -4.6
Change in private inventories........ ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... .....
Net exports of goods and services...... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... .....
Exports.............................. 7.7 7.7 11.6 10.1 9.9 11.5 6.1 -2.9 -11.7 -14.7 -11.0 -.1 11.4 14.1 12.7 9.0
Goods.............................. 8.3 8.3 11.6 10.8 10.0 11.7 7.2 -3.1 -14.7 -18.3 -13.8 -.2 14.4 18.7 15.4 10.6
Services........................... 6.5 6.4 11.6 8.6 9.8 11.1 3.7 -2.5 -5.0 -6.2 -4.6 .3 5.1 4.9 7.2 5.4
Imports.............................. 3.4 3.4 3.4 .7 -.8 -1.2 -2.4 -6.0 -15.3 -18.3 -14.1 -7.2 6.2 17.4 16.1 11.0
Goods.............................. 3.7 3.6 3.5 .9 -1.6 -1.6 -3.1 -8.0 -18.0 -21.1 -16.0 -7.3 7.9 20.8 18.3 12.2
Services........................... 1.5 2.0 2.7 -.7 3.3 .8 .9 4.8 -2.1 -3.4 -4.3 -7.0 -.8 3.2 6.3 5.3
Government consumption expenditures
and gross investment.................. .4 1.2 1.9 1.9 2.6 2.6 3.0 3.1 1.7 2.4 1.5 .8 1.1 .6 1.2 1.1
Federal.............................. -1.9 .7 3.1 3.1 6.1 6.3 7.4 9.2 6.0 7.7 5.7 3.6 5.5 4.1 4.9 4.8
National defense................... .0 1.7 4.7 2.6 6.3 5.9 8.2 9.5 5.4 7.7 5.2 3.3 5.6 3.4 3.3 3.4
Nondefense......................... -5.5 -1.4 -.1 4.2 5.8 7.0 5.7 8.5 7.4 7.7 6.7 4.5 5.1 5.5 8.2 7.7
State and local...................... 1.8 1.4 1.2 1.2 .6 .5 .5 -.4 -.8 -.7 -1.1 -1.0 -1.5 -1.6 -1.2 -1.3
Addenda:
Final sales of domestic product...... 1.7 2.0 2.6 2.5 2.1 1.8 .1 -1.9 -2.9 -3.1 -2.0 -.3 .9 1.1 1.2 2.4
Gross domestic purchases............. 1.0 1.4 1.6 1.2 .6 -.3 -1.4 -3.3 -4.7 -5.1 -3.6 -.9 1.9 3.8 4.1 3.2
Final sales to domestic purchasers... 1.4 1.6 1.8 1.4 .8 .2 -1.0 -2.5 -3.8 -4.1 -2.9 -1.4 .5 1.9 2.1 2.9
Gross national product............... 1.2 1.8 2.9 3.2 2.7 1.9 .0 -3.2 -4.2 -4.4 -2.9 .5 2.8 3.4 3.3 2.8
Real disposable personal income...... 3.1 2.4 2.3 1.5 1.4 3.5 .9 1.0 .8 .0 1.1 .4 .7 .6 2.0 2.4
Price indexes:
Gross domestic purchases........... 3.0 2.9 2.6 3.3 3.2 3.6 4.0 1.9 .4 -.5 -1.1 .5 1.5 1.4 1.2 1.2
Gross domestic purchases excluding
food and energy\1\................ 3.1 2.7 2.5 2.6 2.4 2.7 2.9 2.1 1.3 .7 .2 .6 1.1 1.1 1.1 1.0
GDP................................ 3.2 3.1 2.8 2.6 2.0 2.0 2.6 2.1 1.9 1.2 .2 .5 .5 .8 1.2 1.3
GDP excluding food and energy\1\... 3.2 2.8 2.6 2.6 2.3 2.4 2.7 1.9 1.2 .8 .3 .8 1.1 1.2 1.2 1.1
PCE................................ 2.5 2.6 2.4 3.5 3.5 3.8 4.3 1.7 .3 -.3 -.7 1.5 2.4 1.9 1.4 1.1
PCE excluding food and energy\1\... 2.5 2.2 2.2 2.4 2.3 2.5 2.5 2.0 1.6 1.5 1.3 1.7 1.8 1.5 1.2 .8
Market-based PCE\2\................ 2.3 2.4 2.1 3.5 3.6 3.8 4.6 1.8 .5 -.1 -.6 1.5 2.2 1.7 1.3 1.1
Market-based PCE excluding food
and energy\2\..................... 2.3 2.0 1.9 2.2 2.2 2.3 2.6 2.2 2.1 2.1 1.8 1.7 1.4 1.1 1.1 .8
-----------------------------------------------------------------------------------------------------------------------------------------------------------------------
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.
