Table 1.--Real Gross Domestic Product and Related Measures: Percent Change From Preceding Period [Percent; quarters seasonally adjusted at annual rates] ------------------------------------------------------------------------------------------------------------------------------------------------------------------------- 1996 1997 1998 III 95 IV 95 I 96 II 96 III 96 IV 96 I 97 II 97 III 97 IV 97 I 98 II 98 III 98 IV 98 I 99 II 99r ------------------------------------------------------------------------------------------------------------------------------------------------------------------------- Gross domestic product (GDP). 3.7 4.5 4.3 3.2 3.3 2.9 6.9 2.2 4.9 4.9 5.1 4.0 3.1 6.7 2.1 3.8 5.9 3.7 1.9 Personal consumption expenditures... 3.3 3.7 4.9 3.2 2.7 3.3 4.5 2.2 3.2 4.9 1.8 6.6 3.4 5.6 6.1 3.9 4.6 6.5 5.1 Durable goods..................... 5.6 6.6 11.3 9.5 3.4 4.1 13.0 -1.5 5.0 10.9 -1.5 20.2 5.0 16.9 11.2 4.1 20.4 12.4 9.1 Nondurable goods.................. 2.9 2.9 4.0 1.7 3.4 2.4 4.2 2.2 4.0 3.8 -.2 5.7 .3 5.8 6.7 2.4 5.0 8.9 3.3 Services.......................... 3.0 3.6 4.0 2.8 2.2 3.7 3.0 2.9 2.4 4.3 3.5 4.5 4.6 3.3 4.8 4.7 1.5 4.2 5.2 Gross private domestic investment... 9.0 11.5 11.7 -3.3 12.5 7.1 22.5 16.5 .7 14.0 22.0 1.0 8.0 33.4 -4.7 10.4 11.5 3.6 -2.1 Fixed investment.................. 9.3 8.5 11.8 4.5 9.6 12.0 13.9 9.6 6.2 7.9 8.6 12.0 4.1 23.4 12.5 2.0 13.8 9.1 6.6 Nonresidential.................. 10.0 10.7 12.7 2.6 9.5 13.1 11.6 13.6 10.0 9.6 9.9 16.0 3.2 26.7 12.1 .0 15.3 7.8 7.0 Structures.................... 7.1 8.5 4.1 -.3 -.8 10.8 10.5 7.5 23.0 8.0 -4.0 11.2 4.3 5.7 7.1 -6.6 5.8 -5.8 -5.3 Equipment and software........ 11.0 11.5 15.8 3.6 13.1 14.0 12.0 15.7 5.9 10.1 15.2 17.7 2.8 34.7 13.8 2.4 18.6 12.5 11.2 Residential..................... 7.4 2.3 9.2 10.1 9.7 8.8 20.6 -1.0 -4.1 3.0 4.7 .6 6.6 14.0 13.6 8.0 9.8 12.9 5.5 Change in private inventories..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... Net exports of goods and services... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... Exports........................... 8.3 12.7 2.2 17.9 9.9 2.3 6.9 3.5 29.0 8.8 16.2 11.5 1.8 -1.5 -4.0 -1.7 16.1 -5.5 4.0 Goods........................... 8.7 14.5 2.1 15.4 11.0 4.9 4.3 7.9 24.3 14.4 18.3 13.0 3.5 -2.8 -8.8 1.6 19.4 -9.3 4.3 Services........................ 7.1 8.5 2.5 24.3 7.2 -4.0 13.5 -6.7 41.0 -3.5 11.1 7.6 -2.5 1.7 8.8 -8.8 8.6 4.1 3.2 Imports........................... 8.6 13.7 11.6 1.2 3.9 10.8 13.3 14.4 6.3 15.5 19.1 17.6 5.2 14.4 13.0 5.2 10.8 12.5 14.4 Goods........................... 9.4 14.2 11.7 1.0 3.5 11.9 15.2 14.9 7.5 14.6 21.2 17.0 5.2 14.0 13.6 4.9 12.8 12.6 15.5 Services........................ 4.8 11.2 10.8 2.6 6.4 5.6 4.1 11.8 .0 20.6 8.6 20.7 5.3 16.7 9.7 6.4 1.6 11.9 8.9 Government consumption expenditures and gross investment............... 1.1 2.3 1.7 -.9 -4.8 3.3 7.5 -2.3 2.5 1.7 5.7 1.7 -.1 -1.0 6.0 1.3 2.9 5.1 1.3 Federal........................... -.9 -.1 -.9 -2.8 -16.1 9.6 8.7 -7.7 -1.3 -2.8 9.9 -1.3 -4.2 -9.8 11.9 -2.3 3.9 -.5 2.1 National defense................ -1.3 -2.5 -1.9 -3.9 -13.5 7.0 7.7 -8.1 -2.4 -11.3 9.6 -.2 -2.4 -17.0 11.1 7.0 -2.9 -4.0 -2.6 Nondefense...................... .0 4.6 1.0 -.5 -21.2 14.9 10.8 -6.8 .8 16.0 10.3 -3.6 -7.7 5.4 13.2 -17.4 17.8 6.1 10.9 State and local................... 2.4 3.8 3.2 .3 2.8 -.3 6.9 1.1 4.9 4.4 3.4 3.5 2.4 4.1 3.0 3.3 2.3 8.2 .9 Addenda: Final sales of domestic product... 3.7 4.0 4.3 4.4 2.9 3.6 5.7 1.2 5.8 4.0 3.1 5.8 2.4 5.1 5.1 2.4 6.2 4.6 3.4 Gross domestic purchases.......... 3.8 4.7 5.4 1.5 2.7 3.9 7.7 3.5 2.7 5.7 5.6 4.8 3.5 8.6 4.1 4.6 5.5 5.8 3.2 Final sales to domestic purchasers....................... 3.8 4.2 5.4 2.7 2.3 4.6 6.4 2.5 3.5 4.8 3.5 6.5 2.9 7.0 7.1 3.2 5.8 6.7 4.7 Gross national product (GNP)...... 3.6 4.3 4.1 2.4 4.0 3.1 6.4 1.9 5.1 4.3 5.4 3.6 3.0 6.8 2.0 2.6 6.3 3.8 1.9 Disposable personal income........ 2.6 3.6 4.1 2.8 2.9 2.7 2.1 4.6 1.7 4.4 4.2 3.6 4.3 4.0 3.8 4.5 4.8 4.1 3.2 Current-dollar measures: GDP............................. 5.6 6.2 5.5 5.0 5.3 5.4 8.3 4.0 6.4 7.4 6.7 5.2 4.3 7.7 3.4 5.4 7.0 5.7 3.3 Final sales of domestic product. 5.6 5.8 5.5 6.3 4.9 6.2 7.0 2.9 7.3 6.4 4.7 7.0 3.7 6.3 6.3 3.8 7.2 6.7 4.8 Gross domestic purchases........ 5.6 6.2 6.2 3.0 4.4 6.3 9.0 5.0 4.7 7.8 6.1 5.8 4.6 8.6 5.1 5.8 6.6 7.5 5.2 Final sales to domestic purchasers..................... 5.6 5.7 6.2 4.3 4.1 7.1 7.7 4.0 5.6 6.8 4.2 7.6 4.0 7.2 8.0 4.3 6.8 8.5 6.7 GNP............................. 5.5 6.0 5.4 4.2 6.0 5.6 7.7 3.6 6.6 6.8 7.0 4.8 4.2 7.8 3.3 4.1 7.4 5.8 3.3 Disposable personal income...... 4.7 5.4 5.1 4.7 4.5 5.1 4.6 6.0 4.3 6.6 5.1 4.7 5.6 4.5 4.9 5.7 6.0 5.6 5.5 ------------------------------------------------------------------------------------------------------------------------------------------------------------------------- r revised See "Explanatory Note" at the end of the tables. Table 2.--Contributions to Percent Change in Real Gross Domestic Product [Quarters seasonally adjusted at annual rates] ------------------------------------------------------------------------------------------------------------------------------------------------------------------------- 1996 1997 1998 III 95 IV 95 I 96 II 96 III 96 IV 96 I 97 II 97 III 97 IV 97 I 98 II 98 III 98 IV 98 I 99 II 99r ------------------------------------------------------------------------------------------------------------------------------------------------------------------------- Percent change at annual rate: Gross domestic product.......... 3.7 4.5 4.3 3.2 3.3 2.9 6.9 2.2 4.9 4.9 5.1 4.0 3.1 6.7 2.1 3.8 5.9 3.7 1.9 Percentage points at annual rates: Personal consumption expenditures. 2.22 2.51 3.24 2.20 1.81 2.17 3.06 1.41 2.14 3.28 1.24 4.29 2.22 3.75 3.96 2.64 3.13 4.27 3.35 Durable goods................... .44 .51 .86 .74 .27 .32 .99 -.12 .39 .81 -.11 1.42 .38 1.24 .84 .33 1.51 .96 .71 Nondurable goods................ .60 .59 .79 .35 .69 .47 .86 .44 .79 .78 -.02 1.11 .06 1.15 1.28 .49 .98 1.68 .64 Services........................ 1.18 1.41 1.59 1.11 .85 1.39 1.22 1.09 .96 1.69 1.38 1.76 1.78 1.37 1.85 1.83 .64 1.63 2.00 Gross private domestic investment. 1.37 1.82 1.93 -.53 1.81 1.16 3.26 2.50 .15 2.13 3.33 .17 1.30 5.04 -.85 1.74 1.94 .67 -.37 Fixed investment................ 1.39 1.31 1.86 .66 1.38 1.74 2.04 1.43 .95 1.19 1.30 1.80 .63 3.45 1.95 .34 2.20 1.48 1.10 Nonresidential................ 1.10 1.22 1.49 .29 1.02 1.41 1.28 1.47 1.12 1.07 1.12 1.78 .38 2.91 1.42 .01 1.79 .94 .86 Structures.................. .20 .25 .13 -.01 -.02 .28 .29 .21 .61 .24 -.12 .32 .13 .18 .22 -.21 .18 -.18 -.16 Equipment and software...... .91 .97 1.37 .30 1.04 1.13 .99 1.27 .51 .83 1.24 1.45 .24 2.73 1.21 .22 1.61 1.12 1.02 Residential................... .29 .09 .37 .37 .36 .33 .76 -.04 -.17 .12 .19 .03 .26 .54 .53 .33 .41 .53 .24 Change in private inventories... -.02 .50 .07 -1.19 .42 -.58 1.22 1.07 -.80 .94 2.02 -1.63 .66 1.59 -2.80 1.40 -.26 -.80 -1.46 Net exports of goods and services. -.14 -.25 -1.18 1.68 .59 -1.03 -.79 -1.29 2.13 -.79 -.44 -.77 -.44 -1.90 -2.01 -.82 .33 -2.13 -1.35 Exports......................... .90 1.40 .25 1.83 1.07 .26 .77 .38 2.89 .98 1.75 1.29 .21 -.16 -.45 -.18 1.65 -.61 .42 Goods......................... .68 1.12 .17 1.13 .84 .40 .35 .61 1.75 1.09 1.39 1.04 .29 -.22 -.73 .12 1.38 -.74 .32 Services...................... .23 .28 .08 .69 .23 -.14 .42 -.23 1.14 -.12 .36 .25 -.08 .06 .28 -.30 .27 .13 .10 Imports......................... -1.04 -1.65 -1.43 -.15 -.48 -1.29 -1.55 -1.67 -.76 -1.77 -2.19 -2.06 -.64 -1.74 -1.56 -.65 -1.32 -1.52 -1.77 Goods......................... -.94 -1.43 -1.21 -.10 -.36 -1.18 -1.47 -1.45 -.76 -1.39 -2.02 -1.67 -.54 -1.42 -1.36 -.51 -1.29 -1.28 -1.59 Services...................... -.09 -.22 -.22 -.05 -.12 -.11 -.08 -.22 .00 -.38 -.17 -.39 -.11 -.32 -.20 -.13 -.03 -.24 -.19 Government consumption expenditures and gross investment .21 .42 .31 -.15 -.90 .59 1.37 -.41 .47 .32 1.02 .31 -.01 -.16 1.03 .23 .51 .87 .23 Federal......................... -.06 -.01 -.06 -.20 -1.22 .63 .60 -.54 -.08 -.18 .63 -.08 -.28 -.64 .69 -.14 .24 -.03 .13 National defense.............. -.06 -.11 -.08 -.19 -.67 .32 .36 -.38 -.10 -.52 .40 -.01 -.10 -.76 .42 .27 -.12 -.16 -.10 Nondefense.................... .00 .10 .02 -.01 -.55 .31 .24 -.16 .02 .34 .23 -.08 -.17 .12 .27 -.42 .36 .13 .23 State and local................. .28 .43 .37 .05 .32 -.04 .78 .13 .55 .50 .39 .40 .27 .48 .33 .37 .28 .90 .10 ------------------------------------------------------------------------------------------------------------------------------------------------------------------------- r revised See "Explanatory Note" at the end of the tables. Table 3.