EMBARGOED UNTIL RELEASE AT 8:30 A.M. EDT, THURSDAY, JULY 31, 2008
Virginia H. Mannering: (202) 606-5304 (GDP) BEA 08-34
Recorded message: (202) 606-5306
Brent Moulton: (202) 606-9606 (Annual Revision)
Carol Moylan: (202) 606-9715
NATIONAL INCOME AND PRODUCT ACCOUNTS
* GROSS DOMESTIC PRODUCT: SECOND QUARTER 2008 (ADVANCE)
* REVISED ESTIMATES: 2005 THROUGH FIRST QUARTER 2008
Real gross domestic product -- the output of goods and services produced by labor and property
located in the United States -- increased at an annual rate of 1.9 percent in the second quarter of 2008
(that is, from the first quarter to the second quarter), according to advance estimates released by the
Bureau of Economic Analysis. In the first quarter, real GDP increased 0.9 percent.
The Bureau emphasized that the second-quarter "advance" estimates are based on source data that
are incomplete or subject to further revision by the source agency (see the box on page 3). The second-
quarter "preliminary" estimates, based on more comprehensive data, will be released on August 28, 2008.
BOX --
The estimates released today reflect the regular annual revision to the national income and product
accounts (NIPAs), beginning with the estimates for the first quarter of 2005. Annual revisions, which
are usually released in July, incorporate source data that are more complete, more detailed, and
otherwise more reliable than those previously available. This release includes the revised quarterly
estimates of GDP, corporate profits, and personal income and provides an overview of the effects of the
revision.
The August 2008 Survey of Current Business will contain NIPA tables and an article describing
the revisions. The revised estimates will be available on BEA's Web site at www.bea.gov.
FOOTNOTE.--Quarterly estimates are expressed at seasonally adjusted annual rates, unless otherwise
specified. Quarter-to-quarter dollar changes are differences between these published estimates. Percent
changes are calculated from unrounded data and are annualized. "Real" estimates are in chained (2000)
dollars. Price indexes are chain-type measures.
This news release is available on BEA's Web site along with the Technical Note and Highlights
related to this release.
The increase in real GDP in the second quarter primarily reflected positive contributions from
exports, personal consumption expenditures (PCE), nonresidential structures, federal government
spending, and state and local government spending that were partly offset by negative contributions
from private inventory investment, residential fixed investment, and equipment and software. Imports,
which are a subtraction in the calculation of GDP, decreased.
The acceleration in real GDP growth in the second quarter primarily reflected a larger decrease in
imports, an acceleration in exports, a smaller decrease in residential fixed investment, and an
acceleration in PCE that were partly offset by a larger decrease in inventory investment.
Final sales of computers contributed 0.12 percentage point to the second-quarter growth in real
GDP after contributing 0.05 percentage point to the first-quarter growth. Motor vehicle output
subtracted 1.07 percentage points from the second-quarter growth in real GDP after subtracting 0.41
percentage point from the first-quarter growth.
The price index for gross domestic purchases, which measures prices paid by U.S. residents,
increased 4.2 percent in the second quarter, compared with an increase of 3.5 percent in the first.
Excluding food and energy prices, the price index for gross domestic purchases increased 2.2 percent in
the second quarter, the same as in the first.
Real personal consumption expenditures increased 1.5 percent in the second quarter, compared
with an increase of 0.9 percent in the first. Durable goods decreased 3.0 percent, compared with a
decrease of 4.3 percent. Nondurable goods increased 4.0 percent, in contrast to a decrease of 0.4
percent. Services increased 1.1 percent, compared with an increase of 2.4 percent.
Real nonresidential fixed investment increased 2.3 percent in the second quarter, compared with
an increase of 2.4 percent in the first. Nonresidential structures increased 14.4 percent, compared with
an increase of 8.6 percent. Equipment and software decreased 3.4 percent, compared with a decrease of
0.6 percent. Real residential fixed investment decreased 15.6 percent, compared with a decrease of 25.1
percent.
Real exports of goods and services increased 9.2 percent in the second quarter, compared with an
increase of 5.1 percent in the first. Real imports of goods and services decreased 6.6 percent, compared
with a decrease of 0.8 percent.
Real federal government consumption expenditures and gross investment increased 6.7 percent in
the second quarter, compared with an increase of 5.8 percent in the first. National defense increased 7.3
percent, the same as in the first. Nondefense increased 5.3 percent, compared with an increase of 2.9
percent. Real state and local government consumption expenditures and gross investment increased 1.6
percent, in contrast to a decrease of 0.3 percent.
The real change in private inventories subtracted 1.92 percentage points from the second-quarter
change in real GDP after subtracting 0.02 percentage point from the first-quarter change. Private
businesses decreased inventories $62.2 billion in the second quarter, following decreases of $10.2 billion
in the first and $8.1 billion in the fourth.
Real final sales of domestic product -- GDP less change in private inventories -- increased 3.9
percent in the second quarter, compared with an increase of 0.9 percent in the first.
Gross domestic purchases
Real gross domestic purchases -- purchases by U.S. residents of goods and services wherever
produced -- decreased 0.5 percent in the second quarter, in contrast to an increase of 0.1 percent in the
first.
Disposition of personal income
Current-dollar personal income increased $214.5 billion (7.4 percent) in the second quarter,
compared with an increase of $109.1 billion (3.7 percent) in the first. The acceleration primarily
reflected an acceleration in personal current transfer receipts due to the effects of the rebates to
individuals who pay no income taxes (or for whom the rebate exceeded the amount of taxes they pay)
from the Economic Stimulus Act of 2008.
Personal current taxes decreased $178.9 billion in the second quarter, in contrast to an increase of
$20.7 billion in the first. The sharp downturn reflected the rebates to individuals with tax liabilities,
which are treated as an offset to taxes.
Disposable personal income increased $393.4 billion (15.9 percent) in the second quarter,
compared with an increase of $88.5 billion (3.5 percent) in the first. Real disposable personal income
increased 11.3 percent, in contrast to a decrease of 0.1 percent.
Personal outlays increased $143.6 billion (5.6 percent) in the second quarter, compared with an
increase of $95.7 billion (3.8 percent) in the first. Personal saving -- disposable personal income less
personal outlays -- was $284.9 billion in the second quarter, compared with $35.1 billion in the first.
The personal saving rate -- saving as a percentage of disposable personal income -- was 2.6 percent in
the second quarter, compared with 0.3 percent in the first. Saving from current income may be near zero
or negative when outlays are financed by borrowing (including borrowing financed through credit cards
or home equity loans), by selling investments or other assets, or by using savings from previous periods.
For more information, see the FAQs on "Personal Saving" on BEA's Web site. For a comparison of personal
saving in BEA's national income and product accounts with personal saving in the Federal Reserve Board's
flow of funds accounts and data on changes in net worth (which helps finance negative saving), go to
http://www.bea.gov/bea/dn/nipaweb/Nipa-Frb.asp.
Current-dollar GDP
Current-dollar GDP -- the market value of the nation's output of goods and services -- increased
3.0 percent, or $105.7 billion, in the second quarter to a level of $14,256.5 billion. In the first quarter,
current-dollar GDP increased 3.5 percent, or $119.6 billion.
BOX --
Information on the assumptions used for unavailable source data is provided in a technical note
that is posted with the news release on BEA's Web site. Within a few days after the release, a detailed
"Key Source Data and Assumptions" file is posted on the Web site. In the middle of each month, an
analysis of the current quarterly estimates of GDP and related series is made available on the Web site;
click on Survey of Current Business, "GDP and the Economy."
Revision of the National Income and Product Accounts
The revised estimates, which begin with 2005, reflect the results of the regular annual revision of
the national income and product accounts (NIPAs). These revisions, usually made each July,
incorporate newly available and more comprehensive source data, as well as improved estimating
methodologies. In this annual revision, the notable revisions primarily reflected the incorporation of
newly available and revised source data. For example, the revised estimates of profits reflect newly
available Internal Revenue Service tabulations of tax returns for corporations for 2006 and revised
tabulations for 2005. A table showing the major current-dollar revisions and their sources for each
component of GDP, national income, and personal income will be published in the August 2008 issue of
the Survey of Current Business.
Because of the additional data shown, tables 3, 11, and 12 are each divided into two separate
tables -- 3A and 3B, 11A and 11B, and 12A and 12B. There are also a number of special tables that
compare the revised and previously published estimates for selected periods: Table 1A shows the
percent change in real GDP and related measures; table 1B shows revisions to current-dollar GDP, to
national income, and to disposition of personal income; table 2A shows contributions to the percent
change in real GDP; table 4A shows the percent change in the chain-type price indexes for GDP and
related measures; and table 12C shows revisions to corporate profits by industry.
This section of the release discusses the highlights of the revisions and describes their sources.
Summary of revisions
* For 2004-2007, real GDP grew at an average annual rate of 2.6 percent, 0.1 percentage point less
than in the previously published estimates. The average annual rate of growth of real GDP from
the fourth quarter of 2004 to the first quarter of 2008 is 2.4 percent, 0.1 percentage point less
than in the previously published estimates.
* The relatively small revisions to the annual estimates reflect partly offsetting revisions to the
quarters within a year. For example, for 2007, the annual rate of growth of real GDP for the
second quarter was revised up 1.0 percentage point, from 3.8 percent to 4.8 percent, while the
growth rate for the fourth quarter was revised down 0.8 percentage point, from a small increase
(0.6 percent) to a small decrease (0.2 percent).
* For the 13 quarters from the first quarter of 2005 to the first quarter of 2008, the average revision
(without regard to sign) was 0.4 percentage point.
* The average annual rate of growth of real disposable personal income for 2004-2007 was 2.6
percent, the same as in the previously published estimates.
* The revised estimates of prices show similar rates of increase to the previously published
estimates. From the fourth quarter of 2004 to the first quarter of 2008, the average annual rate of
increase in the price index for gross domestic purchases was revised up 0.1 percentage point to
3.3 percent. The average annual rate of increase in the price index for personal consumption
expenditures (PCE) remained unchanged at 2.9 percent, and the "core" PCE price index (which excludes
food and energy) remained unchanged at 2.2 percent.
* For the revision period, national income was revised up for all 3 years: 0.8 percent for 2005, 1.2
percent for 2006, and 0.4 percent for 2007.
* For the revision period, corporate profits was revised up for all 3 years: 5.5 percent for 2005, 7.4
percent for 2006, and 3.0 percent for 2007.
Revisions to 2005-2007 estimates
The percent change from the preceding year in real GDP was revised down for all 3 years: From
3.1 percent to 2.9 percent for 2005, from 2.9 percent to 2.8 percent for 2006, and from 2.2 percent to 2.0
percent for 2007.
For 2005, the largest contributors to the downward revision to real GDP growth were downward
revisions to PCE and to state and local government spending; these revisions were partly offset by an
upward revision to inventory investment. For 2006, the largest contributors to the downward revision
were downward revisions to residential fixed investment and to PCE for services; these revisions were
partly offset by upward revisions to fixed investment in equipment and software, to exports, and to PCE
for durables. For 2007, the largest contributors to the downward revision were downward revisions to
PCE for services and to inventory investment, and an upward revision to imports; these revisions were
partly offset by upward revisions to exports and to fixed investment in equipment and software.
The percent change from fourth quarter to fourth quarter in real GDP was revised down for all 3
years: From 2.9 percent to 2.7 percent for 2005, from 2.6 percent to 2.4 percent for 2006, and from 2.5
percent to 2.3 percent for 2007.
The percent change from the preceding year in the price index for gross domestic purchases was
unrevised at 3.7 percent for 2005, was revised up from 3.3 percent to 3.4 percent for 2006, and was
revised up from 2.7 percent to 2.8 percent for 2007. For the quarters of 2005 to 2007, the percent
change in the price index was revised down for four quarters and was revised up for eight quarters; the
largest upward revision was 0.6 percentage point (the third quarter of 2005).
Current-dollar GDP was revised down for all 3 years: $12.0 billion, or 0.1 percent, for 2005;
$16.3 billion, or 0.1 percent, for 2006; and $33.8 billion, or 0.2 percent, for 2007. The percent change
from the preceding year was revised down from 6.4 percent to 6.3 percent for 2005; remained
unchanged at 6.1 percent for 2006; and was revised down from 4.9 percent to 4.8 percent for 2007.
Current-dollar gross national product (GNP) (GDP plus net receipts of income from the rest of the
world) was revised up $12.5 billion, or 0.1 percent, for 2005; was revised up $3.9 billion, or less than
0.1 percent, for 2006; and was revised down $27.1 billion, or 0.2 percent, for 2007. Net receipts of
income was revised up for all 3 years: $24.5 billion for 2005, $20.3 billion for 2006, and $6.7 billion for
2007. The revisions to net receipts of income -- which affect GNP, national income, corporate profits,
net interest and miscellaneous payments, and personal interest income -- result from the revisions to
BEA's international transactions accounts (ITAs) that were released in June. Although the revisions to
the ITAs extended back to 2002, the revisions prior to 2005 are not incorporated into the NIPAs at this
time. (An article describing the revisions to the ITAs was published in the July 2008 issue of the Survey
of Current Business.)
National income was revised up for all 3 years: $86.4 billion, or 0.8 percent, for 2005; $140.1
billion, or 1.2 percent, for 2006; and $42.9 billion, or 0.4 percent, for 2007. For 2005, a large upward
revision to corporate profits and a smaller upward revision to net interest and miscellaneous payments
were partly offset by a downward revision to nonfarm proprietors' income. For 2006, large upward revisions
to corporate profits and to net interest and miscellaneous payments were partly offset by downward revisions
to supplements to wages and salaries and to rental income of persons. For 2007, large upward revisions to
net interest and miscellaneous payments and to corporate profits were partly offset by large downward
revisions to compensation of employees and to rental income of persons.
Corporate profits from current production -- profits before tax with inventory valuation and
capital consumption adjustments -- was revised up for all 3 years: $75.1 billion, or 5.5 percent, for
2005; $114.8 billion, or 7.4 percent, for 2006; and $47.2 billion, or 3.0 percent, for 2007. For 2005 and
2006, large upward revisions to corporate profits before tax and to the capital consumption adjustment
accounted for most of the revision. For 2007, a large upward revision to the capital consumption
adjustment accounted for most of the revision, although profits before tax was also revised up.
For 2005, profits of domestic nonfinancial corporations, profits from the rest of the world, and
profits of domestic financial corporations were revised up. For 2006, upward revisions to profits of
domestic nonfinancial corporations and to profits from the rest of the world were partly offset by a
downward revision to profits of domestic financial corporations. For 2007, upward revisions to profits
of domestic nonfinancial corporations and to profits from the rest of the world were partly offset by a
downward revision to profits of domestic financial corporations.
Personal income was revised down $31.3 billion, or 0.3 percent, for 2005; was revised up $10.5
billion, or 0.1 percent, for 2006; and was revised down $2.4 billion, or less than 0.1 percent, for 2007.
For 2005, the downward revision was primarily accounted for by downward revisions to personal
dividend income and to nonfarm proprietors' income. For 2006, upward revisions to personal interest income
and to nonfarm proprietors' income were partly offset by a downward revision to supplements to wages and
salaries. For 2007, large downward revisions to compensation of employees, to rental income of persons,
and to government social benefits to persons were mostly offset by an upward revision to personal interest
income. Within compensation of employees, supplements to wages and salaries accounted for most of the
downward revision, although wages and salaries was also revised down. In addition, contributions for
government social insurance, which are subtracted in the calculation of personal income, was revised down.
Disposable personal income (DPI) (personal income less personal current taxes) was revised
down $30.0 billion, or 0.3 percent, for 2005; was revised up $11.6 billion, or 0.1 percent, for 2006; and
was revised down $11.4 billion, or 0.1 percent, for 2007. Personal current taxes was revised down $1.3
billion for 2005, was revised down $1.1 billion for 2006, and was revised up $9.1 billion for 2007. The
percent change from the preceding year in real DPI was revised down from 1.7 percent to 1.4 percent for
2005, was revised up from 3.1 percent to 3.5 percent for 2006, and was revised down from 3.1 percent to
2.8 percent for 2007.
Personal outlays -- PCE, personal interest payments, and personal current transfer payments --
was revised down for all 3 years: $17.9 billion for 2005, $20.3 billion for 2006, and $21.0 billion for
2007. For 2005 and 2006, downward revisions to PCE mostly accounted for the revisions; for 2007, a
downward revision to PCE more than accounted for the downward revision. The personal saving rate
(personal saving as a percentage of DPI) was revised down from 0.5 percent to 0.4 percent for 2005, was
revised up from 0.4 percent to 0.7 percent for 2006, and was revised up from 0.5 percent to 0.6 percent
for 2007.
The statistical discrepancy is current-dollar GDP less current-dollar gross domestic income
(GDI). It arises because most components of GDP and of GDI are estimated independently. GDP
measures final expenditures -- the sum of consumer spending, private investment, net exports, and
government spending. GDI measures the incomes earned in the production of GDP. In concept, GDP is
equal to GDI. In practice, they differ because they are estimated using different source data and
different methods.
As a result of the annual revision, the statistical discrepancy as a percentage of GDP (without
regard to sign) was revised from less than 0.1 percent to 0.6 percent for 2005, was revised from 0.1
percent to 1.2 percent for 2006, and was revised from 0.2 percent to 0.6 percent for 2007. For all 3
years, the revisions to the discrepancy reflected downward revisions to GDP and upward revisions to
GDI.
New source data
The annual revision incorporated data from the following major federal statistical sources:
Census Bureau annual surveys of manufactures, of merchant wholesale trade, and of retail trade for
2006 and revised monthly indicators of manufactures, of merchant wholesale trade, and of retail trade
for 2005-2007; Census Bureau annual surveys of services for 2005 (revised), 2006 (revised), and 2007
(preliminary), and of state and local government finances for 2004 (revised), 2005 (revised), and 2006
(preliminary); Census Bureau monthly survey of construction spending (value put in place) for
2006-2007 (revised); Census Bureau quarterly survey of services for 2005-2007 (revised); Census
Bureau current population survey/housing vacancy survey for 2007; federal government budget data for
fiscal years 2007 and 2008; Internal Revenue Service tabulations of tax returns for corporations for 2005
(revised) and 2006 (preliminary) and for sole proprietorships and partnerships for 2006; Bureau of Labor
Statistics quarterly census of employment and wages for 2005-2007 (revised); Department of
Agriculture farm statistics for 2005-2007; and BEA's ITAs for 2005-2007 (revised).
Changes in methodology
The annual revision also incorporated refinements to estimating methodologies, including the
following improvements:
* Estimates of the consumption of goods purchased at grocery stores are now based on point-of-
sale retail scanner data from trade sources. The new method captures the annual variation in the
composition of goods sold by grocery stores (mainly food and beverage items) and alters the
composition of commodities within total PCE goods. The use of these data is
part of BEA's initiative to acquire and incorporate real-time data into the
economic accounts.
* The valuation of unit sales and inventory change for new domestic and foreign autos now
incorporates price data from JD Power for all 3 model years that are usually sold within a
calendar year. The improved method is now consistent with the methodology used to value new
domestic and foreign light trucks.
* The price index used for deflating consumer purchases of domestic airline services has been
changed to an improved Bureau of Labor Statistics producer price index (PPI). Similarly, the
price index used for deflating international airline services purchased by U.S. residents from U.S.
carriers has been changed to an improved PPI for international scheduled passenger air
transportation. The improved PPIs capture all Internet pricing and fare codes, include frequent
flier miles tickets, and include pricing from all distribution channels, making them more
consistent with the current-dollar expenditures series that are being deflated.
* Estimates of international trade in most business services are now based on redesigned surveys in
which data on intrafirm trade and trade with unrelated parties are collected in the same detail and
on the same forms. Previously, the two types of trade had been collected on separate surveys
and in different detail, which sometimes led to inconsistent responses. The more integrated
approach to data collection was initiated in a benchmark survey for 2006 and carried over to
quarterly follow-on surveys, beginning with the first quarter of 2007. These improvements build
upon earlier initiatives, implemented in 2004, to consolidate surveys and convert reporting of
trade in most types of services from annual to quarterly.
* * *
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 -- August 28, 2008, at 8:30 A.M. EDT for:
Gross Domestic Product: Second Quarter 2008 (Preliminary)
Corporate Profits: Second Quarter 2008
Comparisons of Revisions to GDP
Quarterly estimates of GDP are released on the following schedule: "Advance" estimates,
based on source data that are incomplete or subject to further revision by the source agency,
are released near the end of the first month after the end of the quarter; as more detailed
and more comprehensive data become available, "preliminary" and "final" estimates are released
near the end of the second and third months, respectively. The "latest" estimates reflect
the results of both annual and comprehensive revisions.
Annual revisions, which cover the quarters of the 3 most recent calendar years, are usually
carried out each summer and incorporate newly available major annual source data. Comprehensive
(or benchmark) revisions are carried out at about 5-year intervals and incorporate major periodic
source data, as well as improvements in concepts and methods that update the accounts to portray
more accurately the evolving U.S. economy.
The table below shows comparisons of the revisions between quarterly percent changes of
current-dollar and real GDP for the different vintages of the estimates. From the advance estimate
to the preliminary estimate (one month later), the average revision to real GDP without regard to
sign is 0.5 percentage point, while from the advance estimate to the final estimate (two months
later), it is 0.6 percentage point. From the advance estimate to the latest estimate, the
average revision without regard to sign is 1.2 percentage points. The average revision (with regard to
sign) from the advance estimate to the latest estimate is 0.3 percentage point, which is larger
than the average revisions from the advance estimate to the preliminary or to the final estimates.
The larger average revisions to the latest estimate reflect the fact that comprehensive revisions
include major improvements such as the introduction of chain indexes and the capitalization of software.
The current quarterly estimates correctly indicate the direction of change of real GDP 98 percent of the
time, correctly indicate whether it is accelerating or decelerating 74 percent of the time,and correctly
indicate whether real GDP growth is above, near, or below trend growth more than three-fifths of the time.
Revisions Between Quarterly Percent Changes of GDP: Vintage Comparisons
[Annual rates]
Vintages Average Average without Standard deviation of
compared regard to sign revisions without regard
to sign
Current-dollar GDP
Advance to preliminary.......... 0.2 0.5 0.4
Advance to final................ .2 .7 .4
Preliminary to final............ .0 .3 .2
Advance to latest............... .4 1.1 .9
Real GDP
Advance to preliminary.......... 0.1 0.5 0.4
Advance to final................ .1 .6 .4
Preliminary to final............ .0 .3 .2
Advance to latest............... .3 1.2 1.0
NOTE.--These comparisons are based on the period from 1983 through 2004.
Table 1.--Real Gross Domestic Product and Related Measures: Percent Change From Preceding Period
[Quarters seasonally adjusted at annual rates]
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
2004 2005 2006 2007 IV 04 I 05 II 05 III 05 IV 05 I 06 II 06 III 06 IV 06 I 07 II 07 III 07 IV 07 I 08 II 08
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
Gross domestic product (GDP). 3.6 2.9 2.8 2.0 2.5 3.0 2.6 3.8 1.3 4.8 2.7 .8 1.5 .1 4.8 4.8 -.2 .9 1.9
Personal consumption expenditures... 3.6 3.0 3.0 2.8 4.2 1.7 3.6 3.7 1.4 4.3 2.8 2.2 3.7 3.9 2.0 2.0 1.0 .9 1.5
Durable goods..................... 6.3 4.6 4.5 4.8 7.0 .6 12.1 5.4 -11.7 18.9 1.8 3.5 4.2 9.2 5.0 2.3 .4 -4.3 -3.0
Nondurable goods.................. 3.5 3.4 3.7 2.5 4.9 2.4 4.2 3.0 4.7 4.4 3.1 2.3 3.1 3.5 1.9 1.2 .3 -.4 4.0
Services.......................... 3.2 2.6 2.5 2.6 3.4 1.7 1.7 3.8 2.5 1.6 2.8 2.0 3.9 3.1 1.4 2.4 1.4 2.4 1.1
Gross private domestic investment... 9.7 5.8 2.1 -5.4 6.4 9.1 -5.1 4.0 12.2 6.2 -.4 -5.3 -15.0 -9.6 6.2 3.5 -11.9 -5.8 -14.8
Fixed investment.................. 7.3 6.8 1.9 -3.1 7.3 5.3 7.6 5.3 2.3 8.3 -2.5 -4.8 -7.6 -3.4 3.0 -.9 -6.2 -5.6 -2.4
Nonresidential.................. 5.8 7.2 7.5 4.9 10.3 3.7 6.3 6.1 3.7 15.9 6.4 5.3 -1.0 3.4 10.3 8.7 3.4 2.4 2.3
Structures.................... 1.3 1.3 8.2 12.7 -.2 7.5 -1.3 -9.2 1.9 15.6 19.7 14.3 2.5 11.2 18.3 20.5 8.5 8.6 14.4
Equipment and software........ 7.4 9.3 7.2 1.7 14.3 2.3 9.2 12.2 4.4 16.3 1.7 2.0 -2.4 .0 6.9 3.6 1.0 -.6 -3.4
Residential..................... 10.0 6.3 -7.1 -17.9 2.4 8.1 9.7 4.0 .2 -3.6 -16.6 -21.4 -19.5 -16.2 -11.5 -20.6 -27.0 -25.1 -15.6
Change in private inventories..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... .....
Net exports of goods and services... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... .....
Exports........................... 9.7 7.0 9.1 8.4 10.0 8.1 8.8 .4 10.9 16.7 5.5 3.5 15.6 .6 8.8 23.0 4.4 5.1 9.2
Goods........................... 9.0 7.7 9.9 7.5 7.2 7.1 14.5 -.8 13.2 18.1 6.7 3.6 10.4 2.1 6.9 21.8 5.1 4.5 11.9
Services........................ 11.5 5.6 7.2 10.5 16.8 10.2 -2.8 3.2 5.7 13.4 2.7 3.2 28.6 -2.7 13.3 25.9 2.7 6.4 3.5
Imports........................... 11.3 5.9 6.0 2.2 13.8 3.2 .6 .8 15.3 10.3 .1 3.1 2.0 7.7 -3.7 3.0 -2.3 -.8 -6.6
Goods........................... 11.3 6.8 6.0 1.7 14.5 5.0 .7 1.1 17.0 9.0 .5 3.8 -.8 8.4 -4.0 2.4 -2.6 -2.0 -6.3
Services........................ 11.5 1.4 6.0 4.4 10.5 -5.7 .0 -1.0 6.8 17.7 -2.0 -.3 18.4 4.2 -2.0 6.3 -.9 5.5 -8.4
Government consumption expenditures
and gross investment............... 1.4 .4 1.7 2.1 -1.8 -.2 .9 3.4 -1.7 3.9 1.2 1.7 1.6 .9 3.9 3.8 .8 1.9 3.4
Federal........................... 4.2 1.2 2.3 1.6 -4.6 1.1 1.1 9.7 -7.2 10.0 -1.5 1.9 1.8 -3.6 6.7 7.2 -.5 5.8 6.7
National defense................ 5.8 1.5 1.6 2.5 -9.7 3.1 4.0 12.3 -14.2 8.8 1.9 -.9 7.0 -5.9 8.5 10.2 -.9 7.3 7.3
Nondefense...................... 1.1 .6 3.6 -.2 6.5 -2.7 -4.5 4.4 8.9 12.4 -8.1 7.7 -8.1 1.2 3.1 1.2 .4 2.9 5.3
State and local................... -.2 -.1 1.3 2.3 -.1 -1.0 .8 -.1 1.6 .5 2.9 1.6 1.5 3.6 2.4 1.9 1.6 -.3 1.6
Addenda:
Final sales of domestic product... 3.3 3.1 2.8 2.4 2.7 2.3 4.8 4.1 -.3 5.1 2.3 .9 2.9 1.1 4.3 4.0 .8 .9 3.9
Gross domestic purchases.......... 4.1 3.0 2.6 1.4 3.4 2.5 1.7 3.7 2.5 4.5 2.0 .9 .2 1.2 2.9 2.6 -1.0 .1 -.5
Final sales to domestic
purchasers....................... 3.8 3.1 2.6 1.8 3.6 1.9 3.7 3.9 1.0 4.8 1.6 1.0 1.5 2.2 2.5 1.9 -.1 .1 1.3
Gross national product (GNP)...... 3.8 3.0 2.6 2.2 1.5 4.7 2.2 4.1 .4 4.9 2.8 .2 2.0 -.3 4.4 6.3 1.3 .1 .....
Disposable personal income........ 3.6 1.4 3.5 2.8 7.5 -4.7 2.5 -1.3 7.5 5.1 1.3 2.3 5.8 4.4 -.6 3.1 .6 -.1 11.3
Current-dollar measures:
GDP............................. 6.6 6.3 6.1 4.8 5.9 7.1 4.8 8.1 5.1 8.6 5.5 3.6 3.7 4.3 6.9 6.3 2.3 3.5 3.0
Final sales of domestic product. 6.2 6.5 6.1 5.2 6.0 6.5 7.0 8.4 3.5 8.8 5.1 3.7 5.2 5.3 6.4 5.6 3.6 3.6 5.0
Gross domestic purchases........ 7.3 6.8 6.1 4.2 7.2 6.3 4.8 9.1 6.5 7.5 5.7 3.8 .7 5.0 6.4 4.9 2.6 3.5 3.7
Final sales to domestic
purchasers..................... 7.0 6.9 6.1 4.6 7.3 5.7 6.9 9.4 5.0 7.8 5.3 3.9 2.1 5.9 5.9 4.2 3.9 3.7 5.7
GNP............................. 6.8 6.4 5.9 4.9 4.8 8.8 4.4 8.4 4.2 8.7 5.6 3.0 4.1 4.0 6.4 7.9 3.9 2.6 .....
Disposable personal income...... 6.4 4.4 6.4 5.5 10.8 -2.4 5.1 3.4 11.1 6.9 4.6 5.4 5.3 7.9 3.0 5.7 4.9 3.5 15.9
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
See "Explanatory Note" at the end of the tables.
