EMBARGOED UNTIL RELEASE AT 8:30 A.M. EDT, THURSDAY, AUGUST 28, 2014 Lisa Mataloni: (202) 606-5304 (GDP) gdpniwd@bea.gov BEA 14-40 Kate Shoemaker: (202) 606-5564 (Profits) cpniwd@bea.gov Jeannine Aversa: (202) 606-2649 (News Media) GROSS DOMESTIC PRODUCT: SECOND QUARTER 2014 (SECOND ESTIMATE) CORPORATE PROFITS: SECOND QUARTER 2014 (PRELIMINARY ESTIMATE) 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 4.2 percent in the second quarter of 2014, according to the "second" estimate released by the Bureau of Economic Analysis. In the first quarter, real GDP decreased 2.1 percent. The GDP estimate released today is based on more complete source data than were available for the "advance" estimate issued last month. In the advance estimate, the increase in real GDP was 4.0 percent. With this second estimate for the second quarter, the general picture of economic growth remains the same; the increase in nonresidential fixed investment was larger than previously estimated, while the increase in private inventory investment was smaller than previously estimated (see "Revisions" on page 3). The increase in real GDP in the second quarter primarily reflected positive contributions from personal consumption expenditures (PCE), private inventory investment, exports, nonresidential fixed investment, state and local government spending, and residential fixed investment. Imports, which are a subtraction in the calculation of GDP, increased. Real GDP increased 4.2 percent in the second quarter after decreasing 2.1 percent in the first. This upturn in the percent change in real GDP primarily reflected upturns in exports and in private inventory investment, accelerations in PCE and in nonresidential fixed investment, and upturns in state and local government spending and in residential fixed investment that were partly offset by an acceleration in imports. 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 (2009) dollars. Price indexes are chain-type measures. This news release is available on BEA's Web site (www.bea.gov) along with the Technical Note (www.bea.gov/newsreleases/national/gdp/2014/tech2q14_2nd.htm) and Highlights (www.bea.gov/newsreleases/national/gdp/2014/pdf/gdp2q14_2nd_fax.pdf) related to this release. For information on revisions, see "The Revisions to GDP, GDI, and Their Major Components" (www.bea.gov/scb/pdf/2014/08 August/0814_revisions_to_gdp_gdi_and_their_major_components.pdf). _____________ The price index for gross domestic purchases, which measures prices paid by U.S. residents, increased 1.9 percent in the second quarter, the same increase as in the advance estimate; this index increased 1.4 percent in the first quarter. Excluding food and energy prices, the price index for gross domestic purchases increased 1.7 percent, compared with an increase of 1.3 percent. Real personal consumption expenditures increased 2.5 percent in the second quarter, compared with an increase of 1.2 percent in the first. Durable goods increased 14.3 percent, compared with an increase of 3.2 percent. Nondurable goods increased 1.9 percent in the second quarter; it was unchanged in the first. Services increased 0.8 percent, compared with an increase of 1.3 percent. Real nonresidential fixed investment increased 8.4 percent in the second quarter, compared with an increase of 1.6 percent in the first. Investment in nonresidential structures increased 9.4 percent, compared with an increase of 2.9 percent. Investment in equipment increased 10.7 percent, in contrast to a decrease of 1.0 percent. Investment in intellectual property products increased 4.4 percent, compared with an increase of 4.6 percent. Real residential fixed investment increased 7.2 percent, in contrast to a decrease of 5.3 percent. Real exports of goods and services increased 10.1 percent in the second quarter, in contrast to a decrease of 9.2 percent in the first. Real imports of goods and services increased 11.0 percent, compared with an increase of 2.2 percent. Real federal government consumption expenditures and gross investment decreased 0.9 percent in the second quarter, compared with a decrease of 0.1 percent in the first. National defense increased 0.9 percent, in contrast to a decrease of 4.0 percent. Nondefense decreased 3.7 percent, in contrast to an increase of 6.6 percent. Real state and local government consumption expenditures and gross investment increased 2.9 percent, in contrast to a decrease of 1.3 percent. The change in real private inventories added 1.39 percentage points to the second-quarter change in real GDP after subtracting 1.16 percentage points from the first-quarter change. Private businesses increased inventories $83.9 billion in the second quarter, following increases of $35.2 billion in the first quarter and $81.8 billion in the fourth. Real final sales of domestic product -- GDP less change in private inventories -- increased 2.8 percent in the second quarter, in contrast to a decrease of 1.0 percent in the first. Gross domestic purchases Real gross domestic purchases -- purchases by U.S. residents of goods and services wherever produced -- increased 4.5 percent in the second quarter, in contrast to a decrease of 0.4 percent in the first. Gross national product Real gross national product -- the goods and services produced by the labor and property supplied by U.S. residents -- increased 4.3 percent in the second quarter, in contrast to a decrease of 2.8 percent in the first. GNP includes, and GDP excludes, net receipts of income from the rest of the world, which increased $7.8 billion in the second quarter, in contrast to a decrease of $27.4 billion in the first; in the second quarter, receipts increased $4.2 billion, and payments decreased $3.5 billion. Current-dollar GDP Current-dollar GDP -- the market value of the nation's output of goods and services -- increased 6.4 percent, or $267.3 billion, in the second quarter to a level of $17,311.3 billion. In the first quarter, current-dollar GDP decreased 0.8 percent, or $34.3 billion. Gross domestic income Real gross domestic income (GDI), which measures the output of the economy as the costs incurred and the incomes earned in the production of GDP, increased 4.7 percent in the second quarter, in contrast to a decrease of 0.8 percent (revised) in the first. For a given quarter, the estimates of GDP and GDI may differ for a variety of reasons, including the incorporation of largely independent source data. However, over longer time spans, the estimates of GDP and GDI tend to follow similar patterns of change. Revisions The upward revision to the percent change in real GDP primarily reflected an upward revision to nonresidential fixed investment and a downward revision to imports that were partly offset by a downward revision to private inventory investment. Advance Estimate Second Estimate Percent change from preceding quarter) Real GDP............................... 4.0 4.2 Current-dollar GDP..................... 6.0 6.4 Real GDI............................... --- 4.7 Gross domestic purchases price index... 1.9 1.9 Corporate Profits Profits from current production Profits from current production (corporate profits with inventory valuation adjustment (IVA) and capital consumption adjustment (CCAdj)) increased $154.9 billion in the second quarter, in contrast to a decrease of $201.7 billion in the first. Taxes on corporate income increased $39.7 billion in the second quarter, compared with an increase of $66.9 billion in the first. Profits after tax with IVA and CCAdj increased $115.2 billion, in contrast to a decrease of $268.6 billion. Dividends decreased $1.3 billion in the second quarter, compared with a decrease of $89.5 billion in the first. Undistributed profits increased $116.5 billion, in contrast to a decrease of $178.9 billion. Net cash flow with IVA -- the internal funds available to corporations for investment -- increased $130.9 billion, in contrast to a decrease of $163.0 billion. Domestic profits of financial corporations increased $30.6 billion in the second quarter, in contrast to a decrease of $86.2 billion in the first. Domestic profits of nonfinancial corporations increased $119.3 billion, in contrast to a decrease of $89.6 billion. The rest-of-the-world component of profits increased $4.9 billion in the second quarter, in contrast to a decrease of $26.0 billion in the first. This measure is calculated as the difference between receipts from rest of the world and payments to rest of the world. In the second quarter, receipts increased $4.7 billion, and payments decreased $0.2 billion. The IVA and CCAdj are adjustments that convert inventory withdrawals and depreciation of fixed assets reported on a tax-return, historical-cost basis to the current-cost economic measures used in the national income and product accounts. IVA increased $11.1 billion, in contrast to a decrease of $21.6 billion. CCAdj decreased $0.8 billion, compared with a decrease of $195.7 billion. Gross value added of nonfinancial domestic corporate business In the second quarter, real gross value added of nonfinancial corporations and profits per unit of real value added increased. The increase in unit profits reflected an increase in unit prices and decreases in the unit nonlabor and labor costs incurred by corporations. * * * 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 -- September 26, 2014 at 8:30 A.M. EDT for: Gross Domestic Product: Second Quarter 2014 (Third Estimate) Corporate Profits: Second Quarter 2014 (Revised Estimate) Table 1. Real Gross Domestic Product and Related Measures: Percent Change From Preceding Period [Quarters seasonally adjusted at annual rates] ------------------------------------------------------------------------------------------------------------------------------------------------------------------------- 2011 2012 2013 III 10 IV 10 I 11 II 11 III 11 IV 11 I 12 II 12 III 12 IV 12 I 13 II 13 III 13 IV 13 I 14r II 14r ------------------------------------------------------------------------------------------------------------------------------------------------------------------------- Gross domestic product (GDP). 1.6 2.3 2.2 2.7 2.5 -1.5 2.9 .8 4.6 2.3 1.6 2.5 .1 2.7 1.8 4.5 3.5 -2.1 4.2 Personal consumption expenditures... 2.3 1.8 2.4 2.6 4.2 2.0 .8 1.8 1.4 2.8 1.3 1.9 1.9 3.6 1.8 2.0 3.7 1.2 2.5 Goods............................. 3.1 2.8 3.4 3.8 7.6 2.9 -.8 .9 3.9 4.7 1.3 3.2 2.9 5.9 1.3 3.5 3.7 1.0 5.8 Durable goods................... 6.1 7.3 6.7 6.7 12.9 5.2 -2.6 5.2 12.0 10.7 2.3 8.0 9.1 8.5 4.5 4.9 5.7 3.2 14.3 Nondurable goods................ 1.8 .7 1.9 2.5 5.2 1.9 .1 -1.0 .5 2.0 .8 1.1 .1 4.8 -.2 2.8 2.7 .0 1.9 Services.......................... 1.8 1.3 1.9 2.0 2.5 1.6 1.6 2.2 .1 1.8 1.3 1.3 1.4 2.4 2.0 1.3 3.7 1.3 .8 Gross private domestic investment... 5.2 9.2 4.9 13.7 -3.5 -7.2 16.4 1.1 32.1 6.9 5.8 1.6 -5.3 7.6 6.9 16.8 3.8 -6.9 17.5 Fixed investment.................. 