Table 9. Relation of Gross Domestic Product, Gross National Product, and National Income
[Billions of dollars]
-----------------------------------------------------------------------------------------------------------------------------------
Seasonally adjusted at annual rates
---------------------------------------------------
2008 2009 2010r IV 09 I 10 II 10 III 10 IV 10r
-----------------------------------------------------------------------------------------------------------------------------------
Gross domestic product..................... 14,369.1 14,119.0 14,660.4 14,277.3 14,446.4 14,578.7 14,745.1 14,871.4
Plus: Income receipts from the rest of the
world..................................... 839.2 629.8 706.2 664.7 693.7 696.1 704.0 730.8
Less: Income payments to the rest of the
world..................................... 664.7 483.6 517.9 499.1 502.6 500.8 515.5 552.8
Equals: Gross national product............. 14,543.6 14,265.3 14,848.7 14,442.8 14,637.6 14,774.0 14,933.6 15,049.3
Less: Consumption of fixed capital......... 1,849.2 1,861.1 1,868.9 1,852.2 1,852.4 1,860.4 1,871.9 1,890.7
Less: Statistical discrepancy.............. 136.6 179.1 151.6 175.2 164.2 131.1 181.0 130.0
Equals: National income.................... 12,557.8 12,225.0 12,828.2 12,415.5 12,621.0 12,782.6 12,880.7 13,028.7
Compensation of employees................ 8,060.8 7,811.7 7,991.1 7,831.4 7,858.1 7,969.9 8,036.2 8,100.3
Wage and salary accruals............... 6,554.0 6,279.1 6,405.0 6,284.9 6,291.4 6,388.8 6,443.7 6,496.2
Supplements to wages and salaries...... 1,506.8 1,532.6 1,586.1 1,546.5 1,566.7 1,581.1 1,592.4 1,604.1
Proprietors' income with inventory
valuation and capital consumption
adjustments............................. 1,102.0 1,011.9 1,055.0 1,022.1 1,030.7 1,049.7 1,059.5 1,080.2
Rental income of persons with capital
consumption adjustment.................. 222.0 274.0 300.9 282.8 292.7 298.8 303.8 308.4
Corporate profits with inventory
valuation and capital consumption
adjustments............................. 1,262.8 1,258.0 1,624.8 1,418.2 1,566.6 1,614.1 1,640.1 1,678.3
Net interest and miscellaneous payments.. 812.8 784.3 738.1 765.6 765.9 736.2 719.6 730.6
Taxes on production and imports less
subsidies............................... 992.3 964.4 999.5 976.8 988.5 996.1 1,002.2 1,011.1
Business current transfer payments....... 121.7 134.0 132.1 129.8 130.5 130.8 133.4 133.5
Current surplus of government
enterprises............................. -16.7 -13.2 -13.3 -11.3 -12.1 -13.1 -14.2 -13.7
Addendum:
Gross domestic income.................... 14,232.5 13,939.9 14,508.8 14,102.1 14,282.2 14,447.6 14,564.1 14,741.4
-----------------------------------------------------------------------------------------------------------------------------------
r Revised
Table 10. Personal Income and Its Disposition
[Billions of dollars]
-----------------------------------------------------------------------------------------------------------------------------------
Seasonally adjusted at annual rates
---------------------------------------------------
2008 2009 2010r IV 09 I 10 II 10 III 10 IV 10r