Table 1A.--Real Gross Domestic Product and Related Measures: Percent Change From Preceding Period
[Quarters seasonally adjusted at annual rates]
------------------------------------------------------------------------------------------------------------------------------------------------------------------
2004 2005 2006 2007 IV 04 I 05 II 05 III 05 IV 05 I 06 II 06 III 06 IV 06 I 07 II 07 III 07 IV 07 I 08
------------------------------------------------------------------------------------------------------------------------------------------------------------------
Gross domestic product (GDP). 3.6 2.9 2.8 2.0 2.5 3.0 2.6 3.8 1.3 4.8 2.7 .8 1.5 .1 4.8 4.8 -.2 .9
Previously published....... 3.6 3.1 2.9 2.2 2.5 3.1 2.8 4.5 1.2 4.8 2.4 1.1 2.1 .6 3.8 4.9 .6 1.0
Personal consumption expenditures... 3.6 3.0 3.0 2.8 4.2 1.7 3.6 3.7 1.4 4.3 2.8 2.2 3.7 3.9 2.0 2.0 1.0 .9
Previously published.............. 3.6 3.2 3.1 2.9 4.2 2.4 3.5 4.1 1.2 4.4 2.4 2.8 3.9 3.7 1.4 2.8 2.3 1.1
Durable goods..................... 6.3 4.6 4.5 4.8 7.0 .6 12.1 5.4 -11.7 18.9 1.8 3.5 4.2 9.2 5.0 2.3 .4 -4.3
Previously published............ 6.3 4.9 3.8 4.7 7.0 2.2 11.3 6.2 -13.0 16.6 .8 5.6 3.9 8.8 1.7 4.5 2.0 -6.0
Nondurable goods.................. 3.5 3.4 3.7 2.5 4.9 2.4 4.2 3.0 4.7 4.4 3.1 2.3 3.1 3.5 1.9 1.2 .3 -.4
Previously published............ 3.5 3.6 3.6 2.4 4.9 3.5 3.7 2.5 4.7 4.5 2.3 3.2 4.3 3.0 -.5 2.2 1.2 -.2
Services.......................... 3.2 2.6 2.5 2.6 3.4 1.7 1.7 3.8 2.5 1.6 2.8 2.0 3.9 3.1 1.4 2.4 1.4 2.4
Previously published............ 3.2 2.7 2.7 2.8 3.4 1.9 1.8 4.4 2.6 2.1 2.7 2.0 3.7 3.1 2.3 2.8 2.8 3.1
Gross private domestic investment... 9.7 5.8 2.1 -5.4 6.4 9.1 -5.1 4.0 12.2 6.2 -.4 -5.3 -15.0 -9.6 6.2 3.5 -11.9 -5.8
Previously published.............. 9.7 5.6 2.7 -4.9 6.4 5.3 -3.9 7.0 13.4 4.3 .6 -4.1 -14.1 -8.2 4.6 5.0 -14.6 -6.9
Fixed investment.................. 7.3 6.8 1.9 -3.1 7.3 5.3 7.6 5.3 2.3 8.3 -2.5 -4.8 -7.6 -3.4 3.0 -.9 -6.2 -5.6
Previously published............ 7.3 6.9 2.4 -2.9 7.3 4.0 7.9 8.0 2.3 7.9 -1.9 -4.7 -7.1 -4.4 3.2 -.7 -4.0 -6.9
Nonresidential.................. 5.8 7.2 7.5 4.9 10.3 3.7 6.3 6.1 3.7 15.9 6.4 5.3 -1.0 3.4 10.3 8.7 3.4 2.4
Previously published.......... 5.8 7.1 6.6 4.7 10.3 3.3 5.0 8.6 3.4 13.3 4.2 5.1 -1.4 2.1 11.0 9.3 6.0 .6
Structures.................... 1.3 1.3 8.2 12.7 -.2 7.5 -1.3 -9.2 1.9 15.6 19.7 14.3 2.5 11.2 18.3 20.5 8.5 8.6
Previously published........ 1.3 .5 8.4 12.9 -.2 2.1 -1.6 -6.3 4.8 15.0 16.4 10.8 7.4 6.4 26.2 16.4 12.4 1.2
Equipment and software........ 7.4 9.3 7.2 1.7 14.3 2.3 9.2 12.2 4.4 16.3 1.7 2.0 -2.4 .0 6.9 3.6 1.0 -.6
Previously published........ 7.4 9.6 5.9 1.3 14.3 3.8 7.4 14.5 3.1 13.0 -.1 2.9 -4.9 .3 4.7 6.2 3.1 .2
Residential..................... 10.0 6.3 -7.1 -17.9 2.4 8.1 9.7 4.0 .2 -3.6 -16.6 -21.4 -19.5 -16.2 -11.5 -20.6 -27.0 -25.1
Previously published.......... 10.0 6.6 -4.6 -17.0 2.4 5.3 13.1 6.9 .5 -.7 -11.7 -20.4 -17.2 -16.3 -11.8 -20.5 -25.2 -24.6
Change in private inventories..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... .....
Net exports of goods and services... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... .....
Exports........................... 9.7 7.0 9.1 8.4 10.0 8.1 8.8 .4 10.9 16.7 5.5 3.5 15.6 .6 8.8 23.0 4.4 5.1
Previously published............ 9.7 6.9 8.4 8.1 10.0 6.0 9.5 2.1 10.6 11.5 5.7 5.7 14.3 1.1 7.5 19.1 6.5 5.4
Goods........................... 9.0 7.7 9.9 7.5 7.2 7.1 14.5 -.8 13.2 18.1 6.7 3.6 10.4 2.1 6.9 21.8 5.1 4.5
Previously published.......... 9.0 7.5 9.9 7.9 7.2 5.8 13.6 1.9 12.6 15.5 6.5 7.4 9.6 .9 6.6 26.2 3.9 4.4
Services........................ 11.5 5.6 7.2 10.5 16.8 10.2 -2.8 3.2 5.7 13.4 2.7 3.2 28.6 -2.7 13.3 25.9 2.7 6.4
Previously published.......... 11.5 5.4 4.8 8.5 16.8 6.5 .9 2.6 6.3 2.9 3.9 2.0 26.0 1.6 9.6 4.0 13.2 7.9
Imports........................... 11.3 5.9 6.0 2.2 13.8 3.2 .6 .8 15.3 10.3 .1 3.1 2.0 7.7 -3.7 3.0 -2.3 -.8
Previously published............ 11.3 5.9 5.9 1.9 13.8 2.1 .8 2.1 16.2 6.9 .9 5.4 1.6 3.9 -2.7 4.4 -1.4 -.7
Goods........................... 11.3 6.8 6.0 1.7 14.5 5.0 .7 1.1 17.0 9.0 .5 3.8 -.8 8.4 -4.0 2.4 -2.6 -2.0
Previously published.......... 11.3 6.6 6.0 1.6 14.5 3.2 1.0 2.5 17.3 6.5 1.1 6.2 -.6 4.2 -2.9 4.8 -2.6 -1.9
Services........................ 11.5 1.4 6.0 4.4 10.5 -5.7 .0 -1.0 6.8 17.7 -2.0 -.3 18.4 4.2 -2.0 6.3 -.9 5.5
Previously published.......... 11.5 2.3 5.2 3.5 10.5 -3.5 -.5 .0 10.3 9.5 -.1 1.3 14.2 2.3 -1.7 1.7 5.5 6.0
Government consumption expenditures
and gross investment............... 1.4 .4 1.7 2.1 -1.8 -.2 .9 3.4 -1.7 3.9 1.2 1.7 1.6 .9 3.9 3.8 .8 1.9
Previously published............. 1.4 .7 1.8 2.0 -1.8 1.3 1.2 3.2 -1.9 4.9 1.0 .8 3.5 -.5 4.1 3.8 2.0 2.1
Federal........................... 4.2 1.2 2.3 1.6 -4.6 1.1 1.1 9.7 -7.2 10.0 -1.5 1.9 1.8 -3.6 6.7 7.2 -.5 5.8
Previously published............ 4.2 1.5 2.2 1.7 -4.6 2.8 .7 8.6 -6.2 8.4 -1.6 .9 7.3 -6.3 6.0 7.1 .5 4.3
National defense................ 5.8 1.5 1.6 2.5 -9.7 3.1 4.0 12.3 -14.2 8.8 1.9 -.9 7.0 -5.9 8.5 10.2 -.9 7.3
Previously published.......... 5.8 1.5 1.9 2.8 -9.7 4.6 2.6 10.0 -11.7 6.8 2.3 -1.5 16.9 -10.8 8.5 10.1 -.5 5.6
Nondefense...................... 1.1 .6 3.6 -.2 6.5 -2.7 -4.5 4.4 8.9 12.4 -8.1 7.7 -8.1 1.2 3.1 1.2 .4 2.9
Previously published.......... 1.1 1.3 2.8 -.4 6.5 -.8 -3.0 5.8 5.8 11.9 -8.8 6.0 -10.0 3.8 .9 1.1 2.8 1.7
State and local................... -.2 -.1 1.3 2.3 -.1 -1.0 .8 -.1 1.6 .5 2.9 1.6 1.5 3.6 2.4 1.9 1.6 -.3
Previously published............ -.2 .3 1.6 2.2 -.1 .4 1.5 .0 .7 2.9 2.5 .7 1.3 3.0 3.0 1.9 2.8 .8
Addenda:
Final sales of domestic product... 3.3 3.1 2.8 2.4 2.7 2.3 4.8 4.1 -.3 5.1 2.3 .9 2.9 1.1 4.3 4.0 .8 .9
Previously published............ 3.3 3.3 2.8 2.5 2.7 2.9 4.8 4.6 -.5 5.4 2.0 1.0 3.5 1.3 3.6 4.0 2.4 .9
Gross domestic purchases.......... 4.1 3.0 2.6 1.4 3.4 2.5 1.7 3.7 2.5 4.5 2.0 .9 .2 1.2 2.9 2.6 -1.0 .1
Previously published............ 4.1 3.1 2.8 1.5 3.4 2.6 1.9 4.3 2.5 4.5 1.9 1.3 .8 1.1 2.4 3.3 -.4 .2
Final sales to domestic
purchasers....................... 3.8 3.1 2.6 1.8 3.6 1.9 3.7 3.9 1.0 4.8 1.6 1.0 1.5 2.2 2.5 1.9 -.1 .1
Previously published........... 3.8 3.3 2.7 1.8 3.6 2.4 3.7 4.5 .8 5.0 1.5 1.2 2.1 1.7 2.1 2.5 1.3 .1
Gross national product (GNP)...... 3.8 3.0 2.6 2.2 1.5 4.7 2.2 4.1 .4 4.9 2.8 .2 2.0 -.3 4.4 6.3 1.3 .1
Previously published............ 3.8 3.0 2.8 2.4 1.5 3.6 2.7 5.1 .0 5.2 2.4 .5 2.6 .7 4.0 5.8 1.9 .2
Disposable personal income........ 3.6 1.4 3.5 2.8 7.5 -4.7 2.5 -1.3 7.5 5.1 1.3 2.3 5.8 4.4 -.6 3.1 .6 -.1
Previously published............ 3.6 1.7 3.1 3.1 7.5 -3.3 2.5 -1.2 6.6 4.9 .2 1.7 6.2 5.4 -.8 4.0 .9 1.4
Current-dollar measures:
GDP............................. 6.6 6.3 6.1 4.8 5.9 7.1 4.8 8.1 5.1 8.6 5.5 3.6 3.7 4.3 6.9 6.3 2.3 3.5
Previously published.......... 6.6 6.4 6.1 4.9 5.9 7.1 5.5 8.1 4.8 8.4 6.0 3.4 3.8 4.9 6.6 6.0 3.0 3.7
Final sales of domestic product. 6.2 6.5 6.1 5.2 6.0 6.5 7.0 8.4 3.5 8.8 5.1 3.7 5.2 5.3 6.4 5.6 3.6 3.6
Previously published.......... 6.2 6.6 6.1 5.3 6.0 6.9 7.5 8.3 3.0 9.0 5.5 3.4 5.2 5.5 6.3 5.1 4.9 3.7
Gross domestic purchases........ 7.3 6.8 6.1 4.2 7.2 6.3 4.8 9.1 6.5 7.5 5.7 3.8 .7 5.0 6.4 4.9 2.6 3.5
Previously published.......... 7.3 6.9 6.1 4.2 7.2 6.3 5.5 9.1 6.3 7.3 6.2 3.8 .9 4.9 6.2 5.1 3.3 3.7
Final sales to domestic
purchasers..................... 7.0 6.9 6.1 4.6 7.3 5.7 6.9 9.4 5.0 7.8 5.3 3.9 2.1 5.9 5.9 4.2 3.9 3.7
Previously published......... 7.0 7.1 6.1 4.6 7.3 6.1 7.4 9.3 4.6 7.9 5.7 3.7 2.1 5.5 6.0 4.3 5.0 3.8
GNP............................. 6.8 6.4 5.9 4.9 4.8 8.8 4.4 8.4 4.2 8.7 5.6 3.0 4.1 4.0 6.4 7.9 3.9 2.6
Previously published.......... 6.8 6.3 6.0 5.2 4.8 7.6 5.4 8.7 3.5 8.8 6.0 2.8 4.3 4.9 6.8 6.9 4.3 2.8
Disposable personal income...... 6.4 4.4 6.4 5.5 10.8 -2.4 5.1 3.4 11.1 6.9 4.6 5.4 5.3 7.9 3.0 5.7 4.9 3.5
Previously published.......... 6.4 4.7 5.9 5.7 10.8 -1.2 6.0 3.0 9.6 6.7 4.5 4.4 5.2 9.1 3.4 5.9 4.9 5.1
------------------------------------------------------------------------------------------------------------------------------------------------------------------
See "Explanatory Note" at the end of the tables.
Table 1B.--Revisions to Current-Dollar Gross Domestic Product, National Income, and Disposition of Personal Income
---------------------------------------------------------------------------------------------------------------------------------
Billions of dollars
------------------------ ------------------------ Revisions as a
Revised Revisions to percentage of
estimates previously previously
published published
------------------------ ------------------------ ------------------------
2005 2006 2007 2005 2006 2007 2005 2006 2007
---------------------------------------------------------------------------------------------------------------------------------
Gross domestic product (GDP)....... 12,421.9 13,178.4 13,807.5 -12.0 -16.3 -33.8 -.1 -.1 -.2
Personal consumption expenditures...... 8,694.1 9,207.2 9,710.2 -13.7 -17.3 -24.0 -.2 -.2 -.2
Durable goods........................ 1,020.8 1,052.1 1,082.8 -3.1 3.2 4.6 -.3 .3 .4
Nondurable goods..................... 2,514.1 2,685.2 2,833.0 -2.1 -2.8 -.2 -.1 -.1 .0
Services............................. 5,159.2 5,469.9 5,794.4 -8.6 -17.7 -28.4 -.2 -.3 -.5
Gross private domestic investment...... 2,086.1 2,220.4 2,130.4 8.9 11.2 5.0 .4 .5 .2
Fixed investment..................... 2,042.8 2,171.1 2,134.0 2.5 8.6 11.6 .1 .4 .5
Nonresidential..................... 1,273.1 1,414.1 1,503.8 1.0 16.4 22.0 .1 1.2 1.5
Structures....................... 337.6 410.4 480.3 3.0 5.3 8.2 .9 1.3 1.7
Equipment and software........... 935.5 1,003.7 1,023.5 -2.0 11.1 13.8 -.2 1.1 1.4
Residential........................ 769.6 757.0 630.2 1.4 -7.8 -10.5 .2 -1.0 -1.6
Change in private inventories........ 43.3 49.3 -3.6 6.4 2.6 -6.5 ..... ..... .....
Net exports of goods and services...... -713.6 -757.3 -707.8 1.0 4.7 .2 ..... ..... .....
Exports.............................. 1,311.5 1,480.8 1,662.4 2.1 13.2 19.4 .2 .9 1.2
Goods.............................. 908.4 1,032.1 1,149.2 1.4 1.6 -3.7 .2 .2 -.3
Services........................... 403.1 448.7 513.2 .7 11.6 23.1 .2 2.7 4.7
Imports.............................. 2,025.1 2,238.1 2,370.2 1.2 8.5 19.2 .1 .4 .8
Goods.............................. 1,705.3 1,882.7 1,985.2 3.3 2.3 5.8 .2 .1 .3
Services........................... 319.8 355.4 385.1 -2.2 6.2 13.5 -.7 1.8 3.6
Government consumption expenditures
and gross investment.................. 2,355.3 2,508.1 2,674.8 -8.1 -14.9 -15.0 -.3 -.6 -.6
Federal.............................. 875.5 932.2 979.3 -2.9 -.3 3.3 -.3 .0 .3
National defense................... 588.1 624.1 662.2 -.6 -.2 2.1 -.1 .0 .3
Nondefense......................... 287.4 308.0 317.1 -2.4 -.2 1.2 -.8 -.1 .4
State and local...................... 1,479.8 1,575.9 1,695.5 -5.2 -14.6 -18.3 -.4 -.9 -1.1
Relation of GDP and National Income
Gross domestic product................. 12,421.9 13,178.4 13,807.5 -12.0 -16.3 -33.8 -.1 -.1 -.2
Plus: Income receipts
from the rest of the world............ 573.5 725.4 861.7 29.4 34.0 44.2 5.4 4.9 5.4
Less: Income payments to
the rest of the world................. 480.5 647.1 759.3 4.9 13.7 37.5 1.0 2.2 5.2
Equals: Gross national product......... 12,514.9 13,256.6 13,910.0 12.5 3.9 -27.1 .1 .0 -.2
Less: Consumption of fixed capital..... 1,612.0 1,623.9 1,720.5 2.5 8.7 33.9 .2 .5 2.0
Less: Statistical discrepancy.......... -71.2 -163.0 -81.4 -76.6 -144.9 -103.8 ..... ..... .....
Equals: National income................ 10,974.0 11,795.7 12,270.9 86.4 140.1 42.9 .8 1.2 .4
Compensation of employees............ 7,030.8 7,433.8 7,812.3 1.2 -14.5 -68.8 .0 -.2 -.9
Wage and salary accruals........... 5,676.7 6,028.5 6,355.7 3.8 2.8 -32.9 .1 .0 -.5
Supplements to wages and
salaries.......................... 1,354.1 1,405.3 1,456.6 -2.7 -17.3 -35.9 -.2 -1.2 -2.4
Proprietors' income with inventory
valuation and capital
consumption adjustments............. 959.8 1,014.7 1,056.2 -10.1 8.0 13.6 -1.0 .8 1.3
Rental income of persons with
capital consumption adjustment...... 40.9 44.3 40.0 -2.0 -10.2 -25.4 -4.7 -18.7 -38.8
Corporate profits with inventory
valuation and capital
consumption adjustments............. 1,447.9 1,668.5 1,642.4 75.1 114.8 47.2 5.5 7.4 3.0
Net interest and miscellaneous
payments............................ 569.1 631.2 664.4 11.1 32.7 61.8 2.0 5.5 10.3
Taxes on production and imports
less subsidies...................... 868.9 926.4 963.2 5.8 8.8 1.8 .7 1.0 .2
Business current transfer payments... 70.0 85.4 100.2 3.5 -4.8 6.0 5.3 -5.3 6.4
Current surplus of government
enterprises......................... -13.4 -8.6 -7.9 1.7 5.3 6.6 -11.3 -38.1 -45.5
Disposition of personal income
Personal income........................ 10,269.8 10,993.9 11,663.2 -31.3 10.5 -2.4 -.3 .1 .0
Compensation of employees,
received............................ 7,025.8 7,432.6 7,818.6 1.2 -8.2 -40.0 .0 -.1 -.5
Wage and salary disbursements...... 5,671.7 6,027.2 6,362.0 3.8 9.0 -4.1 .1 .1 -.1
Supplements to wages and
salaries.......................... 1,354.1 1,405.3 1,456.6 -2.7 -17.3 -35.9 -.2 -1.2 -2.4
Proprietors' income with
inventory valuation and capital
consumption adjustments............. 959.8 1,014.7 1,056.2 -10.1 8.0 13.6 -1.0 .8 1.3
Farm............................... 34.1 16.2 44.0 3.3 -3.2 7.8 10.7 -16.5 21.5
Nonfarm............................ 925.7 998.6 1,012.2 -13.4 11.2 5.8 -1.4 1.1 .6
Rental income of persons with
capital consumption adjustment...... 40.9 44.3 40.0 -2.0 -10.2 -25.4 -4.7 -18.7 -38.8
Personal income receipts on assets... 1,596.9 1,824.8 2,000.1 -20.9 28.3 52.9 -1.3 1.6 2.7
Personal interest income........... 1,022.0 1,125.4 1,214.3 3.1 25.2 59.6 .3 2.3 5.2
Personal dividend income........... 574.9 699.4 785.8 -24.0 3.1 -6.7 -4.0 .4 -.8
Personal current transfer
receipts............................ 1,520.7 1,603.0 1,713.3 .0 -9.5 -18.4 .0 -.6 -1.1
Less: Contributions for government
social insurance.................... 874.3 925.5 965.1 -.5 -2.1 -14.8 -.1 -.2 -1.5
Less: Personal current taxes........... 1,207.8 1,353.2 1,492.8 -1.3 -1.1 9.1 -.1 -.1 .6
Equals: Disposable personal income..... 9,062.0 9,640.7 10,170.5 -30.0 11.6 -11.4 -.3 .1 -.1
Less: Personal outlays................. 9,029.5 9,570.0 10,113.1 -17.9 -20.3 -21.0 -.2 -.2 -.2
Equals: Personal saving................ 32.5 70.7 57.4 -12.1 31.9 9.6 ..... ..... .....
Personal saving as a percentage
of disposable personal income....... .4 .7 .6 -.1 .3 .1 ..... ..... .....
Addenda:
Statistical discrepancy as a
percentage of GDP..................... -.6 -1.2 -.6 -.6 -1.1 -.8 ..... ..... .....
Gross domestic income.................. 12,493.0 13,341.4 13,889.0 64.4 128.6 70.1 .5 1.0 .5
---------------------------------------------------------------------------------------------------------------------------------
Table 2.--Contributions to Percent Change in Real Gross Domestic Product
[Quarters seasonally adjusted at annual rates]
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
2004 2005 2006 2007 IV 04 I 05 II 05 III 05 IV 05 I 06 II 06 III 06 IV 06 I 07 II 07 III 07 IV 07 I 08 II 08
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
Percent change at annual rate:
Gross domestic product.......... 3.6 2.9 2.8 2.0 2.5 3.0 2.6 3.8 1.3 4.8 2.7 .8 1.5 .1 4.8 4.8 -.2 .9 1.9
Percentage points at annual rates:
Personal consumption expenditures. 2.56 2.13 2.13 1.95 2.93 1.25 2.50 2.59 .94 2.86 1.88 1.52 2.55 2.71 1.42 1.44 .67 .61 1.08
Durable goods................... .53 .38 .36 .38 .57 .04 .95 .44 -1.02 1.37 .14 .27 .33 .71 .40 .19 .03 -.33 -.23
Motor vehicles and parts...... .08 -.01 -.09 .07 .23 -.32 .53 .15 -1.59 .53 .06 .06 .01 .30 .05 -.22 -.03 -.35 -.60
Furniture and household
equipment.................... .35 .30 .35 .24 .25 .26 .29 .37 .41 .55 .15 .20 .23 .34 .17 .26 .11 .05 .37
Other......................... .10 .08 .10 .08 .09 .11 .13 -.08 .17 .29 -.06 .00 .09 .07 .17 .15 -.06 -.04 .00
Nondurable goods................ .71 .69 .74 .50 .97 .49 .83 .59 .93 .85 .62 .46 .62 .71 .40 .25 .05 -.08 .83
Food.......................... .31 .36 .38 .18 .60 .32 .29 .45 .37 .50 .43 .10 .20 .12 .27 .03 .27 .13 .28
Clothing and shoes............ .14 .17 .16 .13 .23 .15 .27 .00 .35 .18 .02 .14 .12 .25 .08 .12 -.09 .08 .26
Gasoline, fuel oil, and other
energy goods................. .03 -.01 -.05 .02 .00 -.09 .09 .02 -.04 -.17 -.11 .03 .03 .13 -.07 -.01 -.05 -.18 -.04
Other......................... .24 .17 .25 .17 .14 .12 .17 .11 .25 .33 .27 .19 .26 .22 .12 .11 -.08 -.10 .33
Services........................ 1.32 1.06 1.02 1.07 1.39 .72 .72 1.55 1.02 .64 1.12 .79 1.61 1.29 .62 1.00 .59 1.02 .47
Housing....................... .32 .33 .34 .16 .31 .34 .36 .39 .35 .37 .31 .25 .22 .12 .09 .08 .12 .05 .18
Household operation........... .10 .06 -.02 .07 .15 .01 .02 .15 -.01 -.42 .26 .10 .03 .08 .02 .06 .09 .07 .07
Electricity and gas......... .02 .04 -.05 .03 .15 .03 .00 .12 -.04 -.42 .20 .05 -.01 .07 -.04 .02 .01 .11 .05
Other household operation... .08 .03 .03 .04 .01 -.02 .01 .04 .03 .01 .06 .05 .04 .00 .06 .04 .08 -.05 .02
Transportation................ .04 .03 .05 .05 .06 .02 .02 .02 .01 .08 .08 .03 .10 .03 .04 .06 -.02 .04 -.05
Medical care.................. .36 .40 .31 .35 .40 .31 .37 .48 .39 .37 .15 .07 .35 .63 .13 .45 .48 .59 .41
Recreation.................... .14 .06 .09 .13 .03 .08 .02 .04 .04 .08 .04 .18 .36 .06 .08 .07 -.01 -.14 .03
Other......................... .36 .18 .24 .31 .44 -.03 -.08 .46 .24 .16 .27 .15 .55 .37 .27 .28 -.08 .40 -.16
Gross private domestic investment. 1.48 .95 .35 -.90 1.04 1.48 -.86 .69 1.98 1.15 -.02 -.92 -2.68 -1.63 .94 .54 -1.93 -.89 -2.28
Fixed investment................ 1.10 1.08 .32 -.50 1.14 .85 1.21 .88 .41 1.39 -.40 -.81 -1.27 -.57 .47 -.15 -.97 -.86 -.36
Nonresidential................ .56 .71 .77 .52 1.00 .37 .64 .64 .40 1.62 .71 .59 -.09 .33 1.07 .91 .36 .26 .25
Structures.................. .03 .03 .23 .40 .00 .19 -.04 -.26 .05 .42 .54 .42 .08 .35 .57 .65 .29 .30 .51
Equipment and software...... .53 .67 .54 .13 1.01 .18 .68 .90 .35 1.20 .16 .17 -.18 -.02 .50 .26 .07 -.04 -.25
Information processing
equipment and software... .33 .29 .32 .34 .41 .23 .31 .36 .33 .61 .15 .34 .04 .57 .41 .31 .37 .27 .35
Computers and peripheral
equipment.............. .08 .10 .15 .11 .24 -.06 .12 .09 .22 .16 .17 .13 .02 .17 .09 .12 .12 .10 .08
Software................ .14 .11 .06 .15 .17 .07 .16 .04 .10 .03 .02 .07 .14 .21 .22 .10 .16 .16 .08
Other................... .12 .08 .11 .08 .00 .22 .03 .23 .02 .41 -.04 .14 -.11 .19 .09 .09 .10 .00 .19
Industrial equipment...... -.04 .10 .07 .02 .06 .12 -.04 .19 .19 -.07 .25 -.12 -.02 -.10 .34 -.04 -.20 .01 .08
Transportation equipment.. .16 .17 .09 -.17 .40 -.20 .24 .31 -.24 .52 -.25 .06 -.15 -.21 -.32 -.07 -.18 -.16 -.60
Other equipment........... .07 .11 .05 -.07 .13 .04 .17 .04 .07 .15 .02 -.12 -.05 -.28 .07 .06 .08 -.16 -.07
Residential................... .53 .37 -.45 -1.02 .14 .48 .57 .25 .01 -.23 -1.11 -1.40 -1.18 -.91 -.60 -1.06 -1.33 -1.12 -.62
Change in private inventories... .39 -.13 .03 -.40 -.11 .63 -2.07 -.19 1.56 -.24 .38 -.11 -1.41 -1.06 .47 .69 -.96 -.02 -1.92
Farm.......................... .06 -.06 -.03 .04 -.14 -.22 .14 .19 -.15 .02 -.24 .00 .12 -.07 .14 -.08 .47 -.17 -.18
Nonfarm....................... .32 -.07 .06 -.44 .03 .85 -2.20 -.39 1.71 -.26 .62 -.12 -1.52 -.99 .33 .77 -1.43 .15 -1.74
Net exports of goods and services. -.68 -.21 -.02 .58 -1.07 .28 .79 -.07 -1.26 .09 .59 -.12 1.33 -1.20 1.66 2.03 .94 .77 2.42
Exports......................... .93 .71 .96 .95 .97 .80 .89 .04 1.09 1.70 .58 .39 1.66 .06 1.01 2.54 .53 .63 1.16
Goods......................... .60 .54 .73 .59 .49 .49 .98 -.06 .91 1.27 .49 .28 .78 .15 .55 1.66 .43 .39 1.02
Services...................... .33 .17 .23 .36 .49 .31 -.09 .10 .18 .42 .09 .11 .87 -.09 .46 .88 .10 .24 .14
Imports......................... -1.61 -.93 -.98 -.37 -2.04 -.52 -.10 -.11 -2.35 -1.61 .01 -.51 -.33 -1.25 .65 -.51 .40 .14 1.26
Goods......................... -1.33 -.89 -.82 -.25 -1.78 -.67 -.10 -.14 -2.18 -1.18 -.04 -.51 .13 -1.14 .59 -.34 .38 .29 1.00
Services...................... -.27 -.04 -.16 -.12 -.26 .15 .00 .03 -.17 -.43 .05 .01 -.46 -.11 .06 -.17 .02 -.15 .26
Government consumption expenditures
and gross investment............. .27 .07 .32 .40 -.35 -.04 .17 .65 -.34 .72 .23 .32 .30 .17 .77 .75 .16 .38 .67
Federal......................... .29 .09 .16 .11 -.33 .08 .08 .66 -.53 .66 -.11 .13 .12 -.26 .47 .51 -.04 .41 .48
National defense.............. .27 .07 .08 .12 -.48 .14 .18 .56 -.73 .39 .09 -.04 .32 -.29 .40 .48 -.04 .34 .36
Consumption expenditures.... .21 .04 .04 .11 -.45 .22 .06 .45 -.70 .40 -.02 .00 .14 -.08 .28 .45 -.06 .31 .16
Gross investment............ .06 .03 .04 .01 -.04 -.08 .12 .11 -.02 -.01 .11 -.05 .18 -.21 .12 .03 .02 .04 .20
Nondefense.................... .03 .01 .08 .00 .15 -.07 -.11 .10 .20 .27 -.20 .17 -.20 .03 .07 .03 .01 .06 .12
Consumption expenditures..... .02 .00 .05 .00 .12 -.03 -.12 .03 .10 .22 -.14 .15 -.20 .06 .02 .03 -.02 .06 .08
Gross investment............. .00 .01 .03 .00 .03 -.03 .01 .07 .10 .05 -.07 .03 .01 -.04 .05 -.01 .02 .01 .04
State and local................. -.02 -.01 .16 .28 -.01 -.12 .10 -.01 .19 .06 .34 .19 .18 .43 .30 .24 .19 -.03 .20
Consumption expenditures.... .01 .01 .16 .20 .11 -.13 .02 .06 .09 .23 .16 .24 .23 .20 .17 .15 .15 .14 .10
Gross investment............ -.03 -.03 .00 .09 -.12 .01 .08 -.07 .10 -.18 .18 -.05 -.06 .24 .13 .09 .04 -.18 .09
Addenda:
Goods........................... 1.50 1.35 1.67 .97 1.18 1.12 1.49 1.68 .65 3.40 1.84 .51 .42 -.80 3.08 2.71 .01 .29 .71
Services........................ 1.62 1.25 1.35 1.61 1.41 1.24 .59 2.23 .52 1.48 1.26 1.29 2.19 1.26 1.61 2.35 .79 1.62 1.21
Structures...................... .51 .34 -.24 -.55 -.03 .62 .54 -.06 .15 -.07 -.42 -1.00 -1.10 -.41 .09 -.30 -.97 -1.03 -.02
Motor vehicle output............ .14 .13 -.03 -.03 -.34 .15 .24 .76 -1.22 .59 -.34 .40 -.65 .10 .13 .47 -.86 -.41 -1.07
Final sales of computers........ .04 .15 .15 .13 .29 .06 .22 .07 .21 .16 .15 .04 .20 -.03 .21 .28 .14 .05 .12
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
See "Explanatory Note" at the end of the tables.