6.3 8.3 4.7 -.4 8.5 -.9 8.2 17.3 9.9 9.1 4.4 3.1 6.6 2.7 4.9 6.6 6.3 .2 8.1 Nonresidential.................. 7.7 7.2 3.0 8.3 8.6 -.9 8.8 19.4 9.5 5.8 4.4 .8 3.6 1.5 1.6 5.5 10.4 1.6 8.4 Structures.................... 2.3 13.1 -.5 -5.8 7.7 -27.1 30.6 25.6 13.8 18.7 10.5 -1.4 -6.7 -11.5 7.3 11.2 12.8 2.9 9.4 Equipment..................... 13.6 6.8 4.6 18.0 11.8 12.1 4.4 27.7 9.4 3.6 1.0 .7 8.1 4.8 1.5 4.7 14.1 -1.0 10.7 Intellectual property products 3.6 3.9 3.4 6.1 5.0 1.4 3.2 5.1 6.8 .7 5.1 2.6 5.1 6.5 -2.0 2.8 3.6 4.6 4.4 Residential..................... .5 13.5 11.9 -30.7 7.9 -.8 5.4 8.1 11.7 25.5 4.3 14.1 20.4 7.8 19.0 11.2 -8.5 -5.3 7.2 Change in private inventories..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... Net exports of goods and services... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... Exports........................... 6.9 3.3 3.0 11.8 12.8 2.1 6.2 4.3 4.1 1.3 4.8 2.1 1.5 -.8 6.3 5.1 10.0 -9.2 10.1 Goods........................... 6.5 3.7 2.8 8.9 12.0 2.8 5.0 3.4 8.1 1.5 5.3 2.0 -3.1 -.9 8.3 5.7 13.6 -11.9 13.8 Services........................ 7.6 2.4 3.6 18.6 14.7 .6 9.3 6.2 -4.7 .9 3.7 2.3 12.7 -.8 2.0 3.6 2.3 -2.8 2.2 Imports........................... 5.5 2.3 1.1 14.9 2.6 3.1 3.0 3.3 4.5 1.7 4.0 -.6 -3.5 -.3 8.5 .6 1.3 2.2 11.0 Goods........................... 5.8 2.1 .9 15.4 2.7 5.3 .8 2.2 5.5 2.0 4.0 -1.1 -4.8 .5 8.5 .1 .9 2.5 12.3 Services........................ 4.0 3.4 2.2 12.3 1.9 -7.4 15.3 8.7 .0 .8 4.0 2.4 3.4 -4.1 8.5 2.8 3.5 1.0 5.0 Government consumption expenditures and gross investment............... -3.0 -1.4 -2.0 -.3 -4.1 -7.5 -.4 -2.5 -1.6 -2.7 -.4 2.7 -6.0 -3.9 .2 .2 -3.8 -.8 1.4 Federal........................... -2.7 -1.8 -5.7 3.7 -2.7 -10.6 1.6 -4.0 -2.6 -3.0 -.9 7.5 -13.0 -9.9 -3.5 -1.2 -10.4 -.1 -.9 National defense................ -2.3 -3.3 -6.6 7.6 -3.5 -14.0 6.7 1.9 -9.5 -7.4 -1.3 11.9 -20.1 -10.9 -2.1 .4 -11.4 -4.0 .9 Nondefense...................... -3.4 1.0 -4.1 -2.8 -1.2 -4.3 -6.9 -14.0 11.4 5.3 -.4 .4 .6 -8.2 -5.8 -3.9 -8.6 6.6 -3.7 State and local................... -3.3 -1.2 .5 -3.1 -5.0 -5.3 -1.8 -1.4 -.8 -2.6 .0 -.6 -.8 .3 2.7 1.1 .6 -1.3 2.9 Addenda: Final sales of domestic product... 1.7 2.2 2.2 .8 4.2 -.6 1.9 3.0 1.8 2.5 1.4 2.7 1.9 2.0 1.5 3.0 3.9 -1.0 2.8 Gross domestic purchases.......... 1.6 2.2 1.9 3.4 1.4 -1.2 2.5 .8 4.6 2.3 1.6 2.0 -.7 2.7 2.2 3.8 2.3 -.4 4.5 Final sales to domestic purchasers....................... 1.7 2.1 1.9 1.6 3.0 -.4 1.5 2.9 1.9 2.5 1.4 2.2 1.0 2.0 1.9 2.3 2.7 .7 3.1 Gross domestic income (GDI)\1\.... 2.2 3.4 2.2 5.3 1.8 .5 1.9 2.6 3.3 7.2 .6 1.3 4.2 1.4 2.7 1.9 1.8 -.8 4.7 Gross national product (GNP)...... 1.8 2.1 2.2 2.5 2.9 -1.2 2.9 1.4 4.9 1.3 1.4 2.1 .3 2.3 1.9 4.8 3.7 -2.8 4.3 Disposable personal income........ 2.5 3.0 -.2 2.0 2.8 5.0 -.6 2.1 .2 6.8 2.3 -.4 11.8 -12.6 3.8 2.0 .2 3.4 4.2 Current-dollar measures: GDP............................. 3.7 4.2 3.7 4.6 4.7 .2 6.0 3.3 5.2 4.4 3.5 4.4 1.6 4.2 2.9 6.2 5.0 -.8 6.4 Final sales of domestic product. 3.8 4.0 3.7 2.7 6.4 1.2 5.0 5.4 2.3 4.7 3.2 4.9 3.2 3.4 2.7 4.7 5.5 .4 5.0 Gross domestic purchases........ 4.0 3.9 3.3 4.8 3.7 1.7 6.4 2.8 5.7 4.7 2.7 3.1 1.2 4.1 2.9 5.5 3.7 .9 6.5 Final sales to domestic purchasers..................... 4.2 3.8 3.2 2.9 5.3 2.7 5.4 4.8 2.9 5.0 2.5 3.5 2.8 3.3 2.7 4.1 4.2 2.1 5.2 GDI............................. 4.3 5.2 3.7 7.3 3.9 2.3 4.9 5.1 3.9 9.5 2.5 3.2 5.7 2.9 3.8 3.6 3.3 .6 7.0 GNP............................. 3.9 4.0 3.7 4.4 5.0 .5 6.0 3.9 5.5 3.5 3.2 4.0 1.8 3.8 3.0 6.5 5.2 -1.5 6.6 Disposable personal income...... 5.0 4.9 1.0 3.2 5.0 8.2 3.5 4.3 1.6 9.1 3.7 .9 13.8 -11.7 4.3 3.7 1.2 4.8 6.6 ------------------------------------------------------------------------------------------------------------------------------------------------------------------------- r Revised. Revisions include changes to series affected by the incorporation of revised wage and salary estimates for the first quarter of 2014. 1. Gross domestic income deflated by the implicit price deflator for gross domestic product. See "Explanatory Note" at the end of the tables. Table 2. Contributions to Percent Change in Real Gross Domestic Product [Quarters seasonally adjusted at annual rates] -------------------------------------------------------------------------------------------------------------------------------------------------------------------------- 2011 2012 2013 III 10 IV 10 I 11 II 11 III 11 IV 11 I 12 II 12 III 12 IV 12 I 13 II 13 III 13 IV 13 I 14 II 14r -------------------------------------------------------------------------------------------------------------------------------------------------------------------------- Percent change at annual rate: Gross domestic product........... 1.6 2.3 2.2 2.7 2.5 -1.5 2.9 .8 4.6 2.3 1.6 2.5 .1 2.7 1.8 4.5 3.5 -2.1 4.2 Percentage points at annual rates: Personal consumption expenditures.... 1.55 1.25 1.64 1.77 2.79 1.38 .57 1.20 .94 1.87 .86 1.32 1.32 2.45 1.23 1.39 2.51 .83 1.69 Goods.............................. .71 .64 .78 .84 1.66 .66 -.18 .20 .90 1.06 .29 .74 .67 1.35 .30 .80 .83 .23 1.30 Durable goods.................... .43 .52 .49 .46 .88 .37 -.19 .36 .83 .75 .16 .57 .64 .61 .33 .36 .42 .23 1.00 Motor vehicles and parts....... .07 .17 .12 .17 .46 .02 -.52 .03 .50 .23 .01 .21 .26 .14 .00 .04 .13 .13 .47 Furnishings and durable household equipment........... .09 .07 .10 .03 .13 .07 .10 .07 .14 .13 -.07 .04 .09 .14 .09 .16 .07 .01 .20 Recreational goods and vehicles...................... .20 .22 .20 .18 .18 .23 .16 .20 .23 .29 .15 .21 .20 .24 .20 .17 .12 .07 .26 Other durable goods............ .06 .06 .07 .08 .11 .05 .07 .07 -.05 .10 .08 .10 .09 .09 .04 -.01 .10 .01 .08 Nondurable goods................. .28 .12 .29 .38 .78 .29 .01 -.17 .08 .31 .13 .17 .02 .74 -.03 .43 .41 .00 .29 Food and beverages purchased for off-premises consumption.. .06 .04 .05 .09 .31 .06 -.01 -.09 -.05 .15 .09 .06 .04 .14 -.14 .11 .13 -.05 -.08 Clothing and footwear.......... .08 .02 .02 .02 .27 .08 .08 -.14 .07 .13 -.15 .12 -.05 .11 .04 -.08 .05 -.08 .11 Gasoline and other energy goods......................... -.07 -.05 .02 .05 -.04 -.09 -.27 -.02 -.05 -.16 .16 -.03 -.16 .15 .00 .09 .00 .05 -.09 Other nondurable goods......... .21 .11 .20 .23 .25 .25 .21 .07 .11 .19 .03 .02 .20 .34 .08 .31 .23 .08 .35 Services........................... .84 .61 .86 .92 1.14 .72 .75 1.00 .04 .81 .57 .58 .65 1.11 .93 .59 1.69 .60 .40 Household consumption expenditures (for services)..... .86 .52 .78 1.03 1.20 .78 .73 .83 .15 .74 .32 .54 .38 1.21 .90 .48 1.50 .61 .26 Housing and utilities.......... .16 .08 .16 .27 .28 .04 .16 .34 -.14 -.20 .46 .24 -.22 .62 -.01 -.18 .24 .68 -.42 Health care.................... .28 .37 .24 .44 .43 .20 .22 -.03 .51 .70 .13 .40 .13 .04 .40 .30 .48 -.16 .05 Transportation services........ .05 .04 .05 .05 .04 .02 .09 .07 .02 .01 .04 .06 .01 .10 .05 .02 .06 .04 .04 Recreation services............ .06 .04 .06 .15 .08 -.03 .16 .06 .01 .06 .02 .02 .04 .16 .00 .09 .02 -.05 .09 Food services and accommodations................ .11 .11 .09 .10 .14 .16 .03 .09 .08 .18 .06 .10 .18 .13 -.04 .01 .30 -.05 .22 Financial services and insurance..................... .09 -.23 .10 -.02 .20 .15 -.03 .17 -.30 -.34 -.33 -.39 .09 .25 .33 .11 .28 .14 .10 Other services................. .12 .11 .07 .04 .03 .26 .10 .13 -.01 .33 -.06 .11 .15 -.09 .17 .13 .12 .02 .18 Final consumption expenditures of nonprofit institutions serving households.............. -.02 .09 .07 -.11 -.07 -.06 .02 .18 -.12 .08 .25 .04 .27 -.10 .03 .12 .19 -.01 .14 Gross output of nonprofit institutions.................. .08 .23 .13 .18 .17 -.10 .08 -.04 .27 .45 .08 .37 .05 -.11 .27 .14 .51 -.31 .02 Less: Receipts from sales of goods and services by nonprofit institutions........ .10 .14 .06 .29 .24 -.04 .05 -.21 .38 .37 -.16 .32 -.21 -.01 .24 .03 .33 -.30 -.12 Gross private domestic investment.... .73 1.33 .76 1.86 -.51 -1.07 2.14 .15 4.16 1.04 .88 .26 -.84 1.12 1.03 2.50 .62 -1.13 2.64 Fixed investment................... .86 1.17 .70 -.04 1.13 -.11 1.10 2.25 1.36 1.24 .61 .45 .96 .42 .74 1.01 .95 .03 1.25 Nonresidential................... .85 .84 .37 .90 .94 -.09 .97 2.06 1.08 .66 .50 .09 .44 .20 .21 .67 1.23 .20 1.03 Structures..................... .06 .32 -.01 -.15 .18 -.73 .63 .56 .34 .46 .27 -.04 -.19 -.33 .19 .29 .34 .08 .26 Equipment...................... .66 .37 .26 .83 .57 .59 .22 1.31 .49 .17 .03 .03 .44 .28 .09 .27 .76 -.06 .59 Information processing equipment................... .03 .06 .05 .13 .19 -.24 .17 .05 -.04 .18 -.09 -.13 .25 .03 .09 .08 -.07 -.13 .40 Computers and peripheral equipment................. -.01 .02 .00 -.09 -.03 -.11 .16 .08 -.05 .09 -.03 -.13 .18 -.06 -.06 .03 .11 -.22 .10 Other...................... .04 .03 .05 .22 .22 -.13 .01 -.03 .01 .09 -.06 -.01 .07 .09 .15 .05 -.18 .09 .30 Industrial equipment......... .22 .05 .05 .04 .14 .36 .06 .38 .29 -.26 .03 -.01 .07 .03 .00 .20 .02 .17 .32 Transportation equipment..... .29 .21 .08 .54 .08 .31 -.03 .52 .49 .22 .08 -.15 .09 .08 .12 .05 .45 .00 .02 Other equipment.............. .13 .05 .07 .12 .16 .16 .02 .36 -.25 .03 .01 .32 .03 .15 -.12 -.07 .36 -.09 -.14 Intellectual property products...................... .13 .15 .13 .22 .19 .05 .12 .19 .26 .03 .19 .10 .19 .24 -.08 .11 .14 .18 .17 Software..................... .11 .10 .05 .06 .09 .14 .16 .17 .15 .03 .11 .04 .06 .16 -.15 .12 .07 .03 .07 Research and development..... .02 .03 .06 .11 .06 -.03 -.02 .00 .07 -.02 .06 .05 .11 .07 .06 -.01 .06 .14 .09 Entertainment, literary, and artistic originals...... .00 .02 .01 .05 .04 -.06 -.02 .01 .03 .02 .02 .01 .02 .01 .01 -.01 .01 .01 .01 Residential...................... .01 .33 .33 -.94 .19 -.02 .13 .19 .28 .59 .11 .36 .52 .22 .53 .34 -.28 -.17 .22 Change in private inventories...... -.14 .15 .06 1.90 -1.63 -.96 1.04 -2.10 2.80 -.20 .27 -.19 -1.80 .70 .30 1.49 -.34 -1.16 1.39 Farm............................. .07 -.07 .13 -.11 .02 .30 -.02 .08 .05 -.06 -.14 -.29 .14 .36 .10 .17 .01 -.23 .08 Nonfarm.......................... -.20 .22 -.07 2.01 -1.66 -1.27 1.06 -2.18 2.75 -.15 .41 .10 -1.95 .35 .19 1.32 -.35 -.93 1.31 Net exports of goods and services.... -.02 .04 .22 -.83 1.12 -.24 .31 .01 -.21 -.11 -.04 .39 .79 -.08 -.54 .59 1.08 -1.66 -.43 Exports............................ .87 .44 .41 1.38 1.53 .27 .82 .57 .56 .19 .64 .28 .19 -.12 .82 .67 1.30 -1.30 1.31 Goods............................ .57 .34 .26 .72 .99 .24 .45 .32 .76 .15 .49 .19 -.30 -.09 .74 .52 1.20 -1.18 1.22 Services......................... .29 .10 .15 .65 .54 .03 .37 .25 -.20 .03 .15 .09 .50 -.03 .09 .15 .10 -.12 .09 Imports............................ -.89 -.40 -.19 -2.20 -.41 -.51 -.51 -.56 -.76 -.29 -.68 .10 .59 .04 -1.36 -.09 -.22 -.36 -1.74 Goods............................ -.78 -.30 -.13 -1.88 -.36 -.73 -.11 -.32 -.76 -.27 -.57 .17 .68 -.08 -1.13 -.01 -.12 -.33 -1.60 Services......................... -.11 -.10 -.06 -.32 -.05 .22 -.40 -.24 .00 -.02 -.11 -.07 -.09 .12 -.23 -.08 -.09 -.03 -.14 Government consumption expenditures and gross investment................ -.65 -.30 -.39 -.07 -.87 -1.60 -.08 -.52 -.31 -.56 -.08 .52 -1.20 -.75 .04 .04 -.71 -.15 .27 Federal............................ -.24 -.15 -.45 .32 -.23 -.95 .14 -.35 -.21 -.25 -.08 .59 -1.10 -.79 -.26 -.08 -.79 -.01 -.06 National defense................. -.13 -.18 -.33 .41 -.19 -.81 .36 .11 -.53 -.40 -.06 .58 -1.12 -.55 -.09 .03 -.55 -.18 .04 Consumption expenditures....... -.07 -.12 -.24 .37 -.25 -.47 .28 .16 -.53 -.18 -.14 .62 -.97 -.35 -.05 .02 -.48 .12 -.07 Gross investment............... -.06 -.06 -.09 .04 .06 -.35 .08 -.06 .00 -.22 .08 -.04 -.15 -.20 -.05 .00 -.06 -.30 .11 Nondefense....................... -.11 .03 -.12 -.09 -.04 -.14 -.22 -.45 .32 .15 -.01 .01 .02 -.24 -.17 -.11 -.24 .17 -.10 Consumption expenditures....... -.11 .05 -.08 -.11 -.05 -.16 -.18 -.42 .35 .16 -.01 .03 .03 -.17 -.12 -.08 -.20 .21 -.07 Gross investment............... .00 -.02 -.04 .02 .01 .02 -.04 -.03 -.03 .00 -.01 -.02 -.01 -.07 -.04 -.03 -.04 -.04 -.03 State and local.................... -.41 -.15 .06 -.39 -.63 -.65 -.22 -.17 -.10 -.31 .00 -.07 -.10 .04 .31 .13 .07 -.14 .33 Consumption expenditures......... -.27 -.02 .12 -.41 -.35 -.38 -.11 -.10 -.05 -.08 .03 .11 .07 .16 .15 .12 .09 .08 .12 Gross investment................. -.14 -.12 -.06 .02 -.28 -.28 -.11 -.07 -.05 -.23 -.04 -.18 -.17 -.12 .15 .00 -.02 -.22 .20 -------------------------------------------------------------------------------------------------------------------------------------------------------------------------- r Revised See "Explanatory Note" at the end of the tables. Table 3. Gross Domestic Product and Related Measures: Level and Change From Preceding Period ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------- Billions of current dollars Billions of chained (2009) dollars ------------------------------------------------------ ------------------------------------------------------------------------------- Seasonally adjusted Seasonally adjusted Change from preceding at annual rates at annual rates period -------------------------------------------- -------------------------------------------- ------------------------- 2013 II 13 III 13 IV 13 I 14r II 14r 2013 II 13 III 13 IV 13 I 14r II 14r 2013 I 14r II 14r ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------- Gross domestic product.......... 16,768.1 16,619.2 16,872.3 17,078.3 17,044.0 17,311.3 15,710.3 15,606.6 15,779.9 15,916.2 15,831.7 15,994.3 341.1 -84.5 162.6 Personal consumption expenditures.... 11,484.3 11,414.3 11,518.7 11,653.3 11,728.5 11,867.8 10,699.7 10,660.4 10,713.3 10,811.4 10,844.3 10,910.4 250.0 32.9 66.1 Goods.............................. 3,851.2 3,821.0 3,865.3 3,886.1 3,890.6 3,963.3 3,626.0 3,605.2 3,636.1 3,669.0 3,678.3 3,730.3 119.5 9.3 52.0 Durable goods.................... 1,249.3 1,245.4 1,252.4 1,261.5 1,262.3 1,299.2 1,319.0 1,310.0 1,325.9 1,344.5 1,355.0 1,401.0 83.3 10.5 46.0 Motor vehicles and parts....... 417.7 415.5 417.5 422.8 426.9 447.2 376.0 374.0 375.5 380.5 385.7 403.6 18.1 5.2 17.9 Furnishings and durable household equipment........... 280.9 280.1 282.5 283.0 281.7 286.8 305.1 301.8 308.8 312.1 312.7 322.1 16.7 .6 9.4 Recreational goods and vehicles...................... 348.7 347.9 350.6 351.5 350.6 359.2 452.0 448.5 457.7 464.1 468.3 482.8 41.2 4.2 14.5 Other durable goods............ 202.0 201.9 201.7 204.2 203.1 205.9 194.4 194.0 193.7 197.7 198.1 201.5 10.9 .4 3.4 Nondurable goods................. 2,601.9 2,575.6 2,612.9 2,624.6 2,628.4 2,664.1 2,322.6 2,310.5 2,326.4 2,341.8 2,341.9 2,352.9 42.5 .1 11.0 Food and beverages purchased for off-premises consumption.. 872.2 866.3 873.1 878.6 879.4 885.7 809.4 804.6 808.9 814.0 811.9 808.9 7.8 -2.1 -3.0 Clothing and footwear.......... 360.7 360.7 360.6 361.0 357.8 364.8 341.2 342.7 339.4 341.5 338.3 342.7 3.5 -3.2 4.4 Gasoline and other energy goods......................... 408.3 397.6 412.6 407.1 407.1 409.5 271.7 270.4 272.9 272.9 274.4 271.7 2.5 1.5 -2.7 Other nondurable goods......... 960.7 951.1 966.7 977.9 984.0 1,004.1 909.9 902.2 914.4 923.5 926.8 940.9 30.2 3.3 14.1 Services........................... 7,633.2 7,593.2 7,653.4 7,767.2 7,837.8 7,904.5 7,073.1 7,054.5 7,076.6 7,141.9 7,165.4 7,180.4 130.7 23.5 15.0 Household consumption expenditures (for services)..... 7,327.5 7,289.9 7,345.5 7,451.7 7,518.4 7,577.7 6,772.5 6,757.7 6,775.4 6,833.4 6,857.1 6,866.8 119.1 23.7 9.7 Housing and utilities.......... 2,086.3 2,082.6 2,085.6 2,110.1 2,160.3 2,157.7 1,965.7 1,966.9 1,959.6 1,969.1 1,996.0 1,979.5 25.3 26.9 -16.5 Health care.................... 1,920.3 1,907.4 1,926.8 1,956.2 1,951.7 1,963.1 1,781.1 1,774.6 1,786.0 1,804.7 1,798.4 1,800.4 36.1 -6.3 2.0 Transportation services........ 332.6 330.2 333.7 337.4 339.2 342.5 307.6 307.1 307.9 310.0 311.4 313.2 8.0 1.4 1.8 Recreation services............ 436.0 432.0 438.5 442.0 442.7 448.5 405.7 403.6 407.2 408.2 406.2 409.6 9.6 -2.0 3.4 Food services and accommodations................ 714.7 710.5 713.6 727.5 730.8 747.5 655.4 651.9 652.3 663.7 661.5 669.9 14.3 -2.2 8.4 Financial services and insurance..................... 826.7 819.9 833.0 852.0 861.0 872.6 728.5 727.1 730.8 741.1 746.2 749.7 14.8 5.1 3.5 Other services................. 1,010.9 1,007.4 1,014.2 1,026.4 1,032.8 1,045.8 928.9 927.0 931.9 936.6 937.3 944.1 10.8 .7 6.8 Final consumption expenditures of nonprofit institutions serving households.............. 305.6 303.3 307.9 315.5 319.4 326.8 301.2 297.2 301.9 309.5 309.1 314.8 11.9 -.4 5.7 Gross output of nonprofit institutions.................. 1,242.9 1,235.4 1,245.9 1,273.2 1,267.3 1,275.5 1,151.4 1,146.2 1,151.7 1,171.7 1,159.4 1,160.2 20.2 -12.3 .8 Less: Receipts from sales of goods and services by nonprofit institutions........ 937.2 932.2 938.0 957.7 947.9 948.7 850.8 849.4 850.4 863.0 851.3 846.8 8.8 -11.7 -4.5 Gross private domestic investment.... 2,648.0 2,594.6 2,708.9 2,745.2 2,714.4 2,834.2 2,556.2 2,510.7 2,610.3 2,634.7 2,588.2 2,694.7 120.3 -46.5 106.5 Fixed investment................... 2,573.9 2,543.8 2,598.1 2,654.6 2,674.3 2,734.8 2,479.2 2,457.0 2,496.8 2,535.0 2,536.1 2,586.3 111.2 1.1 50.2 Nonresidential................... 2,054.0 2,026.9 2,060.2 2,118.7 2,134.6 2,184.6 1,990.6 1,966.8 1,993.3 2,043.3 2,051.5 2,093.3 58.8 8.2 41.8 Structures..................... 457.2 448.5 463.0 481.7 487.9 500.7 421.7 414.7 425.8 438.8 441.9 452.0 -2.1 3.1 10.1 Equipment...................... 949.7 937.0 948.8 980.0 979.5 1,007.3 947.2 934.8 945.6 977.2 974.8 999.8 41.6 -2.4 25.0 Information processing equipment................... 286.5 286.9 289.6 286.0 280.3 297.7 304.0 304.1 307.4 304.1 298.1 316.0 9.0 -6.0 17.9 Computers and peripheral equipment................. 77.6 75.4 76.4 80.8 71.4 75.9 ..... ..... ..... ..... ..... ..... ..... ..... ..... Other...................... 208.9 211.5 213.2 205.2 209.0 221.8 217.0 219.6 221.5 213.7 217.6 230.7 8.9 3.9 13.1 Industrial equipment......... 209.8 205.4 213.6 214.5 222.7 237.1 197.7 193.6 201.5 202.3 209.0 221.9 7.4 6.7 12.9 Transportation equipment..... 228.2 222.9 226.5 245.2 245.3 246.8 231.1 226.4 228.7 247.9 247.8 248.6 13.5 -.1 .8 Other equipment.............. 225.3 221.8 219.1 234.3 231.1 225.8 219.0 215.6 212.7 227.3 223.6 217.6 11.7 -3.7 -6.0 Intellectual property products. 647.1 641.4 648.4 657.0 667.2 676.6 624.1 619.8 624.1 629.6 636.8 643.8 20.4 7.2 7.0 Software..................... 294.5 290.1 295.2 297.8 298.9 302.3 295.9 291.1 296.2 298.9 300.0 303.0 8.9 1.1 3.0 Research and development..... 274.9 273.9 275.5 280.8 289.1 294.3 250.7 251.0 250.6 252.8 258.2 261.8 9.4 5.4 3.6 Entertainment, literary, and artistic originals...... 77.7 77.4 77.7 78.4 79.3 80.0 78.0 78.1 77.8 78.4 78.8 79.2 1.9 .4 .4 Residential...................... 519.9 516.9 538.0 535.9 539.7 550.2 488.4 489.8 503.0 491.9 485.3 493.8 51.9 -6.6 8.5 Change in private inventories...... 74.1 50.8 110.7 90.5 40.1 99.4 63.5 43.4 95.6 81.8 35.2 83.9 6.5 -46.6 48.7 Farm............................. 12.4 10.5 16.7 12.4 3.1 7.4 7.6 6.2 10.8 10.5 2.2 4.1 13.2 -8.3 1.9 Nonfarm.......................... 61.7 40.3 94.0 78.2 37.0 92.0 55.2 36.4 84.0 70.4 33.3 80.8 -10.7 -37.1 47.5 Net exports of goods and services.... -508.2 -532.0 -509.9 -462.9 -538.0 -551.8 -420.4 -446.0 -424.6 -384.0 -447.2 -463.5 32.1 -63.2 -16.3 Exports............................ 2,262.2 2,236.4 2,268.4 2,324.6 2,284.7 2,340.0 2,019.8 2,002.8 2,027.7 2,076.5 2,026.9 2,076.2 59.7 -49.6 49.3 Goods............................ 1,562.8 1,543.2 1,565.7 1,614.0 1,575.3 1,622.1 1,382.9 1,368.9 1,388.0 1,433.0 1,388.1 1,433.7 38.0 -44.9 45.6 Services......................... 699.4 693.2 702.7 710.7 709.5 717.9 636.6 633.6 639.3 642.9 638.4 641.8 21.9 -4.5 3.4 Imports............................ 2,770.4 2,768.4 2,778.3 2,787.5 2,822.7 2,891.8 2,440.3 2,448.8 2,452.3 2,460.5 2,474.1 2,539.7 27.7 13.6 65.6 Goods............................ 2,302.3 2,302.2 2,308.6 2,309.7 2,341.5 2,404.7 1,991.5 2,000.1 2,000.8 2,005.3 2,017.7 2,077.0 18.4 12.4 59.3 Services......................... 468.1 466.3 469.7 477.8 481.2 487.1 448.4 448.2 451.2 455.1 456.3 461.9 9.7 1.2 5.6 Government consumption expenditures and gross investment................ 3,143.9 3,142.4 3,154.7 3,142.7 3,139.1 3,161.1 2,894.5 2,901.2 2,902.4 2,874.5 2,868.5 2,878.7 -59.4 -6.0 10.2 Federal............................ 1,231.5 1,234.1 1,233.9 1,216.2 1,208.1 1,210.5 1,145.3 1,152.2 1,148.7 1,117.8 1,117.4 1,114.9 -69.1 -.4 -2.5 National defense................. 769.9 772.2 774.9 757.5 749.9 754.7 717.7 721.8 722.6 701.0 693.9 695.4 -51.0 -7.1 1.5 Consumption expenditures....... 616.4 618.8 621.1 605.5 610.5 610.4 571.8 575.6 576.4 557.4 562.3 559.5 -36.8 4.9 -2.8 Gross investment............... 153.5 153.4 153.8 152.0 139.4 144.3 145.7 145.9 145.9 143.4 131.1 135.5 -14.3 -12.3 4.4 Nondefense....................... 461.6 461.9 459.0 458.7 458.2 455.9 427.5 430.4 426.1 416.7 423.4 419.4 -18.2 6.7 -4.0 Consumption expenditures....... 346.6 346.4 344.6 345.6 346.7 345.2 318.2 320.4 317.4 309.7 317.7 314.8 -12.1 8.0 -2.9 Gross investment............... 115.0 115.5 114.4 113.1 111.6 110.7 109.3 110.0 108.7 107.0 105.5 104.4 -6.0 -1.5 -1.1 State and local.................... 1,912.4 1,908.3 1,920.7 1,926.5 1,931.0 1,950.5 1,748.4 1,748.3 1,753.0 1,755.7 1,750.2 1,762.8 8.9 -5.5 12.6 Consumption expenditures......... 1,584.5 1,579.7 1,590.2 1,594.9 1,607.4 1,617.1 1,444.7 1,443.0 1,447.6 1,451.1 1,454.1 1,458.9 17.7 3.0 4.8 Gross investment................. 327.8 328.5 330.5 331.6 323.6 333.5 302.8 304.5 304.6 303.7 295.2 303.1 -9.0 -8.5 7.9 Residual............................. ..... ..... ..... ..... ..... ..... -44.0 -46.8 -42.4 -43.3 -45.6 -50.7 ..... ..... ..... Addenda: Final sales of domestic product.... 