EMBARGOED UNTIL RELEASE AT 8:30 A.M. EST, THURSDAY, NOVEMBER 29, 2012 BEA 12-53 Lisa Mataloni: (202) 606-5304 (GDP) gdpniwd@bea.gov Kate Shoemaker: (202) 606-5564 (Profits) cpniwd@bea.gov Recorded message: (202) 606-5306 GROSS DOMESTIC PRODUCT: THIRD QUARTER 2012 (SECOND ESTIMATE) CORPORATE PROFITS: THIRD QUARTER 2012 (PRELIMINARY) 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 2.7 percent in the third quarter of 2012 (that is, from the second quarter to the third quarter), according to the "second" estimate released by the Bureau of Economic Analysis. In the second quarter, real GDP increased 1.3 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 2.0 percent (see "Revisions" on page 3). The increase in real GDP in the third quarter primarily reflected positive contributions from personal consumption expenditures (PCE), private inventory investment, federal government spending, residential fixed investment, and exports that were partly offset by negative contributions from nonresidential fixed investment and state and local government spending. Imports, which are a subtraction in the calculation of GDP, increased slightly. The acceleration in real GDP in the third quarter primarily reflected upturns in private inventory investment and in federal government spending, a deceleration in imports, an acceleration in residential fixed investment, and a smaller decrease in state and local government spending that were partly offset by a downturn in nonresidential fixed investment and decelerations in exports and in PCE. __________ FOOTNOTE. Quarterly estimates are expressed at seasonally adjusted annual rates, unless otherwise specified. Quarter-to-quarter dollar changes are differences between these published estimates. Percent changes are calculated from unrounded data and are annualized. "Real" estimates are in chained (2005) dollars. Price indexes are chain-type measures. This news release is available on BEA’s Web site along with the Technical Note and Highlights related to this release. For information on revisions, see "Revisions to GDP, GDI, and Their Major Components." __________ Final sales of computers added 0.12 percentage point to the third-quarter change in real GDP after subtracting 0.10 percentage point from the second-quarter change. Motor vehicle output subtracted 0.24 percentage point from the third-quarter change in real GDP after adding 0.20 percentage point to the second-quarter change. The price index for gross domestic purchases, which measures prices paid by U.S. residents, increased 1.4 percent in the third quarter, 0.1 percentage point less than in the advance estimate; this index increased 0.7 percent in the second quarter. Excluding food and energy prices, the price index for gross domestic purchases increased 1.1 percent in the third quarter, compared with an increase of 1.4 percent in the second. Real personal consumption expenditures increased 1.4 percent in the third quarter, compared with an increase of 1.5 percent in the second. Durable goods increased 8.7 percent, in contrast to a decrease of 0.2 percent. Nondurable goods increased 1.1 percent, compared with an increase of 0.6 percent. Services increased 0.3 percent, compared with an increase of 2.1 percent. Real nonresidential fixed investment decreased 2.2 percent, in contrast to an increase of 3.6 percent. Nonresidential structures decreased 1.1 percent, in contrast to an increase of 0.6 percent. Equipment and software decreased 2.7 percent, in contrast to an increase of 4.8 percent. Real residential fixed investment increased 14.2 percent, compared with an increase of 8.5 percent. Real exports of goods and services increased 1.1 percent in the third quarter, compared with an increase of 5.3 percent in the second. Real imports of goods and services increased 0.1 percent, compared with an increase of 2.8 percent. Real federal government consumption expenditures and gross investment increased 9.5 percent in the third quarter, in contrast to a decrease of 0.2 percent in the second. National defense increased 12.9 percent, in contrast to a decrease of 0.2 percent. Nondefense increased 3.0 percent, in contrast to a decrease of 0.4 percent. Real state and local government consumption expenditures and gross investment decreased 0.4 percent, compared with a decrease of 1.0 percent. The change in real private inventories added 0.77 percentage point to the third-quarter change in real GDP, after subtracting 0.46 percentage point from the second-quarter change. Private businesses increased inventories $61.3 billion in the third quarter, following increases of $41.4 billion in the second quarter and $56.9 billion in the first. Real final sales of domestic product -- GDP less change in private inventories -- increased 1.9 percent in the third quarter, compared with an increase of 1.7 percent in the second. Gross domestic purchases Real gross domestic purchases -- purchases by U.S. residents of goods and services wherever produced -- increased 2.4 percent in the third quarter, compared with an increase of 1.0 percent in the second. Gross national product Real gross national product -- the goods and services produced by the labor and property supplied by U.S. residents -- increased 2.7 percent in the third quarter, compared with an increase of 2.1 percent in the second. GNP includes, and GDP excludes, net receipts of income from the rest of the world, which increased $1.3 billion in the third quarter after increasing $27.4 billion in the second; in the third quarter, receipts decreased $1.6 billion, and payments decreased $2.8 billion. Current-dollar GDP Current-dollar GDP -- the market value of the nation's output of goods and services -- increased 5.5 percent, or $211.8 billion, in the third quarter to a level of $15,797.4 billion. In the second quarter, current-dollar GDP increased 2.8 percent, or $107.3 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 1.7 percent in the third quarter, in contrast to a decrease of 0.7 (revised) percent in the second. 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 "second" estimate of the third-quarter percent change in GDP is 0.7 percentage point, or $21.9 billion, more than the advance estimate issued last month, primarily reflecting upward revisions to private inventory investment and to exports that were partly offset by downward revisions to personal consumption expenditures (PCE) and to nonresidential fixed investment. Advance Estimate Second Estimate (Percent change from preceding quarter) Real GDP................................... 2.0 2.7 Current-dollar GDP......................... 5.0 5.5 Gross domestic purchases price index....... 1.5 1.4 Corporate Profits Profits from current production (corporate profits with inventory valuation and capital consumption adjustments) increased $67.3 billion in the third quarter, compared with an increase of $21.8 billion in the second quarter. Current-production cash flow (net cash flow with inventory valuation adjustment) -- the internal funds available to corporations for investment -- increased $45.0 billion in the third quarter, compared with an increase of $6.0 billion in the second. Taxes on corporate income increased $19.3 billion in the third quarter, in contrast to a decrease of $10.3 billion in the second. Profits after tax with inventory valuation and capital consumption adjustments increased $48.1 billion in the third quarter, compared with an increase of $31.9 billion in the second. Dividends increased $11.3 billion compared with an increase of $20.4 billion; current- production undistributed profits increased $36.8 billion, compared with an increase of $11.6 billion. Domestic profits of financial corporations increased $71.3 billion in the third quarter, in contrast to a decrease of $39.7 billion in the second. Domestic profits of nonfinancial corporations decreased $1.0 billion in the third quarter, in contrast to an increase of $27.8 billion in the second. In the third quarter, real gross value added of nonfinancial corporations decreased, and profits per unit of real value added increased. The increase in unit profits reflected an increase in unit prices that was partly offset by increases in both the unit labor and nonlabor costs corporations incurred. The rest-of-the-world component of profits decreased $2.8 billion in the third quarter, in contrast to an increase of $33.6 billion in the second. This measure is calculated as (1) receipts by U.S. residents of earnings from their foreign affiliates plus dividends received by U.S. residents from unaffiliated foreign corporations minus (2) payments by U.S. affiliates of earnings to their foreign parents plus dividends paid by U.S. corporations to unaffiliated foreign residents. The third-quarter decrease was accounted for by a larger increase in payments than in receipts. Profits before tax increased $106.6 billion in the third quarter, in contrast to a decrease of $16.3 billion in the second. The before-tax measure of profits does not reflect, as does profits from current production, the capital consumption and inventory valuation adjustments. These adjustments convert depreciation of fixed assets and inventory withdrawals reported on a tax-return, historical-cost basis to the current-cost measures used in the national income and product accounts. The capital consumption adjustment increased $2.9 billion in the third quarter (from -$202.4 billion to -$199.5 billion), in contrast to a decrease of $1.7 billion in the second. The inventory valuation adjustment decreased $42.1 billion (from $16.0 billion to -$26.1 billion), in contrast to an increase of $39.7 billion. Effective with this release, chained-dollar gross value added of nonfinancial corporate business was revised beginning with 2009. Chained-dollar gross value added is derived by deflating current- dollar gross value added by a revised chain-type price index for nonfinancial industries from BEA’s annual industry accounts released earlier this month. * * * 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 -- December 20, 2012, at 8:30 A.M. EST for: Gross Domestic Product: Third Quarter 2012 (Third Estimate) Corporate Profits: Third Quarter (Revised Estimate) * * * Release Dates in 2013 2012: IV and 2012 annual 2013: I 2013: II 2013: III Gross Domestic Product Advance........ January 30 April 26 July 31 October 30 Second......... February 28 May 30 August 29 November 26 Third.......... March 28 June 26 September 26 December 20 Corporate Profits Preliminary.... .... May 30 August 29 November 26 Revised........ March 28 June 26 September 26 December 20 Table 1. Real Gross Domestic Product and Related Measures: Percent Change From Preceding Period [Quarters seasonally adjusted at annual rates] ------------------------------------------------------------------------------------------------------------------------------------------------------------------------- 2009 2010 2011 IV 08 I 09 II 09 III 09 IV 09 I 10 II 10 III 10 IV 10 I 11 II 11 III 11 IV 11 I 12 II 12r III 12r ------------------------------------------------------------------------------------------------------------------------------------------------------------------------- Gross domestic product (GDP). -3.1 2.4 1.8 -8.9 -5.3 -.3 1.4 4.0 2.3 2.2 2.6 2.4 .1 2.5 1.3 4.1 2.0 1.3 2.7 Personal consumption expenditures... -1.9 1.8 2.5 -5.1 -1.6 -1.8 2.1 .0 2.5 2.6 2.5 4.1 3.1 1.0 1.7 2.0 2.4 1.5 1.4 Goods............................. -3.0 3.6 3.8 -12.6 .2 -2.1 7.5 -.5 5.2 3.3 3.8 7.9 5.4 -1.0 1.4 5.4 4.7 .3 3.5 Durable goods................... -5.4 6.2 7.2 -25.4 1.3 -2.0 20.9 -6.1 5.5 10.5 7.2 15.2 7.3 -2.3 5.4 13.9 11.5 -.2 8.7 Nondurable goods................ -1.8 2.3 2.3 -5.8 -.3 -2.1 1.7 2.3 5.1 .1 2.2 4.5 4.6 -.3 -.4 1.8 1.6 .6 1.1 Services.......................... -1.4 1.0 1.9 -1.2 -2.5 -1.6 -.4 .2 1.2 2.3 1.9 2.3 2.0 1.9 1.8 .3 1.3 2.1 .3 Gross private domestic investment... -24.8 13.7 5.2 -33.9 -43.0 -27.1 -1.7 41.4 19.8 14.6 16.4 -5.9 -5.3 12.5 5.9 33.9 6.1 .7 6.7 Fixed investment.................. -19.0 -.2 6.6 -25.2 -30.2 -18.5 -3.1 -6.0 -.9 14.5 -1.0 7.6 -1.3 12.4 15.5 10.0 9.8 4.5 .7 Nonresidential.................. -18.1 .7 8.6 -22.9 -28.9 -17.5 -7.8 -6.4 2.1 12.3 7.7 9.2 -1.3 14.5 19.0 9.5 7.5 3.6 -2.2 Structures.................... -21.1 -15.6 2.7 -10.2 -30.5 -31.4 -26.7 -28.8 -23.0 13.1 -2.2 9.3 -28.2 35.2 20.7 11.5 12.9 .6 -1.1 Equipment and software........ -16.4 8.9 11.0 -29.3 -27.9 -8.6 3.6 6.0 14.7 12.0 11.9 9.2 11.1 7.8 18.3 8.8 5.4 4.8 -2.7 Residential..................... -22.4 -3.7 -1.4 -33.2 -35.1 -22.2 17.2 -4.8 -11.4 23.1 -28.6 1.5 -1.4 4.1 1.4 12.1 20.5 8.5 14.2 Change in private inventories..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... Net exports of goods and services... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... Exports........................... -9.1 11.1 6.7 -21.4 -28.7 .6 13.8 24.0 5.9 9.6 9.7 10.0 5.7 4.1 6.1 1.4 4.4 5.3 1.1 Goods........................... -12.0 14.3 7.2 -27.4 -35.3 -2.6 21.1 30.4 9.9 11.9 9.0 11.2 5.7 3.7 6.2 6.0 4.0 7.0 .2 Services........................ -2.6 4.7 5.6 -5.6 -12.6 7.4 .4 11.4 -2.2 4.5 11.1 7.4 5.8 5.1 6.1 -8.8 5.2 1.1 3.2 Imports........................... -13.5 12.5 4.8 -14.9 -33.9 -15.9 17.2 19.3 10.4 20.2 13.9 .0 4.3 .1 4.7 4.9 3.1 2.8 .1 Goods........................... -15.6 14.9 5.2 -18.5 -37.3 -18.5 21.1 23.7 12.2 24.7 14.1 1.1 5.2 -.7 2.9 6.3 2.0 2.9 -1.0 Services........................ -3.3 2.5 2.8 5.6 -17.2 -4.7 2.8 2.4 2.4 1.2 12.9 -5.0 -.6 4.2 13.8 -1.7 9.0 2.3 5.9 Government consumption expenditures and gross investment............... 3.7 .6 -3.1 1.6 1.8 9.6 3.7 1.1 -3.1 2.8 -.3 -4.4 -7.0 -.8 -2.9 -2.2 -3.0 -.7 3.5 Federal........................... 6.1 4.5 -2.8 9.1 -3.0 13.7 6.3 4.2 .6 9.7 3.7 -4.1 -10.3 2.8 -4.3 -4.4 -4.2 -.2 9.5 National defense................ 6.0 3.0 -2.6 8.3 -7.0 16.1 7.6 1.3 -3.7 7.3 7.2 -6.1 -14.3 8.3 2.6 -10.6 -7.1 -.2 12.9 Nondefense...................... 6.5 7.7 -3.1 10.9 6.1 8.8 3.5 10.5 10.1 14.6 -3.1 .0 -1.7 -7.5 -17.4 10.2 1.8 -.4 3.0 State and local................... 2.2 -1.8 -3.4 -2.8 4.9 7.2 2.2 -.9 -5.5 -1.4 -2.9 -4.6 -4.7 -3.2 -2.0 -.7 -2.2 -1.0 -.4 Addenda: Final sales of domestic product... -2.3 .9 2.0 -7.4 -3.1 .6 1.2 -.6 .1 2.2 .6 4.1 .6 2.4 2.3 1.5 2.4 1.7 1.9 Gross domestic purchases.......... -4.0 2.8 1.7 -8.3 -7.3 -2.7 2.1 4.0 3.1 3.9 3.5 1.1 .0 1.9 1.2 4.6 1.8 1.0 2.4 Final sales to domestic purchasers....................... -3.3 1.3 1.8 -6.9 -5.2 -1.8 1.8 -.5 .9 3.9 1.5 2.7 .5 1.8 2.2 2.1 2.2 1.4 1.7 Gross national product (GNP)...... -3.2 2.8 2.0 -10.8 -5.2 -.4 2.8 4.4 2.7 2.9 2.6 2.2 .6 2.8 1.4 4.1 .6 2.1 2.7 Disposable personal income........ -2.8 1.8 1.3 -.2 -4.7 -.5 -6.1 -.6 5.7 6.3 1.2 1.0 4.4 -1.5 -1.3 -.2 3.7 2.2 .5 Current-dollar measures: GDP............................. -2.2 3.8 4.0 -8.4 -4.4 -1.1 1.9 5.3 3.9 4.1 4.6 4.5 2.2 5.2 4.3 4.2 4.2 2.8 5.5 Final sales of domestic product. -1.4 2.2 4.1 -7.4 -2.1 -.1 1.8 .8 1.6 3.8 2.7 6.2 2.6 5.2 5.4 1.9 4.4 3.3 4.8 Gross domestic purchases........ -4.3 4.5 4.2 -12.0 -9.6 -2.5 3.8 6.3 5.2 4.8 4.8 3.5 3.5 5.5 3.6 5.3 4.6 1.7 4.0 Final sales to domestic purchasers..................... -3.5 3.0 4.4 -11.0 -7.4 -1.5 3.7 1.9 3.0 4.6 2.9 5.1 3.9 5.4 4.6 3.0 4.8 2.2 3.2 GNP............................. -2.4 4.2 4.2 -10.4 -4.4 -1.1 3.3 5.7 4.3 4.7 4.6 4.3 2.7 5.5 4.5 4.3 2.8 3.6 5.5 Disposable personal income...... -2.7 3.8 3.8 -5.8 -6.8 1.1 -3.3 2.5 7.6 6.9 2.5 3.1 7.7 2.0 1.1 .9 6.3 2.9 2.1 ------------------------------------------------------------------------------------------------------------------------------------------------------------------------- r Revised. Revisions include changes to series affected by the incorporation of revised wage and salary estimates for the second quarter of 2012. 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] -------------------------------------------------------------------------------------------------------------------------------------------------------------------------- 2009 2010 2011 IV 08 I 09 II 09 III 09 IV 09 I 10 II 10 III 10 IV 10 I 11 II 11 III 11 IV 11 I 12 II 12 III 12r -------------------------------------------------------------------------------------------------------------------------------------------------------------------------- Percent change at annual rate: Gross domestic product........... -3.1 2.4 1.8 -8.9 -5.3 -.3 1.4 4.0 2.3 2.2 2.6 2.4 .1 2.5 1.3 4.1 2.0 1.3 2.7 Percentage points at annual rates: Personal consumption expenditures.. -1.36 1.28 1.79 -3.53 -1.06 -1.21 1.50 -.01 1.72 1.81 1.75 2.84 2.22 .70 1.18 1.45 1.72 1.06 .99 Goods............................ -.69 .82 .89 -3.04 .06 -.46 1.68 -.10 1.18 .76 .86 1.78 1.27 -.22 .33 1.29 1.11 .08 .83 Durable goods.................. -.41 .45 .53 -2.12 .11 -.14 1.43 -.47 .40 .74 .52 1.07 .53 -.17 .40 1.00 .85 -.02 .64 Motor vehicles and parts..... -.16 .05 .13 -.98 .25 .03 .96 -.89 -.11 .34 .20 .55 .14 -.53 .05 .63 .31 -.26 .25 Furnishings and durable household equipment......... -.15 .11 .10 -.35 -.22 -.10 .08 .11 .17 .18 .04 .14 .07 .07 .10 .16 .14 -.01 .10 Recreational goods and vehicles.................... -.03 .24 .25 -.51 .10 -.11 .34 .32 .23 .23 .21 .28 .31 .20 .23 .25 .28 .16 .24 Other durable goods.......... -.06 .05 .05 -.29 -.03 .05 .04 .00 .12 -.01 .07 .10 .03 .08 .02 -.04 .11 .10 .06 Nondurable goods............... -.28 .37 .36 -.92 -.05 -.32 .26 .37 .79 .02 .35 .71 .73 -.05 -.06 .29 .26 .10 .18 Food and beverages purchased for off-premises consumption -.09 .11 .13 -.51 -.12 .20 .15 .21 .19 -.20 .09 .33 .19 .10 .00 .02 .00 -.03 .04 Clothing and footwear........ -.12 .12 .08 -.32 -.10 -.18 .09 .10 .21 .13 .05 .28 .05 .06 -.14 .08 .13 -.12 .12 Gasoline and other energy goods....................... .02 -.01 -.09 .27 .26 -.16 -.09 -.08 .29 -.13 -.02 -.20 .18 -.42 -.09 .02 -.07 .23 -.11 Other nondurable goods....... -.09 .14 .25 -.36 -.09 -.18 .10 .14 .10 .22 .23 .30 .31 .20 .16 .18 .20 .02 .12 Services......................... -.67 .46 .90 -.49 -1.12 -.75 -.18 .09 .54 1.05 .88 1.06 .95 .92 .85 .16 .61 .99 .16 Household consumption expenditures (for services)... -.70 .44 .82 -.80 -.94 -.62 -.24 -.08 .60 .96 .95 1.07 .90 .76 .52 .26 .64 .69 -.04 Housing and utilities........ .14 .11 .07 .48 .21 .05 .07 .12 .11 .08 .24 .04 -.04 .22 .22 -.45 -.28 .68 .17 Health care.................. .19 .15 .39 .02 .25 .34 .20 -.09 -.20 .35 .51 .59 .48 .33 -.10 .42 .42 -.15 -.17 Transportation services...... -.21 -.02 .04 -.33 -.27 -.14 -.11 -.07 -.02 .05 .07 .04 .03 .06 .06 -.02 .03 .06 .01 Recreation services.......... -.11 .03 .07 -.18 -.09 -.10 -.09 .05 .09 -.06 .12 .13 -.03 .16 .05 .02 -.02 .07 .12 Food services and accommodations.............. -.17 .11 .16 -.23 -.31 -.17 -.04 -.02 .26 .20 .12 .15 .22 .13 .10 .21 .21 .05 .05 Financial services and insurance................... -.39 .02 -.02 -.59 -.58 -.30 -.25 -.13 .35 .25 -.25 -.06 .02 -.08 .24 -.11 .20 -.01 -.26 Other services............... -.13 .04 .11 .02 -.15 -.30 -.03 .05 .01 .10 .14 .18 .22 -.06 -.06 .19 .07 -.01 .05 Final consumption expenditures of nonprofit institutions serving households............ .03 .02 .07 .31 -.18 -.13 .06 .17 -.07 .09 -.07 -.01 .05 .16 .33 -.10 -.02 .29 .20 Gross output of nonprofit institutions................ .13 .11 .20 .22 .05 .09 .14 .03 -.14 .32 .28 .28 .14 .21 .07 .24 .31 .05 .03 Less: Receipts from sales of goods and services by nonprofit institutions...... .10 .08 .13 -.09 .24 .22 .09 -.14 -.08 .23 .35 .29 .09 .05 -.26 .34 .33 -.24 -.17 Gross private domestic investment.. -3.59 1.50 .62 -5.59 -7.02 -3.52 -.14 3.85 2.13 1.65 1.87 -.75 -.68 1.40 .68 3.72 .78 .09 .86 Fixed investment................. -2.80 -.03 .76 -4.05 -4.73 -2.49 -.32 -.69 -.10 1.58 -.10 .87 -.14 1.39 1.75 1.19 1.18 .56 .10 Nonresidential................. -2.08 .07 .80 -2.84 -3.54 -1.86 -.73 -.57 .20 1.07 .70 .83 -.11 1.30 1.71 .93 .74 .36 -.23 Structures................... -.85 -.50 .07 -.41 -1.39 -1.31 -.98 -.98 -.70 .31 -.06 .23 -.84 .77 .51 .31 .35 .02 -.03 Equipment and software....... -1.23 .56 .72 -2.43 -2.16 -.54 .25 .40 .90 .76 .76 .60 .72 .53 1.20 .62 .39 .35 -.20 Information processing equipment and software.... -.15 .16 .18 -.80 -.17 .10 .40 .28 .04 .02 .24 .28 .02 .30 .13 .23 .21 -.09 -.10 Computers and peripheral equipment............... -.03 .02 .06 -.22 .04 .05 .00 .13 -.04 .01 -.04 .05 .01 .21 .06 .06 .07 -.12 -.19 Software................. .01 .05 .12 -.09 -.02 .09 .09 .11 -.02 -.04 .12 .12 .14 .13 .14 .16 .04 .11 .05 Other.................... -.13 .10 -.01 -.49 -.20 -.04 .31 .04 .11 .04 .16 .11 -.13 -.04 -.07 .02 .10 -.08 .04 Industrial equipment....... -.29 -.01 .14 -.23 -.70 -.24 -.11 -.06 -.10 .25 -.01 .11 .18 .01 .38 .25 -.18 .16 .00 Transportation equipment... -.54 .38 .26 -.99 -.93 -.01 .11 .21 .73 .44 .49 .08 .26 .13 .40 .32 .22 .19 -.22 Other equipment............ -.25 .04 .14 -.41 -.36 -.39 -.14 -.03 .23 .06 .04 .13 .27 .09 .30 -.17 .14 .09 .12 Residential.................... -.73 -.09 -.03 -1.21 -1.18 -.63 .40 -.12 -.30 .51 -.80 .03 -.03 .09 .03 .26 .43 .19 .32 Change in private inventories.... -.78 1.52 -.14 -1.54 -2.29 -1.03 .19 4.55 2.23 .07 1.97 -1.61 -.54 .01 -1.07 2.53 -.39 -.46 .77 Farm........................... -.02 -.04 .02 -.08 -.07 -.03 -.10 .14 .01 -.10 -.19 .03 .11 -.02 .11 .05 -.03 -.17 -.39 Nonfarm........................ -.76 1.56 -.17 -1.46 -2.22 -1.00 .29 4.41 2.22 .17 2.16 -1.64 -.65 .03 -1.18 2.48 -.37 -.29 1.16 Net exports of goods and services.. 1.14 -.52 .07 -.12 2.45 2.47 -.70 -.05 -.83 -1.81 -.95 1.24 .03 .54 .02 -.64 .06 .23 .14 Exports.......................... -1.14 1.29 .87 -2.97 -3.78 .10 1.48 2.55 .70 1.14 1.18 1.24 .75 .56 .83 .21 .60 .72 .16 Goods.......................... -1.05 1.11 .65 -2.75 -3.29 -.17 1.46 2.14 .79 .97 .76 .96 .52 .35 .59 .58 .39 .67 .03 Services....................... -.10 .18 .22 -.21 -.49 .27 .02 .42 -.09 .17 .41 .28 .23 .21 .25 -.38 .21 .05 .13 Imports.......................... 2.28 -1.81 -.80 2.84 6.24 2.37 -2.18 -2.60 -1.53 -2.95 -2.13 -.01 -.72 -.02 -.81 -.85 -.54 -.49 -.02 Goods.......................... 2.19 -1.74 -.72 2.98 5.68 2.22 -2.12 -2.55 -1.46 -2.92 -1.79 -.15 -.73 .10 -.43 -.90 -.29 -.42 .15 Services....................... .09 -.07 -.08 -.14 .56 .15 -.06 -.05 -.06 -.03 -.34 .15 .01 -.12 -.38 .05 -.25 -.07 -.17 Government consumption expenditures and gross investment.............. .74 .14 -.67 .35 .37 1.94 .79 .23 -.69 .59 -.06 -.94 -1.49 -.16 -.60 -.43 -.60 -.14 .67 Federal.......................... .46 .37 -.23 .69 -.23 1.04 .51 .34 .04 .78 .31 -.35 -.89 .23 -.36 -.35 -.34 -.02 .71 National defense............... .31 .17 -.15 .44 -.37 .83 .42 .07 -.22 .40 .40 -.35 -.84 .45 .15 -.60 -.39 -.01 .64 Consumption expenditures..... .25 .15 -.09 .37 -.21 .62 .37 .08 -.10 .25 .31 -.29 -.56 .36 .26 -.66 -.22 -.10 .64 Gross investment............. .05 .02 -.06 .07 -.16 .21 .04 -.01 -.12 .14 .09 -.05 -.28 .09 -.11 .05 -.16 .09 .00 Nondefense..................... .16 .20 -.09 .25 .14 .21 .09 .27 .26 .38 -.09 .00 -.05 -.22 -.51 .25 .05 -.01 .08 Consumption expenditures..... .15 .15 -.08 .23 .15 .23 .04 .22 .19 .29 -.09 .01 -.07 -.18 -.47 .28 .08 -.01 .09 Gross investment............. .01 .05 -.01 .02 -.01 -.02 .04 .05 .08 .09 .00 -.01 .01 -.04 -.04 -.02 -.03 .00 -.01 State and local.................. .28 -.23 -.43 -.34 .60 .90 .28 -.12 -.73 -.19 -.37 -.59 -.60 -.39 -.24 -.08 -.26 -.12 -.04 Consumption expenditures....... .31 -.14 -.24 -.10 .63 .74 .31 .16 -.45 -.43 -.37 -.29 -.19 -.20 -.17 -.08 -.05 -.10 .03 Gross investment............... -.04 -.09 -.19 -.24 -.03 .17 -.03 -.28 -.28 .24 .00 -.30 -.40 -.19 -.08 -.01 -.21 -.01 -.07 Addenda: Goods............................ -1.54 2.33 1.37 -6.83 -2.17 .21 1.50 4.51 3.58 -.26 2.65 1.57 .99 .91 .58 4.23 1.09 .38 1.62 Services......................... .04 .72 .62 -.35 -.48 1.26 .50 .91 .02 1.32 .80 .92 .37 .98 .33 -.62 .38 .76 .89 Structures....................... -1.57 -.65 -.19 -1.72 -2.59 -1.78 -.56 -1.40 -1.27 1.19 -.85 -.09 -1.29 .59 .37 .49 .50 .12 .16 Motor vehicle output............. -.55 .50 .25 -1.73 -1.38 .35 1.41 .34 .51 .48 .34 -.32 .75 .05 .03 .55 .72 .20 -.24 Final sales of computers......... -.01 -.06 .12 .02 .18 -.08 -.24 -.19 .01 -.12 .11 .21 .16 .08 .12 .12 .02 -.10 .12 -------------------------------------------------------------------------------------------------------------------------------------------------------------------------- r Revised See "Explanatory Note" at the end of the tables. Table 3. Gross Domestic Product and Related Measures: Level and Change From Preceding Period -------------------------------------------------------------------------------------------------------------------------------------------------------------------------- Billions of current dollars Billions of chained (2005) dollars ------------------------------------------------------ ------------------------------------------------------------------------------- Seasonally adjusted Seasonally adjusted Change from preceding at annual rates at annual rates period -------------------------------------------- -------------------------------------------- ------------------------- 2011 III 11 IV 11 I 12 II 12 III 12r 2011 III 11 IV 11 I 12 II 12 III 12r 2011 II 12 III 12r -------------------------------------------------------------------------------------------------------------------------------------------------------------------------- Gross domestic product........ 15,075.7 15,163.2 15,321.0 15,478.3 15,585.6 15,797.4 13,299.1 13,306.9 13,441.0 13,506.4 13,548.5 13,638.1 236.1 42.1 89.6 Personal consumption expenditures.. 10,729.0 10,791.2 10,873.8 11,007.2 11,067.2 11,149.8 9,428.8 9,441.9 9,489.3 9,546.8 9,582.5 9,615.9 232.6 35.7 33.4 Goods............................ 3,624.8 3,643.6 3,690.0 3,755.9 3,741.5 3,791.4 3,331.0 3,323.5 3,367.9 3,406.6 3,409.4 3,438.8 121.9 2.8 29.4 Durable goods.................. 1,146.4 1,144.8 1,175.1 1,204.6 1,200.3 1,218.3 1,262.6 1,258.6 1,300.1 1,336.1 1,335.3 1,363.4 84.3 -.8 28.1 Motor vehicles and parts..... 373.6 367.4 390.3 402.1 396.0 404.6 347.4 338.1 360.1 371.2 361.8 370.7 17.9 -9.4 8.9 Furnishings and durable household equipment......... 251.7 253.5 257.9 264.6 264.0 266.8 272.5 273.7 280.2 286.0 285.5 289.7 15.0 -.5 4.2 Recreational goods and vehicles.................... 340.1 341.0 344.2 350.2 351.0 354.9 508.6 514.0 528.5 545.0 554.6 569.6 53.1 9.6 15.0 Other durable goods.......... 181.0 182.9 182.7 187.7 189.4 192.0 158.4 159.8 158.3 162.1 165.5 167.3 6.3 3.4 1.8 Nondurable goods............... 2,478.4 2,498.7 2,515.0 2,551.3 2,541.2 2,573.1 2,075.2 2,071.4 2,080.5 2,088.9 2,092.0 2,097.9 45.9 3.1 5.9 Food and beverages purchased for off-premises consumption 810.2 817.3 824.4 827.0 827.5 830.4 685.3 685.9 686.4 686.4 685.4 686.9 16.5 -1.0 1.5 Clothing and footwear........ 349.2 351.1 355.9 363.1 363.0 368.9 350.0 347.3 350.2 355.3 350.8 355.4 11.9 -4.5 4.6 Gasoline and other energy goods....................... 428.3 435.0 427.6 440.5 428.5 442.0 271.5 267.9 268.2 266.5 272.0 269.4 -9.8 5.5 -2.6 Other nondurable goods....... 890.7 895.3 907.1 920.6 922.3 931.7 777.4 780.3 786.2 792.9 793.5 797.6 31.8 .6 4.1 Services......................... 7,104.2 7,147.6 7,183.8 7,251.3 7,325.7 7,358.3 6,101.5 6,121.1 6,126.0 6,145.9 6,178.2 6,183.5 113.9 32.3 5.3 Household consumption expenditures (for services)... 6,812.3 6,848.1 6,888.5 6,956.4 7,019.4 7,045.3 5,814.3 5,826.6 5,834.5 5,855.1 5,877.6 5,876.3 104.1 22.5 -1.3 Housing and utilities........ 1,929.9 1,945.2 1,938.9 1,935.2 1,968.3 1,983.9 1,677.7 1,686.7 1,672.0 1,662.7 1,685.2 1,690.8 9.0 22.5 5.6 Health care.................. 1,751.6 1,754.2 1,775.9 1,800.4 1,803.5 1,806.3 1,488.5 1,486.2 1,499.7 1,513.3 1,508.4 1,502.7 49.5 -4.9 -5.7 Transportation services...... 302.0 304.4 306.1 309.4 313.0 312.7 248.9 250.4 249.7 250.6 252.4 252.7 5.4 1.8 .3 Recreation services.......... 394.5 397.6 400.3 404.6 409.5 417.0 345.9 347.9 348.5 347.9 350.4 354.4 8.5 2.5 4.0 Food services and accommodations.............. 670.9 676.3 686.4 700.5 709.0 713.7 565.2 566.2 572.8 579.5 581.0 582.6 20.1 1.5 1.6 Financial services and insurance................... 807.1 815.0 812.5 827.5 830.9 825.5 681.8 685.8 682.2 688.6 688.4 679.9 -1.9 -.2 -8.5 Other services............... 956.2 955.3 968.4 978.7 985.2 986.1 806.1 803.2 809.2 811.5 811.3 812.9 13.1 -.2 1.6 Final consumption expenditures of nonprofit institutions serving households............ 291.9 299.6 295.3 295.0 306.3 313.0 290.1 298.6 294.8 293.9 305.3 313.2 10.6 11.4 7.9 Gross output of nonprofit institutions................ 1,164.5 1,167.8 1,180.5 1,198.4 1,206.8 1,213.2 1,010.8 1,011.6 1,019.5 1,029.7 1,031.3 1,032.4 26.2 1.6 1.1 Less: Receipts from sales of goods and services by nonprofit institutions...... 872.5 868.2 885.2 903.5 900.5 900.1 722.5 716.2 726.7 737.2 729.5 724.1 16.2 -7.7 -5.4 Gross private domestic investment.. 1,854.9 1,853.8 1,991.1 2,032.2 2,041.7 2,080.4 1,744.0 1,735.8 1,867.3 1,895.1 1,898.4 1,929.3 86.0 3.3 30.9 Fixed investment................. 1,818.3 1,857.8 1,909.0 1,959.7 1,986.9 1,996.3 1,704.5 1,736.8 1,778.7 1,820.6 1,840.6 1,843.9 105.8 20.0 3.3 Nonresidential................. 1,479.6 1,519.4 1,560.1 1,595.5 1,614.1 1,608.2 1,378.2 1,411.3 1,443.7 1,470.0 1,482.9 1,474.6 109.7 12.9 -8.3 Structures................... 404.8 421.8 438.2 454.7 458.9 458.8 319.2 330.2 339.3 349.7 350.2 349.3 8.6 .5 -.9 Equipment and software....... 1,074.7 1,097.6 1,122.0 1,140.8 1,155.2 1,149.3 1,070.0 1,091.5 1,114.8 1,129.6 1,142.8 1,135.1 106.1 13.2 -7.7 Information processing equipment and software.... 539.6 541.6 548.5 556.3 552.0 546.7 600.2 603.5 613.4 622.2 618.4 614.0 28.5 -3.8 -4.4 Computers and peripheral equipment............... 78.3 80.3 81.6 84.3 79.3 72.2 ..... ..... ..... ..... ..... ..... ..... ..... ..... Software................. 278.7 281.1 286.9 288.1 292.1 292.9 277.2 279.5 285.4 286.8 291.1 293.0 17.8 4.3 1.9 Other.................... 182.6 180.3 180.0 183.9 180.5 181.6 196.7 194.6 195.4 199.4 195.9 197.4 -.9 -3.5 1.5 Industrial equipment....... 181.2 187.0 196.6 190.7 197.8 197.9 152.6 156.6 164.4 158.5 163.6 163.7 18.0 5.1 .1 Transportation equipment... 164.7 170.7 183.1 193.6 200.5 193.2 156.7 162.3 173.6 181.7 188.5 180.3 37.1 6.8 -8.2 Other equipment............ 189.2 198.2 193.7 200.1 204.9 211.5 168.6 175.7 169.9 174.7 177.6 181.8 18.7 2.9 4.2 Residential.................... 338.7 338.5 348.8 364.2 372.8 388.1 327.6 326.6 336.0 352.1 359.3 371.5 -4.6 7.2 12.2 Change in private inventories.... 36.6 -4.1 82.1 72.6 54.8 84.1 31.0 -4.3 70.5 56.9 41.4 61.3 -19.9 -15.5 19.9 Farm........................... -6.1 -4.8 -3.1 -4.1 -12.7 -26.3 -3.8 -2.8 -1.6 -2.6 -7.9 -19.4 2.4 -5.3 -11.5 Nonfarm........................ 42.7 .7 85.2 76.7 67.5 110.4 36.5 -.9 74.4 62.0 53.2 89.7 -21.5 -8.8 36.5 Net exports of goods and services.. -568.1 -549.5 -594.8 -615.8 -576.9 -522.9 -408.0 -397.9 -418.0 -415.5 -407.4 -403.0 11.7 8.1 4.4 Exports.......................... 2,094.2 2,133.3 2,120.3 2,157.9 2,188.5 2,197.3 1,776.9 1,792.9 1,799.3 1,818.7 1,842.1 1,847.2 111.3 23.4 5.1 Goods.......................... 1,474.5 1,498.5 1,501.9 1,525.8 1,550.5 1,554.9 1,247.6 1,255.1 1,273.6 1,286.3 1,308.3 1,309.1 83.5 22.0 .8 Services....................... 619.7 634.8 618.4 632.1 637.9 642.3 529.8 538.4 526.2 532.9 534.4 538.7 27.9 1.5 4.3 Imports.......................... 2,662.3 2,682.8 2,715.1 2,773.7 2,765.4 2,720.1 2,184.9 2,190.8 2,217.3 2,234.2 2,249.6 2,250.2 99.7 15.4 .6 Goods.......................... 2,229.2 2,239.6 2,277.3 2,324.3 2,312.4 2,261.7 1,820.0 1,818.8 1,846.7 1,855.8 1,868.9 1,864.2 89.7 13.1 -4.7 Services....................... 433.0 443.2 437.8 449.3 453.0 458.5 366.6 373.9 372.3 380.4 382.6 388.1 10.0 2.2 5.5 Government consumption expenditures and gross investment.............. 