-----------------------------------------------------------------------------------------------------------------------------------
Personal income\1\......................... 12,391.1 12,174.9 12,546.7 12,239.0 12,350.3 12,517.1 12,595.5 12,724.0
Compensation of employees, received...... 8,065.8 7,806.7 7,991.1 7,831.4 7,858.1 7,969.9 8,036.2 8,100.3
Wage and salary disbursements.......... 6,559.0 6,274.1 6,405.0 6,284.9 6,291.4 6,388.8 6,443.7 6,496.2
Supplements to wages and salaries...... 1,506.8 1,532.6 1,586.1 1,546.5 1,566.7 1,581.1 1,592.4 1,604.1
Proprietors' income with inventory
valuation and capital consumption
adjustments............................. 1,102.0 1,011.9 1,055.0 1,022.1 1,030.7 1,049.7 1,059.5 1,080.2
Farm................................... 50.8 30.5 44.9 36.2 36.8 38.9 48.5 55.5
Nonfarm................................ 1,051.2 981.5 1,010.1 985.9 994.0 1,010.8 1,011.0 1,024.7
Rental income of persons with capital
consumption adjustment.................. 222.0 274.0 300.9 282.8 292.7 298.8 303.8 308.4
Personal income receipts on assets....... 2,109.3 1,919.7 1,907.6 1,889.2 1,911.1 1,914.4 1,889.7 1,915.0
Personal interest income............... 1,314.7 1,222.3 1,194.9 1,205.8 1,208.7 1,205.3 1,174.7 1,190.9
Personal dividend income............... 794.6 697.4 712.7 683.4 702.4 709.2 715.0 724.2
Personal current transfer receipts....... 1,879.2 2,132.8 2,296.4 2,188.2 2,245.5 2,286.1 2,316.4 2,337.7
Less: Contributions for government
social insurance (domestic)............. 987.2 970.3 1,004.4 974.8 987.8 1,001.9 1,010.2 1,017.6
Less: Personal current taxes............... 1,438.2 1,140.0 1,166.8 1,117.2 1,134.7 1,149.1 1,178.2 1,205.1
Equals: Disposable personal income......... 10,952.9 11,034.9 11,379.9 11,121.7 11,215.6 11,368.0 11,417.3 11,518.9
Less: Personal outlays..................... 10,505.0 10,379.6 10,720.7 10,505.7 10,603.9 10,663.7 10,736.3 10,878.9
Equals: Personal saving.................... 447.9 655.3 659.2 616.0 611.8 704.3 681.0 640.0
Personal saving as a percentage of
disposable personal income.............. 4.1 5.9 5.8 5.5 5.5 6.2 6.0 5.6
Addenda:
Personal income excluding current
transfer receipts, billions of
chained (2005) dollars\2\............... 9,638.5 9,191.1 9,224.8 9,109.7 9,111.7 9,226.6 9,252.1 9,308.7
Disposable personal income, billions of
chained (2005) dollars\2\............... 10,042.9 10,099.8 10,241.4 10,080.4 10,113.3 10,251.9 10,276.6 10,323.8
-----------------------------------------------------------------------------------------------------------------------------------
r Revised
1. Personal income is also equal to national income less corporate
profits with inventory valuation and capital consumption adjustments,
taxes on production and imports less subsidies, contributions for
government social insurance, net interest and miscellaneous payments,
business current transfer payments (net), current surplus of
government enterprises, and wage accruals less disbursements, plus
personal income receipts on assets, and personal current transfer
receipts.
2. The current-dollar measure is deflated by the implicit price
deflator for personal consumption expenditures.