16,694.0 16,568.4 16,761.6 16,987.8 17,003.9 17,211.9 15,636.7 15,555.5 15,671.0 15,820.7 15,782.6 15,890.6 332.4 -38.1 108.0 Gross domestic purchases........... 17,276.2 17,151.2 17,382.2 17,541.2 17,582.0 17,863.0 16,131.0 16,054.5 16,205.0 16,298.6 16,280.4 16,460.2 306.4 -18.2 179.8 Final sales to domestic purchasers........................ 17,202.2 17,100.4 17,271.5 17,450.6 17,541.8 17,763.7 16,057.9 16,003.8 16,096.7 16,203.6 16,231.7 16,357.0 297.8 28.1 125.3 Gross domestic product............. 16,768.1 16,619.2 16,872.3 17,078.3 17,044.0 17,311.3 15,710.3 15,606.6 15,779.9 15,916.2 15,831.7 15,994.3 341.1 -84.5 162.6 Plus: Income receipts from the rest of the world............. 810.4 804.4 814.2 831.8 822.6 831.5 690.0 687.0 692.2 704.4 694.2 698.4 5.8 -10.2 4.2 Less: Income payments to the rest of the world............. 586.1 589.5 583.4 588.9 611.6 610.5 498.9 503.4 495.9 498.5 515.6 512.1 10.9 17.1 -3.5 Equals: Gross national product..... 16,992.4 16,834.0 17,103.1 17,321.2 17,255.0 17,532.3 15,902.4 15,790.6 15,977.6 16,124.3 16,009.8 16,180.7 335.1 -114.5 170.9 Net domestic product............... 14,140.8 14,006.4 14,232.1 14,407.8 14,345.3 14,589.7 13,203.2 13,106.3 13,266.3 13,389.0 13,291.4 13,440.3 290.9 -97.6 148.9 Gross domestic income\1\........... 16,980.0 16,909.3 17,060.0 17,197.8 17,221.5 17,513.8 15,908.8 15,879.1 15,955.4 16,027.6 15,996.4 16,181.4 340.7 -31.2 185.0 ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------- r Revised. Revisions include changes to series affected by the incorporation of revised wage and salary estimates for the first quarter of 2014. 1. Real gross domestic income is current-dollar gross domestic income deflated by the implicit price deflator for gross domestic product. Note.--Users are cautioned that particularly for components that exhibit rapid change in prices relative to other prices in the economy, the chained-dollar estimates should not be used to measure the component's relative importance or its contribution to the growth rate of more aggregate series. For accurate estimates of the contributions to percent changes in real GDP, use table 2. See "Explanatory Note" at the end of the tables. Table 4. Price Indexes for Gross Domestic Product and Related Measures: Percent Change From Preceding Period [Quarters seasonally adjusted at annual rates] ------------------------------------------------------------------------------------------------------------------------------------------------------------------------- 2011 2012 2013 III 10 IV 10 I 11 II 11 III 11 IV 11 I 12 II 12 III 12 IV 12 I 13 II 13 III 13 IV 13 I 14 II 14r ------------------------------------------------------------------------------------------------------------------------------------------------------------------------- Gross domestic product (GDP). 2.1 1.8 1.5 1.8 2.1 1.8 3.0 2.3 .6 2.1 1.8 2.1 1.3 1.3 1.2 1.7 1.5 1.3 2.1 Personal consumption expenditures... 2.5 1.8 1.2 1.2 2.1 3.0 4.1 2.1 1.4 2.1 1.3 1.3 1.8 1.0 .5 1.7 1.0 1.4 2.3 Goods............................. 3.7 1.2 -.5 .6 4.0 5.9 7.1 2.0 .3 1.8 -.4 .5 1.0 -1.2 -2.4 1.2 -1.4 -.6 1.8 Durable goods................... -.9 -1.3 -1.8 -2.5 -1.9 -.5 1.6 -.9 -2.1 -.8 -1.5 -2.3 -1.8 -1.0 -1.9 -2.5 -2.6 -2.8 -1.8 Nondurable goods................ 5.9 2.4 .2 2.2 6.9 9.1 9.6 3.3 1.4 3.1 .1 1.9 2.4 -1.3 -2.7 3.0 -.9 .6 3.6 Services.......................... 1.8 2.1 2.1 1.5 1.2 1.6 2.6 2.2 1.9 2.3 2.2 1.7 2.2 2.2 2.0 1.9 2.3 2.3 2.6 Gross private domestic investment... 1.4 1.4 1.8 .7 2.1 1.3 1.8 1.1 .9 1.7 1.3 1.5 1.2 1.8 2.3 2.1 2.2 2.4 1.0 Fixed investment.................. 1.4 1.4 1.8 .5 1.8 1.5 2.0 1.1 1.0 1.9 1.3 1.5 1.2 1.9 2.4 2.0 2.6 2.8 1.1 Nonresidential.................. 1.5 1.5 1.1 .6 1.6 1.7 2.2 1.3 1.2 2.5 1.2 1.1 .5 .9 1.7 1.2 1.3 1.4 1.2 Structures.................... 3.0 3.5 2.8 2.1 2.5 1.6 5.1 4.2 4.7 3.5 3.9 1.1 1.4 2.8 5.1 2.2 3.9 2.3 1.4 Equipment..................... .9 1.0 .4 1.0 1.0 .8 1.4 .4 .9 1.6 .0 1.2 1.6 -.3 .1 .4 -.2 .8 1.1 Intellectual property products..................... 1.3 1.0 .8 -1.0 1.9 2.9 1.4 .6 -.7 2.9 1.0 1.0 -1.5 1.2 1.7 1.6 1.7 1.7 1.3 Residential..................... .8 .9 5.0 .0 2.3 .9 1.4 .0 .1 -.6 1.5 3.5 4.1 6.5 5.1 5.5 7.6 8.6 .7 Change in private inventories..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... Net exports of goods and services... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... Exports........................... 6.4 .9 .1 1.0 9.6 10.6 8.8 2.3 -4.2 2.7 .8 -.2 1.3 1.0 -3.0 .7 .3 2.8 -.1 Goods........................... 7.6 .4 -.5 1.4 12.6 12.5 9.9 2.1 -5.5 2.3 .3 .0 .7 .6 -4.0 .2 -.6 3.1 -1.2 Services........................ 3.7 1.9 1.3 .0 3.2 6.3 6.1 2.9 -1.4 3.7 2.2 -.5 2.6 1.9 -.8 1.9 2.2 2.2 2.6 Imports........................... 7.7 .5 -.8 -2.5 9.5 17.2 12.8 -.3 -.9 3.8 -3.3 -4.6 3.8 .4 -5.0 .8 .0 2.8 -.8 Goods........................... 8.8 .6 -1.1 -3.0 10.5 20.3 14.6 -.1 -.5 4.4 -4.1 -5.4 4.2 .4 -5.6 1.0 -.7 3.0 -.9 Services........................ 2.2 -.1 .3 .1 5.1 3.3 4.5 -1.1 -3.2 .9 .4 -.3 2.2 .1 -1.7 .2 3.4 1.9 .0 Government consumption expenditures and gross investment............... 3.0 1.5 1.2 2.0 2.9 4.0 4.3 1.7 -.5 3.6 .0 .8 1.9 1.3 .6 1.4 2.4 .4 1.4 Federal........................... 2.7 .9 1.1 1.6 2.3 4.5 3.6 1.4 -.8 1.9 .5 .2 .2 1.5 1.0 1.2 5.3 -2.5 1.7 National defense................ 2.8 1.1 .8 .8 2.2 5.5 3.9 1.2 -1.2 3.1 .5 .3 .2 1.2 .6 1.0 3.1 .1 1.7 Nondefense...................... 2.5 .5 1.6 2.9 2.3 2.8 3.2 1.7 .0 -.1 .5 .1 .3 2.0 1.7 1.5 9.0 -6.5 1.8 State and local................... 3.1 1.9 1.3 2.3 3.3 3.7 4.8 1.9 -.3 4.7 -.3 1.2 3.1 1.2 .4 1.5 .6 2.2 1.2 Addenda: Final sales of domestic product... 2.1 1.8 1.5 1.8 2.0 1.8 3.0 2.3 .6 2.2 1.8 2.1 1.3 1.3 1.2 1.7 1.6 1.4 2.2 Gross domestic purchases.......... 2.4 1.7 1.3 1.3 2.3 3.0 3.8 1.9 .9 2.3 1.1 1.2 1.7 1.2 .8 1.7 1.4 1.4 1.9 Final sales to domestic purchasers....................... 2.4 1.7 1.3 1.3 2.2 3.0 3.9 1.9 1.0 2.4 1.1 1.2 1.7 1.2 .8 1.7 1.5 1.4 2.0 Gross national product (GNP)...... 2.1 1.8 1.5 1.8 2.1 1.8 3.0 2.3 .6 2.1 1.8 2.1 1.3 1.3 1.2 1.7 1.5 1.3 2.1 Implicit price deflators: GDP............................. 2.1 1.8 1.5 1.8 2.1 1.8 2.9 2.4 .6 2.1 1.9 1.9 1.5 1.4 1.1 1.6 1.4 1.3 2.2 Gross domestic purchases........ 2.4 1.7 1.3 1.3 2.3 3.0 3.8 2.0 1.0 2.3 1.1 1.0 1.9 1.3 .6 1.6 1.3 1.4 2.0 GNP............................. 2.1 1.8 1.5 1.8 2.1 1.8 3.0 2.4 .6 2.1 1.8 1.9 1.5 1.4 1.1 1.6 1.4 1.3 2.2 ------------------------------------------------------------------------------------------------------------------------------------------------------------------------- r Revised See "Explanatory Note" at the end of the tables. Table 5. Real Gross Domestic Product, Quantity Indexes [Index numbers, 2009=100; quarters seasonally adjusted] ----------------------------------------------------------------------------------------------------------------------------------- 2011 2012 2013 II 13 III 13 IV 13 I 14 II 14r ----------------------------------------------------------------------------------------------------------------------------------- Gross domestic product............. 104.174 106.592 108.957 108.238 109.440 110.386 109.799 110.927 Personal consumption expenditures.......... 104.230 106.121 108.660 108.261 108.798 109.795 110.128 110.799 Goods.................................... 106.670 109.632 113.367 112.716 113.684 114.711 115.004 116.629 Durable goods.......................... 112.529 120.756 128.896 128.014 129.565 131.387 132.412 136.910 Nondurable goods....................... 104.049 104.828 106.780 106.223 106.955 107.664 107.669 108.172 Services................................. 103.051 104.420 106.385 106.106 106.439 107.421 107.774 108.000 Gross private domestic investment.......... 118.758 129.700 136.102 133.681 138.983 140.284 137.809 143.477 Fixed investment......................... 107.947 116.899 122.387 121.290 123.257 125.141 125.198 127.674 Nonresidential......................... 110.335 118.263 121.865 120.410 122.028 125.090 125.591 128.150 Structures........................... 85.509 96.703 96.227 94.628 97.167 100.134 100.840 103.137 Equipment............................ 131.601 140.558 147.015 145.087 146.757 151.674 151.298 155.175 Intellectual property products....... 105.506 109.587 113.278 112.494 113.275 114.289 115.595 116.855 Residential............................ 98.032 111.276 124.521 124.870 128.238 125.412 123.725 125.881 Change in private inventories............ ..... ..... ..... ..... ..... ..... ..... ..... Exports of goods and services.............. 119.561 123.453 127.213 126.139 127.709 130.784 127.660 130.765 Imports of goods and services.............. 118.883 121.653 123.048 123.478 123.657 124.067 124.756 128.061 Government consumption expenditures and gross investment.......................... 97.031 95.625 93.699 93.917 93.957 93.052 92.860 93.190 Federal.................................. 101.538 99.729 94.055 94.624 94.337 91.794 91.765 91.556 State and local.......................... 94.100 92.953 93.429 93.420 93.671 93.818 93.522 94.195 Addenda: Final sales of domestic product.......... 102.833 105.067 107.349 106.791 107.584 108.612 108.350 109.091 Gross domestic purchases................. 104.521 106.821 108.889 108.373 109.389 110.020 109.898 111.111 Final sales to domestic purchasers....... 103.213 105.336 107.326 106.965 107.585 108.300 108.488 109.326 Gross national product................... 104.607 106.846 109.147 108.379 109.663 110.669 109.883 111.056 ----------------------------------------------------------------------------------------------------------------------------------- r Revised See "Explanatory Note" at the end of the tables. Table 6. Price Indexes for Gross Domestic Product [Index numbers, 2009=100; quarters seasonally adjusted] ----------------------------------------------------------------------------------------------------------------------------------- 2011 2012 2013 II 13 III 13 IV 13 I 14 II 14r ----------------------------------------------------------------------------------------------------------------------------------- Gross domestic product............. 103.315 105.174 106.739 106.495 106.943 107.347 107.694 108.264 Personal consumption expenditures (PCE).... 104.149 106.062 107.333 107.074 107.520 107.789 108.156 108.778 Goods.................................... 105.413 106.712 106.211 105.986 106.301 105.917 105.769 106.243 Durable goods.......................... 97.725 96.466 94.712 95.060 94.450 93.820 93.148 92.721 Nondurable goods....................... 109.188 111.828 112.025 111.477 112.316 112.075 112.230 113.228 Services................................. 103.524 105.745 107.919 107.641 108.154 108.759 109.390 110.089 Gross private domestic investment.......... 100.453 101.825 103.632 103.370 103.897 104.465 105.094 105.353 Fixed investment......................... 100.524 101.955 103.822 103.545 104.071 104.734 105.461 105.756 Nonresidential......................... 