--Gross Domestic Product and Related Measures: Level and Change From Preceding Period ------------------------------------------------------------------------------------------------------------------------------------------------------------------------- Billions of current dollars Billions of chained (1996) dollars ------------------------------------------------------ ------------------------------------------------------------------------------- Seasonally adjusted Seasonally adjusted Change from preceding at annual rates at annual rates period -------------------------------------------- -------------------------------------------- ------------------------- 1998 II 98 III 98 IV 98 I 99 II 99r 1998 II 98 III 98 IV 98 I 99 II 99r 1998 I 99 II 99r ------------------------------------------------------------------------------------------------------------------------------------------------------------------------- Gross domestic product (GDP)... 8,759.9 8,683.7 8,797.9 8,947.6 9,072.7 9,146.2 8,516.3 8,457.2 8,536.0 8,659.2 8,737.9 8,778.6 351.2 78.7 40.7 Personal consumption expenditures. 5,848.6 5,816.2 5,889.6 5,973.7 6,090.8 6,200.8 5,698.6 5,675.6 5,730.7 5,795.8 5,888.4 5,961.8 264.9 92.6 73.4 Durable goods................... 698.2 693.9 696.9 722.8 739.0 751.6 731.5 723.9 731.2 766.0 788.8 806.1 74.1 22.8 17.3 Motor vehicles and parts...... 289.2 288.2 285.6 304.4 306.8 313.8 291.9 291.7 286.7 307.4 310.4 317.2 28.1 3.0 6.8 Furniture and household equipment.................... 268.7 265.8 270.6 275.3 283.8 287.3 297.4 290.4 301.7 312.6 326.7 335.5 35.3 14.1 8.8 Other......................... 140.3 139.8 140.8 143.1 148.3 150.5 142.7 141.9 143.7 146.5 152.9 154.7 11.1 6.4 1.8 Nondurable goods................ 1,708.9 1,701.2 1,716.6 1,742.9 1,787.8 1,824.8 1,685.3 1,681.9 1,692.0 1,712.6 1,749.5 1,763.7 65.4 36.9 14.2 Food.......................... 853.4 847.6 857.6 875.6 885.4 893.4 820.6 818.2 823.0 835.4 839.5 844.6 21.5 4.1 5.1 Clothing and shoes............ 286.3 287.1 286.6 289.2 301.8 306.7 292.2 293.1 292.2 295.6 314.7 316.8 21.1 19.1 2.1 Gasoline, fuel oil, and other energy goods........... 126.2 127.7 125.2 120.9 120.1 136.3 142.1 142.5 143.1 141.9 142.9 143.9 .8 1.0 1.0 Gasoline and oil............ 112.9 114.1 111.8 108.3 106.5 121.7 127.7 127.9 128.5 127.7 127.1 127.5 1.5 -.6 .4 Fuel oil and coal........... 13.2 13.6 13.4 12.6 13.7 14.6 14.5 14.7 14.7 14.2 15.8 16.4 -.6 1.6 .6 Other......................... 442.9 438.8 447.3 457.2 480.5 488.4 430.6 428.3 433.9 439.4 452.6 458.6 22.1 13.2 6.0 Services........................ 3,441.5 3,421.1 3,476.1 3,508.0 3,564.0 3,624.3 3,284.5 3,272.2 3,309.6 3,322.0 3,356.5 3,399.2 127.8 34.5 42.7 Housing....................... 855.9 850.0 861.8 874.3 885.6 897.3 805.6 804.1 808.0 812.0 818.4 823.1 19.1 6.4 4.7 Household operation........... 346.9 348.0 356.0 347.3 356.2 360.3 344.3 344.7 353.7 345.4 354.0 358.8 17.2 8.6 4.8 Electricity and gas......... 128.1 131.4 134.6 122.9 128.3 129.4 129.6 132.2 136.6 125.7 131.1 132.2 2.1 5.4 1.1 Other household operation... 218.8 216.6 221.5 224.5 227.9 230.9 214.7 212.6 217.2 219.6 222.8 226.4 15.1 3.2 3.6 Transportation................ 245.2 244.9 246.2 247.7 250.3 254.0 234.2 234.4 234.6 236.1 237.7 239.9 7.9 1.6 2.2 Medical care.................. 894.3 890.1 899.0 910.5 922.5 933.0 854.4 852.7 856.4 862.2 865.6 872.0 23.4 3.4 6.4 Recreation.................... 221.0 218.7 223.0 226.1 233.1 241.0 208.8 206.5 210.3 212.8 218.4 225.0 9.7 5.6 6.6 Other......................... 878.2 869.4 890.1 902.1 916.4 938.8 837.3 829.9 847.1 853.6 862.7 880.8 50.7 9.1 18.1 Gross private domestic investment. 1,531.2 1,495.0 1,535.3 1,580.3 1,594.3 1,585.4 1,547.4 1,513.1 1,551.1 1,593.9 1,608.2 1,599.8 161.6 14.3 -8.4 Fixed investment................ 1,460.0 1,454.2 1,461.7 1,508.9 1,543.3 1,567.8 1,471.8 1,466.7 1,474.0 1,522.5 1,555.9 1,581.0 155.8 33.4 25.1 Nonresidential................ 1,091.3 1,090.8 1,087.2 1,121.4 1,139.9 1,155.4 1,122.5 1,120.2 1,120.3 1,160.8 1,182.7 1,202.9 126.8 21.9 20.2 Structures.................. 272.8 274.0 271.7 278.0 274.7 272.5 254.1 256.4 252.1 255.7 251.9 248.5 10.1 -3.8 -3.4 Nonresidential buildings, including farm........... 197.0 196.1 197.5 203.3 204.0 199.8 184.6 184.9 184.2 187.4 186.6 181.2 9.3 -.8 -5.4 Utilities................. 39.2 38.9 39.2 40.1 39.2 39.1 38.0 37.7 37.9 38.7 38.1 38.0 2.3 -.6 -.1 Mining exploration, shafts, and wells........ 30.0 32.1 28.8 28.0 25.2 26.0 25.4 27.1 24.2 23.6 21.6 22.6 -1.0 -2.0 1.0 Other structures.......... 6.5 6.9 6.3 6.6 6.4 7.6 6.2 6.6 5.9 6.2 6.0 7.1 -.3 -.2 1.1 Equipment and software...... 818.5 816.8 815.4 843.4 865.2 882.9 870.6 865.5 870.6 908.5 935.7 960.9 118.7 27.2 25.2 Information processing equipment and software... 356.9 353.3 361.0 369.7 382.3 401.7 418.5 409.4 427.4 448.5 470.4 501.0 79.1 21.9 30.6 Computers and peripheral equipment... 88.5 88.6 89.1 90.5 92.3 96.4 154.2 146.9 160.4 178.3 193.4 212.9 55.2 15.1 19.5 Software................ 123.4 120.7 126.2 131.2 135.5 140.7 129.2 126.2 131.9 137.8 141.6 147.0 19.8 3.8 5.4 Other................... 144.9 144.1 145.8 148.0 154.5 164.6 147.1 146.3 148.3 150.9 157.8 168.4 14.4 6.9 10.6 Industrial equipment...... 150.2 149.7 150.9 151.4 147.9 149.3 148.1 147.9 148.7 148.9 145.0 146.6 6.8 -3.9 1.6 Transportation equipment.. 176.0 177.2 164.9 187.0 193.1 193.6 175.3 177.0 164.2 185.8 190.8 191.6 25.7 5.0 .8 Other..................... 135.5 136.5 138.6 135.3 142.0 138.3 132.3 133.8 135.1 131.0 137.0 133.3 10.1 6.0 -3.7 ------------------------------------------------------------------------------------------------------------------------------------------------------------------------- See note at the end of the table. Table 3.--Gross Domestic Product and Related Measures: Level and Change From Preceding Period--Continued ------------------------------------------------------------------------------------------------------------------------------------------------------------------------- Billions of current dollars Billions of chained (1996) dollars ------------------------------------------------------ ------------------------------------------------------------------------------- Seasonally adjusted Seasonally adjusted Change from preceding at annual rates at annual rates period -------------------------------------------- -------------------------------------------- ------------------------- 1998 II 98 III 98 IV 98 I 99 II 99r 1998 II 98 III 98 IV 98 I 99 II 99r 1998 I 99 II 99r ------------------------------------------------------------------------------------------------------------------------------------------------------------------------- Residential................... 368.7 363.4 374.5 387.5 403.4 412.4 350.2 347.4 354.2 362.6 373.7 378.8 29.6 11.1 5.1 Structures.................. 