Table 11. Corporate Profits: Level and Percent Change
-------------------------------------------------------------------------------------------------------------------------------------------------------------
Billions of dollars Percent change from preceding period
---------------------------------------------------------------- ------------------------------------------------------
Seasonally adjusted Quarterly Quarter one
at annual rates rates year ago
--------------------------------------- ------------------------------- -------
2008 2009 2010 IV 09 I 10 II 10 III 10 IV 10 2009 2010 I 10 II 10 III 10 IV 10 IV 10
-------------------------------------------------------------------------------------------------------------------------------------------------------------
Corporate profits with inventory
valuation and capital consumption
adjustments......................... 1,262.8 1,258.0 1,624.8 1,418.2 1,566.6 1,614.1 1,640.1 1,678.3 -.4 29.2 10.5 3.0 1.6 2.3 18.3
Less: Taxes on corporate income...... 308.4 254.9 416.6 319.1 403.2 405.6 429.4 428.1 -17.3 63.4 26.4 .6 5.9 -.3 34.2
Equals: Profits after tax with
inventory valuation and capital
consumption adjustments............. 954.4 1,003.1 1,208.2 1,099.2 1,163.3 1,208.5 1,210.7 1,250.2 5.1 20.4 5.8 3.9 .2 3.3 13.7
Net dividends...................... 797.7 718.9 732.7 708.5 720.3 728.4 736.5 745.4 -9.9 1.9 1.7 1.1 1.1 1.2 5.2
Undistributed profits with
inventory valuation and capital
consumption adjustments........... 156.7 284.2 475.5 390.6 443.0 480.1 474.2 504.8 81.3 67.3 13.4 8.4 -1.2 6.5 29.2
Addenda for corporate cash flow:
Net cash flow with inventory
valuation adjustment.............. 1,239.4 1,427.9 1,538.2 1,484.0 1,517.3 1,578.4 1,510.0 1,546.9 15.2 7.7 2.2 4.0 -4.3 2.4 4.2
Undistributed profits with
inventory valuation and capital
consumption adjustments......... 156.7 284.2 475.5 390.6 443.0 480.1 474.2 504.8 81.3 67.3 13.4 8.4 -1.2 6.5 29.2
Consumption of fixed capital..... 1,018.5 1,019.8 1,017.5 1,010.8 1,008.0 1,013.7 1,019.0 1,029.1 .1 -.2 -.3 .6 .5 1.0 1.8
Less: Capital transfers
paid (net)...................... -64.1 -123.9 -45.2 -82.6 -66.3 -84.6 -16.8 -13.0 ..... ..... ..... ..... ..... ..... .....
Addenda:
Profits before tax (without
inventory valuation and capital
consumption adjustments).......... 1,333.2 1,316.7 1,801.1 1,548.4 1,772.9 1,788.2 1,845.7 1,797.4 -1.2 36.8 14.5 .9 3.2 -2.6 16.1
Profits after tax (without
inventory valuation and capital
consumption adjustments).......... 1,024.8 1,061.8 1,384.5 1,229.3 1,369.7 1,382.6 1,416.3 1,369.3 3.6 30.4 11.4 .9 2.4 -3.3 11.4
Inventory valuation adjustment..... -44.1 11.9 -44.9 -67.2 -36.4 -3.5 -36.4 -103.2 ..... ..... ..... ..... ..... ..... .....
Capital consumption adjustment..... -26.3 -70.6 -131.4 -63.0 -169.9 -170.7 -169.3 -15.8 ..... ..... ..... ..... ..... ..... .....
-------------------------------------------------------------------------------------------------------------------------------------------------------------
Table 12. Corporate Profits by Industry: Level and Change From Preceding Period
[Billions of dollars]
-------------------------------------------------------------------------------------------------------------------------------------------------------------
Level Change from preceding period
---------------------------------------------------------------- ----------------------------------------------
Seasonally adjusted at annual rates