100.545 102.082 103.186 103.058 103.364 103.701 104.059 104.374 Structures........................... 101.851 105.464 108.416 108.194 108.778 109.829 110.452 110.826 Equipment............................ 98.858 99.828 100.263 100.231 100.339 100.287 100.477 100.752 Intellectual property products....... 101.883 102.857 103.693 103.487 103.901 104.339 104.770 105.104 Residential............................ 100.395 101.342 106.448 105.571 106.982 108.968 111.244 111.451 Change in private inventories............ ..... ..... ..... ..... ..... ..... ..... ..... Exports of goods and services.............. 110.960 111.940 112.001 111.663 111.868 111.945 112.716 112.701 Imports of goods and services.............. 113.942 114.501 113.529 113.048 113.287 113.286 114.082 113.858 Government consumption expenditures and gross investment.......................... 105.717 107.286 108.618 108.312 108.690 109.330 109.431 109.806 Federal.................................. 105.422 106.341 107.530 107.093 107.406 108.791 108.105 108.566 State and local.......................... 105.923 107.947 109.377 109.154 109.572 109.729 110.332 110.653 Addenda: PCE excluding food and energy\1\......... 102.800 104.678 106.084 105.875 106.252 106.603 106.922 107.442 Market-based PCE\2\...................... 104.034 105.918 107.043 106.779 107.226 107.420 107.754 108.361 Market-based PCE excluding food and energy\2\........................... 102.462 104.300 105.557 105.350 105.720 105.995 106.269 106.757 Final sales of domestic product.......... 103.319 105.188 106.762 106.515 106.963 107.380 107.742 108.319 Gross domestic purchases................. 103.970 105.738 107.105 106.837 107.284 107.667 108.030 108.551 Final sales to domestic purchasers....... 103.974 105.752 107.126 106.855 107.301 107.699 108.075 108.603 Gross national product................... 103.439 105.296 106.860 106.615 107.065 107.468 107.815 108.383 Implicit price deflators: Gross domestic product................. 103.311 105.166 106.733 106.488 106.923 107.301 107.658 108.234 Final sales of domestic product........ 103.319 105.188 106.762 106.511 106.959 107.377 107.738 108.315 Gross domestic purchases............... 103.966 105.730 107.099 106.831 107.264 107.624 107.995 108.523 Final sales to domestic purchasers..... 103.974 105.752 107.126 106.852 107.298 107.696 108.072 108.600 Gross national product................. 103.435 105.288 106.854 106.608 107.044 107.423 107.778 108.353 ----------------------------------------------------------------------------------------------------------------------------------- r Revised 1. Food excludes personal consumption expenditures for purchased meals and beverages, which are classified in food services. 2. This index is a supplemental measure that is based on household expenditures for which there are observable price measures. It excludes most implicit prices (for example, financial services furnished without payment) and the final consumption expenditures of nonprofit institutions serving households. Percent changes for these series are included in the addenda to table 8 and in appendix table A. See "Explanatory Note" at the end of the tables. Table 7. Real Gross Domestic Product: Percent Change From Preceding Year ----------------------------------------------------------------------------------------------------------------------------------------------------------------------- 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 ----------------------------------------------------------------------------------------------------------------------------------------------------------------------- Gross domestic product (GDP).... 4.5 4.7 4.1 1.0 1.8 2.8 3.8 3.3 2.7 1.8 -.3 -2.8 2.5 1.6 2.3 2.2 Personal consumption expenditures...... 5.3 5.3 5.1 2.6 2.6 3.1 3.8 3.5 3.0 2.2 -.3 -1.6 1.9 2.3 1.8 2.4 Goods................................ 6.7 7.9 5.2 3.0 3.9 4.8 5.1 4.1 3.6 2.7 -2.5 -3.0 3.4 3.1 2.8 3.4 Durable goods...................... 12.1 12.8 8.6 5.2 7.3 7.1 8.2 5.4 4.3 4.6 -5.1 -5.5 6.1 6.1 7.3 6.7 Nondurable goods................... 3.7 5.0 3.2 1.7 1.9 3.5 3.3 3.3 3.3 1.7 -1.1 -1.8 2.2 1.8 .7 1.9 Services............................. 4.6 3.9 5.0 2.4 1.9 2.2 3.2 3.2 2.7 2.0 .8 -.9 1.2 1.8 1.3 1.9 Gross private domestic investment...... 9.5 8.4 6.5 -6.1 -.6 4.1 8.8 6.4 2.1 -3.1 -9.4 -21.6 12.9 5.2 9.2 4.9 Fixed investment..................... 10.2 8.8 6.9 -1.6 -3.5 4.0 6.7 6.8 2.0 -2.0 -6.8 -16.7 1.5 6.3 8.3 4.7 Nonresidential..................... 10.8 9.7 9.1 -2.4 -6.9 1.9 5.2 7.0 7.1 5.9 -.7 -15.6 2.5 7.7 7.2 3.0 Structures....................... 5.1 .1 7.8 -1.5 -17.7 -3.9 -.4 1.7 7.2 12.7 6.1 -18.9 -16.4 2.3 13.1 -.5 Equipment........................ 13.1 12.5 9.7 -4.3 -5.4 3.2 7.7 9.6 8.6 3.2 -6.9 -22.9 15.9 13.6 6.8 4.6 Intellectual property products... 10.8 12.4 8.9 .5 -.5 3.8 5.1 6.5 4.5 4.8 3.0 -1.4 1.9 3.6 3.9 3.4 Residential........................ 8.6 6.3 .7 .9 6.1 9.1 10.0 6.6 -7.6 -18.8 -24.0 -21.2 -2.5 .5 13.5 11.9 Change in private inventories........ ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... Net exports of goods and services...... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... Exports.............................. 2.3 2.6 8.6 -5.8 -1.7 1.8 9.8 6.3 9.0 9.3 5.7 -8.8 11.9 6.9 3.3 3.0 Goods.............................. 2.2 4.2 10.1 -6.2 -3.4 1.9 8.6 7.3 9.4 7.5 6.1 -12.1 14.4 6.5 3.7 2.8 Services........................... 2.8 -1.4 4.7 -5.0 2.7 1.5 12.7 3.8 8.1 13.7 4.8 -1.1 6.8 7.6 2.4 3.6 Imports.............................. 11.7 10.1 13.0 -2.8 3.7 4.5 11.4 6.3 6.3 2.5 -2.6 -13.7 12.7 5.5 2.3 1.1 Goods.............................. 11.8 12.8 13.1 -3.2 3.7 4.9 11.2 6.7 5.9 1.8 -3.7 -15.8 14.9 5.8 2.1 .9 Services........................... 10.9 -3.0 12.6 -.6 3.3 2.1 12.7 4.5 8.6 6.2 3.7 -3.8 3.8 4.0 3.4 2.2 Government consumption expenditures and gross investment.................. 2.1 3.4 1.9 3.8 4.4 2.2 1.6 .6 1.5 1.6 2.8 3.2 .1 -3.0 -1.4 -2.0 Federal.............................. -.9 2.0 .3 3.9 7.2 6.8 4.5 1.7 2.5 1.7 6.8 5.7 4.4 -2.7 -1.8 -5.7 National defense................... -2.1 1.5 -.9 3.5 7.0 8.5 6.0 2.0 2.0 2.5 7.5 5.4 3.2 -2.3 -3.3 -6.6 Nondefense......................... 1.3 2.7 2.3 4.7 7.4 4.1 2.0 1.3 3.5 .3 5.5 6.2 6.4 -3.4 1.0 -4.1 State and local...................... 3.8 4.2 2.8 3.7 2.9 -.4 -.1 .0 .9 1.5 .3 1.6 -2.7 -3.3 -1.2 .5 Addenda: Final sales of domestic product...... 4.5 4.7 4.2 1.9 1.3 2.8 3.4 3.4 2.6 2.0 .2 -2.0 1.1 1.7 2.2 2.2 Gross domestic purchases............. 5.5 5.5 4.8 1.2 2.3 3.1 4.3 3.5 2.6 1.1 -1.3 -3.8 2.9 1.6 2.2 1.9 Final sales to domestic purchasers... 5.6 5.6 4.9 2.0 1.8 3.1 3.9 3.6 2.6 1.4 -.9 -3.1 1.5 1.7 2.1 1.9 Gross domestic income\1\............. 5.3 4.4 4.7 1.1 1.4 2.3 3.7 3.6 4.0 .1 -.8 -2.6 2.7 2.2 3.4 2.2 Gross national product............... 4.4 4.8 4.2 1.1 1.7 2.9 3.9 3.3 2.4 2.2 .0 -2.9 2.8 1.8 2.1 2.2 Real disposable personal income...... 5.9 3.3 5.0 2.8 3.1 2.7 3.6 1.5 4.0 2.1 1.5 -.4 1.0 2.5 3.0 -.2 Price indexes: Gross domestic purchases........... .7 1.6 2.6 1.9 1.4 2.2 2.9 3.5 3.2 2.7 2.9 -.2 1.5 2.4 1.7 1.3 Gross domestic purchases excluding food and energy\2\................ .9 1.5 2.2 1.8 1.6 1.9 2.7 3.2 3.0 2.5 2.3 .5 1.3 1.8 1.7 1.4 GDP................................ 1.1 1.4 2.3 2.3 1.5 2.0 2.7 3.2 3.1 2.7 1.9 .8 1.2 2.1 1.8 1.5 GDP excluding food and energy\2\... 1.2 1.5 2.3 2.0 1.8 1.9 2.7 3.4 3.1 2.6 2.1 .5 1.4 1.9 1.7 1.6 Personal consumption expenditures.. .8 1.5 2.5 1.9 1.3 2.0 2.4 2.9 2.7 2.5 3.1 -.1 1.7 2.5 1.8 1.2 ----------------------------------------------------------------------------------------------------------------------------------------------------------------------- 1. Gross domestic income deflated by the implicit price deflator for gross domestic product. 2. Food excludes personal consumption expenditures for purchased meals and beverages, which are classified in food services. Table 8. Real Gross Domestic Product: Percent Change From Quarter One Year Ago ----------------------------------------------------------------------------------------------------------------------------------------------------------------------- III 10 IV 10 I 11 II 11 III 11 IV 11 I 12 II 12 III 12 IV 12 I 13 II 13 III 13 IV 13 I 14r II 14r ----------------------------------------------------------------------------------------------------------------------------------------------------------------------- Gross domestic product (GDP).... 3.1 2.7 1.9 1.7 1.2 1.7 2.6 2.3 2.7 1.6 1.7 1.8 2.3 3.1 1.9 2.5 Personal consumption expenditures (PCE) 2.0 3.1 3.0 2.4 2.2 1.5 1.7 1.8 1.8 2.0 2.2 2.3 2.3 2.8 2.2 2.3 Goods................................ 3.0 5.1 4.9 3.4 2.6 1.7 2.1 2.7 3.3 3.0 3.3 3.3 3.4 3.6 2.4 3.5 Durable goods...................... 4.1 9.3 9.2 5.4 5.0 4.8 6.2 7.5 8.2 7.5 6.9 7.5 6.7 5.9 4.6 6.9 Nondurable goods................... 2.5 3.3 2.9 2.4 1.5 .4 .4 .5 1.1 1.0 1.7 1.4 1.9 2.5 1.3 1.8 Services............................. 1.5 2.0 2.1 1.9 2.0 1.4 1.4 1.3 1.1 1.5 1.6 1.8 1.8 2.4 2.1 1.8 Gross private domestic investment...... 21.1 11.1 5.6 4.3 1.3 9.6 13.5 10.9 11.0 2.1 2.3 2.6 6.2 8.7 4.8 7.3 Fixed investment..................... 2.6 5.5 5.0 3.8 8.1 8.4 11.1 10.1 6.6 5.8 4.2 4.3 5.2 5.1 4.5 5.3 Nonresidential..................... 4.9 8.1 6.8 6.1 8.7 9.0 10.8 9.6 5.1 3.7 2.6 1.9 3.0 4.7 4.7 6.4 Structures....................... -13.8 -4.0 -4.6 -.9 6.5 8.0 22.0 17.0 10.1 4.8 -2.6 -3.3 -.4 4.4 8.5 9.0 Equipment........................ 19.7 20.9 16.2 11.4 13.7 13.1 10.9 10.0 3.6 3.3 3.6 3.8 4.8 6.2 4.7 7.0 Intellectual property products... 2.2 1.8 2.6 3.9 3.7 4.1 3.9 4.4 3.8 3.4 4.8 3.0 3.0 2.7 2.2 3.9 Residential........................ -6.9 -5.2 -2.2 -6.0 5.1 6.0 12.4 12.1 13.6 15.8 11.4 15.2 14.5 6.9 3.5 .8 Change in private inventories........ ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... Net exports of goods and services...... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... Exports.............................. 12.8 10.1 9.0 8.2 6.3 4.2 4.0 3.6 3.1 2.4 1.9 2.2 3.0 5.1 2.8 3.7 Goods.............................. 14.9 10.9 8.5 7.1 5.7 4.8 4.5 4.6 4.2 1.4 .8 1.5 2.4 6.6 3.4 4.7 Services........................... 8.6 8.4 10.1 10.6 7.6 2.7 2.8 1.4 .5 4.8 4.3 3.9 4.3 1.8 1.3 1.3 Imports.............................. 16.1 12.0 10.0 5.8 3.0 3.5 3.1 3.4 2.4 .4 -.1 1.0 1.2 2.5 3.1 3.7 Goods.............................. 18.6 13.6 11.5 5.9 2.7 3.4 2.6 3.4 2.6 .0 -.4 .7 1.0 2.5 3.0 3.8 Services........................... 5.8 4.9 2.9 5.1 4.3 3.8 6.0 3.3 1.8 2.6 1.4 2.4 2.5 2.6 3.9 3.1 Government consumption expenditures and gross investment.................. -.3 -1.1 -2.3 -3.1 -3.7 -3.0 -1.8 -1.8 -.5 -1.7 -2.0 -1.8 -2.4 -1.9 -1.1 -.8 Federal.............................. 4.0 3.2 -.5 -2.2 -4.0 -4.0 -2.0 -2.6 .2 -2.6 -4.4 -5.0 -7.0 -6.3 -3.9 -3.2 National defense................... 