Table 2A.--Contributions to Percent Change in Real Gross Domestic Produc
[Quarters seasonally adjusted at annual rates]
------------------------------------------------------------------------------------------------------------------------------------------------------------------
2004 2005 2006 2007 IV 04 I 05 II 05 III 05 IV 05 I 06 II 06 III 06 IV 06 I 07 II 07 III 07 IV 07 I 08
------------------------------------------------------------------------------------------------------------------------------------------------------------------
Percent change at annual rate:
Gross domestic product.......... 3.6 2.9 2.8 2.0 2.5 3.0 2.6 3.8 1.3 4.8 2.7 .8 1.5 .1 4.8 4.8 -.2 .9
Previously published.......... 3.6 3.1 2.9 2.2 2.5 3.1 2.8 4.5 1.2 4.8 2.4 1.1 2.1 .6 3.8 4.9 .6 1.0
Percentage points at annual rates:
Personal consumption expenditures. 2.56 2.13 2.13 1.95 2.93 1.25 2.50 2.59 .94 2.86 1.88 1.52 2.55 2.71 1.42 1.44 .67 .61
Previously published............ 2.56 2.24 2.15 2.02 2.93 1.68 2.40 2.82 .84 3.00 1.63 1.88 2.68 2.56 1.00 2.01 1.58 .81
Durable goods................... .53 .38 .36 .38 .57 .04 .95 .44 -1.02 1.37 .14 .27 .33 .71 .40 .19 .03 -.33
Previously published.......... .53 .40 .31 .36 .57 .18 .90 .51 -1.13 1.23 .07 .43 .30 .67 .14 .35 .15 -.47
Motor vehicles and parts...... .08 -.01 -.09 .07 .23 -.32 .53 .15 -1.59 .53 .06 .06 .01 .30 .05 -.22 -.03 -.35
Previously published........ .08 .00 -.11 .07 .23 -.27 .48 .20 -1.57 .48 -.04 .16 .00 .35 -.10 -.17 .09 -.44
Furniture and household
equipment.................... .35 .30 .35 .24 .25 .26 .29 .37 .41 .55 .15 .20 .23 .34 .17 .26 .11 .05
Previously published....... .35 .31 .35 .23 .25 .31 .28 .39 .35 .54 .17 .24 .25 .28 .13 .31 .13 .03
Other......................... .10 .08 .10 .08 .09 .11 .13 -.08 .17 .29 -.06 .00 .09 .07 .17 .15 -.06 -.04
Previously published........ .10 .09 .07 .06 .09 .13 .14 -.08 .09 .22 -.06 .04 .05 .04 .11 .20 -.06 -.06
Nondurable goods................ .71 .69 .74 .50 .97 .49 .83 .59 .93 .85 .62 .46 .62 .71 .40 .25 .05 -.08
Previously published.......... .71 .72 .74 .48 .97 .71 .74 .50 .93 .91 .47 .64 .86 .61 -.10 .46 .25 -.03
Food.......................... .31 .36 .38 .18 .60 .32 .29 .45 .37 .50 .43 .10 .20 .12 .27 .03 .27 .13
Previously published........ .31 .38 .38 .22 .60 .31 .38 .49 .40 .47 .13 .24 .68 .16 -.14 .13 .39 .15
Clothing and shoes............ .14 .17 .16 .13 .23 .15 .27 .00 .35 .18 .02 .14 .12 .25 .08 .12 -.09 .08
Previously published........ .14 .17 .13 .12 .23 .18 .27 .00 .29 .11 .05 .14 .10 .22 .06 .17 -.10 .05
Gasoline, fuel oil, and other
energy goods................. .03 -.01 -.05 .02 .00 -.09 .09 .02 -.04 -.17 -.11 .03 .03 .13 -.07 -.01 -.05 -.18
Previously published....... .03 -.02 -.01 -.03 .00 .05 -.11 -.11 .06 .02 .02 .05 -.15 .06 -.12 -.02 -.04 -.18
Other......................... .24 .17 .25 .17 .14 .12 .17 .11 .25 .33 .27 .19 .26 .22 .12 .11 -.08 -.10
Previously published........ .24 .19 .23 .17 .14 .17 .20 .13 .18 .31 .27 .20 .23 .17 .10 .18 -.01 -.05
Services........................ 1.32 1.06 1.02 1.07 1.39 .72 .72 1.55 1.02 .64 1.12 .79 1.61 1.29 .62 1.00 .59 1.02
Previously published.......... 1.32 1.12 1.11 1.18 1.39 .79 .76 1.81 1.05 .86 1.10 .81 1.52 1.28 .96 1.20 1.18 1.31
Housing....................... .32 .33 .34 .16 .31 .34 .36 .39 .35 .37 .31 .25 .22 .12 .09 .08 .12 .05
Previously published........ .32 .33 .28 .25 .31 .36 .36 .36 .30 .30 .23 .18 .20 .26 .29 .27 .34 .23
Household operation........... .10 .06 -.02 .07 .15 .01 .02 .15 -.01 -.42 .26 .10 .03 .08 .02 .06 .09 .07
Previously published........ .10 .08 -.03 .12 .15 .04 -.02 .33 -.22 -.40 .17 .16 .13 .04 .05 .23 .22 .13
Electricity and gas......... .02 .04 -.05 .03 .15 .03 .00 .12 -.04 -.42 .20 .05 -.01 .07 -.04 .02 .01 .11
Previously published...... .02 .04 -.05 .09 .15 .03 -.04 .29 -.21 -.42 .14 .17 .07 .03 .02 .21 .19 .19
Other household operation... .08 .03 .03 .04 .01 -.02 .01 .04 .03 .01 .06 .05 .04 .00 .06 .04 .08 -.05
Previously published...... .08 .03 .02 .03 .01 .01 .02 .04 -.01 .02 .03 -.01 .07 .01 .03 .02 .03 -.06
Transportation................ .04 .03 .05 .05 .06 .02 .02 .02 .01 .08 .08 .03 .10 .03 .04 .06 -.02 .04
Previously published........ .04 .03 .03 .08 .06 .02 .01 .01 .03 .06 -.03 .06 .11 .07 .11 .09 .07 .06
Medical care.................. .36 .40 .31 .35 .40 .31 .37 .48 .39 .37 .15 .07 .35 .63 .13 .45 .48 .59
Previously published........ .36 .41 .40 .33 .40 .27 .38 .53 .53 .49 .26 .12 .34 .47 .28 .27 .51 .62
Recreation.................... .14 .06 .09 .13 .03 .08 .02 .04 .04 .08 .04 .18 .36 .06 .08 .07 -.01 -.14
Previously published........ .14 .06 .09 .11 .03 .09 .03 .06 .08 .07 .02 .19 .30 .06 .03 .10 .00 -.12
Other......................... .36 .18 .24 .31 .44 -.03 -.08 .46 .24 .16 .27 .15 .55 .37 .27 .28 -.08 .40
Previously published........ .36 .21 .34 .29 .44 .00 .00 .53 .32 .34 .45 .11 .44 .39 .19 .24 .03 .39
Gross private domestic investment. 1.48 .95 .35 -.90 1.04 1.48 -.86 .69 1.98 1.15 -.02 -.92 -2.68 -1.63 .94 .54 -1.93 -.89
Previously published............ 1.48 .91 .45 -.82 1.04 .89 -.64 1.15 2.13 .78 .13 -.70 -2.50 -1.36 .71 .77 -2.40 -1.04
Fixed investment................ 1.10 1.08 .32 -.50 1.14 .85 1.21 .88 .41 1.39 -.40 -.81 -1.27 -.57 .47 -.15 -.97 -.86
Previously published.......... 1.10 1.09 .39 -.48 1.14 .68 1.26 1.28 .38 1.27 -.32 -.80 -1.19 -.70 .49 -.11 -.62 -1.06
Nonresidential................ .56 .71 .77 .52 1.00 .37 .64 .64 .40 1.62 .71 .59 -.09 .33 1.07 .91 .36 .26
Previously published........ .56 .70 .68 .49 1.00 .36 .51 .87 .35 1.31 .44 .53 -.15 .22 1.12 .96 .63 .06
Structures.................. .03 .03 .23 .40 .00 .19 -.04 -.26 .05 .42 .54 .42 .08 .35 .57 .65 .29 .30
Previously published...... .03 .01 .24 .40 .00 .06 -.04 -.17 .12 .39 .45 .31 .23 .20 .78 .52 .41 .04
Equipment and software...... .53 .67 .54 .13 1.01 .18 .68 .90 .35 1.20 .16 .17 -.18 -.02 .50 .26 .07 -.04
Previously published...... .53 .69 .44 .10 1.01 .30 .55 1.04 .23 .92 -.01 .21 -.38 .02 .34 .44 .22 .02
Information processing
equipment and software... .33 .29 .32 .34 .41 .23 .31 .36 .33 .61 .15 .34 .04 .57 .41 .31 .37 .27
Previously published... .33 .34 .27 .29 .41 .46 .32 .32 .26 .48 .05 .24 -.06 .56 .36 .24 .51 .30
Computers and peripheral
equipment.............. .08 .10 .15 .11 .24 -.06 .12 .09 .22 .16 .17 .13 .02 .17 .09 .12 .12 .10
Previously published. .08 .17 .12 .12 .24 .13 .19 .11 .23 .06 .11 .09 .03 .25 .08 .08 .20 .12
Software................ .14 .11 .06 .15 .17 .07 .16 .04 .10 .03 .02 .07 .14 .21 .22 .10 .16 .16
Previously published.. .14 .10 .06 .10 .17 .07 .14 .02 .05 .08 .03 .05 .04 .14 .16 .07 .18 .17
Other................... .12 .08 .11 .08 .00 .22 .03 .23 .02 .41 -.04 .14 -.11 .19 .09 .09 .10 .00
Previously published.. .12 .08 .10 .07 .00 .26 -.01 .19 -.01 .34 -.09 .10 -.12 .18 .11 .09 .13 .00
Industrial equipment...... -.04 .10 .07 .02 .06 .12 -.04 .19 .19 -.07 .25 -.12 -.02 -.10 .34 -.04 -.20 .01
Previously published.... -.04 .09 .05 .02 .06 .15 -.12 .23 .11 -.08 .17 -.04 -.08 -.04 .19 .10 -.18 .04
Transportation equipment.. .16 .17 .09 -.17 .40 -.20 .24 .31 -.24 .52 -.25 .06 -.15 -.21 -.32 -.07 -.18 -.16
Previously published.... .16 .13 .09 -.15 .40 -.34 .14 .40 -.21 .46 -.24 .10 -.18 -.20 -.32 .03 -.19 -.16
Other equipment........... .07 .11 .05 -.07 .13 .04 .17 .04 .07 .15 .02 -.12 -.05 -.28 .07 .06 .08 -.16
Previously published.... .07 .12 .04 -.06 .13 .04 .21 .09 .07 .06 .00 -.09 -.05 -.30 .11 .07 .08 -.16
Residential................... .53 .37 -.45 -1.02 .14 .48 .57 .25 .01 -.23 -1.11 -1.40 -1.18 -.91 -.60 -1.06 -1.33 -1.12
Previously published........ .53 .39 -.29 -.98 .14 .32 .75 .42 .03 -.05 -.76 -1.33 -1.04 -.93 -.62 -1.08 -1.25 -1.12
Change in private inventories... .39 -.13 .03 -.40 -.11 .63 -2.07 -.19 1.56 -.24 .38 -.11 -1.41 -1.06 .47 .69 -.96 -.02
Previously published.......... .39 -.18 .06 -.33 -.11 .21 -1.90 -.14 1.74 -.49 .46 .10 -1.31 -.65 .22 .89 -1.79 .02
Farm.......................... .06 -.06 -.03 .04 -.14 -.22 .14 .19 -.15 .02 -.24 .00 .12 -.07 .14 -.08 .47 -.17
Previously published........ .06 -.07 .00 .04 -.14 -.25 .13 .12 .01 -.04 -.23 .10 .25 .04 -.05 .01 -.09 -.14
Nonfarm....................... .32 -.07 .06 -.44 .03 .85 -2.20 -.39 1.71 -.26 .62 -.12 -1.52 -.99 .33 .77 -1.43 .15
Previously published........ .32 -.11 .06 -.37 .03 .46 -2.04 -.26 1.73 -.45 .69 .01 -1.56 -.69 .27 .87 -1.69 .16
Net exports of goods and services. -.68 -.21 -.02 .58 -1.07 .28 .79 -.07 -1.26 .09 .59 -.12 1.33 -1.20 1.66 2.03 .94 .77
Previously published............ -.68 -.23 -.08 .59 -1.07 .26 .83 -.10 -1.41 .13 .49 -.25 1.25 -.51 1.32 1.38 1.02 .79
Exports......................... .93 .71 .96 .95 .97 .80 .89 .04 1.09 1.70 .58 .39 1.66 .06 1.01 2.54 .53 .63
Previously published.......... .93 .70 .88 .91 .97 .60 .95 .22 1.07 1.19 .61 .62 1.51 .13 .85 2.10 .77 .66
Goods......................... .60 .54 .73 .59 .49 .49 .98 -.06 .91 1.27 .49 .28 .78 .15 .55 1.66 .43 .39
Previously published........ .60 .53 .73 .62 .49 .40 .92 .14 .87 1.10 .49 .56 .73 .07 .53 1.96 .33 .38
Services...................... .33 .17 .23 .36 .49 .31 -.09 .10 .18 .42 .09 .11 .87 -.09 .46 .88 .10 .24
Previously published........ .33 .17 .16 .28 .49 .20 .03 .08 .20 .10 .13 .07 .78 .05 .33 .14 .45 .28
Imports......................... -1.61 -.93 -.98 -.37 -2.04 -.52 -.10 -.11 -2.35 -1.61 .01 -.51 -.33 -1.25 .65 -.51 .40 .14
Previously published.......... -1.61 -.92 -.96 -.32 -2.04 -.34 -.12 -.32 -2.47 -1.07 -.12 -.88 -.26 -.63 .47 -.72 .24 .12
Goods......................... -1.33 -.89 -.82 -.25 -1.78 -.67 -.10 -.14 -2.18 -1.18 -.04 -.51 .13 -1.14 .59 -.34 .38 .29
Previously published........ -1.33 -.86 -.83 -.22 -1.78 -.43 -.13 -.32 -2.22 -.83 -.12 -.84 .09 -.57 .42 -.67 .39 .28
Services...................... -.27 -.04 -.16 -.12 -.26 .15 .00 .03 -.17 -.43 .05 .01 -.46 -.11 .06 -.17 .02 -.15
Previously published........ -.27 -.06 -.13 -.09 -.26 .09 .01 .00 -.26 -.24 .00 -.03 -.35 -.06 .05 -.05 -.15 -.16
Government consumption expenditures
and gross investment............. .27 .07 .32 .40 -.35 -.04 .17 .65 -.34 .72 .23 .32 .30 .17 .77 .75 .16 .38
Previously published........... .27 .14 .35 .39 -.35 .25 .22 .60 -.37 .92 .18 .14 .66 -.09 .79 .74 .38 .41
Federal......................... .29 .09 .16 .11 -.33 .08 .08 .66 -.53 .66 -.11 .13 .12 -.26 .47 .51 -.04 .41
Previously published.......... .29 .11 .15 .12 -.33 .19 .05 .59 -.46 .57 -.11 .06 .50 -.46 .41 .50 .04 .30
National defense.............. .27 .07 .08 .12 -.48 .14 .18 .56 -.73 .39 .09 -.04 .32 -.29 .40 .48 -.04 .34
Previously published........ .27 .07 .09 .13 -.48 .22 .12 .46 -.59 .31 .11 -.07 .74 -.54 .39 .47 -.03 .27
Consumption expenditures.... .21 .04 .04 .11 -.45 .22 .06 .45 -.70 .40 -.02 .00 .14 -.08 .28 .45 -.06 .31
Previously published...... .21 .04 .05 .13 -.45 .26 .01 .41 -.57 .30 -.05 .00 .60 -.40 .35 .39 .05 .24
Gross investment............ .06 .03 .04 .01 -.04 -.08 .12 .11 -.02 -.01 .11 -.05 .18 -.21 .12 .03 .02 .04
Previously published...... .06 .03 .04 .01 -.04 -.05 .11 .05 -.02 .01 .15 -.07 .15 -.14 .04 .08 -.08 .03
Nondefense.................... .03 .01 .08 .00 .15 -.07 -.11 .10 .20 .27 -.20 .17 -.20 .03 .07 .03 .01 .06
Previously published........ .03 .03 .06 -.01 .15 -.02 -.07 .13 .13 .27 -.22 .14 -.24 .08 .02 .03 .06 .04
Consumption expenditures.... .02 .00 .05 .00 .12 -.03 -.12 .03 .10 .22 -.14 .15 -.20 .06 .02 .03 -.02 .06
Previously published...... .02 .01 .05 .00 .12 -.02 -.08 .07 .06 .23 -.15 .13 -.23 .14 -.02 .04 .04 .03
Gross investment............ .00 .01 .03 .00 .03 -.03 .01 .07 .10 .05 -.07 .03 .01 -.04 .05 -.01 .02 .01
Previously published...... .00 .02 .02 -.01 .03 .00 .01 .06 .07 .04 -.07 .01 -.02 -.06 .04 -.01 .02 .01
State and local................. -.02 -.01 .16 .28 -.01 -.12 .10 -.01 .19 .06 .34 .19 .18 .43 .30 .24 .19 -.03
Previously published.......... -.02 .04 .19 .27 -.01 .05 .17 .01 .09 .35 .29 .08 .16 .36 .37 .24 .34 .10
Consumption expenditures.... .01 .01 .16 .20 .11 -.13 .02 .06 .09 .23 .16 .24 .23 .20 .17 .15 .15 .14
Previously published...... .01 .07 .13 .18 .11 .02 .09 .12 .09 .15 .11 .18 .19 .20 .19 .13 .22 .23
Gross investment............ -.03 -.03 .00 .09 -.12 .01 .08 -.07 .10 -.18 .18 -.05 -.06 .24 .13 .09 .04 -.18
Previously published...... -.03 -.03 .06 .09 -.12 .03 .08 -.11 .00 .20 .18 -.10 -.03 .17 .18 .11 .12 -.12
Addenda:
Goods........................... 1.50 1.35 1.67 .97 1.18 1.12 1.49 1.68 .65 3.40 1.84 .51 .42 -.80 3.08 2.71 .01 .29
Previously published.......... 1.50 1.36 1.53 1.02 1.18 1.32 1.23 1.83 .49 2.95 1.45 1.06 .36 .06 1.65 3.48 -.49 .27
Services........................ 1.62 1.25 1.35 1.61 1.41 1.24 .59 2.23 .52 1.48 1.26 1.29 2.19 1.26 1.61 2.35 .79 1.62
Previously published.......... 1.62 1.36 1.36 1.68 1.41 1.34 .82 2.50 .56 1.39 1.15 1.15 2.50 1.21 1.85 1.86 1.80 1.93
Structures...................... .51 .34 -.24 -.55 -.03 .62 .54 -.06 .15 -.07 -.42 -1.00 -1.10 -.41 .09 -.30 -.97 -1.03
Previously published.......... .51 .35 -.01 -.51 -.03 .42 .76 .14 .14 .48 -.16 -1.14 -.77 -.68 .32 -.43 -.73 -1.24
Motor vehicle output............ .14 .13 -.03 -.03 -.34 .15 .24 .76 -1.22 .59 -.34 .40 -.65 .10 .13 .47 -.86 -.41
Previously published.......... .14 .14 -.04 -.07 -.34 .18 .16 .92 -1.21 .51 -.37 .44 -.74 .18 .03 .36 -.86 -.48
Final sales of computers........ .04 .15 .15 .13 .29 .06 .22 .07 .21 .16 .15 .04 .20 -.03 .21 .28 .14 .05
Previously published.......... .04 .22 .13 .13 .29 .24 .31 .15 .22 .05 .13 .03 .16 -.01 .21 .28 .16 .09
------------------------------------------------------------------------------------------------------------------------------------------------------------------
See "Explanatory Note" at the end of the tables.
Table 3A.--Gross Domestic Product and Related Measures
[Billions of dollars; quarters seasonally adjusted at annual rates]
-------------------------------------------------------------------------------------------------------------------------------
2004 2005 2006 2007 I 04 II 04 III 04 IV 04 I 05 II 05
-------------------------------------------------------------------------------------------------------------------------------
Gross domestic product.......... 11,685.9 12,421.9 13,178.4 13,807.5 11,405.5 11,610.3 11,779.4 11,948.5 12,155.4 12,297.5
Personal consumption expenditures.... 8,195.9 8,694.1 9,207.2 9,710.2 8,010.1 8,135.0 8,245.1 8,393.3 8,480.9 8,610.8
Durable goods...................... 983.9 1,020.8 1,052.1 1,082.8 969.6 974.8 986.9 1,004.1 1,006.6 1,033.3
Motor vehicles and parts......... 436.8 443.1 434.0 440.4 432.5 431.6 436.5 446.7 442.0 458.5
Furniture and household
equipment....................... 355.7 377.3 403.5 415.3 347.8 352.8 358.6 363.7 367.9 374.3
Other............................ 191.3 200.3 214.6 227.0 189.3 190.4 191.8 193.7 196.7 200.5
Nondurable goods................... 2,343.7 2,514.1 2,685.2 2,833.0 2,284.2 2,327.7 2,353.5 2,409.3 2,432.4 2,469.9
Food............................. 1,113.1 1,181.2 1,257.4 1,329.1 1,090.5 1,104.0 1,117.0 1,140.8 1,153.2 1,171.7
Clothing and shoes............... 325.0 341.5 360.2 374.0 323.6 321.1 324.6 330.6 335.0 341.4
Gasoline, fuel oil, and other
energy goods.................... 249.7 304.6 336.2 366.9 228.4 250.3 250.9 269.1 269.1 274.7
Other............................ 655.9 686.8 731.4 762.9 641.7 652.2 661.0 668.8 675.2 682.1
Services........................... 4,868.3 5,159.2 5,469.9 5,794.4 4,756.3 4,832.4 4,904.6 4,979.9 5,041.9 5,107.6
Housing.......................... 1,226.8 1,298.7 1,388.7 1,460.9 1,201.8 1,219.0 1,235.2 1,251.2 1,270.3 1,288.7
Household operation.............. 449.0 479.7 502.4 525.7 441.6 445.5 450.9 457.8 462.5 469.8
Electricity and gas............ 175.4 198.3 209.6 218.8 173.2 173.3 174.4 180.8 184.2 189.7
Other household operation...... 273.5 281.3 292.9 306.9 268.4 272.2 276.6 277.0 278.3 280.1
Transportation................... 308.2 324.3 341.2 357.0 303.5 306.4 309.4 313.5 317.5 322.5
Medical care..................... 1,395.5 1,491.3 1,575.8 1,681.1 1,357.7 1,383.4 1,409.3 1,431.5 1,454.9 1,477.5
Recreation....................... 341.8 357.8 380.1 403.4 334.4 340.0 344.7 348.1 352.4 354.7
Other............................ 1,147.1 1,207.4 1,281.6 1,366.3 1,117.2 1,138.3 1,155.0 1,177.9 1,184.3 1,194.3
Gross private domestic investment.... 1,888.6 2,086.1 2,220.4 2,130.4 1,769.6 1,875.6 1,929.7 1,979.5 2,046.0 2,039.7
Fixed investment................... 1,830.0 2,042.8 2,171.1 2,134.0 1,732.6 1,806.6 1,864.7 1,916.1 1,963.3 2,020.3
Nonresidential................... 1,154.5 1,273.1 1,414.1 1,503.8 1,100.4 1,135.5 1,172.7 1,209.5 1,233.6 1,261.0
Structures..................... 298.2 337.6 410.4 480.3 284.0 293.5 303.4 312.0 326.9 333.8
Equipment and software......... 856.3 935.5 1,003.7 1,023.5 816.4 842.0 869.3 897.4 906.7 927.2
Information processing
equipment and software...... 429.6 451.4 482.3 517.7 424.1 426.3 430.3 437.9 442.2 448.0
Computers and peripheral
equipment................. 80.3 81.7 88.8 93.7 77.7 77.4 80.6 85.5 80.6 81.1
Software................... 183.0 195.1 205.7 227.3 180.9 180.3 183.7 187.0 189.9 195.0
Other...................... 166.4 174.6 187.8 196.8 165.5 168.6 166.0 165.4 171.7 171.9
Industrial equipment......... 139.7 157.1 171.2 180.6 132.8 136.5 143.2 146.5 151.8 152.2
Transportation equipment..... 142.9 164.4 177.0 157.2 123.1 138.3 148.9 161.3 157.4 164.2
Other equipment.............. 144.0 162.6 173.1 168.0 136.4 140.8 146.9 151.8 155.4 162.7
Residential...................... 675.5 769.6 757.0 630.2 632.2 671.1 692.0 706.6 729.7 759.3
Change in private inventories...... 58.6 43.3 49.3 -3.6 37.0 69.0 65.0 63.4 82.6 19.4
Farm............................. 8.0 .3 -3.9 1.6 6.2 16.7 6.8 2.4 -3.8 -.4
Nonfarm.......................... 50.5 43.0 53.3 -5.2 30.7 52.3 58.1 61.0 86.5 19.8
Net exports of goods and services.... -615.4 -713.6 -757.3 -707.8 -543.2 -603.1 -632.6 -682.6 -670.7 -680.9
Exports............................ 1,182.4 1,311.5 1,480.8 1,662.4 1,140.9 1,172.8 1,187.3 1,228.6 1,266.8 1,305.1
Goods............................ 818.3 908.4 1,032.1 1,149.2 787.6 811.7 826.0 848.0 871.8 908.6
Services......................... 364.1 403.1 448.7 513.2 353.2 361.1 361.3 380.7 394.9 396.5
Imports............................ 1,797.8 2,025.1 2,238.1 2,370.2 1,684.1 1,775.8 1,820.0 1,911.2 1,937.5 1,986.0
Goods............................ 1,499.5 1,705.3 1,882.7 1,985.2 1,399.0 1,481.3 1,519.3 1,598.4 1,626.5 1,669.0
Services......................... 298.3 319.8 355.4 385.1 285.1 294.6 300.7 312.8 311.0 317.0
Government consumption expenditures
and gross investment................ 2,216.8 2,355.3 2,508.1 2,674.8 2,169.1 2,202.8 2,237.3 2,258.2 2,299.2 2,328.0
Federal............................ 825.6 875.5 932.2 979.3 806.2 821.9 839.4 835.0 861.0 867.1
National defense................. 550.7 588.1 624.1 662.2 536.5 546.5 564.9 555.0 576.1 584.4
Consumption expenditures....... 482.9 515.2 544.6 580.1 472.7 480.4 494.1 484.5 507.5 512.1
Gross investment............... 67.8 72.9 79.5 82.1 63.8 66.1 70.8 70.5 68.6 72.3
Nondefense....................... 274.9 287.4 308.0 317.1 269.7 275.3 274.5 280.0 284.9 282.8
Consumption expenditures....... 240.8 251.1 267.2 276.0 236.9 240.8 240.6 245.0 250.7 248.2
Gross investment............... 34.1 36.3 40.8 41.1 32.9 34.5 33.9 35.0 34.2 34.5
State and local.................... 1,391.2 1,479.8 1,575.9 1,695.5 1,362.9 1,381.0 1,397.9 1,423.2 1,438.2 1,460.9
Consumption expenditures....... 1,120.3 1,191.2 1,269.6 1,355.9 1,099.2 1,110.2 1,124.8 1,147.0 1,159.1 1,174.1
Gross investment............... 270.9 288.6 306.3 339.6 263.7 270.8 273.1 276.2 279.0 286.7
Addenda:
Final sales of domestic product.... 11,627.3 12,378.6 13,129.0 13,811.2 11,368.6 11,541.3 11,714.4 11,885.0 12,072.7 12,278.1
Gross domestic purchases........... 12,301.3 13,135.5 13,935.7 14,515.3 11,948.7 12,213.3 12,412.0 12,631.1 12,826.1 12,978.4
Final sales to domestic purchasers. 12,242.7 13,092.1 13,886.4 14,519.0 11,911.8 12,144.3 12,347.0 12,567.6 12,743.4 12,959.0
Gross domestic product............. 11,685.9 12,421.9 13,178.4 13,807.5 11,405.5 11,610.3 11,779.4 11,948.5 12,155.4 12,297.5
Plus: Income receipts
from the rest of the world........ 437.5 573.5 725.4 861.7 407.5 425.4 446.5 470.6 536.0 551.8
Less: Income payments to
the rest of the world............. 361.3 480.5 647.1 759.3 311.3 352.6 363.5 417.9 433.4 459.6
Equals: Gross national product..... 11,762.1 12,514.9 13,256.6 13,910.0 11,501.7 11,683.1 11,862.3 12,001.1 12,258.0 12,389.7
Net domestic product............... 10,249.8 10,809.9 11,554.4 12,087.1 10,031.9 10,216.0 10,244.8 10,506.5 10,688.2 10,803.5
-------------------------------------------------------------------------------------------------------------------------------
See "Explanatory Note" at the end of the tables.