3,059.8 3,067.7 3,051.0 3,054.6 3,053.7 3,090.1 2,523.9 2,516.6 2,502.7 2,483.7 2,479.4 2,500.7 -81.9 -4.3 21.3 Federal.......................... 1,222.1 1,227.5 1,211.2 1,207.7 1,210.7 1,241.3 1,047.0 1,045.9 1,034.2 1,023.1 1,022.5 1,046.0 -29.8 -.6 23.5 National defense............... 820.8 837.8 812.8 806.4 807.8 834.5 699.1 709.8 690.1 677.6 677.3 698.2 -18.5 -.3 20.9 Consumption expenditures..... 712.1 730.5 704.0 703.5 701.1 728.0 599.0 611.0 590.0 582.9 579.8 600.4 -11.0 -3.1 20.6 Gross investment............. 108.7 107.3 108.8 102.9 106.7 106.5 100.4 98.8 100.6 94.8 97.9 97.8 -8.0 3.1 -.1 Nondefense..................... 401.3 389.7 398.4 401.3 402.9 406.8 347.9 335.9 344.1 345.6 345.3 347.8 -11.3 -.3 2.5 Consumption expenditures..... 349.4 338.5 348.0 352.1 353.7 358.1 298.4 287.3 296.1 298.7 298.6 301.5 -10.4 -.1 2.9 Gross investment............. 51.8 51.2 50.4 49.2 49.2 48.7 49.9 49.1 48.2 47.0 46.8 46.3 -.8 -.2 -.5 State and local.................. 1,837.7 1,840.2 1,839.7 1,846.9 1,843.0 1,848.8 1,482.0 1,475.9 1,473.3 1,465.3 1,461.6 1,460.3 -52.1 -3.7 -1.3 Consumption expenditures..... 1,518.0 1,522.0 1,518.4 1,531.4 1,525.5 1,532.7 1,229.4 1,225.8 1,223.5 1,221.9 1,218.7 1,219.7 -29.5 -3.2 1.0 Gross investment............. 319.7 318.3 321.3 315.5 317.5 316.1 253.6 251.1 250.8 244.5 244.0 241.8 -22.2 -.5 -2.2 Residual........................... ..... ..... ..... ..... ..... ..... -57.4 -61.9 -68.8 -83.5 -83.2 -85.9 ..... ..... ..... Addenda: Final sales of domestic product.. 15,039.0 15,167.3 15,238.9 15,405.7 15,530.8 15,713.3 13,265.3 13,311.2 13,361.4 13,440.1 13,497.9 13,561.7 255.0 57.8 63.8 Gross domestic purchases......... 15,643.7 15,712.7 15,915.9 16,094.0 16,162.5 16,320.3 13,698.8 13,696.4 13,851.4 13,914.4 13,948.5 14,033.0 225.8 34.1 84.5 Final sales to domestic purchasers...................... 15,607.1 15,716.8 15,833.8 16,021.5 16,107.8 16,236.2 13,664.2 13,699.6 13,771.3 13,847.5 13,897.1 13,956.0 244.5 49.6 58.9 Gross domestic product........... 15,075.7 15,163.2 15,321.0 15,478.3 15,585.6 15,797.4 13,299.1 13,306.9 13,441.0 13,506.4 13,548.5 13,638.1 236.1 42.1 89.6 Plus: Income receipts from the rest of the world........... 783.7 788.9 787.1 769.6 775.1 776.5 688.2 690.2 686.5 667.0 670.5 668.9 43.4 3.5 -1.6 Less: Income payments to the rest of the world........... 531.8 530.6 523.1 554.7 527.8 526.4 465.7 462.8 455.1 479.7 455.7 452.9 11.1 -24.0 -2.8 Equals: Gross national product... 15,327.5 15,421.5 15,585.0 15,693.2 15,832.9 16,047.5 13,522.0 13,534.7 13,672.9 13,693.8 13,763.6 13,854.4 268.6 69.8 90.8 Net domestic product............. 13,138.9 13,214.3 13,354.5 13,493.4 13,580.8 13,778.5 11,522.4 11,527.0 11,650.7 11,706.6 11,739.2 11,819.1 209.1 32.6 79.9 -------------------------------------------------------------------------------------------------------------------------------------------------------------------------- r Revised Note.--Users are cautioned that particularly for components that exhibit rapid change in prices relative to other prices in the economy, the chained-dollar estimates should not be used to measure the component's relative importance or its contribution to the growth rate of more aggregate series. For accurate estimates of the contributions to percent changes in real GDP, use table 2. See "Explanatory Note" at the end of the tables. Table 4. Price Indexes for Gross Domestic Product and Related Measures: Percent Change From Preceding Period [Quarters seasonally adjusted at annual rates] ------------------------------------------------------------------------------------------------------------------------------------------------------------------------- 2009 2010 2011 IV 08 I 09 II 09 III 09 IV 09 I 10 II 10 III 10 IV 10 I 11 II 11 III 11 IV 11 I 12 II 12 III 12r ------------------------------------------------------------------------------------------------------------------------------------------------------------------------- Gross domestic product (GDP). .9 1.3 2.1 .5 1.0 -.8 .5 1.3 1.5 1.7 2.0 2.1 2.0 2.6 3.0 .4 2.0 1.6 2.7 Personal consumption expenditures... .1 1.9 2.4 -5.6 -2.1 1.6 3.1 3.1 1.8 .6 1.3 2.2 3.2 3.6 2.3 1.1 2.5 .7 1.6 Goods............................. -2.7 1.7 3.8 -17.8 -7.0 4.3 5.7 3.1 1.3 -2.8 1.0 4.0 6.6 5.9 3.0 -.2 2.5 -1.8 1.9 Durable goods................... -1.9 -1.3 -.9 -3.5 -2.4 -.3 -2.6 1.0 -1.5 -2.0 -2.3 -2.1 -.5 1.6 -.6 -2.5 -1.0 -1.2 -2.3 Nondurable goods................ -3.0 3.2 6.0 -23.8 -9.2 6.5 9.9 4.1 2.6 -3.2 2.6 7.0 10.1 8.0 4.7 .8 4.2 -2.2 3.9 Services.......................... 1.4 2.0 1.8 1.2 .3 .4 1.8 3.0 2.1 2.3 1.4 1.3 1.6 2.4 2.0 1.7 2.5 2.0 1.4 Gross private domestic investment... -1.1 -1.3 1.5 6.9 -2.8 -6.4 -5.7 -1.3 -1.2 .4 1.3 2.1 1.3 1.9 1.6 1.2 1.0 1.3 .5 Fixed investment.................. -1.2 -1.2 1.6 2.9 -2.3 -5.4 -4.3 -.8 -1.6 -.1 1.1 1.6 1.4 2.5 1.8 1.4 1.2 1.2 1.2 Nonresidential.................. -.6 -1.5 1.7 5.3 -2.2 -5.3 -4.6 -1.9 -2.0 .4 1.1 1.5 1.9 2.6 1.9 1.5 1.8 1.2 .8 Structures.................... -2.5 -1.1 4.7 8.2 -5.4 -12.1 -9.9 -1.4 1.2 2.4 2.6 3.7 5.1 6.7 5.7 4.5 2.7 3.2 1.0 Equipment and software........ .5 -1.6 .6 3.6 -.2 -1.4 -2.1 -2.3 -3.4 -.4 .4 .6 .8 1.2 .5 .4 1.4 .4 .7 Residential..................... -3.4 -.2 .9 -5.2 -2.8 -5.9 -3.0 3.4 .0 -2.0 1.4 2.4 -.6 1.7 1.4 .6 -1.4 1.2 2.9 Change in private inventories..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... Net exports of goods and services... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... Exports........................... -5.4 4.5 6.4 -22.0 -11.9 -.1 5.0 5.7 4.9 5.0 .9 9.6 11.1 8.4 1.7 -3.8 2.8 .5 .5 Goods........................... -6.8 5.1 7.6 -27.1 -14.4 2.1 5.1 5.4 5.5 5.5 1.0 12.6 13.3 9.4 1.2 -4.8 2.4 -.4 .9 Services........................ -2.3 3.4 3.8 -8.9 -6.9 -4.5 4.7 6.4 3.8 3.9 .8 3.0 5.9 5.9 2.9 -1.3 3.8 2.6 -.4 Imports........................... -10.6 6.0 7.8 -36.7 -28.8 6.4 13.3 12.4 7.9 -2.1 -3.1 10.1 18.6 12.8 -1.9 .0 5.6 -3.9 -6.5 Goods........................... -12.4 6.8 8.9 -40.8 -33.1 8.3 15.7 13.6 9.5 -2.8 -3.8 10.9 21.7 14.3 -2.0 .6 6.4 -4.8 -7.6 Services........................ -2.0 2.6 3.0 -11.6 -7.0 -.9 3.9 7.2 1.0 .8 .8 6.0 4.5 5.1 -1.3 -3.1 1.7 1.0 -.9 Government consumption expenditures and gross investment............... -.6 2.4 3.3 -5.4 -2.6 -.5 1.5 2.1 4.7 1.2 1.7 3.6 5.2 4.1 2.4 .0 3.6 .6 1.3 Federal........................... -.2 2.4 2.8 -4.7 .8 -1.7 1.5 2.2 5.5 1.1 1.2 2.3 4.9 3.6 2.2 -.9 3.2 1.2 .9 National defense................ -.7 2.3 3.0 -5.8 -.2 -2.2 1.2 2.3 5.9 1.0 .9 2.8 6.1 3.3 2.3 -.9 4.2 .9 .9 Nondefense...................... .9 2.4 2.2 -2.3 3.1 -.6 2.3 2.1 4.9 1.5 1.7 1.2 2.8 4.2 2.1 -.8 1.2 2.0 1.0 State and local................... -.8 2.4 3.7 -5.7 -4.7 .2 1.5 2.0 4.2 1.3 2.0 4.6 5.3 4.4 2.6 .6 3.8 .1 1.6 Addenda: Final sales of domestic product... .9 1.3 2.1 .0 1.1 -.7 .7 1.4 1.5 1.6 2.0 2.1 2.0 2.7 3.0 .4 2.0 1.5 2.8 Gross domestic purchases.......... -.2 1.6 2.5 -4.0 -2.4 .2 1.7 2.4 2.1 .7 1.4 2.5 3.4 3.5 2.3 .9 2.5 .7 1.4 Final sales to domestic purchasers....................... -.2 1.6 2.5 -4.4 -2.3 .3 1.8 2.4 2.0 .6 1.4 2.4 3.4 3.5 2.3 .9 2.5 .7 1.5 Gross national product (GNP)...... .9 1.3 2.1 .4 1.0 -.7 .5 1.3 1.5 1.6 2.0 2.1 2.0 2.6 2.9 .4 2.0 1.5 2.7 Implicit price deflators: GDP............................. .9 1.3 2.1 .5 .9 -.8 .5 1.2 1.6 1.8 1.9 2.0 2.1 2.6 3.0 .1 2.2 1.5 2.8 Gross domestic purchases........ -.2 1.6 2.5 -4.0 -2.5 .2 1.7 2.3 2.1 .8 1.3 2.3 3.5 3.5 2.3 .6 2.7 .7 1.5 GNP............................. .9 1.3 2.1 .4 .9 -.8 .5 1.2 1.5 1.8 1.9 2.0 2.1 2.7 3.0 .2 2.2 1.5 2.8 ------------------------------------------------------------------------------------------------------------------------------------------------------------------------- r Revised See "Explanatory Note" at the end of the tables. Table 5. Real Gross Domestic Product, Quantity Indexes [Index numbers, 2005=100] ----------------------------------------------------------------------------------------------------------------------------------- Seasonally adjusted --------------------------------------------------- 2009 2010 2011 III 11 IV 11 I 12 II 12 III 12r ----------------------------------------------------------------------------------------------------------------------------------- Gross domestic product............. 101.069 103.486 105.356 105.418 106.481 106.999 107.333 108.042 Personal consumption expenditures.......... 102.602 104.460 107.103 107.251 107.790 108.443 108.849 109.228 Goods.................................... 100.697 104.304 108.263 108.021 109.462 110.722 110.812 111.768 Durable goods.......................... 98.732 104.887 112.395 112.038 115.736 118.937 118.866 121.366 Nondurable goods....................... 101.507 103.888 106.236 106.045 106.510 106.938 107.096 107.397 Services................................. 103.558 104.554 106.543 106.886 106.970 107.318 107.882 107.975 Gross private domestic investment.......... 67.124 76.327 80.284 79.906 85.959 87.241 87.394 88.813 Fixed investment......................... 75.494 75.326 80.311 81.835 83.807 85.785 86.724 86.879 Nonresidential......................... 93.507 94.148 102.288 104.746 107.156 109.108 110.065 109.446 Structures........................... 104.659 88.308 90.733 93.866 96.449 99.421 99.560 99.290 Equipment and software............... 88.911 96.822 107.473 109.637 111.972 113.460 114.790 114.011 Residential............................ 44.489 42.862 42.268 42.139 43.361 45.433 46.364 47.931 Change in private inventories............ ..... ..... ..... ..... ..... ..... ..... ..... Exports of goods and services.............. 114.835 127.623 136.152 137.379 137.871 139.356 141.152 141.540 Imports of goods and services.............. 91.422 102.832 107.746 108.037 109.345 110.179 110.936 110.966 Government consumption expenditures and gross investment.......................... 109.262 109.955 106.497 106.189 105.604 104.804 104.622 105.519 Federal.................................. 117.613 122.883 119.480 119.351 118.024 116.751 116.685 119.366 State and local.......................... 104.568 102.711 99.224 98.818 98.643 98.103 97.858 97.772 Addenda: Final sales of domestic product.......... 102.598 103.478 105.506 105.871 106.271 106.897 107.356 107.864 Gross domestic purchases................. 98.177 100.954 102.646 102.628 103.789 104.261 104.517 105.150 Final sales to domestic purchasers....... 99.603 100.932 102.771 103.038 103.577 104.150 104.523 104.966 Gross national product................... 