--------------------------------------- ----------------------------------------------
2008 2009 2010 IV 09 I 10 II 10 III 10 IV 10 2009 2010 I 10 II 10 III 10 IV 10
-------------------------------------------------------------------------------------------------------------------------------------------------------------
Corporate profits with inventory
valuation and capital consumption
adjustments............................. 1,262.8 1,258.0 1,624.8 1,418.2 1,566.6 1,614.1 1,640.1 1,678.3 -4.8 366.8 148.4 47.5 26.0 38.2
Domestic industries.......................... 851.5 905.7 1,241.0 1,055.7 1,178.1 1,222.7 1,257.7 1,305.3 54.2 335.3 122.4 44.6 35.0 47.6
Financial.................................. 128.0 242.4 366.8 332.4 337.6 334.2 368.8 426.5 114.4 124.4 5.2 -3.4 34.6 57.7
Nonfinancial............................... 723.5 663.3 874.2 723.2 840.4 888.6 888.9 878.8 -60.2 210.9 117.2 48.2 .3 -10.1
Rest of the world............................ 411.3 352.3 383.8 362.6 388.5 391.3 382.4 373.0 -59.0 31.5 25.9 2.8 -8.9 -9.4
Receipts from the rest of the world........ 571.8 480.6 568.5 529.1 561.4 557.5 566.3 589.0 -91.2 87.9 32.3 -3.9 8.8 22.7
Less: Payments to the rest of the world.... 160.5 128.3 184.7 166.5 172.9 166.1 183.9 216.0 -32.2 56.4 6.4 -6.8 17.8 32.1
Corporate profits with inventory
valuation adjustment.................... 1,289.1 1,328.6 1,756.2 1,481.2 1,736.5 1,784.7 1,809.3 1,694.1 39.5 427.6 255.3 48.2 24.6 -115.2
Domestic industries.......................... 877.8 976.3 1,372.4 1,118.6 1,348.0 1,393.4 1,427.0 1,321.1 98.5 396.1 229.4 45.4 33.6 -105.9
Financial.................................. 139.9 258.0 387.9 346.7 362.7 359.4 393.7 435.8 118.1 129.9 16.0 -3.3 34.3 42.1
Federal Reserve banks.................... 35.1 47.3 58.1 49.6 56.9 60.3 59.0 56.3 12.2 10.8 7.3 3.4 -1.3 -2.7
Other financial.......................... 104.9 210.6 329.7 297.1 305.8 299.1 334.6 379.4 105.7 119.1 8.7 -6.7 35.5 44.8
Nonfinancial............................... 737.9 718.4 984.5 771.9 985.3 1,034.0 1,033.3 885.4 -19.5 266.1 213.4 48.7 -.7 -147.9
Utilities................................ 28.3 30.0 33.0 26.4 41.5 32.8 35.2 22.5 1.7 3.0 15.1 -8.7 2.4 -12.7
Manufacturing............................ 183.7 150.9 259.6 170.9 250.4 277.1 269.2 241.5 -32.8 108.7 79.5 26.7 -7.9 -27.7
Durable goods.......................... 51.4 53.3 150.1 83.9 140.1 147.0 160.5 152.9 1.9 96.8 56.2 6.9 13.5 -7.6
Fabricated metal products............ 16.6 16.4 18.9 12.0 17.4 17.0 19.6 21.5 -.2 2.5 5.4 -.4 2.6 1.9
Machinery............................ 15.6 12.4 25.9 14.3 19.9 23.3 29.1 31.5 -3.2 13.5 5.6 3.4 5.8 2.4
Computer and electronic products..... 8.9 13.4 53.1 24.1 44.8 51.2 54.6 61.6 4.5 39.7 20.7 6.4 3.4 7.0
Electrical equipment, appliances,
and components...................... 3.6 6.1 8.3 6.3 9.2 9.6 9.4 5.3 2.5 2.2 2.9 .4 -.2 -4.1
Motor vehicles, bodies and trailers,
and parts........................... -34.6 -23.5 5.9 -4.6 5.7 8.4 9.8 -.1 11.1 29.4 10.3 2.7 1.4 -9.9
Other durable goods.................. 41.3 28.5 38.0 31.8 43.2 37.6 38.1 33.1 -12.8 9.5 11.4 -5.6 .5 -5.0
Nondurable goods....................... 132.3 97.5 109.4 87.0 110.3 130.1 108.7 88.6 -34.8 11.9 23.3 19.8 -21.4 -20.1
Food and beverage and tobacco
products............................ 28.4 35.4 33.0 31.5 36.6 35.1 34.0 26.3 7.0 -2.4 5.1 -1.5 -1.1 -7.7
Petroleum and coal products.......... 78.2 15.7 33.8 9.7 33.5 55.2 22.7 23.7 -62.5 18.1 23.8 21.7 -32.5 1.0
Chemical products.................... 22.2 36.4 32.3 35.1 28.7 30.6 38.4 31.6 14.2 -4.1 -6.4 1.9 7.8 -6.8