360.4 355.1 366.1 379.1 394.6 403.6 341.8 339.0 345.8 354.0 364.8 369.7 29.1 10.8 4.9 Single family............. 189.5 185.5 194.0 202.2 211.8 213.7 180.3 177.8 184.0 189.3 195.8 195.8 20.5 6.5 .0 Multifamily............... 24.5 23.9 24.1 24.8 27.7 27.5 21.8 21.6 21.2 21.1 23.3 22.9 -.1 2.2 -.4 Other..................... 146.5 145.8 148.0 152.1 155.1 162.4 139.8 139.7 140.7 143.7 145.7 151.1 8.8 2.0 5.4 Equipment................... 8.3 8.3 8.4 8.5 8.7 8.9 8.4 8.4 8.4 8.5 8.9 9.1 .5 .4 .2 Change in private inventories... 71.2 40.8 73.7 71.4 51.0 17.6 74.3 43.1 76.1 70.7 50.1 14.0 5.2 -20.6 -36.1 Farm.......................... .3 -10.8 -1.1 15.2 10.1 4.8 .9 -10.4 -2.1 12.8 7.4 .9 -2.1 -5.4 -6.5 Nonfarm....................... 70.9 51.6 74.7 56.2 40.9 12.8 73.2 53.2 77.5 58.2 43.1 13.1 7.0 -15.1 -30.0 Manufacturing............... 24.1 27.0 21.2 11.5 .0 -7.8 25.1 27.9 22.2 12.0 .0 -8.3 3.0 -12.0 -8.3 Wholesale trade............. 22.4 13.3 32.3 16.3 8.8 10.7 23.4 14.0 33.8 17.2 9.5 11.1 -1.0 -7.7 1.6 Retail trade................ 11.1 -3.1 10.9 15.6 17.5 5.9 11.1 -3.1 11.0 15.5 17.5 5.9 .3 2.0 -11.6 Other....................... 13.2 14.4 10.3 12.8 14.7 4.0 13.9 15.0 10.8 13.6 15.7 4.1 5.0 2.1 -11.6 Net exports of goods and services. -149.6 -153.9 -165.7 -161.2 -201.6 -245.8 -215.1 -218.4 -237.9 -232.3 -284.5 -319.0 -105.3 -52.2 -34.5 Exports......................... 966.3 960.1 949.1 981.8 966.9 978.2 1,007.1 997.2 993.0 1,030.8 1,016.4 1,026.4 21.7 -14.4 10.0 Goods......................... 681.3 671.8 667.2 693.3 674.3 680.5 722.8 709.3 712.0 744.2 726.4 734.1 14.7 -17.8 7.7 Foods, feeds, and beverages. 46.4 45.9 42.8 47.5 43.2 45.3 55.1 54.1 51.4 57.8 52.9 56.1 -.5 -4.9 3.2 Industrial supplies and materials.................. 142.8 143.4 138.8 139.7 133.6 137.0 151.5 150.5 149.0 152.3 147.1 150.1 -1.7 -5.2 3.0 Capital goods, except automotive................. 300.1 291.6 299.0 309.2 301.7 299.5 324.5 313.9 325.1 337.2 329.6 328.4 13.4 -7.6 -1.2 Automotive vehicles, engines, and parts......... 73.2 72.6 68.2 74.7 71.4 75.0 72.5 71.9 67.6 73.9 70.5 74.0 -.9 -3.4 3.5 Consumer goods, except automotive................. 79.3 79.2 80.3 79.2 79.6 79.1 78.7 78.5 79.8 78.8 79.3 78.9 1.9 .5 -.4 Other....................... 39.5 39.3 37.9 43.0 44.8 44.5 40.9 40.4 39.4 44.9 46.9 46.8 2.7 2.0 -.1 Services...................... 285.1 288.2 281.9 288.6 292.6 297.7 284.4 287.7 281.1 287.0 289.9 292.2 6.9 2.9 2.3 Imports......................... 1,115.9 1,114.0 1,114.8 1,143.1 1,168.5 1,224.0 1,222.2 1,215.6 1,231.0 1,263.1 1,300.9 1,345.4 127.0 37.8 44.5 Goods......................... 930.4 928.9 927.2 952.6 974.3 1,022.3 1,031.6 1,025.5 1,037.9 1,069.7 1,102.0 1,142.5 108.4 32.3 40.5 Foods, feeds, and beverages. 41.2 41.3 41.3 41.6 41.7 43.8 42.2 41.9 42.6 42.8 43.7 46.0 2.9 .9 2.3 Industrial supplies and materials, except petroleum and products..... 142.6 145.0 144.3 140.3 140.0 143.8 150.2 151.2 153.3 151.1 151.1 154.5 14.6 .0 3.4 Petroleum and products...... 50.9 53.6 49.8 45.8 42.4 63.7 81.4 84.4 84.9 79.2 80.6 85.3 5.3 1.4 4.7 Capital goods, except automotive................. 269.6 269.2 268.2 274.2 279.1 291.7 328.3 326.3 330.3 339.6 347.5 370.5 42.3 7.9 23.0 Automotive vehicles, engines, and parts......... 149.1 145.4 144.3 161.2 171.6 175.1 148.6 144.8 144.3 160.7 170.4 173.4 9.1 9.7 3.0 Consumer goods, except automotive................. 216.7 217.1 219.0 221.1 229.2 232.8 222.3 222.7 225.5 227.3 235.7 240.8 26.0 8.4 5.1 Other....................... 60.4 57.3 60.3 68.5 70.3 71.4 60.4 57.5 60.1 68.1 70.7 72.2 8.9 2.6 1.5 Services...................... 185.5 185.1 187.7 190.4 194.2 201.7 190.7 190.1 193.1 193.8 199.4 203.7 18.6 5.6 4.3 ------------------------------------------------------------------------------------------------------------------------------------------------------------------------- See note at the end of the table. Table 3.--Gross Domestic Product and Related Measures: Level and Change From Preceding Period--Continued ------------------------------------------------------------------------------------------------------------------------------------------------------------------------- Billions of current dollars Billions of chained (1996) dollars ------------------------------------------------------ ------------------------------------------------------------------------------- Seasonally adjusted Seasonally adjusted Change from preceding at annual rates at annual rates period -------------------------------------------- -------------------------------------------- ------------------------- 1998 II 98 III 98 IV 98 I 99 II 99r 1998 II 98 III 98 IV 98 I 99 II 99r 1998 I 99 II 99r ------------------------------------------------------------------------------------------------------------------------------------------------------------------------- Government consumption expenditures and gross investment................. 1,529.7 1,526.5 1,538.7 1,554.8 1,589.1 1,605.9 1,480.3 1,480.7 1,485.3 1,495.9 1,514.6 1,519.5 25.2 18.7 4.9 Federal......................... 538.7 542.2 539.7 546.7 557.4 561.6 526.1 530.1 527.0 532.0 531.4 534.2 -4.8 -.6 2.8 National defense.............. 348.6 347.9 354.7 352.9 355.8 354.3 341.7 341.6 347.5 344.9 341.4 339.2 -6.6 -3.5 -2.2 Consumption expenditures.... 299.9 301.2 302.5 303.4 304.6 300.8 291.4 293.4 293.6 293.6 289.5 284.9 -8.0 -4.1 -4.6 Gross investment............ 48.7 46.8 52.2 49.5 51.2 53.5 50.3 48.1 54.0 51.4 52.1 54.6 1.6 .7 2.5 Nondefense.................... 190.1 194.3 185.0 193.8 201.6 207.3 184.4 188.4 179.6 187.1 189.9 194.9 1.7 2.8 5.0 Consumption expenditures.... 153.6 156.3 149.0 156.5 162.4 164.4 147.3 149.8 142.9 149.1 150.8 152.1 -2.3 1.7 1.3 Gross investment............ 36.5 38.0 36.1 37.2 39.2 42.9 37.2 38.8 36.9 38.1 39.4 43.2 4.1 1.3 3.8 State and local................. 991.0 984.2 999.0 1,008.1 1,031.8 1,044.3 953.9 950.5 958.1 963.6 982.9 985.1 29.8 19.3 2.2 Consumption expenditures.... 807.5 802.7 813.8 822.2 832.4 848.4 775.1 772.8 777.8 783.7 790.4 797.3 25.3 6.7 6.9 Gross investment............ 183.5 181.5 185.2 185.9 199.4 195.8 178.8 177.6 180.3 179.9 192.7 187.8 4.5 12.8 -4.9 Residual.......................... ..... ..... ..... ..... ..... ..... -14.6 -5.3 -14.2 -29.0 -32.2 -33.4 -13.4 -3.2 -1.2 Addenda: Final sales of domestic product. 8,688.7 8,642.9 8,724.2 8,876.2 9,021.6 9,128.6 8,441.3 8,410.4 8,459.6 8,588.3 8,685.2 8,757.9 345.6 96.9 72.7 Gross domestic purchases........ 8,909.5 8,837.7 8,963.6 9,108.8 9,274.2 9,392.0 8,723.2 8,667.2 8,764.2 8,881.5 9,007.4 9,078.2 449.3 125.9 70.8 Final sales to domestic purchasers..................... 8,838.3 8,796.9 8,889.9 9,037.4 9,223.2 9,374.4 8,648.1 8,620.5 8,687.6 8,810.6 8,954.8 9,057.8 443.6 144.2 103.0 Gross domestic product.......... 8,759.9 8,683.7 8,797.9 8,947.6 9,072.7 9,146.2 8,516.3 8,457.2 8,536.0 8,659.2 8,737.9 8,778.6 351.2 78.7 40.7 Plus: Income receipts from the rest of the world.......... 285.3 292.9 276.4 280.8 283.8 296.1 279.2 286.9 270.3 274.0 276.0 286.6 1.1 2.0 10.6 Less: Income payments to the rest of the world.......... 295.2 292.9 302.0 297.9 298.2 310.4 289.6 287.7 295.8 291.3 290.7 301.1 15.2 -.6 10.4 Equals: Gross national product.. 8,750.0 8,683.7 8,772.2 8,930.5 9,058.2 9,131.9 8,506.0 8,456.6 8,510.6 8,641.9 8,723.3 8,764.3 337.2 81.4 41.0 ------------------------------------------------------------------------------------------------------------------------------------------------------------------------- r revised Note.--Users are cautioned that particularly for components for which relative prices are changing rapidly, the use of chained-dollar estimates to calculate component shares or component contributions to real growth may be misleading even just a few years from the base year. For accurate estimates of the contributions to percent changes in real GDP, use table 2. See "Explanatory Note" at the end of the tables. Table 4.