Table 3A.--Gross Domestic Product and Related Measures--Continued
[Billions of dollars; quarters seasonally adjusted at annual rates]
-------------------------------------------------------------------------------------------------------------------------------------------------
III 05 IV 05 I 06 II 06 III 06 IV 06 I 07 II 07 III 07 IV 07 I 08 II 08
-------------------------------------------------------------------------------------------------------------------------------------------------
Gross domestic product.......... 12,538.2 12,696.4 12,959.6 13,134.1 13,249.6 13,370.1 13,510.9 13,737.5 13,950.6 14,031.2 14,150.8 14,256.5
Personal consumption expenditures.... 8,791.1 8,893.7 9,026.3 9,161.9 9,283.7 9,357.0 9,524.9 9,657.5 9,765.6 9,892.7 10,002.3 10,144.3
Durable goods...................... 1,038.7 1,004.4 1,046.5 1,049.1 1,054.4 1,058.2 1,076.6 1,085.3 1,086.2 1,083.0 1,071.0 1,058.7
Motor vehicles and parts......... 460.0 412.0 431.5 433.9 436.6 434.0 442.0 444.0 437.9 437.8 424.7 402.2
Furniture and household
equipment....................... 379.1 387.8 401.4 402.0 403.7 406.7 413.7 415.2 417.2 415.3 415.1 422.3
Other............................ 199.6 204.6 213.6 213.2 214.2 217.4 220.9 226.2 231.1 229.9 231.3 234.2
Nondurable goods................... 2,554.8 2,599.4 2,629.3 2,681.5 2,726.3 2,703.8 2,761.5 2,817.7 2,846.6 2,906.2 2,950.7 3,027.8
Food............................. 1,190.4 1,209.7 1,233.2 1,252.2 1,265.4 1,278.8 1,297.7 1,321.2 1,337.9 1,359.8 1,380.5 1,412.3
Clothing and shoes............... 339.8 349.8 354.4 357.9 362.5 366.1 374.6 372.9 375.4 373.2 375.5 381.9
Gasoline, fuel oil, and other
energy goods.................... 335.8 338.8 325.4 343.3 362.2 314.0 332.5 362.7 367.1 405.3 423.7 448.1
Other............................ 688.8 701.1 716.3 728.2 736.2 744.9 756.7 761.0 766.1 767.9 771.1 785.6
Services........................... 5,197.6 5,289.9 5,350.5 5,431.3 5,502.9 5,595.0 5,686.8 5,754.4 5,832.8 5,903.5 5,980.6 6,057.7
Housing.......................... 1,307.5 1,328.4 1,351.8 1,377.9 1,401.8 1,423.5 1,440.1 1,453.8 1,466.9 1,482.7 1,495.1 1,508.8
Household operation.............. 483.0 503.3 495.5 499.7 506.1 508.4 517.5 524.0 526.9 534.3 541.7 563.0
Electricity and gas............ 200.9 218.4 208.0 209.0 211.6 209.7 216.8 219.0 218.3 221.1 228.1 244.9
Other household operation...... 282.1 284.9 287.5 290.7 294.5 298.8 300.7 305.0 308.6 313.2 313.6 318.0
Transportation................... 326.7 330.5 334.8 340.2 343.0 347.0 350.6 354.2 360.4 362.9 368.8 374.0
Medical care..................... 1,503.3 1,529.7 1,548.5 1,566.4 1,583.0 1,605.1 1,649.1 1,663.0 1,690.2 1,721.9 1,746.6 1,771.5
Recreation....................... 359.5 364.4 369.2 374.2 383.4 393.7 396.0 402.0 405.9 409.7 408.2 411.9
Other............................ 1,217.5 1,233.5 1,250.6 1,272.9 1,285.6 1,317.3 1,333.5 1,357.4 1,382.5 1,392.0 1,420.2 1,428.5
Gross private domestic investment.... 2,084.2 2,174.6 2,236.7 2,253.7 2,231.7 2,159.5 2,117.8 2,147.2 2,164.0 2,092.3 2,056.1 1,979.9
Fixed investment................... 2,073.2 2,114.3 2,183.6 2,187.9 2,169.2 2,143.6 2,133.4 2,148.1 2,141.0 2,113.4 2,081.7 2,074.9
Nonresidential................... 1,286.1 1,311.8 1,375.5 1,408.3 1,433.0 1,439.6 1,456.4 1,493.7 1,522.9 1,542.1 1,553.6 1,571.5
Structures..................... 337.3 352.4 377.4 406.0 424.4 433.9 449.6 469.8 492.9 508.7 522.7 545.4
Equipment and software......... 948.8 959.3 998.1 1,002.3 1,008.6 1,005.6 1,006.8 1,023.9 1,030.0 1,033.4 1,030.9 1,026.1
Information processing
equipment and software...... 454.6 460.6 476.6 478.7 487.5 486.5 503.1 514.1 521.1 532.5 539.6 552.8
Computers and peripheral
equipment................. 80.7 84.3 86.9 89.1 90.3 88.8 92.5 92.8 93.7 95.7 95.8 97.0
Software................... 196.1 199.2 201.3 203.6 206.8 211.3 218.2 225.8 229.5 235.6 241.8 246.2
Other...................... 177.8 177.1 188.4 186.0 190.4 186.5 192.5 195.5 197.9 201.2 202.0 209.7
Industrial equipment......... 158.6 165.8 164.7 174.2 172.6 173.4 172.1 185.1 185.2 179.9 182.0 187.4
Transportation equipment..... 170.6 165.5 183.3 174.8 176.3 173.4 168.1 157.8 154.6 148.4 142.1 120.6
Other equipment.............. 164.9 167.4 173.5 174.6 172.2 172.3 163.4 166.9 169.2 172.6 167.3 165.2
Residential...................... 787.1 802.5 808.1 779.6 736.2 704.0 677.0 654.4 618.1 571.3 528.1 503.4
Change in private inventories...... 11.0 60.3 53.1 65.9 62.5 15.8 -15.6 -.9 23.0 -21.1 -25.6 -95.0
Farm............................. 5.2 .3 1.0 -6.9 -6.7 -3.0 -2.1 2.9 -.2 5.7 .2 -5.1
Nonfarm.......................... 5.8 60.0 52.1 72.8 69.3 18.8 -13.5 -3.8 23.2 -26.7 -25.8 -89.9
Net exports of goods and services.... -725.1 -777.7 -761.7 -777.2 -792.7 -697.7 -728.8 -723.1 -682.6 -696.7 -705.7 -737.3
Exports............................ 1,314.5 1,359.6 1,423.2 1,462.8 1,492.5 1,544.5 1,560.5 1,614.4 1,714.9 1,759.7 1,820.8 1,907.5
Goods............................ 909.6 943.5 990.9 1,022.3 1,044.5 1,070.7 1,085.0 1,116.8 1,181.2 1,213.7 1,256.9 1,328.9
Services......................... 404.9 416.1 432.4 440.5 448.0 473.8 475.5 497.6 533.8 546.0 563.9 578.6
Imports............................ 2,039.6 2,137.4 2,184.9 2,240.0 2,285.2 2,242.2 2,289.4 2,337.5 2,397.5 2,456.5 2,526.5 2,644.8
Goods............................ 1,717.5 1,808.2 1,838.7 1,887.2 1,929.8 1,875.1 1,917.4 1,957.1 2,005.4 2,060.9 2,118.0 2,229.8
Services......................... 322.1 329.2 346.3 352.8 355.4 367.2 372.0 380.5 392.1 395.6 408.5 414.9
Government consumption expenditures
and gross investment................ 2,388.0 2,405.9 2,458.4 2,495.7 2,526.9 2,551.4 2,597.0 2,655.9 2,703.5 2,742.9 2,798.1 2,869.6
Federal............................ 894.2 879.5 922.8 928.5 935.5 941.7 950.3 974.6 994.0 998.3 1,026.5 1,056.0
National defense................. 606.3 585.4 613.6 623.1 624.0 635.9 636.9 656.8 675.6 679.3 699.9 722.8
Consumption expenditures....... 530.8 510.3 538.3 543.6 545.3 551.2 559.0 574.8 591.9 594.7 613.8 628.8
Gross investment............... 75.5 75.2 75.2 79.6 78.7 84.7 77.9 82.1 83.7 84.6 86.1 94.0
Nondefense....................... 288.0 294.1 309.3 305.4 311.5 305.9 313.4 317.8 318.3 319.0 326.6 333.2
Consumption expenditures....... 251.3 254.3 267.6 265.6 270.8 264.9 273.6 276.4 277.2 276.9 284.2 289.3
Gross investment............... 36.6 39.8 41.7 39.8 40.7 41.0 39.8 41.4 41.2 42.1 42.4 43.9
State and local.................... 1,493.8 1,526.4 1,535.5 1,567.2 1,591.4 1,609.7 1,646.8 1,681.3 1,709.5 1,744.6 1,771.6 1,813.6
Consumption expenditures....... 1,203.1 1,228.4 1,240.8 1,260.2 1,281.8 1,295.8 1,318.7 1,344.4 1,365.3 1,395.2 1,426.3 1,461.9
Gross investment............... 290.8 297.9 294.8 307.0 309.6 313.9 328.0 336.9 344.2 349.4 345.3 351.6
Addenda:
Final sales of domestic product.... 12,527.2 12,636.1 12,906.5 13,068.3 13,187.1 13,354.3 13,526.5 13,738.4 13,927.6 14,052.3 14,176.4 14,351.5
Gross domestic purchases........... 13,263.3 13,474.1 13,721.4 13,911.3 14,042.3 14,067.9 14,239.7 14,460.6 14,633.1 14,728.0 14,856.6 14,993.7
Final sales to domestic purchasers. 13,252.3 13,413.8 13,668.3 13,845.5 13,979.7 14,052.0 14,255.3 14,461.5 14,610.1 14,749.0 14,882.2 15,088.7
Gross domestic product............. 12,538.2 12,696.4 12,959.6 13,134.1 13,249.6 13,370.1 13,510.9 13,737.5 13,950.6 14,031.2 14,150.8 14,256.5
Plus: Income receipts
from the rest of the world........ 582.9 623.3 661.9 720.0 745.9 773.7 788.2 852.8 898.5 907.4 843.2 .....
Less: Income payments to
the rest of the world............. 479.9 549.1 582.4 634.8 679.4 691.8 715.8 793.2 786.3 742.0 705.1 .....
Equals: Gross national product..... 12,641.2 12,770.6 13,039.2 13,219.4 13,316.1 13,452.0 13,583.3 13,797.2 14,062.8 14,196.6 14,289.0 .....
Net domestic product............... 10,631.3 11,116.6 11,377.0 11,521.6 11,611.3 11,708.0 11,826.6 12,030.5 12,218.6 12,272.6 12,372.9 12,452.3
-------------------------------------------------------------------------------------------------------------------------------------------------
See "Explanatory Note" at the end of the tables.
Table 3B.--Real Gross Domestic Product and Related Measures
[Billions of chained (2000) dollars; quarters seasonally adjusted at annual rates]
-------------------------------------------------------------------------------------------------------------------------------
2004 2005 2006 2007 I 04 II 04 III 04 IV 04 I 05 II 05
-------------------------------------------------------------------------------------------------------------------------------
Gross domestic product.......... 10,675.8 10,989.5 11,294.8 11,523.9 10,543.6 10,634.2 10,728.7 10,796.4 10,875.8 10,946.1
Personal consumption expenditures.... 7,561.4 7,791.7 8,029.0 8,252.8 7,475.1 7,520.5 7,585.5 7,664.3 7,697.5 7,766.4
Durable goods...................... 1,084.8 1,134.4 1,185.1 1,242.4 1,066.2 1,071.3 1,091.5 1,110.1 1,111.6 1,143.7
Motor vehicles and parts......... 450.8 449.9 437.9 446.7 448.9 445.7 450.9 457.8 447.9 464.3
Furniture and household
equipment....................... 445.1 490.9 550.2 594.0 429.1 438.8 451.7 460.8 470.7 482.0
Other............................ 195.1 205.1 218.0 228.3 193.0 192.9 195.9 198.7 202.0 206.1
Nondurable goods................... 2,177.6 2,252.7 2,335.3 2,392.6 2,156.7 2,164.9 2,181.4 2,207.5 2,220.7 2,243.7
Food............................. 1,009.4 1,047.7 1,090.1 1,110.5 1,000.8 1,003.4 1,008.9 1,024.7 1,033.0 1,040.9
Clothing and shoes............... 350.7 372.3 394.4 412.9 349.5 345.6 350.2 357.5 362.4 371.5
Gasoline, fuel oil, and other
energy goods.................... 201.2 200.5 196.5 198.1 200.9 201.8 201.1 200.9 198.8 200.9
Other............................ 618.0 637.3 666.1 687.3 607.1 615.0 623.0 626.9 630.2 635.1
Services........................... 4,311.0 4,420.9 4,529.9 4,646.2 4,262.9 4,294.6 4,325.2 4,361.1 4,379.3 4,398.2
Housing.......................... 1,083.8 1,118.4 1,154.6 1,171.7 1,073.3 1,079.7 1,087.1 1,095.1 1,103.6 1,113.2
Household operation.............. 408.5 415.2 413.5 421.2 405.5 407.1 408.8 412.8 412.9 413.3
Electricity and gas............ 149.1 152.8 148.3 151.1 149.8 148.6 147.2 150.9 151.6 151.6
Other household operation...... 259.5 262.3 266.1 270.9 255.5 258.6 261.8 262.0 261.3 261.7
Transportation................... 284.6 287.9 293.7 299.2 282.3 284.3 285.0 286.6 287.0 287.7
Medical care..................... 1,216.5 1,257.3 1,290.2 1,327.8 1,199.0 1,210.3 1,223.3 1,233.5 1,241.2 1,250.9
Recreation....................... 305.0 310.8 320.7 335.0 301.5 304.4 306.7 307.4 309.5 310.1
Other............................ 1,011.7 1,030.0 1,055.9 1,089.9 1,000.5 1,007.9 1,013.5 1,024.8 1,024.0 1,021.9
Gross private domestic investment.... 1,770.2 1,873.5 1,912.5 1,809.7 1,685.3 1,766.3 1,800.5 1,828.8 1,869.1 1,844.8
Fixed investment................... 1,712.8 1,829.8 1,865.5 1,808.5 1,647.9 1,698.7 1,736.7 1,767.7 1,790.5 1,823.5
Nonresidential................... 1,144.3 1,226.2 1,318.2 1,382.9 1,099.1 1,127.5 1,160.7 1,189.7 1,200.4 1,219.0
Structures..................... 246.7 249.8 270.3 304.6 242.9 246.5 248.7 248.6 253.1 252.3
Equipment and software......... 905.1 989.6 1,061.0 1,078.9 861.9 887.4 920.0 951.2 956.6 977.9
Information processing
equipment and software...... 505.7 546.7 596.6 653.9 494.2 499.3 507.5 521.7 529.5 540.3
Computers and peripheral
equipment................. ..... ..... ..... ..... ..... ..... ..... ..... ..... .....
Software................... 193.6 207.0 215.5 237.0 190.5 190.5 193.9 199.3 201.5 206.8
Other...................... 181.1 191.6 206.7 218.0 179.2 183.0 181.2 181.0 187.9 188.4
Industrial equipment......... 134.0 145.3 153.5 155.7 129.1 131.5 136.9 138.7 142.0 140.9
Transportation equipment..... 130.6 149.5 159.5 139.4 112.0 125.5 137.0 147.9 142.1 148.5
Other equipment.............. 138.3 150.4 156.5 148.4 132.7 135.3 140.8 144.5 145.6 150.5
Residential...................... 560.2 595.4 552.9 453.8 540.5 561.7 567.5 570.9 582.1 595.8
Change in private inventories...... 54.3 38.9 42.3 -2.5 35.0 64.9 60.1 57.2 74.6 16.7
Farm............................. 5.9 .2 -3.2 1.0 4.4 12.9 4.8 1.3 -3.8 -.5
Nonfarm.......................... 48.2 39.1 46.3 -3.7 30.4 50.5 55.4 56.4 79.5 17.4
Net exports of goods and services.... -593.8 -616.6 -615.7 -546.5 -549.1 -591.1 -602.7 -632.3 -623.7 -601.3
Exports............................ 1,126.1 1,205.3 1,314.8 1,425.9 1,101.8 1,119.4 1,128.0 1,155.3 1,177.9 1,203.1
Goods............................ 784.4 844.7 928.7 998.7 765.1 778.5 790.2 804.0 817.9 846.0
Services......................... 341.4 360.4 386.3 426.9 336.4 340.6 337.7 351.0 359.6 357.1
Imports............................ 1,719.9 1,821.9 1,930.5 1,972.4 1,650.9 1,710.5 1,730.8 1,787.7 1,801.7 1,804.4
Goods............................ 1,457.0 1,556.4 1,649.0 1,677.7 1,393.9 1,448.3 1,467.7 1,518.1 1,536.7 1,539.5
Services......................... 263.9 267.6 283.7 296.4 257.5 263.0 264.1 270.8 266.9 266.9
Government consumption expenditures
and gross investment................ 1,931.8 1,939.0 1,971.2 2,012.1 1,925.4 1,931.8 1,939.4 1,930.6 1,929.6 1,934.0
Federal............................ 715.9 724.5 741.0 752.9 709.5 713.7 724.5 716.0 718.0 720.1
National defense................. 475.0 482.2 490.0 502.1 470.2 472.5 484.8 472.7 476.3 481.0
Consumption expenditures....... 407.6 411.6 415.0 425.8 405.6 406.4 414.7 403.7 409.2 410.7
Gross investment............... 68.0 71.7 76.7 78.0 64.7 66.5 70.9 69.9 67.6 71.2
Nondefense....................... 240.7 242.0 250.8 250.4 239.1 241.0 239.4 243.2 241.5 238.8
Consumption expenditures....... 206.7 206.7 212.2 211.7 205.9 206.5 205.6 208.6 207.8 205.0
Gross investment............... 34.0 35.5 39.3 39.3 33.0 34.5 33.7 34.5 33.5 33.8
State and local.................... 1,215.8 1,214.3 1,230.2 1,259.0 1,215.9 1,218.1 1,214.7 1,214.4 1,211.4 1,213.8
Consumption expenditures....... 970.8 971.9 988.2 1,008.0 969.2 969.6 970.7 973.5 970.2 970.7
Gross investment............... 245.0 242.3 241.8 250.9 246.7 248.6 243.9 240.8 241.1 243.1
Residual............................. -17.3 -41.7 -99.7 -152.7 -12.7 -9.9 -18.2 -28.1 -28.6 -37.7
Addenda:
Final sales of domestic product.... 10,619.8 10,947.3 11,249.3 11,523.4 10,507.1 10,568.5 10,666.6 10,737.0 10,799.3 10,925.9
Gross domestic purchases........... 11,261.4 11,597.8 11,904.1 12,066.8 11,086.3 11,216.9 11,322.8 11,419.2 11,490.6 11,539.4
Final sales to domestic purchasers. 11,205.2 11,555.4 11,858.5 12,066.0 11,049.6 11,150.9 11,260.5 11,359.7 11,413.8 11,518.9
Gross domestic product............. 10,675.8 10,989.5 11,294.8 11,523.9 10,543.6 10,634.2 10,728.7 10,796.4 10,875.8 10,946.1
Plus: Income receipts
from the rest of the world........ 401.3 507.8 622.2 719.9 378.8 391.5 408.4 426.6 481.8 491.6
Less: Income payments to
the rest of the world............. 330.9 424.6 554.1 633.3 289.1 324.1 331.9 378.4 388.7 409.0
Equals: Gross national product..... 10,746.0 11,072.1 11,362.3 11,609.8 10,633.0 10,701.4 10,804.9 10,844.4 10,968.4 11,028.4
Net domestic product............... 9,292.5 9,501.5 9,849.6 10,025.9 9,200.5 9,281.3 9,260.9 9,427.6 9,494.4 9,554.6
-------------------------------------------------------------------------------------------------------------------------------
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 3B.--Real Gross Domestic Product and Related Measures--Continued
[Billions of chained (2000) dollars; quarters seasonally adjusted at annual rates]
-------------------------------------------------------------------------------------------------------------------------------------------------
III 05 IV 05 I 06 II 06 III 06 IV 06 I 07 II 07 III 07 IV 07 I 08 II 08
-------------------------------------------------------------------------------------------------------------------------------------------------
Gross domestic product.......... 11,050.0 11,086.1 11,217.3 11,291.7 11,314.1 11,356.4 11,357.8 11,491.4 11,625.7 11,620.7 11,646.0 11,700.6
Personal consumption expenditures.... 7,838.1 7,864.9 7,947.4 8,002.1 8,046.3 8,119.9 8,197.2 8,237.3 8,278.5 8,298.2 8,316.1 8,347.5
Durable goods...................... 1,158.9 1,123.3 1,173.1 1,178.3 1,188.4 1,200.7 1,227.3 1,242.3 1,249.4 1,250.6 1,237.0 1,227.7
Motor vehicles and parts......... 469.0 418.1 435.4 437.3 439.4 439.6 449.5 451.3 443.5 442.6 430.2 408.7
Furniture and household
equipment....................... 497.0 514.0 537.9 544.6 553.8 564.5 580.3 588.3 600.8 606.6 609.3 628.7
Other............................ 203.5 209.0 218.7 216.6 216.7 219.8 222.0 227.7 232.9 230.8 229.4 229.4
Nondurable goods................... 2,260.1 2,286.3 2,310.8 2,328.7 2,342.0 2,359.8 2,380.1 2,391.5 2,398.6 2,400.2 2,397.9 2,421.7
Food............................. 1,053.3 1,063.7 1,077.8 1,090.3 1,093.3 1,099.1 1,102.5 1,110.1 1,110.9 1,118.7 1,122.4 1,130.4
Clothing and shoes............... 371.6 383.7 390.2 391.0 396.1 400.4 409.4 412.2 416.6 413.2 416.3 426.6
Gasoline, fuel oil, and other
energy goods.................... 201.4 200.8 197.6 195.6 196.1 196.7 199.3 198.0 197.9 197.0 194.0 193.4
Other............................ 638.2 645.4 655.3 663.3 669.0 677.0 683.5 687.1 690.5 687.9 684.8 695.2
Services........................... 4,439.4 4,466.9 4,484.7 4,515.7 4,537.6 4,581.5 4,616.1 4,632.7 4,659.8 4,676.1 4,704.3 4,717.4
Housing.......................... 1,123.7 1,133.1 1,143.2 1,151.7 1,158.8 1,164.7 1,168.0 1,170.4 1,172.5 1,175.9 1,177.3 1,182.3
Household operation.............. 417.5 417.2 406.6 413.6 416.5 417.3 419.3 419.8 421.5 424.0 425.9 427.7
Electricity and gas............ 154.5 153.5 144.2 148.8 150.1 149.8 151.5 150.6 151.0 151.2 154.0 155.1
Other household operation...... 262.7 263.5 263.8 265.5 267.0 268.3 268.3 270.0 271.3 273.9 272.5 273.1
Transportation................... 288.3 288.6 290.8 293.2 294.0 296.9 297.7 298.8 300.5 299.9 301.2 299.8
Medical care..................... 1,263.4 1,273.8 1,283.7 1,287.9 1,289.8 1,299.2 1,316.0 1,319.4 1,331.4 1,344.5 1,360.8 1,372.0
Recreation....................... 311.3 312.4 314.7 316.0 321.1 331.0 332.5 334.6 336.6 336.3 332.3 333.0
Other............................ 1,033.9 1,040.3 1,044.5 1,051.9 1,056.1 1,071.1 1,081.3 1,088.4 1,096.0 1,093.9 1,105.0 1,100.6
Gross private domestic investment.... 1,862.8 1,917.3 1,946.3 1,944.3 1,917.8 1,841.6 1,795.9 1,822.9 1,838.7 1,781.3 1,754.7 1,686.0
Fixed investment................... 1,847.2 1,858.0 1,895.2 1,883.1 1,860.0 1,823.7 1,807.8 1,821.3 1,817.0 1,788.2 1,762.4 1,751.6
Nonresidential................... 1,237.1 1,248.2 1,295.2 1,315.4 1,332.7 1,329.3 1,340.4 1,373.8 1,402.9 1,414.7 1,423.1 1,431.3
Structures..................... 246.2 247.4 256.5 268.3 277.4 279.1 286.6 298.9 313.2 319.7 326.4 337.5
Equipment and software......... 1,006.5 1,017.4 1,056.6 1,061.2 1,066.4 1,059.9 1,060.0 1,077.9 1,087.5 1,090.1 1,088.6 1,079.2
Information processing
equipment and software...... 552.7 564.3 586.2 590.9 603.9 605.3 629.9 647.3 660.9 677.6 689.6 705.2
Computers and peripheral
equipment................. ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... .....
Software................... 208.2 211.4 212.5 213.2 215.8 220.5 227.9 235.7 239.4 245.1 251.0 253.7
Other...................... 195.3 194.9 207.6 205.1 209.4 204.8 212.5 216.2 219.6 223.5 223.6 231.0
Industrial equipment......... 146.3 152.0 149.9 157.2 153.8 153.2 150.3 160.3 159.1 153.1 153.4 155.7
Transportation equipment..... 157.2 150.3 165.3 157.9 159.7 155.2 149.0 139.4 137.4 131.9 127.0 107.9
Other equipment.............. 151.7 153.7 158.2 158.7 155.2 153.8 145.3 147.5 149.2 151.5 146.5 144.3
Residential...................... 601.7 602.0 596.5 570.1 536.7 508.4 486.4 471.7 445.3 411.6 383.0 367.1
Change in private inventories...... 11.0 53.5 45.9 56.9 53.3 13.1 -15.0 -2.8 16.0 -8.1 -10.2 -62.2
Farm............................. 4.5 .7 1.0 -5.6 -5.6 -2.7 -3.9 -.1 -2.5 10.5 6.0 2.0
Nonfarm.......................... 6.2 53.2 45.4 63.3 59.9 16.4 -10.7 -2.6 19.2 -20.6 -17.9 -66.6
Net exports of goods and services.... -603.6 -637.8 -636.0 -619.4 -623.0 -584.3 -618.6 -571.2 -511.8 -484.5 -462.0 -395.2
Exports............................ 1,204.3 1,235.7 1,284.3 1,301.4 1,312.6 1,361.1 1,363.2 1,392.2 1,466.2 1,482.1 1,500.6 1,534.1
Goods............................ 844.2 870.8 907.8 922.5 930.7 953.9 958.9 974.9 1,024.1 1,037.0 1,048.6 1,078.4
Services......................... 359.9 365.0 376.7 379.2 382.2 407.0 404.2 417.0 441.8 444.7 451.7 455.6
Imports............................ 1,807.9 1,873.6 1,920.2 1,920.9 1,935.7 1,945.3 1,981.8 1,963.4 1,978.0 1,966.5 1,962.6 1,929.2
Goods............................ 1,543.8 1,605.5 1,640.6 1,642.8 1,658.0 1,654.5 1,688.3 1,671.2 1,681.1 1,670.2 1,662.0 1,635.2
Services......................... 266.2 270.6 281.9 280.5 280.3 292.4 295.4 293.9 298.4 297.8 301.8 295.2
Government consumption expenditures
and gross investment................ 1,950.4 1,941.9 1,960.5 1,966.6 1,974.9 1,982.7 1,987.1 2,006.4 2,025.3 2,029.4 2,039.1 2,056.3
Federal............................ 736.8 723.2 740.6 737.7 741.1 744.4 737.5 749.6 762.7 761.7 772.6 785.2
National defense................. 495.1 476.5 486.7 489.0 487.9 496.3 488.8 498.8 511.0 509.9 518.9 528.2
Consumption expenditures....... 421.9 404.4 414.5 414.0 414.1 417.6 415.6 422.4 433.5 431.9 439.7 443.7
Gross investment............... 74.4 73.7 73.3 76.9 75.4 81.3 74.5 78.3 79.3 79.9 81.0 87.6
Nondefense....................... 241.4 246.5 253.8 248.5 253.1 247.8 248.6 250.5 251.2 251.5 253.2 256.6
Consumption expenditures....... 205.8 208.4 214.2 210.7 214.5 209.2 210.9 211.5 212.4 212.0 213.5 215.6
Gross investment............... 35.8 38.7 40.4 38.3 39.1 39.3 38.1 39.6 39.4 40.2 40.5 41.8
State and local.................... 1,213.6 1,218.5 1,219.9 1,228.8 1,233.7 1,238.2 1,249.3 1,256.6 1,262.6 1,267.5 1,266.7 1,271.7
Consumption expenditures....... 972.2 974.6 980.4 984.6 990.8 996.8 1,001.9 1,006.1 1,010.0 1,013.9 1,017.6 1,020.1
Gross investment............... 241.2 243.8 239.3 244.0 242.7 241.2 247.2 250.3 252.5 253.4 249.0 251.4
Residual............................. -44.3 -56.2 -81.9 -93.1 -106.2 -116.9 -135.4 -145.3 -158.2 -171.9 -178.7 -190.4
Addenda:
Final sales of domestic product.... 11,035.5 11,028.4 11,167.6 11,232.1 11,257.8 11,339.7 11,370.5 11,490.5 11,605.0 11,628.0 11,653.7 11,764.4
Gross domestic purchases........... 11,645.4 11,716.2 11,846.2 11,904.4 11,930.6 11,935.6 11,970.9 12,058.2 12,135.1 12,103.2 12,105.8 12,090.3
Final sales to domestic purchasers. 11,630.5 11,658.4 11,796.5 11,844.6 11,874.1 11,918.6 11,983.2 12,057.0 12,114.1 12,109.8 12,113.3 12,153.0
Gross domestic product............. 11,050.0 11,086.1 11,217.3 11,291.7 11,314.1 11,356.4 11,357.8 11,491.4 11,625.7 11,620.7 11,646.0 11,700.6
Plus: Income receipts
from the rest of the world........ 513.5 544.2 574.1 618.2 636.5 660.1 666.3 714.3 749.3 749.9 690.9 .....