Other nondurable goods............... 3.4 10.1 10.4 10.7 11.6 9.2 13.6 7.0 6.7 .3 .9 -2.4 4.4 -6.6
Wholesale trade.......................... 84.0 80.4 83.5 73.0 91.5 107.7 90.2 44.7 -3.6 3.1 18.5 16.2 -17.5 -45.5
Retail trade............................. 75.0 99.0 125.1 97.1 129.1 126.7 123.2 121.2 24.0 26.1 32.0 -2.4 -3.5 -2.0
Transportation and warehousing........... 28.1 24.7 46.1 29.5 39.4 52.4 54.3 38.2 -3.4 21.4 9.9 13.0 1.9 -16.1
Information.............................. 75.2 83.5 109.3 109.0 112.9 104.9 114.6 104.7 8.3 25.8 3.9 -8.0 9.7 -9.9
Other nonfinancial....................... 263.6 250.0 328.0 266.0 320.4 332.5 346.6 312.6 -13.6 78.0 54.4 12.1 14.1 -34.0
Rest of the world............................ 411.3 352.3 383.8 362.6 388.5 391.3 382.4 373.0 -59.0 31.5 25.9 2.8 -8.9 -9.4
-------------------------------------------------------------------------------------------------------------------------------------------------------------
Note. Estimates in this table are based on the 2002 North
American Industry Classification System (NAICS).
Table 13. Gross Value Added of Nonfinancial Domestic Corporate Business
------------------------------------------------------------------------------------------------------------------------------------
Seasonally adjusted at annual rates
---------------------------------------------------
2008 2009 2010 IV 09 I 10 II 10 III 10r IV 10
------------------------------------------------------------------------------------------------------------------------------------
Billions of dollars
----------------------------------------------------------------------------------------
Gross value added of nonfinancial
corporate business..................... 6,990.5 6,625.2 6,937.5 6,667.8 6,804.4 6,923.0 6,986.2 7,036.7
Consumption of fixed capital................ 878.8 879.0 876.2 870.7 868.2 872.9 877.5 886.2
Net value added............................. 6,111.7 5,746.3 6,061.3 5,797.1 5,936.2 6,050.0 6,108.6 6,150.5
Compensation of employees................. 4,435.3 4,193.6 4,293.5 4,192.4 4,205.1 4,271.7 4,327.3 4,369.8
Wage and salary accruals................ 3,684.9 3,441.0 3,515.5 3,434.6 3,437.6 3,496.1 3,545.5 3,582.6
Supplements to wages and salaries....... 750.5 752.5 778.0 757.9 767.6 775.6 781.8 787.2
Taxes on production and imports less
subsidies................................ 615.3 590.2 611.7 598.3 604.8 609.0 613.4 619.6
Net operating surplus..................... 1,061.1 962.5 1,156.1 1,006.4 1,126.3 1,169.3 1,167.9 1,161.0
Net interest and miscellaneous
payments............................... 271.3 220.1 203.0 205.3 208.3 202.3 199.2 202.2
Business current transfer payments (net) 66.2 79.1 78.9 77.8 77.5 78.3 79.8 80.0
Corporate profits with inventory
valuation and capital consumption
adjustments............................ 723.5 663.3 874.2 723.2 840.4 888.6 888.9 878.8
Taxes on corporate income............. 226.4 170.3 282.1 201.8 265.2 287.4 293.6 282.3
Profits after tax with inventory
valuation and capital consumption
adjustments.......................... 497.1 492.9 592.1 521.4 575.3 601.1 595.3 596.5
Net dividends....................... 482.8 511.4 521.3 497.3 515.5 499.1 538.7 531.7
Undistributed profits with
inventory valuation and capital
consumption adjustments............ 14.4 -18.5 70.8 24.1 59.7 102.0 56.6 64.8
Addenda:
Profits before tax (without inventory
valuation and capital consumption