101.328 104.193 106.304 106.404 107.490 107.655 108.204 108.917 ----------------------------------------------------------------------------------------------------------------------------------- r Revised See "Explanatory Note" at the end of the tables. Table 6. Price Indexes for Gross Domestic Product [Index numbers, 2005=100] ----------------------------------------------------------------------------------------------------------------------------------- Seasonally adjusted --------------------------------------------------- 2009 2010 2011 III 11 IV 11 I 12 II 12 III 12r ----------------------------------------------------------------------------------------------------------------------------------- Gross domestic product............. 109.532 111.002 113.369 113.937 114.041 114.608 115.050 115.827 Personal consumption expenditures (PCE)..................................... 109.004 111.087 113.790 114.293 114.593 115.300 115.496 115.954 Goods.................................... 103.105 104.852 108.822 109.633 109.569 110.256 109.743 110.258 Durable goods.......................... 92.830 91.611 90.799 90.960 90.381 90.157 89.888 89.358 Nondurable goods....................... 109.177 112.622 119.430 120.626 120.879 122.136 121.472 122.654 Services................................. 112.157 114.418 116.435 116.772 117.270 117.989 118.576 119.002 Gross private domestic investment.......... 106.274 104.854 106.439 106.686 107.013 107.292 107.647 107.783 Fixed investment......................... 106.318 105.023 106.680 106.992 107.352 107.661 107.977 108.293 Nonresidential......................... 107.102 105.514 107.359 107.687 108.092 108.562 108.878 109.089 Structures........................... 122.527 121.158 126.850 127.882 129.302 130.167 131.198 131.533 Equipment and software............... 101.477 99.806 100.445 100.562 100.656 101.001 101.094 101.265 Residential............................ 102.713 102.520 103.406 103.650 103.812 103.439 103.754 104.492 Change in private inventories............ ..... ..... ..... ..... ..... ..... ..... ..... Exports of goods and services.............. 105.924 110.738 117.860 118.992 117.839 118.652 118.802 118.953 Imports of goods and services.............. 106.598 112.989 121.851 122.466 122.463 124.156 122.942 120.897 Government consumption expenditures and gross investment.......................... 114.592 117.334 121.233 121.898 121.903 122.979 123.157 123.568 Federal.................................. 110.959 113.583 116.721 117.365 117.111 118.038 118.403 118.670 State and local.......................... 116.763 119.579 124.001 124.678 124.866 126.042 126.089 126.601 Addenda: PCE excluding food and energy\1\......... 108.536 110.214 111.802 112.138 112.500 113.122 113.603 113.914 Market-based PCE\2\...................... 109.163 110.820 113.641 114.182 114.510 115.231 115.407 115.936 Market-based PCE excluding food and energy\2\........................... 108.641 109.760 111.311 111.664 112.069 112.693 113.196 113.566 Final sales of domestic product.......... 109.521 110.993 113.371 113.948 114.056 114.628 115.065 115.870 Gross domestic purchases................. 109.620 111.421 114.208 114.709 114.958 115.674 115.888 116.294 Final sales to domestic purchasers....... 109.617 111.420 114.219 114.728 114.981 115.703 115.911 116.342 Gross national product................... 109.532 110.986 113.363 113.928 114.038 114.609 115.050 115.824 Implicit price deflators: Gross domestic product................. 109.529 110.993 113.359 113.950 113.987 114.599 115.035 115.833 Final sales of domestic product........ 109.521 110.993 113.371 113.944 114.052 114.624 115.061 115.865 Gross domestic purchases............... 109.617 111.412 114.198 114.721 114.905 115.665 115.873 116.300 Final sales to domestic purchasers..... 109.617 111.420 114.219 114.724 114.977 115.699 115.907 116.338 Gross national product................. 109.529 110.977 113.353 113.940 113.985 114.600 115.035 115.830 ----------------------------------------------------------------------------------------------------------------------------------- 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 ----------------------------------------------------------------------------------------------------------------------------------------------------------------------- 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 ----------------------------------------------------------------------------------------------------------------------------------------------------------------------- Gross domestic product (GDP).... 3.7 4.5 4.4 4.8 4.1 1.1 1.8 2.5 3.5 3.1 2.7 1.9 -.3 -3.1 2.4 1.8 Personal consumption expenditures...... 3.5 3.7 5.2 5.5 5.1 2.7 2.7 2.8 3.3 3.4 2.9 2.3 -.6 -1.9 1.8 2.5 Goods................................ 4.5 4.8 6.8 8.0 5.3 3.1 4.1 4.6 4.5 4.2 3.3 3.0 -2.5 -3.0 3.6 3.8 Durable goods...................... 7.5 8.2 12.2 13.0 8.8 5.4 7.6 6.6 7.3 5.9 4.5 5.0 -4.9 -5.4 6.2 7.2 Nondurable goods................... 2.9 2.9 3.8 5.1 3.2 1.8 2.0 3.4 2.8 3.2 2.6 1.9 -1.2 -1.8 2.3 2.3 Services............................. 2.9 3.1 4.4 4.1 5.0 2.5 1.9 1.9 2.7 3.0 2.6 1.9 .4 -1.4 1.0 1.9 Gross private domestic investment...... 8.8 12.4 10.0 8.8 6.8 -7.0 -1.4 3.9 10.1 5.5 2.7 -3.2 -10.2 -24.8 13.7 5.2 Fixed investment..................... 9.0 9.2 10.9 9.3 7.4 -1.9 -4.2 3.5 7.4 6.5 2.4 -1.9 -7.1 -19.0 -.2 6.6 Nonresidential..................... 9.3 12.1 12.0 10.4 9.8 -2.8 -7.9 1.4 6.2 6.7 8.0 6.5 -.8 -18.1 .7 8.6 Structures....................... 5.7 7.3 5.1 .1 7.8 -1.5 -17.7 -3.8 1.1 1.4 9.2 14.1 6.4 -21.1 -15.6 2.7 Equipment and software........... 10.6 13.8 14.5 14.1 10.5 -3.2 -4.2 3.1 7.9 8.5 7.6 3.3 -4.3 -16.4 8.9 11.0 Residential........................ 8.0 1.9 7.7 6.3 1.0 .6 5.2 8.2 9.8 6.2 -7.3 -18.7 -23.9 -22.4 -3.7 -1.4 Change in private inventories........ ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... Net exports of goods and services...... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... Exports.............................. 8.3 11.9 2.3 4.4 8.6 -5.6 -2.0 1.6 9.5 6.7 9.0 9.3 6.1 -9.1 11.1 6.7 Goods.............................. 8.8 14.4 2.2 3.8 11.1 -6.2 -3.6 1.8 8.5 7.5 9.4 9.7 6.3 -12.0 14.3 7.2 Services........................... 7.0 5.9 2.4 5.7 2.7 -4.1 1.9 1.2 11.9 5.0 7.9 8.3 5.6 -2.6 4.7 5.6 Imports.............................. 8.7 13.5 11.7 11.5 13.0 -2.8 3.4 4.4 11.1 6.1 6.1 2.4 -2.7 -13.5 12.5 4.8 Goods.............................. 9.4 14.4 11.8 12.5 13.4 -3.2 3.7 4.9 11.1 6.8 5.9 2.6 -3.8 -15.6 14.9 5.2 Services........................... 5.2 8.7 10.9 6.8 11.0 -.8 1.8 1.9 11.2 2.8 7.1 1.4 3.6 -3.3 2.5 2.8 Government consumption expenditures and gross investment.................. 1.0 1.9 2.1 3.6 2.0 3.8 4.7 2.2 1.4 .3 1.4 1.3 2.6 3.7 .6 -3.1 Federal.............................. -1.2 -1.0 -1.1 1.9 .5 4.1 7.3 6.6 4.1 1.3 2.1 1.2 7.2 6.1 4.5 -2.8 National defense................... -1.3 -2.8 -2.1 1.9 -.5 3.8 7.4 8.7 5.7 1.5 1.6 2.2 7.5 6.0 3.0 -2.6 Nondefense......................... -.8 2.7 .8 2.1 2.4 4.6 7.2 2.8 1.0 .9 3.2 -.8 6.5 6.5 7.7 -3.1 State and local...................... 2.3 3.6 3.9 4.5 2.8 3.7 3.3 -.1 -.2 -.2 .9 1.4 .0 2.2 -1.8 -3.4 Addenda: Final sales of domestic product...... 3.7 3.9 4.4 4.9 4.2 2.0 1.3 2.5 3.1 3.2 2.6 2.2 .2 -2.3 .9 2.0 Gross domestic purchases............. 3.8 4.7 5.5 5.7 4.8 1.2 2.4 2.9 3.9 3.2 2.6 1.2 -1.5 -4.0 2.8 1.7 Final sales to domestic purchasers... 3.8 4.2 5.6 5.8 4.9 2.1 1.9 2.8 3.5 3.3 2.5 1.4 -1.0 -3.3 1.3 1.8 Gross national product............... 3.7 4.3 4.3 4.9 4.2 1.2 1.8 2.7 3.6 3.1 2.4 2.3 .0 -3.2 2.8 2.0 Real disposable personal income...... 3.3 3.5 6.0 3.0 5.1 2.4 3.3 2.5 3.4 1.4 4.0 2.4 2.4 -2.8 1.8 1.3 Price indexes: Gross domestic purchases........... 1.8 1.5 .7 1.6 2.5 1.9 1.4 2.3 3.0 3.7 3.4 2.9 3.2 -.2 1.6 2.5 Gross domestic purchases excluding food and energy\1\................ 1.6 1.5 1.0 1.5 2.0 1.8 1.7 2.0 2.7 3.3 3.1 2.7 2.6 .6 1.4 1.9 GDP................................ 1.9 1.8 1.1 1.5 2.2 2.3 1.6 2.1 2.8 3.3 3.2 2.9 2.2 .9 1.3 2.1 GDP excluding food and energy\1\... 1.8 1.8 1.2 1.6 2.2 2.0 1.8 2.0 2.8 3.5 3.3 2.8 2.4 .7 1.6 2.0 Personal consumption expenditures.. 2.2 1.9 1.0 1.6 2.5 1.9 1.4 2.0 2.6 3.0 2.7 2.7 3.3 .1 1.9 2.4 ----------------------------------------------------------------------------------------------------------------------------------------------------------------------- 1. Food excludes personal consumption expenditures for purchased meals and beverages, which are classified in food services. Table 8. Real Gross Domestic Product: Percent Change From Quarter One Year Ago ----------------------------------------------------------------------------------------------------------------------------------------------------------------------- IV 08 I 09 II 09 III 09 IV 09 I 10 II 10 III 10 IV 10 I 11 II 11 III 11 IV 11 I 12 II 12r III 12r ----------------------------------------------------------------------------------------------------------------------------------------------------------------------- Gross domestic product (GDP).... -3.3 -4.2 -4.6 -3.3 -.1 1.9 2.5 2.8 2.4 1.8 1.9 1.6 2.0 2.4 2.1 2.5 Personal consumption expenditures (PCE) -2.5 -2.7 -3.1 -1.6 -.3 .7 1.8 1.9 2.9 3.1 2.7 2.5 1.9 1.8 1.9 1.8 Goods................................ -6.5 -5.1 -5.7 -2.0 1.2 2.5 3.9 2.9 5.0 5.1 4.0 3.4 2.8 2.6 2.9 3.5 Durable goods...................... -13.0 -10.4 -10.2 -2.8 3.0 4.1 7.3 4.1 9.5 10.0 6.7 6.2 5.9 6.9 7.5 8.3 Nondurable goods................... -3.1 -2.4 -3.4 -1.7 .4 1.7 2.3 2.4 3.0 2.9 2.7 2.1 1.4 .7 .9 1.3 Services............................. -.5 -1.5 -1.8 -1.4 -1.1 -.2 .8 1.4 1.9 2.1 2.0 2.0 1.5 1.3 1.4 1.0 Gross private domestic investment...... -17.8 -26.3 -30.8 -27.9 -12.8 5.0 17.5 22.6 10.7 4.4 3.9 1.5 10.9 14.1 10.9 11.1 Fixed investment..................... -13.1 -18.8 -21.8 -19.9 -15.2 -7.4 .8 1.4 4.9 4.8 4.3 8.4 9.0 11.9 9.9 6.2 Nonresidential..................... -9.4 -16.7 -20.1 -19.7 -15.7 -7.7 -.3 3.7 7.7 6.8 7.4 10.1 10.2 12.5 9.7 4.5 Structures....................... -1.2 -9.9 -19.9 -25.2 -29.4 -27.5 -17.9 -11.7 -1.8 -3.5 .9 6.4 6.9 19.7 11.2 5.8 Equipment and software........... -13.6 -20.1 -20.2 -16.7 -7.8 3.6 9.0 11.1 11.9 11.0 10.0 11.5 11.4 10.0 9.2 4.0 Residential........................ -24.4 -26.2 -27.9 -20.7 -13.3 -6.3 5.0 -7.2 -5.7 -3.2 -7.1 1.4 3.9 9.3 10.4 13.7 Change in private inventories........ ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... Net exports of goods and services...... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... Exports.............................. -2.5 -11.6 -14.1 -10.5 .3 10.7 13.1 12.1 8.8 8.7 7.4 6.5 4.3 4.0 4.3 3.0 Goods.............................. -3.0 -14.9 -18.2 -13.7 -.1 14.0 18.1 15.0 10.5 9.4 7.4 6.7 5.4 5.0 5.8 4.3 Services........................... -1.4 -4.1 -4.5 -2.9 1.2 4.1 3.4 6.1 5.1 7.2 7.3 6.1 1.8 1.7 .7 .0 Imports.............................. -5.9 -15.4 -18.5 -13.7 -6.1 6.7 16.7 15.9 10.9 9.3 4.4 2.2 3.5 3.2 3.9 2.7 Goods.............................. -7.9 -17.9 -21.6 -15.7 -6.5 8.2 20.3 18.6 12.7 10.9 4.8 2.1 3.4 2.6 3.5 2.5 Services........................... 5.5 -2.4 -2.6 -3.8 -4.5 .7 2.2 4.6 2.7 1.9 2.7 2.9 3.8 6.2 5.7 3.8 Government consumption expenditures and gross investment.................. 2.7 2.3 4.3 4.1 4.0 2.7 1.1 .1 -1.3 -2.3 -3.2 -3.8 -3.3 -2.2 -2.2 -.6 Federal.............................. 8.8 5.5 7.6 6.3 5.1 6.1 5.1 4.5 2.3 -.6 -2.2 -4.1 -4.2 -2.6 -3.3 .0 National defense................... 9.8 5.7 8.3 5.9 4.1 5.1 3.0 2.9 1.0 -1.9 -1.7 -2.8 -4.0 -2.0 -4.0 -1.6 Nondefense......................... 6.8 5.1 6.3 7.3 7.2 8.2 9.6 7.8 5.2 2.2 -3.1 -6.9 -4.6 -3.8 -2.0 3.6 State and local...................... -.9 .5 2.3 2.8 3.3 .7 -1.4 -2.7 -3.6 -3.4 -3.8 -3.6 -2.7 -2.0 -1.5 -1.1 Addenda: Final sales of domestic product...... -2.6 -3.1 -3.3 -2.2 -.5 .3 .7 .6 1.7 1.9 1.9 2.4 1.7 2.2 2.0 1.9 Gross domestic purchases............. -3.9 -5.2 -5.7 -4.1 -1.1 1.6 3.3 3.6 2.9 2.1 1.6 1.1 1.9 2.4 2.1 2.5 Final sales to domestic purchasers... -3.1 -4.1 -4.4 -3.1 -1.5 .1 1.5 1.5 2.3 2.2 1.6 1.8 1.7 2.1 2.0 1.9 Gross national product............... -3.8 -4.6 -5.0 -3.5 .3 2.4 3.2 3.1 2.6 2.1 2.0 1.8 2.2 2.2 2.1 2.4 Real disposable personal income...... 1.0 -1.6 -3.6 -2.9 -3.0 -.5 1.2 3.1 3.5 3.2 1.2 .6 .3 .2 1.1 1.6 Price indexes: Gross domestic purchases........... 2.1 .4 -.6 -1.1 .5 1.6 1.7 1.6 1.6 2.0 2.7 2.9 2.5 2.3 1.6 1.4 Gross domestic purchases excluding food and energy\1\................ 2.2 1.3 .6 .1 .6 1.2 1.4 1.5 1.4 1.5 1.9 2.1 2.0 2.0 1.7 1.5 GDP................................ 2.1 1.8 1.0 .3 .5 .6 1.3 1.6 1.8 2.0 2.2 2.4 2.0 2.0 1.7 1.7 GDP excluding food and energy\1\... 2.0 1.1 .6 .1 .8 1.3 1.6 1.7 1.6 1.7 2.0 2.2 2.0 2.0 1.7 1.5 PCE................................ 1.7 .2 -.5 -.8 1.4 2.4 2.1 1.7 1.5 1.8 2.6 2.8 2.5 2.4 1.6 1.5 PCE excluding food and energy\1\... 2.0 1.5 1.3 1.2 1.6 1.8 1.7 1.6 1.2 1.1 1.3 1.6 1.7 1.9 1.8 1.6 Market-based PCE\2\................ 1.8 .4 -.2 -.7 1.4 2.1 1.6 1.2 1.1 1.7 2.7 3.0 2.8 2.5 1.7 1.5 Market-based PCE excluding food and energy\2\..................... 2.2 1.9 2.1 1.7 1.7 1.4 1.0 1.0 .7 .9 1.3 1.6 1.9 2.0 1.9 1.7 ----------------------------------------------------------------------------------------------------------------------------------------------------------------------- r Revised. Revisions include changes to series affected by the incorporation of revised wage and salary estimates for the second quarter of 2012. 1. Food excludes personal consumption expenditures for purchased meals and beverages, which are classified in food services. 2. This index is a supplemental measure that is based on household expenditures for which there are observable price measures. It excludes most implicit prices (for example, financial services furnished without payment) and the final consumption expenditures of nonprofit institutions serving households. Table 9. Relation of Gross Domestic Product, Gross National Product, and National Income [Billions of dollars] ----------------------------------------------------------------------------------------------------------------------------------- Seasonally adjusted at annual rates --------------------------------------------------- 2009 2010 2011 III 11 IV 11 I 12 II 12r III 12r ----------------------------------------------------------------------------------------------------------------------------------- Gross domestic product..................... 13,973.7 14,498.9 15,075.7 15,163.2 15,321.0 15,478.3 15,585.6 15,797.4 Plus: Income receipts from the rest of the world..................................... 642.4 716.5 783.7 788.9 787.1 769.6 775.1 776.5 Less: Income payments to the rest of the world..................................... 498.9 507.2 531.8 530.6 523.1 554.7 527.8 526.4 Equals: Gross national product............. 14,117.2 14,708.2 15,327.5 15,421.5 15,585.0 15,693.2 15,832.9 16,047.5 Less: Consumption of fixed capital......... 1,866.3 1,873.4 1,936.8 1,948.9 1,966.6 1,984.9 2,004.8 2,019.0 Less: Statistical discrepancy.............. 118.3 23.3 31.9 82.5 70.3 1.1 77.7 116.8 Equals: National income.................... 12,132.6 12,811.4 13,358.9 13,390.1 13,548.1 13,707.2 13,750.5 13,911.8 Compensation of employees................ 7,799.4 7,970.0 8,295.2 8,318.1 8,340.1 8,495.7 8,527.7 8,568.1 Wage and salary accruals............... 6,275.3 6,404.6 6,661.3 6,678.1 6,692.4 6,825.9 6,849.2 6,879.6 Supplements to wages and salaries...... 1,524.0 1,565.4 1,633.9 1,640.0 1,647.7 1,669.8 1,678.5 1,688.5 Proprietors' income with inventory valuation and capital consumption adjustments............................. 979.4 1,103.4 1,157.3 1,161.4 1,165.3 1,184.3 1,194.9 1,205.9 Rental income of persons with capital consumption adjustment.................. 289.7 349.2 409.7 413.8 430.3 445.3 452.8 471.1 Corporate profits with inventory valuation and capital consumption adjustments............................. 1,342.3 1,702.4 1,827.0 1,830.5 1,953.1 1,900.1 1,921.9 1,989.2 Net interest and miscellaneous payments.. 640.5 567.9 527.4 528.4 515.9 515.6 489.5 518.5 Taxes on production and imports less subsidies............................... 963.5 998.0 1,036.2 1,035.7 1,047.1 1,067.7 1,069.8 1,070.5 Business current transfer payments....... 133.4 140.0 132.6 129.5 127.4 130.5 127.9 123.9 Current surplus of government enterprises............................. -15.6 -19.5 -26.5 -27.5 -31.1 -32.0 -34.1 -35.5 Addendum: Gross domestic income.................... 13,855.4 14,475.6 15,043.8 15,080.7 15,250.7 15,477.1 15,507.9 15,680.6 ----------------------------------------------------------------------------------------------------------------------------------- r Revised. Revisions include changes to series affected by the incorporation of revised wage and salary estimates for the second quarter of 2012. Table 10. Personal Income and Its Disposition [Billions of dollars] ----------------------------------------------------------------------------------------------------------------------------------- Seasonally adjusted at annual rates --------------------------------------------------- 2009 2010 2011 III 11 IV 11 I 12 II 12r III 12r ----------------------------------------------------------------------------------------------------------------------------------- Personal income\1\......................... 11,867.0 12,321.9 12,947.3 12,976.3 13,017.4 13,227.1 13,327.0 13,398.4 Compensation of employees, received...... 7,794.4 7,970.0 8,295.2 8,318.1 8,340.1 8,495.7 8,527.7 8,568.1 Wage and salary disbursements.......... 6,270.3 6,404.6 6,661.3 6,678.1 6,692.4 6,825.9 6,849.2 6,879.6 Supplements to wages and salaries...... 1,524.0 1,565.4 1,633.9 1,640.0 1,647.7 1,669.8 1,678.5 1,688.5 Proprietors' income with inventory valuation and capital consumption adjustments............................. 979.4 1,103.4 1,157.3 1,161.4 1,165.3 1,184.3 1,194.9 1,205.9 Farm................................... 39.9 44.3 54.6 55.3 54.4 52.3 52.5 59.5 Nonfarm................................ 939.5 1,059.1 1,102.8 1,106.1 1,110.9 1,132.1 1,142.4 1,146.5 Rental income of persons with capital consumption adjustment.................. 289.7 349.2 409.7 413.8 430.3 445.3 452.8 471.1 Personal income receipts on assets....... 1,626.5 1,598.3 1,685.1 1,689.1 1,684.6 1,696.4 1,730.8 1,713.0 Personal interest income............... 1,093.3 1,016.6 1,008.8 1,004.4 988.0 991.8 1,006.1 976.9 Personal dividend income............... 533.2 581.7 676.3 684.7 696.6 704.6 724.6 736.0 Personal current transfer receipts....... 2,140.1 2,284.3 2,319.2 2,314.7 2,319.9 2,348.0 2,365.2 2,387.9 Less: Contributions for government social insurance (domestic)............. 963.1 983.3 919.3 920.8 922.8 942.6 944.4 947.6 Less: Personal current taxes............... 1,144.6 1,194.8 1,398.0 1,403.8 1,419.1 1,450.8 1,465.2 1,475.5 Equals: Disposable personal income......... 10,722.4 11,127.1 11,549.3 11,572.6 11,598.3 11,776.4 11,861.8 11,922.9 Less: Personal outlays..................... 10,214.3 10,560.4 11,059.9 11,120.9 11,205.6 11,348.7 11,406.1 11,491.6 Equals: Personal saving.................... 508.2 566.7 489.4 451.6 392.7 427.7 455.7 431.3 Personal saving as a percentage of disposable personal income.............. 4.7 5.1 4.2 3.9 3.4 3.6 3.8 3.6 Addenda: Personal income excluding current transfer receipts, billions of chained (2005) dollars\2\............... 8,923.4 9,035.8 9,340.0 9,328.6 9,335.4 9,435.7 9,491.3 9,495.8 Disposable personal income, billions of chained (2005) dollars\2\............... 9,836.7 10,016.5 10,149.7 10,125.6 10,121.5 10,213.9 10,270.6 10,282.7 ----------------------------------------------------------------------------------------------------------------------------------- r Revised. Revisions include changes to series affected by the incorporation of revised wage and salary estimates for the second quarter of 2012. 1. Personal income is also equal to national income less corporate profits with inventory valuation and capital consumption adjustments, taxes on production and imports less subsidies, contributions for government social insurance, net interest and miscellaneous payments, business current transfer payments (net), current surplus of government enterprises, and wage accruals less disbursements, plus personal income receipts on assets, and personal current transfer receipts. 2. The current-dollar measure is deflated by the implicit price deflator for personal consumption expenditures. Table 11. Corporate Profits: Level and Percent Change ------------------------------------------------------------------------------------------------------------------------------------------------------------- Billions of dollars Percent change from preceding period ---------------------------------------------------------------- ------------------------------------------------------ Seasonally adjusted Quarterly Quarter one at annual rates rates year ago --------------------------------------- ------------------------------- ------- 2009 2010 2011 III 11 IV 11 I 12 II 12 III 12 2010 2011 IV 11 I 12 II 12 III 12 III 12 ------------------------------------------------------------------------------------------------------------------------------------------------------------- Corporate profits with inventory valuation and capital consumption adjustments......................... 