Less: Income payments to
the rest of the world............. 422.3 478.6 504.2 544.1 578.9 589.1 604.1 663.1 654.1 611.7 575.2 .....
Equals: Gross national product..... 11,140.7 11,151.2 11,286.5 11,365.1 11,370.8 11,426.5 11,419.1 11,541.7 11,719.9 11,758.3 11,760.9 .....
Net domestic product............... 9,311.1 9,646.0 9,789.8 9,851.8 9,862.8 9,893.9 9,884.2 10,003.2 10,120.3 10,096.1 10,093.2 10,125.3
-------------------------------------------------------------------------------------------------------------------------------------------------
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
[Quarters seasonally adjusted at annual rates]
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
2004 2005 2006 2007 IV 04 I 05 II 05 III 05 IV 05 I 06 II 06 III 06 IV 06 I 07 II 07 III 07 IV 07 I 08 II 08
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
Gross domestic product (GDP). 2.9 3.3 3.2 2.7 3.2 4.0 2.1 4.1 3.7 3.5 2.7 2.8 2.2 4.1 2.0 1.5 2.8 2.6 1.1
Personal consumption expenditures... 2.6 2.9 2.8 2.6 3.0 2.5 2.5 4.7 3.3 1.8 3.3 3.1 -.5 3.4 3.6 2.5 4.3 3.6 4.2
Durable goods..................... -1.8 -.8 -1.3 -1.8 .2 .4 -.9 -3.1 -.9 -.9 -.8 -1.3 -2.7 -1.8 -1.6 -1.9 -1.6 -.1 -1.6
Nondurable goods.................. 3.3 3.7 3.0 3.0 4.7 1.5 2.0 11.2 2.3 .3 4.9 4.4 -6.2 5.1 6.4 2.9 8.4 6.7 6.6
Services.......................... 3.2 3.3 3.5 3.3 2.8 3.3 3.5 3.3 4.7 3.0 3.3 3.3 2.8 3.6 3.3 3.1 3.5 2.8 4.1
Gross private domestic investment... 3.4 4.4 4.2 1.4 3.9 4.7 4.0 5.0 5.4 5.2 3.5 1.6 3.3 1.6 -.3 -.3 1.3 -.5 .6
Fixed investment.................. 3.4 4.5 4.2 1.4 3.9 4.7 4.2 5.3 5.7 5.0 3.4 1.5 3.2 1.6 -.2 -.4 1.2 -.2 1.2
Nonresidential.................. 1.3 2.9 3.3 1.4 2.5 4.4 2.7 2.0 4.4 4.3 3.3 1.7 2.9 1.3 .3 -.6 1.7 .6 2.3
Structures.................... 6.2 11.8 12.3 3.8 12.0 11.9 10.1 14.8 17.0 14.1 12.0 4.6 6.7 3.4 .7 .5 4.5 2.7 3.6
Equipment and software........ -.3 -.1 .1 .3 -.6 1.8 .1 -2.3 .2 .7 -.1 .5 1.2 .4 .1 -1.2 .4 -.4 1.6
Residential..................... 7.3 7.2 5.9 1.5 6.2 5.2 6.8 11.0 7.8 6.4 3.7 1.2 3.9 2.2 -1.3 .3 .0 -2.6 -2.2
Change in private inventories..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... .....
Net exports of goods and services... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... .....
Exports........................... 3.5 3.6 3.5 3.5 4.2 4.6 3.5 2.5 3.2 2.9 5.8 4.7 -.8 3.6 5.3 3.5 6.2 9.1 10.3
Goods........................... 3.7 3.1 3.3 3.5 3.6 4.3 3.0 1.3 2.2 3.0 6.2 5.2 .0 3.3 5.1 2.8 6.0 10.0 11.7
Services........................ 3.2 4.9 3.8 3.5 5.5 5.2 4.6 5.3 5.5 2.7 4.9 3.7 -2.6 4.3 5.9 5.2 6.6 6.9 7.1
Imports........................... 4.9 6.3 4.3 3.7 6.9 2.3 9.7 10.3 4.5 -1.1 10.3 5.0 -9.1 .9 12.8 7.4 12.8 12.8 28.6
Goods........................... 4.9 6.5 4.2 3.6 7.0 2.1 10.0 10.8 5.0 -2.0 10.4 5.4 -10.1 .8 13.0 7.7 14.5 13.8 31.1
Services........................ 4.4 5.7 4.8 3.7 6.0 3.5 7.9 7.8 2.0 4.1 9.9 3.2 -3.8 1.1 11.7 6.1 4.5 7.8 16.2
Government consumption expenditures
and gross investment............... 4.5 5.9 4.7 4.5 5.7 7.7 4.1 7.0 4.8 4.9 4.9 3.3 2.3 6.4 5.2 3.4 5.1 6.2 7.0
Federal........................... 4.7 4.8 4.1 3.4 2.6 11.8 1.7 3.1 .8 10.2 4.1 1.2 .9 7.6 3.7 .9 2.3 5.6 5.0
National defense................ 4.7 5.2 4.5 3.5 3.1 12.6 1.8 3.2 1.3 10.9 4.4 1.5 .7 7.0 4.3 1.6 3.1 5.1 6.0
Nondefense...................... 4.9 4.0 3.4 3.1 1.7 10.2 1.6 3.0 -.1 8.9 3.5 .5 1.2 8.8 2.6 -.5 .5 6.8 2.8
State and local................... 4.3 6.5 5.1 5.1 7.6 5.3 5.6 9.4 7.3 2.0 5.4 4.6 3.2 5.7 6.1 4.9 6.8 6.6 8.1
Addenda:
Final sales of domestic product... 2.9 3.3 3.2 2.7 3.2 4.0 2.1 4.1 3.8 3.5 2.7 2.7 2.2 4.1 2.0 1.5 2.8 2.7 1.1
Gross domestic purchases.......... 3.1 3.7 3.4 2.8 3.6 3.7 3.1 5.2 3.9 2.9 3.6 2.9 .6 3.6 3.3 2.2 4.0 3.5 4.2
Final sales to domestic
purchasers....................... 3.1 3.7 3.4 2.8 3.6 3.7 3.1 5.2 4.0 2.8 3.6 2.9 .6 3.7 3.3 2.2 4.0 3.5 4.3
Gross national product (GNP)...... 2.9 3.3 3.2 2.7 3.2 4.0 2.1 4.1 3.7 3.5 2.7 2.8 2.2 4.1 2.0 1.5 2.8 2.6 .....
Implicit price deflators:
GDP............................. 2.9 3.3 3.2 2.7 3.2 4.0 2.1 4.1 3.8 3.6 2.7 2.7 2.2 4.2 2.0 1.5 2.5 2.6 1.1
Gross domestic purchases........ 3.1 3.7 3.4 2.8 3.7 3.7 3.1 5.2 4.0 2.9 3.6 2.9 .6 3.7 3.3 2.2 3.7 3.4 4.3
GNP............................. 2.9 3.3 3.2 2.7 3.2 4.0 2.1 4.1 3.8 3.6 2.7 2.8 2.1 4.2 2.0 1.5 2.5 2.5 .....
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
See "Explanatory Note" at the end of the tables.
Table 4A.--Price Indexes for Gross Domestic Product and Related Measures: Percent Change From Preceding Period
[Quarters seasonally adjusted at annual rates]
------------------------------------------------------------------------------------------------------------------------------------------------------------------
2004 2005 2006 2007 IV 04 I 05 II 05 III 05 IV 05 I 06 II 06 III 06 IV 06 I 07 II 07 III 07 IV 07 I 08
------------------------------------------------------------------------------------------------------------------------------------------------------------------
Gross domestic product (GDP). 2.9 3.3 3.2 2.7 3.2 4.0 2.1 4.1 3.7 3.5 2.7 2.8 2.2 4.1 2.0 1.5 2.8 2.6
Previously published....... 2.9 3.2 3.2 2.7 3.2 3.9 2.6 3.5 3.5 3.4 3.5 2.4 1.7 4.2 2.6 1.0 2.4 2.7
Personal consumption expenditures... 2.6 2.9 2.8 2.6 3.0 2.5 2.5 4.7 3.3 1.8 3.3 3.1 -.5 3.4 3.6 2.5 4.3 3.6
Previously published.............. 2.6 2.9 2.8 2.5 3.0 2.2 3.4 4.3 2.8 1.7 4.3 2.6 -.9 3.5 4.3 1.8 3.9 3.6
Durable goods..................... -1.8 -.8 -1.3 -1.8 .2 .4 -.9 -3.1 -.9 -.9 -.8 -1.3 -2.7 -1.8 -1.6 -1.9 -1.6 -.1
Previously published............ -1.8 -.7 -1.3 -1.8 .2 .1 -.4 -2.8 -1.1 -1.0 -.7 -1.3 -2.7 -1.9 -1.4 -1.8 -1.7 -.2
Nondurable goods.................. 3.3 3.7 3.0 3.0 4.7 1.5 2.0 11.2 2.3 .3 4.9 4.4 -6.2 5.1 6.4 2.9 8.4 6.7
Previously published............ 3.3 3.7 3.1 3.0 4.7 .3 5.0 9.5 .8 .3 8.6 2.8 -7.9 5.0 10.0 1.1 7.1 6.6
Services.......................... 3.2 3.3 3.5 3.3 2.8 3.3 3.5 3.3 4.7 3.0 3.3 3.3 2.8 3.6 3.3 3.1 3.5 2.8
Previously published............ 3.2 3.4 3.4 3.2 2.8 3.6 3.4 3.3 4.6 3.0 3.2 3.2 3.0 3.8 2.6 2.8 3.5 2.9
Gross private domestic investment... 3.4 4.4 4.2 1.4 3.9 4.7 4.0 5.0 5.4 5.2 3.5 1.6 3.3 1.6 -.3 -.3 1.3 -.5
Previously published.............. 3.4 4.2 3.5 1.2 3.9 5.2 2.8 4.0 5.8 4.0 2.5 1.6 2.2 2.0 -.4 -.3 .8 -1.1
Fixed investment.................. 3.4 4.5 4.2 1.4 3.9 4.7 4.2 5.3 5.7 5.0 3.4 1.5 3.2 1.6 -.2 -.4 1.2 -.2
Previously published............ 3.4 4.3 3.5 1.1 3.9 5.3 2.9 4.2 6.0 3.9 2.4 1.5 2.0 1.9 -.3 -.5 .7 -.5
Nonresidential.................. 1.3 2.9 3.3 1.4 2.5 4.4 2.7 2.0 4.4 4.3 3.3 1.7 2.9 1.3 .3 -.6 1.7 .6
Previously published.......... 1.3 2.9 3.1 1.2 2.5 4.5 2.4 1.6 4.6 3.9 2.8 1.9 2.0 1.9 .0 -.6 1.1 .1
Structures.................... 6.2 11.8 12.3 3.8 12.0 11.9 10.1 14.8 17.0 14.1 12.0 4.6 6.7 3.4 .7 .5 4.5 2.7
Previously published........ 6.2 11.7 11.7 3.3 12.0 12.8 8.7 13.8 17.6 13.0 10.7 5.6 4.6 4.1 -1.1 .5 3.2 1.8
Equipment and software........ -.3 -.1 .1 .3 -.6 1.8 .1 -2.3 .2 .7 -.1 .5 1.2 .4 .1 -1.2 .4 -.4
Previously published........ -.3 -.1 .0 .4 -.6 1.8 .3 -2.5 .2 .6 -.2 .4 .8 1.0 .5 -1.1 .1 -.7
Residential..................... 7.3 7.2 5.9 1.5 6.2 5.2 6.8 11.0 7.8 6.4 3.7 1.2 3.9 2.2 -1.3 .3 .0 -2.6
Previously published.......... 7.3 6.7 4.4 .9 6.2 6.6 3.6 8.7 8.5 3.9 1.8 .8 2.1 2.0 -.8 -.3 -.4 -2.3
Change in private inventories..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... .....
Net exports of goods and services... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... .....
Exports........................... 3.5 3.6 3.5 3.5 4.2 4.6 3.5 2.5 3.2 2.9 5.8 4.7 -.8 3.6 5.3 3.5 6.2 9.1
Previously published............ 3.5 3.6 3.4 3.5 4.2 4.6 3.6 2.5 3.0 2.7 6.0 4.6 -.8 3.6 5.3 3.8 6.0 8.9
Goods........................... 3.7 3.1 3.3 3.5 3.6 4.3 3.0 1.3 2.2 3.0 6.2 5.2 .0 3.3 5.1 2.8 6.0 10.0
Previously published.......... 3.7 3.1 3.3 3.6 3.6 4.3 3.0 1.3 2.3 3.0 6.3 5.2 .1 3.5 5.1 3.2 6.3 10.2
Services........................ 3.2 4.9 3.8 3.5 5.5 5.2 4.6 5.3 5.5 2.7 4.9 3.7 -2.6 4.3 5.9 5.2 6.6 6.9
Previously published.......... 3.2 4.9 3.7 3.3 5.5 5.0 4.9 5.2 4.8 2.2 5.5 3.3 -2.7 3.9 5.8 5.1 5.3 6.0
Imports........................... 4.9 6.3 4.3 3.7 6.9 2.3 9.7 10.3 4.5 -1.1 10.3 5.0 -9.1 .9 12.8 7.4 12.8 12.8
Previously published............ 4.9 6.3 4.0 3.5 6.9 2.2 9.7 10.3 4.3 -1.5 10.1 4.7 -9.4 1.0 11.9 7.5 13.2 12.6
Goods........................... 4.9 6.5 4.2 3.6 7.0 2.1 10.0 10.8 5.0 -2.0 10.4 5.4 -10.1 .8 13.0 7.7 14.5 13.8
Previously published.......... 4.9 6.5 4.2 3.6 7.0 2.0 10.1 10.9 4.9 -1.9 10.4 5.3 -10.1 .7 13.0 7.7 14.1 13.6
Services........................ 4.4 5.7 4.8 3.7 6.0 3.5 7.9 7.8 2.0 4.1 9.9 3.2 -3.8 1.1 11.7 6.1 4.5 7.8
Previously published.......... 4.4 5.6 3.1 2.8 6.0 3.5 7.7 7.5 1.3 .5 8.4 1.4 -5.3 2.3 6.7 6.5 8.6 7.6
Government consumption expenditures
and gross investment............... 4.5 5.9 4.7 4.5 5.7 7.7 4.1 7.0 4.8 4.9 4.9 3.3 2.3 6.4 5.2 3.4 5.1 6.2
Previously published............. 4.5 5.8 4.9 4.5 5.7 7.5 4.6 6.4 5.0 5.1 5.7 3.0 2.1 6.4 5.5 3.2 5.2 6.9
Federal........................... 4.7 4.8 4.1 3.4 2.6 11.8 1.7 3.1 .8 10.2 4.1 1.2 .9 7.6 3.7 .9 2.3 5.6
Previously published............ 4.7 4.8 3.9 2.9 2.6 11.5 2.3 3.4 .8 9.1 4.0 1.3 .5 5.3 3.8 1.6 2.5 6.1
National defense................ 4.7 5.2 4.5 3.5 3.1 12.6 1.8 3.2 1.3 10.9 4.4 1.5 .7 7.0 4.3 1.6 3.1 5.1
Previously published.......... 4.7 5.3 4.1 2.9 3.1 12.2 2.5 3.5 1.3 9.3 4.2 1.6 -.1 5.0 4.1 1.9 3.0 5.8
Nondefense...................... 4.9 4.0 3.4 3.1 1.7 10.2 1.6 3.0 -.1 8.9 3.5 .5 1.2 8.8 2.6 -.5 .5 6.8
Previously published.......... 4.9 4.0 3.5 2.9 1.7 10.1 1.8 3.2 -.2 8.9 3.5 .7 1.7 5.9 3.3 1.1 1.3 6.6
State and local................... 4.3 6.5 5.1 5.1 7.6 5.3 5.6 9.4 7.3 2.0 5.4 4.6 3.2 5.7 6.1 4.9 6.8 6.6
Previously published............ 4.3 6.4 5.4 5.4 7.6 5.2 6.1 8.1 7.6 2.7 6.7 4.0 3.1 7.0 6.5 4.2 6.8 7.4
Addenda:
Final sales of domestic product... 2.9 3.3 3.2 2.7 3.2 4.0 2.1 4.1 3.8 3.5 2.7 2.7 2.2 4.1 2.0 1.5 2.8 2.7
Previously published............ 2.9 3.2 3.2 2.6 3.2 3.9 2.6 3.5 3.5 3.4 3.5 2.3 1.7 4.2 2.7 1.0 2.4 2.8
Gross domestic purchases.......... 3.1 3.7 3.4 2.8 3.6 3.7 3.1 5.2 3.9 2.9 3.6 2.9 .6 3.6 3.3 2.2 4.0 3.5
Previously published............ 3.1 3.7 3.3 2.7 3.6 3.6 3.5 4.6 3.7 2.7 4.2 2.5 .1 3.8 3.8 1.8 3.7 3.6
Final sales to domestic
purchasers....................... 3.1 3.7 3.4 2.8 3.6 3.7 3.1 5.2 4.0 2.8 3.6 2.9 .6 3.7 3.3 2.2 4.0 3.5
Previously published........... 3.1 3.7 3.3 2.7 3.6 3.6 3.5 4.6 3.7 2.7 4.2 2.5 .1 3.8 3.8 1.7 3.7 3.6
Gross national product (GNP)...... 2.9 3.3 3.2 2.7 3.2 4.0 2.1 4.1 3.7 3.5 2.7 2.8 2.2 4.1 2.0 1.5 2.8 2.6
Previously published............ 2.9 3.2 3.1 2.7 3.2 3.9 2.6 3.5 3.5 3.4 3.5 2.4 1.7 4.2 2.6 1.0 2.5 2.7
Implicit price deflators:
GDP............................. 2.9 3.3 3.2 2.7 3.2 4.0 2.1 4.1 3.8 3.6 2.7 2.7 2.2 4.2 2.0 1.5 2.5 2.6
Previously published.......... 2.9 3.2 3.2 2.7 3.2 3.9 2.6 3.5 3.5 3.4 3.5 2.4 1.7 4.2 2.6 1.0 2.4 2.7
Gross domestic purchases........ 3.1 3.7 3.4 2.8 3.7 3.7 3.1 5.2 4.0 2.9 3.6 2.9 .6 3.7 3.3 2.2 3.7 3.4
Previously published.......... 3.1 3.6 3.3 2.7 3.7 3.6 3.6 4.6 3.7 2.7 4.2 2.5 .1 3.8 3.8 1.7 3.7 3.5
GNP............................. 2.9 3.3 3.2 2.7 3.2 4.0 2.1 4.1 3.8 3.6 2.7 2.8 2.1 4.2 2.0 1.5 2.5 2.5
Previously published.......... 2.9 3.2 3.2 2.7 3.2 3.9 2.6 3.5 3.5 3.4 3.5 2.4 1.7 4.2 2.6 1.0 2.4 2.7
------------------------------------------------------------------------------------------------------------------------------------------------------------------
See "Explanatory Note" at the end of the tables.
Table 5.--Real Gross Domestic Product, Quantity Indexes
[Index numbers, 2000=100; quarters seasonally adjusted]
---------------------------------------------------------------------------------------------------------------------------
2004 2005 2006 2007 I 04 II 04 III 04 IV 04 I 05 II 05
---------------------------------------------------------------------------------------------------------------------------
Gross domestic product............. 108.748 111.944 115.054 117.388 107.402 108.325 109.287 109.977 110.786 111.502
Personal consumption expenditures.......... 112.197 115.615 119.135 122.456 110.917 111.590 112.555 113.724 114.217 115.239
Durable goods............................ 125.652 131.397 137.274 143.908 123.502 124.094 126.432 128.580 128.761 132.478
Nondurable goods......................... 111.833 115.687 119.930 122.872 110.759 111.178 112.026 113.369 114.043 115.225
Services................................. 109.726 112.525 115.298 118.259 108.502 109.309 110.088 111.003 111.465 111.946
Gross private domestic investment.......... 102.003 107.953 110.200 104.278 97.109 101.776 103.748 105.377 107.702 106.298
Fixed investment......................... 102.012 108.984 111.109 107.717 98.148 101.175 103.439 105.287 106.643 108.608
Nonresidential......................... 92.873 99.520 106.987 112.244 89.210 91.512 94.211 96.558 97.429 98.935
Structures........................... 78.760 79.747 86.318 97.264 77.550 78.708 79.410 79.371 80.813 80.545
Equipment and software............... 98.505 107.695 115.467 117.412 93.800 96.575 100.124 103.519 104.100 106.425
Residential............................ 125.343 133.226 123.728 101.534 120.936 125.696 126.994 127.747 130.259 133.311
Change in private inventories............ ..... ..... ..... ..... ..... ..... ..... ..... ..... .....
Exports of goods and services.............. 102.723 109.942 119.937 130.068 100.502 102.108 102.897 105.385 107.447 109.747
Imports of goods and services.............. 116.546 123.455 130.815 133.654 111.867 115.903 117.279 121.135 122.083 122.271
Government consumption expenditures and
gross investment.......................... 112.210 112.626 114.497 116.871 111.839 112.212 112.649 112.138 112.079 112.337
Federal.................................. 123.693 125.181 128.019 130.078 122.580 123.306 125.175 123.710 124.058 124.408
State and local.......................... 106.384 106.256 107.642 110.167 106.393 106.586 106.291 106.265 106.001 106.214
Addenda:
Final sales of domestic product.......... 108.804 112.159 115.254 118.062 107.649 108.278 109.284 110.005 110.643 111.940
Gross domestic purchases................. 110.444 113.744 116.748 118.343 108.727 110.008 111.047 111.992 112.692 113.171
Final sales to domestic purchasers....... 110.505 113.959 116.948 118.995 108.971 109.970 111.051 112.029 112.563 113.599
Gross national product................... 109.031 112.340 115.284 117.795 107.885 108.579 109.629 110.030 111.288 111.896
---------------------------------------------------------------------------------------------------------------------------
See "Explanatory Note" at the end of the tables.
Table 5.--Real Gross Domestic Product, Quantity Indexes--Continued
[Index numbers, 2000=100; quarters seasonally adjusted]
-------------------------------------------------------------------------------------------------------------------------------------------
III 05 IV 05 I 06 II 06 III 06 IV 06 I 07 II 07 III 07 IV 07 I 08 II 08
-------------------------------------------------------------------------------------------------------------------------------------------
Gross domestic product............. 112.560 112.928 114.264 115.022 115.250 115.681 115.696 117.056 118.425 118.374 118.631 119.188
Personal consumption expenditures.......... 116.303 116.701 117.925 118.737 119.393 120.485 121.631 122.226 122.838 123.130 123.395 123.862
Durable goods............................ 134.236 130.112 135.877 136.485 137.652 139.081 142.162 143.894 144.720 144.856 143.284 142.204
Nondurable goods......................... 116.068 117.412 118.670 119.590 120.275 121.187 122.232 122.815 123.182 123.261 123.147 124.369
Services................................. 112.995 113.696 114.149 114.938 115.495 116.612 117.494 117.916 118.605 119.020 119.739 120.071
Gross private domestic investment.......... 107.337 110.477 112.150 112.032 110.504 106.115 103.483 105.040 105.950 102.639 101.110 97.148
Fixed investment......................... 110.022 110.661 112.880 112.156 110.779 108.621 107.674 108.475 108.218 106.503 104.969 104.323
Nonresidential......................... 100.407 101.311 105.125 106.766 108.164 107.893 108.794 111.502 113.863 114.819 115.504 116.172
Structures........................... 78.627 79.001 81.910 85.668 88.574 89.121 91.526 95.447 100.005 102.076 104.206 107.773
Equipment and software............... 109.536 110.717 114.985 115.484 116.049 115.349 115.360 117.302 118.348 118.636 118.470 117.442
Residential............................ 134.634 134.700 133.477 127.572 120.102 113.763 108.831 105.552 99.644 92.110 85.698 82.144
Change in private inventories............ ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... .....
Exports of goods and services.............. 109.853 112.721 117.147 118.712 119.734 124.153 124.343 126.992 133.747 135.189 136.880 139.934
Imports of goods and services.............. 122.509 126.955 130.118 130.161 131.164 131.818 134.289 133.041 134.033 133.254 132.991 130.728
Government consumption expenditures and
gross investment.......................... 113.291 112.797 113.877 114.228 114.714 115.167 115.421 116.541 117.642 117.879 118.443 119.443
Federal.................................. 127.310 124.950 127.952 127.459 128.048 128.616 127.426 129.507 131.772 131.610 133.488 135.671
State and local.......................... 106.189 106.621 106.746 107.520 107.954 108.348 109.314 109.957 110.484 110.914 110.844 111.273
Addenda:
Final sales of domestic product.......... 113.063 112.990 114.417 115.077 115.341 116.180 116.495 117.725 118.898 119.133 119.397 120.531
Gross domestic purchases................. 114.210 114.905 116.180 116.750 117.007 117.056 117.403 118.259 119.013 118.700 118.726 118.574
Final sales to domestic purchasers....... 114.700 114.975 116.337 116.811 117.102 117.541 118.178 118.906 119.469 119.427 119.461 119.853
Gross national product................... 113.036 113.142 114.515 115.313 115.371 115.936 115.861 117.104 118.913 119.302 119.329 .....
-------------------------------------------------------------------------------------------------------------------------------------------
See "Explanatory Note" at the end of the tables.
Table 6.--Price Indexes for Gross Domestic Product
[Index numbers, 2000=100; quarters seasonally adjusted]
---------------------------------------------------------------------------------------------------------------------------
2004 2005 2006 2007 I 04 II 04 III 04 IV 04 I 05 II 05
---------------------------------------------------------------------------------------------------------------------------
Gross domestic product............. 109.462 113.039 116.676 119.819 108.180 109.185 109.807 110.677 111.778 112.357
Personal consumption expenditures
(PCE)..................................... 108.392 111.581 114.675 117.659 107.163 108.179 108.703 109.521 110.187 110.881
Durable goods............................ 90.696 89.984 88.772 87.154 90.927 90.986 90.415 90.454 90.547 90.343
Nondurable goods......................... 107.626 111.606 114.984 118.407 105.918 107.530 107.903 109.153 109.554 110.100
Services................................. 112.929 116.700 120.752 124.712 111.582 112.532 113.406 114.198 115.140 116.139
Gross private domestic investment.......... 106.686 111.381 116.102 117.735 105.010 106.217 107.246 108.271 109.513 110.603
Fixed investment......................... 106.845 111.638 116.380 117.995 105.165 106.382 107.404 108.429 109.683 110.816
Nonresidential......................... 100.896 103.829 107.277 108.739 100.123 100.729 101.048 101.686 102.778 103.459
Structures........................... 120.912 135.177 151.822 157.662 116.960 119.118 122.026 125.544 129.122 132.274
Equipment and software............... 94.600 94.534 94.594 94.870 94.708 94.872 94.477 94.344 94.777 94.800
Residential............................ 120.587 129.268 136.897 138.884 117.027 119.511 121.984 123.826 125.407 127.492
Change in private inventories............ ..... ..... ..... ..... ..... ..... ..... ..... ..... .....
Exports of goods and services.............. 104.997 108.814 112.618 116.586 103.567 104.785 105.273 106.362 107.557 108.489
Imports of goods and services.............. 104.526 111.154 115.932 120.168 102.047 103.872 105.212 106.973 107.582 110.096
Government consumption expenditures and
gross investment.......................... 114.754 121.470 127.239 132.941 112.657 114.028 115.361 116.971 119.162 120.378
Federal.................................. 115.322 120.834 125.806 130.076 113.641 115.164 115.863 116.621 119.921 120.433
State and local.......................... 114.431 121.862 128.109 134.671 112.088 113.369 115.077 117.191 118.722 120.355
Addenda:
PCE excluding food and energy............ 107.338 109.644 112.129 114.548 106.442 107.142 107.601 108.169 108.838 109.405
Market-based PCE\1\...................... 107.386 110.316 113.167 115.893 106.311 107.213 107.622 108.397 108.988 109.585
Market-based PCE excluding food
and energy\1\........................... 105.857 107.657 109.715 111.700 105.222 105.715 106.014 106.478 107.054 107.472
Final sales of domestic product.......... 109.487 113.074 116.710 119.853 108.206 109.212 109.830 110.699 111.801 112.385
Gross domestic purchases................. 109.235 113.263 117.066 120.294 107.787 108.893 109.637 110.622 111.638 112.484
Final sales to domestic purchasers....... 109.259 113.299 117.101 120.329 107.812 108.919 109.660 110.646 111.662 112.513
Gross national product................... 109.456 113.036 116.673 119.815 108.175 109.178 109.799 110.671 111.769 112.355
Implicit price deflators:
Gross domestic product................. 109.462 113.034 116.676 119.816 108.175 109.178 109.793 110.671 111.765 112.346
Final sales of domestic product........ 109.487 113.074 116.709 119.853 108.199 109.205 109.823 110.692 111.792 112.377
Gross domestic purchases............... 109.234 113.258 117.066 120.292 107.779 108.883 109.619 110.612 111.622 112.470
Final sales to domestic purchasers..... 109.259 113.299 117.101 120.329 107.803 108.909 109.649 110.634 111.649 112.502
Gross national product................. 109.455 113.031 116.672 119.813 108.170 109.173 109.786 110.666 111.757 112.344
---------------------------------------------------------------------------------------------------------------------------
1. This index is a supplemental measure that is based on household
expenditures for which there are observable price measures. It
excludes most implicit prices (for example, the services furnished
without payment by financial intermediaries) and the expenses of
nonprofit institutions. Percentage changes for these series are
included in the addenda to table 8 and in appendix table A.