adjustments)............................. 782.0 706.4 1,029.4 839.1 1,021.8 1,037.5 1,069.7 988.6
Profits after tax (without inventory
valuation and capital consumption
adjustments)............................. 555.6 536.1 747.3 637.3 756.6 750.1 776.1 706.3
Inventory valuation adjustment............ -44.1 11.9 -44.9 -67.2 -36.4 -3.5 -36.4 -103.2
Capital consumption adjustment............ -14.4 -55.1 -110.3 -48.7 -144.9 -145.4 -144.4 -6.5
----------------------------------------------------------------------------------------
Billions of chained (2005) dollars
----------------------------------------------------------------------------------------
Gross value added of nonfinancial
corporate business\1\.................. 6,520.3 6,141.7 6,494.3 6,266.5 6,431.3 6,501.5 6,486.0 6,558.2
Consumption of fixed capital\2\............. 819.9 830.5 842.3 830.3 833.6 838.4 844.9 852.3
Net value added\3\.......................... 5,700.4 5,311.2 5,652.0 5,436.2 5,597.7 5,663.1 5,641.2 5,705.9
----------------------------------------------------------------------------------------
Dollars; quarters seasonally adjusted
----------------------------------------------------------------------------------------
Price, costs, and profits per unit of real
gross value added of nonfinancial
corporate business:
Price per unit of real gross value added
of nonfinancial corporate business\4\.... 1.072 1.079 1.068 1.064 1.058 1.065 1.077 1.073
Compensation of employees (unit labor
cost).................................... .680 .683 .661 .669 .654 .657 .667 .666
Unit nonlabor cost........................ .282 .288 .272 .280 .273 .271 .273 .273
Consumption of fixed capital............ .135 .143 .135 .139 .135 .134 .135 .135
Taxes on production and imports less
subsidies plus business current
transfer payments (net)................ .105 .109 .106 .108 .106 .106 .107 .107
Net interest and miscellaneous payments. .042 .036 .031 .033 .032 .031 .031 .031
Corporate profits with inventory valuation
and capital consumption adjustments (unit
profits from current production)......... .111 .108 .135 .115 .131 .137 .137 .134
Taxes on corporate income............... .035 .028 .043 .032 .041 .044 .045 .043
Profits after tax with inventory
valuation and capital consumption
adjustments............................ .076 .080 .091 .083 .089 .092 .092 .091
------------------------------------------------------------------------------------------------------------------------------------
r Revised. Revisions include changes to series affected by the
incorporation of revised wage and salary estimates for the third
quarter of 2010.
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 2005 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
[Quarters seasonally adjusted at annual rates]
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
2008 2009 2010r I 07 II 07 III 07 IV 07 I 08 II 08 III 08 IV 08 I 09 II 09 III 09 IV 09 I 10 II 10 III 10 IV 10r
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
Gross domestic product (GDP) and
related aggregates:
GDP............................... .0 -2.6 2.9 .9 3.2 2.3 2.9 -.7 .6 -4.0 -6.8 -4.9 -.7 1.6 5.0 3.7 1.7 2.6 3.1
Goods............................. -.5 -3.8 11.1 2.0 6.3 3.3 9.6 -1.2 -.1 -10.8 -18.6 -2.4 -.4 6.8 23.9 19.5 -.8 7.4 9.1
Services.......................... 1.5 -.2 .8 1.5 2.0 3.0 2.5 1.5 1.1 -.2 .0 -1.5 .8 -.2 .8 .0 1.9 1.8 .8
Structures........................ -7.9 -16.6 -7.1 -5.5 3.1 -4.7 -10.9 -12.3 -.2 -9.4 -16.9 -31.9 -13.4 -.1 -15.9 -15.2 10.6 -7.9 1.2