--Chain-Type Price Indexes for Gross Domestic Product and Related Measures: Percent Change From Preceding Period [Percent; quarters seasonally adjusted at annual rates] ------------------------------------------------------------------------------------------------------------------------------------------------------------------------- 1996 1997 1998 III 95 IV 95 I 96 II 96 III 96 IV 96 I 97 II 97 III 97 IV 97 I 98 II 98 III 98 IV 98 I 99 II 99r ------------------------------------------------------------------------------------------------------------------------------------------------------------------------- Gross domestic product (GDP). 1.8 1.7 1.2 1.8 1.9 2.5 1.3 1.8 1.4 2.4 1.5 1.2 1.3 1.0 1.1 1.4 .9 2.3 1.9 Personal consumption expenditures... 2.0 1.7 .9 1.8 1.6 2.4 2.4 1.4 2.5 2.1 .8 1.1 1.2 .5 1.1 1.2 1.2 1.7 2.7 Durable goods..................... -1.0 -2.2 -2.4 -1.1 -.9 .2 -2.5 -1.4 -1.8 -1.1 -3.7 -3.3 -2.5 -1.5 -2.0 -2.3 -3.9 -2.1 -1.0 Nondurable goods.................. 2.1 1.3 .0 1.1 .9 3.2 3.6 .2 3.6 1.7 -.6 .6 .9 -1.4 -.2 1.2 1.3 2.0 5.3 Services.......................... 2.6 2.6 2.1 2.7 2.5 2.4 2.8 2.6 2.8 3.0 2.5 2.2 2.0 1.8 2.5 1.8 2.2 2.3 2.1 Gross private domestic investment... -.3 -.2 -.9 .1 -.4 -1.1 -.8 1.1 -.3 -.3 -.6 .4 -.6 -2.2 -1.0 -.2 -.2 .8 1.2 Fixed investment.................. -.1 -.1 -.8 .3 -.1 -.8 -.8 1.0 -.1 -.2 -.3 .5 -.7 -1.9 -.9 .1 -.2 1.0 1.0 Nonresidential.................. -.9 -1.0 -1.8 -.2 -.9 -1.6 -1.7 -.2 -.8 -1.0 -1.1 -.7 -1.7 -2.6 -2.2 -1.4 -1.8 -.1 .0 Structures.................... 2.7 4.1 3.1 3.0 2.4 2.0 2.2 4.2 3.4 4.3 4.6 5.3 3.9 1.0 2.8 3.6 3.5 1.2 2.1 Equipment and software........ -2.1 -2.6 -3.4 -1.2 -2.0 -2.8 -3.0 -1.7 -2.2 -2.8 -3.0 -2.7 -3.6 -3.8 -3.8 -2.9 -3.5 -.5 -.8 Residential..................... 2.1 2.7 2.6 1.6 2.2 1.5 1.8 4.4 2.0 2.3 2.1 4.2 2.4 .3 3.0 4.4 4.5 4.0 3.6 Change in private inventories..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... Net exports of goods and services... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... Exports........................... -1.4 -1.8 -2.3 -1.0 -1.9 -.7 -1.4 -3.0 -4.0 -1.2 .1 -1.3 -1.7 -4.2 -1.8 -2.9 -1.3 -.5 1.3 Goods........................... -2.6 -2.7 -3.1 -1.5 -2.8 -2.6 -1.9 -4.9 -6.5 -.8 -1.1 -1.3 -2.7 -4.6 -3.0 -4.2 -2.3 -1.2 .0 Services........................ 1.7 .6 -.3 .3 .4 4.1 -.2 1.9 2.2 -2.1 3.1 -1.4 .8 -3.1 1.0 .3 1.1 1.1 4.2 Imports........................... -1.8 -3.6 -5.3 -2.6 -3.4 -1.6 -1.8 -4.4 .6 -4.6 -7.3 -2.4 -2.5 -10.7 -4.0 -4.6 -.3 -3.0 7.6 Goods........................... -2.5 -4.1 -5.9 -3.5 -3.6 -2.3 -2.4 -5.5 .2 -4.9 -8.7 -2.1 -2.6 -11.1 -5.6 -5.4 -1.2 -2.9 7.6 Services........................ 1.7 -.5 -2.2 2.3 -2.2 1.9 1.4 1.5 2.5 -2.8 .6 -4.2 -2.0 -8.9 4.4 -.6 4.4 -3.4 8.0 Government consumption expenditures and gross investment............... 2.5 1.8 1.5 1.9 3.9 5.0 -1.5 2.4 1.8 3.1 .7 1.4 2.6 .9 1.4 2.0 1.3 4.3 3.0 Federal........................... 2.9 1.3 1.1 2.5 8.1 5.1 -3.3 1.9 1.6 3.5 .2 -.2 1.5 2.0 .9 .4 1.4 9.2 1.4 National defense................ 3.2 1.2 .8 2.8 4.2 7.8 -1.6 2.2 1.7 2.9 -.1 -.4 1.5 1.6 -.1 .9 1.0 8.4 1.5 Nondefense...................... 2.1 1.4 1.6 2.0 16.8 -.4 -6.5 1.4 1.5 4.7 .7 .1 1.6 2.7 2.6 -.4 2.1 10.7 1.1 State and local................... 2.2 2.1 1.8 1.5 1.4 4.9 -.4 2.7 2.0 2.8 .9 2.4 3.2 .3 1.7 2.8 1.3 1.5 4.0 Addenda: Final sales of domestic product... 1.9 1.7 1.2 1.8 2.0 2.5 1.3 1.7 1.4 2.4 1.6 1.2 1.3 1.1 1.2 1.4 .9 2.4 1.9 Gross domestic purchases.......... 1.7 1.4 .7 1.5 1.7 2.3 1.2 1.5 1.9 1.9 .6 1.0 1.1 .1 .8 1.1 1.0 2.0 2.5 Final sales to domestic purchasers....................... 1.8 1.4 .8 1.6 1.7 2.4 1.2 1.5 2.0 1.9 .6 1.0 1.1 .2 .8 1.1 1.0 2.1 2.5 Gross national product (GNP)...... 1.8 1.7 1.2 1.8 1.9 2.5 1.3 1.8 1.4 2.4 1.5 1.2 1.2 1.1 1.1 1.4 .9 2.3 1.9 Implicit price deflators: GDP............................. 1.8 1.7 1.2 1.8 1.9 2.5 1.3 1.7 1.4 2.4 1.5 1.1 1.2 .9 1.3 1.5 1.0 2.0 1.4 Gross domestic purchases........ 1.8 1.4 .7 1.5 1.7 2.3 1.2 1.5 1.9 1.9 .5 1.0 1.0 -.1 .9 1.2 1.1 1.6 1.9 GNP............................. 1.8 1.7 1.2 1.8 1.9 2.5 1.3 1.7 1.4 2.4 1.5 1.2 1.2 .9 1.3 1.5 1.0 2.0 1.4 ------------------------------------------------------------------------------------------------------------------------------------------------------------------------- r revised See "Explanatory Note" at the end of the tables. Table 5.--Quantity and Price Indexes for Gross Domestic Product [Index numbers, 1996=100] ----------------------------------------------------------------------------------------------------------------------------------- Seasonally adjusted at annual rates --------------------------------------------------- 1996 1997 1998 II 98 III 98 IV 98 I 99 II 99r ----------------------------------------------------------------------------------------------------------------------------------- Gross domestic product: Chain-type quantity index........ 100.00 104.50 109.00 108.24 109.25 110.83 111.84 112.36 Chain-type price index........... 100.00 101.66 102.86 102.70 103.06 103.28 103.88 104.36 Implicit price deflator.......... 100.00 101.66 102.86 102.68 103.07 103.33 103.83 104.19 Personal consumption expenditures: Chain-type quantity index................ 100.00 103.75 108.80 108.36 109.42 110.66 112.43 113.83 Chain-type price index................... 100.00 101.67 102.63 102.48 102.78 103.08 103.51 104.20 Durable goods: Chain-type quantity index.............. 100.00 106.63 118.66 117.42 118.62 124.26 127.95 130.76 Chain-type price index................. 100.00 97.79 95.45 95.83 95.29 94.34 93.84 93.60 Nondurable goods: Chain-type quantity index.............. 100.00 102.92 107.07 106.85 107.49 108.80 111.15 112.05 Chain-type price index................. 100.00 101.35 101.40 101.15 101.46 101.78 102.28 103.61 Services: Chain-type quantity index.............. 100.00 103.60 107.80 107.39 108.62 109.03 110.16 111.56 Chain-type price index................. 100.00 102.63 104.78 104.56 105.04 105.60 106.20 106.75 Private fixed investment: Chain-type quantity index................ 100.00 108.52 121.37 120.95 121.55 125.55 128.30 130.37 Chain-type price index................... 100.00 99.95 99.20 99.15 99.16 99.11 99.36 99.61 Nonresidential: Chain-type quantity index.............. 100.00 110.71 124.80 124.54 124.56 129.06 131.49 133.74 Chain-type price index................. 100.00 99.04 97.22 97.36 97.03 96.60 96.58 96.59 Residential: Chain-type quantity index.............. 100.00 102.35 111.78 110.91 113.07 115.74 119.30 120.91 Chain-type price index................. 100.00 102.68 105.30 104.64 105.76 106.93 107.99 108.95 Exports of goods and services: Chain-type quantity index................ 100.00 112.73 115.21 114.07 113.60 117.92 116.27 117.41 Chain-type price index................... 100.00 98.23 95.95 96.27 95.57 95.25 95.14 95.44 Imports of goods and services: Chain-type quantity index................ 100.00 113.72 126.89 126.21 127.81 131.14 135.07 139.69 Chain-type price index................... 100.00 96.45 91.31 91.63 90.55 90.48 89.80 91.47 Government consumption expenditures and gross investment: Chain-type quantity index................ 100.00 102.33 104.10 104.13 104.46 105.20 106.52 106.86 Chain-type price index................... 100.00 101.78 103.34 103.10 103.60 103.94 105.04 105.81 Federal: Chain-type quantity index.............. 100.00 99.88 98.97 99.71 99.14 100.08 99.97 100.49 Chain-type price index................. 100.00 101.30 102.38 102.30 102.41 102.76 105.04 105.40 State and local: Chain-type quantity index.............. 