1,342.3 1,702.4 1,827.0 1,830.5 1,953.1 1,900.1 1,921.9 1,989.2 26.8 7.3 6.7 -2.7 1.1 3.5 8.7 Less: Taxes on corporate income...... 269.4 373.3 379.0 362.0 370.4 453.6 443.3 462.6 38.6 1.5 2.3 22.5 -2.3 4.4 27.8 Equals: Profits after tax with inventory valuation and capital consumption adjustments............. 1,073.0 1,329.1 1,447.9 1,468.5 1,582.8 1,446.6 1,478.5 1,526.6 23.9 8.9 7.8 -8.6 2.2 3.3 4.0 Net dividends...................... 554.1 600.9 697.2 705.9 717.9 727.1 747.5 758.8 8.4 16.0 1.7 1.3 2.8 1.5 7.5 Undistributed profits with inventory valuation and capital consumption adjustments........... 518.8 728.2 750.7 762.6 864.9 719.4 731.0 767.8 40.3 3.1 13.4 -16.8 1.6 5.0 .7 Addenda for corporate cash flow: Net cash flow with inventory valuation adjustment.............. 1,632.8 1,774.9 1,850.7 1,866.2 2,005.6 1,835.8 1,841.8 1,886.8 8.7 4.3 7.5 -8.5 .3 2.4 1.1 Undistributed profits with inventory valuation and capital consumption adjustments......... 518.8 728.2 750.7 762.6 864.9 719.4 731.0 767.8 40.3 3.1 13.4 -16.8 1.6 5.0 .7 Consumption of fixed capital..... 1,030.4 1,026.5 1,061.9 1,069.1 1,079.9 1,092.6 1,104.3 1,111.1 -.4 3.5 1.0 1.2 1.1 .6 3.9 Less: Capital transfers paid (net)...................... -83.6 -20.2 -38.1 -34.5 -60.8 -23.8 -6.5 -7.9 ..... ..... ..... ..... ..... ..... ..... Addenda: Profits before tax (without inventory valuation and capital consumption adjustments).......... 1,440.5 1,816.3 1,854.1 1,839.3 1,936.4 2,124.5 2,108.2 2,214.8 26.1 2.1 5.3 9.7 -.8 5.1 20.4 Profits after tax (without inventory valuation and capital consumption adjustments).......... 1,171.1 1,443.0 1,475.1 1,477.3 1,566.1 1,670.9 1,664.9 1,752.2 23.2 2.2 6.0 6.7 -.4 5.2 18.6 Inventory valuation adjustment..... 3.2 -38.7 -62.6 -40.6 -12.9 -23.7 16.0 -26.1 ..... ..... ..... ..... ..... ..... ..... Capital consumption adjustment..... -101.3 -75.2 35.4 31.7 29.6 -200.7 -202.4 -199.5 ..... ..... ..... ..... ..... ..... ..... ------------------------------------------------------------------------------------------------------------------------------------------------------------- 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 --------------------------------------- ---------------------------------------------- 2009 2010 2011 III 11 IV 11 I 12 II 12 III 12 2010 2011 IV 11 I 12 II 12 III 12 ------------------------------------------------------------------------------------------------------------------------------------------------------------- Corporate profits with inventory valuation and capital consumption adjustments............................. 1,342.3 1,702.4 1,827.0 1,830.5 1,953.1 1,900.1 1,921.9 1,989.2 360.1 124.6 122.6 -53.0 21.8 67.3 Domestic industries.......................... 989.5 1,300.9 1,388.1 1,382.7 1,502.2 1,497.2 1,485.3 1,555.6 311.4 87.2 119.5 -5.0 -11.9 70.3 Financial.................................. 328.9 383.7 381.0 353.2 441.2 428.9 389.2 460.5 54.8 -2.7 88.0 -12.3 -39.7 71.3 Nonfinancial............................... 660.6 917.1 1,007.1 1,029.6 1,061.0 1,068.3 1,096.1 1,095.1 256.5 90.0 31.4 7.3 27.8 -1.0 Rest of the world............................ 352.8 401.6 438.9 447.8 450.9 402.9 436.5 433.7 48.8 37.3 3.1 -48.0 33.6 -2.8 Receipts from the rest of the world........ 493.7 584.4 645.2 650.2 645.2 631.5 641.5 646.0 90.7 60.8 -5.0 -13.7 10.0 4.5 Less: Payments to the rest of the world.... 140.9 182.9 206.3 202.4 194.2 228.6 205.0 212.3 42.0 23.4 -8.2 34.4 -23.6 7.3 Corporate profits with inventory valuation adjustment.................... 1,443.6 1,777.7 1,791.6 1,798.8 1,923.5 2,100.8 2,124.3 2,188.7 334.1 13.9 124.7 177.3 23.5 64.4 Domestic industries.......................... 1,090.8 1,376.1 1,352.7 1,351.0 1,472.5 1,697.9 1,687.7 1,755.0 285.3 -23.4 121.5 225.4 -10.2 67.3 Financial.................................. 374.8 424.3 408.3 380.8 469.1 481.2 441.9 512.7 49.5 -16.0 88.3 12.1 -39.3 70.8 Federal Reserve banks.................... 47.3 71.6 75.9 76.6 75.2 74.5 74.2 69.4 24.3 4.3 -1.4 -.7 -.3 -4.8 Other financial.......................... 327.5 352.7 332.3 304.1 393.9 406.6 367.6 443.2 25.2 -20.4 89.8 12.7 -39.0 75.6 Nonfinancial............................... 716.0 951.8 944.4 970.2 1,003.4 1,216.8 1,245.8 1,242.3 235.8 -7.4 33.2 213.4 29.0 -3.5 Utilities................................ 23.1 27.9 17.7 10.2 15.1 38.3 41.3 ..... 4.8 -10.2 4.9 23.2 3.0 ..... Manufacturing............................ 131.0 233.5 244.9 248.9 285.9 363.5 372.8 ..... 102.5 11.4 37.0 77.6 9.3 ..... Durable goods.......................... 21.1 103.1 100.3 98.6 133.2 174.9 185.7 ..... 82.0 -2.8 34.6 41.7 10.8 ..... Fabricated metal products............ 11.3 15.0 16.4 16.1 19.4 23.6 24.4 ..... 3.7 1.4 3.3 4.2 .8 ..... Machinery............................ 7.3 17.5 21.5 22.1 25.6 30.2 33.3 ..... 10.2 4.0 3.5 4.6 3.1 ..... Computer and electronic products..... 19.1 35.2 27.6 26.4 36.4 42.2 46.2 ..... 16.1 -7.6 10.0 5.8 4.0 ..... Electrical equipment, appliances, and components...................... 9.1 7.7 5.1 4.5 5.4 10.2 7.6 ..... -1.4 -2.6 .9 4.8 -2.6 ..... Motor vehicles, bodies and trailers, and parts........................... -49.7 -11.7 -12.7 -16.4 -4.8 3.3 5.0 ..... 38.0 -1.0 11.6 8.1 1.7 ..... Other durable goods.................. 24.0 39.3 42.4 45.9 51.2 65.4 69.2 ..... 15.3 3.1 5.3 14.2 3.8 ..... Nondurable goods....................... 109.9 130.4 144.6 150.3 152.7 188.6 187.1 ..... 20.5 14.2 2.4 35.9 -1.5 ..... Food and beverage and tobacco products............................ 43.3 41.2 34.6 29.4 38.3 47.5 44.8 ..... -2.1 -6.6 8.9 9.2 -2.7 ..... Petroleum and coal products.......... 11.9 23.5 40.8 51.8 32.2 45.4 46.2 ..... 11.6 17.3 -19.6 13.2 .8 ..... Chemical products.................... 38.5 45.9 50.1 51.7 59.1 63.3 65.0 ..... 7.4 4.2 7.4 4.2 1.7 ..... Other nondurable goods............... 16.2 19.8 19.1 17.3 23.0 32.4 31.1 ..... 3.6 -.7 5.7 9.4 -1.3 ..... Wholesale trade.......................... 86.6 98.2 96.3 105.3 106.0 134.6 149.6 ..... 11.6 -1.9 .7 28.6 15.0 ..... Retail trade............................. 108.0 122.6 108.9 103.8 120.9 138.6 136.4 ..... 14.6 -13.7 17.1 17.7 -2.2 ..... Transportation and warehousing........... 24.8 48.1 45.5 45.6 49.5 56.7 55.0 ..... 23.3 -2.6 3.9 7.2 -1.7 ..... Information.............................. 72.8 86.0 85.5 87.5 85.4 109.8 118.6 ..... 13.2 -.5 -2.1 24.4 8.8 ..... Other nonfinancial....................... 269.7 335.4 345.7 368.9 340.6 375.3 372.2 ..... 65.7 10.3 -28.3 34.7 -3.1 ..... Rest of the world............................ 352.8 401.6 438.9 447.8 450.9 402.9 436.5 433.7 48.8 37.3 3.1 -48.0 33.6 -2.8 ------------------------------------------------------------------------------------------------------------------------------------------------------------- Note. Estimates in this table are based on the 2002 North American Industry Classification System (NAICS). Table 13. Gross Value Added of Nonfinancial Domestic Corporate Business ------------------------------------------------------------------------------------------------------------------------------------ Seasonally adjusted at annual rates --------------------------------------------------- 2009 2010 2011 III 11 IV 11 I 12 II 12r III 12 ------------------------------------------------------------------------------------------------------------------------------------ Billions of dollars ---------------------------------------------------------------------------------------- Gross value added of nonfinancial corporate business..................... 6,590.8 6,952.4 7,366.7 7,418.6 7,480.5 7,605.5 7,670.8 7,705.5 Consumption of fixed capital................ 862.5 860.1 893.7 900.3 909.7 920.8 930.8 936.8 Net value added............................. 5,728.3 6,092.3 6,473.0 6,518.4 6,570.8 6,684.7 6,740.1 6,768.7 Compensation of employees................. 4,173.7 4,252.0 4,472.7 4,487.9 4,502.9 4,607.1 4,644.8 4,671.6 Wage and salary accruals................ 3,435.3 3,508.4 3,687.5 3,699.6 3,710.8 3,803.0 3,837.2 3,859.7 Supplements to wages and salaries....... 738.5 743.6 785.2 788.3 792.1 804.1 807.6 812.0 Taxes on production and imports less subsidies................................ 589.2 612.2 645.8 646.0 653.1 656.1 657.8 658.5 Net operating surplus..................... 965.4 1,228.2 1,354.5 1,384.4 1,414.8 1,421.6 1,437.5 1,438.5 Net interest and miscellaneous payments............................... 227.4 221.7 255.9 263.7 262.5 263.2 254.2 262.9 Business current transfer payments (net) 77.4 89.3 91.5 91.2 91.3 90.0 87.1 80.5 Corporate profits with inventory valuation and capital consumption adjustments............................ 660.6 917.1 1,007.1 1,029.6 1,061.0 1,068.3 1,096.1 1,095.1 Taxes on corporate income............. 177.8 222.9 246.8 248.1 241.2 304.3 304.6 310.8 Profits after tax with inventory valuation and capital consumption adjustments.......................... 482.8 694.3 760.3 781.4 819.8 764.0 791.6 784.3 Net dividends....................... 351.7 385.7 425.3 428.6 429.7 432.8 454.9 453.0 Undistributed profits with inventory valuation and capital consumption adjustments............ 131.1 308.5 334.9 352.9 390.2 331.2 336.7 331.3 Addenda: Profits before tax (without inventory valuation and capital consumption adjustments)............................. 712.9 990.5 1,007.0 1,010.8 1,016.3 1,240.4 1,229.8 1,268.4 Profits after tax (without inventory valuation and capital consumption adjustments)............................. 535.1 767.6 760.2 762.7 775.2 936.1 925.3 957.6 Inventory valuation adjustment............ 3.2 -38.7 -62.6 -40.6 -12.9 -23.7 16.0 -26.1 Capital consumption adjustment............ -55.4 -34.7 62.7 59.3 57.6 -148.4 -149.7 -147.2 ---------------------------------------------------------------------------------------- Billions of chained (2005) dollars ---------------------------------------------------------------------------------------- Gross value added of nonfinancial corporate business\1\.................. 6,036.8 6,369.1 6,595.6 6,586.5 6,685.6 6,768.5 6,803.6 6,745.3 Consumption of fixed capital\2\............. 805.3 805.9 819.7 821.7 828.2 834.5 840.7 846.5 Net value added\3\.......................... 5,231.5 5,563.2 5,776.0 5,764.8 5,857.4 5,934.0 5,963.0 5,898.8 ---------------------------------------------------------------------------------------- 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\.... 