Motor vehicle output.............. -18.6 -24.7 26.1 10.2 4.4 -2.0 -14.6 -8.4 -35.1 -20.7 -58.0 -51.1 -2.0 145.5 13.7 42.3 -2.7 25.0 -11.6
GDP excluding motor vehicle
output........................... .5 -2.1 2.4 .6 3.2 2.4 3.5 -.5 1.7 -3.6 -5.2 -3.8 -.7 .0 4.8 3.0 1.8 2.1 3.5
Final sales of computers\1\....... 26.5 5.0 19.1 2.1 12.2 56.0 37.2 19.6 36.0 5.5 12.0 7.8 -10.5 -4.0 17.3 19.2 5.3 65.1 72.8
GDP excluding final sales of
computers........................ -.1 -2.7 2.8 .9 3.2 2.0 2.7 -.8 .4 -4.1 -6.9 -4.9 -.6 1.6 5.0 3.7 1.7 2.3 2.8
Farm gross value added\2\......... 13.3 6.1 2.6 -9.4 -15.6 -19.3 41.9 55.4 -14.5 6.7 13.8 16.3 -7.3 19.3 -13.9 -.8 24.6 5.8 -14.4
Nonfarm business gross value
added\3\......................... -1.1 -3.8 3.7 .3 4.2 2.5 2.5 -2.5 -.3 -6.2 -9.5 -6.4 -.2 1.4 6.7 5.0 1.6 3.8 4.4
Gross domestic income\4\.......... -.8 -2.9 3.1 -2.3 .2 -2.0 2.5 .8 -2.5 -2.6 -6.9 -4.9 -1.6 .0 6.7 4.1 2.7 1.2 4.6
Price indexes:
GDP............................... 2.2 .9 1.0 4.4 3.2 2.0 .9 1.9 3.2 4.5 -1.2 1.1 .3 .7 -.2 1.0 1.9 2.1 .4
GDP excluding food and energy\5\.. 2.3 .8 1.2 4.1 2.0 1.7 2.7 2.9 2.5 2.7 -.6 .3 .8 .6 1.5 1.7 1.0 .6 1.2
GDP excluding final sales of
computers........................ 2.3 1.0 1.0 4.5 3.3 2.1 1.0 2.0 3.3 4.6 -1.1 1.2 .4 .9 -.2 1.0 2.0 2.2 .4
Gross domestic purchases.......... 3.2 -.2 1.3 4.4 3.2 2.0 3.8 4.0 4.5 3.9 -4.4 -2.0 .6 1.4 2.1 2.1 .1 .7 2.1
Gross domestic purchases excluding
food and energy\5\............... 2.6 .7 1.1 3.8 2.0 1.9 2.8 3.1 3.2 2.6 -.4 -.2 .8 .4 1.5 1.6 .8 .4 1.1
Gross domestic purchases excluding
final sales of computers to
domestic purchasers.............. 3.3 -.1 1.4 4.6 3.3 2.2 3.9 4.1 4.6 4.1 -4.3 -1.9 .7 1.5 2.1 2.2 .1 .7 2.2
Personal consumption expenditures
(PCE)............................ 3.3 .2 1.7 4.0 3.5 2.3 4.2 3.9 4.6 4.4 -5.8 -1.6 1.9 2.9 2.7 2.1 .0 .8 1.7
Personal consumption expenditures
excluding food and energy\5\..... 2.3 1.5 1.3 2.9 1.7 2.2 2.8 2.6 2.6 2.2 .6 .9 2.3 1.5 2.1 1.2 1.0 .5 .4
Market-based PCE\6\............... 3.4 .3 1.6 3.7 3.7 2.0 4.5 4.1 4.5 5.2 -6.0 -1.1 1.9 3.0 2.2 1.7 -.2 1.3 1.8
Market-based PCE excluding food
and energy\6\.................... 2.3 1.9 1.1 2.5 1.6 1.7 2.9 2.5 2.1 2.8 1.5 1.9 2.3 1.3 1.4 .7 1.0 1.1 .3
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
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. Gross domestic income deflated by the implicit price deflator
for gross domestic product. Includes changes due to the
incorporation of revised wage and salary estimates for the first
quarter of 2010.
5. Food excludes personal consumption expenditures for purchased
meals and beverages, which are classified in food services.
6. 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 2005 -- 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 2007-08
annual percent change in real GDP uses prices for 2007 and 2008 as weights, and the 2007-08 annual
percent change in GDP prices uses quantities for 2007 and 2008 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 (2005) dollar estimates." For most series, these estimates, which are presented in
table 3, are computed by multiplying the current-dollar value in 2005 by a corresponding quantity index
number and then dividing by 100. For example, if a current-dollar GDP component equaled $100 in 2005
and if real output for this component increased 10 percent in 2006, then the chained (2005) dollar value of
this component in 2006 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.