100.00 103.79 107.14 106.75 107.61 108.23 110.39 110.64 Chain-type price index................. 100.00 102.06 103.89 103.56 104.27 104.62 105.01 106.05 Addenda: Final sales of domestic product: Chain-type quantity index.............. 100.00 104.02 108.46 108.06 108.69 110.34 111.59 112.52 Chain-type price index................. 100.00 101.69 102.93 102.77 103.13 103.36 103.97 104.45 Implicit price deflator................ 100.00 101.69 102.93 102.76 103.13 103.35 103.87 104.23 Gross domestic purchases: Chain-type quantity index.............. 100.00 104.71 110.39 109.68 110.91 112.39 113.99 114.88 Chain-type price index................. 100.00 101.39 102.14 101.99 102.26 102.51 103.02 103.66 Implicit price deflator................ 100.00 101.39 102.14 101.97 102.28 102.56 102.96 103.46 Final sales to domestic purchasers: Chain-type quantity index.............. 100.00 104.22 109.86 109.51 110.36 111.92 113.75 115.06 Chain-type price index................. 100.00 101.42 102.20 102.05 102.33 102.58 103.10 103.74 Implicit price deflator................ 100.00 101.42 102.20 102.05 102.33 102.57 103.00 103.50 Gross national product: Chain-type quantity index.............. 100.00 104.31 108.62 107.99 108.68 110.35 111.39 111.91 Chain-type price index................. 100.00 101.67 102.87 102.71 103.06 103.29 103.89 104.37 Implicit price deflator................ 100.00 101.67 102.87 102.69 103.07 103.34 103.84 104.19 ----------------------------------------------------------------------------------------------------------------------------------- r revised See "Explanatory Note" at the end of the tables. Table 6.--Real Gross Domestic Product: Historical Perspective [Percent change from preceding year] ----------------------------------------------------------------------------------------------------------------------------------------------------------------------- 1983 1984 1985 1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 ----------------------------------------------------------------------------------------------------------------------------------------------------------------------- Gross domestic product (GDP).... 4.2 7.3 3.9 3.4 3.5 4.2 3.5 1.7 -.2 3.3 2.4 4.0 2.7 3.7 4.5 4.3 Personal consumption expenditures...... 5.3 5.4 5.0 4.2 3.5 4.1 2.6 1.8 .1 3.2 3.0 3.8 3.0 3.3 3.7 4.9 Durable goods........................ 14.9 14.6 9.9 9.1 1.7 5.8 2.1 -.9 -6.6 5.3 8.2 7.6 4.6 5.6 6.6 11.3 Nondurable goods..................... 3.3 4.0 2.7 3.6 2.4 3.2 2.7 1.4 -.4 1.9 2.9 3.8 3.0 2.9 2.9 4.0 Services............................. 4.6 4.3 5.3 3.4 4.6 4.2 2.7 2.7 1.9 3.5 2.0 3.0 2.8 3.0 3.6 4.0 Gross private domestic investment...... 9.5 29.3 -.9 -.7 2.5 2.7 3.7 -3.1 -8.6 8.5 8.7 13.2 3.0 9.0 11.5 11.7 Fixed investment..................... 7.5 16.8 5.3 1.2 .0 3.6 2.7 -1.8 -6.9 6.5 8.1 9.1 6.0 9.3 8.5 11.8 Nonresidential..................... -1.0 17.6 6.7 -2.7 -.1 5.4 5.5 .7 -4.9 3.4 8.4 8.9 9.8 10.0 10.7 12.7 Structures....................... -10.4 14.3 7.3 -10.8 -3.6 1.3 2.5 1.5 -11.0 -6.1 .8 .8 4.8 7.1 8.5 4.1 Equipment and software........... 5.4 19.5 6.4 2.0 1.7 7.5 7.0 .4 -2.0 7.4 11.3 11.9 11.5 11.0 11.5 15.8 Residential........................ 41.1 14.6 1.4 12.0 .2 -.5 -4.1 -8.6 -12.8 16.3 7.3 9.7 -3.6 7.4 2.3 9.2 Change in private inventories........ ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... Net exports of goods and services...... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... Exports.............................. -2.6 8.4 2.8 7.4 11.4 16.1 11.7 8.7 6.8 6.4 3.0 8.9 10.3 8.3 12.7 2.2 Goods.............................. -2.9 7.9 3.4 5.1 11.1 18.8 12.6 8.2 7.1 6.8 3.0 9.7 11.9 8.7 14.5 2.1 Services........................... -1.7 9.8 1.0 13.4 12.2 9.5 9.4 10.0 6.1 5.5 3.1 7.2 6.6 7.1 8.5 2.5 Imports.............................. 12.6 24.3 6.5 8.4 6.1 3.8 3.9 3.8 -.5 6.6 9.1 12.0 8.2 8.6 13.7 11.6 Goods.............................. 13.6 24.2 6.2 10.3 4.6 4.1 4.2 3.0 -.1 9.3 10.1 13.3 9.0 9.4 14.2 11.7 Services........................... 8.1 25.1 7.6 .3 12.6 2.7 2.8 7.6 -2.3 -4.0 4.7 5.8 4.1 4.8 11.2 10.8 Government consumption expenditures and gross investment.................. 3.3 3.5 6.5 5.4 3.0 1.2 2.7 3.3 1.2 .6 -.9 .1 .5 1.1 2.3 1.7 Federal.............................. 6.3 3.1 7.6 5.5 3.7 -1.8 1.3 2.0 -.3 -1.6 -3.9 -3.6 -2.7 -.9 -.1 -.9 National defense................... 6.8 4.8 8.4 6.3 4.7 -.8 -.8 .0 -1.1 -4.9 -5.4 -4.8 -3.7 -1.3 -2.5 -1.9 Nondefense......................... 4.9 -1.6 5.4 3.1 .6 -5.2 8.3 8.3 2.0 7.2 -.4 -1.0 -.5 .0 4.6 1.0 State and local...................... .8 3.8 5.4 5.4 2.4 3.7 3.9 4.2 2.4 2.2 1.3 2.6 2.5 2.4 3.8 3.2 Addenda: Final sales of domestic product...... 3.9 5.3 5.0 3.8 3.1 4.4 3.3 2.0 .0 3.1 2.3 3.4 3.2 3.7 4.0 4.3 Gross domestic purchases............. 5.5 8.7 4.2 3.6 3.2 3.3 2.8 1.3 -.9 3.4 3.0 4.4 2.6 3.8 4.7 5.4 Final sales to domestic purchasers... 5.2 6.8 5.3 4.0 2.8 3.4 2.6 1.6 -.6 3.1 2.9 3.8 3.0 3.8 4.2 5.4 Gross national product............... 4.1 7.1 3.6 3.2 3.4 4.3 3.5 1.9 -.3 3.3 2.4 3.9 2.8 3.6 4.3 4.1 Real disposable personal income...... 2.9 7.7 3.4 3.2 2.3 4.4 2.5 2.2 .7 3.5 1.0 2.6 2.7 2.6 3.6 4.1 Gross domestic purchases price index............................... 3.6 3.5 2.9 2.2 3.2 3.4 3.9 4.1 3.2 2.2 2.5 2.1 2.2 1.7 1.4 .7 GDP price index...................... 4.1 3.7 3.1 2.2 2.9 3.4 3.9 3.9 3.4 2.2 2.7 2.1 2.1 1.8 1.7 1.2 ----------------------------------------------------------------------------------------------------------------------------------------------------------------------- Table 7.--Real Gross Domestic Product: Percent Change From Quarter One Year Ago ----------------------------------------------------------------------------------------------------------------------------------------------------------------------- III 95 IV 95 I 96 II 96 III 96 IV 96 I 97 II 97 III 97 IV 97 I 98 II 98 III 98 IV 98 I 99 II 99r ----------------------------------------------------------------------------------------------------------------------------------------------------------------------- Gross domestic product (GDP).... 2.6 2.2 2.6 4.1 3.8 4.2 4.7 4.3 4.7 4.3 4.7 4.0 3.9 4.6 3.9 3.8 Personal consumption expenditures...... 3.2 2.8 3.3 3.4 3.2 3.3 3.7 3.0 4.1 4.2 4.3 5.4 4.7 5.1 5.3 5.0 Durable goods........................ 5.9 3.7 5.5 7.5 4.6 5.0 6.7 3.1 8.4 8.4 9.8 13.2 9.2 13.0 11.9 11.4 Nondurable goods..................... 2.7 2.5 2.6 2.9 3.1 3.2 3.6 2.4 3.3 2.4 2.8 4.6 3.8 5.0 5.7 4.9 Services............................. 2.9 2.8 3.2 2.9 2.9 3.0 3.2 3.3 3.7 4.2 4.0 4.3 4.3 3.6 3.8 3.9 Gross private domestic investment...... 1.6 .2 .9 9.3 14.5 11.4 13.2 13.0 9.1 11.0 15.4 8.5 11.0 11.9 5.0 5.7 Fixed investment..................... 5.3 5.1 5.7 9.9 11.2 10.4 9.3 8.1 8.6 8.1 11.8 12.8 10.2 12.7 9.2 7.8 Nonresidential..................... 9.3 7.5 6.8 9.1 11.9 12.1 11.2 10.8 11.3 9.6 13.6 14.2 10.1 13.1 8.6 7.4 Structures....................... 4.2 3.3 3.7 4.9 6.9 12.8 12.1 8.2 9.1 4.7 4.2 7.1 2.5 2.9 -.1 -3.1 Equipment and software........... 11.1 8.9 7.9 10.6 13.7 11.8 10.8 11.6 12.1 11.3 17.1 16.7 12.7 16.8 11.7 11.0 Residential........................ -4.8 -1.5 2.6 12.2 9.3 5.6 4.2 .6 1.0 3.7 6.4 8.6 10.5 11.3 11.0 9.0 Change in private inventories........ ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... Net exports of goods and services...... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... Exports.............................. 10.8 9.7 8.5 9.1 5.6 9.9 11.6 14.0 16.1 9.4 6.7 1.8 -1.4 1.9 .9 2.9 Goods.............................. 11.6 10.0 9.0 8.8 7.0 10.1 12.5 16.1 17.4 12.2 7.7 .9 -1.8 1.8 .1 3.5 Services........................... 8.8 9.0 7.2 9.8 2.2 9.4 9.6 9.0 12.9 3.0 4.3 3.8 -.4 2.3 2.9 1.6 Imports.............................. 