1.092 1.092 1.117 1.126 1.119 1.124 1.127 1.142 Compensation of employees (unit labor cost).................................... .691 .668 .678 .681 .674 .681 .683 .693 Unit nonlabor cost........................ .291 .280 .286 .289 .286 .285 .283 .288 Consumption of fixed capital............ .143 .135 .135 .137 .136 .136 .137 .139 Taxes on production and imports less subsidies plus business current transfer payments (net)................ .110 .110 .112 .112 .111 .110 .109 .110 Net interest and miscellaneous payments. .038 .035 .039 .040 .039 .039 .037 .039 Corporate profits with inventory valuation and capital consumption adjustments (unit profits from current production)......... .109 .144 .153 .156 .159 .158 .161 .162 Taxes on corporate income............... .029 .035 .037 .038 .036 .045 .045 .046 Profits after tax with inventory valuation and capital consumption adjustments............................ .080 .109 .115 .119 .123 .113 .116 .116 ------------------------------------------------------------------------------------------------------------------------------------ r Revised. Revisions include changes to series affected by the incorporation of revised wage and salary estimates for the second quarter of 2012. 1. The current-dollar gross value added is deflated using the gross value added chain-type price index for nonfinancial industries from the GDP-by-industry accounts. For periods when this price index is not available, the chain-type price index for GDP goods and structures is used. 2. Chained-dollar consumption of fixed capital of nonfinancial corporate business is calculated as the product of the chain-type quantity index and the 2005 current-dollar value of the corresponding series, divided by 100. 3. Chained-dollar net value added of nonfinancial corporate business is the difference between the gross value added and the consumption of fixed capital. 4. The deflator for gross value added of nonfinancial corporate business divided by 100. Note. Estimates in this table are based on the 2002 North American Industry Classification System (NAICS). Appendix Table A. Real Gross Domestic Product and Related Aggregates and Price Indexes: Percent Change From Preceding Period [Quarters seasonally adjusted at annual rates] ------------------------------------------------------------------------------------------------------------------------------------------------------------------------- 2009 2010 2011 IV 08 I 09 II 09 III 09 IV 09 I 10 II 10 III 10 IV 10 I 11 II 11 III 11 IV 11 I 12 II 12r III 12r ------------------------------------------------------------------------------------------------------------------------------------------------------------------------- Gross domestic product (GDP) and related aggregates: GDP............................... -3.1 2.4 1.8 -8.9 -5.3 -.3 1.4 4.0 2.3 2.2 2.6 2.4 .1 2.5 1.3 4.1 2.0 1.3 2.7 Goods............................. -5.8 9.1 5.1 -23.9 -8.0 1.2 6.2 18.6 14.1 -1.1 10.2 5.9 3.8 3.4 2.1 16.1 3.9 1.3 5.8 Services.......................... .1 1.1 .9 -.7 -.9 1.8 .7 1.3 .1 2.0 1.2 1.4 .5 1.5 .5 -1.0 .6 1.2 1.4 Structures........................ -16.7 -8.3 -2.7 -17.4 -25.9 -19.6 -7.1 -16.9 -16.0 18.3 -11.2 -1.4 -17.4 9.1 5.5 7.2 7.4 1.7 2.3 Motor vehicle output.............. -24.3 27.5 11.0 -58.1 -57.2 26.5 121.1 17.7 26.1 23.2 15.4 -12.9 37.8 2.1 1.5 24.0 30.9 7.3 -8.4 GDP excluding motor vehicle output........................... -2.6 1.9 1.6 -7.4 -4.0 -.7 .0 3.8 1.9 1.8 2.3 2.8 -.7 2.5 1.3 3.6 1.3 1.1 3.0 Final sales of computers\1\....... -2.0 -13.8 35.3 1.1 36.9 -14.0 -39.1 -37.2 1.3 -28.0 34.6 72.6 47.2 21.0 31.5 31.1 4.5 -19.9 31.7 GDP excluding final sales of computers........................ -3.1 2.5 1.7 -8.9 -5.4 -.2 1.7 4.2 2.3 2.4 2.5 2.2 -.1 2.4 1.2 4.0 1.9 1.4 2.6 Farm gross value added\2\......... 15.5 -5.0 -17.7 79.6 -5.7 23.8 53.3 -20.5 -16.0 13.0 -23.0 -28.9 -23.6 -28.0 11.4 18.8 3.5 -10.3 -35.3 Nonfarm business gross value added\3\......................... -4.5 3.1 2.6 -12.7 -5.0 -2.5 .3 5.2 3.3 2.8 5.1 3.9 -.1 3.4 1.6 5.3 2.7 2.1 4.2 Gross domestic income\4\.......... -3.9 3.1 1.8 -9.8 -6.0 -2.5 .7 5.0 5.6 1.6 3.8 1.1 2.6 .4 -.2 4.5 3.8 -.7 1.7 Price indexes: GDP............................... .9 1.3 2.1 .5 1.0 -.8 .5 1.3 1.5 1.7 2.0 2.1 2.0 2.6 3.0 .4 2.0 1.6 2.7 GDP excluding food and energy\5\.. .7 1.6 2.0 -.5 -.1 .2 1.0 2.0 2.0 1.4 1.3 1.7 2.3 2.6 2.1 .9 2.6 1.4 1.3 GDP excluding final sales of computers........................ 1.0 1.4 2.2 .6 1.1 -.7 .7 1.3 1.6 1.7 2.1 2.2 2.1 2.6 3.0 .4 2.0 1.6 2.8 Gross domestic purchases.......... -.2 1.6 2.5 -4.0 -2.4 .2 1.7 2.4 2.1 .7 1.4 2.5 3.4 3.5 2.3 .9 2.5 .7 1.4 Gross domestic purchases excluding food and energy\5\............... .6 1.4 1.9 -.1 -.4 .3 .7 1.9 1.8 1.2 1.2 1.5 2.2 2.7 2.0 1.0 2.4 1.4 1.1 Gross domestic purchases excluding final sales of computers to domestic purchasers.............. -.1 1.7 2.6 -3.9 -2.3 .3 1.9 2.4 2.1 .7 1.4 2.5 3.5 3.6 2.4 .9 2.6 .8 1.4 Personal consumption expenditures (PCE)............................ .1 1.9 2.4 -5.6 -2.1 1.6 3.1 3.1 1.8 .6 1.3 2.2 3.2 3.6 2.3 1.1 2.5 .7 1.6 Personal consumption expenditures excluding food and energy\5\..... 1.4 1.5 1.4 1.0 .7 1.7 1.5 2.4 1.5 1.4 1.0 .8 1.3 2.3 1.9 1.3 2.2 1.7 1.1 Market-based PCE\6\............... .2 1.5 2.5 -5.9 -1.5 2.0 2.9 2.4 1.2 .0 1.2 2.1 3.6 3.8 2.6 1.2 2.5 .6 1.8 Market-based PCE excluding food and energy\6\.................... 1.9 1.0 1.4 1.7 2.0 2.1 1.1 1.6 .7 .8 .8 .5 1.5 2.3 2.1 1.5 2.2 1.8 1.3 ------------------------------------------------------------------------------------------------------------------------------------------------------------------------- r Revised. Revisions include changes to series affected by the incorporation of revised wage and salary estimates for the second quarter of 2012. 1. For some components of final sales of computers, includes computer parts. 2. Farm output less intermediate goods and services purchased. 3. Consists of GDP less gross value added of farm, of households and institutions, and of general government. 4. Gross domestic income deflated by the implicit price deflator for gross domestic product. Includes changes due to the incorporation of revised wage and salary estimates for the second quarter of 2012. 5. Food excludes personal consumption expenditures for purchased meals and beverages, which are classified in food services. 6. This index is a supplemental measure that is based on household expenditures for which there are observable price measures. It excludes most implicit prices (for example, financial services furnished without payment) and the final consumption expenditures of nonprofit institutions serving households. See "Explanatory Note" at the end of the tables. Explanatory Note: NIPA Measures of Quantities and Prices Current-dollar GDP is a measure of the market value of goods, services, and structures produced in the economy in a particular period. Changes in current-dollar GDP can be decomposed into quantity and price components. Quantities, or "real" measures, and prices are expressed as index numbers with the reference year -- at present, the year 2005 -- equal to 100. Annual changes in quantities and prices are calculated using a Fisher formula that incorporates weights from two adjacent years. (Quarterly changes in quantities and prices are calculated using a Fisher formula that incorporates weights from two adjacent quarters; quarterly indexes are adjusted for consistency to the annual indexes before percent changes are calculated.) For example, the 2007-08 annual percent change in real GDP uses prices for 2007 and 2008 as weights, and the 2007-08 annual percent change in GDP prices uses quantities for 2007 and 2008 as weights. These annual changes are "chained" (multiplied) together to form time series of quantity and price indexes. Percent changes in Fisher indexes are not affected by the choice of reference year. (BEA also publishes a measure of the price level known as the implicit price deflator (IPD), which is calculated as the ratio of the current-dollar value to the corresponding chained-dollar value, multiplied by 100. The values of the IPD are very close to the values of the corresponding "chain-type" price index.) Index numbers of quantity and price indexes for GDP and its major components are presented in this release in tables 5 and 6. Percent changes from the preceding period are presented in tables 1, 4, 7, 8, and appendix table A. Contributions by major components to the percent change in real GDP are presented in table 2. Measures of real GDP and its major components are also presented in dollar-denominated form, designated "chained (2005) dollar estimates." For most series, these estimates, which are presented in table 3, are computed by multiplying the current-dollar value in 2005 by a corresponding quantity index number and then dividing by 100. For example, if a current-dollar GDP component equaled $100 in 2005 and if real output for this component increased 10 percent in 2006, then the chained (2005) dollar value of this component in 2006 would be $110 (= $100 x 110 / 100). Percent changes calculated from chained-dollar estimates and from chain-type quantity indexes are the same; any differences will be small and due to rounding. Chained-dollar values for the detailed GDP components will not necessarily sum to the chained-dollar estimate of GDP (or to any intermediate aggregate). This is because the relative prices used as weights for any period other than the reference year differ from those of the reference year. A measure of the extent of such differences is provided by a “residual” line, which indicates the difference between GDP (or other major aggregate) and the sum of the most detailed components in the table. For periods close to the reference year, when there usually has not been much change in the relative prices that are used as weights, the residuals tend to be small, and the chained-dollar estimates can be used to approximate the contributions to growth and to aggregate the detailed estimates. For periods further from the reference year, the residuals tend to be larger, and the chained-dollar estimates are less useful for analyses of contributions to growth. Thus, the contributions to percent change shown in table 2 provide a better measure of the composition of GDP growth. In particular, for components for which relative prices are changing rapidly, calculation of contributions using chained-dollar estimates may be misleading even just a few years from the reference year. Reference "Chained-Dollar Indexes: Issues, Tips on Their Use, and Upcoming Changes," November 2003 Survey, pp. 8-16.