2.6 2.0 -1.3 -1.2 -2.5 -4.1 -2.3 -4.2 -1.9 -4.9 -5.8 -6.0 -8.5 -6.1 -4.4 -3.7 Nondefense......................... 6.6 5.5 .8 -3.8 -6.7 -3.9 -1.6 .1 4.1 1.4 -2.0 -3.3 -4.4 -6.6 -3.1 -2.6 State and local...................... -3.1 -4.0 -3.6 -3.8 -3.4 -2.3 -1.7 -1.2 -1.0 -1.0 -.3 .4 .8 1.2 .8 .8 Addenda: Final sales of domestic product...... .8 2.0 1.8 1.6 2.1 1.5 2.3 2.2 2.1 2.1 2.0 2.0 2.1 2.6 1.8 2.2 Gross domestic purchases............. 3.8 3.2 2.3 1.5 .9 1.7 2.6 2.3 2.6 1.3 1.4 1.6 2.0 2.8 2.0 2.5 Final sales to domestic purchasers... 1.6 2.5 2.2 1.4 1.7 1.5 2.2 2.2 2.0 1.8 1.7 1.8 1.8 2.2 1.9 2.2 Gross domestic income\1\............. 3.6 2.6 2.6 2.4 1.7 2.1 3.8 3.4 3.1 3.3 1.9 2.4 2.5 2.0 1.4 1.9 Gross national product............... 3.0 2.9 2.0 1.8 1.5 2.0 2.6 2.3 2.4 1.3 1.5 1.6 2.3 3.2 1.9 2.5 Real disposable personal income...... 1.8 2.6 3.8 2.3 2.3 1.7 2.1 2.8 2.2 5.0 -.1 .3 .9 -1.9 2.4 2.5 Price indexes: Gross domestic purchases........... 1.6 1.6 1.9 2.6 2.7 2.4 2.2 1.6 1.4 1.6 1.3 1.2 1.3 1.3 1.3 1.6 Gross domestic purchases excluding food and energy\2\................ 1.4 1.4 1.5 1.8 2.0 1.9 2.0 1.6 1.5 1.6 1.4 1.3 1.4 1.5 1.4 1.6 GDP................................ 1.6 1.8 1.9 2.2 2.3 1.9 2.0 1.7 1.6 1.8 1.6 1.5 1.4 1.4 1.4 1.7 GDP excluding food and energy\2\... 1.6 1.6 1.7 2.0 2.1 1.9 2.0 1.7 1.5 1.7 1.5 1.5 1.6 1.7 1.6 1.7 PCE................................ 1.4 1.3 1.7 2.6 2.9 2.7 2.4 1.7 1.5 1.6 1.4 1.1 1.2 1.0 1.1 1.6 PCE excluding food and energy\2\... 1.3 1.0 1.1 1.4 1.7 1.9 2.0 1.9 1.7 1.6 1.5 1.3 1.3 1.3 1.2 1.5 Market-based PCE\3\................ 1.2 1.1 1.6 2.7 2.9 2.8 2.5 1.7 1.5 1.5 1.3 1.0 1.1 .9 .9 1.5 Market-based PCE excluding food and energy\3\..................... 1.0 .7 .9 1.3 1.6 1.9 2.0 1.9 1.7 1.5 1.4 1.1 1.2 1.2 1.0 1.3 ----------------------------------------------------------------------------------------------------------------------------------------------------------------------- r Revised. Revisions include changes to series affected by the incorporation of revised wage and salary estimates for the first quarter of 2014. 1. Gross domestic income deflated by the implicit price deflator for gross domestic product. 2. Food excludes personal consumption expenditures for purchased meals and beverages, which are classified in food services. 3. This index is a supplemental measure that is based on household expenditures for which there are observable price measures. It excludes most implicit prices (for example, financial services furnished without payment) and the final consumption expenditures of nonprofit institutions serving households. Table 9. Relation of Gross Domestic Product, Gross National Product, and National Income [Billions of dollars; quarters seasonally adjusted at annual rates] ----------------------------------------------------------------------------------------------------------------------------------- 2011 2012 2013 II 13 III 13 IV 13 I 14r II 14r ----------------------------------------------------------------------------------------------------------------------------------- Gross domestic product..................... 15,517.9 16,163.2 16,768.1 16,619.2 16,872.3 17,078.3 17,044.0 17,311.3 Plus: Income receipts from the rest of the world..................................... 792.6 793.8 810.4 804.4 814.2 831.8 822.6 831.5 Less: Income payments to the rest of the world..................................... 546.0 566.5 586.1 589.5 583.4 588.9 611.6 610.5 Equals: Gross national product............. 15,764.6 16,390.5 16,992.4 16,834.0 17,103.1 17,321.2 17,255.0 17,532.3 Less: Consumption of fixed capital......... 2,450.6 2,530.2 2,627.2 2,612.7 2,640.2 2,670.5 2,698.7 2,721.6 Less: Statistical discrepancy.............. -38.3 -209.2 -211.9 -290.2 -187.6 -119.5 -177.5 -202.5 Equals: National income.................... 13,352.3 14,069.5 14,577.1 14,511.5 14,650.5 14,770.2 14,733.7 15,013.2 Compensation of employees................ 8,269.0 8,606.5 8,844.8 8,826.3 8,871.6 8,946.8 9,096.2 9,215.0 Wages and salaries..................... 6,633.2 6,932.1 7,124.7 7,110.9 7,145.3 7,208.5 7,339.8 7,443.4 Supplements to wages and salaries...... 1,635.9 1,674.4 1,720.1 1,715.4 1,726.2 1,738.3 1,756.4 1,771.6 Proprietors' income with inventory valuation and capital consumption adjustments............................. 1,143.7 1,260.2 1,336.6 1,330.0 1,345.9 1,342.7 1,351.0 1,376.4 Rental income of persons with capital consumption adjustment.................. 485.3 533.0 595.8 590.8 604.2 613.3 622.9 636.4 Corporate profits with inventory valuation and capital consumption adjustments............................. 1,816.6 2,022.8 2,106.9 2,103.6 2,140.7 2,143.8 1,942.1 2,097.0 Net interest and miscellaneous payments.. 488.1 491.7 499.8 477.1 493.3 511.2 506.5 460.8 Taxes on production and imports less subsidies............................... 1,042.6 1,074.0 1,102.3 1,091.1 1,106.5 1,116.8 1,126.8 1,138.7 Business current transfer payments (net). 131.5 106.7 120.6 122.3 118.4 126.6 119.2 122.5 Current surplus of government enterprises............................. -24.5 -25.3 -29.6 -29.6 -30.1 -31.0 -31.1 -33.6 Addendum: Gross domestic income.................... 15,556.3 16,372.3 16,980.0 16,909.3 17,060.0 17,197.8 17,221.5 17,513.8 ----------------------------------------------------------------------------------------------------------------------------------- r Revised. Revisions include changes to series affected by the incorporation of revised wage and salary estimates for the first quarter of 2014. Table 10. Personal Income and Its Disposition [Billions of dollars; quarters seasonally adjusted at annual rates] ----------------------------------------------------------------------------------------------------------------------------------- 2011 2012 2013 II 13 III 13 IV 13 I 14r II 14r ----------------------------------------------------------------------------------------------------------------------------------- Personal income\1\......................... 13,202.0 13,887.7 14,166.9 14,131.3 14,247.4 14,311.7 14,484.7 14,703.2 Compensation of employees................ 8,269.0 8,606.5 8,844.8 8,826.3 8,871.6 8,946.8 9,096.2 9,215.0 Wages and salaries..................... 6,633.2 6,932.1 7,124.7 7,110.9 7,145.3 7,208.5 7,339.8 7,443.4 Supplements to wages and salaries...... 1,635.9 1,674.4 1,720.1 1,715.4 1,726.2 1,738.3 1,756.4 1,771.6 Proprietors' income with inventory valuation and capital consumption adjustments............................. 1,143.7 1,260.2 1,336.6 1,330.0 1,345.9 1,342.7 1,351.0 1,376.4 Farm................................... 75.5 72.3 83.2 83.6 86.8 70.1 58.1 69.7 Nonfarm................................ 1,068.1 1,187.9 1,253.5 1,246.5 1,259.2 1,272.6 1,292.9 1,306.7 Rental income of persons with capital consumption adjustment.................. 485.3 533.0 595.8 590.8 604.2 613.3 622.9 636.4 Personal income receipts on assets....... 1,913.9 2,088.6 2,079.7 2,081.9 2,106.9 2,094.2 2,090.4 2,125.8 Personal interest income............... 1,231.6 1,255.9 1,255.2 1,253.5 1,258.5 1,263.2 1,262.4 1,269.6 Personal dividend income............... 682.2 832.7 824.5 828.4 848.4 831.0 828.0 856.2 Personal current transfer receipts....... 2,307.9 2,350.7 2,414.5 2,404.5 2,426.6 2,432.3 2,470.9 2,510.8 Less: Contributions for government social insurance, domestic.............. 917.8 951.2 1,104.5 1,102.1 1,107.8 1,117.5 1,146.6 1,161.2 Less: Personal current taxes............... 1,400.6 1,503.7 1,661.8 1,660.6 1,661.5 1,688.1 1,711.8 1,723.7 Equals: Disposable personal income......... 11,801.4 12,384.0 12,505.1 12,470.7 12,585.8 12,623.7 12,772.9 12,979.5 Less: Personal outlays..................... 11,090.2 11,487.9 11,897.1 11,823.9 11,933.1 12,070.8 12,146.9 12,287.0 Equals: Personal saving.................... 711.1 896.2 608.1 646.9 652.8 552.9 626.1 692.5 Personal saving as a percentage of disposable personal income.............. 6.0 7.2 4.9 5.2 5.2 4.4 4.9 5.3 Addenda: Personal income excluding current transfer receipts, billions of chained (2009) dollars\2\............... 10,460.1 10,877.6 10,949.5 10,952.3 10,994.3 11,021.2 11,108.2 11,208.8 Disposable personal income, billions of chained (2009) dollars\2\............... 11,331.2 11,676.2 11,650.8 11,647.0 11,705.9 11,711.7 11,810.1 11,932.5 ----------------------------------------------------------------------------------------------------------------------------------- r Revised. Revisions include changes to series affected by the incorporation of revised wage and salary estimates for the first quarter of 2014. 1. Personal income is also equal to national income less corporate profits with inventory valuation and capital consumption adjustments, taxes on production and imports less subsidies, contributions for government social insurance, net interest and miscellaneous payments, business current transfer payments (net), and current surplus of government enterprises, plus personal income receipts on assets and personal current transfer receipts. 2. The current-dollar measure is deflated by the implicit price deflator for personal consumption expenditures. Table 11. Corporate Profits: Level and Percent Change ------------------------------------------------------------------------------------------------------------------------------------------------------------- Billions of dollars Percent change from preceding period ---------------------------------------------------------------- ------------------------------------------------------ Seasonally adjusted Quarterly Quarter one at annual rates rates year ago --------------------------------------- ------------------------------- ------- 2011 2012 2013 II 13 III 13 IV 13 I 14 II 14 2012 2013 III 13 IV 13 I 14 II 14 II 14 ------------------------------------------------------------------------------------------------------------------------------------------------------------- Corporate profits with inventory valuation and capital consumption adjustments......................... 1,816.6 2,022.8 2,106.9 2,103.6 2,140.7 2,143.8 1,942.1 2,097.0 11.3 4.2 1.8 .1 -9.4 8.0 -.3 Less: Taxes on corporate income...... 379.1 454.8 474.3 459.2 467.5 495.4 562.3 602.0 20.0 4.3 1.8 6.0 13.5 7.1 31.1 Equals: Profits after tax with inventory valuation and capital consumption adjustments............. 1,437.5 1,568.0 1,632.6 1,644.4 1,673.1 1,648.4 1,379.8 1,495.0 9.1 4.1 1.7 -1.5 -16.3 8.3 -9.1 Net dividends...................... 703.7 857.1 959.6 1,098.7 911.7 992.3 902.8 901.5 21.8 12.0 -17.0 8.8 -9.0 -.1 -18.0 Undistributed profits with inventory valuation and capital consumption adjustments........... 733.9 710.9 673.0 545.7 761.5 656.0 477.1 593.6 -3.1 -5.3 39.5 -13.8 -27.3 24.4 8.8 Addenda for corporate cash flow: Net cash flow with inventory valuation adjustment.............. 2,071.5 2,066.5 2,080.8 1,946.8 2,174.8 2,082.5 1,919.5 2,050.4 -.2 .7 11.7 -4.2 -7.8 6.8 5.3 Undistributed profits with inventory valuation and capital consumption adjustments......... 