6.5 5.0 5.5 7.2 10.5 11.2 12.3 13.7 14.5 14.2 13.9 12.5 9.4 10.8 10.3 10.7 Goods.............................. 7.1 4.9 6.1 7.7 11.2 12.3 13.0 14.4 15.0 14.3 14.2 12.4 9.4 11.3 11.0 11.4 Services........................... 3.5 5.5 2.4 4.7 6.9 5.3 8.9 10.0 12.1 13.6 12.7 12.9 9.4 8.5 7.3 7.1 Government consumption expenditures and gross investment.................. -.5 -.8 -.2 1.2 .8 2.7 2.3 1.9 2.9 2.2 1.5 1.6 1.5 2.2 3.8 2.6 Federal.............................. -4.0 -5.3 -2.8 -.7 -2.0 2.0 -1.0 -.7 1.0 .2 -1.6 -1.2 -1.4 .6 3.1 .8 National defense................... -6.3 -4.7 -2.9 -1.1 -2.2 .8 -3.8 -3.3 -1.3 -1.3 -3.0 -2.6 -.9 -1.1 2.6 -.7 Nondefense......................... 1.0 -6.4 -2.5 .0 -1.7 4.6 4.8 4.7 5.6 3.3 .9 1.5 -2.3 3.8 4.0 3.5 State and local...................... 1.9 2.1 1.5 2.4 2.6 3.1 4.3 3.4 4.0 3.4 3.3 3.2 3.2 3.2 4.2 3.6 Addenda: Final sales of domestic product...... 3.2 3.0 3.3 4.1 3.3 4.0 4.1 3.5 4.6 3.8 4.1 4.6 3.7 4.7 4.6 4.1 Gross domestic purchases............. 2.3 1.7 2.3 3.9 4.4 4.4 4.9 4.4 4.7 4.9 5.6 5.2 5.2 5.7 5.0 4.7 Final sales to domestic purchasers... 2.8 2.5 3.0 4.0 3.9 4.2 4.3 3.6 4.6 4.4 5.0 5.9 5.0 5.8 5.7 5.1 Gross national product............... 2.6 2.3 2.6 3.9 3.8 4.1 4.4 4.2 4.6 4.1 4.7 3.8 3.6 4.4 3.7 3.6 Real disposable personal income...... 2.4 1.7 2.0 2.6 3.1 2.8 3.2 3.7 3.5 4.1 4.0 3.9 4.1 4.2 4.3 4.1 Gross domestic purchases price index............................... 2.0 2.0 1.9 1.7 1.7 1.7 1.6 1.5 1.3 1.1 .7 .8 .8 .7 1.1 1.4 GDP price index...................... 2.1 2.1 1.9 1.8 1.8 1.7 1.7 1.8 1.6 1.6 1.3 1.2 1.2 1.1 1.4 1.6 ----------------------------------------------------------------------------------------------------------------------------------------------------------------------- r revised Table 8.--Relation of Gross Domestic Product, Gross National Product, and National Income [Billions of dollars] ----------------------------------------------------------------------------------------------------------------------------------- Seasonally adjusted at annual rates --------------------------------------------------- 1996 1997 1998 II 98 III 98 IV 98 I 99 II 99r ----------------------------------------------------------------------------------------------------------------------------------- Gross domestic product..................... 7,813.2 8,300.8 8,759.9 8,683.7 8,797.9 8,947.6 9,072.7 9,146.2 Plus: Income receipts from the rest of the world..................... 245.6 282.6 285.3 292.9 276.4 280.8 283.8 296.1 Less: Income payments to the rest of the world..................... 227.5 278.4 295.2 292.9 302.0 297.9 298.2 310.4 Equals: Gross national product............. 7,831.2 8,305.0 8,750.0 8,683.7 8,772.2 8,930.5 9,058.2 9,131.9 Less: Consumption of fixed capital......... 956.4 1,009.7 1,066.9 1,056.5 1,075.2 1,094.0 1,108.8 1,126.3 Less: Indirect business tax and nontax liability.......................... 620.0 645.8 677.0 670.1 676.6 697.8 696.6 706.7 Less: Business transfer payments........... 34.4 36.9 38.1 38.0 38.2 38.6 38.8 39.3 Less: Statistical discrepancy.............. 32.8 -3.2 -47.6 -41.5 -87.9 -62.4 -99.4 -135.5 Plus: Subsidies less current surplus of government enterprises......... 22.6 19.0 20.8 17.1 16.9 31.4 21.0 27.9 Equals: National income.................... 6,210.2 6,634.9 7,036.4 6,977.6 7,087.1 7,193.8 7,334.5 7,423.1 Compensation of employees................ 4,395.6 4,675.7 5,011.2 4,967.0 5,053.6 5,134.7 5,217.7 5,287.1 Wage and salary accruals............... 3,630.1 3,884.7 4,189.5 4,149.7 4,227.9 4,300.8 4,371.5 4,432.6 Supplements to wages and salaries...... 765.4 791.0 821.7 817.3 825.7 833.9 846.2 854.5 Proprietors' income with inventory valuation and capital consumption adjustments............................. 544.7 578.6 606.1 594.2 606.4 637.1 639.9 655.3 Rental income of persons with capital consumption adjustment.......... 129.7 130.2 137.4 133.9 139.3 147.0 148.6 148.8 Corporate profits with inventory valuation and capital consumption adjustments............................. 753.9 837.9 846.1 847.9 843.8 834.3 882.0 875.5 Net interest............................. 386.3 412.5 435.7 434.6 444.0 440.8 446.3 456.4 Addendum: Gross domestic income.................... 7,780.3 8,303.9 8,807.5 8,725.2 8,885.8 9,009.9 9,172.0 9,281.7 ----------------------------------------------------------------------------------------------------------------------------------- r revised Table 9.--Personal Income and Its Disposition [Billions of dollars] ----------------------------------------------------------------------------------------------------------------------------------- Seasonally adjusted at annual rates --------------------------------------------------- 1996 1997 1998 II 98 III 98 IV 98 I 99 II 99r ----------------------------------------------------------------------------------------------------------------------------------- Personal income\1\......................... 6,547.4 6,951.1 7,358.9 7,296.3 7,413.6 7,530.8 7,630.2 7,732.6 Wage and salary disbursements............ 3,626.5 3,888.9 4,186.0 4,146.2 4,224.4 4,297.3 4,371.5 4,432.6 Other labor income....................... 490.0 500.9 515.7 513.5 517.7 522.1 528.0 533.0 Proprietors' income with inventory valuation and capital consumption adjustments................. 544.7 578.6 606.1 594.2 606.4 637.1 639.9 655.3 Farm................................... 34.3 29.5 25.1 18.7 22.9 41.1 32.5 34.1 Nonfarm................................ 510.5 549.1 581.0 575.5 583.6 596.0 607.5 621.2 Rental income of persons with capital consumption adjustment.......... 129.7 130.2 137.4 133.9 139.3 147.0 148.6 148.8 Personal dividend income................. 297.4 333.4 348.3 347.0 348.0 351.9 356.1 361.2 Personal interest income................. 810.6 854.9 897.8 895.3 909.3 906.4 907.4 920.5 Transfer payments to persons............. 928.8 962.4 983.6 980.0 986.5 991.0 1,007.8 1,013.6 Less: Personal contributions for social insurance........................ 280.4 298.1 315.9 313.8 318.0 322.0 328.9 332.3 Less: Personal tax and nontax payments..... 869.7 968.3 1,072.6 1,058.0 1,088.3 1,113.0 1,124.8 1,139.4 Equals: Disposable personal income......... 5,677.7 5,982.8 6,286.2 6,238.3 6,325.3 6,417.8 6,505.4 6,593.2 Less: Personal outlays..................... 5,405.6 5,711.7 6,056.6 6,020.9 6,100.5 6,190.3 6,310.3 6,425.2 Equals: Personal saving.................... 272.1 271.1 229.7 217.5 224.8 227.5 195.1 168.0 Addenda: Disposable personal income, billions of chained (1996) dollars\2\... 5,677.7 5,884.7 6,125.1 6,087.5 6,154.6 6,226.6 6,289.3 6,339.1 Personal saving as a percentage of disposable personal income.............. 4.8 4.5 3.7 3.5 3.6 3.5 3.0 2.5 ----------------------------------------------------------------------------------------------------------------------------------- r revised 1. Personal income is also equal to national income less corporate profits with inventory valuation and capital consumption adjustments, net interest, contributions for social insurance, and wage accruals less disbursements, plus personal interest income, personal dividend income, government transfer payments to persons, and business transfer payments to persons. 2. Equals disposable personal income deflated by the implicit price deflator for personal consumption expenditures. Table 10.