See "Explanatory Note" at the end of the tables.
Table 6.--Price Indexes for Gross Domestic Product--Continued
[Index numbers, 2000=100; quarters seasonally adjusted]
-------------------------------------------------------------------------------------------------------------------------------------------
III 05 IV 05 I 06 II 06 III 06 IV 06 I 07 II 07 III 07 IV 07 I 08 II 08
-------------------------------------------------------------------------------------------------------------------------------------------
Gross domestic product............. 113.487 114.536 115.536 116.317 117.109 117.742 118.935 119.531 119.984 120.826 121.613 121.933
Personal consumption expenditures
(PCE)..................................... 112.168 113.089 113.581 114.499 115.381 115.239 116.202 117.246 117.969 119.221 120.283 121.530
Durable goods............................ 89.629 89.417 89.208 89.027 88.726 88.126 87.717 87.365 86.938 86.598 86.581 86.237
Nondurable goods......................... 113.057 113.712 113.794 115.155 116.412 114.578 116.025 117.830 118.682 121.092 123.059 125.034
Services................................. 117.088 118.433 119.313 120.285 121.279 122.130 123.200 124.218 125.179 126.253 127.133 128.418
Gross private domestic investment.......... 111.961 113.446 114.891 115.877 116.348 117.293 117.756 117.659 117.566 117.960 117.815 117.989
Fixed investment......................... 112.249 113.803 115.208 116.172 116.610 117.528 118.008 117.945 117.836 118.189 118.117 118.459
Nonresidential......................... 103.972 105.107 106.217 107.070 107.530 108.291 108.654 108.730 108.558 109.015 109.177 109.799
Structures........................... 136.911 142.400 147.181 151.404 153.108 155.595 156.912 157.195 157.402 159.138 160.182 161.601
Equipment and software............... 94.260 94.299 94.471 94.457 94.578 94.870 94.976 94.992 94.712 94.798 94.700 95.084
Residential............................ 130.852 133.320 135.418 136.670 137.089 138.412 139.181 138.733 138.820 138.803 137.900 137.140
Change in private inventories............ ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... .....
Exports of goods and services.............. 109.169 110.042 110.834 112.418 113.722 113.499 114.520 116.011 117.018 118.794 121.397 124.406
Imports of goods and services.............. 112.840 114.098 113.796 116.619 118.055 115.258 115.514 119.050 121.200 124.907 128.722 137.080
Government consumption expenditures and
gross investment.......................... 122.443 123.897 125.399 126.911 127.955 128.690 130.705 132.386 133.497 135.174 137.237 139.562
Federal.................................. 121.364 121.618 124.614 125.866 126.233 126.513 128.856 130.037 130.342 131.070 132.879 134.494
State and local.......................... 123.099 125.273 125.880 127.548 128.999 130.008 131.828 133.806 135.400 137.649 139.866 142.626
Addenda:
PCE excluding food and energy............ 109.838 110.495 111.076 111.887 112.531 113.022 113.682 114.201 114.797 115.512 116.158 116.756
Market-based PCE\1\...................... 110.911 111.780 112.178 113.031 113.888 113.569 114.551 115.533 116.118 117.371 118.452 119.731
Market-based PCE excluding food
and energy\1\........................... 107.782 108.320 108.801 109.510 110.075 110.474 111.096 111.434 111.831 112.439 113.021 113.528
Final sales of domestic product.......... 113.526 114.585 115.576 116.353 117.141 117.769 118.967 119.569 120.020 120.856 121.653 121.996
Gross domestic purchases................. 113.913 115.016 115.832 116.859 117.700 117.873 118.931 119.908 120.571 121.766 122.821 124.098
Final sales to domestic purchasers....... 113.954 115.066 115.872 116.896 117.735 117.902 118.964 119.946 120.609 121.798 122.863 124.161
Gross national product................... 113.487 114.533 115.531 116.315 117.109 117.736 118.932 119.529 119.978 120.822 121.601 .....
Implicit price deflators:
Gross domestic product................. 113.468 114.525 115.533 116.317 117.107 117.732 118.956 119.547 119.997 120.743 121.508 121.843
Final sales of domestic product........ 113.518 114.578 115.571 116.348 117.137 117.765 118.962 119.563 120.013 120.849 121.647 121.991
Gross domestic purchases............... 113.893 115.004 115.829 116.859 117.700 117.865 118.952 119.923 120.585 121.687 122.722 124.014
Final sales to domestic purchasers..... 113.944 115.057 115.867 116.893 117.733 117.900 118.961 119.943 120.604 121.794 122.858 124.156
Gross national product................. 113.469 114.523 115.529 116.315 117.107 117.726 118.952 119.542 119.990 120.737 121.495 .....
-------------------------------------------------------------------------------------------------------------------------------------------
1. This index is a supplemental measure that is based on household
expenditures for which there are observable price measures. It
excludes most implicit prices (for example, the services furnished
without payment by financial intermediaries) and the expenses of
nonprofit institutions. Percentage changes for these series are
included in the addenda to table 8 and in appendix table A.
See "Explanatory Note" at the end of the tables.
Table 7.--Real Gross Domestic Product: Percent Change from Preceding Year
---------------------------------------------------------------------------------------------------------------------------------------------------------------------
1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007
---------------------------------------------------------------------------------------------------------------------------------------------------------------------
Gross domestic product (GDP).... 1.9 -.2 3.3 2.7 4.0 2.5 3.7 4.5 4.2 4.5 3.7 .8 1.6 2.5 3.6 2.9 2.8 2.0
Personal consumption expenditures...... 2.0 .2 3.3 3.3 3.7 2.7 3.4 3.8 5.0 5.1 4.7 2.5 2.7 2.8 3.6 3.0 3.0 2.8
Durable goods........................ -.3 -5.6 5.9 7.8 8.4 4.4 7.8 8.6 11.3 11.7 7.3 4.3 7.1 5.8 6.3 4.6 4.5 4.8
Nondurable goods..................... 1.6 -.2 2.0 2.7 3.5 2.2 2.6 2.7 4.0 4.6 3.8 2.0 2.5 3.2 3.5 3.4 3.7 2.5
Services............................. 2.9 1.7 3.5 2.8 2.9 2.6 2.9 3.3 4.2 4.0 4.5 2.4 1.9 1.9 3.2 2.6 2.5 2.6
Gross private domestic investment...... -3.4 -8.1 8.1 8.9 13.6 3.1 8.9 12.4 9.8 7.8 5.7 -7.9 -2.6 3.6 9.7 5.8 2.1 -5.4
Fixed investment..................... -2.1 -6.5 5.9 8.6 9.3 6.5 9.0 9.2 10.2 8.3 6.5 -3.0 -5.2 3.4 7.3 6.8 1.9 -3.1
Nonresidential..................... .5 -5.4 3.2 8.7 9.2 10.5 9.3 12.1 11.1 9.2 8.7 -4.2 -9.2 1.0 5.8 7.2 7.5 4.9
Structures....................... 1.5 -11.1 -6.0 -.7 1.8 6.4 5.6 7.3 5.1 -.4 6.8 -2.3 -17.1 -4.1 1.3 1.3 8.2 12.7
Equipment and software........... .0 -2.6 7.3 12.5 11.9 12.0 10.6 13.8 13.3 12.7 9.4 -4.9 -6.2 2.8 7.4 9.3 7.2 1.7
Residential........................ -8.6 -9.6 13.8 8.2 9.6 -3.2 8.0 1.9 7.6 6.0 .8 .4 4.8 8.4 10.0 6.3 -7.1 -17.9
Change in private inventories........ ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... .....
Net exports of goods and services...... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... .....
Exports.............................. 9.0 6.6 6.9 3.2 8.7 10.1 8.4 11.9 2.4 4.3 8.7 -5.4 -2.3 1.3 9.7 7.0 9.1 8.4
Goods.............................. 8.4 6.9 7.5 3.3 9.7 11.7 8.8 14.3 2.2 3.8 11.2 -6.1 -4.0 1.8 9.0 7.7 9.9 7.5
Services........................... 10.5 6.0 5.5 3.2 6.3 6.3 7.2 5.9 2.9 5.6 2.9 -3.7 1.9 .0 11.5 5.6 7.2 10.5
Imports.............................. 3.6 -.6 7.0 8.8 11.9 8.0 8.7 13.6 11.6 11.5 13.1 -2.7 3.4 4.1 11.3 5.9 6.0 2.2
Goods.............................. 3.0 -.1 9.3 10.1 13.3 9.0 9.3 14.4 11.7 12.4 13.5 -3.2 3.7 4.9 11.3 6.8 6.0 1.7
Services........................... 6.5 -2.6 -2.6 2.9 5.7 3.3 5.5 9.4 11.4 6.9 11.1 -.3 2.1 .0 11.5 1.4 6.0 4.4
Government consumption expenditures
and gross investment.................. 3.2 1.1 .5 -.9 .0 .5 1.0 1.9 1.9 3.9 2.1 3.4 4.4 2.5 1.4 .4 1.7 2.1
Federal.............................. 2.0 -.2 -1.7 -4.2 -3.7 -2.7 -1.2 -1.0 -1.1 2.2 .9 3.9 7.0 6.8 4.2 1.2 2.3 1.6
National defense................... .0 -1.1 -5.0 -5.6 -4.9 -3.8 -1.4 -2.8 -2.1 1.9 -.5 3.9 7.4 8.7 5.8 1.5 1.6 2.5
Nondefense......................... 8.3 2.4 6.9 -.7 -1.2 -.4 -.7 2.6 .7 2.8 3.5 3.9 6.3 3.4 1.1 .6 3.6 -.2
State and local...................... 4.1 2.1 2.2 1.4 2.6 2.6 2.3 3.6 3.6 4.7 2.7 3.2 3.1 .2 -.2 -.1 1.3 2.3
Addenda:
Final sales of domestic product...... 2.1 .1 3.0 2.6 3.4 3.0 3.7 4.0 4.2 4.5 3.8 1.6 1.2 2.5 3.3 3.1 2.8 2.4
Gross domestic purchases............. 1.4 -.8 3.3 3.2 4.4 2.4 3.8 4.8 5.3 5.3 4.4 .9 2.2 2.8 4.1 3.0 2.6 1.4
Final sales to domestic purchasers... 1.6 -.6 3.1 3.2 3.8 2.8 3.8 4.3 5.3 5.4 4.5 1.8 1.8 2.8 3.8 3.1 2.6 1.8
Gross national product............... 2.0 -.3 3.3 2.7 3.9 2.6 3.7 4.4 4.0 4.6 3.7 .8 1.5 2.7 3.8 3.0 2.6 2.2
Real disposable personal income...... 1.9 .5 3.4 1.0 2.7 2.8 3.0 3.5 5.8 3.0 4.8 1.9 3.1 2.2 3.6 1.4 3.5 2.8
Price indexes:
Gross domestic purchases........... 4.1 3.3 2.3 2.2 2.1 2.1 1.8 1.4 .6 1.6 2.5 2.0 1.6 2.3 3.1 3.7 3.4 2.8
Gross domestic purchases excluding
food and energy................... 3.7 3.5 2.6 2.3 2.2 2.2 1.5 1.3 1.0 1.4 1.9 1.9 1.9 1.9 2.7 3.1 3.1 2.4
GDP................................ 3.9 3.5 2.3 2.3 2.1 2.0 1.9 1.7 1.1 1.4 2.2 2.4 1.7 2.1 2.9 3.3 3.2 2.7
GDP excluding food and energy...... 3.7 3.6 2.5 2.4 2.2 2.1 1.7 1.7 1.2 1.5 2.0 2.1 2.1 1.9 2.7 3.2 3.2 2.5
Personal consumption expenditures.. 4.6 3.6 2.9 2.3 2.1 2.1 2.2 1.7 .9 1.7 2.5 2.1 1.4 2.0 2.6 2.9 2.8 2.6
---------------------------------------------------------------------------------------------------------------------------------------------------------------------
Table 8.--Real Gross Domestic Product: Percent Change From Quarter One Year Ago
---------------------------------------------------------------------------------------------------------------------------------------------------------------------
I 04 II 04 III 04 IV 04 I 05 II 05 III 05 IV 05 I 06 II 06 III 06 IV 06 I 07 II 07 III 07 IV 07 I 08 II 08
---------------------------------------------------------------------------------------------------------------------------------------------------------------------
Gross domestic product (GDP).... 4.1 4.1 3.2 3.1 3.2 2.9 3.0 2.7 3.1 3.2 2.4 2.4 1.3 1.8 2.8 2.3 2.5 1.8
Personal consumption expenditures
(PCE)................................. 4.0 3.7 3.2 3.7 3.0 3.3 3.3 2.6 3.2 3.0 2.7 3.2 3.1 2.9 2.9 2.2 1.5 1.3
Durable goods........................ 9.8 6.1 4.0 5.6 4.3 6.8 6.2 1.2 5.5 3.0 2.5 6.9 4.6 5.4 5.1 4.2 .8 -1.2
Nondurable goods..................... 4.1 3.9 2.8 3.5 3.0 3.6 3.6 3.6 4.1 3.8 3.6 3.2 3.0 2.7 2.4 1.7 .7 1.3
Services............................. 2.9 3.2 3.2 3.3 2.7 2.4 2.6 2.4 2.4 2.7 2.2 2.6 2.9 2.6 2.7 2.1 1.9 1.8
Gross private domestic investment...... 7.9 12.2 9.8 9.1 10.9 4.4 3.5 4.8 4.1 5.4 3.0 -3.9 -7.7 -6.2 -4.1 -3.3 -2.3 -7.5
Fixed investment..................... 7.3 7.8 6.8 7.2 8.7 7.3 6.4 5.1 5.8 3.3 .7 -1.8 -4.6 -3.3 -2.3 -1.9 -2.5 -3.8
Nonresidential..................... 4.9 4.9 5.6 7.5 9.2 8.1 6.6 4.9 7.9 7.9 7.7 6.5 3.5 4.4 5.3 6.4 6.2 4.2
Structures....................... 2.0 .0 1.1 2.3 4.2 2.3 -1.0 -.5 1.4 6.4 12.7 12.8 11.7 11.4 12.9 14.5 13.9 12.9
Equipment and software........... 6.0 6.7 7.3 9.4 11.0 10.2 9.4 7.0 10.5 8.5 5.9 4.2 .3 1.6 2.0 2.8 2.7 .1
Residential........................ 11.6 13.2 8.8 6.7 7.7 6.1 6.0 5.4 2.5 -4.3 -10.8 -15.5 -18.5 -17.3 -17.0 -19.0 -21.3 -22.2
Change in private inventories........ ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... .....
Net exports of goods and services...... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... .....
Exports.............................. 9.8 12.0 9.9 7.4 6.9 7.5 6.8 7.0 9.0 8.2 9.0 10.1 6.1 7.0 11.7 8.9 10.1 10.2
Goods.............................. 8.4 10.7 10.0 7.0 6.9 8.7 6.8 8.3 11.0 9.0 10.2 9.5 5.6 5.7 10.0 8.7 9.4 10.6
Services........................... 13.0 15.3 9.8 8.3 6.9 4.8 6.6 4.0 4.7 6.2 6.2 11.5 7.3 10.0 15.6 9.3 11.7 9.2
Imports.............................. 9.3 12.1 12.4 11.5 9.1 5.5 4.5 4.8 6.6 6.5 7.1 3.8 3.2 2.2 2.2 1.1 -1.0 -1.7
Goods.............................. 9.3 11.3 12.6 11.9 10.2 6.3 5.2 5.8 6.8 6.7 7.4 3.1 2.9 1.7 1.4 .9 -1.6 -2.2
Services........................... 9.2 16.4 11.5 9.3 3.7 1.5 .8 -.1 5.6 5.1 5.3 8.0 4.8 4.8 6.5 1.8 2.2 .5
Government consumption expenditures
and gross investment.................. 2.5 1.3 1.3 .7 .2 .1 .6 .6 1.6 1.7 1.3 2.1 1.4 2.0 2.6 2.4 2.6 2.5
Federal.............................. 7.1 3.0 4.4 2.4 1.2 .9 1.7 1.0 3.1 2.5 .6 2.9 -.4 1.6 2.9 2.3 4.8 4.8
National defense................... 10.8 3.1 7.2 2.5 1.3 1.8 2.1 .8 2.2 1.7 -1.5 4.1 .4 2.0 4.7 2.7 6.2 5.9
Nondefense......................... .3 2.8 -.9 2.3 1.0 -.9 .8 1.4 5.1 4.1 4.9 .5 -2.1 .8 -.8 1.5 1.9 2.4
State and local...................... -.1 .3 -.5 -.4 -.4 -.3 -.1 .3 .7 1.2 1.7 1.6 2.4 2.3 2.3 2.4 1.4 1.2
Addenda:
Final sales of domestic product...... 4.0 3.5 2.7 2.8 2.8 3.4 3.5 2.7 3.4 2.8 2.0 2.8 1.8 2.3 3.1 2.5 2.5 2.4
Gross domestic purchases............. 4.3 4.5 3.8 3.9 3.6 2.9 2.8 2.6 3.1 3.2 2.4 1.9 1.1 1.3 1.7 1.4 1.1 .3
Final sales to domestic purchasers... 4.2 3.9 3.3 3.6 3.3 3.3 3.3 2.6 3.4 2.8 2.1 2.2 1.6 1.8 2.0 1.6 1.1 .8
Gross national product............... 4.6 4.2 3.4 2.9 3.2 3.1 3.1 2.8 2.9 3.1 2.1 2.5 1.2 1.6 3.1 2.9 3.0 .....
Real disposable personal income...... 4.2 3.5 2.7 4.1 1.9 1.9 .9 .9 3.4 3.1 4.0 3.6 3.4 2.9 3.1 1.8 .7 3.6
Price indexes:
Gross domestic purchases........... 2.2 3.1 3.3 3.7 3.6 3.3 3.9 4.0 3.8 3.9 3.3 2.5 2.7 2.6 2.4 3.3 3.3 3.5
Gross domestic purchases excluding
food and energy................... 2.1 2.7 2.9 3.1 3.2 3.0 3.1 3.2 3.0 3.2 3.1 2.9 2.8 2.4 2.3 2.3 2.1 2.2
GDP................................ 2.3 2.9 3.0 3.2 3.3 2.9 3.4 3.5 3.4 3.5 3.2 2.8 2.9 2.8 2.5 2.6 2.3 2.0
GDP excluding food and energy...... 2.1 2.7 2.9 3.2 3.3 3.1 3.2 3.3 3.2 3.4 3.2 3.0 2.9 2.5 2.3 2.3 2.0 1.9
PCE................................ 2.0 2.8 2.7 3.1 2.8 2.5 3.2 3.3 3.1 3.3 2.9 1.9 2.3 2.4 2.2 3.5 3.5 3.7
PCE excluding food and energy...... 1.8 2.1 2.1 2.2 2.3 2.1 2.1 2.2 2.1 2.3 2.5 2.3 2.3 2.1 2.0 2.2 2.2 2.2
Market-based PCE\1\................ 1.6 2.4 2.3 2.8 2.5 2.2 3.1 3.1 2.9 3.1 2.7 1.6 2.1 2.2 2.0 3.3 3.4 3.6
Market-based PCE excluding food
and energy\1\..................... 1.3 1.5 1.4 1.6 1.7 1.7 1.7 1.7 1.6 1.9 2.1 2.0 2.1 1.8 1.6 1.8 1.7 1.9
---------------------------------------------------------------------------------------------------------------------------------------------------------------------
1. This index is a supplemental measure that is based on household
expenditures for which there are observable price measures. It
excludes most implicit prices (for example, the services furnished
without payment by financial intermediaries) and the expenses of
nonprofit institutions.
Table 9.--Relation of Gross Domestic Product, Gross National Product, and National Income
[Billions of dollars; quarters seasonally adjusted at annual rates]
-------------------------------------------------------------------------------------------------------------------------------------
2004 2005 2006 2007 I 04 II 04 III 04 IV 04 I 05 II 05
-------------------------------------------------------------------------------------------------------------------------------------
Gross domestic product..................... 11,685.9 12,421.9 13,178.4 13,807.5 11,405.5 11,610.3 11,779.4 11,948.5 12,155.4 12,297.5
Plus: Income receipts from the rest of the
world..................................... 437.5 573.5 725.4 861.7 407.5 425.4 446.5 470.6 536.0 551.8
Less: Income payments to the rest of the
world..................................... 361.3 480.5 647.1 759.3 311.3 352.6 363.5 417.9 433.4 459.6
Equals: Gross national product............. 11,762.1 12,514.9 13,256.6 13,910.0 11,501.7 11,683.1 11,862.3 12,001.1 12,258.0 12,389.7
Less: Consumption of fixed capital......... 1,436.1 1,612.0 1,623.9 1,720.5 1,373.7 1,394.3 1,534.5 1,442.0 1,467.2 1,494.1
Less: Statistical discrepancy.............. 19.1 -71.2 -163.0 -81.4 38.0 40.8 10.0 -12.2 -35.6 -63.3
Equals: National income.................... 10,306.8 10,974.0 11,795.7 12,270.9 10,090.0 10,248.0 10,317.8 10,571.3 10,826.3 10,958.9
Compensation of employees................ 6,656.4 7,030.8 7,433.8 7,812.3 6,505.6 6,596.7 6,709.7 6,813.6 6,884.4 6,957.4
Wage and salary accruals............... 5,379.5 5,676.7 6,028.5 6,355.7 5,257.4 5,329.7 5,422.8 5,508.1 5,553.1 5,611.5
Supplements to wages and salaries...... 1,276.9 1,354.1 1,405.3 1,456.6 1,248.2 1,266.9 1,286.9 1,305.5 1,331.4 1,346.0
Proprietors' income with inventory
valuation and capital consumption
adjustments............................. 911.6 959.8 1,014.7 1,056.2 879.3 908.7 914.1 944.4 936.3 948.1
Rental income of persons with capital
consumption adjustment.................. 118.4 40.9 44.3 40.0 140.4 126.0 105.5 101.7 90.1 72.2
Corporate profits with inventory
valuation and capital consumption
adjustments............................. 1,231.2 1,447.9 1,668.5 1,642.4 1,184.0 1,227.4 1,218.7 1,294.8 1,438.2 1,472.4
Net interest and miscellaneous payments.. 491.2 569.1 631.2 664.4 497.3 491.8 483.9 491.8 537.0 554.8
Taxes on production and imports less
subsidies............................... 819.2 868.9 926.4 963.2 801.1 814.2 823.6 837.9 850.0 865.5
Business current transfer payments....... 83.0 70.0 85.4 100.2 84.8 86.6 67.0 93.6 97.4 97.9
Current surplus of government
enterprises............................. -4.2 -13.4 -8.6 -7.9 -2.5 -3.3 -4.7 -6.5 -7.1 -9.3
Addendum:
Gross domestic income.................... 11,666.8 12,493.0 13,341.4 13,889.0 11,367.5 11,569.5 11,769.4 11,960.6 12,190.9 12,360.9
-------------------------------------------------------------------------------------------------------------------------------------
Table 9.--Relation of Gross Domestic Product, Gross National Product, and National Income--Continued
[Billions of dollars; quarters seasonally adjusted at annual rates]
-------------------------------------------------------------------------------------------------------------------------------------------------------
III 05 IV 05 I 06 II 06 III 06 IV 06 I 07 II 07 III 07 IV 07 I 08 II 08
-------------------------------------------------------------------------------------------------------------------------------------------------------
Gross domestic product..................... 12,538.2 12,696.4 12,959.6 13,134.1 13,249.6 13,370.1 13,510.9 13,737.5 13,950.6 14,031.2 14,150.8 14,256.5
Plus: Income receipts from the rest of the
world..................................... 582.9 623.3 661.9 720.0 745.9 773.7 788.2 852.8 898.5 907.4 843.2 .....
Less: Income payments to the rest of the
world..................................... 479.9 549.1 582.4 634.8 679.4 691.8 715.8 793.2 786.3 742.0 705.1 .....
Equals: Gross national product............. 12,641.2 12,770.6 13,039.2 13,219.4 13,316.1 13,452.0 13,583.3 13,797.2 14,062.8 14,196.6 14,289.0 .....
Less: Consumption of fixed capital......... 1,907.0 1,579.8 1,582.7 1,612.5 1,638.3 1,662.2 1,684.3 1,707.0 1,731.9 1,758.6 1,778.0 1,804.2
Less: Statistical discrepancy.............. -45.3 -140.5 -154.6 -131.7 -170.8 -194.9 -188.4 -143.4 -7.8 13.9 43.6 .....
Equals: National income.................... 10,779.5 11,331.3 11,611.1 11,738.5 11,848.6 11,984.7 12,087.4 12,233.6 12,338.6 12,424.1 12,467.5 .....
Compensation of employees................ 7,090.2 7,191.0 7,318.0 7,364.2 7,441.9 7,611.1 7,709.0 7,760.1 7,839.3 7,941.0 8,029.6 8,094.4
Wage and salary accruals............... 5,725.6 5,816.5 5,926.4 5,966.2 6,034.2 6,187.2 6,269.0 6,310.7 6,377.7 6,465.5 6,538.2 6,592.2
Supplements to wages and salaries...... 1,364.7 1,374.5 1,391.6 1,398.0 1,407.8 1,423.9 1,440.0 1,449.4 1,461.6 1,475.5 1,491.4 1,502.1
Proprietors' income with inventory
valuation and capital consumption
adjustments............................. 960.4 994.5 1,004.7 1,018.3 1,013.4 1,022.4 1,037.2 1,050.2 1,063.8 1,073.8 1,071.7 1,077.3
Rental income of persons with capital
consumption adjustment.................. -56.9 58.0 52.8 45.6 40.4 38.2 35.1 44.6 41.8 38.6 39.1 54.3
Corporate profits with inventory
valuation and capital consumption
adjustments............................. 1,342.6 1,538.6 1,634.2 1,681.6 1,713.8 1,644.5 1,617.8 1,672.5 1,668.3 1,611.1 1,593.5 .....
Net interest and miscellaneous payments.. 583.9 600.8 615.5 629.7 630.1 649.3 645.8 660.8 663.0 688.1 662.3 665.2
Taxes on production and imports less
subsidies............................... 876.6 883.5 908.5 923.8 932.0 941.5 955.2 956.4 965.7 975.3 975.1 983.3
Business current transfer payments....... 8.5 76.1 85.1 83.5 86.0 86.8 98.3 97.4 102.2 103.1 103.2 103.0
Current surplus of government
enterprises............................. -25.8 -11.4 -7.8 -8.3 -9.1 -9.2 -10.8 -8.5 -5.5 -6.7 -7.1 -7.6
Addendum:
Gross domestic income.................... 12,583.5 12,836.9 13,114.3 13,265.8 13,420.4 13,565.0 13,699.3 13,881.0 13,958.4 14,017.4 14,107.3 .....
-------------------------------------------------------------------------------------------------------------------------------------------------------
Table 10.--Personal Income and Its Disposition
[Billions of dollars; quarters seasonally adjusted at annual rates]
-------------------------------------------------------------------------------------------------------------------------------------
2004 2005 2006 2007 I 04 II 04 III 04 IV 04 I 05 II 05
-------------------------------------------------------------------------------------------------------------------------------------
Personal income\1\......................... 9,727.2 10,269.8 10,993.9 11,663.2 9,482.8 9,629.6 9,770.9 10,025.5 10,044.5 10,184.4
Compensation of employees, received...... 6,671.4 7,025.8 7,432.6 7,818.6 6,509.1 6,618.2 6,734.7 6,823.6 6,884.4 6,957.4
Wage and salary disbursements.......... 5,394.5 5,671.7 6,027.2 6,362.0 5,260.9 5,351.2 5,447.8 5,518.1 5,553.1 5,611.5
Supplements to wages and salaries...... 1,276.9 1,354.1 1,405.3 1,456.6 1,248.2 1,266.9 1,286.9 1,305.5 1,331.4 1,346.0
Proprietors' income with inventory
valuation and capital consumption
adjustments............................. 911.6 959.8 1,014.7 1,056.2 879.3 908.7 914.1 944.4 936.3 948.1
Farm................................... 37.3 34.1 16.2 44.0 40.3 39.6 33.0 36.5 33.2 38.3
Nonfarm................................ 874.3 925.7 998.6 1,012.2 839.1 869.1 881.1 908.0 903.0 909.8
Rental income of persons with capital
consumption adjustment.................. 118.4 40.9 44.3 40.0 140.4 126.0 105.5 101.7 90.1 72.2
Personal income receipts on assets....... 1,432.1 1,596.9 1,824.8 2,000.1 1,359.8 1,384.4 1,420.1 1,564.1 1,513.6 1,564.7
Personal interest income............... 895.1 1,022.0 1,125.4 1,214.3 888.1 885.9 894.0 912.3 963.0 1,005.6
Personal dividend income............... 537.0 574.9 699.4 785.8 471.8 498.5 526.1 651.8 550.6 559.1
Personal current transfer receipts....... 1,422.5 1,520.7 1,603.0 1,713.3 1,404.9 1,415.3 1,432.7 1,437.1 1,479.7 1,508.8
Less: Contributions for government
social insurance........................ 828.8 874.3 925.5 965.1 810.8 822.9 836.1 845.5 859.6 866.9
Less: Personal current taxes............... 1,046.3 1,207.8 1,353.2 1,492.8 1,008.1 1,024.5 1,062.1 1,090.7 1,163.8 1,192.7
Equals: Disposable personal income......... 8,680.9 9,062.0 9,640.7 10,170.5 8,474.7 8,605.1 8,708.9 8,934.8 8,880.7 8,991.7
Less: Personal outlays..................... 8,499.2 9,029.5 9,570.0 10,113.1 8,299.5 8,432.9 8,553.7 8,710.6 8,808.1 8,945.9
Equals: Personal saving.................... 181.7 32.5 70.7 57.4 175.1 172.2 155.2 224.2 72.5 45.8
Personal saving as a percentage of
disposable personal income.............. 2.1 .4 .7 .6 2.1 2.0 1.8 2.5 .8 .5
Addendum:
Disposable personal income, billions of
chained (2000) dollars\2\............... 8,008.9 8,121.4 8,407.0 8,644.0 7,908.7 7,955.1 8,012.2 8,158.8 8,060.4 8,110.0
-------------------------------------------------------------------------------------------------------------------------------------
1. Personal income is also equal to national income less corporate
profits with inventory valuation and capital consumption adjustments,
taxes on production and imports less subsidies, contributions for
government social insurance, net interest and miscellaneous payments,
business current transfer payments, current surplus of government
enterprises, and wage accruals less disbursements, plus personal
income receipts on assets, and personal current transfer receipts.