733.9 710.9 673.0 545.7 761.5 656.0 477.1 593.6 -3.1 -5.3 39.5 -13.8 -27.3 24.4 8.8 Consumption of fixed capital..... 1,298.8 1,348.5 1,402.1 1,395.5 1,408.8 1,423.6 1,435.1 1,450.3 3.8 4.0 1.0 1.0 .8 1.1 3.9 Less: Capital transfers paid (net)...................... -38.8 -7.1 -5.7 -5.7 -4.5 -2.8 -7.4 -6.6 ..... ..... ..... ..... ..... ..... ..... Addenda: Profits before tax (without inventory valuation and capital consumption adjustments).......... 1,806.8 2,136.1 2,235.3 2,219.8 2,270.9 2,281.6 2,297.2 2,441.8 18.2 4.6 2.3 .5 .7 6.3 10.0 Profits after tax (without inventory valuation and capital consumption adjustments).......... 1,427.7 1,681.3 1,761.1 1,760.7 1,803.4 1,786.1 1,734.9 1,839.8 17.8 4.7 2.4 -1.0 -2.9 6.0 4.5 Inventory valuation adjustment..... -68.3 -9.5 3.3 15.2 2.8 -3.0 -24.6 -13.5 ..... ..... ..... ..... ..... ..... ..... Capital consumption adjustment..... 78.1 -103.8 -131.8 -131.4 -133.1 -134.8 -330.5 -331.3 ..... ..... ..... ..... ..... ..... ..... ------------------------------------------------------------------------------------------------------------------------------------------------------------- Table 12. Corporate Profits by Industry: Level and Change From Preceding Period [Billions of dollars] ------------------------------------------------------------------------------------------------------------------------------------------------------------- Level Change from preceding period ---------------------------------------------------------------- ---------------------------------------------- Seasonally adjusted at annual rates --------------------------------------- ---------------------------------------------- 2011 2012 2013 II 13 III 13 IV 13 I 14 II 14 2012 2013 III 13 IV 13 I 14 II 14 ------------------------------------------------------------------------------------------------------------------------------------------------------------- Corporate profits with inventory valuation and capital consumption adjustments............................. 1,816.6 2,022.8 2,106.9 2,103.6 2,140.7 2,143.8 1,942.1 2,097.0 206.2 84.1 37.1 3.1 -201.7 154.9 Domestic industries.......................... 1,394.7 1,621.0 1,703.8 1,710.5 1,731.1 1,720.3 1,544.6 1,694.6 226.3 82.8 20.6 -10.8 -175.7 150.0 Financial.................................. 355.7 451.5 490.0 482.2 510.0 504.9 418.7 449.3 95.8 38.5 27.8 -5.1 -86.2 30.6 Nonfinancial............................... 1,039.0 1,169.4 1,213.8 1,228.3 1,221.1 1,215.5 1,125.9 1,245.2 130.4 44.4 -7.2 -5.6 -89.6 119.3 Rest of the world............................ 421.9 401.8 403.1 393.1 409.6 423.5 397.5 402.4 -20.1 1.3 16.5 13.9 -26.0 4.9 Receipts from the rest of the world........ 644.3 644.3 657.1 649.6 662.9 677.6 668.7 673.4 .0 12.8 13.3 14.7 -8.9 4.7 Less: Payments to the rest of the world.... 222.4 242.5 254.0 256.6 253.4 254.1 271.2 271.0 20.1 11.5 -3.2 .7 17.1 -.2 Corporate profits with inventory valuation adjustment.................... 1,738.5 2,126.6 2,238.7 2,235.0 2,273.7 2,278.6 2,272.6 2,428.3 388.1 112.1 38.7 4.9 -6.0 155.7 Domestic industries.......................... 1,316.6 1,724.8 1,835.6 1,841.9 1,864.2 1,855.1 1,875.1 2,025.8 408.2 110.8 22.3 -9.1 20.0 150.7 Financial.................................. 375.9 488.9 533.5 525.5 554.1 549.4 480.8 511.9 113.0 44.6 28.6 -4.7 -68.6 31.1 Federal Reserve banks.................... 75.9 71.7 79.6 75.2 82.3 89.6 88.7 93.1 -4.2 7.9 7.1 7.3 -.9 4.4 Other financial.......................... 300.0 417.2 453.9 450.2 471.8 459.8 392.2 418.7 117.2 36.7 21.6 -12.0 -67.6 26.5 Nonfinancial............................... 940.7 1,235.9 1,302.1 1,316.4 1,310.1 1,305.7 1,394.2 1,514.0 295.2 66.2 -6.3 -4.4 88.5 119.8 Utilities................................ 9.8 12.9 20.9 31.1 30.0 15.8 42.3 ..... 3.1 8.0 -1.1 -14.2 26.5 ..... Manufacturing............................ 298.1 404.2 402.4 383.7 392.3 445.4 432.5 ..... 106.1 -1.8 8.6 53.1 -12.9 ..... Durable goods.......................... 132.5 204.1 206.3 202.4 216.7 212.7 234.8 ..... 71.6 2.2 14.3 -4.0 22.1 ..... Fabricated metal products............ 16.1 23.8 23.3 23.6 23.2 22.8 24.9 ..... 7.7 -.5 -.4 -.4 2.1 ..... Machinery............................ 24.3 32.5 33.2 35.2 34.4 34.5 34.6 ..... 8.2 .7 -.8 .1 .1 ..... Computer and electronic products..... 32.7 45.7 43.7 41.8 44.2 47.3 51.7 ..... 13.0 -2.0 2.4 3.1 4.4 ..... Electrical equipment, appliances, and components...................... 4.8 11.8 13.1 10.7 14.9 15.3 18.8 ..... 7.0 1.3 4.2 .4 3.5 ..... Motor vehicles, bodies and trailers, and parts........................... -.3 22.1 22.7 23.7 24.5 24.8 27.1 ..... 22.4 .6 .8 .3 2.3 ..... Other durable goods.................. 54.8 68.2 70.2 67.4 75.5 68.0 77.8 ..... 13.4 2.0 8.1 -7.5 9.8 ..... Nondurable goods....................... 165.6 200.1 196.1 181.2 175.6 232.6 197.7 ..... 34.5 -4.0 -5.6 57.0 -34.9 ..... Food and beverage and tobacco products............................ 40.6 45.5 54.2 50.1 58.7 64.0 46.7 ..... 4.9 8.7 8.6 5.3 -17.3 ..... Petroleum and coal products.......... 45.8 54.3 42.9 27.8 26.5 64.0 51.7 ..... 8.5 -11.4 -1.3 37.5 -12.3 ..... Chemical products.................... 58.2 68.9 66.3 70.3 58.0 70.1 68.7 ..... 10.7 -2.6 -12.3 12.1 -1.4 ..... Other nondurable goods............... 20.9 31.4 32.8 33.0 32.4 34.5 30.6 ..... 10.5 1.4 -.6 2.1 -3.9 ..... Wholesale trade.......................... 94.4 136.6 154.5 157.1 154.8 147.9 152.0 ..... 42.2 17.9 -2.3 -6.9 4.1 ..... Retail trade............................. 114.3 157.2 171.2 179.1 175.4 164.2 168.1 ..... 42.9 14.0 -3.7 -11.2 3.9 ..... Transportation and warehousing........... 30.4 51.9 62.6 61.5 62.8 65.7 73.6 ..... 21.5 10.7 1.3 2.9 7.9 ..... Information.............................. 83.8 101.1 108.3 114.6 103.2 105.6 123.0 ..... 17.3 7.2 -11.4 2.4 17.4 ..... Other nonfinancial....................... 309.9 372.0 382.2 389.3 391.7 361.1 402.6 ..... 62.1 10.2 2.4 -30.6 41.5 ..... Rest of the world............................ 421.9 401.8 403.1 393.1 409.6 423.5 397.5 402.4 -20.1 1.3 16.5 13.9 -26.0 4.9 ------------------------------------------------------------------------------------------------------------------------------------------------------------- Note. Estimates in this table are based on the 2002 North American Industry Classification System (NAICS). Table 13. Gross Value Added of Nonfinancial Domestic Corporate Business [Quarters seasonally adjusted at annual rates] ------------------------------------------------------------------------------------------------------------------------------------ 2011 2012 2013 II 13 III 13 IV 13 I 14r II 14 ------------------------------------------------------------------------------------------------------------------------------------ Billions of dollars ---------------------------------------------------------------------------------------- Gross value added of nonfinancial corporate business..................... 7,592.3 8,030.3 8,287.0 8,283.2 8,314.2 8,360.1 8,385.6 8,580.9 Consumption of fixed capital................ 1,139.2 1,183.8 1,229.8 1,223.7 1,235.6 1,248.9 1,263.1 1,276.0 Net value added............................. 6,453.1 6,846.5 7,057.2 7,059.5 7,078.6 7,111.2 7,122.6 7,305.0 Compensation of employees................. 4,363.4 4,592.9 4,749.4 4,740.5 4,763.2 4,798.1 4,895.6 4,972.7 Wages and salaries...................... 3,622.9 3,826.5 3,956.0 3,948.7 3,967.4 3,996.2 4,083.9 4,152.8 Supplements to wages and salaries....... 740.4 766.4 793.3 791.8 795.8 801.9 811.7 819.8 Taxes on production and imports less subsidies................................ 670.6 692.2 715.2 708.6 718.1 723.9 725.4 732.2 Net operating surplus..................... 1,419.1 1,561.3 1,592.6 1,610.5 1,597.3 1,589.2 1,501.6 1,600.1 Net interest and miscellaneous payments............................... 289.7 299.5 293.8 293.8 293.2 292.2 292.9 272.1 Business current transfer payments (net) 90.4 92.4 85.0 88.3 83.0 81.5 82.8 82.8 Corporate profits with inventory valuation and capital consumption adjustments............................ 1,039.0 1,169.4 1,213.8 1,228.3 1,221.1 1,215.5 1,125.9 1,245.2 Taxes on corporate income............. 228.8 271.4 329.3 326.0 319.3 341.8 366.2 390.4 Profits after tax with inventory valuation and capital consumption adjustments.......................... 810.2 898.1 884.5 902.3 901.8 873.6 759.7 854.8 Net dividends....................... 441.0 520.6 536.9 515.9 597.8 516.5 575.0 556.9 Undistributed profits with inventory valuation and capital consumption adjustments............ 369.2 377.5 347.6 386.4 304.0 357.1 184.7 297.9 Addenda: Profits before tax (without inventory valuation and capital consumption adjustments)............................. 1,009.0 1,245.4 1,298.8 1,301.2 1,307.3 1,308.7 1,418.8 1,527.5 Profits after tax (without inventory valuation and capital consumption adjustments)............................. 780.2 974.1 969.5 975.2 988.0 966.9 1,052.6 1,137.1 Inventory valuation adjustment............ -68.3 -9.5 3.3 15.2 2.8 -3.0 -24.6 -13.5 Capital consumption adjustment............ 98.3 -66.5 -88.3 -88.1 -89.1 -90.3 -268.4 -268.7 ---------------------------------------------------------------------------------------- Billions of chained (2009) dollars ---------------------------------------------------------------------------------------- Gross value added of nonfinancial corporate business\1\.................. 7,421.5 7,742.6 7,922.1 7,929.7 7,936.8 7,979.7 7,993.3 8,144.4 Consumption of fixed capital\2\............. 1,117.1 1,143.3 1,173.7 1,169.7 1,177.6 1,186.2 1,194.6 1,203.4 Net value added\3\.......................... 6,304.5 6,599.3 6,748.4 6,760.0 6,759.2 6,793.6 6,798.7 6,941.1 ---------------------------------------------------------------------------------------- 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\.... 1.023 1.037 1.046 1.045 1.048 1.048 1.049 1.054 Compensation of employees (unit labor cost).................................... .588 .593 .600 .598 .600 .601 .612 .611 Unit nonlabor cost........................ .296 .293 .293 .291 .294 .295 .296 .290 Consumption of fixed capital............ .154 .153 .155 .154 .156 .157 .158 .157 Taxes on production and imports less subsidies plus business current transfer payments (net)................ .103 .101 .101 .100 .101 .101 .101 .100 Net interest and miscellaneous payments. .039 .039 .037 .037 .037 .037 .037 .033 Corporate profits with inventory valuation and capital consumption adjustments (unit profits from current production)......... .140 .151 .153 .155 .154 .152 .141 .153 Taxes on corporate income............... .031 .035 .042 .041 .040 .043 .046 .048 Profits after tax with inventory valuation and capital consumption adjustments............................ .109 .116 .112 .114 .114 .109 .095 .105 ------------------------------------------------------------------------------------------------------------------------------------ r Revised. Revisions include changes to series affected by the incorporation of revised wage and salary estimates for the first quarter of 2014. 1. The current-dollar gross value added is deflated using the gross value added chain-type price index for nonfinancial industries from the GDP-by-industry accounts. For periods when this price index is not available, the chain-type price index for GDP goods and structures is used. 2. Chained-dollar consumption of fixed capital of nonfinancial corporate business is calculated as the product of the chain-type quantity index and the 2009 current-dollar value of the corresponding series, divided by 100. 3. Chained-dollar net value added of nonfinancial corporate business is the difference between the gross value added and the consumption of fixed capital. 4. The deflator for gross value added of nonfinancial corporate business divided by 100. Note. Estimates in this table are based on the 2002 North American Industry Classification System (NAICS). Appendix Table A. Real Gross Domestic Product and Related Aggregates and Price Indexes: Percent Change From Preceding Period and Contributions to Percent Change [Quarters seasonally adjusted at annual rates] ------------------------------------------------------------------------------------------------------------------------------------------------------------------------- 2011 2012 2013 III 10 IV 10 I 11 II 11 III 11 IV 11 I 12 II 12 III 12 IV 12 I 13 II 13 III 13 IV 13 I 14 II 14r ------------------------------------------------------------------------------------------------------------------------------------------------------------------------- Percent change from preceding period ------------------------------------------------------------------------------------------------------------------------------------------------------------------------- Gross domestic product (GDP) and related aggregates: GDP............................... 1.6 2.3 2.2 2.7 2.5 -1.5 2.9 .8 4.6 2.3 1.6 2.5 .1 2.7 1.8 4.5 3.5 -2.1 4.2 Goods............................. 3.8 4.5 4.2 9.4 5.2 -1.7 5.7 -1.4 15.7 2.4 2.7 3.4 -.9 7.6 .6 10.8 8.1 -8.5 10.8 Services.......................... .9 .8 1.2 1.7 1.5 -.1 1.1 1.0 -.7 1.2 .8 2.2 .3 1.3 1.2 1.1 1.8 1.4 .5 Structures........................ -1.2 7.0 2.9 -13.8 .5 -13.6 9.1 9.2 7.5 11.5 4.2 1.2 2.2 -4.4 12.2 8.3 -.4 -3.8 9.0 Motor vehicle output.............. 10.0 12.9 4.8 24.1 -13.2 32.8 -7.1 12.0 23.1 28.4 6.1 2.6 -6.2 17.9 7.6 -10.6 18.5 3.3 20.3 GDP excluding motor vehicle output........................... 1.4 2.1 2.1 2.3 2.9 -2.2 3.2 .6 4.1 1.6 1.5 2.5 .2 2.4 1.6 5.0 3.1 -2.3 3.7 Final sales of computers\1\....... 9.0 11.9 12.9 -8.0 34.6 9.0 8.2 10.2 22.4 15.0 -10.9 21.9 35.5 8.7 16.1 -4.0 6.2 17.8 14.1 GDP excluding final sales of computers........................ 1.6 2.3 2.2 2.8 2.4 -1.6 2.9 .8 4.5 2.2 1.7 2.4 -.1 2.7 1.7 4.6 3.5 -2.2 4.1 Research and development.......... .2 .9 .9 5.7 2.2 -3.0 -1.6 -.1 3.2 -1.1 1.9 1.0 3.8 1.2 .2 -2.9 -.8 2.9 1.9 GDP excluding research and development...................... 1.6 2.4 2.3 2.6 2.6 -1.5 3.1 .9 4.6 2.3 1.6 2.5 .0 2.8 1.8 4.7 3.6 -2.2 4.2 Farm gross value added\2\......... -5.2 -5.7 14.3 -1.2 -25.6 19.1 -31.5 -.1 26.7 -11.0 .1 -28.3 -14.1 82.6 14.1 28.3 -3.2 -49.9 14.9 Nonfarm business gross value added\3\......................... 2.2 3.2 2.6 4.1 3.8 -2.5 4.5 1.1 5.8 3.3 2.3 3.7 .1 2.4 2.0 5.6 4.7 -2.4 5.0 Price indexes: GDP............................... 2.1 1.8 1.5 1.8 2.1 1.8 3.0 2.3 .6 2.1 1.8 2.1 1.3 1.3 1.2 1.7 1.5 1.3 2.1 GDP excluding food and energy\4\.. 1.9 1.7 1.6 1.3 1.7 2.1 2.8 1.9 .9 2.6 1.4 1.3 1.6 1.7 1.3 1.9 1.8 1.2 1.8 GDP excluding final sales of computers........................ 2.1 1.8 1.5 1.9 2.1 1.8 3.0 2.4 .6 2.1 1.9 2.1 1.4 1.4 1.3 1.7 1.5 1.3 2.1 Gross domestic purchases.......... 2.4 1.7 1.3 1.3 2.3 3.0 3.8 1.9 .9 2.3 1.1 1.2 1.7 1.2 .8 1.7 1.4 1.4 1.9 Gross domestic purchases excluding food and energy\4\............... 1.8 1.7 1.4 1.1 1.4 2.0 2.8 1.8 1.0 2.4 1.4 1.2 1.5 1.5 1.2 1.5 1.7 1.3 1.7 Gross domestic purchases excluding final sales of computers to domestic purchasers.............. 2.5 1.8 1.3 1.3 2.3 3.1 3.9 2.0 1.0 2.4 1.1 1.3 1.8 1.3 .8 1.7 1.5 1.4 2.0 Personal consumption expenditures (PCE)............................ 2.5 1.8 1.2 1.2 2.1 3.0 4.1 2.1 1.4 2.1 1.3 1.3 1.8 1.0 .5 1.7 1.0 1.4 2.3 PCE excluding food and energy\4\.. 1.5 1.8 1.3 1.0 .8 1.4 2.5 2.0 1.6 2.1 1.9 1.2 1.4 1.4 1.0 1.4 1.3 1.2 2.0 Market-based PCE\5\............... 2.5 1.8 1.1 1.1 2.1 3.2 4.2 2.2 1.4 2.1 1.2 1.3 1.5 1.0 .1 1.7 .7 1.2 2.3 Market-based PCE excluding food and energy\5\.................... 1.4 1.8 1.2 .8 .6 1.3 2.4 2.1 1.6 2.1 1.8 1.3 1.0 1.5 .7 1.4 1.0 1.0 1.8 ------------------------------------------------------------------------------------------------------------------------------------------------------------------------- Contributions to percent change in real gross domestic product ------------------------------------------------------------------------------------------------------------------------------------------------------------------------- Percent change at annual rate: Gross domestic product............ 1.6 2.3 2.2 2.7 2.5 -1.5 2.9 .8 4.6 2.3 1.6 2.5 .1 2.7 1.8 4.5 3.5 -2.1 4.2 Percentage points at annual rates: Goods............................. 1.11 1.33 1.27 2.67 1.52 -.53 1.65 -.42 4.47 .76 .84 1.03 -.28 2.23 .16 3.18 2.43 -2.69 3.18 Services.......................... .57 .51 .74 1.11 .98 -.03 .71 .66 -.40 .73 .49 1.37 .18 .83 .76 .74 1.10 .86 .33 Structures........................ -.08 .48 .21 -1.05 .04 -.98 .59 .60 .51 .77 .29 .09 .15 -.32 .84 .60 -.03 -.29 .66 Motor vehicle output.............. .22 .31 .13 .50 -.32 .65 -.18 .27 .52 .66 .16 .07 -.17 .45 .20 -.31 .47 .09 .52 Final sales of computers.......... .04 .05 .05 -.03 .12 .04 .04 .04 .08 .06 -.05 .08 .12 .04 .06 -.02 .03 .07 .05 Research and development.......... .00 .02 .02 .14 .06 -.07 -.04 .00 .08 -.03 .05 .03 .10 .03 .01 -.08 -.02 .07 .05 ------------------------------------------------------------------------------------------------------------------------------------------------------------------------- r Revised 1. For some components of final sales of computers, includes computer parts. 2. Farm output less intermediate goods and services purchased. 3. Consists of GDP less gross value added of farm, of households and institutions, and of general government. 4. Food excludes personal consumption expenditures for purchased meals and beverages, which are classified in food services. 5. This index is a supplemental measure that is based on household expenditures for which there are observable price measures. It excludes most implicit prices (for example, financial services furnished without payment) and the final consumption expenditures of nonprofit institutions serving households. See "Explanatory Note" at the end of the tables. Explanatory Note: NIPA Measures of Quantities and Prices Current-dollar GDP is a measure of the market value of goods, services, and structures produced in the economy in a particular period. Changes in current-dollar GDP can be decomposed into quantity and price components. Quantities, or "real" measures, and prices are expressed as index numbers with the reference year -- at present, the year 2009 -- equal to 100. Annual changes in quantities and prices are calculated using a Fisher formula that incorporates weights from two adjacent years. (Quarterly changes in quantities and prices are calculated using a Fisher formula that incorporates weights from two adjacent quarters; quarterly indexes are adjusted for consistency to the annual indexes before percent changes are calculated.) For example, the 2008-09 annual percent change in real GDP uses prices for 2008 and 2009 as weights, and the 2008-09 annual percent change in GDP prices uses quantities for 2008 and 2009 as weights. These annual changes are "chained" (multiplied) together to form time series of quantity and price indexes. Percent changes in Fisher indexes are not affected by the choice of reference year. (BEA also publishes a measure of the price level known as the implicit price deflator (IPD), which is calculated as the ratio of the current-dollar value to the corresponding chained-dollar value, multiplied by 100. The values of the IPD are very close to the values of the corresponding "chain-type" price index.) Index numbers of quantity and price indexes for GDP and its major components are presented in this release in tables 5 and 6. Percent changes from the preceding period are presented in tables 1, 4, 7, 8, and appendix table A. Contributions by major components to the percent change in real GDP are presented in table 2. Measures of real GDP and its major components are also presented in dollar-denominated form, designated "chained (2009) dollar estimates." For most series, these estimates, which are presented in table 3, are computed by multiplying the current-dollar value in 2009 by a corresponding quantity index number and then dividing by 100. For example, if a current-dollar GDP component equaled $100 in 2009 and if real output for this component increased 10 percent in 2010, then the chained (2009) dollar value of this component in 2010 would be $110 (= $100 x 110 / 100). Percent changes calculated from chained-dollar estimates and from chain-type quantity indexes are the same; any differences will be small and due to rounding. Chained-dollar values for the detailed GDP components will not necessarily sum to the chained-dollar estimate of GDP (or to any intermediate aggregate). This is because the relative prices used as weights for any period other than the reference year differ from those of the reference year. A measure of the extent of such differences is provided by a “residual” line, which indicates the difference between GDP (or other major aggregate) and the sum of the most detailed components in the table. For periods close to the reference year, when there usually has not been much change in the relative prices that are used as weights, the residuals tend to be small, and the chained-dollar estimates can be used to approximate the contributions to growth and to aggregate the detailed estimates. For periods further from the reference year, the residuals tend to be larger, and the chained-dollar estimates are less useful for analyses of contributions to growth. Thus, the contributions to percent change shown in table 2 provide a better measure of the composition of GDP growth. In particular, for components for which relative prices are changing rapidly, calculation of contributions using chained-dollar estimates may be misleading even just a few years from the reference year. Reference "Chained-Dollar Indexes: Issues, Tips on Their Use, and Upcoming Changes," November 2003 Survey, pp. 8-16.