--Corporate Profits: Level and Percent Change ------------------------------------------------------------------------------------------------------------------------------------------------------------- Billions of dollars Percent change from preceding period ---------------------------------------------------------------- ------------------------------------------------------ Seasonally adjusted Quarterly Quarter one at annual rates rates year ago --------------------------------------- ------------------------------- ------- 1996 1997 1998 II 98 III 98 IV 98 I 99 II 99r 1997 1998 III 98 IV 98 I 99 II 99r II 99r ------------------------------------------------------------------------------------------------------------------------------------------------------------- Corporate profits with inventory valuation and capital consumption adjustments......................... 753.9 837.9 846.1 847.9 843.8 834.3 882.0 875.5 11.1 1.0 -.5 -1.1 5.7 -.7 3.2 Profits before tax................. 726.3 795.9 781.9 792.0 780.1 766.7 818.1 835.8 9.6 -1.8 -1.5 -1.7 6.7 2.2 5.5 Profits tax liability............ 223.6 238.3 240.2 241.1 244.3 235.6 248.0 254.4 6.5 .8 1.3 -3.5 5.3 2.6 5.5 Profits after tax................ 502.7 557.6 541.7 550.9 535.8 531.0 570.1 581.4 10.9 -2.9 -2.7 -.9 7.4 2.0 5.5 Dividends...................... 297.7 333.7 348.6 347.3 348.4 352.2 356.4 361.5 12.1 4.5 .3 1.1 1.2 1.4 4.1 Undistributed profits.......... 205.0 223.9 193.1 203.6 187.4 178.8 213.7 219.9 9.2 -13.8 -7.9 -4.6 19.5 2.9 8.0 Inventory valuation adjustment..... 3.1 7.4 20.9 13.6 19.8 20.8 13.3 -13.6 ..... ..... ..... ..... ..... ..... ..... Capital consumption adjustment..... 24.4 34.6 43.3 42.4 43.9 46.9 50.6 53.2 41.7 24.9 3.8 6.7 7.9 5.2 25.7 Addenda: Corporate profits after tax with inventory valuation and capital consumption adjustments........... 530.2 599.6 605.8 606.8 599.5 598.7 634.0 621.0 13.1 1.0 -1.2 -.1 5.9 -2.0 2.3 Net cash flow with inventory valuation and capital consumption adjustments........... 776.1 845.3 876.5 872.1 876.1 883.6 923.4 916.7 8.9 3.7 .5 .9 4.5 -.7 5.1 Undistributed profits with inventory valuation and capital consumption adjustments......... 232.5 265.9 257.2 259.5 251.1 246.5 277.6 259.5 14.4 -3.3 -3.2 -1.9 12.6 -6.5 .0 Consumption of fixed capital..... 543.6 579.4 619.2 612.6 625.0 637.1 645.8 657.2 6.6 6.9 2.0 1.9 1.4 1.8 7.3 Less: Inventory valuation adjustment........................ 3.1 7.4 20.9 13.6 19.8 20.8 13.3 -13.6 ..... ..... ..... ..... ..... ..... ..... Equals: Net cash flow.............. 773.1 838.0 855.5 858.5 856.3 862.8 910.1 930.3 8.4 2.1 -.3 .8 5.5 2.2 8.4 ------------------------------------------------------------------------------------------------------------------------------------------------------------- r revised Table 11.--Corporate Profits by Industry: Level and Change From Preceding Period [Billions of dollars] ------------------------------------------------------------------------------------------------------------------------------------------------------------- Level Change from preceding period ---------------------------------------------------------------- ---------------------------------------------- Seasonally adjusted at annual rates --------------------------------------- ---------------------------------------------- 1996 1997 1998 II 98 III 98 IV 98 I 99 II 99r 1997 1998 III 98 IV 98 I 99 II 99r ------------------------------------------------------------------------------------------------------------------------------------------------------------- Corporate profits with IVA and CCAdj..... 753.9 837.9 846.1 847.9 843.8 834.3 882.0 875.5 84.0 8.2 -4.1 -9.5 47.7 -6.5 Domestic industries.......................... 653.0 729.8 746.0 740.6 757.2 736.0 777.7 772.1 76.8 16.2 16.6 -21.2 41.7 -5.6 Financial.................................. 143.9 167.0 171.0 172.0 168.7 168.0 185.2 177.4 23.1 4.0 -3.3 -.7 17.2 -7.8 Nonfinancial............................... 509.1 562.8 575.0 568.6 588.5 568.0 592.5 594.7 53.7 12.2 19.9 -20.5 24.5 2.2 Rest of the world............................ 100.9 108.1 100.0 107.4 86.6 98.3 104.3 103.3 7.2 -8.1 -20.8 11.7 6.0 -1.0 Receipts from the rest of the world........ 140.6 159.7 148.4 154.9 137.1 146.8 157.0 164.1 19.1 -11.3 -17.8 9.7 10.2 7.1 Less: Payments to the rest of the world.... 39.8 51.6 48.4 47.5 50.5 48.5 52.7 60.8 11.8 -3.2 3.0 -2.0 4.2 8.1 Corporate profits with IVA............... 729.4 803.2 802.8 805.6 799.9 787.4 831.4 822.2 73.8 -.4 -5.7 -12.5 44.0 -9.2 Domestic industries.......................... 628.6 695.1 702.8 698.2 713.2 689.1 727.1 718.9 66.5 7.7 15.0 -24.1 38.0 -8.2 Financial.................................. 165.3 184.2 191.3 192.2 189.5 188.6 205.3 198.3 18.9 7.1 -2.7 -.9 16.7 -7.0 Federal Reserve banks.................... 21.8 23.3 24.6 24.4 24.7 24.7 24.3 24.5 1.5 1.3 .3 .0 -.4 .2 Other.................................... 143.5 160.9 166.7 167.8 164.8 163.9 180.9 173.7 17.4 5.8 -3.0 -.9 17.0 -7.2 Nonfinancial............................... 463.3 510.9 511.5 506.0 523.7 500.6 521.9 520.6 47.6 .6 17.7 -23.1 21.3 -1.3 Manufacturing............................ 181.2 185.6 168.4 169.2 171.9 161.7 171.0 167.8 4.4 -17.2 2.7 -10.2 9.3 -3.2 Durable goods.......................... 87.0 93.3 95.1 89.7 97.2 106.3 100.5 100.7 6.3 1.8 7.5 9.1 -5.8 .2 Primary metal industries............. 5.4 5.1 5.4 5.4 5.0 5.0 1.7 1.2 -.3 .3 -.4 .0 -3.3 -.5 Fabricated metal products............ 14.4 16.7 17.3 17.0 19.9 17.0 19.4 19.0 2.3 .6 2.9 -2.9 2.4 -.4 Industrial machinery and equipment... 15.0 13.5 14.6 14.6 15.7 19.4 16.6 18.6 -1.5 1.1 1.1 3.7 -2.8 2.0 Electronic and other electric equipment........................... 20.2 22.1 18.2 16.2 16.9 21.4 20.5 19.6 1.9 -3.9 .7 4.5 -.9 -.9 Motor vehicles and equipment......... 3.7 4.9 7.5 5.7 6.6 9.8 10.7 10.4 1.2 2.6 .9 3.2 .9 -.3 Other................................ 28.4 30.9 32.2 30.9 33.1 33.7 31.6 32.0 2.5 1.3 2.2 .6 -2.1 .4 Nondurable goods....................... 94.2 92.3 73.3 79.5 74.7 55.5 70.5 67.0 -1.9 -19.0 -4.8 -19.2 15.0 -3.5 Food and kindred products............ 21.6 22.1 17.0 20.1 21.3 7.1 17.2 18.6 .5 -5.1 1.2 -14.2 10.1 1.4 Chemicals and allied products........ 25.5 26.0 20.6 18.8 19.0 20.0 25.1 20.8 .5 -5.4 .2 1.0 5.1 -4.3 Petroleum and coal products.......... 13.3 16.0 8.3 11.0 6.8 4.1 -.9 -.3 2.7 -7.7 -4.2 -2.7 -5.0 .6 Other................................ 33.7 28.2 27.3 29.5 27.5 24.2 29.0 28.0 -5.5 -.9 -2.0 -3.3 4.8 -1.0 Transportation and public utilities...... 91.4 104.7 109.0 105.0 113.0 106.9 111.9 107.9 13.3 4.3 8.0 -6.1 5.0 -4.0 Transportation......................... 15.6 18.5 19.4 18.9 20.1 19.7 18.3 17.2 2.9 .9 1.2 -.4 -1.4 -1.1 Communications......................... 35.2 47.4 49.3 47.8 51.2 46.8 52.2 52.5 12.2 1.9 3.4 -4.4 5.4 .3 Electric, gas, and sanitary services... 40.6 38.8 40.2 38.4 41.7 40.5 41.5 38.2 -1.8 1.4 3.3 -1.2 1.0 -3.3 Wholesale trade.......................... 42.6 46.8 47.2 50.1 49.7 41.2 43.4 44.3 4.2 .4 -.4 -8.5 2.2 .9 Retail trade............................. 52.9 63.7 69.8 69.7 69.3 69.0 75.7 75.4 10.8 6.1 -.4 -.3 6.7 -.3 Other.................................... 95.2 110.1 117.1 111.9 119.9 121.7 119.8 125.2 14.9 7.0 8.0 1.8 -1.9 5.4 Rest of the world............................ 100.9 108.1 100.0 107.4 86.6 98.3 104.3 103.3 7.2 -8.1 -20.8 11.7 6.0 -1.0 ------------------------------------------------------------------------------------------------------------------------------------------------------------- r revised IVA Inventory valuation adjustment CCAdj. Capital consumption adjustment Table 12.--Gross Product of Nonfinancial Corporate Business ----------------------------------------------------------------------------------------------------------------------------------- Seasonally adjusted at annual rates --------------------------------------------------- 1996 1997 1998 II 98 III 98 IV 98 I 99 II 99r ----------------------------------------------------------------------------------------------------------------------------------- Billions of dollars ---------------------------------------------------------------------------------------- Gross product of nonfinancial corporate business.................... 