2. Equals disposable personal income deflated by the implicit price
deflator for personal consumption expenditures.
Table 10.--Personal Income and Its Disposition--Continued
[Billions of dollars; quarters seasonally adjusted at annual rates]
-------------------------------------------------------------------------------------------------------------------------------------------------------
III 05 IV 05 I 06 II 06 III 06 IV 06 I 07 II 07 III 07 IV 07 I 08 II 08
-------------------------------------------------------------------------------------------------------------------------------------------------------
Personal income\1\......................... 10,289.1 10,561.0 10,781.6 10,913.2 11,056.1 11,224.7 11,473.0 11,577.5 11,730.4 11,872.1 11,981.2 12,195.7
Compensation of employees, received...... 7,090.2 7,171.0 7,338.0 7,364.2 7,441.9 7,586.1 7,734.0 7,760.1 7,839.3 7,941.0 8,029.6 8,094.4
Wage and salary disbursements.......... 5,725.6 5,796.5 5,946.4 5,966.2 6,034.2 6,162.2 6,294.0 6,310.7 6,377.7 6,465.5 6,538.2 6,592.2
Supplements to wages and salaries...... 1,364.7 1,374.5 1,391.6 1,398.0 1,407.8 1,423.9 1,440.0 1,449.4 1,461.6 1,475.5 1,491.4 1,502.1
Proprietors' income with inventory
valuation and capital consumption
adjustments............................. 960.4 994.5 1,004.7 1,018.3 1,013.4 1,022.4 1,037.2 1,050.2 1,063.8 1,073.8 1,071.7 1,077.3
Farm................................... 37.1 27.7 17.3 9.8 13.8 23.7 39.3 42.3 47.4 47.1 41.6 41.0
Nonfarm................................ 923.3 966.7 987.5 1,008.4 999.6 998.7 997.9 1,007.9 1,016.4 1,026.7 1,030.1 1,036.2
Rental income of persons with capital
consumption adjustment.................. -56.9 58.0 52.8 45.6 40.4 38.2 35.1 44.6 41.8 38.6 39.1 54.3
Personal income receipts on assets....... 1,616.9 1,692.3 1,735.4 1,809.5 1,865.8 1,888.6 1,930.9 1,982.5 2,030.9 2,056.2 2,054.1 2,043.0
Personal interest income............... 1,038.0 1,081.4 1,085.3 1,123.4 1,147.6 1,145.6 1,172.2 1,206.1 1,236.2 1,242.7 1,224.6 1,199.4
Personal dividend income............... 578.9 610.9 650.2 686.1 718.2 743.0 758.7 776.5 794.7 813.5 829.5 843.6
Personal current transfer receipts....... 1,559.6 1,534.7 1,567.6 1,594.5 1,620.1 1,629.8 1,695.7 1,699.2 1,720.6 1,737.8 1,778.1 1,923.4
Less: Contributions for government
social insurance........................ 881.1 889.5 917.1 918.9 925.5 940.4 959.8 959.1 966.0 975.3 991.3 996.6
Less: Personal current taxes............... 1,222.3 1,252.5 1,316.0 1,341.1 1,356.2 1,399.6 1,459.5 1,489.4 1,501.6 1,520.5 1,541.2 1,362.3
Equals: Disposable personal income......... 9,066.9 9,308.6 9,465.6 9,572.1 9,699.9 9,825.1 10,013.5 10,088.0 10,228.8 10,351.5 10,440.0 10,833.4
Less: Personal outlays..................... 9,129.8 9,234.2 9,371.2 9,518.0 9,651.8 9,739.0 9,904.2 10,056.9 10,182.0 10,309.2 10,404.9 10,548.5
Equals: Personal saving.................... -62.9 74.4 94.4 54.2 48.1 86.1 109.3 31.1 46.8 42.4 35.1 284.9
Personal saving as a percentage of
disposable personal income.............. -.7 .8 1.0 .6 .5 .9 1.1 .3 .5 .4 .3 2.6
Addendum:
Disposable personal income, billions of
chained (2000) dollars\2\............... 8,084.0 8,231.8 8,334.2 8,360.4 8,407.1 8,526.2 8,617.7 8,604.5 8,671.1 8,683.1 8,680.0 8,914.6
-------------------------------------------------------------------------------------------------------------------------------------------------------
1. Personal income is also equal to national income less corporate
profits with inventory valuation and capital consumption adjustments,
taxes on production and imports less subsidies, contributions for
government social insurance, net interest and miscellaneous payments,
business current transfer payments, current surplus of government
enterprises, and wage accruals less disbursements, plus personal
income receipts on assets, and personal current transfer receipts.
2. Equals disposable personal income deflated by the implicit price
deflator for personal consumption expenditures.
Table 11A.--Corporate Profits
[Billions of dollars]
-------------------------------------------------------------------------------------------------------------------------------
2004 2005 2006 2007 I 04 II 04 III 04 IV 04 I 05 II 05
-------------------------------------------------------------------------------------------------------------------------------
Corporate profits with inventory
valuation and capital consumption
adjustments......................... 1,231.2 1,447.9 1,668.5 1,642.4 1,184.0 1,227.4 1,218.7 1,294.8 1,438.2 1,472.4
Less: Taxes on corporate income...... 307.4 413.7 468.9 450.4 282.5 307.1 302.5 337.3 407.2 412.0
Equals: Profits after tax with
inventory valuation and capital
consumption adjustments............. 923.9 1,034.2 1,199.6 1,192.0 901.5 920.3 916.2 957.4 1,031.0 1,060.4
Net dividends...................... 539.5 577.4 702.1 788.7 473.9 500.7 528.5 654.8 553.0 561.6
Undistributed profits with
inventory valuation and
capital consumption
adjustments....................... 384.4 456.9 497.5 403.4 427.7 419.6 387.7 302.6 478.0 498.8
Cash flow:
Net cash flow with inventory
valuation and capital
consumption adjustments........... 1,181.5 1,315.8 1,390.3 1,348.7 1,201.5 1,200.8 1,220.7 1,103.1 1,291.5 1,325.9
Undistributed profits with
inventory valuation and
capital consumption
adjustments..................... 384.4 456.9 497.5 403.4 427.7 419.6 387.7 302.6 478.0 498.8
Consumption of fixed capital..... 797.1 858.9 892.8 945.3 773.8 781.2 833.0 800.4 813.5 827.1
Less: Inventory valuation
adjustment........................ -43.1 -37.8 -39.5 -51.2 -33.7 -51.9 -39.6 -47.2 -45.4 -18.0
Equals: Net cash flow.............. 1,224.6 1,353.6 1,429.8 1,399.9 1,235.1 1,252.7 1,260.3 1,150.2 1,336.8 1,343.9
Addenda:
Profits before tax (without
inventory valuation and capital
consumption adjustments).......... 1,204.7 1,620.6 1,873.7 1,886.3 1,128.3 1,199.6 1,199.3 1,291.5 1,600.7 1,612.0
Profits after tax (without
inventory valuation and capital
consumption adjustments).......... 897.3 1,206.9 1,404.8 1,435.9 845.8 892.5 896.7 954.2 1,193.5 1,200.1
Inventory valuation adjustment..... -43.1 -37.8 -39.5 -51.2 -33.7 -51.9 -39.6 -47.2 -45.4 -18.0
Capital consumption adjustment..... 69.7 -134.8 -165.7 -192.7 89.4 79.7 59.0 50.5 -117.2 -121.7
-------------------------------------------------------------------------------------------------------------------------------
Table 11A.--Corporate Profits--Continued
[Billions of dollars; quarters seasonally adjusted at annual rates]
----------------------------------------------------------------------------------------------------------------------------------------
III 05 IV 05 I 06 II 06 III 06 IV 06 I 07 II 07 III 07 IV 07 I 08
----------------------------------------------------------------------------------------------------------------------------------------
Corporate profits with inventory
valuation and capital consumption
adjustments......................... 1,342.6 1,538.6 1,634.2 1,681.6 1,713.8 1,644.5 1,617.8 1,672.5 1,668.3 1,611.1 1,593.5
Less: Taxes on corporate income...... 386.4 449.2 453.8 474.8 487.2 459.8 448.5 468.5 451.1 433.5 402.9
Equals: Profits after tax with
inventory valuation and capital
consumption adjustments............. 956.2 1,089.4 1,180.3 1,206.8 1,226.6 1,184.8 1,169.3 1,204.0 1,217.3 1,177.6 1,190.6
Net dividends...................... 581.4 613.4 652.8 688.8 720.9 745.8 761.5 779.2 797.6 816.4 832.5
Undistributed profits with
inventory valuation and
capital consumption
adjustments....................... 374.8 476.0 527.5 518.0 505.6 439.0 407.8 424.8 419.7 361.2 358.1
Cash flow:
Net cash flow with inventory
valuation and capital
consumption adjustments........... 1,305.0 1,340.7 1,399.1 1,404.2 1,405.7 1,352.2 1,333.3 1,363.2 1,371.4 1,326.9 1,337.0
Undistributed profits with
inventory valuation and
capital consumption
adjustments..................... 374.8 476.0 527.5 518.0 505.6 439.0 407.8 424.8 419.7 361.2 358.1
Consumption of fixed capital..... 930.2 864.7 871.6 886.2 900.1 913.2 925.5 938.4 951.8 965.7 978.8
Less: Inventory valuation
adjustment........................ -39.1 -48.7 -35.0 -58.5 -42.7 -21.8 -44.2 -55.3 -31.0 -74.1 -109.4
Equals: Net cash flow.............. 1,344.1 1,389.4 1,434.2 1,462.7 1,448.4 1,374.0 1,377.6 1,418.5 1,402.5 1,401.0 1,446.3
Addenda:
Profits before tax (without
inventory valuation and capital
consumption adjustments).......... 1,536.3 1,733.3 1,813.8 1,900.1 1,929.9 1,851.1 1,838.9 1,914.8 1,897.1 1,894.3 1,750.9
Profits after tax (without
inventory valuation and capital
consumption adjustments).......... 1,149.9 1,284.1 1,359.9 1,425.2 1,442.6 1,391.4 1,390.4 1,446.3 1,446.1 1,460.9 1,348.0
Inventory valuation adjustment..... -39.1 -48.7 -35.0 -58.5 -42.7 -21.8 -44.2 -55.3 -31.0 -74.1 -109.4
Capital consumption adjustment..... -154.5 -146.0 -144.5 -160.0 -173.4 -184.8 -176.9 -187.0 -197.8 -209.2 -48.0
----------------------------------------------------------------------------------------------------------------------------------------
Table 11B.--Corporate Profits: Percent Change From Preceding Period
[Quarterly rates]
-------------------------------------------------------------------------------------------------------------------------------
2004 2005 2006 2007 I 04 II 04 III 04 IV 04 I 05 II 05
-------------------------------------------------------------------------------------------------------------------------------
Corporate profits with inventory
valuation and capital consumption
adjustments......................... 24.0 17.6 15.2 -1.6 10.0 3.7 -.7 6.2 11.1 2.4
Less: Taxes on corporate income...... 26.3 34.6 13.3 -4.0 6.7 8.7 -1.5 11.5 20.7 1.2
Equals: Profits after tax with
inventory valuation and capital
consumption adjustments............. 23.2 11.9 16.0 -.6 11.1 2.1 -.4 4.5 7.7 2.9
Net dividends...................... 27.0 7.0 21.6 12.3 7.0 5.7 5.5 23.9 -15.6 1.6
Undistributed profits with
inventory valuation and
capital consumption
adjustments....................... 18.2 18.9 8.9 -18.9 15.9 -1.9 -7.6 -21.9 57.9 4.4
Cash flow:
Net cash flow with inventory
valuation and capital
consumption adjustments........... 8.9 11.4 5.7 -3.0 5.7 -.1 1.7 -9.6 17.1 2.7
Undistributed profits with
inventory valuation and
capital consumption
adjustments..................... 18.2 18.9 8.9 -18.9 15.9 -1.9 -7.6 -21.9 57.9 4.4
Consumption of fixed capital..... 4.9 7.7 4.0 5.9 .8 1.0 6.6 -3.9 1.6 1.7
Less: Inventory valuation
adjustment........................ ..... ..... ..... ..... ..... ..... ..... ..... ..... .....
Equals: Net cash flow.............. 11.5 10.5 5.6 -2.1 6.8 1.4 .6 -8.7 16.2 .5
Addenda:
Profits before tax (without
inventory valuation and capital
consumption adjustments).......... 32.7 34.5 15.6 .7 12.4 6.3 .0 7.7 23.9 .7
Profits after tax (without
inventory valuation and capital
consumption adjustments).......... 35.0 34.5 16.4 2.2 14.5 5.5 .5 6.4 25.1 .5
Inventory valuation adjustment..... ..... ..... ..... ..... ..... ..... ..... ..... ..... .....
Capital consumption adjustment..... ..... ..... ..... ..... ..... ..... ..... ..... ..... .....
-------------------------------------------------------------------------------------------------------------------------------
Table 11B.--Corporate Profits: Percent Change From Preceding Period--Continued
[Quarterly rates]
----------------------------------------------------------------------------------------------------------------------------------------
III 05 IV 05 I 06 II 06 III 06 IV 06 I 07 II 07 III 07 IV 07 I 08
----------------------------------------------------------------------------------------------------------------------------------------
Corporate profits with inventory
valuation and capital consumption
adjustments......................... -8.8 14.6 6.2 2.9 1.9 -4.0 -1.6 3.4 -.3 -3.4 -1.1
Less: Taxes on corporate income...... -6.2 16.3 1.0 4.6 2.6 -5.6 -2.5 4.5 -3.7 -3.9 -7.0
Equals: Profits after tax with
inventory valuation and capital
consumption adjustments............. -9.8 13.9 8.3 2.2 1.6 -3.4 -1.3 3.0 1.1 -3.3 1.1
Net dividends...................... 3.5 5.5 6.4 5.5 4.7 3.4 2.1 2.3 2.4 2.4 2.0
Undistributed profits with
inventory valuation and
capital consumption
adjustments....................... -24.9 27.0 10.8 -1.8 -2.4 -13.2 -7.1 4.2 -1.2 -13.9 -.9
Cash flow:
Net cash flow with inventory
valuation and capital
consumption adjustments........... -1.6 2.7 4.4 .4 .1 -3.8 -1.4 2.2 .6 -3.2 .8
Undistributed profits with
inventory valuation and
capital consumption
adjustments..................... -24.9 27.0 10.8 -1.8 -2.4 -13.2 -7.1 4.2 -1.2 -13.9 -.9
Consumption of fixed capital..... 12.5 -7.0 .8 1.7 1.6 1.5 1.3 1.4 1.4 1.5 1.4
Less: Inventory valuation
adjustment........................ ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... .....
Equals: Net cash flow.............. .0 3.4 3.2 2.0 -1.0 -5.1 .3 3.0 -1.1 -.1 3.2
Addenda:
Profits before tax (without
inventory valuation and capital
consumption adjustments).......... -4.7 12.8 4.6 4.8 1.6 -4.1 -.7 4.1 -.9 -.1 -7.6
Profits after tax (without
inventory valuation and capital
consumption adjustments).......... -4.2 11.7 5.9 4.8 1.2 -3.6 -.1 4.0 .0 1.0 -7.7
Inventory valuation adjustment..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... .....
Capital consumption adjustment..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... .....
----------------------------------------------------------------------------------------------------------------------------------------
Table 12A.--Corporate Profits by Industry
[Billions of dollars; quarters seasonally adjusted at annual rates]
------------------------------------------------------------------------------------------------------------------------------
2004 2005 2006 2007 I 04 II 04 III 04 IV 04 I 05 II 05
------------------------------------------------------------------------------------------------------------------------------
Corporate profits with
inventory valuation and
capital consumption
adjustments.................... 1,231.2 1,447.9 1,668.5 1,642.4 1,184.0 1,227.4 1,218.7 1,294.8 1,438.2 1,472.4
Domestic industries................. 1,037.8 1,208.5 1,401.0 1,297.8 982.1 1,039.6 1,013.8 1,115.8 1,204.0 1,239.1
Financial......................... 356.2 407.1 462.1 429.7 358.8 358.7 297.5 409.8 453.8 419.4
Nonfinancial...................... 681.6 801.4 939.0 868.1 623.3 681.0 716.3 706.0 750.2 819.7
Rest of the world................... 193.4 239.4 267.5 344.7 201.9 187.7 205.0 179.0 234.2 233.3
Receipts from the rest of the
world............................ 316.4 384.1 438.9 509.2 303.3 313.4 322.3 326.6 373.3 374.6
Less: Payments to the rest of the
world............................ 123.0 144.6 171.4 164.5 101.3 125.7 117.3 147.6 139.1 141.3
Corporate profits with
inventory valuation adjustment. 1,161.6 1,582.8 1,834.2 1,835.1 1,094.6 1,147.7 1,159.7 1,244.3 1,555.3 1,594.0
Domestic industries................. 968.2 1,343.3 1,566.7 1,490.5 892.7 959.9 954.7 1,065.4 1,321.2 1,360.8
Financial......................... 348.9 425.3 478.8 449.9 347.3 350.2 292.4 405.7 470.0 437.3
Federal Reserve banks........... 20.0 26.6 33.8 37.7 19.0 19.1 20.1 21.9 22.9 25.5
Other financial................. 328.9 398.7 445.0 412.2 328.3 331.1 272.3 383.8 447.1 411.8
Nonfinancial...................... 619.3 918.1 1,087.9 1,040.6 545.4 609.7 662.4 659.6 851.1 923.4
Utilities....................... 18.6 28.9 55.6 58.5 15.2 17.8 18.6 22.8 27.1 28.4
Manufacturing................... 152.7 243.8 304.3 316.6 134.2 148.3 158.4 170.0 242.7 239.3
Durable goods................. 38.3 93.3 115.9 127.4 27.5 37.2 42.8 45.6 87.0 96.6
Fabricated metal products... 11.9 17.8 19.2 21.7 9.5 11.6 12.2 14.4 16.9 18.1
Machinery................... 7.2 14.9 20.0 22.3 5.0 6.5 9.5 7.9 11.5 13.9
Computer and electronic
products................... -4.9 7.9 14.1 13.5 -6.3 -5.7 -4.6 -2.9 4.8 8.0
Electrical equipment,
appliances, and components. .3 -1.6 8.4 10.9 2.0 1.9 -.3 -2.3 -3.3 -3.2
Motor vehicles, bodies and
trailers, and parts........ -7.6 .1 -8.4 -5.9 -1.0 -9.0 -10.6 -9.9 3.7 4.0
Other durable goods......... 31.3 54.2 62.6 64.9 18.3 31.8 36.6 38.4 53.5 55.8
Nondurable goods.............. 114.5 150.5 188.4 189.3 106.7 111.1 115.6 124.4 155.7 142.7
Food and beverage and
tobacco products........... 24.2 26.2 33.8 38.5 26.6 22.9 24.4 22.6 26.7 24.7
Petroleum and coal products. 48.9 78.9 77.5 66.9 41.4 46.6 40.7 66.9 71.9 75.1
Chemical products........... 25.4 25.8 53.8 66.4 20.6 26.5 32.6 21.8 38.5 21.9
Other nondurable goods...... 16.0 19.6 23.4 17.5 18.1 15.1 17.8 13.1 18.7 21.0
Wholesale trade................. 79.2 97.3 107.5 102.6 69.0 79.6 91.4 76.8 90.4 109.5
Retail trade.................... 91.1 120.4 132.3 132.3 96.2 91.1 87.7 89.2 102.3 126.7
Transportation and warehousing.. 14.1 29.1 42.5 42.7 13.9 20.0 13.0 9.6 26.2 29.1
Information..................... 43.9 79.7 91.1 103.0 13.1 45.7 64.3 52.3 74.9 84.4
Other nonfinancial.............. 219.7 318.9 354.7 284.9 203.8 207.1 229.0 239.0 287.4 306.0
Rest of the world................... 193.4 239.4 267.5 344.7 201.9 187.7 205.0 179.0 234.2 233.3
------------------------------------------------------------------------------------------------------------------------------
Note. Estimates in this table are based on the 1997 North
American Industry Classification System (NAICS).
Table 12A.--Corporate Profits by Industry--Continued
[Billions of dollars; quarters seasonally adjusted at annual rates]
---------------------------------------------------------------------------------------------------------------------------------------
III 05 IV 05 I 06 II 06 III 06 IV 06 I 07 II 07 III 07 IV 07 I 08
---------------------------------------------------------------------------------------------------------------------------------------
Corporate profits with
inventory valuation and
capital consumption
adjustments.................... 1,342.6 1,538.6 1,634.2 1,681.6 1,713.8 1,644.5 1,617.8 1,672.5 1,668.3 1,611.1 1,593.5
Domestic industries................. 1,089.7 1,301.3 1,383.7 1,412.0 1,453.3 1,355.1 1,319.7 1,369.7 1,311.9 1,189.7 1,195.1
Financial......................... 342.7 412.6 453.8 477.0 456.6 460.9 436.1 473.1 439.3 370.3 407.6
Nonfinancial...................... 747.0 888.7 930.0 935.0 996.7 894.2 883.6 896.6 872.6 819.5 787.4
Rest of the world................... 252.9 237.4 250.5 269.7 260.5 289.4 298.1 302.9 356.4 421.3 398.5
Receipts from the rest of the
world............................ 384.3 404.1 413.3 439.6 445.7 457.0 460.5 494.7 528.4 553.1 556.8
Less: Payments to the rest of the
world............................ 131.3 166.8 162.9 169.9 185.2 167.6 162.5 191.8 172.0 131.8 158.3
Corporate profits with
inventory valuation adjustment. 1,497.1 1,684.6 1,778.7 1,841.6 1,887.2 1,829.3 1,794.7 1,859.5 1,866.1 1,820.2 1,641.5
Domestic industries................. 1,244.2 1,447.2 1,528.3 1,571.9 1,626.7 1,540.0 1,496.6 1,556.7 1,509.7 1,398.9 1,243.1
Financial......................... 362.3 431.4 470.0 493.1 473.3 478.8 454.1 492.7 460.3 392.4 412.8
Federal Reserve banks........... 26.8 31.0 31.0 33.6 35.8 34.9 38.2 38.5 37.5 36.5 35.8
Other financial................. 335.5 400.4 439.0 459.5 437.5 443.8 415.9 454.2 422.8 355.9 377.1
Nonfinancial...................... 881.9 1,015.8 1,058.3 1,078.8 1,153.4 1,061.2 1,042.5 1,064.0 1,049.3 1,006.5 830.2
Utilities....................... 21.7 38.2 44.9 53.5 62.5 61.4 57.2 54.7 58.7 63.2 46.2
Manufacturing................... 241.6 251.6 279.2 305.8 333.5 298.9 317.0 350.8 306.6 292.1 240.5
Durable goods................. 94.4 95.3 110.8 99.8 127.0 126.1 127.2 123.1 130.9 128.3 85.5
Fabricated metal products... 19.5 16.8 20.8 17.8 17.6 20.7 21.5 20.0 22.5 22.8 18.9
Machinery................... 15.8 18.5 19.6 19.8 19.7 20.8 22.7 22.4 22.2 22.0 19.2
Computer and electronic
products................... 8.2 10.5 10.5 15.1 17.6 13.3 16.4 9.0 13.2 15.4 14.4
Electrical equipment,
appliances, and components. -.5 .7 4.1 7.6 10.2 11.8 11.6 9.6 10.7 11.5 6.9
Motor vehicles, bodies and
trailers, and parts........ -1.0 -6.1 -5.9 -9.1 -9.8 -9.0 -8.7 -2.7 -4.4 -7.7 -19.9
Other durable goods......... 52.5 54.9 61.7 48.5 71.7 68.5 63.7 64.8 66.8 64.3 46.1
Nondurable goods.............. 147.1 156.3 168.4 206.0 206.4 172.9 189.8 227.8 175.7 163.8 155.0
Food and beverage and
tobacco products........... 26.1 27.3 28.1 31.5 36.9 38.7 33.5 42.7 39.2 38.7 34.8
Petroleum and coal products. 80.6 88.0 75.4 91.5 88.1 54.8 71.7 106.7 55.6 33.6 48.8
Chemical products........... 20.1 22.7 46.3 59.0 61.4 48.4 62.1 64.6 65.1 73.8 60.2
Other nondurable goods...... 20.3 18.3 18.6 24.1 20.0 30.9 22.5 13.8 15.9 17.8 11.1
Wholesale trade................. 85.5 103.8 102.3 94.5 128.3 104.9 108.2 112.7 109.1 80.2 49.2
Retail trade.................... 114.8 137.8 133.5 126.0 132.1 137.5 132.8 145.9 126.0 124.5 112.0
Transportation and warehousing.. 28.0 33.1 39.3 44.2 42.2 44.4 40.7 45.4 47.0 37.7 24.4
Information..................... 76.9 82.5 87.2 91.3 95.8 89.9 100.8 85.0 108.4 117.9 106.0
Other nonfinancial.............. 313.5 368.8 371.8 363.7 359.1 324.2 285.8 269.4 293.5 290.9 252.0
Rest of the world................... 252.9 237.4 250.5 269.7 260.5 289.4 298.1 302.9 356.4 421.3 398.5
---------------------------------------------------------------------------------------------------------------------------------------
Note. Estimates in this table are based on the 1997 North
American Industry Classification System (NAICS).
Table 12B.--Corporate Profits by Industry: Change From Preceding Period
[Billions of dollars]
----------------------------------------------------------------------------------------------------------
2004 2005 2006 2007 I 04 II 04 III 04 IV 04 I 05 II 05
----------------------------------------------------------------------------------------------------------
Corporate profits with
inventory valuation and
capital consumption
adjustments.................... 238.1 216.7 220.6 -26.1 107.5 43.4 -8.7 76.1 143.4 34.2
Domestic industries................. 210.1 170.7 192.5 -103.2 96.2 57.5 -25.8 102.0 88.2 35.1
Financial......................... 20.6 50.9 55.0 -32.4 9.6 -.1 -61.2 112.3 44.0 -34.4
Nonfinancial...................... 189.5 119.8 137.6 -70.9 86.7 57.7 35.3 -10.3 44.2 69.5
Rest of the world................... 27.9 46.0 28.1 77.2 11.3 -14.2 17.3 -26.0 55.2 -.9
Receipts from the rest of the
world............................ 67.3 67.7 54.8 70.3 23.1 10.1 8.9 4.3 46.7 1.3
Less: Payments to the rest of the
world............................ 39.4 21.6 26.8 -6.9 11.8 24.4 -8.4 30.3 -8.5 2.2
Corporate profits with
inventory valuation adjustment. 267.1 421.2 251.4 .9 111.0 53.1 12.0 84.6 311.0 38.7
Domestic industries................. 239.2 375.1 223.4 -76.2 99.7 67.2 -5.2 110.7 255.8 39.6
Financial......................... 31.6 76.4 53.5 -28.9 13.5 2.9 -57.8 113.3 64.3 -32.7
Federal Reserve banks........... -.1 6.6 7.2 3.9 .8 .1 1.0 1.8 1.0 2.6
Other financial................. 31.7 69.8 46.3 -32.8 12.8 2.8 -58.8 111.5 63.3 -35.3
Nonfinancial...................... 207.5 298.8 169.8 -47.3 86.2 64.3 52.7 -2.8 191.5 72.3
Utilities....................... 7.0 10.3 26.7 2.9 2.0 2.6 .8 4.2 4.3 1.3
Manufacturing................... 76.7 91.1 60.5 12.3 26.0 14.1 10.1 11.6 72.7 -3.4
Durable goods................. 44.2 55.0 22.6 11.5 19.4 9.7 5.6 2.8 41.4 9.6
Fabricated metal products... 4.0 5.9 1.4 2.5 .4 2.1 .6 2.2 2.5 1.2
Machinery................... 5.7 7.7 5.1 2.3 1.6 1.5 3.0 -1.6 3.6 2.4
Computer and electronic
products................... 10.7 12.8 6.2 -.6 .2 .6 1.1 1.7 7.7 3.2
Electrical equipment,
appliances, and components. -1.8 -1.9 10.0 2.5 -.6 -.1 -2.2 -2.0 -1.0 .1
Motor vehicles, bodies and
trailers, and parts........ 4.7 7.7 -8.5 2.5 13.1 -8.0 -1.6 .7 13.6 .3
Other durable goods......... 20.8 22.9 8.4 2.3 4.6 13.5 4.8 1.8 15.1 2.3
Nondurable goods.............. 32.6 36.0 37.9 .9 6.6 4.4 4.5 8.8 31.3 -13.0
Food and beverage and
tobacco products........... .6 2.0 7.6 4.7 -.4 -3.7 1.5 -1.8 4.1 -2.0
Petroleum and coal products. 25.6 30.0 -1.4 -10.6 8.1 5.2 -5.9 26.2 5.0 3.2
Chemical products........... 5.9 .4 28.0 12.6 -.4 5.9 6.1 -10.8 16.7 -16.6
Other nondurable goods...... .5 3.6 3.8 -5.9 -.7 -3.0 2.7 -4.7 5.6 2.3
Wholesale trade................. 24.0 18.1 10.2 -4.9 3.6 10.6 11.8 -14.6 13.6 19.1
Retail trade.................... 4.3 29.3 11.9 .0 8.9 -5.1 -3.4 1.5 13.1 24.4
Transportation and warehousing.. 6.8 15.0 13.4 .2 4.9 6.1 -7.0 -3.4 16.6 2.9
Information..................... 40.7 35.8 11.4 11.9 8.3 32.6 18.6 -12.0 22.6 9.5
Other nonfinancial.............. 48.0 99.2 35.8 -69.8 32.6 3.3 21.9 10.0 48.4 18.6
Rest of the world................... 27.9 46.0 28.1 77.2 11.3 -14.2 17.3 -26.0 55.2 -.9
----------------------------------------------------------------------------------------------------------
Note. Estimates in this table are based on the 1997 North
American Industry Classification System (NAICS).