4,221.5 4,529.8 4,834.6 4,784.7 4,882.4 4,948.4 5,028.6 5,094.9 Consumption of fixed capital............... 462.7 491.3 522.2 516.5 526.7 537.2 543.8 552.3 Net product................................ 3,758.9 4,038.5 4,312.4 4,268.2 4,355.7 4,411.1 4,484.8 4,542.7 Indirect business tax and nontax liability plus business transfer payments less subsidies................. 473.9 496.1 523.5 516.4 523.0 544.5 542.4 549.8 Domestic income.......................... 3,285.0 3,542.5 3,788.9 3,751.8 3,832.6 3,866.7 3,942.4 3,992.9 Compensation of employees.............. 2,667.1 2,860.1 3,090.4 3,059.9 3,118.6 3,174.6 3,223.8 3,270.0 Wage and salary accruals............. 2,234.1 2,408.4 2,618.7 2,590.8 2,645.1 2,695.5 2,737.9 2,779.4 Supplements to wages and salaries.... 433.0 451.7 471.7 469.1 473.5 479.0 486.0 490.7 Corporate profits with IVA and CCAdj... 509.1 562.8 575.0 568.6 588.5 568.0 592.5 594.7 Profits before tax................... 460.2 503.6 490.6 492.4 503.9 479.8 508.6 534.2 Profits tax liability.............. 150.1 158.8 152.5 153.1 157.1 148.8 157.9 166.9 Profits after tax.................. 310.1 344.7 338.1 339.3 346.9 331.0 350.6 367.3 Dividends........................ 201.9 219.8 245.4 245.5 242.9 256.9 241.5 267.9 Undistributed profits............ 108.2 124.9 92.7 93.7 104.0 74.0 109.1 99.4 Inventory valuation adjustment....... 3.1 7.4 20.9 13.6 19.8 20.8 13.3 -13.6 Capital consumption adjustment....... 45.8 51.8 63.5 62.6 64.8 67.4 70.6 74.1 Net interest........................... 108.7 119.6 123.5 123.3 125.5 124.1 126.1 128.1 ---------------------------------------------------------------------------------------- Billions of chained (1996) dollars ---------------------------------------------------------------------------------------- Gross product of nonfinancial corporate business\1\................. 4,221.5 4,501.0 4,803.4 4,758.4 4,844.8 4,911.2 4,981.7 5,035.0 Consumption of fixed capital\2\............ 462.7 494.9 537.7 532.2 543.2 554.3 564.0 576.9 Net product\3\............................. 3,758.9 4,006.1 4,265.7 4,226.2 4,301.7 4,356.9 4,417.7 4,458.1 ---------------------------------------------------------------------------------------- Dollars ---------------------------------------------------------------------------------------- Price, costs, and profits per unit of real gross product of nonfinancial corporate business: Price per unit of real gross product of nonfinancial corporate business\4\... 1.000 1.006 1.007 1.006 1.008 1.008 1.009 1.012 Compensation of employees (unit labor cost)....................... .632 .635 .643 .643 .644 .646 .647 .649 Unit nonlabor cost....................... .248 .246 .244 .244 .243 .245 .243 .244 Consumption of fixed capital........... .110 .109 .109 .109 .109 .109 .109 .110 Indirect business tax and nontax liability plus business transfer payments less subsidies............... .112 .110 .109 .109 .108 .111 .109 .109 Net interest........................... .026 .027 .026 .026 .026 .025 .025 .025 Corporate profits with IVA and CCADj. (unit profits from current production).. .121 .125 .120 .119 .121 .116 .119 .118 Profits tax liability.................. .036 .035 .032 .032 .032 .030 .032 .033 Profits after tax with IVA and CCAdj... .085 .090 .088 .087 .089 .085 .087 .085 ----------------------------------------------------------------------------------------------------------------------------------- r revised 1. Chained-dollar gross product of nonfinancial corporate business equals the current-dollar product deflated by the implicit price deflator for goods and structures in gross domestic product. Effective with the estimates scheduled for release on March 30, 2000, the current-dollar product will be deflated by a chain-type price index calculated using gross product price indexes for each nonfinancial industry. 2. Chained-dollar consumption of fixed capital of nonfinancial corporate business is calculated as the product of the chain-type quantity index and the 1996 current-dollar value of the corresponding series, divided by 100. 3. Chained-dollar net product of nonfinancial corporate business is the difference between the gross product and the consumption of fixed capital. 4. The deflator for gross product of nonfinancial corporate business divided by 100. IVA Inventory valuation adjustment CCAdj. Capital consumption adjustment Appendix Table A.--Real Gross Domestic Product and Related Aggregates and Price Indexes: Percent Change From Preceding Period [Percent; quarters seasonally adjusted at annual rates] ------------------------------------------------------------------------------------------------------------------------------------------------------------------------- 1996 1997 1998 III 95 IV 95 I 96 II 96 III 96 IV 96 I 97 II 97 III 97 IV 97 I 98 II 98 III 98 IV 98 I 99 II 99r ------------------------------------------------------------------------------------------------------------------------------------------------------------------------- GDP and related aggregates: GDP............................... 3.7 4.5 4.3 3.2 3.3 2.9 6.9 2.2 4.9 4.9 5.1 4.0 3.1 6.7 2.1 3.8 5.9 3.7 1.9 Goods............................. 4.9 6.4 6.0 3.7 7.3 2.7 9.0 4.7 4.2 8.8 7.9 4.9 3.7 14.0 -3.0 5.7 11.7 2.9 .5 Services.......................... 2.5 3.2 2.9 3.0 .5 2.2 4.2 .7 5.1 2.2 4.1 3.3 2.8 1.3 5.0 2.6 2.1 3.1 3.7 Structures........................ 6.0 4.4 5.5 2.6 4.0 8.1 15.1 .6 6.7 5.6 .1 4.8 2.5 9.7 7.6 2.7 5.0 10.2 -2.8 Motor vehicle output.............. .1 6.6 7.5 -4.8 19.8 -33.7 69.6 -2.4 -19.2 11.4 4.0 28.7 13.7 -4.4 -8.2 6.3 69.2 -20.7 8.4 GDP less motor vehicle output..... 3.8 4.4 4.2 3.5 2.7 4.5 5.1 2.4 5.9 4.7 5.2 3.2 2.7 7.1 2.5 3.7 4.0 4.8 1.6 Final sales of computers\1\....... 55.3 45.4 53.9 49.0 75.4 73.4 36.6 45.4 33.0 56.1 51.2 53.6 19.9 66.8 62.2 77.5 44.4 31.6 44.2 GDP less final sales of computers. 3.2 4.1 3.9 2.8 2.8 2.4 6.6 1.8 4.6 4.5 4.7 3.6 2.9 6.2 1.6 3.2 5.5 3.4 1.5 Farm product\2\................... 7.9 11.8 -2.5 -24.6 24.4 21.7 14.4 -.2 4.1 27.6 10.8 18.5 -8.6 -9.1 -11.4 7.3 3.6 -4.4 5.9 Nonfarm business less housing product\3\....................... 4.6 5.4 5.3 4.5 3.9 4.0 7.9 2.6 6.1 5.7 6.2 4.8 4.2 8.5 2.4 4.4 7.3 4.1 1.9 Price indexes: GDP............................... 1.8 1.7 1.2 1.8 1.9 2.5 1.3 1.8 1.4 2.4 1.5 1.2 1.3 1.0 1.1 1.4 .9 2.3 1.9 GDP less food and energy.......... 1.7 1.7 1.3 1.4 1.9 2.2 .6 1.9 1.7 2.2 1.7 1.1 1.3 1.2 1.3 1.5 1.0 2.3 1.8 GDP less final sales of computers. 2.2 2.0 1.6 2.1 2.2 2.9 1.7 2.1 1.8 2.7 1.9 1.5 1.5 1.4 1.5 2.0 1.3 2.6 1.9 Gross domestic purchases.......... 1.7 1.4 .7 1.5 1.7 2.3 1.2 1.5 1.9 1.9 .6 1.0 1.1 .1 .8 1.1 1.0 2.0 2.5 Gross domestic purchases less food and energy.................. 1.5 1.3 1.0 1.7 1.9 1.9 .3 1.5 1.4 1.8 1.4 .9 1.0 .8 1.2 1.3 1.1 2.2 1.7 Gross domestic purchases less final sales of computers......... 2.1 1.8 1.2 1.9 2.1 2.8 1.7 1.8 2.3 2.3 .9 1.4 1.5 .5 1.3 1.6 1.5 2.3 2.6 Personal consumption expenditures. 2.0 1.7 .9 1.8 1.6 2.4 2.4 1.4 2.5 2.1 .8 1.1 1.2 .5 1.1 1.2 1.2 1.7 2.7 Personal consumption expenditures less food and energy............. 1.7 1.6 1.3 2.0 1.8 1.8 1.5 1.3 1.9 1.9 1.9 .8 1.0 1.3 1.7 1.4 1.4 1.8 1.7 ------------------------------------------------------------------------------------------------------------------------------------------------------------------------- r revised 1. For some components of final sales of computers, includes computer parts. 2. Farm output less intermediate goods and services purchased. 3. Consists of GDP less gross product of farm, of housing, of households and institutions, and of general government. See "Explanatory Note" at the end of the tables.