Table 12B.--Corporate Profits by Industry: Change From Preceding Period--Continued
[Billions of dollars]
-----------------------------------------------------------------------------------------------------------------
III 05 IV 05 I 06 II 06 III 06 IV 06 I 07 II 07 III 07 IV 07 I 08
-----------------------------------------------------------------------------------------------------------------
Corporate profits with
inventory valuation and
capital consumption
adjustments.................... -129.8 196.0 95.6 47.4 32.2 -69.3 -26.7 54.7 -4.2 -57.2 -17.6
Domestic industries................. -149.4 211.6 82.4 28.3 41.3 -98.2 -35.4 50.0 -57.8 -122.2 5.4
Financial......................... -76.7 69.9 41.2 23.2 -20.4 4.3 -24.8 37.0 -33.8 -69.0 37.3
Nonfinancial...................... -72.7 141.7 41.3 5.0 61.7 -102.5 -10.6 13.0 -24.0 -53.1 -32.1
Rest of the world................... 19.6 -15.5 13.1 19.2 -9.2 28.9 8.7 4.8 53.5 64.9 -22.8
Receipts from the rest of the
world............................ 9.7 19.8 9.2 26.3 6.1 11.3 3.5 34.2 33.7 24.7 3.7
Less: Payments to the rest of the
world............................ -10.0 35.5 -3.9 7.0 15.3 -17.6 -5.1 29.3 -19.8 -40.2 26.5
Corporate profits with
inventory valuation adjustment. -96.9 187.5 94.1 62.9 45.6 -57.9 -34.6 64.8 6.6 -45.9 -178.7
Domestic industries................. -116.6 203.0 81.1 43.6 54.8 -86.7 -43.4 60.1 -47.0 -110.8 -155.8
Financial......................... -75.0 69.1 38.6 23.1 -19.8 5.5 -24.7 38.6 -32.4 -67.9 20.4
Federal Reserve banks........... 1.3 4.2 .0 2.6 2.2 -.9 3.3 .3 -1.0 -1.0 -.7
Other financial................. -76.3 64.9 38.6 20.5 -22.0 6.3 -27.9 38.3 -31.4 -66.9 21.2
Nonfinancial...................... -41.5 133.9 42.5 20.5 74.6 -92.2 -18.7 21.5 -14.7 -42.8 -176.3
Utilities....................... -6.7 16.5 6.7 8.6 9.0 -1.1 -4.2 -2.5 4.0 4.5 -17.0
Manufacturing................... 2.3 10.0 27.6 26.6 27.7 -34.6 18.1 33.8 -44.2 -14.5 -51.6
Durable goods................. -2.2 .9 15.5 -11.0 27.2 -.9 1.1 -4.1 7.8 -2.6 -42.8
Fabricated metal products... 1.4 -2.7 4.0 -3.0 -.2 3.1 .8 -1.5 2.5 .3 -3.9
Machinery................... 1.9 2.7 1.1 .2 -.1 1.1 1.9 -.3 -.2 -.2 -2.8
Computer and electronic
products................... .2 2.3 .0 4.6 2.5 -4.3 3.1 -7.4 4.2 2.2 -1.0
Electrical equipment,
appliances, and components. 2.7 1.2 3.4 3.5 2.6 1.6 -.2 -2.0 1.1 .8 -4.6
Motor vehicles, bodies and
trailers, and parts........ -5.0 -5.1 .2 -3.2 -.7 .8 .3 6.0 -1.7 -3.3 -12.2
Other durable goods......... -3.3 2.4 6.8 -13.2 23.2 -3.2 -4.8 1.1 2.0 -2.5 -18.2
Nondurable goods.............. 4.4 9.2 12.1 37.6 .4 -33.5 16.9 38.0 -52.1 -11.9 -8.8
Food and beverage and
tobacco products........... 1.4 1.2 .8 3.4 5.4 1.8 -5.2 9.2 -3.5 -.5 -3.9
Petroleum and coal products. 5.5 7.4 -12.6 16.1 -3.4 -33.3 16.9 35.0 -51.1 -22.0 15.2
Chemical products........... -1.8 2.6 23.6 12.7 2.4 -13.0 13.7 2.5 .5 8.7 -13.6
Other nondurable goods...... -.7 -2.0 .3 5.5 -4.1 10.9 -8.4 -8.7 2.1 1.9 -6.7
Wholesale trade................. -24.0 18.3 -1.5 -7.8 33.8 -23.4 3.3 4.5 -3.6 -28.9 -31.0
Retail trade.................... -11.9 23.0 -4.3 -7.5 6.1 5.4 -4.7 13.1 -19.9 -1.5 -12.5
Transportation and warehousing.. -1.1 5.1 6.2 4.9 -2.0 2.2 -3.7 4.7 1.6 -9.3 -13.3
Information..................... -7.5 5.6 4.7 4.1 4.5 -5.9 10.9 -15.8 23.4 9.5 -11.9
Other nonfinancial.............. 7.5 55.3 3.0 -8.1 -4.6 -34.9 -38.4 -16.4 24.1 -2.6 -38.9
Rest of the world................... 19.6 -15.5 13.1 19.2 -9.2 28.9 8.7 4.8 53.5 64.9 -22.8
-----------------------------------------------------------------------------------------------------------------
Note. Estimates in this table are based on the 1997 North
American Industry Classification System (NAICS).
Table 12C.--Revisions to Corporate Profits by Industry
---------------------------------------------------------------------------------------------------------------------------------
Billions of dollars
------------------------ ------------------------ Revisions as a
Revised Revisions to percentage of
estimates previously previously
published published
------------------------ ------------------------ ------------------------
2005 2006 2007 2005 2006 2007 2005 2006 2007
---------------------------------------------------------------------------------------------------------------------------------
Corporate profits with
inventory valuation and
capital consumption
adjustments........................... 1,447.9 1,668.5 1,642.4 75.1 114.8 47.2 5.5 7.4 3.0
Domestic industries.................. 1,208.5 1,401.0 1,297.8 53.9 104.6 40.1 4.7 8.1 3.2
Financial.......................... 407.1 462.1 429.7 1.6 -20.1 -43.7 .4 -4.2 -9.2
Nonfinancial....................... 801.4 939.0 868.1 52.3 124.7 83.8 7.0 15.3 10.7
Rest of the world.................... 239.4 267.5 344.7 21.2 10.2 7.1 9.7 4.0 2.1
Receipts from the rest of the
world............................. 384.1 438.9 509.2 25.4 19.1 18.2 7.1 4.5 3.7
Less: Payments to the rest of the
world............................. 144.6 171.4 164.5 4.0 8.9 11.1 2.8 5.5 7.2
Corporate profits with
inventory valuation adjustment........ 1,582.8 1,834.2 1,835.1 39.4 64.7 4.6 2.6 3.7 .3
Domestic industries.................. 1,343.3 1,566.7 1,490.5 18.1 54.5 -2.5 1.4 3.6 -.2
Financial.......................... 425.3 478.8 449.9 1.7 -26.5 -48.6 .4 -5.2 -9.7
Federal Reserve banks............ 26.6 33.8 37.7 .0 .0 -.7 .0 .0 -1.8
Other financial.................. 398.7 445.0 412.2 1.6 -26.4 -47.9 .4 -5.6 -10.4
Nonfinancial....................... 918.1 1,087.9 1,040.6 16.5 81.0 46.1 1.8 8.0 4.6
Utilities........................ 28.9 55.6 58.5 .5 19.9 14.1 1.8 55.7 31.8
Manufacturing.................... 243.8 304.3 316.6 -7.4 10.9 10.9 -2.9 3.7 3.6
Durable goods.................. 93.3 115.9 127.4 8.2 20.0 5.5 9.6 20.9 4.5
Nondurable goods............... 150.5 188.4 189.3 -15.5 -9.1 5.5 -9.3 -4.6 3.0
Wholesale trade.................. 97.3 107.5 102.6 2.1 10.5 3.9 2.2 10.8 4.0
Retail trade..................... 120.4 132.3 132.3 6.0 7.8 -5.2 5.2 6.3 -3.8
Transportation and warehousing... 29.1 42.5 42.7 .9 .6 -4.4 3.2 1.4 -9.3
Information...................... 79.7 91.1 103.0 4.9 5.7 -.4 6.6 6.7 -.4
Other nonfinancial............... 318.9 354.7 284.9 9.4 25.7 27.4 3.0 7.8 10.6
Rest of the world.................... 239.4 267.5 344.7 21.2 10.2 7.1 9.7 4.0 2.1
Corporate profits before tax without
inventory valuation and capital
consumption adjustments............... 1,620.6 1,873.7 1,886.3 41.0 67.9 9.6 2.6 3.8 .5
Addenda:
Corporate profits after tax with
inventory valuation and capital
consumption adjustments............. 1,034.2 1,199.6 1,192.0 54.3 99.8 63.4 5.5 9.1 5.6
Net cash flow with inventory
valuation and capital
consumption adjustments............. 1,315.8 1,390.3 1,348.7 80.4 99.4 93.6 6.5 7.7 7.5
Undistributed profits with
inventory valuation and
capital consumption
adjustments....................... 456.9 497.5 403.4 78.3 96.6 69.9 20.7 24.1 21.0
Consumption of fixed capital....... 858.9 892.8 945.3 2.1 2.8 23.7 .2 .3 2.6
Less: Inventory valuation
adjustment.......................... -37.8 -39.5 -51.2 -1.6 -3.2 -5.0 ..... ..... .....
Equals: Net cash flow................ 1,353.6 1,429.8 1,399.9 82.0 102.6 98.7 6.4 7.7 7.6
---------------------------------------------------------------------------------------------------------------------------------
Table 13.--Gross Value Added of Nonfinancial Domestic Corporate Business
[Quarters seasonally adjusted at annual rates]
--------------------------------------------------------------------------------------------------------------------------------------
2004 2005 2006 2007 I 04 II 04 III 04 IV 04 I 05 II 05
--------------------------------------------------------------------------------------------------------------------------------------
Billions of dollars
------------------------------------------------------------------------------------------
Gross value added of nonfinancial
corporate business..................... 5,956.4 6,396.1 6,863.4 7,075.1 5,778.1 5,907.6 6,038.5 6,101.4 6,210.3 6,358.1
Consumption of fixed capital................ 687.4 743.9 775.2 822.3 667.8 673.7 717.8 690.3 702.0 714.4
Net value added............................. 5,269.0 5,652.2 6,088.3 6,252.8 5,110.3 5,234.0 5,320.7 5,411.1 5,508.4 5,643.7
Compensation of employees................. 3,865.2 4,075.6 4,316.8 4,525.3 3,770.5 3,826.4 3,899.1 3,965.1 3,991.9 4,038.9
Wage and salary accruals................ 3,159.7 3,337.9 3,548.2 3,734.2 3,079.8 3,126.0 3,188.1 3,244.9 3,266.5 3,305.2
Supplements to wages and salaries....... 705.5 737.6 768.6 791.1 690.7 700.4 711.0 720.2 725.4 733.6
Taxes on production and imports less
subsidies................................ 523.9 563.2 591.1 611.9 512.5 519.9 526.3 537.0 548.9 560.6
Net operating surplus..................... 879.9 1,013.5 1,180.3 1,115.5 827.4 887.7 895.3 909.1 967.5 1,044.3
Net interest and miscellaneous
payments............................... 138.9 153.6 169.6 179.4 140.1 141.7 138.8 135.0 145.2 150.7
Business current transfer payments...... 59.3 58.5 71.8 68.1 64.0 65.0 40.2 68.1 72.1 73.9
Corporate profits with inventory
valuation and capital consumption
adjustments............................ 681.6 801.4 939.0 868.1 623.3 681.0 716.3 706.0 750.2 819.7
Taxes on corporate income............. 191.0 274.5 309.3 321.1 173.1 190.0 201.1 199.6 256.9 268.0
Profits after tax with inventory
valuation and capital consumption
adjustments.......................... 490.7 526.9 629.7 547.0 450.2 490.9 515.2 506.4 493.3 551.7
Net dividends....................... 367.0 184.2 474.4 503.4 324.2 312.8 334.8 496.1 326.7 267.7
Undistributed profits with
inventory valuation and capital
consumption adjustments............ 123.7 342.7 155.3 43.5 126.0 178.1 180.4 10.3 166.7 284.0
Addenda:
Profits before tax (without inventory
valuation and capital consumption
adjustments)............................. 662.4 955.9 1,127.4 1,091.7 579.0 661.7 701.9 706.8 896.5 941.5
Profits after tax (without inventory
valuation and capital consumption
adjustments)............................. 471.4 681.3 818.1 770.7 406.0 471.6 500.8 507.2 639.6 673.5
Inventory valuation adjustment............ -43.1 -37.8 -39.5 -51.2 -33.7 -51.9 -39.6 -47.2 -45.4 -18.0
Capital consumption adjustment............ 62.4 -116.7 -149.0 -172.5 77.9 71.2 53.9 46.4 -100.9 -103.8
------------------------------------------------------------------------------------------
Billions of chained (2000) dollars
------------------------------------------------------------------------------------------
Gross value added of nonfinancial
corporate business\1\.................. 5,662.1 5,907.8 6,167.8 6,264.5 5,547.4 5,623.3 5,733.3 5,744.4 5,789.5 5,911.1
Consumption of fixed capital\2\............. 651.4 682.6 686.7 716.9 637.3 640.7 679.1 648.4 653.7 658.9
Net value added\3\.......................... 5,010.7 5,225.2 5,481.1 5,547.6 4,910.1 4,982.5 5,054.2 5,096.0 5,135.8 5,252.2
------------------------------------------------------------------------------------------
Dollars; quarters seasonally adjusted
------------------------------------------------------------------------------------------
Price, costs, and profits per unit of real
gross value added of nonfinancial
corporate business:
Price per unit of real gross value added
of nonfinancial corporate business\4\.... 1.052 1.083 1.113 1.129 1.042 1.051 1.053 1.062 1.073 1.076
Compensation of employees (unit labor
cost).................................... .683 .690 .700 .722 .680 .680 .680 .690 .690 .683
Unit nonlabor cost........................ .249 .257 .260 .269 .249 .249 .248 .248 .253 .254
Consumption of fixed capital............ .121 .126 .126 .131 .120 .120 .125 .120 .121 .121
Taxes on production and imports less
subsidies plus business current
transfer payments...................... .103 .105 .107 .109 .104 .104 .099 .105 .107 .107
Net interest and miscellaneous payments. .025 .026 .027 .029 .025 .025 .024 .023 .025 .026
Corporate profits with inventory valuation
and capital consumption adjustments (unit
profits from current production)......... .120 .136 .152 .139 .112 .121 .125 .123 .130 .139
Taxes on corporate income............... .034 .046 .050 .051 .031 .034 .035 .035 .044 .045
Profits after tax with inventory
valuation and capital consumption
adjustments............................ .087 .089 .102 .087 .081 .087 .090 .088 .085 .093
--------------------------------------------------------------------------------------------------------------------------------------
1. The current-dollar gross value added is deflated using the
gross value added chain-type price index for nonfinancial industries
from the GDP-by-industry accounts. For periods when this price index
is not available, the chain-type price index for GDP goods and
structures is used.
2. Chained-dollar consumption of fixed capital of nonfinancial
corporate business is calculated as the product of the chain-type
quantity index and the 2000 current-dollar value of the corresponding
series, divided by 100.
3. Chained-dollar net value added of nonfinancial corporate
business is the difference between the gross value added and the
consumption of fixed capital.
4. The deflator for gross value added of nonfinancial corporate
business divided by 100.
Note.--Estimates in this table are based on the 1997 North
American Industry Classification System (NAICS).
Table 13.--Gross Value Added of Nonfinancial Domestic Corporate Business--Continued
[Quarters seasonally adjusted at annual rates]
-----------------------------------------------------------------------------------------------------------------------------------------------
III 05 IV 05 I 06 II 06 III 06 IV 06 I 07 II 07 III 07 IV 07 I 08
-----------------------------------------------------------------------------------------------------------------------------------------------
Billions of dollars
---------------------------------------------------------------------------------------------------
Gross value added of nonfinancial
corporate business..................... 6,418.9 6,597.3 6,771.2 6,817.5 6,931.7 6,933.3 6,999.6 7,066.7 7,098.6 7,135.5 7,141.7
Consumption of fixed capital................ 810.4 749.0 755.7 769.3 781.9 793.7 804.6 816.0 828.1 840.7 852.6
Net value added............................. 5,608.5 5,848.3 6,015.5 6,048.3 6,149.7 6,139.6 6,195.0 6,250.7 6,270.6 6,294.8 6,289.1
Compensation of employees................. 4,115.4 4,156.1 4,264.7 4,282.3 4,318.3 4,401.9 4,464.1 4,497.4 4,537.2 4,602.7 4,645.4
Wage and salary accruals................ 3,372.5 3,407.6 3,501.9 3,517.5 3,549.2 3,624.4 3,679.8 3,710.0 3,744.2 3,802.8 3,837.5
Supplements to wages and salaries....... 743.0 748.5 762.8 764.8 769.2 777.5 784.3 787.3 793.0 799.9 807.9
Taxes on production and imports less
subsidies................................ 568.6 574.5 582.7 589.5 593.6 598.7 604.1 609.9 614.2 619.5 617.9
Net operating surplus..................... 924.4 1,117.7 1,168.1 1,176.4 1,237.8 1,139.0 1,126.9 1,143.5 1,119.1 1,072.6 1,025.8
Net interest and miscellaneous
payments............................... 156.9 161.6 165.1 169.4 169.8 174.1 174.6 178.9 178.8 185.4 180.5
Business current transfer payments...... 20.5 67.4 73.0 72.0 71.3 70.7 68.8 68.0 67.7 67.7 57.9
Corporate profits with inventory
valuation and capital consumption
adjustments............................ 747.0 888.7 930.0 935.0 996.7 894.2 883.6 896.6 872.6 819.5 787.4
Taxes on corporate income............. 267.6 305.6 302.6 312.3 323.3 299.1 319.8 330.9 318.9 314.7 279.8
Profits after tax with inventory
valuation and capital consumption
adjustments.......................... 479.4 583.1 627.4 622.7 673.4 595.1 563.8 565.7 553.7 504.7 507.6
Net dividends....................... 121.3 21.0 404.7 431.7 484.3 576.9 491.9 496.1 492.7 533.0 494.0
Undistributed profits with
inventory valuation and capital
consumption adjustments............ 358.1 562.1 222.7 191.0 189.1 18.2 71.9 69.5 61.0 -28.3 13.6
Addenda:
Profits before tax (without inventory
valuation and capital consumption
adjustments)............................. 921.1 1,064.5 1,093.3 1,137.3 1,196.1 1,083.0 1,086.8 1,119.2 1,080.4 1,080.6 939.6
Profits after tax (without inventory
valuation and capital consumption
adjustments)............................. 653.4 758.9 790.7 825.0 872.8 783.8 767.0 788.3 761.5 765.8 659.8
Inventory valuation adjustment............ -39.1 -48.7 -35.0 -58.5 -42.7 -21.8 -44.2 -55.3 -31.0 -74.1 -109.4
Capital consumption adjustment............ -134.9 -127.1 -128.3 -143.9 -156.7 -166.9 -159.0 -167.4 -176.8 -187.0 -42.8
---------------------------------------------------------------------------------------------------
Billions of chained (2000) dollars
---------------------------------------------------------------------------------------------------
Gross value added of nonfinancial
corporate business\1\.................. 5,903.2 6,027.3 6,129.6 6,141.6 6,212.5 6,187.3 6,188.0 6,253.1 6,293.3 6,323.5 6,321.8
Consumption of fixed capital\2\............. 740.3 677.6 676.7 683.3 689.9 696.8 703.3 711.6 721.0 731.6 744.8
Net value added\3\.......................... 5,162.9 5,349.7 5,452.9 5,458.3 5,522.5 5,490.5 5,484.7 5,541.5 5,572.3 5,591.9 5,577.0
---------------------------------------------------------------------------------------------------
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\.... 1.087 1.095 1.105 1.110 1.116 1.121 1.131 1.130 1.128 1.128 1.130
Compensation of employees (unit labor
cost).................................... .697 .690 .696 .697 .695 .711 .721 .719 .721 .728 .735
Unit nonlabor cost........................ .264 .258 .257 .261 .260 .264 .267 .267 .268 .271 .271
Consumption of fixed capital............ .137 .124 .123 .125 .126 .128 .130 .130 .132 .133 .135
Taxes on production and imports less
subsidies plus business current
transfer payments...................... .100 .107 .107 .108 .107 .108 .109 .108 .108 .109 .107
Net interest and miscellaneous payments. .027 .027 .027 .028 .027 .028 .028 .029 .028 .029 .029
Corporate profits with inventory valuation
and capital consumption adjustments (unit
profits from current production)......... .127 .147 .152 .152 .160 .145 .143 .143 .139 .130 .125
Taxes on corporate income............... .045 .051 .049 .051 .052 .048 .052 .053 .051 .050 .044
Profits after tax with inventory
valuation and capital consumption
adjustments............................ .081 .097 .102 .101 .108 .096 .091 .090 .088 .080 .080
-----------------------------------------------------------------------------------------------------------------------------------------------
1. The current-dollar gross value added is deflated using the
gross value added chain-type price index for nonfinancial industries
from the GDP-by-industry accounts. For periods when this price index
is not available, the chain-type price index for GDP goods and
structures is used.
2. Chained-dollar consumption of fixed capital of nonfinancial
corporate business is calculated as the product of the chain-type
quantity index and the 2000 current-dollar value of the corresponding
series, divided by 100.
3. Chained-dollar net value added of nonfinancial corporate
business is the difference between the gross value added and the
consumption of fixed capital.
4. The deflator for gross value added of nonfinancial corporate
business divided by 100.
Note.--Estimates in this table are based on the 1997 North
American Industry Classification System (NAICS).
Appendix Table A.--Real Gross Domestic Product and Related Aggregates and Price Indexes: Percent Change From Preceding Period
[Quarters seasonally adjusted at annual rates]
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
2004 2005 2006 2007 IV 04 I 05 II 05 III 05 IV 05 I 06 II 06 III 06 IV 06 I 07 II 07 III 07 IV 07 I 08 II 08
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
Gross domestic product (GDP) and
related aggregates:
GDP............................... 3.6 2.9 2.8 2.0 2.5 3.0 2.6 3.8 1.3 4.8 2.7 .8 1.5 .1 4.8 4.8 -.2 .9 1.9
Goods............................. 4.7 4.3 5.4 3.1 3.7 3.6 4.7 5.3 2.0 11.1 5.9 1.5 1.3 -2.5 10.3 9.0 .0 .9 2.3
Services.......................... 2.8 2.2 2.3 2.8 2.4 2.1 1.0 3.9 .9 2.6 2.3 2.3 3.8 2.1 2.7 4.0 1.3 2.7 2.0
Structures........................ 5.2 3.2 -2.2 -5.0 -.3 6.0 5.1 -.6 1.3 -.8 -3.8 -8.8 -9.8 -3.9 .8 -2.9 -9.3 -10.1 -.3
Motor vehicle output.............. 4.0 3.8 -.9 -1.1 -9.6 4.6 7.1 24.6 -31.0 20.2 -10.1 13.7 -19.0 3.8 4.6 17.3 -25.7 -14.2 -35.2
GDP excluding motor vehicle
output........................... 3.6 2.9 2.9 2.1 3.0 2.9 2.5 3.2 2.6 4.3 3.1 .4 2.2 -.1 4.8 4.4 .7 1.3 3.1
Final sales of computers\1\....... 5.4 23.4 25.0 21.3 50.1 8.5 38.5 11.5 37.2 27.8 25.2 7.0 34.2 -5.0 37.2 52.6 23.7 8.2 19.3
GDP excluding final sales of
computers........................ 3.6 2.8 2.6 1.9 2.3 2.9 2.4 3.8 1.1 4.7 2.5 .8 1.3 .1 4.6 4.5 -.3 .8 1.8
Farm gross value added\2\......... 8.1 9.1 -6.9 9.7 40.8 -1.9 27.7 3.1 -26.8 -22.3 3.1 6.9 30.4 12.5 -6.1 8.6 8.2 -15.5 -9.2
Nonfarm business gross value
added\3\......................... 4.1 3.4 3.2 2.0 2.6 3.7 2.9 4.8 1.3 6.0 2.9 .3 1.4 -.9 5.8 5.5 -.7 .9 1.7
Price indexes:
GDP............................... 2.9 3.3 3.2 2.7 3.2 4.0 2.1 4.1 3.7 3.5 2.7 2.8 2.2 4.1 2.0 1.5 2.8 2.6 1.1
GDP excluding food and energy..... 2.7 3.2 3.2 2.5 3.1 3.9 2.7 3.2 3.5 3.6 3.2 2.6 2.6 3.2 1.7 1.8 2.4 2.0 1.4
GDP excluding final sales of
computers........................ 3.0 3.4 3.4 2.8 3.4 4.2 2.3 4.2 3.9 3.7 2.9 2.9 2.3 4.2 2.1 1.7 3.0 2.7 1.2
Gross domestic purchases.......... 3.1 3.7 3.4 2.8 3.6 3.7 3.1 5.2 3.9 2.9 3.6 2.9 .6 3.6 3.3 2.2 4.0 3.5 4.2
Gross domestic purchases excluding
food and energy.................. 2.7 3.1 3.1 2.4 2.8 3.9 2.7 2.9 3.2 3.4 3.2 2.5 2.5 2.9 1.8 1.9 2.4 2.2 2.2
Gross domestic purchases excluding
final sales of computers to
domestic purchasers.............. 3.2 3.9 3.6 2.9 3.9 3.9 3.3 5.4 4.1 3.0 3.8 3.1 .7 3.8 3.5 2.4 4.2 3.7 4.4
Personal consumption expenditures
(PCE)............................ 2.6 2.9 2.8 2.6 3.0 2.5 2.5 4.7 3.3 1.8 3.3 3.1 -.5 3.4 3.6 2.5 4.3 3.6 4.2
Personal consumption expenditures
excluding food and energy........ 2.1 2.1 2.3 2.2 2.1 2.5 2.1 1.6 2.4 2.1 3.0 2.3 1.8 2.4 1.8 2.1 2.5 2.3 2.1
Market-based PCE\4\............... 2.3 2.7 2.6 2.4 2.9 2.2 2.2 4.9 3.2 1.4 3.1 3.1 -1.1 3.5 3.5 2.0 4.4 3.7 4.4
Market-based PCE excluding food
and energy\4\.................... 1.5 1.7 1.9 1.8 1.8 2.2 1.6 1.2 2.0 1.8 2.6 2.1 1.5 2.3 1.2 1.4 2.2 2.1 1.8
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1. Some components of final sales of computers include
computer parts.
2. Farm output less intermediate goods and services purchased.
3. Consists of GDP less gross value added of farm, of
households and institutions, and of general government.
4. This index is a supplemental measure that is based on household
expenditures for which there are observable price measures. It
excludes most implicit prices (for example, the services furnished
without payment by financial intermediaries) and the expenses of
nonprofit institutions.
See "Explanatory Note" at the end of the tables.
Explanatory Note: NIPA Measures of Quantities and Prices
Current-dollar GDP is a measure of the market value of goods, services, and structures produced in
the economy in a particular period. Changes in current-dollar GDP can be decomposed into quantity and
price components. Quantities, or "real" measures, and prices are expressed as index numbers with the
reference year -- at present, the year 2000 -- equal to 100.
Annual changes in quantities and prices are calculated using a Fisher formula that incorporates
weights from two adjacent years. (Quarterly changes in quantities and prices are calculated using a
Fisher formula that incorporates weights from two adjacent quarters; quarterly indexes are adjusted for
consistency to the annual indexes before percent changes are calculated.) For example, the 2006-07
annual percent change in real GDP uses prices for 2006 and 2007 as weights, and the 2006-07 annual
percent change in GDP prices uses quantities for 2006 and 2007 as weights. These annual changes are
"chained" (multiplied) together to form time series of quantity and price indexes. Percent changes in
Fisher indexes are not affected by the choice of reference year. (BEA also publishes a measure of the
price level known as the implicit price deflator (IPD), which is calculated as the ratio of the
current-dollar value to the corresponding chained-dollar value, multiplied by 100. The values of the IPD
are very close to the values of the corresponding "chain-type" price index.)
Index numbers of quantity and price indexes for GDP and its major components are presented in this
release in tables 5 and 6. Percent changes from the preceding period are presented in tables 1, 4, 7, 8,
and Appendix Table A. Contributions by major components to changes in real GDP are presented in table 2.
Measures of real GDP and its major components are also presented in dollar-denominated form,
designated "chained (2000) dollar estimates." For most series, these estimates, which are presented in
table 3, are computed by multiplying the current-dollar value in 2000 by a corresponding quantity index
number and then dividing by 100. For example, if a current-dollar GDP component equaled $100 in
2000 and if real output for this component increased 10 percent in 2001, then the chained (2000) dollar
value of this component in 2001 would be $110 (= $100 x 110 / 100). Percent changes calculated from
chained-dollar estimates and from chain-type quantity indexes are the same; any differences will be small
and due to rounding.
Chained-dollar values for the detailed GDP components will not necessarily sum to the chained-dollar
estimate of GDP (or to any intermediate aggregate). This is because the relative prices used as weights
for any period other than the reference year differ from those of the reference year. A measure of the
extent of such differences is provided by a "residual" line, which indicates the difference between GDP
(or other major aggregate) and the sum of the most detailed components in the table. For periods close to
the reference year, when there usually has not been much change in the relative prices that are used as
weights, the residuals tend to be small, and the chained-dollar estimates can be used to approximate the
contributions to growth and to aggregate the detailed estimates. For periods further from the reference
year, the residuals tend to be larger, and the chained-dollar estimates are less useful for analyses of
contributions to growth. Thus, the contributions to percent change shown in table 2 provide a better
measure of the composition of GDP growth. In particular, for components for which relative prices are
changing rapidly, calculation of contributions using chained-dollar estimates may be misleading even just
a few years from the reference year.
Reference: "Chained-Dollar Indexes: Issues, Tips on Their Use, and Upcoming Changes," November
2003 Survey, pp. 8-16.